CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2023 Filing

Filed April 4, 2023

Portfolio Value

$6.8B

Holdings

301

Report Date

Q1 2023

Filing Type

13F-HR

All Holdings (301 positions)

#StockSharesValue% PortfolioType
101
EOGEOG Resources Inc.
99,294$11.4T167662.64%
102
AZEKAzek Co. Inc.
475,801$11.2T164985.90%
103
TLHiShares Barclays 10-20 Year Tr
97,710$11.2T164857.79%
104
DDDuPont de Nemours Inc.
155,169$11.1T164045.08%
105
JJSFJ & J Snack Foods Corp.
74,780$11.1T163271.27%
106
BWINBRP Group Inc.
432,930$11.0T162364.51%
107
IBTIiShares iBonds Dec 2028 Term T
480,490$10.8T159180.29%
108
BKIEURBlack Knight Inc.
186,980$10.8T158537.56%
109
HXGBYHexagon A.B.
902,887$10.3T152430.27%
110
KMXCarMax Inc.
144,588$9.3T136906.69%
111
PZAPowershares Insured National M
379,390$9.0T132337.40%
112
BSMYInvesco BulletShares 2025 Corp
440,178$8.9T131495.61%
113
AQLTiShares iBonds Dec 2025 Term T
377,589$8.9T130875.03%
114
SPIBSPDR Portfolio Intermediate Te
266,475$8.7T127532.46%
115
IBMSiShares iBonds Dec 2029 Term T
389,647$8.6T127248.44%
116
PDBCInvesco Optimum Yield Diversif
590,600$8.4T123710.89%
117
IBDPiShares iBonds Dec 2024 Term C
332,669$8.2T120499.86%
118
VNTVontier Corp.
273,505$7.5T110148.57%
119
BSMYInvesco BulletShares 2028 Muni
301,684$7.1T105143.41%
120
SPYGSPDR Portfolio S&P 500 Growth
117,927$6.5T96166.78%
121
BSMRInvesco BulletShares 2027 Muni
271,314$6.5T95398.09%
122
CNNECannae Holdings Inc.
301,555$6.1T89640.33%
123
RBCRBC Bearings Inc.
25,319$5.9T86798.85%
124
BSMQInvesco BulletShares 2026 Muni
245,707$5.8T86103.28%
125
HTOSJW Group
76,211$5.8T85464.66%
126
QQQInvesco BulletShares 2025 Muni
236,385$5.8T85449.50%
127
QQQInvesco BulletShares 2024 Muni
231,234$5.8T84801.11%
128
QQQInvesco BulletShares 2023 Muni
227,650$5.7T84169.82%
129
FWRDUSDForward Air Corp.
52,737$5.7T83711.62%
130
KAIKadant Inc.
26,876$5.6T82553.23%
131
EPCEdgewell Personal Care Co.
128,053$5.4T80015.83%
132
XMESPDR S&P Metals & Mining ETF
97,390$5.2T76263.36%
133
HAYWHayward Holdings Inc.
440,698$5.2T76082.31%
134
MAINMain Street Capital Corp.
128,813$5.1T74874.14%
135
JBTJohn Bean Technologies Corp.
45,820$5.0T73764.33%
136
PRFTUSDPerficient Inc.
69,210$5.0T73597.14%
137
ALNTAllied Motion Technologies Inc
127,979$4.9T72862.58%
138
HTGCHercules Capital Inc.
383,272$4.9T72773.80%
139
IIIVi3 Verticals Inc.
198,902$4.9T71870.68%
140
WGOWinnebago Industries Inc.
82,549$4.8T70162.30%
141
HYMBSPDR Nuveen S&P High Yield Mun
188,791$4.7T69635.50%
142
BXSLBlackstone Secured Lending Fun
188,062$4.7T69061.88%
143
STCStewart Information Services
116,169$4.7T69047.53%
144
MGPIMGP Ingredients Inc.
47,791$4.6T68089.67%
145
MRTNMarten Transport Ltd.
217,449$4.6T67105.34%
146
NMFCNew Mountain Finance Corp.
370,941$4.5T66498.29%
147
MOVMovado Group Inc.
156,906$4.5T66495.90%
148
CLBCore Laboratories N.V.
204,576$4.5T66447.62%
149
HGTYHagerty Inc.
506,428$4.4T65199.48%
150
IBDSiShares iBonds Dec 2027 Term C
184,407$4.4T64704.55%
151
NWNNorthwest Natural Holding Co.
92,190$4.4T64586.49%
152
XLISPDR Industrial Select Sector
42,199$4.3T62894.64%
153
GBDCGolub Capital BDC Inc.
310,061$4.2T61932.96%
154
BlackRock TCP Capital Corp.
385,930$4.0T58554.57%
155
ITA*iShares US Aerospace & Defense
33,730$3.9T57178.60%
156
XLESPDR Energy Select Sector ETF
46,621$3.9T56883.27%
157
BBDCBarings BDC Inc.
482,288$3.8T56408.17%
158
AOUTAmerican Outdoor Brands Inc.
382,205$3.8T55399.58%
159
PNNTPennantPark Investment Corp.
693,856$3.7T53965.77%
160
TSLXSixth Street Specialty Lending
190,152$3.5T51258.64%
161
IBDQiShares iBonds Dec 2025 Term C
141,371$3.5T51082.60%
162
HCSGHealthcare Services Group Inc.
233,954$3.2T47799.32%
163
OFSOFS Capital Corp.
299,274$3.1T45362.75%
164
SLRCSLR Investment Corp.
201,209$3.0T44576.88%
165
IBMOiShares iBonds Dec 2026 Term M
107,577$2.7T40456.22%
166
IBMPiShares iBonds Dec 2027 Term M
107,715$2.7T40397.05%
167
MATVMativ Inc.
126,740$2.7T40082.89%
168
OBDCOwl Rock Capital Corp.
197,662$2.5T36715.83%
169
FAROFARO Technologies Inc.
100,129$2.5T36298.50%
170
GSBDGoldman Sachs BDC Inc.
179,636$2.5T36119.44%
171
BRK-BBerkshire Hathaway Inc. - A
5$2.3T34292.41%
172
CSWCCapital Southwest Corp.
95,563$1.7T25028.60%
173
IAUiShares iBonds Dec 2025 Term M
61,923$1.6T24272.35%
174
FNVFranco-Nevada Corp.
10,963$1.6T23545.17%
175
TPVGTriplePoint Venture Growth BDC
125,941$1.5T22410.37%
176
NVONovo Nordisk A.S.
8,647$1.4T20270.29%
177
FSPFranklin Street Properties Cor
858,066$1.3T19844.29%
178
LVMUYLVMH Moet Hennessy Louis Vuitt
7,089$1.3T19159.71%
179
FLCAFranklin FTSE Canada ETF
41,109$1.3T18632.86%
180
EWAMSCI Australia Index - iShares
54,001$1.2T18247.79%
181
RIORio Tinto plc
17,566$1.2T17750.57%
182
TSMTaiwan Semiconductor Manufactu
12,865$1.2T17627.92%
183
IEMGiShares Core MSCI Emerging Mar
23,899$1.2T17176.14%
184
BCICPortman Ridge Finance Corp.
54,806$1.1T16638.77%
185
AGNC Investment Corp.
111,958$1.1T16623.82%
186
LRLCYL'Oreal S.A.
11,977$1.1T15765.45%
187
ACNAccenture plc
3,611$1.0T15202.67%
188
WMMVYWal-Mart de Mexico S.A.B. de C
25,396$1.0T14917.36%
189
AEMAgnico Eagle Mines Ltd.
19,847$1.0T14901.35%
190
ICLRICON plc
4,572$976.5B14384.74%
191
DSDVYDSV A.S.
10,002$967.5B14251.87%
192
BXBlackstone Group LP
11,000$966.2B14233.12%
193
CYBRCyberArk Software Ltd.
6,474$958.0B14112.08%
194
WCNWaste Connections Inc.
6,805$946.4B13940.44%
195
PKXPOSCO Holdings Inc.
13,449$937.2B13805.79%
196
SHELShell plc
16,191$931.6B13723.30%
197
FSKFS KKR Capital Corp.
49,834$921.9B13580.40%
198
BROBrown & Brown Inc.
16,043$921.2B13569.50%
199
CCAPCrescent Capital BDC Inc.
67,436$918.5B13529.62%
200
ZURVYZurich Insurance Group A.G.
18,613$891.8B13136.38%
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