Barings BDC, Inc.: which funds bought and sold

Institutions that bought and sold Barings BDC shares in Q2 2026, from the holdings they reported to the SEC on Form 13F for March 31, 2026 and June 30, 2026.

Between March 31, 2026 and June 30, 2026, 98 institutions that filed 13F reports for both quarters added to or opened positions in Barings BDC, and 87 cut or closed them. Together they added a net 2.9M shares, +6.1% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 912K shares (−21.4%); index fund managers were net buyers of 15K shares (+2.7%). 24 opened a new position and 30 sold out entirely.

Bought, Q2 2026 98 institutions, 24 of them new holders Sold, Q2 2026 87 institutions, 30 of them sold out

Net change, all compared +2.9M shares (+6.1%)

Net change, active managers −912K shares (−21.4%), 9 bought, 6 sold

Buyers versus sellers

institutions compared, 228

98 bought 43 87 sold

Active managers and hedge funds 9 bought · 6 sold · −912K

Index fund managers 1 bought · 1 sold · +15K

Other institutions 88 bought · 80 sold · +3.8M

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Ares Management LLC	+534K +14.7%	4.2M	$35.5M
UBS Group AG	+523K +33.0%	2.1M	$17.9M
Van Eck Associates Corp	+485K +26.6%	2.3M	$19.7M
Private Management Group Inc	+480K +11.2%	4.8M	$40.7M
Gcm Grosvenor Holdings, LLC	+475K New position	475K	$4M
Franklin Resources Inc Active manager	+395K +40.7%	1.4M	$11.6M
Russell Investments Group, Ltd.	+387K +45.6%	1.2M	$10.5M
Thrivent Financial For Lutherans	+327K +219.6%	476K	$4.1M
Bank Of America Corp	+243K +54.3%	691K	$5.9M
Cresset Asset Management, LLC	+221K +9.5%	2.5M	$21.7M
Rivernorth Capital Management, LLC	+205K New position	205K	$1.7M
Cambridge Investment Research Advisors, Inc.	+189K +96.9%	385K	$3.3M
Two Sigma Investments, LP Hedge fund	+151K +15.4%	1.1M	$9.6M
Privium Fund Management (UK) Ltd	+151K New position	151K	$1.3M
Marshall Wace, LLP Hedge fund	+123K New position	123K	$1M
Citadel Advisors LLC Hedge fund	+103K New position	103K	$880,338
Blair William & Co	+84K +566.3%	99K	$842,057
Freegulliver LLC	+74K New position	74K	$633,965
Raymond James Financial Inc	+66K +10.7%	683K	$5.8M
Hennion & Walsh Asset Management, Inc.	+45K +21.7%	251K	$2.1M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Franklin Resources Inc Active manager	+395K +40.7%	1.4M	$11.6M
Two Sigma Investments, LP Hedge fund	+151K +15.4%	1.1M	$9.6M
Marshall Wace, LLP Hedge fund	+123K New position	123K	$1M
Citadel Advisors LLC Hedge fund	+103K New position	103K	$880,338
Balyasny Asset Management L.P. Hedge fund	+31K +39.5%	110K	$936,178
Gotham Asset Management, LLC Hedge fund	+15K +60.0%	40K	$340,800
Jain Global LLC Hedge fund	+12K New position	12K	$97,980
Price T Rowe Associates Inc Active manager	+4,448 +21.3%	25K	$217,000
Quantbot Technologies LP Hedge fund	+4,123 New position	4,123	$35,128

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Diameter Capital Partners LP Hedge fund	−1.4M −93.4%	97K	$822,938
D. E. Shaw & Co., Inc. Hedge fund	−268K −87.7%	38K	$321,008
Bi Asset Management Fondsmaeglerselskab A/S	−204K −82.6%	43K	$365,000
Lansforsakringar Fondforvaltning AB (Publ)	−185K Sold out	0	—
Wells Fargo & Company	−165K −17.8%	761K	$6.5M
Dynamic Technology Lab Private Ltd	−76K Sold out	0	—
Millennium Management LLC Hedge fund	−50K Sold out	0	—
Focus Partners Wealth	−48K −5.0%	908K	$7.7M
Jane Street Group, LLC	−41K Sold out	0	—
Morgan Stanley	−37K −3.7%	961K	$8.2M
Onedigital Investment Advisors LLC	−36K Sold out	0	—
World Investment Advisors	−32K Sold out	0	—
Nverses Capital, LLC	−31K Sold out	0	—
Brevan Howard Capital Management LP Hedge fund	−30K −63.7%	17K	$146,510
Entropy Technologies, LP	−26K Sold out	0	—
Hub Investment Partners, LLC	−24K −14.9%	138K	$1.2M
Envestnet Asset Management Inc	−21K Sold out	0	—
Neuberger Berman Group LLC Active manager	−20K −8.6%	207K	$1.8M
Patriot Financial Group Insurance Agency, LLC	−19K −49.1%	20K	$167,967
Sowell Financial Services LLC	−17K Sold out	0	—

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Diameter Capital Partners LP Hedge fund	−1.4M −93.4%	97K	$822,938
D. E. Shaw & Co., Inc. Hedge fund	−268K −87.7%	38K	$321,008
Millennium Management LLC Hedge fund	−50K Sold out	0	—
Brevan Howard Capital Management LP Hedge fund	−30K −63.7%	17K	$146,510
Neuberger Berman Group LLC Active manager	−20K −8.6%	207K	$1.8M
Caxton Associates LLP Hedge fund	−6,501 −21.4%	24K	$203,807

New positions

largest by value

Institution	Shares	Value June 30, 2026
Gcm Grosvenor Holdings, LLC	475K	$4M
Rivernorth Capital Management, LLC	205K	$1.7M
Privium Fund Management (UK) Ltd	151K	$1.3M
Marshall Wace, LLPHedge fund	123K	$1M
Citadel Advisors LLCHedge fund	103K	$880,338
Freegulliver LLC	74K	$633,965
Virtu Financial LLC	23K	$193,000
Varcov Co.	20K	$172,232
TIAA Trust, National Association	15K	$125,474
Rfg Advisory, LLC	13K	$108,528

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Lansforsakringar Fondforvaltning AB (Publ)	185K	$1.5M
Dynamic Technology Lab Private Ltd	76K	$627,710
Millennium Management LLCHedge fund	50K	$410,084
Jane Street Group, LLC	41K	$337,595
Onedigital Investment Advisors LLC	36K	$293,906
World Investment Advisors	32K	$266,320
Nverses Capital, LLC	31K	$258,059
Entropy Technologies, LP	26K	$211,075
Envestnet Asset Management Inc	21K	$170,847
Sowell Financial Services LLC	17K	$140,599

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 200
Ten largest holders: 68.3%
Index fund managers: 1.1%
Active managers and hedge funds: 6.7%

Buying and selling by type of institution, March 31, 2026 to June 30, 2026
Type	Bought	Sold	New	Sold out	Net change in shares	Net %
Active managers and hedge funds	9	6	4	1	−912K	−21.4%
Index fund managers	1	1	0	0	+15K	+2.7%
Other institutions	88	80	20	29	+3.8M	+8.9%

Active managers and hedge funds: a list we maintain of about 400 well-known stock-picking firms and hedge funds, matched by SEC registration number (CIK) and checked against the filer names each quarter. Index fund managers: the large index houses, such as BlackRock, Vanguard, State Street, Geode and Northern Trust. Every other filer (banks, brokers, wealth managers, pension funds, insurers and firms not on the list) counts as another institution. A firm that files under several SEC registrations appears once for each.

What these filings can and cannot tell you

Form 13F lists the long positions in US-listed shares held by investment managers with more than $100 million in such holdings. Managers file it up to 45 days after each quarter ends, so this page shows what funds held at the end of each quarter, not what they are doing now: a position may have changed since. Short positions, most derivatives and smaller managers are not included, and a cut can mean a fund lost clients or rebalanced rather than a view on Barings BDC.

Only managers that filed a holdings report for both quarters are compared (228 here). 7 other holders are left out: first-time or late filers, firms that changed their SEC registration, and filings that withheld positions under confidential treatment, any of which would otherwise look like a new position or a sale. Figures are as reported by each manager in the SEC's quarterly 13F data sets; option positions are excluded.

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