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
101	SPHYSPDR Portfolio High Yield Bond	505,720	$11.8M	0.17%
102	IBMSiShares iBonds Dec 2029 Term T	534,836	$11.6M	0.17%
103	URAGlobal X Uranium ETF	500,947	$11.5M	0.17%
104	IBTHiShares iBonds Dec 2027 Term T	470,464	$10.5M	0.15%
105	SLYGSPDR S&P 600 Small Cap Growth	126,661	$10.5M	0.15%
106	SHLDGlobal X Defense Tech ETF	219,370	$10.2M	0.15%
107	IBDXiShares iBonds Dec 2032 Term C	407,434	$10.2M	0.15%
108	IBDWiShares iBonds Dec 2031 Term C	490,577	$10.2M	0.15%
109	IBTIiShares iBonds Dec 2028 Term T	438,690	$9.8M	0.14%
110	IBMSiShares iBonds Dec 2032 Term T	426,353	$9.8M	0.14%
111	TRIPTripAdvisor Inc.	641,796	$9.1M	0.13%
112	ZROZPIMCO 20 Plus Year Zero Coupon	125,161	$9.0M	0.13%
113	CNMDCONMED Corp.	137,318	$8.3M	0.12%
114	DFNMDimensional National Municipal	173,223	$8.2M	0.12%
115	HACKAmplify Cyber Security ETF	114,491	$8.2M	0.12%
116	IBDYiShares iBonds Dec 2033 Term C	308,505	$7.9M	0.11%
117	IBHGiShares iBonds Dec 2030 Term T	395,464	$7.8M	0.11%
118	PZAPowershares Insured National M	326,206	$7.5M	0.11%
119	AZEKAzek Co. Inc.	151,990	$7.4M	0.11%
120	MAINMain Street Capital Corp.	130,010	$7.4M	0.11%
121	HTGCHercules Capital Inc.	382,629	$7.4M	0.11%
122	IUSViShares Core S&P US Value ETF	76,605	$7.1M	0.10%
123	SLYVSPDR S&P 600 Small Cap Value E	87,529	$6.9M	0.10%
124	IIIVi3 Verticals Inc.	278,147	$6.9M	0.10%
125	BSMRInvesco BulletShares 2027 Muni	273,987	$6.5M	0.09%
126	IBHGiShares iBonds Dec 2031 Term T	306,939	$6.2M	0.09%
127	IBDViShares iBonds Dec 2030 Term C	282,297	$6.1M	0.09%
128	TSLXSixth Street Specialty Lending	251,416	$5.6M	0.08%
129	BSSXInvesco Bulletshares 2033 Muni	220,577	$5.6M	0.08%
130	IEIiShares 3-7 Year Treasury Bond	47,213	$5.6M	0.08%
131	BSMUInvesco BulletShares 2030 Muni	248,788	$5.4M	0.08%
132	BSMTInvesco BulletShares 2029 Muni	235,377	$5.4M	0.08%
133	GBDCGolub Capital BDC Inc.	349,833	$5.3M	0.08%
134	BBDCBarings BDC Inc.	519,779	$5.0M	0.07%
135	NMFCNew Mountain Finance Corp.	438,682	$4.8M	0.07%
136	OBDCBlue Owl Capital Corp.	304,846	$4.5M	0.06%
137	MLNVanEck Vectors Long Municipal	251,836	$4.4M	0.06%
138	CVCOCavco Industries Inc.	8,359	$4.3M	0.06%
139	AZNAstraZeneca plc	374	$4.3M	0.06%
140	BRK-BBerkshire Hathaway Inc. - A	5	$4.0M	0.06%
141	IBDSiShares iBonds Dec 2027 Term C	163,383	$4.0M	0.06%
142	FSKFS KKR Capital Corp.	185,799	$3.9M	0.06%
143	STCStewart Information Services C	51,894	$3.7M	0.05%
144	HYMBSPDR Nuveen S&P High Yield Mun	145,414	$3.7M	0.05%
145	HYDVanEck High Yield Muni ETF	66,241	$3.4M	0.05%
146	RBCRBC Bearings Inc.	10,053	$3.2M	0.05%
147	SLRCSLR Investment Corp.	187,389	$3.2M	0.05%
148	BSMWInvesco BulletShares 2032 Munc	126,794	$3.1M	0.04%
149	BSMYInvesco BulletShares 2031 Muni	143,705	$3.0M	0.04%
150	SPBSpectrum Brands Holdings Inc.	41,050	$2.9M	0.04%
151	ENOVEnovis Corp.	76,529	$2.9M	0.04%
152	HTOSJW Group	53,044	$2.9M	0.04%
153	HGTYHagerty Inc.	316,369	$2.9M	0.04%
154	MOVMovado Group Inc.	170,196	$2.8M	0.04%
155	SPNSSapiens International Corp. N.	104,701	$2.8M	0.04%
156	AIFAltus Group Ltd.	78,840	$2.8M	0.04%
157	HAYWHayward Holdings Inc.	197,361	$2.7M	0.04%
158	HAEHaemonetics Corp.	42,722	$2.7M	0.04%
159	BSMQInvesco BulletShares 2026 Muni	114,340	$2.7M	0.04%
160	QQQInvesco BulletShares 2025 Muni	110,040	$2.7M	0.04%
161	BSMYInvesco BulletShares 2028 Muni	115,952	$2.7M	0.04%
162	KNKnowles Corp.	169,915	$2.6M	0.04%
163	EPCEdgewell Personal Care Co.	81,483	$2.5M	0.04%
164	TLTiShares 20Plus Year Treasury B	27,667	$2.5M	0.04%
165	BXSLBlackstone Secured Lending Fun	75,154	$2.4M	0.04%
166	SHMSPDR Nuveen Barclays Capital S	48,048	$2.3M	0.03%
167	CSWCCapital Southwest Corp.	101,522	$2.3M	0.03%
168	AOUTAmerican Outdoor Brands Inc.	182,498	$2.2M	0.03%
169	FSPFranklin Street Properties Cor	1,231,656	$2.2M	0.03%
170	AEMAgnico Eagle Mines Ltd.	20,218	$2.2M	0.03%
171	UFPTUFP Technologies Inc.	10,725	$2.2M	0.03%
172	FFC0Oaktree Specialty Lending Corp	136,401	$2.1M	0.03%
173	MRTNMarten Transport Ltd.	151,834	$2.1M	0.03%
174	GSBDGoldman Sachs BDC Inc.	175,783	$2.0M	0.03%
175	CNNECannae Holdings Inc.	110,361	$2.0M	0.03%
176	NCDLNuveen Churchill Direct Lendin	119,108	$2.0M	0.03%
177	BCSFBain Capital Specialty Finance	120,452	$2.0M	0.03%
178	JJSFJ & J Snack Foods Corp.	15,074	$2.0M	0.03%
179	MUBiShares National Muni Bond ETF	18,415	$1.9M	0.03%
180	IBMOiShares iBonds Dec 2026 Term M	75,467	$1.9M	0.03%
181	KBDCKayne Anderson BDC	110,635	$1.8M	0.03%
182	WGOWinnebago Industries Inc.	50,017	$1.7M	0.02%
183	SHELShell plc	22,801	$1.7M	0.02%
184	TSMTaiwan Semiconductor Manufactu	9,796	$1.6M	0.02%
185	JBSSJohn B Sanfilippo & Son Inc.	22,476	$1.6M	0.02%
186	BXBlackstone Group LP	11,000	$1.5M	0.02%
187	RNMBYRheinmetall AG	4,964	$1.4M	0.02%
188	PSBDPalmer Square Capital BDC Inc.	105,639	$1.4M	0.02%
189	CCAPCrescent Capital BDC Inc.	75,052	$1.3M	0.02%
190	MUFGMitsubishi UFJ Financial	92,147	$1.3M	0.02%
191	SAPSAP S.E.	4,678	$1.3M	0.02%
192	ZURVYZurich Insurance Group A.G.	34,878	$1.2M	0.02%
193	MFICMidCap Financial Investment Co	89,748	$1.2M	0.02%
194	AERAerCap Holdings N.V.	11,146	$1.1M	0.02%
195	—DBS Group Holdings Ltd.	8,175	$1.1M	0.02%
196	WTWWillis Towers Watson plc	3,323	$1.1M	0.02%
197	RLIRLI Corp.	13,946	$1.1M	0.02%
198	SONYSony Group Corp.	42,975	$1.1M	0.02%
199	CYBRCyberArk Software Ltd.	3,204	$1.1M	0.02%
200	SDZNYSandoz Group	25,451	$1.1M	0.02%

PreviousPage 2 of 4Next