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
201
ZURVYZurich Insurance Group A.G.
17,462$947.0B12734.75%
202
MUFGMitsubishi UFJ Financial
92,156$942.8B12678.16%
203
CCOCameco Corp.
21,704$940.2B12644.01%
204
WTWWillis Towers Watson plc
3,307$909.4B12229.92%
205
AQLTiShares iBonds Dec 2024 Term M
35,005$908.4B12215.87%
206
SAPSAP S.E.
4,569$891.1B11983.38%
207
TRINTrinity Capital Inc.
56,893$835.2B11231.60%
208
TTENTotalEnergies S.E.
12,088$832.0B11188.94%
209
JBSSJohn B Sanfilippo & Son Inc.
7,779$824.0B11080.49%
210
PSBDPalmer Square Capital BDC Inc.
50,000$814.5B10953.38%
211
INGING Groep N.V.
48,934$806.9B10851.47%
212
BAMBrookfield Asset Management
18,628$782.7B10526.39%
213
SCCOSouthern Copper Corp.
7,342$782.1B10517.26%
214
LVMUYLVMH Moet Hennessy Louis Vuitt
4,319$781.9B10514.55%
215
IBMPiShares iBonds Dec 2027 Term M
30,934$778.6B10470.71%
216
DBS Group Holdings Ltd.
7,300$778.0B10462.98%
217
IAUiShares iBonds Dec 2025 Term M
29,090$769.7B10351.19%
218
SDZNYSandoz Group
25,227$759.3B10211.49%
219
NTDOYNintendo Co. Ltd.
54,961$746.9B10044.56%
220
JJSFJ & J Snack Foods Corp.
5,149$744.3B10009.85%
221
DSDVYDSV A.S.
9,147$742.8B9989.03%
222
CHGCYChugai Pharms Co Ltd
38,730$740.9B9963.67%
223
FFC0Oaktree Specialty Lending Corp
37,532$737.9B9922.98%
224
MITSYMitsui & Co. Ltd.
776$727.9B9788.31%
225
ITOCYITOCHU Corp.
8,387$717.6B9650.16%
226
BNPQYBNP Paribas S.A.
20,036$716.1B9629.92%
227
FANGDiamondback Energy Inc.
3,609$715.2B9617.94%
228
SONYSony Group Corp.
8,293$711.0B9562.07%
229
SHOPShopify Inc.
9,058$699.0B9400.21%
230
HLNHaleon plc
82,071$696.8B9370.32%
231
SWN1EURSouthwestern Energy Co.
87,087$660.1B8877.26%
232
COPConocoPhillips
5,121$651.8B8765.40%
233
SMCAYSMC Corp.
22,294$628.2B8448.62%
234
EXEChesapeake Energy Corp.
7,014$623.1B8378.81%
235
Antofagasta PLC ADR
23,775$607.5B8168.99%
236
PXDEURPioneer Natural Resources Co.
2,195$576.2B7748.40%
237
FCXFreeport-McMoRan Inc.
12,118$569.8B7662.49%
238
XOMExxon Mobil Corp.
4,880$567.3B7628.38%
239
SEASeabridge Gold Inc.
37,377$565.1B7599.99%
240
IAU*iShares Gold Trust ETF
13,300$558.7B7513.83%
241
AXPAmerican Express Co.
2,405$547.6B7364.03%
242
U6ZUranium Energy Corp.
80,504$543.4B7307.66%
243
FNVFranco-Nevada Corp.
4,512$537.6B7230.30%
244
KMTUYKomatsu Ltd.
18,137$536.3B7212.30%
245
CTRACoterra Energy Inc.
19,185$534.9B7193.03%
246
WPMWheaton Precious Metals Corp.
11,282$531.7B7150.57%
247
RGLDRoyal Gold Inc.
4,281$521.5B7012.70%
248
HESHess Corp.
3,413$521.0B7005.86%
249
ARAntero Resources Corp.
17,883$518.6B6974.21%
250
MMYTMakeMyTrip Ltd.
7,060$501.6B6745.68%
251
CAECAE Inc.
24,241$500.3B6728.48%
252
PKXPOSCO Holdings Inc.
6,235$488.9B6574.90%
253
DMLDenison Mines Corp.
246,945$481.5B6475.78%
254
WOPWoodside Energy Group Ltd.
23,939$478.1B6428.97%
255
MTRNMaterion Corp.
3,513$462.8B6224.23%
256
GOOGLAlphabet Inc.
2,843$429.1B5770.45%
257
VISTVista Energy S.A.B. de C.V.
10,339$427.8B5753.42%
258
GLNCYGlencore plc
38,401$420.5B5654.75%
259
ABXBarrick Gold Corp.
25,117$417.9B5620.54%
260
BHPBHP Billiton Ltd.
7,224$416.8B5604.48%
261
BACBank of America Corp.
10,789$409.1B5501.82%
262
FMXFomento Economico Mexicano S.A
3,077$400.9B5390.88%
263
RHHBYRoche Holding A.G.
12,463$397.8B5349.86%
264
NEMNewmont Mining Corp.
10,050$360.2B4843.72%
265
MOSMosaic Co.
10,848$352.1B4735.38%
266
AAAlcoa Corp.
10,401$351.4B4726.29%
267
MLB1MercadoLibre Inc.
229$346.2B4656.21%
268
BSMWInvesco BulletShares 2032 Munc
13,011$332.0B4464.40%
269
BSSXInvesco Bulletshares 2033 Muni
12,404$325.5B4377.06%
270
IBMRiShares iBonds Dec 2029 Term M
12,886$325.3B4374.72%
271
BSMUInvesco BulletShares 2030 Muni
14,073$311.3B4186.29%
272
GFIGold Fields Ltd.
19,531$310.3B4173.55%
273
IBMQiShares iBonds Dec 2028 Term M
12,189$308.0B4142.19%
274
GBOOYGrupo Financiero Banorte S.A.B
5,639$302.8B4072.23%
275
CWCurtiss-Wright Corp.
1,160$296.9B3992.57%
276
KBKB Financial Group Inc.
5,515$287.1B3861.52%
277
KOFCoca-Cola Femsa SAB de CV
2,937$285.5B3839.07%
278
ICICI Bank Ltd.
10,793$285.0B3833.25%
279
NVDANVIDIA Corp.
308$278.6B3746.09%
280
UI2Kemper Corp.
4,470$276.8B3722.16%
281
RDYDr Reddy's Laboratories Ltd.
3,730$273.6B3679.30%
282
SQMSociedad Quimica y Minera de C
5,293$260.2B3499.22%
283
LZRFYLocaliza Rent a Car S.A.
22,473$255.5B3436.20%
284
SHGShinhan Financial Group Co. Lt
6,908$245.2B3296.97%
285
TTNDYTechtronic Industries Co. Ltd.
3,462$235.4B3165.17%
286
BWMXBetterware de Mexico SAPI de C
11,170$223.2B3001.28%
287
VLRSControladora Vuela Cia de Avia
28,464$211.2B2840.25%
288
A4SAmeriprise Financial Inc.
480$210.5B2830.14%
289
SAFRYSafran S.A.
3,661$207.4B2789.06%
290
TCEHYTencent Holdings Ltd.
5,310$207.2B2787.08%
291
ARCOArcos Dorados Holdings Inc.
17,263$192.0B2581.54%
292
INFYInfosys Ltd.
10,541$189.0B2541.63%
293
ECEcopetrol S.A.
15,362$181.9B2446.00%
294
ASAIYSendas Distribuidora S.A.
11,598$171.4B2305.22%
295
VALEVale S.A.
13,317$162.3B2183.06%
296
PTAIYPT Astra International Tbk
22,744$149.5B2010.18%
297
PAGSPagseguro Digital Ltd.
10,440$149.1B2004.86%
298
YJ3AJBS S.A.
15,598$132.6B1782.97%
299
PNGAYPing An Insurance Group Co. of
13,287$113.2B1522.38%
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