CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2025 Filing

Filed April 1, 2025

Portfolio Value

$6.9B

Holdings

294

Report Date

Q1 2025

Filing Type

13F-HR

All Holdings (294 positions)

#	Stock	Shares	Value	% Portfolio
1	CCAPCrescent Capital BDC Inc.	75,052	$1.3M	0.02%
2	MFICMidCap Financial Investment Co	89,748	$1.2M	0.02%
3	RLIRLI Corp.	13,946	$1.1M	0.02%
4	BWINBaldwin Insurance Group Inc.	423,042	$1.0M	0.01%
5	IIIVi3 Verticals Inc.	278,147	$997K	0.01%
6	SAFRYSafran S.A.	14,960	$991K	0.01%
7	JBTJBT Marel Corp.	100,807	$987K	0.01%
8	MH6ATokio Marine Holdings Inc.	25,001	$972K	0.01%
9	WPMWheaton Precious Metals Corp.	12,320	$956K	0.01%
10	NMFCNew Mountain Finance Corp.	438,682	$949K	0.01%
11	NTDOYNintendo Co. Ltd.	55,237	$948K	0.01%
12	TTNDYTechtronic Industries Co. Ltd.	15,774	$947K	0.01%
13	ACNAccenture plc	3,025	$944K	0.01%
14	INGING Groep N.V.	48,030	$941K	0.01%
15	FNVFranco-Nevada Corp.	5,874	$926K	0.01%
16	BCICPortman Ridge Finance Corp.	64,165	$921K	0.01%
17	PNNTPennantPark Investment Corp.	130,364	$916K	0.01%
18	CCOCameco Corp.	21,950	$903K	0.01%
19	—BAE Systems plc	10,986	$903K	0.01%
20	TRINTrinity Capital Inc.	59,049	$895K	0.01%
21	CVCOCavco Industries Inc.	8,359	$889K	0.01%
22	OBDCBlue Owl Capital Corp.	304,846	$889K	0.01%
23	RWAYRunway Growth Finance Corp	85,677	$887K	0.01%
24	CHGCYChugai Pharms Co. Ltd.	38,924	$885K	0.01%
25	TRIPTripAdvisor Inc.	641,796	$881K	0.01%
26	BNPQYBNP Paribas S.A.	20,738	$866K	0.01%
27	IAU*iShares Gold Trust ETF	14,616	$862K	0.01%
28	SGOViShares 0-3 Month Treasury Bon	1,943,492	$860K	0.01%
29	ARAntero Resources Corp.	20,912	$846K	0.01%
30	HLNHaleon plc	81,673	$840K	0.01%
31	MORNMorningstar Inc.	62,103	$835K	0.01%
32	IBMQiShares iBonds Dec 2028 Term M	32,937	$833K	0.01%
33	BXSLBlackstone Secured Lending Fun	75,154	$832K	0.01%
34	EXEExpand Energy Corp.	7,421	$826K	0.01%
35	TTENTotalEnergies S.E.	12,679	$820K	0.01%
36	HTOSJW Group	53,044	$813K	0.01%
37	STCStewart Information Services C	51,894	$800K	0.01%
38	RGLDRoyal Gold Inc.	4,886	$799K	0.01%
39	CNMDCONMED Corp.	137,318	$798K	0.01%
40	PGRProgressive Corp.	568,040	$797K	0.01%
41	ULUnilever plc	13,329	$794K	0.01%
42	ITOCYITOCHU Corp.	8,516	$792K	0.01%
43	AZEKAzek Co. Inc.	151,990	$782K	0.01%
44	IWDiShares Russell 1000 Value ETF	4,155	$782K	0.01%
45	VVVValvoline Inc.	506,205	$781K	0.01%
46	ASMLASML Holding N.V.	1,178	$781K	0.01%
47	LRLCYL'Oreal S.A.	10,473	$779K	0.01%
48	HGTYHagerty Inc.	316,369	$778K	0.01%
49	GSBDGoldman Sachs BDC Inc.	175,783	$778K	0.01%
50	SHOPShopify Inc.	8,126	$776K	0.01%
51	BRBroadridge Financial Solutions	609,740	$770K	0.01%
52	GTESGates Industrial Corp. plc	1,011,102	$764K	0.01%
53	SPNSSapiens International Corp. N.	104,701	$759K	0.01%
54	CBChubb Ltd.	558,131	$753K	0.01%
55	SNASnap-on Inc.	509,863	$751K	0.01%
56	ENOVEnovis Corp.	76,529	$733K	0.01%
57	NVONovo Nordisk A.S.	10,465	$727K	0.01%
58	XOMExxon Mobil Corp.	6,074	$722K	0.01%
59	FNFFidelity National Financial In	2,208,073	$721K	0.01%
60	BROBrown &amp; Brown Inc.	5,760	$717K	0.01%
61	FFC0Oaktree Specialty Lending Corp	136,401	$714K	0.01%
62	PAYXPaychex Inc.	1,065,458	$711K	0.01%
63	MOVMovado Group Inc.	170,196	$710K	0.01%
64	SLViShares Silver Trust ETF	22,658	$702K	0.01%
65	AIFAltus Group Ltd.	78,840	$699K	0.01%
66	WECWEC Energy Group Inc.	1,444,397	$695K	0.01%
67	SPBSpectrum Brands Holdings Inc.	41,050	$688K	0.01%
68	CSWCCapital Southwest Corp.	101,522	$683K	0.01%
69	ICLRICON plc	3,900	$682K	0.01%
70	CNRCore Natural Resources Inc.	8,844	$682K	0.01%
71	EPCEdgewell Personal Care Co.	81,483	$682K	0.01%
72	FSKFS KKR Capital Corp.	185,799	$680K	0.01%
73	JJSFJ &amp; J Snack Foods Corp.	5,149	$678K	0.01%
74	CTRACoterra Energy Inc.	23,309	$674K	0.01%
75	KNKnowles Corp.	169,915	$663K	0.01%
76	LINLinde plc	322,451	$659K	0.01%
77	HAYWHayward Holdings Inc.	197,361	$657K	0.01%
78	HAEHaemonetics Corp.	42,722	$655K	0.01%
79	WMMVYWal-Mart de Mexico S.A.B. de C	23,770	$655K	0.01%
80	RBCRBC Bearings Inc.	10,053	$655K	0.01%
81	FANGDiamondback Energy Inc.	4,080	$652K	0.01%
82	AXPAmerican Express Co.	2,400	$646K	0.01%
83	MITSYMitsui & Co. Ltd.	1,697	$645K	0.01%
84	SOSouthern Co.	1,603,734	$642K	0.01%
85	COPConocoPhillips	5,995	$630K	0.01%
86	NEMNewmont Mining Corp.	12,935	$624K	0.01%
87	ABXBarrick Gold Corp.	31,798	$618K	0.01%
88	MRTNMarten Transport Ltd.	151,834	$616K	0.01%
89	DEODiageo plc	1,184,987	$615K	0.01%
90	ETREntergy Corp.	1,390,339	$599K	0.01%
91	RHHBYRoche Holding A.G.	14,491	$596K	0.01%
92	—Antofagasta plc	27,781	$592K	0.01%
93	JBSSJohn B Sanfilippo &amp; Son Inc.	8,052	$571K	0.01%
94	LMTLockheed Martin Corp.	302,449	$570K	0.01%
95	LVMUYLVMH Moet Hennessy Louis Vuitt	4,581	$567K	0.01%
96	UFPTUFP Technologies Inc.	10,725	$566K	0.01%
97	HDHome Depot Inc.	353,679	$565K	0.01%
98	SCCOSouthern Copper Corp.	5,961	$557K	0.01%
99	FASTFastenal Co.	1,660,502	$557K	0.01%
100	FCXFreeport-McMoRan Inc.	14,630	$554K	0.01%

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