CONFLUENCE INVESTMENT MANAGEMENT LLC Q3 2023 Filing

Filed October 10, 2023

Portfolio Value

$6.5B

Holdings

290

Report Date

Q3 2023

Filing Type

13F-HR

All Holdings (290 positions)

#	Stock	Shares	Value	% Portfolio
1	CCAPCrescent Capital BDC Inc.	67,120	$1.1M	0.02%
2	BCICPortman Ridge Finance Corp.	55,163	$1.1M	0.02%
3	BCSFBain Capital Specialty Finance	67,274	$1.0M	0.02%
4	TSMTaiwan Semiconductor Manufactu	11,464	$996K	0.02%
5	FSKFS KKR Capital Corp.	50,210	$989K	0.02%
6	BBDCBarings BDC Inc.	496,528	$949K	0.01%
7	CYBRCyberArk Software Ltd.	5,793	$949K	0.01%
8	SHELShell plc	14,670	$944K	0.01%
9	TSLXSixth Street Specialty Lending	221,599	$912K	0.01%
10	WMMVYWal-Mart de Mexico S.A.B. de C	24,236	$910K	0.01%
11	JJSFJ & J Snack Foods Corp.	5,558	$910K	0.01%
12	SPBSpectrum Brands Holdings Inc.	175,374	$907K	0.01%
13	DSDVYDSV A.S.	9,604	$896K	0.01%
14	STCStewart Information Services	102,046	$896K	0.01%
15	LRLCYL'Oreal S.A.	10,766	$892K	0.01%
16	CCOCameco Corp.	21,856	$866K	0.01%
17	BROBrown & Brown Inc.	12,389	$865K	0.01%
18	JBTJohn Bean Technologies Corp.	40,084	$860K	0.01%
19	AEMAgnico Eagle Mines Ltd.	18,615	$846K	0.01%
20	WGOWinnebago Industries Inc.	72,220	$845K	0.01%
21	ZURVYZurich Insurance Group A.G.	18,415	$843K	0.01%
22	MORNMorningstar Inc.	74,255	$834K	0.01%
23	RBCRBC Bearings Inc.	21,970	$826K	0.01%
24	WCNWaste Connections Inc.	6,094	$818K	0.01%
25	MGPIMGP Ingredients Inc.	41,770	$817K	0.01%
26	MUFGMitsubishi UFJ Financial	95,194	$808K	0.01%
27	TRINTrinity Capital Inc.	56,867	$792K	0.01%
28	BXSLBlackstone Secured Lending Fun	188,789	$788K	0.01%
29	HTGCHercules Capital Inc.	387,190	$775K	0.01%
30	TTENTotalEnergies S.E.	11,574	$761K	0.01%
31	AZEKAzek Co. Inc.	363,416	$761K	0.01%
32	MRTNMarten Transport Ltd.	192,226	$760K	0.01%
33	KAIKadant Inc.	21,491	$759K	0.01%
34	—DBS Group Holdings Ltd.	7,643	$753K	0.01%
35	HGTYHagerty Inc.	446,838	$749K	0.01%
36	FFC0Oaktree Specialty Lending Corp	37,201	$748K	0.01%
37	IIIVi3 Verticals Inc.	175,515	$748K	0.01%
38	—BlackRock TCP Capital Corp.	395,224	$742K	0.01%
39	EPCEdgewell Personal Care Co.	112,369	$742K	0.01%
40	JBSSJohn B Sanfilippo & Son Inc.	7,509	$742K	0.01%
41	WTWWillis Towers Watson plc	3,537	$739K	0.01%
42	GSBDGoldman Sachs BDC Inc.	185,709	$738K	0.01%
43	MAINMain Street Capital Corp.	129,166	$738K	0.01%
44	HLNHaleon plc	85,726	$714K	0.01%
45	GTESGates Industrial Corp. plc	1,426,754	$713K	0.01%
46	CVCOCavco Industries Inc.	14,300	$710K	0.01%
47	AERAerCap Holdings N.V.	11,281	$707K	0.01%
48	SONYSony Group Corp.	8,531	$703K	0.01%
49	HAYWHayward Holdings Inc.	330,627	$701K	0.01%
50	NWNNorthwest Natural Holding Co.	78,078	$699K	0.01%
51	PRFTUSDPerficient Inc.	60,645	$695K	0.01%
52	ALNTAllient Inc	113,188	$693K	0.01%
53	MOVMovado Group Inc.	139,903	$688K	0.01%
54	LVMUYLVMH Moet Hennessy Louis Vuitt	4,528	$684K	0.01%
55	CLBCore Laboratories N.V.	168,826	$681K	0.01%
56	OBDCBlue Owl Capital Corp.	198,903	$677K	0.01%
57	INGING Groep N.V.	50,914	$671K	0.01%
58	BNPQYBNP Paribas S.A.	20,903	$664K	0.01%
59	PKXPOSCO Holdings Inc.	6,421	$658K	0.01%
60	ECVTEcovyst Inc.	351,936	$652K	0.01%
61	HTOSJW Group	66,453	$632K	0.01%
62	BWINBRP Group Inc.	146,781	$630K	0.01%
63	SAPSAP S.E.	4,749	$614K	0.01%
64	NMFCNew Mountain Finance Corp.	375,382	$614K	0.01%
65	WOPWoodside Energy Group Ltd.	26,308	$613K	0.01%
66	SLRCSLR Investment Corp.	199,522	$593K	0.01%
67	COPConocoPhillips	4,906	$588K	0.01%
68	CSWCCapital Southwest Corp.	96,395	$582K	0.01%
69	APTVAptiv plc	5,864	$578K	0.01%
70	BACBank of America Corp.	20,789	$569K	0.01%
71	CAECAE Inc.	24,074	$562K	0.01%
72	XOMExxon Mobil Corp.	4,702	$553K	0.01%
73	EXEChesapeake Energy Corp.	6,361	$549K	0.01%
74	MITSYMitsui & Co. Ltd.	748	$543K	0.01%
75	SWN1EURSouthwestern Energy Co.	84,131	$543K	0.01%
76	AOUTAmerican Outdoor Brands Inc.	336,343	$539K	0.01%
77	SCCOSouthern Copper Corp.	7,140	$538K	0.01%
78	VISTVista Energy S.A.B. de C.V.	17,589	$535K	0.01%
79	FANGDiamondback Energy Inc.	3,450	$534K	0.01%
80	NTDOYNintendo Co. Ltd.	50,267	$520K	0.01%
81	CNNECannae Holdings Inc.	159,514	$520K	0.01%
82	SMCAYSMC Corp.	22,907	$516K	0.01%
83	SHOPShopify Inc.	9,325	$509K	0.01%
84	KMTUYKomatsu Ltd.	18,801	$507K	0.01%
85	HESHess Corp.	3,213	$492K	0.01%
86	CTRACoterra Energy Inc.	17,958	$486K	0.01%
87	LZAGYLonza Group	10,365	$479K	0.01%
88	PXDEURPioneer Natural Resources Co.	2,070	$475K	0.01%
89	IAU*iShares Gold Trust ETF	12,573	$440K	0.01%
90	WPMWheaton Precious Metals Corp.	10,787	$437K	0.01%
91	ETNEaton Corp. plc	2,031	$433K	0.01%
92	RGLDRoyal Gold Inc.	4,049	$431K	0.01%
93	FCXFreeport-McMoRan Inc.	11,410	$425K	0.01%
94	RHHBYRoche Holding A.G.	12,211	$414K	0.01%
95	U6ZUranium Energy Corp.	80,432	$414K	0.01%
96	ARAntero Resources Corp.	16,258	$413K	0.01%
97	GLNCYGlencore plc	35,508	$405K	0.01%
98	DMLDenison Mines Corp.	241,748	$399K	0.01%
99	MMYTMakeMyTrip Ltd.	9,772	$396K	0.01%
100	—Antofagasta PLC ADR	22,312	$387K	0.01%

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