Barings Portfolio holdings

AUM $4.01B

This Quarter Return

-0.71%

1 Year Return

+6.67%

3 Year Return

+23.91%

5 Year Return

+123.27%

10 Year Return

+205.13%

AUM

$4.01B

AUM Growth

-$204M (-5%)

Cap. Flow

-$168M

Cap. Flow % of AUM

-4.2%

Top 10 Holdings %Top 10 Hldgs %

71.58%

Holding

176

New

Increased

Reduced

Closed

Top Buys

1	iShares Europe ETF IEV	$38.7M
2	iShares Short Treasury Bond ETF SHV	$33.3M
3	SPDR S&P 500 ETF Trust SPY	$29.5M
4	iShares MSCI Emerging Markets ETF EEM	$24.8M
5	Vanguard Financials ETF VFH	$21.2M

Top Sells

1	iShares Core S&P 500 ETF IVV	$171M
2	Vanguard High Dividend Yield ETF VYM	$72.1M
3	Pinduoduo PDD	$26.8M
4	VanEck Morningstar Wide Moat ETF MOAT	$18.2M
5	CRH CRH	$13.9M

Sector Composition

1	Financials	4.79%
2	Materials	4.69%
3	Consumer Discretionary	3.46%
4	Energy	2.62%
5	Healthcare	0.95%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	1 iShares Core S&P 500 ETF IVV $633B	$899M	22.43%	1,599,221 -304,063	-16%	-$171M
2	2 Invesco QQQ Trust QQQ $358B	$427M	10.67%	911,307 +18,500	+2%	+$8.68M
3	3 iShares Russell 2000 Growth ETF IWO $11.8B	$418M	10.44%	1,623,850 +79,800	+5%	+$20.6M
4	4 Vanguard Short-Term Corporate Bond ETF VCSH $34.2B	$403M	10.06%	5,108,527 -41,430	-0.8%	-$3.27M
5	5 iShares 1-5 Year Investment Grade Corporate Bond ETF IGSB $21.3B	$358M	8.94%	6,840,027	–	–
6	6 Barings BDC BBDC $1B	$130M	3.25%	13,639,681	–	–
7	7 SPDR S&P 500 ETF Trust SPY $645B	$62.4M	1.56%	111,583 +52,701	+90%	+$29.5M
8	8 Pinduoduo PDD $148B	$60.6M	1.51%	511,703 -226,467	-31%	-$26.8M
9	9 iShares 7-10 Year Treasury Bond ETF IEF $34.5B	$60M	1.5%	629,394 +33,576	+6%	+$3.2M
10	10 iShares MSCI USA Quality Factor ETF QUAL $53.1B	$49.1M	1.23%	287,541 +56,323	+24%	+$9.63M
11	11 iShares MSCI World ETF URTH $5.13B	$48.1M	1.2%	314,245 +65,203	+26%	+$9.99M
12	12 iShares Floating Rate Bond ETF FLOT $8.92B	$39.8M	0.99%	780,000 -90,000	-10%	-$4.59M
13	13 iShares Europe ETF IEV $2.28B	$39.7M	0.99%	682,193 +665,015	+3,871%	+$38.7M
14	14 Sea Limited SE $92B	$38M	0.95%	291,272 -8,758	-3%	-$1.14M
15	15 Wheaton Precious Metals WPM $40.8B	$36.3M	0.91%	468,069 -99,964	-18%	-$7.76M
16	16 iShares Short Treasury Bond ETF SHV $20.6B	$33.3M	0.83%	+301,611	New	+$33.3M
17	17 CRH CRH $64.3B	$28.6M	0.71%	324,565 -157,503	-33%	-$13.9M
18	18 AngloGold Ashanti AU $24.1B	$27.2M	0.68%	727,628 -133,836	-16%	-$5M
19	19 iShares MSCI Emerging Markets ETF EEM $18.5B	$24.8M	0.62%	+567,647	New	+$24.8M
20	20 iShares Expanded Tech-Software Sector ETF IGV $12B	$24.1M	0.6%	271,138 +123,279	+83%	+$11M
21	21 Vanguard Total World Stock ETF VT $49B	$23.8M	0.59%	204,961 +181,040	+757%	+$21M
22	22 Yum China YUMC $17.5B	$23.3M	0.58%	447,969 -88,818	-17%	-$4.62M
23	23 iShares ESG Aware USD Corporate Bond ETF SUSC $1.16B	$23.3M	0.58%	1,009,387 -309,582	-23%	-$7.14M
24	24 KE Holdings BEKE $22.3B	$23.1M	0.58%	1,151,606 -86,105	-7%	-$1.73M
25	25 HDFC Bank HDB $192B	$21.2M	0.53%	319,467 -46,050	-13%	-$3.06M