CONFLUENCE INVESTMENT MANAGEMENT LLC Q3 2019 Filing

Filed October 15, 2019

Portfolio Value

$6.4T

Holdings

286

Report Date

Q3 2019

Filing Type

13F-HR

All Holdings (286 positions)

#StockSharesValue% PortfolioType
101
IBDTiShares iBonds Dec 2028 Term C
509,786$14.1B0.22%
102
AQLTiShares Corporate Bond ETF 202
517,017$13.9B0.22%
103
GBDCGolub Capital BDC Inc.
650,876$12.3B0.19%
104
IBDSiShares iBonds Dec 2027 Term C
466,204$12.1B0.19%
105
NMFCNew Mountain Finance Corp.
860,135$11.7B0.18%
106
CTVACorteva Inc
394,329$11.0B0.17%
107
TCP Capital Corp.
803,345$10.9B0.17%
108
HTGCHercules Technology Growth Cap
780,835$10.4B0.16%
109
Invesco BulletShares 2024
472,528$10.1B0.16%
110
SLBSchlumberger Ltd.
293,674$10.0B0.16%
111
Invesco BulletShares 2022
461,312$9.9B0.15%
112
Invesco BulletShares 2021
463,957$9.9B0.15%
113
SLRCSolar Capital Ltd.
461,665$9.5B0.15%
114
BBDCBarings BDC Inc
919,322$9.3B0.15%
115
TPVGTriplePoint Venture Growth BDC
550,053$9.1B0.14%
116
IGIBiShares Intermediate Term Corp
148,162$8.6B0.13%
117
GSKGlaxoSmithKline Plc (Adr 1:2)
166,732$7.1B0.11%
118
TSLXUSDTPG Specialty Lending, Inc.
336,361$7.1B0.11%
119
HTOSJW Group
101,781$7.0B0.11%
120
PDCOEURPatterson Companies Inc.
373,621$6.7B0.10%
121
SCMStellus Capital Investment
480,043$6.5B0.10%
122
NWNNorthwest Natural Holding Co
91,424$6.5B0.10%
123
GOODGladstone Commercial Corp.
276,676$6.5B0.10%
124
IJSS&P SmallCap 600 Value Index F
42,613$6.4B0.10%
125
MFICApollo Investment Corp.
397,245$6.4B0.10%
126
OFSOFS Capital Corp.
548,321$6.4B0.10%
127
RBCRBC Bearings Incorporated
38,125$6.3B0.10%
128
IJTS&P SmallCap 600 Growth Index
34,762$6.2B0.10%
129
NLYEURAnnaly Capital Management Inc.
687,897$6.1B0.09%
130
RCOResources Connection Inc
351,127$6.0B0.09%
131
JBTJohn Bean Technologies Corp.
57,937$5.8B0.09%
132
TWOTwo Harbors Investment Corp.
436,333$5.7B0.09%
133
PNNTPennantPark Investment Corp.
913,707$5.7B0.09%
134
THRThermon Group Holdings Inc.
246,958$5.7B0.09%
135
FWRDUSDForward Air Corp.
88,934$5.7B0.09%
136
MTS Systems Corp.
101,886$5.6B0.09%
137
HCSGHealthcare Services Group
228,239$5.5B0.09%
138
GTESGates Industrial
544,880$5.5B0.09%
139
IAUUSDiShares Gold Trust
386,262$5.4B0.08%
140
ALNTAllied Motion Technologies Inc
152,514$5.4B0.08%
141
SPYS&P 500 - SPDR
18,093$5.4B0.08%
142
Monotype Imaging Holdings Inc.
270,739$5.4B0.08%
143
KAIKadant Inc
61,063$5.4B0.08%
144
BMRCBank of Marin (CA)
127,396$5.3B0.08%
145
IIIVI3 Verticals Inc
259,388$5.2B0.08%
146
Raven Industries Inc.
154,842$5.2B0.08%
147
GSBDGoldman Sachs BDC Inc.
257,306$5.2B0.08%
148
AVNSAvanos Medical Inc.
135,993$5.1B0.08%
149
IBMQiShares iBonds Dec 2028 Term M
193,119$5.1B0.08%
150
Natus Medical Inc.
156,907$5.0B0.08%
151
Neenah Paper Inc
74,677$4.9B0.08%
152
IPHSEURInnophos Holdings Inc
149,233$4.8B0.08%
153
VREXVarex Imaging Corp
163,553$4.7B0.07%
154
VBTXVeritex Holdings
190,610$4.6B0.07%
155
HXGBYHexagon AB
94,782$4.6B0.07%
156
IBMPIshares Ibonds Dec 2027 Term M
175,509$4.6B0.07%
157
MOVMovado Group Inc.
176,215$4.4B0.07%
158
XLKTechnology Select Sector SPDR
52,002$4.2B0.07%
159
Cambrex Corp
70,366$4.2B0.07%
160
IGLBiShares Long-Term Corporate Bo
56,118$3.7B0.06%
161
IAUiShares iBonds Dec 2025 Term M
133,957$3.6B0.06%
162
AQLTiShares iBonds Dec 2024 Term M
136,969$3.6B0.06%
163
IBMOIshares Ibonds Dec 2026 Term M
138,027$3.6B0.06%
164
USCRUS Concrete Inc
64,041$3.5B0.06%
165
MAINMain Street Capital Corp.
81,598$3.5B0.05%
166
iShares iBonds Dec 2021 AMT-Fr
132,645$3.4B0.05%
167
iShares iBonds Dec 2022 AMT-Fr
130,602$3.4B0.05%
168
AQLTiShares Muni Bond 2023
132,029$3.4B0.05%
169
PAHCPhibro Animal Health Corp Clas
144,369$3.1B0.05%
170
XLIIndustrial Select Sector - SPD
36,020$2.8B0.04%
171
CSWCCapital Southwest Corp.
116,836$2.5B0.04%
172
TFISPDR Nuveen Barclays Capital M
47,927$2.4B0.04%
173
XLBMaterials Select Sector - SPDR
41,686$2.4B0.04%
174
ICLRIcon PLC
15,155$2.2B0.03%
175
GOOGLAlphabet Inc. - Class A
1,815$2.2B0.03%
176
MUBiShares National AMT-Free Muni
18,402$2.1B0.03%
177
PFLTPennantPark Floating Rate Capi
175,444$2.0B0.03%
178
LVMUYLVMH Moet Hennessy Louis Vuitt
24,134$1.9B0.03%
179
BCSFBain Capital Specialty Finance
99,836$1.9B0.03%
180
WCNWaste Connections, INC.
19,751$1.8B0.03%
181
IBDQiShares iBonds Dec 2025 Term C
68,274$1.8B0.03%
182
FSC1EUROaktree Specialty Lending Corp
320,412$1.7B0.03%
183
ICMBInvestcorp Credit Management B
239,904$1.6B0.02%
184
BRK-BBerkshire Hathaway Inc. - Clas
5$1.6B0.02%
185
Alcentra Capital Corporation
172,787$1.5B0.02%
186
AAGIYAIA Group Ltd
39,854$1.5B0.02%
187
PTBPotbelly Corp.
340,544$1.5B0.02%
188
NATHNathan's Famous Inc
20,625$1.5B0.02%
189
FNVFranco-Nevada Corp.
16,107$1.5B0.02%
190
DSDVYDSV Panalpina
30,847$1.5B0.02%
191
ESLTElbit Systems Ltd
8,830$1.5B0.02%
192
SONYSony Corp. ADS
24,557$1.5B0.02%
193
SHOPShopify Inc
4,639$1.4B0.02%
194
CYBRCyberark Software Ltd
13,408$1.3B0.02%
195
NMI1EURKirkland Lake Gold Ltd
29,465$1.3B0.02%
196
WTWWillis Towers Watson Public Lt
6,688$1.3B0.02%
197
RIORio Tinto PLC
24,330$1.3B0.02%
198
BPBP PLC (Adr 1:6)
33,141$1.3B0.02%
199
BABAAlibaba Group Holding Ltd
7,390$1.2B0.02%
200
Solar Senior Capital Ltd.
69,047$1.2B0.02%
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