CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2019 Filing

Filed April 16, 2019

Portfolio Value

$5.9T

Holdings

294

Report Date

Q1 2019

Filing Type

13F-HR

All Holdings (294 positions)

#StockSharesValue% PortfolioType
101
GBDCGolub Capital BDC Inc.
684,705$12.2B0.21%
102
TCP Capital Corp.
855,825$12.1B0.21%
103
IBDSiShares iBonds Dec 2027 Term C
458,037$11.2B0.19%
104
HTGCHercules Technology Growth Cap
830,220$10.5B0.18%
105
SLRCSolar Capital Ltd.
491,489$10.2B0.17%
106
BBDCBarings BDC Inc
1,021,687$10.0B0.17%
107
IJSS&P SmallCap 600 Value Index F
67,590$10.0B0.17%
108
TPVGTriplePoint Venture Growth BDC
712,357$9.8B0.17%
109
IJTS&P SmallCap 600 Growth Index
52,123$9.3B0.16%
110
Invesco BulletShares 2024
447,490$9.3B0.16%
111
MLNVanEck Vectors Long Municipal
455,019$9.2B0.16%
112
Invesco BulletShares 2022
434,162$9.2B0.15%
113
Invesco BulletShares 2021
435,969$9.2B0.15%
114
iShares Corporate ex Financial
370,685$9.1B0.15%
115
Natus Medical Inc.
325,283$8.3B0.14%
116
IGIBiShares Intermediate Term Corp
141,650$7.8B0.13%
117
PDCOEURPatterson Companies Inc.
357,386$7.8B0.13%
118
CNNECannae Holdings Inc
307,327$7.5B0.13%
119
TFISPDR Nuveen Barclays Capital M
147,506$7.3B0.12%
120
TSLXUSDTPG Specialty Lending, Inc.
362,536$7.3B0.12%
121
iShares iBonds Dec 2022 AMT-Fr
271,022$7.0B0.12%
122
iShares iBonds Dec 2021 AMT-Fr
273,602$7.0B0.12%
123
NLYEURAnnaly Capital Management Inc.
686,456$6.9B0.12%
124
GTESGates Industrial
469,312$6.7B0.11%
125
SCMStellus Capital Investment
467,790$6.6B0.11%
126
OFSOFS Capital Corp.
555,585$6.5B0.11%
127
MFICApollo Investment Corp.
427,019$6.5B0.11%
128
HTOSJW Group
104,198$6.4B0.11%
129
PNNTPennantPark Investment Corp.
926,026$6.4B0.11%
130
IIIVI3 Verticals Inc
264,770$6.4B0.11%
131
MOVMovado Group Inc.
171,153$6.2B0.11%
132
THRThermon Group Holdings Inc.
253,709$6.2B0.11%
133
NWNNorthwest Natural Holding Co
93,816$6.2B0.10%
134
Luxoft Holding Inc
102,875$6.0B0.10%
135
GOODGladstone Commercial Corp.
288,921$6.0B0.10%
136
Raven Industries Inc.
153,987$5.9B0.10%
137
TWOTwo Harbors Investment Corp.
436,255$5.9B0.10%
138
RCOResources Connection Inc
356,509$5.9B0.10%
139
FWRDUSDForward Air Corp.
90,398$5.9B0.10%
140
GSBDGoldman Sachs BDC Inc.
281,616$5.8B0.10%
141
MTS Systems Corp.
105,707$5.8B0.10%
142
Monotype Imaging Holdings Inc.
284,851$5.7B0.10%
143
JBTJohn Bean Technologies Corp.
60,484$5.6B0.09%
144
VREXVarex Imaging Corp
162,551$5.5B0.09%
145
RMAXRE/MAX Holdings Inc.
140,267$5.4B0.09%
146
KAIKadant Inc
60,972$5.4B0.09%
147
BMRCBank of Marin (CA)
126,962$5.2B0.09%
148
iShares iBonds Sep 2020 Amt Fr
201,118$5.1B0.09%
149
RBCRBC Bearings Incorporated
39,982$5.1B0.09%
150
IAUUSDiShares Gold Trust
402,824$5.0B0.08%
151
ALNTAllied Motion Technologies Inc
137,325$4.7B0.08%
152
Neenah Ppaper Inc
72,832$4.7B0.08%
153
SPYS&P 500 - SPDR
16,386$4.6B0.08%
154
VBTXVeritex Holdings
190,308$4.6B0.08%
155
PAHCPhibro Animal Health Corp Clas
138,341$4.6B0.08%
156
IPHSEURInnophos Holdings Inc
144,924$4.4B0.07%
157
Cambrex Corp
107,671$4.2B0.07%
158
XLEEnergy Select Sector - SPDR
60,178$4.0B0.07%
159
PTBPotbelly Corp.
454,793$3.9B0.07%
160
MAINMain Street Capital Corp.
98,802$3.7B0.06%
161
IAUiShares iBonds Dec 2025 Term M
133,003$3.5B0.06%
162
AQLTiShares iBonds Dec 2024 Term M
135,734$3.5B0.06%
163
AQLTiShares Muni Bond 2023
138,074$3.5B0.06%
164
IGLBiShares Long-Term Corporate Bo
57,098$3.4B0.06%
165
TLHiShares Barclays 10-20 Year Tr
21,611$3.0B0.05%
166
XLVHealth Care Select Sector - SP
29,841$2.7B0.05%
167
iShares iBonds Dec 2021 Term C
106,892$2.6B0.04%
168
USCRUS Concrete Inc
61,495$2.5B0.04%
169
CSWCCapital Southwest Corp.
115,506$2.4B0.04%
170
XLBMaterials Select Sector - SPDR
42,495$2.4B0.04%
171
GOOGLAlphabet Inc. - Class A
1,863$2.2B0.04%
172
ICLRIcon PLC
15,441$2.1B0.04%
173
SHOPShopify Inc
9,963$2.1B0.03%
174
VNQREIT Index - Vanguard
22,606$2.0B0.03%
175
IBDQiShares iBonds Dec 2025 Term C
78,789$2.0B0.03%
176
IAUiShares iBonds Dec 2023 Term C
77,179$1.9B0.03%
177
MUBiShares National AMT-Free Muni
16,719$1.9B0.03%
178
CM Finance Inc.
246,171$1.8B0.03%
179
LVMUYLVMH Moet Hennessy Louis Vuitt
24,513$1.8B0.03%
180
PFLTPennantPark Floating Rate Capi
140,761$1.8B0.03%
181
WCNWaste Connections, INC.
19,959$1.8B0.03%
182
BABAAlibaba Group Holding Ltd
9,690$1.8B0.03%
183
FSC1EUROaktree Specialty Lending Corp
317,580$1.6B0.03%
184
CYBRCyberark Software Ltd
13,525$1.6B0.03%
185
BRK-BBerkshire Hathaway Inc. - Clas
5$1.5B0.03%
186
MCCUSDMedley Capital Corp.
466,714$1.5B0.02%
187
RIORio Tinto PLC
24,408$1.4B0.02%
188
NATHNathan's Famous Inc
20,692$1.4B0.02%
189
ECEcopetrol SA
63,574$1.4B0.02%
190
AAGIYAIA Group Lrd
33,020$1.3B0.02%
191
Alcentra Capital Corporation
172,787$1.3B0.02%
192
DSDVYDSV A/S-Unsponsored ADR
31,237$1.3B0.02%
193
RDS/ARoyal Dutch Shell PLC - Cl A
20,084$1.3B0.02%
194
KCAP Financial Inc
340,472$1.2B0.02%
195
BPBP PLC (Adr 1:6)
28,008$1.2B0.02%
196
ESLTElbit Systems Ltd
9,040$1.2B0.02%
197
Solar Senior Capital Ltd.
67,877$1.2B0.02%
198
DBS GROUP HOLDINGS-SPON ADR
15,602$1.2B0.02%
199
TCEHYTencent Holdings LTD
24,296$1.1B0.02%
200
APTVAPTIV PLC
13,602$1.1B0.02%
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