CONFLUENCE INVESTMENT MANAGEMENT LLC Q2 2016 Filing

Filed July 26, 2016

Portfolio Value

$3.6T

Holdings

230

Report Date

Q2 2016

Filing Type

13F-HR

All Holdings (230 positions)

#	Stock	Shares	Value	% Portfolio
101	TROWT. Rowe Price Group, Inc.	125,032	$9.1B	0.25%
102	MTBM&T Bank Corp.	76,328	$9.0B	0.25%
103	NVSNNovartis AG - ADR	106,371	$8.8B	0.24%
104	GWWW.W. Grainger, Inc.	38,526	$8.8B	0.24%
105	IJSS&P SmallCap 600 Value Index F	74,656	$8.7B	0.24%
106	HTGCHercules Technology Growth Cap	693,914	$8.6B	0.24%
107	AQLTiShares Corporate Bond ETF 202	79,093	$8.5B	0.24%
108	—Triangle Capital Corp	437,921	$8.5B	0.23%
109	NKENike Inc. - B	148,948	$8.2B	0.23%
110	XLYConsumer Discret Select Sector	100,950	$7.9B	0.22%
111	TPVGTriplepoint Venture Growth BDC	738,959	$7.8B	0.22%
112	CFRCullen Frost Bankers, Inc.	119,417	$7.6B	0.21%
113	VBKSmall Cap Growth - Vanguard ET	60,187	$7.5B	0.21%
114	GOOGLAlphabet Inc. Class - A	10,197	$7.2B	0.20%
115	MBBiShares MBS Bond ETF	64,993	$7.1B	0.20%
116	PNNTPennantPark Investment Corp.	914,637	$6.2B	0.17%
117	TFISPDR Nuveen Barclays Capital M	123,386	$6.2B	0.17%
118	TSLXUSDTPG Specialty Lending Inc Com	370,218	$6.1B	0.17%
119	JWNUSDNordstrom Inc.	160,759	$6.1B	0.17%
120	—iShares Corporate ex Financial	59,939	$6.0B	0.17%
121	NXPINXP Semiconductors	75,495	$5.9B	0.16%
122	—CYS Investments Inc	699,326	$5.9B	0.16%
123	PDCOEURPatterson Companies, Inc.	115,249	$5.5B	0.15%
124	—American Capital Ltd.	342,061	$5.4B	0.15%
125	XLFIConsumer Staples Select Sector	94,659	$5.2B	0.14%
126	IYFDow Jones US Financial Sector	59,692	$5.1B	0.14%
127	IGIBiShares Interm. Term Corporate	44,455	$4.9B	0.14%
128	XLIIndustrial Select Sector - SPD	88,296	$4.9B	0.14%
129	OFSOFS Capital Corp.	370,211	$4.8B	0.13%
130	XLVHealth Care Select Sector - SP	65,654	$4.7B	0.13%
131	MCCUSDMedley Capital Corp.	657,221	$4.4B	0.12%
132	GSBDGoldman Sachs BDC Inc.	218,493	$4.4B	0.12%
133	MAINMain Street Capital Corp.	129,038	$4.2B	0.12%
134	—Black Knight Financial Service	112,205	$4.2B	0.12%
135	—iShares iBonds Dec 2022 AMT-F	157,231	$4.2B	0.11%
136	SCMStellus Capital Investment	391,917	$4.0B	0.11%
137	IDUDow Jones US Utilities - iShar	30,450	$4.0B	0.11%
138	FSICUSDFS Investment Corp.	414,406	$3.8B	0.10%
139	—Guggenheim BulletShares Corpor	175,848	$3.7B	0.10%
140	—Guggenheim BulletShares Invest	171,770	$3.7B	0.10%
141	—Guggenheim BulletShares Invest	170,347	$3.7B	0.10%
142	—Guggenheim BulletShares Corpor	167,758	$3.6B	0.10%
143	—Guggenheim BulletShares Corpor	169,162	$3.6B	0.10%
144	—Guggenheim BulletShares Corpor	167,619	$3.6B	0.10%
145	NLYEURAnnaly Capital Management Inc.	317,752	$3.5B	0.10%
146	IEIBarclays 3-7 Year Treasury Bon	27,610	$3.5B	0.10%
147	—FEI Company	32,619	$3.5B	0.10%
148	XLEEnergy Select Sector - SPDR	50,211	$3.4B	0.09%
149	—VCA Antech Inc.	47,295	$3.2B	0.09%
150	LQDiShares iBoxx Corporate Bond E	25,049	$3.1B	0.08%
151	—Apollo Investment Corp.	551,102	$3.1B	0.08%
152	VAREURVarian Medical Systems Inc.	35,149	$2.9B	0.08%
153	MUBiShares National AMT-Free Muni	24,663	$2.8B	0.08%
154	—iShares iBonds Sep 2020 Amt Fr	106,583	$2.8B	0.08%
155	—iShares iBonds Dec 2021 AMT-Fr	105,651	$2.8B	0.08%
156	HLTHilton Worldwide Holdings Inc	122,099	$2.8B	0.08%
157	—Natus Medical Inc	69,675	$2.6B	0.07%
158	JBTJohn Bean Technologies Corp.	40,726	$2.5B	0.07%
159	TECHTechne Corp.	21,740	$2.5B	0.07%
160	—Snyders-Lance Inc	69,520	$2.4B	0.06%
161	—Alcentra Capital Corporation	189,994	$2.3B	0.06%
162	BKCCUSDBlackRock Kelso Capital Corp.	291,248	$2.3B	0.06%
163	SPYS&P 500 - SPDR	10,593	$2.2B	0.06%
164	HRZNHorizon Technology	179,012	$2.2B	0.06%
165	NATLNational Interstate Corporatio	71,573	$2.2B	0.06%
166	PTBPotbelly Corp	170,826	$2.1B	0.06%
167	BMRCBank of Marin (CA)	44,250	$2.1B	0.06%
168	—Monotype Imaging Holdings Inc	86,230	$2.1B	0.06%
169	MLIMueller Industries Inc.	66,592	$2.1B	0.06%
170	FWRDUSDForward Air Corp.	45,373	$2.0B	0.06%
171	—Raven Industries Inc	106,521	$2.0B	0.06%
172	—Onebeacon Insurance Group Ltd	145,622	$2.0B	0.06%
173	GOODGladstone Commercial Corp.	117,967	$2.0B	0.05%
174	—Halyard Health Inc	60,951	$2.0B	0.05%
175	EXPOExponent Inc.	33,594	$2.0B	0.05%
176	—iShares iBonds Sep 2019 Amt Fr	74,706	$1.9B	0.05%
177	FELEFranklin Electric Co. Inc.	57,542	$1.9B	0.05%
178	PFLTPennantPark Floating Rate Capi	152,838	$1.9B	0.05%
179	—Piedmont Natural Gas Co. Inc.	31,433	$1.9B	0.05%
180	THRThermon Group Holdings Inc	98,004	$1.9B	0.05%
181	LSTRLandstar System Inc.	25,743	$1.8B	0.05%
182	—CM Finance Inc	197,616	$1.8B	0.05%
183	HAEHaemonetics Corporation	55,960	$1.6B	0.04%
184	—Hatteras Financial Corp.	95,677	$1.6B	0.04%
185	CODICompass Diversified Holdings	88,200	$1.5B	0.04%
186	IAUUSDGold Trust - iShares	108,312	$1.4B	0.04%
187	—KCAP Financial Inc	340,472	$1.3B	0.04%
188	CULPCulp Inc.	40,274	$1.1B	0.03%
189	RBCRBC Bearings Incorporated	15,301	$1.1B	0.03%
190	BRK-BBerkshire Hathaway Inc. - Clas	5	$1.1B	0.03%
191	—Capstead Mortgage Corp.	110,509	$1.1B	0.03%
192	GAINGladstone Investment Corp.	142,533	$1.0B	0.03%
193	VCITVanguard Interm. Term Corporat	10,180	$910.0M	0.03%
194	FSPFranklin Street Properties Cor	60,000	$736.0M	0.02%
195	GLADUSDGladstone Capital Corporation	99,045	$717.0M	0.02%
196	CCChemours	77,523	$639.0M	0.02%
197	GQ9Gold Shares - SPDR	4,893	$619.0M	0.02%
198	MFINMedallion Financial Corp	83,353	$615.0M	0.02%
199	IVES&P 500 Value Index - iShares	4,804	$446.0M	0.01%
200	FNVFranco-Nevada Corp.	5,441	$414.0M	0.01%

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