CONFLUENCE INVESTMENT MANAGEMENT LLC Q2 2023 Filing

Filed July 3, 2023

Portfolio Value

$6.9B

Holdings

298

Report Date

Q2 2023

Filing Type

13F-HR

All Holdings (298 positions)

#	Stock	Shares	Value	% Portfolio
1	BCICPortman Ridge Finance Corp.	55,082	$1.1M	0.02%
2	CCAPCrescent Capital BDC Inc.	67,512	$1.0M	0.01%
3	PKXPOSCO Holdings Inc.	13,449	$995K	0.01%
4	JBTJohn Bean Technologies Corp.	42,818	$992K	0.01%
5	FSKFS KKR Capital Corp.	50,142	$962K	0.01%
6	WGOWinnebago Industries Inc.	77,398	$948K	0.01%
7	AEMAgnico Eagle Mines Ltd.	18,646	$932K	0.01%
8	CYBRCyberArk Software Ltd.	5,954	$931K	0.01%
9	BWINBRP Group Inc.	400,726	$927K	0.01%
10	ALNTAllied Motion Technologies Inc	120,518	$896K	0.01%
11	SHELShell plc	14,670	$886K	0.01%
12	ZURVYZurich Insurance Group A.G.	18,613	$884K	0.01%
13	JJSFJ & J Snack Foods Corp.	5,558	$880K	0.01%
14	CLBCore Laboratories N.V.	191,104	$880K	0.01%
15	WCNWaste Connections Inc.	6,094	$871K	0.01%
16	HGTYHagerty Inc.	475,794	$858K	0.01%
17	FWRDUSDForward Air Corp.	49,467	$851K	0.01%
18	WTWWillis Towers Watson plc	3,586	$845K	0.01%
19	STCStewart Information Services	109,134	$841K	0.01%
20	GBDCGolub Capital BDC Inc.	311,604	$832K	0.01%
21	TSLXSixth Street Specialty Lending	221,401	$830K	0.01%
22	EPCEdgewell Personal Care Co.	119,926	$830K	0.01%
23	MRTNMarten Transport Ltd.	204,749	$829K	0.01%
24	GTESGates Industrial Corp. plc	1,439,784	$828K	0.01%
25	MGPIMGP Ingredients Inc.	44,815	$824K	0.01%
26	IIIVi3 Verticals Inc.	187,148	$809K	0.01%
27	NWNNorthwest Natural Holding Co.	86,309	$789K	0.01%
28	BXSLBlackstone Secured Lending Fun	188,708	$785K	0.01%
29	RBCRBC Bearings Inc.	23,903	$767K	0.01%
30	SONYSony Group Corp.	8,515	$767K	0.01%
31	TRINTrinity Capital Inc.	56,867	$754K	0.01%
32	BBDCBarings BDC Inc.	486,068	$753K	0.01%
33	SHMSPDR Nuveen Barclays Capital S	15,876	$747K	0.01%
34	HTOSJW Group	71,222	$737K	0.01%
35	MAINMain Street Capital Corp.	129,095	$724K	0.01%
36	FFC0Oaktree Specialty Lending Corp	37,063	$720K	0.01%
37	HLNHaleon plc	85,726	$718K	0.01%
38	MUBiShares National Muni Bond ETF	6,725	$718K	0.01%
39	—DBS Group Holdings Ltd.	7,643	$714K	0.01%
40	IWDiShares Russell 1000 Value ETF	4,522	$714K	0.01%
41	GSBDGoldman Sachs BDC Inc.	185,451	$699K	0.01%
42	MORNMorningstar Inc.	76,277	$698K	0.01%
43	HTGCHercules Capital Inc.	387,041	$696K	0.01%
44	CCOCameco Corp.	22,143	$694K	0.01%
45	—BlackRock TCP Capital Corp.	394,933	$687K	0.01%
46	INGING Groep N.V.	50,914	$686K	0.01%
47	IAU*iShares Gold Trust ETF	18,726	$681K	0.01%
48	TTENTotalEnergies S.E.	11,813	$681K	0.01%
49	MOVMovado Group Inc.	148,835	$675K	0.01%
50	BNPQYBNP Paribas S.A.	20,903	$661K	0.01%
51	CNHCNH Industrial N.V.	45,765	$659K	0.01%
52	OBDCOwl Rock Capital Corp.	198,664	$653K	0.01%
53	SAPSAP S.E.	4,749	$650K	0.01%
54	SMCAYSMC Corp.	22,907	$635K	0.01%
55	UOVEYUnited Overseas Bank Ltd.	15,027	$624K	0.01%
56	LZAGYLonza Group	10,365	$619K	0.01%
57	WOPWoodside Energy Group Ltd.	26,308	$610K	0.01%
58	BACBank of America Corp.	20,900	$600K	0.01%
59	APTVAptiv plc	5,864	$599K	0.01%
60	SHOPShopify Inc.	9,101	$588K	0.01%
61	NTDOYNintendo Co. Ltd.	50,842	$579K	0.01%
62	WPMWheaton Precious Metals Corp.	13,307	$575K	0.01%
63	SLRCSLR Investment Corp.	201,297	$575K	0.01%
64	MITSYMITSUI & CO LTD-SPONS ADR	757	$572K	0.01%
65	CNNECannae Holdings Inc.	186,006	$563K	0.01%
66	PFXPhenixFIN Corp.	14,551	$552K	0.01%
67	NMFCNew Mountain Finance Corp.	372,228	$550K	0.01%
68	CAECAE Inc.	24,398	$546K	0.01%
69	EXEChesapeake Energy Corp.	6,396	$535K	0.01%
70	SCCOSouthern Copper Corp.	7,211	$517K	0.01%
71	COPConocoPhillips	4,979	$516K	0.01%
72	XOMExxon Mobil Corp.	4,762	$511K	0.01%
73	SWN1EURSouthwestern Energy Co.	84,949	$511K	0.01%
74	KMTUYKomatsu Ltd.	18,801	$509K	0.01%
75	CSWCCapital Southwest Corp.	96,256	$498K	0.01%
76	VISTVista Energy S.A.B. de C.V.	20,042	$483K	0.01%
77	AOUTAmerican Outdoor Brands Inc.	359,193	$479K	0.01%
78	RHHBYRoche Holding A.G.	12,357	$472K	0.01%
79	RGLDRoyal Gold Inc.	4,064	$466K	0.01%
80	CTRACoterra Energy Inc.	18,141	$459K	0.01%
81	FANGDiamondback Energy Inc.	3,488	$458K	0.01%
82	FCXFreeport-McMoRan Inc.	11,445	$458K	0.01%
83	HESHess Corp.	3,241	$441K	0.01%
84	PXDEURPioneer Natural Resources Co.	2,090	$433K	0.01%
85	VLRSControladora Vuela Cia de Avia	30,597	$427K	0.01%
86	SEASeabridge Gold Inc.	34,768	$419K	0.01%
87	AXPAmerican Express Co.	2,400	$418K	0.01%
88	—Antofagasta PLC ADR	22,464	$405K	0.01%
89	BHPBHP Billiton Ltd.	6,745	$402K	0.01%
90	GLNCYGlencore plc	35,601	$401K	0.01%
91	NVDANVIDIA Corp.	945	$400K	0.01%
92	MTRNMaterion Corp.	3,455	$395K	0.01%
93	ABXBarrick Gold Corp.	23,133	$392K	0.01%
94	NEMNewmont Mining Corp.	9,065	$387K	0.01%
95	FMXFomento Economico Mexicano S.A	3,441	$381K	0.01%
96	ARAntero Resources Corp.	16,336	$376K	0.01%
97	GOOGLAlphabet Inc.	3,004	$360K	0.01%
98	LZRFYLocaliza Rent a Car S.A.	24,729	$351K	0.01%
99	MOSMosaic Co.	9,751	$341K	0.00%
100	RMAXRE/MAX Holdings Inc.	633,741	$335K	0.00%

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