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 |
|---|---|---|---|---|---|
| 201 | CNRCore Natural Resources Inc. | 15,124 | $1.1B | 14.90% | |
| 202 | WTWWillis Towers Watson plc | 3,388 | $1.0B | 14.67% | |
| 203 | CHGCYChugai Pharms Co. Ltd. | 39,539 | $1.0B | 14.56% | |
| 204 | HYMBSPDR Nuveen S&P High Yield Mun | 41,157 | $1.0B | 14.41% | |
| 205 | IBMPiShares iBonds Dec 2027 Term M | 39,817 | $1.0B | 14.26% | |
| 206 | SHELShell plc | 13,989 | $985.0M | 13.92% | |
| 207 | BNPQYBNP Paribas S.A. | 21,556 | $973.0M | 13.75% | |
| 208 | SHOPShopify Inc. | 8,366 | $965.0M | 13.64% | |
| 209 | ASMLASML Holding N.V. | 1,179 | $944.8M | 13.35% | |
| 210 | TTNDYTechtronic Industries Co. Ltd. | 17,014 | $940.7M | 13.29% | |
| 211 | ACNAccenture plc | 3,118 | $931.9M | 13.17% | |
| 212 | FNVFranco-Nevada Corp. | 5,642 | $924.8M | 13.07% | |
| 213 | ITOCYITOCHU Corp. | 8,636 | $904.4M | 12.78% | |
| 214 | LRLCYL'Oreal S.A. | 10,550 | $902.1M | 12.75% | |
| 215 | IAU*iShares Gold Trust ETF | 14,403 | $898.2M | 12.69% | |
| 216 | IWNiShares Russell 2000 Value ETF | 5,615 | $885.8M | 12.52% | |
| 217 | HLNHaleon plc | 84,413 | $875.4M | 12.37% | |
| 218 | KBDCKayne Anderson BDC | 56,100 | $856.1M | 12.10% | |
| 219 | RGLDRoyal Gold Inc. | 4,812 | $855.8M | 12.09% | |
| 220 | ULUnilever plc | 13,733 | $840.1M | 11.87% | |
| 221 | PPLTAberdeen Standard Physical Pla | 6,783 | $833.4M | 11.78% | |
| 222 | TRINTrinity Capital Inc. | 59,052 | $830.9M | 11.74% | |
| 223 | EXEExpand Energy Corp. | 7,015 | $820.3M | 11.59% | |
| 224 | WMMVYWal-Mart de Mexico S.A.B. de C | 23,760 | $791.4M | 11.18% | |
| 225 | ARAntero Resources Corp. | 19,577 | $788.6M | 11.14% | |
| 226 | NVONovo Nordisk A.S. | 11,376 | $785.2M | 11.09% | |
| 227 | TTENTotalEnergies S.E. | 12,695 | $779.3M | 11.01% | |
| 228 | AXPAmerican Express Co. | 2,400 | $765.6M | 10.82% | |
| 229 | NEMNewmont Mining Corp. | 12,627 | $735.6M | 10.39% | |
| 230 | SLViShares Silver Trust ETF | 22,387 | $734.5M | 10.38% | |
| 231 | AGIAlamos Gold Inc. | 26,989 | $716.8M | 10.13% | |
| 232 | —Antofagasta plc | 27,694 | $711.2M | 10.05% | |
| 233 | VMCVulcan Materials Co. | 2,682 | $699.5M | 9.88% | |
| 234 | MITSYMitsui & Co. Ltd. | 1,706 | $694.3M | 9.81% | |
| 235 | XOMExxon Mobil Corp. | 6,197 | $668.1M | 9.44% | |
| 236 | KMTUYKomatsu Ltd. | 19,462 | $642.2M | 9.07% | |
| 237 | FCXFreeport-McMoRan Inc. | 14,797 | $641.5M | 9.06% | |
| 238 | RHHBYRoche Holding A.G. | 15,225 | $620.6M | 8.77% | |
| 239 | SCCOSouthern Copper Corp. | 5,982 | $605.2M | 8.55% | |
| 240 | ICLRICON plc | 4,132 | $601.0M | 8.49% | |
| 241 | CTRACoterra Energy Inc. | 23,598 | $598.9M | 8.46% | |
| 242 | CWCurtiss-Wright Corp. | 1,160 | $566.7M | 8.01% | |
| 243 | IWDiShares Russell 1000 Value ETF | 2,903 | $563.9M | 7.97% | |
| 244 | JJSFJ & J Snack Foods Corp. | 4,804 | $544.8M | 7.70% | |
| 245 | MMYTMakeMyTrip Ltd. | 5,469 | $536.1M | 7.57% | |
| 246 | CCOCameco Corp. | 6,945 | $515.5M | 7.28% | |
| 247 | LVMUYLVMH Moet Hennessy Louis Vuitt | 4,884 | $513.1M | 7.25% | |
| 248 | JBSSJohn B Sanfilippo & Son Inc. | 8,052 | $509.2M | 7.19% | |
| 249 | MLB1MercadoLibre Inc. | 190 | $496.6M | 7.02% | |
| 250 | DMLDenison Mines Corp. | 266,880 | $485.7M | 6.86% | |
| 251 | NXENexGen Energy Ltd | 69,649 | $483.4M | 6.83% | |
| 252 | U6ZUranium Energy Corp. | 69,974 | $475.8M | 6.72% | |
| 253 | LUGLundin Gold Inc. | 8,838 | $465.9M | 6.58% | |
| 254 | VISTVista Energy S.A.B. de C.V. | 8,588 | $410.6M | 5.80% | |
| 255 | KBKB Financial Group Inc. | 4,732 | $390.8M | 5.52% | |
| 256 | GFIGold Fields Ltd. | 16,037 | $379.6M | 5.36% | |
| 257 | —ICICI Bank Ltd. | 10,939 | $368.0M | 5.20% | |
| 258 | IAUiShares iBonds Dec 2025 Term M | 11,583 | $310.0M | 4.38% | |
| 259 | PSBDPalmer Square Capital BDC Inc. | 21,698 | $302.9M | 4.28% | |
| 260 | BSMYInvesco BulletShares 2034 Muni | 12,577 | $298.3M | 4.21% | |
| 261 | NBISNebius Group N.V. | 5,230 | $289.4M | 4.09% | |
| 262 | UI2Kemper Corp. | 4,470 | $288.5M | 4.08% | |
| 263 | FMXFomento Economico Mexicano S.A | 2,714 | $279.5M | 3.95% | |
| 264 | TCEHYTencent Holdings Ltd. | 4,325 | $279.0M | 3.94% | |
| 265 | SHGShinhan Financial Group Co. Lt | 5,869 | $265.2M | 3.75% | |
| 266 | BCICPortman Ridge Finance Corp. | 20,934 | $262.1M | 3.70% | |
| 267 | A4SAmeriprise Financial Inc. | 480 | $256.2M | 3.62% | |
| 268 | KOFCoca-Cola Femsa S.A.B. de C.V. | 2,623 | $253.7M | 3.58% | |
| 269 | GQ9SPDR Gold Shares ETF | 795 | $242.3M | 3.42% | |
| 270 | BABAAlibaba Group Holding Ltd. | 2,091 | $237.1M | 3.35% | |
| 271 | RDYDr Reddy's Laboratories Ltd. | 15,385 | $231.2M | 3.27% | |
| 272 | GBOOYGrupo Financiero Banorte S.A.B | 4,914 | $225.1M | 3.18% | |
| 273 | HDBHDFC Bank Ltd. | 2,884 | $221.1M | 3.12% | |
| 274 | COSTCostco Wholesale Corp. | 221 | $218.8M | 3.09% | |
| 275 | JPMJPMorgan Chase & Co. | 725 | $210.2M | 2.97% | |
| 276 | VVisa Inc. | 590 | $209.5M | 2.96% | |
| 277 | HKXCYHong Kong Exchanges and Cleari | 3,862 | $208.0M | 2.94% | |
| 278 | BAPCredicorp Ltd. | 898 | $200.7M | 2.84% | |
| 279 | ASXASE Technology Holding Co. Ltd | 18,063 | $186.6M | 2.64% | |
| 280 | JBSJBS N.V. | 12,526 | $183.0M | 2.59% | |
| 281 | MSIFMSC Income Fund | 10,602 | $174.2M | 2.46% | |
| 282 | RWAYRunway Growth Finance Corp | 16,158 | $173.4M | 2.45% | |
| 283 | PNNTPennantPark Investment Corp. | 24,623 | $168.4M | 2.38% | |
| 284 | SPGIS&P Global Inc. | 293 | $154.4M | 2.18% | |
| 285 | LOWLowe's Co. Inc. | 585 | $129.9M | 1.84% | |
| 286 | VLRSControladora Vuela Cia de Avia | 25,310 | $120.2M | 1.70% | |
| 287 | ASAIYSendas Distribuidora S.A. | 11,456 | $118.3M | 1.67% | |
| 288 | ARCOArcos Dorados Holdings Inc. | 14,753 | $116.4M | 1.64% | |
| 289 | ECEcopetrol S.A. | 12,947 | $114.6M | 1.62% | |
| 290 | VALEVale S.A. | 11,679 | $113.4M | 1.60% | |
| 291 | PTAIYPT Astra International Tbk | 19,595 | $107.7M | 1.52% | |
| 292 | JJSFJ & J Snack Foods Corp. | 693 | $78.6M | 1.11% | |
| 293 | BROBrown & Brown Inc. | 678 | $75.1M | 1.06% | |
| 294 | JBSSJohn B Sanfilippo & Son Inc. | 1,091 | $69.0M | 0.97% | |
| 295 | —SPDR Portfolio S&P 500 Value E | 521 | $27.3M | 0.39% | |
| 296 | MDYVSPDR S&P 400 Mid Cap Value ETF | 258 | $20.5M | 0.29% | |
| 297 | REGLProShares S&P MidCap 400 Divid | 250 | $20.4M | 0.29% | |
| 298 | SPYGSPDR Portfolio S&P 500 Growth | 210 | $20.0M | 0.28% | |
| 299 | MDYGSPDR S&P 400 Mid Cap Growth ET | 174 | $15.1M | 0.21% | |
| 300 | SDYSPDR S&P Dividend ETF | 57 | $7.7M | 0.11% |
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