CONFLUENCE INVESTMENT MANAGEMENT LLC Q2 2025 Filing
Filed July 1, 2025
Portfolio Value
$7.1B
Holdings
287
Report Date
Q2 2025
Filing Type
13F-HR
All Holdings (287 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 101 | IUSViShares Core S&P US Value ETF | 125,563 | $11.9B | 167.89% | |
| 102 | SPYSPDR S&P 500 ETF | 19,222 | $11.9B | 167.80% | |
| 103 | IBMSiShares iBonds Dec 2029 Term T | 531,810 | $11.7B | 164.71% | |
| 104 | JBTJBT Marel Corp. | 94,730 | $11.4B | 160.96% | |
| 105 | IBTHiShares iBonds Dec 2027 Term T | 467,115 | $10.5B | 148.43% | |
| 106 | IBDWiShares iBonds Dec 2031 Term C | 487,502 | $10.3B | 144.93% | |
| 107 | SDYSPDR S&P Dividend ETF | 75,213 | $10.2B | 144.24% | |
| 108 | IBDXiShares iBonds Dec 2032 Term C | 401,503 | $10.2B | 143.44% | |
| 109 | IBMSiShares iBonds Dec 2032 Term T | 428,490 | $9.9B | 139.43% | |
| 110 | IBTIiShares iBonds Dec 2028 Term T | 436,479 | $9.8B | 137.90% | |
| 111 | SHLDGlobal X Defense Tech ETF | 160,759 | $9.7B | 136.85% | |
| 112 | TRIPTripAdvisor Inc. | 654,618 | $8.5B | 120.70% | |
| 113 | XLFISPDR Consumer Staples Select S | 99,157 | $8.0B | 113.44% | |
| 114 | DFNMDimensional National Municipal | 167,895 | $8.0B | 112.52% | |
| 115 | IBDYiShares iBonds Dec 2033 Term C | 307,307 | $8.0B | 112.48% | |
| 116 | IBHGiShares iBonds Dec 2030 Term T | 393,507 | $7.8B | 110.31% | |
| 117 | MAINMain Street Capital Corp. | 129,985 | $7.7B | 108.54% | |
| 118 | PZAPowershares Insured National M | 317,163 | $7.1B | 100.34% | |
| 119 | HTGCHercules Capital Inc. | 383,778 | $7.0B | 99.12% | |
| 120 | IIIVi3 Verticals Inc. | 252,687 | $6.9B | 98.11% | |
| 121 | TSLXSixth Street Specialty Lending | 288,066 | $6.9B | 96.91% | |
| 122 | CNMDCONMED Corp. | 129,012 | $6.7B | 94.93% | |
| 123 | GBDCGolub Capital BDC Inc. | 451,191 | $6.6B | 93.39% | |
| 124 | IBHGiShares iBonds Dec 2031 Term T | 304,901 | $6.3B | 88.31% | |
| 125 | BSMRInvesco BulletShares 2027 Muni | 265,158 | $6.2B | 87.93% | |
| 126 | MUBiShares National Muni Bond ETF | 58,057 | $6.1B | 85.71% | |
| 127 | BXSLBlackstone Secured Lending Fun | 185,700 | $5.7B | 80.68% | |
| 128 | BSSXInvesco Bulletshares 2033 Muni | 214,054 | $5.4B | 75.82% | |
| 129 | BSMUInvesco BulletShares 2030 Muni | 241,752 | $5.2B | 73.44% | |
| 130 | BSMTInvesco BulletShares 2029 Muni | 227,286 | $5.2B | 72.93% | |
| 131 | OBDCBlue Owl Capital Corp. | 311,648 | $4.5B | 63.14% | |
| 132 | MLNVanEck Vectors Long Municipal | 250,578 | $4.2B | 59.80% | |
| 133 | FSKFS KKR Capital Corp. | 197,748 | $4.1B | 57.98% | |
| 134 | TLTiShares 20Plus Year Treasury B | 46,097 | $4.1B | 57.48% | |
| 135 | IBDSiShares iBonds Dec 2027 Term C | 162,767 | $4.0B | 55.82% | |
| 136 | NMFCNew Mountain Finance Corp. | 369,161 | $3.9B | 55.03% | |
| 137 | BBDCBarings BDC Inc. | 422,892 | $3.9B | 54.61% | |
| 138 | HYBBiShares BB Rated Corporate Bon | 79,826 | $3.8B | 53.01% | |
| 139 | BRK-BBerkshire Hathaway Inc. - A | 5 | $3.6B | 51.49% | |
| 140 | RBCRBC Bearings Inc. | 9,286 | $3.6B | 50.49% | |
| 141 | AZEKAzek Co. Inc. | 60,424 | $3.3B | 46.40% | |
| 142 | CVCOCavco Industries Inc. | 7,558 | $3.3B | 46.39% | |
| 143 | STCStewart Information Services C | 48,263 | $3.1B | 44.39% | |
| 144 | SHMSPDR Nuveen Barclays Capital S | 64,652 | $3.1B | 43.69% | |
| 145 | BSMWInvesco BulletShares 2032 Munc | 124,352 | $3.0B | 43.01% | |
| 146 | HAEHaemonetics Corp. | 39,857 | $3.0B | 42.02% | |
| 147 | BSMYInvesco BulletShares 2031 Muni | 139,940 | $2.9B | 40.77% | |
| 148 | HGTYHagerty Inc. | 279,919 | $2.8B | 39.99% | |
| 149 | AIFAltus Group Ltd. | 72,271 | $2.8B | 39.51% | |
| 150 | KNKnowles Corp. | 153,317 | $2.7B | 38.17% | |
| 151 | QQQInvesco BulletShares 2025 Muni | 106,632 | $2.6B | 36.97% | |
| 152 | BSMQInvesco BulletShares 2026 Muni | 110,838 | $2.6B | 36.90% | |
| 153 | BSMYInvesco BulletShares 2028 Muni | 112,298 | $2.6B | 36.86% | |
| 154 | HAYWHayward Holdings Inc. | 183,587 | $2.5B | 35.80% | |
| 155 | RLIRLI Corp. | 34,913 | $2.5B | 35.63% | |
| 156 | IBMQiShares iBonds Dec 2028 Term M | 98,908 | $2.5B | 35.51% | |
| 157 | HTOH2O America | 47,809 | $2.5B | 35.11% | |
| 158 | UFPTUFP Technologies Inc. | 10,024 | $2.4B | 34.58% | |
| 159 | AEMAgnico Eagle Mines Ltd. | 20,390 | $2.4B | 34.26% | |
| 160 | MOVMovado Group Inc. | 152,649 | $2.3B | 32.89% | |
| 161 | CSWCCapital Southwest Corp. | 102,107 | $2.3B | 31.80% | |
| 162 | CNNECannae Holdings Inc. | 104,584 | $2.2B | 30.81% | |
| 163 | TSMTaiwan Semiconductor Manufactu | 9,566 | $2.2B | 30.61% | |
| 164 | ENOVEnovis Corp. | 68,730 | $2.2B | 30.45% | |
| 165 | RNMBYRheinmetall AG | 5,024 | $2.1B | 29.99% | |
| 166 | MFICMidCap Financial Investment Co | 165,155 | $2.1B | 29.45% | |
| 167 | SPBSpectrum Brands Holdings Inc. | 39,278 | $2.1B | 29.41% | |
| 168 | FSPFranklin Street Properties Cor | 1,231,656 | $2.0B | 28.54% | |
| 169 | IBMRiShares iBonds Dec 2029 Term M | 79,369 | $2.0B | 28.29% | |
| 170 | FFC0Oaktree Specialty Lending Corp | 137,042 | $1.9B | 26.45% | |
| 171 | IBMOiShares iBonds Dec 2026 Term M | 72,848 | $1.9B | 26.37% | |
| 172 | GSBDGoldman Sachs BDC Inc. | 164,711 | $1.9B | 26.18% | |
| 173 | MRTNMarten Transport Ltd. | 142,553 | $1.9B | 26.16% | |
| 174 | BCSFBain Capital Specialty Finance | 120,930 | $1.8B | 25.70% | |
| 175 | EPCEdgewell Personal Care Co. | 74,209 | $1.7B | 24.55% | |
| 176 | AOUTAmerican Outdoor Brands Inc. | 156,075 | $1.6B | 23.04% | |
| 177 | MSDLMorgan Stanley Direct Lending | 86,943 | $1.6B | 23.00% | |
| 178 | JJSFJ & J Snack Foods Corp. | 13,854 | $1.6B | 22.20% | |
| 179 | NCDLNuveen Churchill Direct Lendin | 94,589 | $1.5B | 21.64% | |
| 180 | WGOWinnebago Industries Inc. | 50,818 | $1.5B | 20.82% | |
| 181 | SPNSSapiens International Corp. N. | 50,113 | $1.5B | 20.71% | |
| 182 | SDZNYSandoz Group | 26,690 | $1.5B | 20.61% | |
| 183 | SAPSAP S.E. | 4,739 | $1.4B | 20.36% | |
| 184 | SLRCSLR Investment Corp. | 87,560 | $1.4B | 19.97% | |
| 185 | AERAerCap Holdings N.V. | 11,627 | $1.4B | 19.22% | |
| 186 | CYBRCyberArk Software Ltd. | 3,337 | $1.4B | 19.18% | |
| 187 | NTDOYNintendo Co. Ltd. | 56,080 | $1.3B | 19.03% | |
| 188 | MUFGMitsubishi UFJ Financial | 96,217 | $1.3B | 18.65% | |
| 189 | JBSSJohn B Sanfilippo & Son Inc. | 20,749 | $1.3B | 18.54% | |
| 190 | UFPIUFP Industries Inc | 12,686 | $1.3B | 17.81% | |
| 191 | SAFRYSafran S.A. | 15,248 | $1.2B | 17.60% | |
| 192 | ZURVYZurich Insurance Group A.G. | 35,521 | $1.2B | 17.58% | |
| 193 | GLNCYGlencore plc | 154,255 | $1.2B | 16.96% | |
| 194 | —BAE Systems plc | 11,413 | $1.2B | 16.94% | |
| 195 | SONYSony Group Corp. | 44,816 | $1.2B | 16.48% | |
| 196 | —DBS Group Holdings Ltd. | 8,241 | $1.2B | 16.48% | |
| 197 | WPMWheaton Precious Metals Corp. | 12,045 | $1.1B | 15.28% | |
| 198 | MH6ATokio Marine Holdings Inc. | 25,502 | $1.1B | 15.27% | |
| 199 | INGING Groep N.V. | 49,233 | $1.1B | 15.21% | |
| 200 | CCAPCrescent Capital BDC Inc. | 76,061 | $1.1B | 15.15% |