CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2024 Filing

Filed April 1, 2024

Portfolio Value

$7.4B

Holdings

296

Report Date

Q1 2024

Filing Type

13F-HR

All Holdings (296 positions)

#StockSharesValue% PortfolioType
101
SPBSpectrum Brands Holdings Inc.
143,958$12.8T172318.34%
102
KMXCarMax Inc.
146,324$12.7T171412.28%
103
KDPKeurig Dr. Pepper Inc.
370,876$11.4T152967.78%
104
DDDuPont de Nemours Inc.
144,925$11.1T149426.20%
105
DFNMDimensional National Municipal
230,287$11.1T148929.62%
106
URAGlobal X Uranium ETF
383,760$11.1T148785.72%
107
IBTIiShares iBonds Dec 2028 Term T
448,617$9.8T132333.60%
108
IBMSiShares iBonds Dec 2032 Term T
431,101$9.8T131428.00%
109
SPYGSPDR Portfolio S&P 500 Growth
126,245$9.2T124189.21%
110
PZAPowershares Insured National M
361,255$8.6T115769.67%
111
TLHiShares Barclays 10-20 Year Tr
79,329$8.3T112048.01%
112
IBDYiShares iBonds Dec 2033 Term C
321,458$8.2T110149.00%
113
JJSFJ & J Snack Foods Corp.
56,481$8.2T109800.80%
114
SPIBSPDR Portfolio Intermediate Te
246,764$8.1T108481.01%
115
IBHGiShares iBonds Dec 2030 Term T
408,958$7.9T106803.26%
116
IBMSiShares iBonds Dec 2029 Term T
366,684$7.9T106019.81%
117
HTGCHercules Capital Inc.
376,673$6.9T93458.27%
118
HYMBSPDR Nuveen S&P High Yield Mun
265,304$6.8T91656.82%
119
BSMYInvesco BulletShares 2028 Muni
287,790$6.8T90872.12%
120
BSMRInvesco BulletShares 2027 Muni
259,568$6.1T82571.65%
121
MAINMain Street Capital Corp.
129,143$6.1T82163.83%
122
BSMYInvesco BulletShares 2031 Muni
285,757$6.1T81891.20%
123
BXSLBlackstone Secured Lending Fun
188,309$5.9T78883.47%
124
IEIiShares 3-7 Year Treasury Bond
48,858$5.7T76091.94%
125
BSMQInvesco BulletShares 2026 Muni
235,096$5.5T74502.60%
126
QQQInvesco BulletShares 2025 Muni
226,441$5.5T74119.51%
127
GBDCGolub Capital BDC Inc.
331,284$5.5T74088.29%
128
IGSBiShares 1-5 Year Investment Gr
103,124$5.3T71115.57%
129
NMFCNew Mountain Finance Corp.
414,282$5.2T70587.79%
130
TRIPTripAdvisor Inc.
187,772$5.2T70174.01%
131
TSLXSixth Street Specialty Lending
243,228$5.2T70095.90%
132
STCStewart Information Services C
75,576$4.9T66123.79%
133
ITA*iShares US Aerospace & Defense
37,144$4.9T65901.11%
134
UFPTUFP Technologies Inc.
19,024$4.8T64521.41%
135
CVCOCavco Industries Inc.
11,726$4.7T62928.14%
136
BBDCBarings BDC Inc.
501,683$4.7T62743.57%
137
KAIKadant Inc.
14,085$4.6T62146.24%
138
RBCRBC Bearings Inc.
16,479$4.5T59912.04%
139
PNNTPennantPark Investment Corp.
641,310$4.4T59335.33%
140
BlackRock TCP Capital Corp.
399,998$4.2T56104.67%
141
IBDSiShares iBonds Dec 2027 Term C
170,586$4.1T54598.21%
142
WGOWinnebago Industries Inc.
54,073$4.0T53810.27%
143
SPNSSapiens International Corp NV
118,375$3.8T51195.63%
144
IBDQiShares iBonds Dec 2025 Term C
150,343$3.7T50161.08%
145
XLESPDR Energy Select Sector ETF
39,024$3.7T49545.15%
146
EPCEdgewell Personal Care Co.
93,400$3.6T48533.48%
147
HAYWHayward Holdings Inc.
235,521$3.6T48491.06%
148
BWINBRP Group Inc.
124,121$3.6T48305.96%
149
SHMSPDR Nuveen Barclays Capital S
75,554$3.6T48201.33%
150
ECVTEcovyst Inc.
321,122$3.6T48150.62%
151
QQQInvesco BulletShares 2024 Muni
142,489$3.5T47483.14%
152
HGTYHagerty Inc.
379,551$3.5T46703.36%
153
IIIVi3 Verticals Inc.
151,202$3.5T46543.62%
154
JBTJohn Bean Technologies Corp.
32,281$3.4T45533.55%
155
ALNTAllient Inc.
93,781$3.3T44998.40%
156
MOVMovado Group Inc.
116,905$3.3T43909.74%
157
SPDWSPDR Portfolio Developed World
89,434$3.2T43105.22%
158
HTOSJW Group
56,588$3.2T43064.81%
159
BRK-BBerkshire Hathaway Inc. - A
5$3.2T42659.67%
160
HACKAmplify Cyber Security ETF
49,152$3.2T42376.38%
161
OBDCBlue Owl Capital Corp.
198,966$3.1T41152.11%
162
MGPIMGP Ingredients Inc.
35,128$3.0T40687.92%
163
CNNECannae Holdings Inc.
135,447$3.0T40510.03%
164
MRTNMarten Transport Ltd.
161,692$3.0T40183.57%
165
BSMTInvesco BulletShares 2029 Muni
125,525$2.9T39230.45%
166
PRFTUSDPerficient Inc.
51,267$2.9T38808.43%
167
SLRCSLR Investment Corp.
183,802$2.8T37941.54%
168
FSPFranklin Street Properties Cor
1,231,656$2.8T37598.64%
169
GSBDGoldman Sachs BDC Inc.
185,987$2.8T37467.20%
170
JBSSJohn B Sanfilippo & Son Inc.
25,775$2.7T36714.15%
171
NLYAnnaly Capital Management Inc.
135,648$2.7T35918.32%
172
CLBCore Laboratories N.V.
146,048$2.5T33546.00%
173
SIVRabrdn Physical Silver Shares E
100,782$2.4T32270.02%
174
CSWCCapital Southwest Corp.
95,774$2.4T32147.64%
175
AOUTAmerican Outdoor Brands Inc.
262,902$2.3T31112.45%
176
HCSGHealthcare Services Group Inc.
180,984$2.3T30374.74%
177
MUBiShares National Muni Bond ETF
19,761$2.1T28594.21%
178
FLJPFranklin FTSE Japan ETF
64,144$2.0T26766.69%
179
NCDLNuveen Churchill Direct Lendin
103,017$1.9T25019.78%
180
BCSFBain Capital Specialty Finance
117,336$1.8T24741.96%
181
IBMOiShares iBonds Dec 2026 Term M
69,218$1.8T23596.84%
182
CYBRCyberArk Software Ltd.
5,544$1.5T19804.20%
183
BXBlackstone Group LP
11,000$1.4T19433.26%
184
TSMTaiwan Semiconductor Manufactu
10,554$1.4T19309.57%
185
NVONovo Nordisk A.S.
10,844$1.4T18724.56%
186
ICLRICON plc
3,851$1.3T17398.22%
187
RNMBYRheinmetall AG
10,795$1.2T16346.82%
188
CCAPCrescent Capital BDC Inc.
69,515$1.2T16135.34%
189
AEMAgnico Eagle Mines Ltd.
18,816$1.1T15093.72%
190
BCICPortman Ridge Finance Corp.
58,604$1.1T14958.21%
191
ACNAccenture plc
3,144$1.1T14654.82%
192
AGNC Investment Corp.
106,958$1.1T14239.85%
193
RIORio Tinto plc
16,469$1.0T14116.80%
194
BROBrown & Brown Inc.
11,539$1.0T13584.12%
195
SHELShell plc
14,803$992.4B13345.68%
196
AERAerCap Holdings N.V.
11,308$982.8B13216.37%
197
OFSOFS Capital Corp.
98,000$973.1B13086.76%
198
LRLCYL'Oreal S.A.
10,154$962.6B12945.01%
199
FSKFS KKR Capital Corp.
50,454$962.2B12939.08%
200
WMMVYWal-Mart de Mexico S.A.B. de C
23,366$951.0B12788.97%
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