CONFLUENCE INVESTMENT MANAGEMENT LLC Q3 2023 Filing

Filed October 10, 2023

Portfolio Value

$6461.5T

Holdings

290

Report Date

Q3 2023

Filing Type

13F-HR

All Holdings (290 positions)

#StockSharesValue% PortfolioType
101
DFNMDimensional National Municipal
233,188$10.8T0.17%
102
AZEKAzek Co. Inc.
363,416$10.8T0.17%
103
JJSFJ & J Snack Foods Corp.
64,657$10.6T0.16%
104
KMXCarMax Inc.
144,030$10.2T0.16%
105
IBTIiShares iBonds Dec 2028 Term T
469,708$10.1T0.16%
106
IBMSiShares iBonds Dec 2032 Term T
449,184$9.9T0.15%
107
SLYGSPDR S&P 600 Small Cap Growth
122,948$9.0T0.14%
108
IBDPiShares iBonds Dec 2024 Term C
360,948$8.9T0.14%
109
BSMYInvesco BulletShares 2025 Corp
428,053$8.6T0.13%
110
AQLTiShares iBonds Dec 2025 Term T
369,192$8.5T0.13%
111
FLJPFranklin FTSE Japan ETF
318,847$8.4T0.13%
112
SPIBSPDR Portfolio Intermediate Te
260,988$8.2T0.13%
113
PZAPowershares Insured National M
367,201$8.1T0.13%
114
IBMSiShares iBonds Dec 2029 Term T
383,235$8.0T0.12%
115
VNTVontier Corp.
240,031$7.4T0.11%
116
HXGBYHexagon A.B.
851,816$7.2T0.11%
117
AQLTiShares iBonds Dec 2024 Term M
267,141$6.9T0.11%
118
RMAXRE/MAX Holdings Inc.
516,436$6.7T0.10%
119
SPYGSPDR Portfolio S&P 500 Growth
112,252$6.7T0.10%
120
BSMYInvesco BulletShares 2028 Muni
292,256$6.6T0.10%
121
QQQInvesco BulletShares 2024 Muni
260,498$6.4T0.10%
122
HTGCHercules Capital Inc.
387,190$6.4T0.10%
123
BSMRInvesco BulletShares 2027 Muni
263,287$6.0T0.09%
124
QQQInvesco BulletShares 2023 Muni
221,383$5.5T0.09%
125
QQQInvesco BulletShares 2025 Muni
229,452$5.5T0.09%
126
BSMQInvesco BulletShares 2026 Muni
238,448$5.5T0.08%
127
MAINMain Street Capital Corp.
129,166$5.2T0.08%
128
BXSLBlackstone Secured Lending Fun
188,789$5.2T0.08%
129
GBDCGolub Capital BDC Inc.
351,835$5.2T0.08%
130
RBCRBC Bearings Inc.
21,970$5.1T0.08%
131
NMFCNew Mountain Finance Corp.
375,382$4.9T0.08%
132
KAIKadant Inc.
21,491$4.8T0.08%
133
HAYWHayward Holdings Inc.
330,627$4.7T0.07%
134
BlackRock TCP Capital Corp.
395,224$4.6T0.07%
135
TSLXSixth Street Specialty Lending
221,599$4.5T0.07%
136
STCStewart Information Services
102,046$4.5T0.07%
137
BBDCBarings BDC Inc.
496,528$4.4T0.07%
138
MGPIMGP Ingredients Inc.
41,770$4.4T0.07%
139
WGOWinnebago Industries Inc.
72,220$4.3T0.07%
140
JBTJohn Bean Technologies Corp.
40,084$4.2T0.07%
141
PNNTPennantPark Investment Corp.
639,471$4.2T0.07%
142
IBDSiShares iBonds Dec 2027 Term C
180,443$4.2T0.06%
143
EPCEdgewell Personal Care Co.
112,369$4.2T0.06%
144
XMESPDR S&P Metals & Mining ETF
77,696$4.1T0.06%
145
ITA*iShares US Aerospace & Defense
38,402$4.1T0.06%
146
CLBCore Laboratories N.V.
168,826$4.1T0.06%
147
HTOSJW Group
66,453$4.0T0.06%
148
MOVMovado Group Inc.
139,903$3.8T0.06%
149
CVCOCavco Industries Inc.
14,300$3.8T0.06%
150
MRTNMarten Transport Ltd.
192,226$3.8T0.06%
151
IIIVi3 Verticals Inc.
175,515$3.7T0.06%
152
HGTYHagerty Inc.
446,838$3.7T0.06%
153
IBDQiShares iBonds Dec 2025 Term C
149,040$3.6T0.06%
154
PRFTUSDPerficient Inc.
60,645$3.5T0.05%
155
ALNTAllient Inc
113,188$3.5T0.05%
156
ECVTEcovyst Inc.
351,936$3.5T0.05%
157
BWINBRP Group Inc.
146,781$3.4T0.05%
158
AOUTAmerican Outdoor Brands Inc.
336,343$3.3T0.05%
159
XLESPDR Energy Select Sector ETF
35,790$3.2T0.05%
160
JBSSJohn B Sanfilippo & Son Inc.
32,706$3.2T0.05%
161
XLISPDR Industrial Select Sector
31,791$3.2T0.05%
162
HYMBSPDR Nuveen S&P High Yield Mun
132,719$3.2T0.05%
163
SLRCSLR Investment Corp.
199,522$3.1T0.05%
164
NWNNorthwest Natural Holding Co.
78,078$3.0T0.05%
165
CNNECannae Holdings Inc.
159,514$3.0T0.05%
166
OBDCBlue Owl Capital Corp.
198,903$2.8T0.04%
167
GSBDGoldman Sachs BDC Inc.
185,709$2.7T0.04%
168
BRK-BBerkshire Hathaway Inc. - A
5$2.7T0.04%
169
CSWCCapital Southwest Corp.
96,395$2.2T0.03%
170
HCSGHealthcare Services Group Inc.
201,286$2.1T0.03%
171
NLYAnnaly Capital Management Inc.
110,648$2.1T0.03%
172
FSPFranklin Street Properties Cor
1,106,656$2.0T0.03%
173
AGNC Investment Corp.
211,958$2.0T0.03%
174
TRIPTripAdvisor Inc.
116,775$1.9T0.03%
175
IAUiShares iBonds Dec 2025 Term M
61,455$1.6T0.02%
176
TPVGTriplePoint Venture Growth BDC
127,153$1.3T0.02%
177
UFPTUFP Technologies Inc.
8,093$1.3T0.02%
178
FNVFranco-Nevada Corp.
9,707$1.3T0.02%
179
OFSOFS Capital Corp.
109,260$1.2T0.02%
180
BXBlackstone Group LP
11,000$1.2T0.02%
181
EMXCiShares MSCI Emerging Markets
23,081$1.2T0.02%
182
CCAPCrescent Capital BDC Inc.
67,120$1.1T0.02%
183
BCICPortman Ridge Finance Corp.
55,163$1.1T0.02%
184
NVONovo Nordisk A.S.
11,630$1.1T0.02%
185
RIORio Tinto plc
16,473$1.0T0.02%
186
BCSFBain Capital Specialty Finance
67,274$1.0T0.02%
187
ICLRICON plc
4,138$1.0T0.02%
188
ACNAccenture plc
3,267$1.0T0.02%
189
TSMTaiwan Semiconductor Manufactu
11,464$996.2B0.02%
190
FSKFS KKR Capital Corp.
50,210$988.6B0.02%
191
CYBRCyberArk Software Ltd.
5,793$948.7B0.01%
192
SHELShell plc
14,670$944.5B0.01%
193
WMMVYWal-Mart de Mexico S.A.B. de C
24,236$910.3B0.01%
194
JJSFJ & J Snack Foods Corp.
5,558$909.6B0.01%
195
DSDVYDSV A.S.
9,604$896.2B0.01%
196
LRLCYL'Oreal S.A.
10,766$892.1B0.01%
197
CCOCameco Corp.
21,856$866.4B0.01%
198
BROBrown & Brown Inc.
12,389$865.2B0.01%
199
AEMAgnico Eagle Mines Ltd.
18,615$846.1B0.01%
200
ZURVYZurich Insurance Group A.G.
18,415$843.0B0.01%
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