MPV - Barings Participation Investors

What this means for you

RiverNorth owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. April 11, 2025

   RiverNorth sold down below 5% and stopped reporting.

   Original document →

2. Feb 14, 2024

   RiverNorth now owns 5.9%, as a passive investor.

   Original document →

About this fund

• Run by Barings LLC. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $171 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 28% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.1% a year in management fees; 1.6% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year the fund told the regulator that all of what it paid out came from income. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $15.23. The shares traded at $15.89, about 4.3% above that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 5.8% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: +10.8%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

What the fund holds

Mostly loans (82%), the rest shares and bonds. About 98% issued in the U.S.

1.9% of holdings are in default.

1. Madison Air Solutions - 13.6%
2. Stackline Holdco Notes - 1.7%
3. Heartland Veterinary Ptr LLC 2021 Opco Pik Notes - 1.4%
4. Rpx Corporation 2024 Term Loan - 1.3%
5. Kid Distro Holdings LLC Term Loan - 1.2%
6. FSS Buyer LLC 2025 Term Loan - 1.1%
7. Safety Products Holdings, LLC Term Loan - 1%
8. Cloud Software Grp, Cloud Software Group Inc - 1%
9. Bitly Inc 2025 Senior Term Loan - 1%
10. Empower Brands Franchising LLC 2020 Term Loan - 0.9%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →