CONFLUENCE INVESTMENT MANAGEMENT LLC Q2 2021 Filing

Filed July 1, 2021

Portfolio Value

$7.5B

Holdings

302

Report Date

Q2 2021

Filing Type

13F-HR

All Holdings (302 positions)

#	Stock	Shares	Value	% Portfolio
101	VNTVontier Corporation	492,811	$16.1M	0.21%
102	IBTIiShares iBonds Dec 2028 Term T	557,813	$14.2M	0.19%
103	IBDTiShares iBonds Dec 2028 Term C	484,985	$14.0M	0.19%
104	SPYGSPDR Portfolio S&P 500 Growth	216,236	$13.6M	0.18%
105	BKIEURBlack Knight Incorporated	167,007	$13.0M	0.17%
106	DDDupont De Nemurs Incorporated	162,830	$12.6M	0.17%
107	SLYGSPDR S&P 600 Small Cap Growth	141,568	$12.6M	0.17%
108	IEMGiShares Core MSCI Emerging Mar	177,800	$11.9M	0.16%
109	IBDSiShares iBonds Dec 2027 Term C	426,181	$11.5M	0.15%
110	—Invesco BulletShares 2024 Corp	518,915	$11.5M	0.15%
111	CLBCore Laboratories NV	252,253	$9.8M	0.13%
112	TLTiShares 20 Year Treasury Bond	64,626	$9.3M	0.12%
113	MOVMovado Group Incorporated	295,964	$9.3M	0.12%
114	IBDUiShares iBonds Dec 2029 Term C	343,720	$9.2M	0.12%
115	IBTEiShares iBonds Dec 2024 Term T	356,481	$9.2M	0.12%
116	AQLTiShares iBonds Dec 2025 Term T	356,750	$9.2M	0.12%
117	IBMSiShares iBonds Dec 2029 Term T	362,810	$9.2M	0.12%
118	IBTGiShares iBonds Dec 2026 Term T	355,300	$9.1M	0.12%
119	KAIKadant Incorporated	50,112	$8.8M	0.12%
120	AOUTAmerican Outdoor Brands Inc	236,085	$8.3M	0.11%
121	JBTJohn Bean Technologies Corpora	57,610	$8.2M	0.11%
122	PRFTUSDPerficient Incorporated	102,022	$8.2M	0.11%
123	RBCRBC Bearings Incorporated	39,281	$7.8M	0.10%
124	EPCEdgewell Personal Care Company	171,600	$7.5M	0.10%
125	VBTXVeritex Holdings	209,295	$7.4M	0.10%
126	ALNTAllied Motion Technologies Inc	212,723	$7.3M	0.10%
127	HTGCHercules Technology Growth Cap	408,710	$7.0M	0.09%
128	WGOWinnebago Industries Incorpora	102,560	$7.0M	0.09%
129	GOODGladstone Commercial Corporati	307,238	$6.9M	0.09%
130	IIIVI3 Verticals Incorporated	229,035	$6.9M	0.09%
131	—iShares iBonds Dec 2022 Term T	271,588	$6.9M	0.09%
132	PDBCInvesco Optimum Yield Diversif	341,641	$6.9M	0.09%
133	FAROFaro Technologies Incorporated	85,287	$6.6M	0.09%
134	FWRDUSDForward Air Corporation	72,090	$6.5M	0.09%
135	IBMQiShares iBonds Dec 2028 Term M	235,314	$6.5M	0.09%
136	MDYVSPDR S&P 400 Mid Cap Value ETF	93,314	$6.3M	0.08%
137	HTOSJW Group	98,739	$6.3M	0.08%
138	PAHCPhibro Animal Health Corporati	212,261	$6.1M	0.08%
139	NMFCNew Mountain Finance Corporati	463,614	$6.1M	0.08%
140	SPYSPDR S&P 500	13,735	$5.9M	0.08%
141	MAINMain Street Capital Corporatio	140,512	$5.8M	0.08%
142	—TCP Capital Corporation	412,504	$5.7M	0.08%
143	NWNNorthwest Natural Holding Comp	106,410	$5.6M	0.07%
144	AQLTiShares iBonds Dec 2024 Term M	206,194	$5.6M	0.07%
145	EWUiShares MSCI United Kingdom In	166,666	$5.5M	0.07%
146	JJSFJ & J Snack Foods Corporation	30,556	$5.3M	0.07%
147	IBMPiShares iBonds Dec 2027 Term M	194,381	$5.3M	0.07%
148	—James River Group Holdings Lim	139,863	$5.2M	0.07%
149	THRThermon Group Holdings Incorpo	302,375	$5.2M	0.07%
150	IBMOiShares iBonds Dec 2026 Term M	184,493	$5.0M	0.07%
151	SLRCSolar Capital Limited	266,856	$5.0M	0.07%
152	GBDCGolub Capital BDC Incorporated	318,441	$4.9M	0.07%
153	PNNTPennantPark Investment Corpora	718,993	$4.8M	0.06%
154	BBDCBarings BDC Incorporated	450,259	$4.8M	0.06%
155	RVNUxTrackers Municipal Infrastruc	159,178	$4.7M	0.06%
156	BMRCBank of Marin (CA)	147,158	$4.7M	0.06%
157	—Neenah Paper Incorporated	93,118	$4.7M	0.06%
158	—Natus Medical Incorporated	179,533	$4.7M	0.06%
159	TSLXSixth Street Specialty Lending	203,302	$4.5M	0.06%
160	SCMStellus Capital Investment	347,219	$4.4M	0.06%
161	AQLTiShares iBonds Dec 2023 Term T	164,654	$4.2M	0.06%
162	IGLBiShares Long-Term Corporate Bo	58,866	$4.1M	0.05%
163	XLFSPDR Financial Select Sector E	111,087	$4.1M	0.05%
164	IAUiShares iBonds Dec 2025 Term M	143,698	$4.0M	0.05%
165	AQLTiShares iBonds Dec 2023 Term M	154,014	$4.0M	0.05%
166	LQDiShares iBoxx $ Inv Grade Corp	28,937	$3.9M	0.05%
167	OFSOFS Capital Corporation	388,521	$3.9M	0.05%
168	XLISPDR Industrial Select Sector	37,372	$3.8M	0.05%
169	GSBDGoldman Sachs BDC Incorporated	190,339	$3.7M	0.05%
170	XLBSPDR Materials Select Sector E	45,254	$3.7M	0.05%
171	XHBSPDR S&P Homebuilders ETF	46,998	$3.4M	0.05%
172	MDYGSPDR S&P 400 Mid Cap Growth ET	42,555	$3.3M	0.04%
173	OBDCOwl Rock Capital Corporation	206,729	$3.0M	0.04%
174	MUBiShares National Muni Bond ETF	24,034	$2.8M	0.04%
175	TFISPDR Nuveen Bloomberg Barclays	54,014	$2.8M	0.04%
176	IBTHiShares iBonds Dec 2027 Term T	106,947	$2.7M	0.04%
177	CSWCCapital Southwest Corporation	106,410	$2.5M	0.03%
178	TSMTaiwan Semiconductor Manufactu	19,298	$2.3M	0.03%
179	BRK-BBerkshire Hathaway Incorporate	5	$2.1M	0.03%
180	BSMUInvesco BulletShares 2030 Muni	79,648	$2.0M	0.03%
181	BSMTInvesco BulletShares 2029 Muni	77,819	$2.0M	0.03%
182	EMXCiShares MSCI Emerging Markets	27,419	$1.7M	0.02%
183	SHOPShopify Incorporated	1,160	$1.7M	0.02%
184	TPVGTriplePoint Venture Growth BDC	109,417	$1.7M	0.02%
185	JJSFJ & J Snack Foods Corporation	9,458	$1.6M	0.02%
186	FNVFranco-Nevada Corporation	11,227	$1.6M	0.02%
187	BABAAlibaba Group Holding Limited	6,960	$1.6M	0.02%
188	SONYSony Group Corporation	16,044	$1.6M	0.02%
189	LVMUYLVMH Moet Hennessy Louis Vuitt	9,488	$1.5M	0.02%
190	NATHNathan's Famous Incorporated	20,686	$1.5M	0.02%
191	BROBrown & Brown Incorporated	27,440	$1.5M	0.02%
192	DSDVYDSV Panalpina	12,237	$1.4M	0.02%
193	NVONovo Nordisk A/S ADS	16,548	$1.4M	0.02%
194	INFYInfosys Technologies Limited A	63,736	$1.4M	0.02%
195	RIORio Tinto PLC	16,091	$1.4M	0.02%
196	TCEHYTencent Holdings Limited	17,314	$1.3M	0.02%
197	ICLRIcon PLC	6,141	$1.3M	0.02%
198	—iShares iBonds Dec 2022 Term M	47,967	$1.3M	0.02%
199	KCAPUSDPortman Ridge Finance Corporat	520,736	$1.2M	0.02%
200	AAGIYAIA Group Limited	23,943	$1.2M	0.02%

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