CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2022 Filing

Filed April 4, 2022

Portfolio Value

$7.1B

Holdings

310

Report Date

Q1 2022

Filing Type

13F-HR

All Holdings (310 positions)

#	Stock	Shares	Value	% Portfolio
101	KDPKeurig Dr Pepper Incorporated	383,952	$14.6M	0.20%
102	SLYGSPDR S&P 600 Small Cap Growth	160,894	$13.5M	0.19%
103	IBDTiShares iBonds Dec 2028 Term C	509,703	$13.4M	0.19%
104	IBHGiShares iBonds December 2030 T	613,477	$13.4M	0.19%
105	IBTEiShares iBonds Dec 2024 Term T	499,401	$12.3M	0.17%
106	HXGBYHexagon AB	856,640	$12.0M	0.17%
107	DDDupont De Nemurs Incorporated	161,590	$11.9M	0.17%
108	IBTIiShares iBonds Dec 2028 Term T	474,711	$11.3M	0.16%
109	IBDSiShares iBonds Dec 2027 Term C	449,116	$11.2M	0.16%
110	SPYGSPDR Portfolio S&P 500 Growth	161,804	$10.7M	0.15%
111	BKIEURBlack Knight Incorporated	182,028	$10.6M	0.15%
112	MLNVanEck Vectors Long Municipal	519,188	$10.1M	0.14%
113	VNTVontier Corporation	389,350	$9.9M	0.14%
114	BSMYInvesco BulletShares 2025 Corp	445,009	$9.3M	0.13%
115	IBMSiShares iBonds Dec 2029 Term T	381,976	$9.0M	0.13%
116	IBDUiShares iBonds Dec 2029 Term C	361,739	$8.9M	0.12%
117	MDYGSPDR S&P 400 Mid Cap Growth ET	119,449	$8.9M	0.12%
118	AXTAAxalta Coating Systems Limited	358,888	$8.8M	0.12%
119	SPYSPDR S&P 500 ETF	19,123	$8.6M	0.12%
120	IBDPiShares iBonds Dec 2024 Term C	324,105	$8.1M	0.11%
121	CLBCore Laboratories NV	249,216	$7.9M	0.11%
122	HTGCHercules Technology Growth Cap	413,089	$7.5M	0.10%
123	MOVMovado Group Incorporated	187,279	$7.3M	0.10%
124	MRTNMarten Transport Limited	408,434	$7.3M	0.10%
125	VBTXVeritex Holdings	188,541	$7.2M	0.10%
126	RBCRBC Bearings Incorporated	36,640	$7.1M	0.10%
127	HTOSJW Group	101,109	$7.0M	0.10%
128	FWRDUSDForward Air Corporation	70,952	$6.9M	0.10%
129	IIIVI3 Verticals Incorporated	239,101	$6.7M	0.09%
130	IBMQiShares iBonds Dec 2028 Term M	259,810	$6.6M	0.09%
131	EWUiShares MSCI United Kingdom ET	192,621	$6.5M	0.09%
132	GOODGladstone Commercial Corporati	292,023	$6.4M	0.09%
133	ALNTAllied Motion Technologies Inc	212,251	$6.3M	0.09%
134	KAIKadant Incorporated	32,433	$6.3M	0.09%
135	JBTJohn Bean Technologies Corpora	52,399	$6.2M	0.09%
136	BSMYInvesco BulletShares 2031 Muni	270,661	$6.1M	0.08%
137	NWNNorthwest Natural Holding Comp	116,754	$6.0M	0.08%
138	—TCP Capital Corporation	421,767	$6.0M	0.08%
139	MAINMain Street Capital Corporatio	141,087	$6.0M	0.08%
140	HCSGHealthcare Services Group	322,113	$6.0M	0.08%
141	EPCEdgewell Personal Care Company	161,466	$5.9M	0.08%
142	IBMPiShares iBonds Dec 2027 Term M	223,028	$5.7M	0.08%
143	PNNTPennantPark Investment Corpora	721,121	$5.6M	0.08%
144	NMFCNew Mountain Finance Corporati	401,867	$5.6M	0.08%
145	AQLTiShares iBonds Dec 2024 Term M	214,090	$5.6M	0.08%
146	WGOWinnebago Industries Incorpora	102,895	$5.6M	0.08%
147	JJSFJ & J Snack Foods Corporation	34,792	$5.4M	0.08%
148	BBDCBarings BDC Incorporated	518,585	$5.4M	0.08%
149	THRThermon Group Holdings Incorpo	321,824	$5.2M	0.07%
150	—Natus Medical Incorporated	197,170	$5.2M	0.07%
151	BMRCBank of Marin (CA)	147,148	$5.2M	0.07%
152	OFSOFS Capital Corporation	383,399	$5.0M	0.07%
153	GBDCGolub Capital BDC Incorporated	326,806	$5.0M	0.07%
154	IBMOiShares iBonds Dec 2026 Term M	194,055	$5.0M	0.07%
155	TSLXSixth Street Specialty Lending	209,572	$4.9M	0.07%
156	MUBiShares National Muni Bond ETF	43,903	$4.8M	0.07%
157	SLRCSolar Capital Limited	259,597	$4.7M	0.07%
158	FAROFaro Technologies Incorporated	89,284	$4.6M	0.06%
159	IAUiShares iBonds Dec 2025 Term M	169,551	$4.5M	0.06%
160	XLFSPDR Financial Select Sector E	116,147	$4.5M	0.06%
161	XLBSPDR Materials Select Sector E	49,250	$4.3M	0.06%
162	—Neenah Paper Incorporated	107,944	$4.3M	0.06%
163	XLVSPDR Health Care Select Sector	30,847	$4.2M	0.06%
164	AQLTiShares iBonds Dec 2023 Term M	161,705	$4.1M	0.06%
165	BSMUInvesco BulletShares 2030 Muni	175,109	$4.1M	0.06%
166	RVNUxTrackers Municipal Infrastruc	152,015	$4.0M	0.06%
167	GSBDGoldman Sachs BDC Incorporated	199,968	$3.9M	0.05%
168	PRFTUSDPerficient Incorporated	32,161	$3.5M	0.05%
169	AOUTAmerican Outdoor Brands Incorp	266,153	$3.5M	0.05%
170	MGPIMGP Ingredients Incorporated	39,556	$3.4M	0.05%
171	XHBSPDR S&P Homebuilders ETF	52,677	$3.3M	0.05%
172	BXSLBlackstone Secured Lending Fun	116,293	$3.2M	0.05%
173	OBDCOwl Rock Capital Corporation	206,946	$3.1M	0.04%
174	SCMStellus Capital Investment	212,472	$3.0M	0.04%
175	TFISPDR Nuveen Bloomberg Barclays	60,661	$2.9M	0.04%
176	BRK-BBerkshire Hathaway Incorporate	5	$2.6M	0.04%
177	CSWCCapital Southwest Corporation	107,591	$2.6M	0.04%
178	IBTHiShares iBonds Dec 2027 Term T	103,171	$2.5M	0.03%
179	BSMTInvesco BulletShares 2029 Muni	95,785	$2.3M	0.03%
180	PAHCPhibro Animal Health Corporati	101,169	$2.0M	0.03%
181	TPVGTriplePoint Venture Growth BDC	109,885	$1.9M	0.03%
182	FNVFranco-Nevada Corporation	10,892	$1.7M	0.02%
183	TSMTaiwan Semiconductor Manufactu	14,631	$1.5M	0.02%
184	NVONovo Nordisk A/S ADS	13,732	$1.5M	0.02%
185	—American Capital Agency Corpor	112,146	$1.5M	0.02%
186	JJSFJ & J Snack Foods Corporation	9,458	$1.5M	0.02%
187	INFYInfosys Technologies Limited	56,725	$1.4M	0.02%
188	ACNAccenture PLC	4,160	$1.4M	0.02%
189	PRUPrudential Financial Incorpora	11,218	$1.3M	0.02%
190	BROBrown & Brown Incorporated	17,940	$1.3M	0.02%
191	BCICPortman Ridge Finance Corporat	52,448	$1.3M	0.02%
192	FSPFranklin Street Properties Cor	215,000	$1.3M	0.02%
193	RIORio Tinto PLC	15,512	$1.2M	0.02%
194	TRINTrinity Capital Incorporated	64,358	$1.2M	0.02%
195	NATHNathan's Famous Incorporated	22,547	$1.2M	0.02%
196	EWUSiShares MSCI United Kingdom Sm	31,272	$1.2M	0.02%
197	LVMUYLVMH Moet Hennessy - Louis Vui	8,320	$1.2M	0.02%
198	NLYEURAnnaly Capital Management Inco	167,597	$1.2M	0.02%
199	ICLRIcon PLC	4,654	$1.1M	0.02%
200	WCNWaste Connections Incorporated	7,876	$1.1M	0.02%

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