CONFLUENCE INVESTMENT MANAGEMENT LLC Q3 2025 Filing
Filed October 14, 2025
Portfolio Value
$7.0T
Holdings
294
Report Date
Q3 2025
Filing Type
13F-HR
All Holdings (294 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 101 | JBTJBT Marel Corp. | 85,680 | $12.0B | 0.17% | |
| 102 | BWINBaldwin Insurance Group Inc. | 406,113 | $11.5B | 0.16% | |
| 103 | IBMSiShares iBonds Dec 2029 Term T | 521,000 | $11.4B | 0.16% | |
| 104 | SPYSPDR S&P 500 ETF | 17,122 | $11.4B | 0.16% | |
| 105 | DFNMDimensional National Municipal | 216,392 | $10.4B | 0.15% | |
| 106 | IBTHiShares iBonds Dec 2027 Term T | 456,205 | $10.3B | 0.15% | |
| 107 | IBDTiShares iBonds Dec 2028 Term C | 399,602 | $10.2B | 0.15% | |
| 108 | IBDSiShares iBonds Dec 2027 Term C | 416,135 | $10.1B | 0.14% | |
| 109 | TRIPTripAdvisor Inc. | 604,909 | $9.8B | 0.14% | |
| 110 | IBMSiShares iBonds Dec 2032 Term T | 418,745 | $9.7B | 0.14% | |
| 111 | SDYSPDR S&P Dividend ETF | 67,734 | $9.5B | 0.14% | |
| 112 | SHLDGlobal X Defense Tech ETF | 133,223 | $9.4B | 0.13% | |
| 113 | AVDVAvantis International Small Ca | 98,253 | $8.7B | 0.12% | |
| 114 | BSMYInvesco BulletShares 2034 Muni | 340,971 | $8.3B | 0.12% | |
| 115 | MTNVail Resorts Inc. | 54,555 | $8.2B | 0.12% | |
| 116 | IBHGiShares iBonds Dec 2030 Term T | 384,676 | $7.6B | 0.11% | |
| 117 | CVCOCavco Industries Inc. | 12,287 | $7.1B | 0.10% | |
| 118 | MAINMain Street Capital Corp. | 101,634 | $6.5B | 0.09% | |
| 119 | IGSBiShares 1-5 Year Investment Gr | 120,237 | $6.4B | 0.09% | |
| 120 | BSSXInvesco Bulletshares 2033 Muni | 248,222 | $6.3B | 0.09% | |
| 121 | IBHGiShares iBonds Dec 2031 Term T | 297,157 | $6.1B | 0.09% | |
| 122 | BSMRInvesco BulletShares 2027 Muni | 251,853 | $6.0B | 0.09% | |
| 123 | HTGCHercules Capital Inc. | 302,513 | $5.7B | 0.08% | |
| 124 | CNMDCONMED Corp. | 121,538 | $5.7B | 0.08% | |
| 125 | TSLXSixth Street Specialty Lending | 233,908 | $5.3B | 0.08% | |
| 126 | PZAPowershares Insured National M | 221,206 | $5.1B | 0.07% | |
| 127 | GBDCGolub Capital BDC Inc. | 367,746 | $5.0B | 0.07% | |
| 128 | BXSLBlackstone Secured Lending Fun | 156,292 | $4.1B | 0.06% | |
| 129 | MLNVanEck Vectors Long Municipal | 228,274 | $4.0B | 0.06% | |
| 130 | IWDiShares Russell 1000 Value ETF | 18,923 | $3.9B | 0.05% | |
| 131 | BRK-BBerkshire Hathaway Inc. - A | 5 | $3.8B | 0.05% | |
| 132 | AEMAgnico Eagle Mines Ltd. | 21,761 | $3.7B | 0.05% | |
| 133 | KNKnowles Corp. | 140,357 | $3.3B | 0.05% | |
| 134 | OBDCBlue Owl Capital Corp. | 254,737 | $3.3B | 0.05% | |
| 135 | GTESGates Industrial Corp. plc | 130,719 | $3.2B | 0.05% | |
| 136 | STCStewart Information Services C | 44,131 | $3.2B | 0.05% | |
| 137 | IIIVi3 Verticals Inc. | 98,583 | $3.2B | 0.05% | |
| 138 | BBDCBarings BDC Inc. | 364,620 | $3.2B | 0.05% | |
| 139 | NMFCNew Mountain Finance Corp. | 318,226 | $3.1B | 0.04% | |
| 140 | HGTYHagerty Inc. | 252,535 | $3.0B | 0.04% | |
| 141 | BSMYInvesco BulletShares 2028 Muni | 126,710 | $3.0B | 0.04% | |
| 142 | TLTiShares 20Plus Year Treasury B | 32,942 | $2.9B | 0.04% | |
| 143 | SHMSPDR Nuveen Barclays Capital S | 60,824 | $2.9B | 0.04% | |
| 144 | RBCRBC Bearings Inc. | 7,335 | $2.9B | 0.04% | |
| 145 | AIFAltus Group Ltd. | 67,022 | $2.9B | 0.04% | |
| 146 | BSMYInvesco BulletShares 2031 Muni | 133,904 | $2.8B | 0.04% | |
| 147 | BSMUInvesco BulletShares 2030 Muni | 127,865 | $2.8B | 0.04% | |
| 148 | MOVMovado Group Inc. | 141,183 | $2.7B | 0.04% | |
| 149 | HYMBSPDR Nuveen S&P High Yield Mun | 106,825 | $2.7B | 0.04% | |
| 150 | HAYWHayward Holdings Inc. | 165,784 | $2.5B | 0.04% | |
| 151 | BSMQInvesco BulletShares 2026 Muni | 105,266 | $2.5B | 0.04% | |
| 152 | BSMTInvesco BulletShares 2029 Muni | 107,260 | $2.5B | 0.04% | |
| 153 | MUBiShares National Muni Bond ETF | 22,861 | $2.4B | 0.03% | |
| 154 | TSMTaiwan Semiconductor Manufactu | 8,573 | $2.4B | 0.03% | |
| 155 | FSKFS KKR Capital Corp. | 159,049 | $2.4B | 0.03% | |
| 156 | IBMQiShares iBonds Dec 2028 Term M | 90,909 | $2.3B | 0.03% | |
| 157 | UFPIUFP Industries Inc | 23,414 | $2.2B | 0.03% | |
| 158 | RLIRLI Corp. | 32,441 | $2.1B | 0.03% | |
| 159 | HTOH2O America | 42,917 | $2.1B | 0.03% | |
| 160 | ENOVEnovis Corp. | 67,212 | $2.0B | 0.03% | |
| 161 | FSPFranklin Street Properties Cor | 1,231,656 | $2.0B | 0.03% | |
| 162 | SPBSpectrum Brands Holdings Inc. | 37,126 | $2.0B | 0.03% | |
| 163 | CSWCCapital Southwest Corp. | 86,665 | $1.9B | 0.03% | |
| 164 | IBMRiShares iBonds Dec 2029 Term M | 73,935 | $1.9B | 0.03% | |
| 165 | UFPTUFP Technologies Inc. | 9,305 | $1.9B | 0.03% | |
| 166 | HAEHaemonetics Corp. | 37,332 | $1.8B | 0.03% | |
| 167 | CNNECannae Holdings Inc. | 96,854 | $1.8B | 0.03% | |
| 168 | IBMOiShares iBonds Dec 2026 Term M | 68,076 | $1.7B | 0.02% | |
| 169 | SDZNYSandoz Group | 27,975 | $1.7B | 0.02% | |
| 170 | WGOWinnebago Industries Inc. | 49,876 | $1.7B | 0.02% | |
| 171 | MUFGMitsubishi UFJ Financial | 101,117 | $1.6B | 0.02% | |
| 172 | FFC0Oaktree Specialty Lending Corp | 122,996 | $1.6B | 0.02% | |
| 173 | MFICMidCap Financial Investment Co | 131,701 | $1.6B | 0.02% | |
| 174 | PPLTAberdeen Standard Physical Pla | 10,741 | $1.5B | 0.02% | |
| 175 | AERAerCap Holdings N.V. | 12,360 | $1.5B | 0.02% | |
| 176 | EPCEdgewell Personal Care Co. | 72,115 | $1.5B | 0.02% | |
| 177 | MRTNMarten Transport Ltd. | 136,385 | $1.5B | 0.02% | |
| 178 | CNRCore Natural Resources Inc. | 17,225 | $1.4B | 0.02% | |
| 179 | SAFRYSafran S.A. | 16,191 | $1.4B | 0.02% | |
| 180 | BCSFBain Capital Specialty Finance | 97,707 | $1.4B | 0.02% | |
| 181 | NTDOYNintendo Co. Ltd. | 65,201 | $1.4B | 0.02% | |
| 182 | SONYSony Group Corp. | 48,151 | $1.4B | 0.02% | |
| 183 | —DBS Group Holdings Ltd. | 8,756 | $1.4B | 0.02% | |
| 184 | GSBDGoldman Sachs BDC Inc. | 136,008 | $1.4B | 0.02% | |
| 185 | INGING Groep N.V. | 52,501 | $1.4B | 0.02% | |
| 186 | —BAE Systems plc | 12,215 | $1.4B | 0.02% | |
| 187 | LFUSLittelfuse Inc. | 5,265 | $1.4B | 0.02% | |
| 188 | SAPSAP S.E. | 5,060 | $1.4B | 0.02% | |
| 189 | ZURVYZurich Insurance Group A.G. | 37,777 | $1.4B | 0.02% | |
| 190 | BSMWInvesco BulletShares 2032 Munc | 52,186 | $1.3B | 0.02% | |
| 191 | JJSFJ & J Snack Foods Corp. | 13,451 | $1.3B | 0.02% | |
| 192 | JBSSJohn B Sanfilippo & Son Inc. | 20,008 | $1.3B | 0.02% | |
| 193 | RNMBYRheinmetall AG | 2,740 | $1.3B | 0.02% | |
| 194 | DSCSYDisco Corp. | 40,368 | $1.3B | 0.02% | |
| 195 | SESea Ltd. | 7,007 | $1.3B | 0.02% | |
| 196 | ASMLASML Holding N.V. | 1,287 | $1.2B | 0.02% | |
| 197 | TTNDYTechtronic Industries Co. Ltd. | 19,392 | $1.2B | 0.02% | |
| 198 | HKXCYHong Kong Exchanges and Cleari | 21,636 | $1.2B | 0.02% | |
| 199 | WTWWillis Towers Watson plc | 3,492 | $1.2B | 0.02% | |
| 200 | AOUTAmerican Outdoor Brands Inc. | 136,997 | $1.2B | 0.02% |