CONFLUENCE INVESTMENT MANAGEMENT LLC Q2 2018 Filing

Filed July 12, 2018

Portfolio Value

$5.7B

Holdings

312

Report Date

Q2 2018

Filing Type

13F-HR

All Holdings (312 positions)

#	Stock	Shares	Value	% Portfolio
1	ITGartner Inc	7,565	$1.0M	0.02%
2	—Capstead Mortgage Corp.	111,062	$994K	0.02%
3	SANBanco Santander - ADR	182,018	$972K	0.02%
4	JAZZJazz Pharmaceuticals Plc	5,453	$940K	0.02%
5	MOVMovado Group Inc.	156,413	$933K	0.02%
6	MORNMorningstar Inc.	136,524	$901K	0.02%
7	KBKB Financial Group Inc	19,360	$900K	0.02%
8	ABTAbbott Laboratories	14,746	$899K	0.02%
9	SAMThe Boston Beer Company Inc.	22,510	$897K	0.02%
10	MLCOMelco Resorts & Entertainment	31,507	$882K	0.02%
11	—CM Finance Inc.	228,413	$874K	0.02%
12	RYNRayonier Inc.	3,043,052	$863K	0.02%
13	ALNTAllied Motion Technologies Inc	141,147	$805K	0.01%
14	—INFINEON TECHNOLOGIES-ADR	31,129	$796K	0.01%
15	SAPSAP AG - ADS	6,857	$793K	0.01%
16	EOGEOG Resources	6,268	$780K	0.01%
17	—Halyard Health Inc.	108,381	$770K	0.01%
18	TSMTaiwan Semiconductor Manufactu	19,976	$730K	0.01%
19	RMRRMR Group Inc	78,320	$707K	0.01%
20	DSDVYDSV A/S-Unsponsored ADR	17,545	$705K	0.01%
21	FMSFresenius Medical Care AG & Co	13,916	$701K	0.01%
22	FSPFranklin Street Properties Cor	80,000	$685K	0.01%
23	THRThermon Group Holdings Inc.	239,978	$683K	0.01%
24	VBTXVeritex Holdings	165,027	$668K	0.01%
25	IPHSEURInnophos Holdings Inc	105,457	$656K	0.01%
26	—Cambrex Corp	93,099	$654K	0.01%
27	BMRCBank of Marin (CA)	72,262	$646K	0.01%
28	LVLNSPDR KBW REGIONAL BA	10,572	$645K	0.01%
29	BACBank of America Corp.	22,767	$642K	0.01%
30	GOODGladstone Commercial Corp.	262,994	$638K	0.01%
31	—Monotype Imaging Holdings Inc.	258,561	$638K	0.01%
32	—MTS Systems Corp.	405,877	$627K	0.01%
33	SNNSmith & Nephew (Adr 1:5)	16,305	$612K	0.01%
34	VNQREIT Index - Vanguard	7,486	$610K	0.01%
35	RMAXRE/MAX Holdings Inc.	98,826	$597K	0.01%
36	FWRDUSDForward Air Corp.	84,896	$596K	0.01%
37	—Natus Medical Inc.	960,674	$594K	0.01%
38	JBTJohn Bean Technologies Corp.	52,643	$590K	0.01%
39	PTBPotbelly Corp.	350,763	$589K	0.01%
40	PYPLPayPal Holdings, Inc.	7,002	$583K	0.01%
41	ASTEAstec Industries	80,860	$581K	0.01%
42	PDCOEURPatterson Companies Inc.	496,017	$568K	0.01%
43	VREXVarex Imaging Corp	146,430	$559K	0.01%
44	RBCRBC Bearings Incorporated	25,901	$547K	0.01%
45	—Luxoft Holding Inc	99,547	$544K	0.01%
46	BROBrown & Brown Inc.	19,490	$540K	0.01%
47	HTHTHuazhu Group Ltd.	12,721	$534K	0.01%
48	TECHTechne Corp.	31,060	$526K	0.01%
49	AFWAlign Technology Inc.	1,538	$526K	0.01%
50	—Raven Industries Inc.	141,238	$520K	0.01%
51	IWORussell 2000 Growth Index - iS	2,325	$475K	0.01%
52	TALTAL Education Group	12,790	$471K	0.01%
53	CULPCulp Inc.	145,441	$442K	0.01%
54	IVVS&P 500 Index Fund - iShares	1,543	$421K	0.01%
55	CEOCNOOC Ltd.	2,443	$418K	0.01%
56	KOThe Coca-Cola Company	9,282	$407K	0.01%
57	LRCXEURLam Research Corporation	2,314	$400K	0.01%
58	—Manatuck Hill Mariner Offshore	2,479	$389K	0.01%
59	AAPLApple Inc.	2,026	$375K	0.01%
60	HDBHDFC Bank Ltd	3,573	$375K	0.01%
61	HYGHigh Yield Corporate Bond Fund	4,373	$372K	0.01%
62	NBISYandex NV	10,339	$371K	0.01%
63	HONHoneywell International, Inc.	2,557	$368K	0.01%
64	STTBarclays Capital High Yield Bo	10,382	$368K	0.01%
65	BIDUNBaidu Inc. ADS	1,503	$365K	0.01%
66	BLKCHFBlackRock, Inc.	725	$362K	0.01%
67	JDJD.com Inc	9,295	$362K	0.01%
68	AQLTiShares iBonds Dec 2024 Term M	14,273	$360K	0.01%
69	RGLDRoyal Gold, Inc.	3,836	$356K	0.01%
70	AVGOBroadcom Inc	1,455	$353K	0.01%
71	BAPCREDICORP LTD	1,561	$351K	0.01%
72	RSX1USDMKT VCTR RUSSIA SBI	16,307	$346K	0.01%
73	WMMVYWalmart De-Mexico-Spon ADR V	12,791	$338K	0.01%
74	UI2Kemper Corp.	4,470	$338K	0.01%
75	WBWeibo Corporation	3,779	$335K	0.01%
76	SQMSoc Quimica Y Minera Chile (Ad	6,952	$334K	0.01%
77	—ETFS Physical Platinum	4,006	$325K	0.01%
78	EWYMSCI Korea Index Fund - iShare	4,758	$322K	0.01%
79	COSTCostco Wholesale Corporation	1,509	$315K	0.01%
80	IJRS&P SmallCap 600 Index Fund -	3,739	$312K	0.01%
81	LZRFYLocaliza Rent a Car SA	51,287	$309K	0.01%
82	FNVFranco-Nevada Corp.	4,207	$307K	0.01%
83	XPOXPO Logistics Inc	3,056	$306K	0.01%
84	ITUBItau Unibanco Holding S/A ADS	29,363	$305K	0.01%
85	JOBSUSD51Job Inc. - ADR	3,112	$304K	0.01%
86	GQ9Gold Shares - SPDR	2,557	$303K	0.01%
87	CLRUSDContinental Resources, Inc.	4,639	$300K	0.01%
88	NOAHNoah Holdings Ltd	5,724	$299K	0.01%
89	—Woori Bank	6,764	$297K	0.01%
90	MLB1MERCADOLIBRE INC	987	$295K	0.01%
91	WPMWheaton Precious Metals Corp	13,088	$289K	0.01%
92	PXDEURPioneer Natural Resources Co.	1,520	$288K	0.01%
93	DLNWisdomTree LargeCap Dividend F	3,196	$287K	0.01%
94	GGGGraco Inc.	2,243,192	$284K	0.00%
95	HCAHCA Holdings Inc	2,755	$283K	0.00%
96	USBUS Bancorp	5,169	$259K	0.00%
97	IQIQIYI Inc	7,935	$256K	0.00%
98	VMCVulcan Materials Co.	1,969	$254K	0.00%
99	AMZNAmazon.com, Inc.	147	$250K	0.00%
100	SEASeabridge Gold Inc.	22,042	$246K	0.00%

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