CONFLUENCE INVESTMENT MANAGEMENT LLC Q2 2017 Filing

Filed July 11, 2017

Portfolio Value

$4.9T

Holdings

238

Report Date

Q2 2017

Filing Type

13F-HR

All Holdings (238 positions)

#StockSharesValue% PortfolioType
101
ROSTRoss Stores
174,162$10.1B0.20%
102
GWWW.W. Grainger Inc.
53,589$9.7B0.20%
103
IJKS&P MidCap 400 Growth Index Fu
48,898$9.6B0.20%
104
TPVGTriplePoint Venture Growth BDC
718,570$9.6B0.19%
105
TFISPDR Nuveen Barclays Capital M
190,598$9.3B0.19%
106
MLNVanEck Vectors Long Municipal
451,967$9.0B0.18%
107
Triangle Capital Corp.
508,448$9.0B0.18%
108
iShares Corporate ex Financial
361,003$8.9B0.18%
109
HTGCHercules Technology Growth Cap
615,874$8.2B0.17%
110
IYFDow Jones US Financial Sector
75,687$8.1B0.17%
111
TSLXUSDTPG Specialty Lending, Inc.
384,281$7.9B0.16%
112
CYS Investments Inc
911,826$7.7B0.16%
113
iShares iBonds Dec 2022 AMT-F
284,819$7.4B0.15%
114
REZiShares Residential Real Estat
113,755$7.4B0.15%
115
IGIBiShares Interm. Term Corporate
66,141$7.3B0.15%
116
SCMStellus Capital Investment
511,858$7.0B0.14%
117
DFINDonnelley Financial Solutions
305,275$7.0B0.14%
118
PNNTPennantPark Investment Corp.
929,249$6.9B0.14%
119
XLVHealth Care Select Sector - SP
85,953$6.8B0.14%
120
Black Knight Financial Service
165,185$6.8B0.14%
121
OFSOFS Capital Corp.
449,531$6.4B0.13%
122
VAREURVarian Medical Systems Inc.
61,061$6.3B0.13%
123
iShares iBonds Dec 2021 AMT-Fr
238,054$6.1B0.12%
124
FSICUSDFS Investment Corp.
669,019$6.1B0.12%
125
IWPRussell Midcap Growth Index Fu
55,574$6.0B0.12%
126
XLIIndustrial Select Sector - SPD
87,946$6.0B0.12%
127
XLYConsumer Discret Select Sector
64,212$5.8B0.12%
128
NLYEURAnnaly Capital Management Inc.
461,902$5.6B0.11%
129
Guggenheim BulletShares Invest
253,900$5.4B0.11%
130
Guggenheim BulletShares Invest
250,790$5.4B0.11%
131
Guggenheim BulletShares Invest
252,804$5.4B0.11%
132
Guggenheim BulletShares Corpor
252,192$5.4B0.11%
133
Guggenheim BulletShares Corpor
251,830$5.4B0.11%
134
IWSRussell MidCap Value Index Fun
62,767$5.3B0.11%
135
MUBiShares National AMT-Free Muni
43,053$4.7B0.10%
136
MAINMain Street Capital Corp.
119,848$4.6B0.09%
137
Raven Industries Inc.
132,866$4.4B0.09%
138
MOVMovado Group Inc.
174,914$4.4B0.09%
139
iShares iBonds Sep 2020 Amt Fr
166,691$4.3B0.09%
140
THRThermon Group Holdings Inc.
220,906$4.2B0.09%
141
VCA Antech Inc.
45,623$4.2B0.09%
142
FWRDUSDForward Air Corp.
76,281$4.1B0.08%
143
IWNRussell 2000 Value Index - iSh
34,063$4.0B0.08%
144
IPHSEURInnophos Holdings Inc
90,323$4.0B0.08%
145
Halyard Health Inc.
100,123$3.9B0.08%
146
VBTXVeritex Holdings
143,389$3.8B0.08%
147
MCCUSDMedley Capital Corp.
587,221$3.8B0.08%
148
IJTS&P SmallCap 600 Growth Index
23,598$3.7B0.07%
149
TECHTechne Corp.
30,820$3.6B0.07%
150
SPYS&P 500 - SPDR
14,841$3.6B0.07%
151
Monotype Imaging Holdings Inc.
194,481$3.6B0.07%
152
Apollo Investment Corp.
551,102$3.5B0.07%
153
HLTHilton Worldwide Holdings Inc.
56,107$3.5B0.07%
154
SAMThe Boston Beer Company Inc.
26,083$3.4B0.07%
155
PTBPotbelly Corp.
299,396$3.4B0.07%
156
GSBDGoldman Sachs BDC Inc.
150,692$3.4B0.07%
157
FELEFranklin Electric Co. Inc.
81,145$3.4B0.07%
158
BMRCBank of Marin (CA)
54,008$3.3B0.07%
159
LQDiShares iBoxx Corporate Bond E
26,962$3.2B0.07%
160
GOOGLAlphabet Inc. - Class A
3,383$3.1B0.06%
161
OneBeacon Insurance Group Ltd.
171,526$3.1B0.06%
162
XLFIConsumer Staples Select Sector
55,054$3.0B0.06%
163
Guggenheim BulletShares Invest
145,307$3.0B0.06%
164
iShares iBonds Sep 2019 Amt Fr
117,100$3.0B0.06%
165
IWORussell 2000 Growth Index - iS
17,545$3.0B0.06%
166
XLEEnergy Select Sector - SPDR
44,982$2.9B0.06%
167
Alcentra Capital Corporation
209,528$2.8B0.06%
168
CULPCulp Inc.
87,199$2.8B0.06%
169
IGLBiShares 10 Plus Year Credit Bond E
45,334$2.8B0.06%
170
JBTJohn Bean Technologies Corp.
28,264$2.8B0.06%
171
EXPOExponent Inc.
47,379$2.8B0.06%
172
Snyder's-Lance Inc.
79,816$2.8B0.06%
173
VCLTVanguard Long Term Corporate B
28,980$2.7B0.05%
174
IDUDow Jones US Utilities - iShar
20,666$2.7B0.05%
175
HYGHigh Yield Corporate Bond Fund
30,053$2.7B0.05%
176
STTBarclays Capital High Yield Bo
70,855$2.6B0.05%
177
PFLTPennantPark Floating Rate Capi
177,720$2.5B0.05%
178
IJSS&P SmallCap 600 Value Index F
17,318$2.4B0.05%
179
RBCRBC Bearings Incorporated
23,196$2.4B0.05%
180
CM Finance Inc.
230,259$2.3B0.05%
181
HAEHaemonetics Corporation
54,092$2.1B0.04%
182
Capitala Finance Corp.
163,980$2.1B0.04%
183
Solar Senior Capital Ltd.
83,542$1.4B0.03%
184
XLBMaterials Select Sector - SPDR
23,912$1.3B0.03%
185
BRK-BBerkshire Hathaway Inc. - Clas
5$1.3B0.03%
186
ITGartner Inc
9,864$1.2B0.02%
187
KCAP Financial Inc
340,472$1.2B0.02%
188
Capstead Mortgage Corp.
110,509$1.2B0.02%
189
IAUUSDiShares Gold Trust
88,786$1.1B0.02%
190
Dow Chemical
14,801$933.0M0.02%
191
VNQREIT Index - Vanguard
10,687$889.0M0.02%
192
IVVS&P 500 Index Fund - iShares
3,157$769.0M0.02%
193
IGSBiShares Barclays 1-3 Year Inve
6,776$714.0M0.01%
194
JPMJP Morgan Chase & Company
7,310$668.0M0.01%
195
FSPFranklin Street Properties Cor
60,000$665.0M0.01%
196
VVisa, Inc. - A
7,095$665.0M0.01%
197
DLNWisdomTree LargeCap Dividend F
7,704$648.0M0.01%
198
IVES&P 500 Value Index - iShares
5,837$613.0M0.01%
199
VREXVarex Imaging Corp
16,989$574.0M0.01%
200
IVWS&P 500 Growth Index - iShares
3,915$536.0M0.01%
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