Barings Portfolio holdings

AUM $4.01B

AUM

$4.01B

AUM Growth

-$204M (-5%)

Cap. Flow

-$80.5M

Cap. Flow % of AUM

-2.01%

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	Pinduoduo PDD	$26.8M
3	VanEck Morningstar Wide Moat ETF MOAT	$18.2M
4	CRH CRH	$13.9M
5	Wheaton Precious Metals WPM	$7.76M

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
26	26 Vanguard Financials ETF VFH $11.9B	$21.2M	0.53%	177,546	New	+$21.2M
27	27 Vanguard S&P 500 ETF VOO $647B	$20.4M	0.51%	39,721 -12,820	-24%	-$6.59M
28	28 Invesco S&P 500 High Dividend Low Volatility ETF SPHD $3.16B	$18.9M	0.47%	376,798 -112,291	-23%	-$5.64M
29	29 Linde LIN $216B	$17.5M	0.44%	37,527 -8,104	-18%	-$3.77M
30	30 Qiagen QGEN $9.16B	$16.2M	0.4%	407,996 -6,988	-2%	-$277K
31	31 Suncor Energy SU $43.4B	$15.7M	0.39%	404,920 -149,966	-27%	-$5.81M
32	ONC 32 BeiGene, Ltd. American Depositary Shares ONC $25.8B	$15.1M	0.38%	55,604 -15,818	-22%	-$4.31M
33	33 Global X Emerging Markets Bond ETF EMBD $218M	$14.9M	0.37%	651,900 +170,000	+35%	+$3.88M
34	34 Exxon Mobil XOM $444B	$14.8M	0.37%	124,369 -58,376	-32%	-$6.94M
35	35 iShares Core US Aggregate Bond ETF AGG $122B	$14M	0.35%	141,889 +14,936	+12%	+$1.48M
36	36 Invesco NASDAQ 100 ETF QQQM $47.2B	$13.3M	0.33%	69,013 -3,837	-5%	-$741K
37	37 iShares JPMorgan EM Corporate Bond ETF CEMB $371M	$12.3M	0.31%	272,442 -59,196	-18%	-$2.67M
38	38 Enbridge ENB $98.5B	$12.3M	0.31%	277,354 -24,601	-8%	-$1.09M
39	39 iShares iBoxx $ Investment Grade Corporate Bond ETF LQD $29.7B	$12M	0.3%	110,627	–	–
40	40 First Trust Preferred Securities and Income ETF FPE $5.66B	$10.9M	0.27%	622,445 -10,750	-2%	-$189K
41	41 iShare MSCI Eurozone ETF EZU $7.89B	$10.3M	0.26%	193,846 +75,596	+64%	+$4.03M
42	42 Vanguard Information Technology ETF VGT $84.9B	$10M	0.25%	18,474	–	–
43	43 Nu Holdings NU $59.1B	$9.43M	0.24%	920,556	–	–
44	44 Petrobras Class A PBR.A $71.3B	$9.41M	0.23%	721,452	–	–
45	45 Corteva CTVA $46.8B	$9.41M	0.23%	149,466 +40,343	+37%	+$2.54M
46	46 ConocoPhillips COP $109B	$9.25M	0.23%	88,102 -13,607	-13%	-$1.43M
47	47 Nabors Industries NBR $400M	$8.86M	0.22%	212,526	New	+$8.86M
48	48 The Mosaic Company MOS $11.1B	$8.7M	0.22%	322,205 +201,131	+166%	+$5.43M
49	49 Vale VALE $40.9B	$8.44M	0.21%	845,593 +44,897	+6%	+$448K
50	50 Itaú Unibanco ITUB $71.3B	$8.33M	0.21%	1,514,547 +137,686	+10%	+$757K