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)

StockValue
IBMPiShares iBonds Dec 2027 Term M
$1.0M
SAFRYSafran S.A.
$991K
MH6ATokio Marine Holdings Inc.
$972K
WPMWheaton Precious Metals Corp.
$956K
NTDOYNintendo Co. Ltd.
$948K
TTNDYTechtronic Industries Co. Ltd.
$947K
ACNAccenture plc
$944K
INGING Groep N.V.
$941K
FNVFranco-Nevada Corp.
$926K
BCICPortman Ridge Finance Corp.
$921K
PNNTPennantPark Investment Corp.
$916K
CCOCameco Corp.
$903K
BAE Systems plc
$903K
TRINTrinity Capital Inc.
$895K
RWAYRunway Growth Finance Corp
$887K
CHGCYChugai Pharms Co. Ltd.
$885K
BNPQYBNP Paribas S.A.
$866K
IAU*iShares Gold Trust ETF
$862K
ARAntero Resources Corp.
$846K
HLNHaleon plc
$840K
IBMQiShares iBonds Dec 2028 Term M
$833K
EXEExpand Energy Corp.
$826K
TTENTotalEnergies S.E.
$820K
RGLDRoyal Gold Inc.
$799K
ULUnilever plc
$794K
ITOCYITOCHU Corp.
$792K
IWDiShares Russell 1000 Value ETF
$782K
ASMLASML Holding N.V.
$781K
LRLCYL'Oreal S.A.
$779K
SHOPShopify Inc.
$776K
NVONovo Nordisk A.S.
$727K
XOMExxon Mobil Corp.
$722K
BROBrown & Brown Inc.
$717K
SLViShares Silver Trust ETF
$702K
ICLRICON plc
$682K
CNRCore Natural Resources Inc.
$682K
JJSFJ & J Snack Foods Corp.
$678K
CTRACoterra Energy Inc.
$674K
WMMVYWal-Mart de Mexico S.A.B. de C
$655K
FANGDiamondback Energy Inc.
$652K
AXPAmerican Express Co.
$646K
MITSYMitsui & Co. Ltd.
$645K
COPConocoPhillips
$630K
NEMNewmont Mining Corp.
$624K
ABXBarrick Gold Corp.
$618K
RHHBYRoche Holding A.G.
$596K
Antofagasta plc
$592K
JBSSJohn B Sanfilippo & Son Inc.
$571K
LVMUYLVMH Moet Hennessy Louis Vuitt
$567K
SCCOSouthern Copper Corp.
$557K
FCXFreeport-McMoRan Inc.
$554K
MMYTMakeMyTrip Ltd.
$552K
KMTUYKomatsu Ltd.
$538K
MSDLMorgan Stanley Direct Lending
$537K
SEASeabridge Gold Inc.
$523K
BACBank of America Corp.
$442K
VISTVista Energy S.A.B. de C.V.
$427K
U6ZUranium Energy Corp.
$400K
MLB1MercadoLibre Inc.
$398K
GFIGold Fields Ltd.
$384K
GLNCYGlencore plc
$377K
CWCurtiss-Wright Corp.
$368K
ICICI Bank Ltd.
$366K
DMLDenison Mines Corp.
$351K
IAUiShares iBonds Dec 2025 Term M
$310K
IBMRiShares iBonds Dec 2029 Term M
$309K
BSMYInvesco BulletShares 2034 Muni
$302K
UI2Kemper Corp.
$299K
TCEHYTencent Holdings Ltd.
$299K
BABAAlibaba Group Holding Ltd.
$296K
MKLMarkel Group Inc.
$280K
FMXFomento Economico Mexicano S.A
$280K
KBKB Financial Group Inc.
$274K
KOFCoca-Cola Femsa S.A.B. de C.V.
$251K
BROBrown & Brown Inc.
$243K
YUMCYum China Holdings Inc.
$236K
A4SAmeriprise Financial Inc.
$232K
GQ9SPDR Gold Shares ETF
$229K
AVMCAvantis US Mid Cap Equity ETF
$226K
VVisa Inc.
$226K
PPLTAberdeen Standard Physical Pla
$225K
RDYDr Reddy's Laboratories Ltd.
$219K
COSTCostco Wholesale Corp.
$209K
HTHTH World Group Ltd.
$209K
JPMJPMorgan Chase & Co.
$208K
HDBHDFC Bank Ltd.
$206K
YJ3AJBS S.A.
$203K
SHGShinhan Financial Group Co. Lt
$201K
ASXASE Technology Holding Co. Ltd
$169K
SPGIS&P Global Inc.
$148K
PNGAYPing An Insurance Group Co. of
$147K
ECEcopetrol S.A.
$147K
VLRSControladora Vuela Cia de Avia
$139K
LOWLowe's Co. Inc.
$134K
ARCOArcos Dorados Holdings Inc.
$130K
VALEVale S.A.
$128K
DNBDun & Bradstreet Holdings Inc.
$122K
PTAIYPT Astra International Tbk
$122K
BWMXBetterware de Mexico S.A.P.I.
$121K
JJSFJ & J Snack Foods Corp.
$89K
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