CONFLUENCE INVESTMENT MANAGEMENT LLC Q4 2016 Filing

Filed February 14, 2017

Portfolio Value

$4.1T

Holdings

235

Report Date

Q4 2016

Filing Type

13F-HR

All Holdings (235 positions)

#StockSharesValue% PortfolioType
101
Guggenheim BulletShares Corpor
449,584$9.2B0.22%
102
TPVGTriplepoint Venture Growth BDC
749,703$8.8B0.21%
103
MLNVanEck Vectors Long Municipal
454,232$8.8B0.21%
104
Triangle Capital Corp
476,784$8.7B0.21%
105
TFISPDR Nuveen Barclays Capital M
178,269$8.5B0.21%
106
iShares Corporate ex Financial
326,547$8.0B0.20%
107
FSICUSDFS Investment Corp.
777,470$8.0B0.19%
108
IJJS&P MidCap 400 Value Index Fun
51,787$7.5B0.18%
109
TSLXUSDTPG Specialty Lending Inc Com
398,487$7.4B0.18%
110
PDCOEURPatterson Companies Inc.
180,224$7.4B0.18%
111
PNNTPennantPark Investment Corp.
886,750$6.8B0.16%
112
iShares iBonds Dec 2022 AMT-F
258,420$6.5B0.16%
113
IGIBiShares Interm. Term Corporate
59,846$6.5B0.16%
114
IYWDow Jones US Technology - iSha
53,159$6.4B0.16%
115
CYS Investments Inc
774,326$6.0B0.15%
116
IWNRussell 2000 Value Index - iSh
47,882$5.7B0.14%
117
IJKS&P MidCap 400 Growth Index Fu
30,794$5.6B0.14%
118
Black Knight Financial Service
143,864$5.4B0.13%
119
iShares iBonds Dec 2021 AMT-Fr
212,428$5.4B0.13%
120
SCMStellus Capital Investment
434,436$5.2B0.13%
121
OFSOFS Capital Corp.
379,833$5.2B0.13%
122
IWPRussell Midcap Growth Index Fu
49,404$4.8B0.12%
123
Guggenheim BulletShares Corpor
226,807$4.8B0.12%
124
Guggenheim BulletShares Corpor
227,093$4.8B0.12%
125
Guggenheim BulletShares Corpor
226,276$4.8B0.12%
126
Guggenheim BulletShares Invest
229,056$4.8B0.12%
127
IWORussell 2000 Growth Index - iS
31,098$4.8B0.12%
128
Guggenheim BulletShares Invest
227,859$4.8B0.12%
129
MAINMain Street Capital Corp.
126,288$4.6B0.11%
130
IJTS&P SmallCap 600 Growth Index
29,515$4.4B0.11%
131
MCCUSDMedley Capital Corp.
587,221$4.4B0.11%
132
HLTHilton Worldwide Holdings Inc
156,690$4.3B0.10%
133
VAREURVarian Medical Systems Inc.
45,907$4.1B0.10%
134
NLYEURAnnaly Capital Management Inc.
411,902$4.1B0.10%
135
MUBiShares National AMT-Free Muni
37,135$4.0B0.10%
136
IUSViShares Core US Values - ETF
81,099$4.0B0.10%
137
VWOVanguard MSCI Emerging Markets
109,433$3.9B0.10%
138
iShares iBonds Sep 2020 Amt Fr
154,328$3.9B0.09%
139
XLYConsumer Discret Select Sector
47,270$3.8B0.09%
140
VCLTVanguard Long Term Corporate B
42,247$3.8B0.09%
141
XLVHealth Care Select Sector - SP
51,456$3.5B0.09%
142
VCA Antech Inc.
51,359$3.5B0.09%
143
BMRCBank of Marin (CA)
48,631$3.4B0.08%
144
VNQREIT Index - Vanguard
39,547$3.3B0.08%
145
XLIIndustrial Select Sector - SPD
52,075$3.2B0.08%
146
GSBDGoldman Sachs BDC Inc.
137,638$3.2B0.08%
147
Apollo Investment Corp.
551,102$3.2B0.08%
148
MLIMueller Industries Inc.
77,447$3.1B0.08%
149
Raven Industries Inc
120,606$3.0B0.07%
150
SPYS&P 500 - SPDR
13,378$3.0B0.07%
151
Snyders-Lance Inc
77,847$3.0B0.07%
152
Corporate Executive Board Co.
47,780$2.9B0.07%
153
GOOGLAlphabet Inc. Class - A
3,609$2.9B0.07%
154
IGLBiShares 10 Year Credit Bond
47,662$2.8B0.07%
155
Natus Medical Inc
80,164$2.8B0.07%
156
iShares iBonds Sep 2019 Amt Fr
107,917$2.7B0.07%
157
Halyard Health Inc
73,647$2.7B0.07%
158
Onebeacon Insurance Group Ltd
169,630$2.7B0.07%
159
GOODGladstone Commercial Corp.
133,376$2.7B0.07%
160
Monotype Imaging Holdings Inc
134,056$2.7B0.06%
161
PTBPotbelly Corp
201,078$2.6B0.06%
162
FWRDUSDForward Air Corp.
54,751$2.6B0.06%
163
LQDiShares iBoxx Corporate Bond E
21,997$2.6B0.06%
164
GQ9Gold Shares - SPDR
23,501$2.6B0.06%
165
XLEEnergy Select Sector - SPDR
33,847$2.5B0.06%
166
IYFDow Jones US Financial Sector
24,617$2.5B0.06%
167
Guggenheim BulletShares Invest
122,813$2.5B0.06%
168
XLFIConsumer Staples Select Sector
47,140$2.4B0.06%
169
EXPOExponent Inc.
39,765$2.4B0.06%
170
JBTJohn Bean Technologies Corp.
27,538$2.4B0.06%
171
IJSS&P SmallCap 600 Value Index F
16,646$2.3B0.06%
172
THRThermon Group Holdings Inc
121,651$2.3B0.06%
173
REZiShares Residential Real Estat
37,255$2.3B0.06%
174
Alcentra Capital Corporation
191,932$2.3B0.06%
175
TECHTechne Corp.
22,090$2.3B0.06%
176
FELEFranklin Electric Co. Inc.
57,804$2.2B0.05%
177
HAEHaemonetics Corporation
55,547$2.2B0.05%
178
CM Finance Inc
239,457$2.2B0.05%
179
PFLTPennantPark Floating Rate Capi
155,556$2.2B0.05%
180
VBKSmall Cap Growth - Vanguard ET
12,731$1.7B0.04%
181
RBCRBC Bearings Incorporated
17,523$1.6B0.04%
182
CODICompass Diversified Holdings
88,200$1.6B0.04%
183
CULPCulp Inc.
41,560$1.5B0.04%
184
SAMBoston Beer Co Inc/The
8,747$1.5B0.04%
185
Solar Senior Capital Ltd.
89,022$1.5B0.04%
186
KCAP Financial Inc
340,472$1.4B0.03%
187
BKCCUSDBlackRock Kelso Capital Corp.
180,701$1.3B0.03%
188
BRK-BBerkshire Hathaway Inc. - Clas
5$1.2B0.03%
189
GAINGladstone Investment Corp.
142,533$1.2B0.03%
190
IVVS&P 500 Index Fund - iShares
5,147$1.2B0.03%
191
Capstead Mortgage Corp.
110,509$1.1B0.03%
192
Capitala Finance Corp
85,495$1.1B0.03%
193
IAUUSDGold Trust - iShares
93,330$1.0B0.03%
194
DLNWisdomTree LargeCap Dividend F
11,789$942.0M0.02%
195
XLBMaterials Select Sector - SPDR
18,706$930.0M0.02%
196
FSPFranklin Street Properties Cor
60,000$778.0M0.02%
197
Market Vectors Int Muni Index
32,098$744.0M0.02%
198
IGSBiShares Barclays 1-3 Year Inve
5,375$564.0M0.01%
199
VTIVanguard Total Stock Market
4,531$523.0M0.01%
200
IDV*Dow Jones U.S. Select Dividend
16,934$501.0M0.01%
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