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 |
|---|---|---|---|---|---|
| 201 | SHOPShopify Inc. | 7,918 | $1.2B | 0.02% | |
| 202 | NEMNewmont Mining Corp. | 13,703 | $1.2B | 0.02% | |
| 203 | MH6ATokio Marine Holdings Inc. | 27,405 | $1.2B | 0.02% | |
| 204 | —Antofagasta plc | 30,684 | $1.1B | 0.02% | |
| 205 | SLRCSLR Investment Corp. | 74,985 | $1.1B | 0.02% | |
| 206 | MSDLMorgan Stanley Direct Lending | 70,848 | $1.1B | 0.02% | |
| 207 | FNVFranco-Nevada Corp. | 4,964 | $1.1B | 0.02% | |
| 208 | FQVLFFirst Quantum Minerals Ltd. | 47,892 | $1.1B | 0.02% | |
| 209 | ITOCYITOCHU Corp. | 9,381 | $1.1B | 0.02% | |
| 210 | NCDLNuveen Churchill Direct Lendin | 77,819 | $1.1B | 0.02% | |
| 211 | BNPQYBNP Paribas S.A. | 23,289 | $1.1B | 0.02% | |
| 212 | AGIAlamos Gold Inc. | 29,991 | $1.0B | 0.01% | |
| 213 | SLViShares Silver Trust ETF | 24,673 | $1.0B | 0.01% | |
| 214 | CCAPCrescent Capital BDC Inc. | 71,455 | $1.0B | 0.01% | |
| 215 | NGLOYAmglo Am PLC ADR | 53,301 | $1.0B | 0.01% | |
| 216 | SCCOSouthern Copper Corp. | 8,287 | $1.0B | 0.01% | |
| 217 | LRLCYL'Oreal S.A. | 11,580 | $1.0B | 0.01% | |
| 218 | RGLDRoyal Gold Inc. | 4,945 | $991.9M | 0.01% | |
| 219 | U6ZUranium Energy Corp. | 74,048 | $987.8M | 0.01% | |
| 220 | WPMWheaton Precious Metals Corp. | 8,657 | $968.2M | 0.01% | |
| 221 | CHGCYChugai Pharms Co. Ltd. | 43,388 | $959.3M | 0.01% | |
| 222 | MITSYMitsui & Co. Ltd. | 1,909 | $947.8M | 0.01% | |
| 223 | IBMPiShares iBonds Dec 2027 Term M | 36,318 | $925.2M | 0.01% | |
| 224 | VMCVulcan Materials Co. | 2,970 | $913.6M | 0.01% | |
| 225 | ULUnilever plc | 15,169 | $899.2M | 0.01% | |
| 226 | GLNCYGlencore plc | 97,207 | $894.3M | 0.01% | |
| 227 | TTENTotalEnergies S.E. | 14,201 | $847.7M | 0.01% | |
| 228 | EXEExpand Energy Corp. | 7,945 | $844.1M | 0.01% | |
| 229 | HLNHaleon plc | 93,631 | $839.9M | 0.01% | |
| 230 | ICLRICON plc | 4,689 | $820.6M | 0.01% | |
| 231 | AXPAmerican Express Co. | 2,400 | $797.2M | 0.01% | |
| 232 | DMLDenison Mines Corp. | 289,028 | $794.8M | 0.01% | |
| 233 | XOMExxon Mobil Corp. | 7,036 | $793.3M | 0.01% | |
| 234 | WMMVYWal-Mart de Mexico S.A.B. de C | 24,869 | $767.0M | 0.01% | |
| 235 | KMTUYKomatsu Ltd. | 21,905 | $757.0M | 0.01% | |
| 236 | ARAntero Resources Corp. | 22,410 | $752.1M | 0.01% | |
| 237 | TRINTrinity Capital Inc. | 47,730 | $738.9M | 0.01% | |
| 238 | RHHBYRoche Holding A.G. | 17,526 | $732.8M | 0.01% | |
| 239 | LVMUYLVMH Moet Hennessy Louis Vuitt | 5,733 | $701.2M | 0.01% | |
| 240 | NXENexGen Energy Ltd | 77,550 | $694.1M | 0.01% | |
| 241 | FCXFreeport-McMoRan Inc. | 17,129 | $671.8M | 0.01% | |
| 242 | KBDCKayne Anderson BDC | 49,855 | $664.1M | 0.01% | |
| 243 | NVONovo Nordisk A.S. | 11,824 | $656.1M | 0.01% | |
| 244 | CTRACoterra Energy Inc. | 27,658 | $654.1M | 0.01% | |
| 245 | GFIGold Fields Ltd. | 15,364 | $644.7M | 0.01% | |
| 246 | LUGLundin Gold Inc. | 9,905 | $641.2M | 0.01% | |
| 247 | CCOCameco Corp. | 7,644 | $641.0M | 0.01% | |
| 248 | CWCurtiss-Wright Corp. | 1,160 | $629.8M | 0.01% | |
| 249 | LYSDYLynas Rare Earths Ltd. | 38,850 | $432.8M | 0.01% | |
| 250 | —Ramaco Resources Inc | 12,241 | $406.3M | 0.01% | |
| 251 | JJSFJ & J Snack Foods Corp. | 4,009 | $385.2M | 0.01% | |
| 252 | KBKB Financial Group Inc. | 4,567 | $378.6M | 0.01% | |
| 253 | BABAAlibaba Group Holding Ltd. | 2,018 | $360.7M | 0.01% | |
| 254 | TCEHYTencent Holdings Ltd. | 4,148 | $353.2M | 0.01% | |
| 255 | MMYTMakeMyTrip Ltd. | 3,665 | $343.0M | 0.00% | |
| 256 | JBSSJohn B Sanfilippo & Son Inc. | 5,129 | $329.7M | 0.00% | |
| 257 | —ICICI Bank Ltd. | 10,601 | $320.5M | 0.00% | |
| 258 | PSBDPalmer Square Capital BDC Inc. | 25,763 | $316.1M | 0.00% | |
| 259 | IAUiShares iBonds Dec 2025 Term M | 11,583 | $310.3M | 0.00% | |
| 260 | BCICBCP Investment Corp. | 26,528 | $305.9M | 0.00% | |
| 261 | MPMP Materials Corp. | 4,460 | $299.1M | 0.00% | |
| 262 | MLB1MercadoLibre Inc. | 124 | $289.8M | 0.00% | |
| 263 | SHGShinhan Financial Group Co. Lt | 5,671 | $285.6M | 0.00% | |
| 264 | VISTVista Energy S.A.B. de C.V. | 8,271 | $284.5M | 0.00% | |
| 265 | EADSYAirbus SE | 4,864 | $283.2M | 0.00% | |
| 266 | GQ9SPDR Gold Shares ETF | 795 | $282.6M | 0.00% | |
| 267 | KOFCoca-Cola Femsa S.A.B. de C.V. | 3,395 | $282.1M | 0.00% | |
| 268 | NBISNebius Group N.V. | 2,393 | $268.7M | 0.00% | |
| 269 | FMXFomento Economico Mexicano S.A | 2,636 | $260.0M | 0.00% | |
| 270 | GBOOYGrupo Financiero Banorte S.A.B | 4,767 | $239.2M | 0.00% | |
| 271 | JBSJBS N.V. | 15,930 | $237.8M | 0.00% | |
| 272 | A4SAmeriprise Financial Inc. | 480 | $235.8M | 0.00% | |
| 273 | HDBHDFC Bank Ltd. | 6,899 | $235.7M | 0.00% | |
| 274 | ASXASE Technology Holding Co. Ltd | 21,200 | $235.1M | 0.00% | |
| 275 | YUMCYum China Holdings Inc. | 5,440 | $233.5M | 0.00% | |
| 276 | ZTOZTO Express Cayman Inc. | 12,150 | $233.3M | 0.00% | |
| 277 | HTHTH World Group Ltd. | 5,944 | $232.5M | 0.00% | |
| 278 | UI2Kemper Corp. | 4,470 | $230.4M | 0.00% | |
| 279 | INFYInfosys Ltd. | 14,139 | $230.0M | 0.00% | |
| 280 | BAPCredicorp Ltd. | 862 | $229.5M | 0.00% | |
| 281 | BIDUNBaidu Inc. | 1,740 | $229.3M | 0.00% | |
| 282 | CPACopa Holdings SA | 1,880 | $223.4M | 0.00% | |
| 283 | JPMJPMorgan Chase & Co. | 685 | $216.1M | 0.00% | |
| 284 | NVDANVIDIA Corp. | 1,139 | $212.5M | 0.00% | |
| 285 | RDYDr Reddy's Laboratories Ltd. | 14,760 | $206.3M | 0.00% | |
| 286 | COSTCostco Wholesale Corp. | 221 | $204.6M | 0.00% | |
| 287 | VVisa Inc. | 586 | $200.0M | 0.00% | |
| 288 | RWAYRunway Growth Finance Corp. | 18,196 | $184.9M | 0.00% | |
| 289 | PNNTPennantPark Investment Corp. | 27,495 | $184.5M | 0.00% | |
| 290 | VLRSControladora Vuela Cia de Avia | 24,695 | $177.3M | 0.00% | |
| 291 | MSIFMSC Income Fund | 12,131 | $159.3M | 0.00% | |
| 292 | LOWLowe's Co. Inc. | 601 | $151.1M | 0.00% | |
| 293 | SPGIS&P Global Inc. | 297 | $144.4M | 0.00% | |
| 294 | PTAIYPT Astra International Tbk | 18,723 | $131.6M | 0.00% | |
| 295 | VALEVale S.A. | 11,090 | $120.4M | 0.00% | |
| 296 | ECEcopetrol S.A. | 12,353 | $113.8M | 0.00% | |
| 297 | ARCOArcos Dorados Holdings Inc. | 14,072 | $95.0M | 0.00% | |
| 298 | ASAIYSendas Distribuidora S.A. | 10,872 | $93.5M | 0.00% | |
| 299 | BROBrown & Brown Inc. | 757 | $71.0M | 0.00% | |
| 300 | JBSSJohn B Sanfilippo & Son Inc. | 1,091 | $70.1M | 0.00% |