CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2021 Filing

Filed April 5, 2021

Portfolio Value

$7.1B

Holdings

300

Report Date

Q1 2021

Filing Type

13F-HR

All Holdings (300 positions)

#	Stock	Shares	Value	% Portfolio
101	VNTVontier Corporation	508,702	$15.4M	0.22%
102	MLNVanEck Vectors Long Municipal	719,693	$15.4M	0.22%
103	SPYGSPDR Portfolio S&P 500 Growth	248,332	$14.0M	0.20%
104	IBDTiShares iBonds Dec 2028 Term C	472,848	$13.4M	0.19%
105	SLYGSPDR S&P 600 Small Cap Growth	148,121	$12.7M	0.18%
106	DDDupont De Nemurs Incorporated	163,481	$12.6M	0.18%
107	IBTIiShares iBonds Dec 2028 Term T	463,880	$11.6M	0.16%
108	GTESGates Industrial	708,094	$11.3M	0.16%
109	—Invesco BulletShares 2024 Corp	508,990	$11.3M	0.16%
110	IBDSiShares iBonds Dec 2027 Term C	416,705	$11.1M	0.16%
111	KAIKadant Incorporated	55,082	$10.2M	0.14%
112	AQLTiShares iBonds Dec 2025 Term T	367,971	$9.4M	0.13%
113	IBTGiShares iBonds Dec 2026 Term T	363,585	$9.3M	0.13%
114	MOVMovado Group Incorporated	324,067	$9.2M	0.13%
115	IBMSiShares iBonds Dec 2029 Term T	368,900	$9.1M	0.13%
116	IBTEiShares iBonds Dec 2024 Term T	345,049	$8.9M	0.12%
117	IBDUiShares iBonds Dec 2029 Term C	333,831	$8.7M	0.12%
118	VNQVanguard Real Estate Index ETF	93,145	$8.6M	0.12%
119	TLTiShares 20 Year Treasury Bond	61,471	$8.3M	0.12%
120	MDYVSPDR S&P 400 Mid Cap Value ETF	124,333	$8.1M	0.11%
121	IEMGiShares Core MSCI Emerging Mar	124,000	$8.0M	0.11%
122	WGOWinnebago Industries Incorpora	102,525	$7.9M	0.11%
123	RBCRBC Bearings Incorporated	39,215	$7.7M	0.11%
124	JBTJohn Bean Technologies Corpora	57,737	$7.7M	0.11%
125	FAROFaro Technologies Incorporated	84,447	$7.3M	0.10%
126	ALNTAllied Motion Technologies Inc	141,671	$7.3M	0.10%
127	IIIVI3 Verticals Incorporated	228,932	$7.1M	0.10%
128	VBTXVeritex Holdings	217,721	$7.1M	0.10%
129	EPCEdgewell Personal Care Company	170,845	$6.8M	0.09%
130	PDBCInvesco Optimum Yield Diversif	391,051	$6.7M	0.09%
131	—iShares iBonds Dec 2022 Term T	258,482	$6.6M	0.09%
132	HTGCHercules Technology Growth Cap	407,888	$6.5M	0.09%
133	FWRDUSDForward Air Corporation	71,571	$6.4M	0.09%
134	—James River Group Holdings Lim	138,573	$6.3M	0.09%
135	HTOSJW Group	97,825	$6.2M	0.09%
136	GOODGladstone Commercial Corporati	304,468	$6.0M	0.08%
137	IBMQiShares iBonds Dec 2028 Term M	216,701	$5.9M	0.08%
138	THRThermon Group Holdings Incorpo	296,273	$5.8M	0.08%
139	NMFCNew Mountain Finance Corporati	461,551	$5.7M	0.08%
140	—TCP Capital Corporation	410,752	$5.7M	0.08%
141	NWNNorthwest Natural Holding Comp	104,737	$5.7M	0.08%
142	BMRCBank of Marin (CA)	142,741	$5.6M	0.08%
143	MAINMain Street Capital Corporatio	140,019	$5.5M	0.08%
144	SPYSPDR S&P 500	13,324	$5.3M	0.07%
145	IBMPiShares iBonds Dec 2027 Term M	188,812	$5.1M	0.07%
146	PAHCPhibro Animal Health Corporati	208,196	$5.1M	0.07%
147	RCOResources Global Professionals	371,130	$5.0M	0.07%
148	MDYGSPDR S&P 400 Mid Cap Growth ET	66,324	$5.0M	0.07%
149	JJSFJ & J Snack Foods Corporation	30,256	$4.8M	0.07%
150	GBDCGolub Capital BDC Incorporated	316,553	$4.6M	0.06%
151	—Neenah Paper Incorporated	89,865	$4.6M	0.06%
152	AQLTiShares iBonds Dec 2024 Term M	169,437	$4.6M	0.06%
153	SLRCSolar Capital Limited	255,093	$4.5M	0.06%
154	—Natus Medical Incorporated	175,277	$4.5M	0.06%
155	BBDCBarings BDC Incorporated	447,319	$4.5M	0.06%
156	SCMStellus Capital Investment	347,026	$4.4M	0.06%
157	PRFTUSDPerficient Incorporated	74,167	$4.4M	0.06%
158	TSLXSixth Street Specialty Lending	201,842	$4.2M	0.06%
159	XLFSPDR Financial Select Sector E	122,815	$4.2M	0.06%
160	IBMOiShares iBonds Dec 2026 Term M	153,172	$4.1M	0.06%
161	PNNTPennantPark Investment Corpora	717,827	$4.1M	0.06%
162	AQLTiShares iBonds Dec 2023 Term T	157,473	$4.0M	0.06%
163	XLISPDR Industrial Select Sector	40,869	$4.0M	0.06%
164	XLBSPDR Materials Select Sector E	49,614	$3.9M	0.05%
165	AQLTiShares iBonds Dec 2023 Term M	148,286	$3.9M	0.05%
166	IAUiShares iBonds Dec 2025 Term M	138,647	$3.9M	0.05%
167	RVNUxTrackers Municipal Infrastruc	133,383	$3.9M	0.05%
168	GSBDGoldman Sachs BDC Incorporated	189,008	$3.7M	0.05%
169	OFSOFS Capital Corporation	387,920	$3.4M	0.05%
170	XHBSPDR S&P Homebuilders ETF	45,491	$3.2M	0.04%
171	OBDCOwl Rock Capital Corporation	205,369	$2.8M	0.04%
172	MUBiShares National Muni Bond ETF	23,540	$2.7M	0.04%
173	TFISPDR Nuveen Bloomberg Barclays	52,858	$2.7M	0.04%
174	IGSBiShares 1-5 Year Investment Gr	44,747	$2.4M	0.03%
175	CSWCCapital Southwest Corporation	106,044	$2.3M	0.03%
176	TSMTaiwan Semiconductor Manufactu	19,223	$2.3M	0.03%
177	—iShares iBonds Dec 2022 Term M	85,131	$2.2M	0.03%
178	BSMTInvesco BulletShares 2029 Muni	77,083	$2.0M	0.03%
179	BSMUInvesco BulletShares 2030 Muni	78,913	$2.0M	0.03%
180	BRK-BBerkshire Hathaway Incorporate	5	$1.9M	0.03%
181	SONYSony Corporation ADS	15,679	$1.7M	0.02%
182	TPVGTriplePoint Venture Growth BDC	108,876	$1.6M	0.02%
183	BABAAlibaba Group Holding Limited	6,630	$1.5M	0.02%
184	TCEHYTencent Holdings Limited	18,824	$1.5M	0.02%
185	JJSFJ & J Snack Foods Corporation	9,458	$1.5M	0.02%
186	DSDVYDSV Panalpina	14,346	$1.4M	0.02%
187	FNVFranco-Nevada Corporation	11,032	$1.4M	0.02%
188	LVMUYLVMH Moet Hennessy Louis Vuitt	9,658	$1.3M	0.02%
189	NATHNathan's Famous Incorporated	20,114	$1.3M	0.02%
190	RIORio Tinto PLC	16,153	$1.3M	0.02%
191	BROBrown & Brown Incorporated	27,440	$1.3M	0.02%
192	SHOPShopify Incorporated	1,128	$1.2M	0.02%
193	AAGIYAIA Group Limited	24,912	$1.2M	0.02%
194	INFYInfosys Technologies Limited A	65,247	$1.2M	0.02%
195	ICLRIcon PLC	6,190	$1.2M	0.02%
196	ZTOZTO Express Cayman Incorporate	40,923	$1.2M	0.02%
197	NVONovo Nordisk A/S ADS	16,334	$1.1M	0.02%
198	CYBRCyberark Software Limited	8,514	$1.1M	0.02%
199	LRLCYL'Oreal SA	13,584	$1.0M	0.01%
200	PRUPrudential Financial Incorpora	11,207	$1.0M	0.01%

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