CONFLUENCE INVESTMENT MANAGEMENT LLC Q2 2022 Filing

Filed July 12, 2022

Portfolio Value

$6.4B

Holdings

310

Report Date

Q2 2022

Filing Type

13F-HR

All Holdings (310 positions)

#	Stock	Shares	Value	% Portfolio
1	FSKFS KKR Capital Corporation	57,792	$1.1M	0.02%
2	GOODGladstone Commercial Corporati	270,041	$990K	0.02%
3	NLYEURAnnaly Capital Management Inco	167,597	$990K	0.02%
4	OBDCOwl Rock Capital Corporation	229,448	$982K	0.02%
5	VBTXVeritex Holdings	179,348	$966K	0.02%
6	LVMUYLVMH Moet Hennessy - Louis Vui	7,846	$959K	0.01%
7	BMRCBank of Marin (CA)	140,085	$955K	0.01%
8	HCSGHealthcare Services Group	305,031	$949K	0.01%
9	CNNECannae Holdings Incorporated	626,229	$947K	0.01%
10	BROBrown & Brown Incorporated	16,043	$936K	0.01%
11	BWINBRP Group	559,206	$916K	0.01%
12	WMMVYWal-Mart de Mexico SAB de CV	26,523	$910K	0.01%
13	JBTJohn Bean Technologies Corpora	50,236	$908K	0.01%
14	NMFCNew Mountain Finance Corporati	403,193	$900K	0.01%
15	HTGCHercules Technology Growth Cap	404,170	$871K	0.01%
16	SHELShell PLC	16,472	$861K	0.01%
17	—Neenah Paper Incorporated	103,473	$847K	0.01%
18	BXSLBlackstone Secured Lending Fun	124,952	$840K	0.01%
19	MOVMovado Group Incorporated	177,135	$840K	0.01%
20	CYBRCyberark Software Limited	6,536	$836K	0.01%
21	LRLCYL'Oreal SA	12,075	$834K	0.01%
22	WCNWaste Connections Incorporated	6,712	$832K	0.01%
23	AEMAgnico Eagle Mines Limited	18,156	$831K	0.01%
24	ZURVYZurich Insurance Group	18,700	$814K	0.01%
25	SONYSony Group Corporation	9,755	$798K	0.01%
26	IWDiShares Russell 1000 Value ETF	5,503	$798K	0.01%
27	MGPIMGP Ingredients Incorporated	53,039	$781K	0.01%
28	CTVACorteva Incorporated	14,389	$779K	0.01%
29	CCAPCrescent Capital BDC Incorpora	49,552	$768K	0.01%
30	—DBS Group Holdings ADR	8,696	$743K	0.01%
31	WTWWillis Towers Watson Public Li	3,601	$711K	0.01%
32	DSDVYDSV Panalpina	10,000	$703K	0.01%
33	SHMSPDR Nuveen Barclays Capital S	14,849	$702K	0.01%
34	CSWCCapital Southwest Corporation	108,185	$686K	0.01%
35	LZAGYLonza Group Limited	12,228	$653K	0.01%
36	FAROFaro Technologies Incorporated	88,883	$629K	0.01%
37	WOPWoodside Energy Group Ltd	29,190	$629K	0.01%
38	PKXPosco ADR	13,929	$620K	0.01%
39	TTENTotalEnergies SE	11,729	$617K	0.01%
40	PRFTUSDPerficient Incorporated	30,958	$598K	0.01%
41	FSC1EUROaktree Specialty Lending Corp	91,258	$598K	0.01%
42	CAECAE Incorporated	23,956	$590K	0.01%
43	BNPQYBNP Paribas	23,677	$568K	0.01%
44	NTDOYNintendo Company Limited	10,137	$546K	0.01%
45	UOVEYUnited Overseas Bank Limited	14,466	$546K	0.01%
46	ZROZPIMCO 20 Plus Year Zero Coupon	5,000	$542K	0.01%
47	PFXPhenixFin Corporation	14,551	$525K	0.01%
48	CNHCNH Industrial NV	45,266	$525K	0.01%
49	XOMExxon Mobil Corporation	6,072	$520K	0.01%
50	APTVAptiv PLC	5,820	$518K	0.01%
51	TRINTrinity Capital Incorporated	113,445	$514K	0.01%
52	RHHBYRoche Holding AG	12,314	$514K	0.01%
53	OFSOFS Capital Corporation	319,245	$511K	0.01%
54	SMCAYSMC Corporation	22,640	$502K	0.01%
55	CLRUSDContinental Resources Incorpor	7,659	$501K	0.01%
56	INGING Groep NV	50,139	$497K	0.01%
57	AOUTAmerican Outdoor Brands Incorp	387,759	$485K	0.01%
58	EEni SpA	20,274	$483K	0.01%
59	GLNCYGlencore Xstrata PLC	43,948	$475K	0.01%
60	EXEChesapeake Energy Corporation	5,576	$452K	0.01%
61	MOSThe Mosaic Company	9,379	$443K	0.01%
62	CTRACoterra Energy Incorporated	17,084	$441K	0.01%
63	PXDEURPioneer Natural Resources Comp	1,962	$438K	0.01%
64	COPConocoPhillips	4,827	$434K	0.01%
65	BCICPortman Ridge Finance Corporat	62,459	$433K	0.01%
66	CCOCameco Corporation	20,428	$429K	0.01%
67	EOGEOG Resources	3,880	$429K	0.01%
68	SAPSAP SE	4,647	$422K	0.01%
69	—iShares iBonds Dec 2022 Term M	16,182	$419K	0.01%
70	PNNTPennantPark Investment Corpora	721,985	$412K	0.01%
71	ITMVanEck Vectors AMT-Free Interm	8,864	$405K	0.01%
72	KMTUYKomatsu Limited	18,154	$401K	0.01%
73	RGLDRoyal Gold Incorporated	3,741	$399K	0.01%
74	TECK/BTeck Resources Limited	13,021	$398K	0.01%
75	FANGDiamondback Energy Incorporate	3,269	$396K	0.01%
76	—Manatuck Hill Mariner Offshore	2,013	$393K	0.01%
77	IWNiShares Russell 2000 Value ETF	2,873	$391K	0.01%
78	XNGSYENN Energy Holdings Limited	5,574	$368K	0.01%
79	WXXWYWuxi Biologics Cayman Incorpor	19,947	$364K	0.01%
80	COSTCostco Wholesale Corporation	759	$364K	0.01%
81	U-USprott Physical Uranium Trust	33,531	$361K	0.01%
82	—Natus Medical Incorporated	167,040	$352K	0.01%
83	ABXBarrick Gold Corporation	19,839	$351K	0.01%
84	AAAlcoa Corporation	7,648	$349K	0.01%
85	GOOGLAlphabet Incorporated - A	157	$342K	0.01%
86	FQVLFFirst Quantum Minerals Limited	17,834	$339K	0.01%
87	GSMFerroglobe PLC	56,335	$335K	0.01%
88	AXPAmerican Express Company	2,400	$333K	0.01%
89	MTRNMaterion Corporation	4,415	$326K	0.01%
90	HTHTHuazhu Group Limited	8,553	$326K	0.01%
91	TPVGTriplePoint Venture Growth BDC	110,331	$324K	0.01%
92	SCCOSouthern Copper Corporation	6,505	$324K	0.01%
93	LYSDYLynas Corporation Limited	53,860	$323K	0.01%
94	ZTOZTO Express Cayman Incorporate	11,538	$317K	0.00%
95	SQMSociedad Quimica y Minera de C	3,719	$311K	0.00%
96	ALBAlbemarle Corporation	1,467	$307K	0.00%
97	FCXFreeport-McMoRan Copper & Gold	10,029	$293K	0.00%
98	NATHNathan's Famous Incorporated	4,959	$290K	0.00%
99	SEASeabridge Gold Incorporated	23,094	$287K	0.00%
100	ZNHUSDChina Southern Airlines Compan	9,839	$285K	0.00%

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