CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2017 Filing

Filed April 6, 2017

Portfolio Value

$4.5T

Holdings

235

Report Date

Q1 2017

Filing Type

13F-HR

All Holdings (235 positions)

#StockSharesValue% PortfolioType
101
Triangle Capital Corp.
513,924$9.8B0.22%
102
IWSRussell MidCap Value Index Fun
116,326$9.7B0.22%
103
TLTBarclays 20 Year Treasury Bon
79,375$9.6B0.21%
104
IJJS&P MidCap 400 Value Index Fun
61,276$9.1B0.20%
105
TFISPDR Nuveen Barclays Capital M
187,162$9.0B0.20%
106
MLNVanEck Vectors Long Municipal
442,208$8.7B0.19%
107
iShares Corporate ex Financial
348,957$8.6B0.19%
108
TSLXUSDTPG Specialty Lending, Inc.
407,300$8.3B0.19%
109
PNNTPennantPark Investment Corp.
924,650$7.5B0.17%
110
iShares iBonds Dec 2022 AMT-F
277,257$7.1B0.16%
111
FSICUSDFS Investment Corp.
718,335$7.0B0.16%
112
IGIBiShares Interm. Term Corporate
63,902$7.0B0.16%
113
CYS Investments Inc
874,326$7.0B0.16%
114
IYFDow Jones US Financial Sector
66,326$6.9B0.15%
115
IYWDow Jones US Technology - iSha
49,152$6.6B0.15%
116
OFSOFS Capital Corp.
449,963$6.4B0.14%
117
SCMStellus Capital Investment
426,641$6.2B0.14%
118
Black Knight Financial Service
154,663$5.9B0.13%
119
iShares iBonds Dec 2021 AMT-Fr
230,931$5.9B0.13%
120
XLVHealth Care Select Sector - SP
75,433$5.6B0.13%
121
VAREURVarian Medical Systems Inc.
59,252$5.4B0.12%
122
IWPRussell Midcap Growth Index Fu
50,206$5.2B0.12%
123
Guggenheim BulletShares Invest
242,712$5.2B0.12%
124
Guggenheim BulletShares Corpor
243,871$5.2B0.12%
125
Guggenheim BulletShares Invest
245,875$5.2B0.12%
126
Guggenheim BulletShares Invest
244,678$5.2B0.12%
127
Guggenheim BulletShares Corpor
243,485$5.2B0.12%
128
NLYEURAnnaly Capital Management Inc.
461,902$5.1B0.11%
129
XLIIndustrial Select Sector - SPD
76,721$5.0B0.11%
130
XLYConsumer Discret Select Sector
56,436$5.0B0.11%
131
IWNRussell 2000 Value Index - iSh
41,618$4.9B0.11%
132
MAINMain Street Capital Corp.
125,488$4.8B0.11%
133
MUBiShares National AMT-Free Muni
42,742$4.7B0.10%
134
VCA Antech Inc.
49,532$4.5B0.10%
135
MCCUSDMedley Capital Corp.
587,221$4.5B0.10%
136
iShares iBonds Sep 2020 Amt Fr
163,037$4.2B0.09%
137
Raven Industries Inc.
133,211$3.9B0.09%
138
Natus Medical Inc.
96,747$3.8B0.08%
139
XLFIConsumer Staples Select Sector
68,860$3.8B0.08%
140
VNQREIT Index - Vanguard
45,393$3.7B0.08%
141
Corporate Executive Board Co.
46,758$3.7B0.08%
142
Apollo Investment Corp.
551,102$3.6B0.08%
143
XLEEnergy Select Sector - SPDR
51,708$3.6B0.08%
144
PTBPotbelly Corp.
254,737$3.5B0.08%
145
Monotype Imaging Holdings Inc.
169,805$3.4B0.08%
146
Halyard Health Inc.
89,252$3.4B0.08%
147
HLTHilton Worldwide Holdings Inc.
57,724$3.4B0.08%
148
BMRCBank of Marin (CA)
50,932$3.3B0.07%
149
THRThermon Group Holdings Inc.
157,221$3.3B0.07%
150
FWRDUSDForward Air Corp.
68,729$3.3B0.07%
151
GSBDGoldman Sachs BDC Inc.
132,494$3.3B0.07%
152
SPYS&P 500 - SPDR
13,836$3.3B0.07%
153
SAMThe Boston Beer Company Inc.
22,107$3.2B0.07%
154
Snyder's-Lance Inc.
75,638$3.0B0.07%
155
GOODGladstone Commercial Corp.
147,189$3.0B0.07%
156
IJKS&P MidCap 400 Growth Index Fu
15,651$3.0B0.07%
157
TECHTechne Corp.
29,064$3.0B0.07%
158
iShares iBonds Sep 2019 Amt Fr
114,476$2.9B0.07%
159
LQDiShares iBoxx Corporate Bond E
24,335$2.9B0.06%
160
GOOGLAlphabet Inc. - Class A
3,359$2.8B0.06%
161
Alcentra Capital Corporation
203,962$2.8B0.06%
162
Guggenheim BulletShares Invest
137,256$2.8B0.06%
163
OneBeacon Insurance Group Ltd.
173,824$2.8B0.06%
164
FELEFranklin Electric Co. Inc.
64,517$2.8B0.06%
165
REZiShares Residential Real Estat
41,996$2.7B0.06%
166
EXPOExponent Inc.
43,736$2.6B0.06%
167
IWORussell 2000 Growth Index - iS
16,011$2.6B0.06%
168
IJSS&P SmallCap 600 Value Index F
18,487$2.6B0.06%
169
PFLTPennantPark Floating Rate Capi
181,236$2.5B0.06%
170
JBTJohn Bean Technologies Corp.
28,520$2.5B0.06%
171
IGLBiShares 10 Year Credit Bond E
41,218$2.4B0.05%
172
CM Finance Inc.
237,087$2.4B0.05%
173
Capitala Finance Corp.
164,137$2.4B0.05%
174
VCLTVanguard Long Term Corporate B
25,924$2.3B0.05%
175
IDUDow Jones US Utilities - iShar
17,903$2.3B0.05%
176
HAEHaemonetics Corporation
54,953$2.2B0.05%
177
RBCRBC Bearings Incorporated
21,676$2.1B0.05%
178
STTBarclays Capital High Yield Bo
50,191$1.9B0.04%
179
HYGHigh Yield Corporate Bond Fund
21,019$1.8B0.04%
180
CULPCulp Inc.
57,596$1.8B0.04%
181
Solar Senior Capital Ltd.
88,357$1.6B0.04%
182
KCAP Financial Inc
340,472$1.4B0.03%
183
GAINGladstone Investment Corp.
142,533$1.3B0.03%
184
IVVS&P 500 Index Fund - iShares
5,394$1.3B0.03%
185
BRK-BBerkshire Hathaway Inc. - Clas
5$1.2B0.03%
186
Capstead Mortgage Corp.
110,509$1.2B0.03%
187
IAUUSDiShares Gold Trust
92,973$1.1B0.02%
188
BKCCUSDBlackRock Kelso Capital Corp.
144,736$1.1B0.02%
189
XLBMaterials Select Sector - SPDR
20,811$1.1B0.02%
190
IJTS&P SmallCap 600 Growth Index
7,084$1.1B0.02%
191
DLNWisdomTree LargeCap Dividend F
10,339$857.0M0.02%
192
Dow Chemical
12,193$775.0M0.02%
193
FSPFranklin Street Properties Cor
60,000$728.0M0.02%
194
VREXVarex Imaging Corp
19,409$652.0M0.01%
195
S&P SmallCap Energy - PowerSha
35,356$642.0M0.01%
196
RWRREIT ETF- DJ Wilshire
6,629$612.0M0.01%
197
VVisa, Inc. - A
6,886$612.0M0.01%
198
IGSBiShares Barclays 1-3 Year Inve
5,634$593.0M0.01%
199
IVES&P 500 Value Index - iShares
5,557$578.0M0.01%
200
IWDRussell 1000 Value Index - iSh
4,946$568.0M0.01%
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