MPV
Barings Participation InvestorsFinancial Services·Asset Management
$17.07
$184M market cap
Revenue
$8.2M
Free Cash Flow
$5.0M
Rev Growth
+0.0%
FCF Margin
61.6%
P/FCF
36.4x
EV/FCF
41.1x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Barings Participation Investors is a closed ended fixed income mutual fund launched and managed by Barings LLC. The fund invests in the fixed income markets of the United States. It primarily invests in below-investment grade, long-term corporate debt obligations which are directly purchased from its issuers. The fund also seeks to invest in warrants, conversion rights, or other equity related instruments. It benchmarks the performance of its portfolio against Standard and Poor's Industrials Com
2-Year Price History
$16.94+25.9%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2025-Q4 | 8.2 | 8.3 | 7.8 | 7.0 | 5.1 | 5.1 | -0.0 | 13.8 | 37.3 | 10.8 | 16.4% | 9.8x | -- |
Valuation & Metrics
Market Stats
Price$17.07
Market Cap$184M
Enterprise Value$207M
P/S Ratio22.4x
P/FCF36.4x
EV/FCF41.1x
FCF Margin (TTM)61.6%
FCF Yield2.7%
Dividend Yield (TTM)10.8%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$8.2M
Net Income$7.0M
Free Cash Flow$5.0M
Revenue Growth (YoY)+0.0%
EBITDA Margin101.1%
Net Margin85.3%
FCF Margin61.6%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC16.4%
WC Change % Rev0.0%
Interest Coverage9.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.0M
Days to Cover2.8
Change (vs Prior)+70.7%
Need at least 2 settlement dates for chart
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
20.6%(-3.7% YoY)
32 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.3%(-0.0% YoY)
1 filers
Vanguard, iShares, SPDR
Market makers
0.1%(+0.1% YoY)
1 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| MORGAN STANLEY | $4.9M | $15.74 | −$206K | −$461K | -0.3% | $1.65T |
| BARINGS LLC | $4.9M | $14.46 | +$49K | +$186K | +0.7% | $6.00B |
| BENJAMIN EDWARDS INC | $4.9M | $15.16 | +$592K | +$118K | -0.5% | $9.89B |
| TSP Capital Management Group, LLC | $4.7M | $12.79 | −$61K | −$286K | +1.0% | $410M |
| LPL Financial LLC | $3.4M | $16.27 | +$639K | +$891K | -0.2% | $372.65B |
| ADVISOR GROUP HOLDINGS, INC. | $3.4M | $11.63 | −$88K | +$294K | -0.3% | $67.63B |
| COMMONWEALTH EQUITY SERVICES, LLC | $2.3M | $12.76 | +$56K | +$213K | -0.3% | $71.14B |
| Cetera Investment Advisers | $1.8M | $14.05 | +$81K | +$174K | -0.2% | $93.23B |
| Smith Asset Management Co., LLC | $1.2M | $15.79 | −$29K | −$123K | -1.9% | $117M |
| BANK OF AMERICA CORP /DE/ | $853K | $15.71 | −$285K | −$100K | -0.1% | $1.36T |
| Schwallier Wealth Management LLC | $803K | $13.56 | +$32K | +$47K | +0.2% | $131M |
| CALDWELL SUTTER CAPITAL, INC. | $750K | $9.47 | +$0 | −$25K | -1.4% | $246M |
| JONES FINANCIAL COMPANIES LLLP | $678K | $15.76 | +$74K | +$300K | -0.1% | $208.07B |
| ENVESTNET ASSET MANAGEMENT INC | $531K | $11.37 | +$188K | +$531K | -0.2% | $367.84B |
| RAYMOND JAMES FINANCIAL INC | $527K | $15.80 | +$10K | −$122K | -0.0% | $322.69B |
| Vanguard National Trust CoPassive | $500K | $17.14 | +$500K | +$500K | — | $1.58B |
| UBS Group AG | $371K | $12.53 | −$60K | −$180K | -0.3% | $562.11B |
| OPPENHEIMER & CO INC | $350K | $16.39 | +$27K | +$43K | -0.1% | $8.20B |
| PFG Investments, LLC | $306K | $13.85 | +$6K | +$6K | -0.6% | $2.13B |
| Sanctuary Advisors, LLC | $291K | $14.19 | +$0 | +$0 | +0.1% | $18.32B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.06%
avg per quarter
Holders (ex-self)
-0.06%
excl. this stock
Buyers (this Q)
-0.18%
15 buyers · $0.00B in
Sellers (this Q)
+0.29%
10 sellers · $-0.00B out
alpha coverage: 99% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+6.3%
how holders react when this stock falls
On quiet Qs
-2.3%
−10% to +10% baseline
On rallies (+10%+)
+6.7%
how they react when this stock rises
Holders' portfolio flow this Q
+4.9%
inflows — adds are organic
Sellers' portfolio flow this Q
-7.2%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
+1.4%
Holder mid (any stock)
+1.4%
Holder rally (any stock)
+1.2%
Biggest decreases this quarter
NewEdge Advisors, LLCexited−$336KBANK OF AMERICA CORP /DE/−$285Kα-0.1MORGAN STANLEY−$206Kα-0.3JANE STREET GROUP, LLC−$159Kα-0.1ADVISOR GROUP HOLDINGS, INC.−$88Kα-0.3TSP Capital Management Group, LLC−$61Kα+1.0UBS Group AG−$60Kα-0.3Kestra Advisory Services, LLCexited−$30KSmith Asset Management Co., LLC−$29Kα-1.9MONTAG A & ASSOCIATES INC−$17Kα-0.0
New buyers this quarter
Top-5 holders · 59.8%
MORGAN STANLEY--
BARINGS LLC--
BENJAMIN EDWARDS INC--
TSP Capital Management Group, LLC--
LPL Financial LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
RIVERNORTH CAPITAL MANAGEMENT, LLC—MORGAN STANLEY288KGreenwich Investment Management, Inc.—TSP Capital Management Group, LLC277KBARINGS LLC286KBENJAMIN EDWARDS INC285KBENJAMIN F. EDWARDS & COMPANY, INC.—Round Rock Advisors, LLC—ADVISOR GROUP HOLDINGS, INC.198KAlmitas Capital LLC—
Corporate
Order Flow (FINRA, ~3w lag)
52.0%retail+0.9pp
12.1%dark-0.8pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.