CONFLUENCE INVESTMENT MANAGEMENT LLC Q4 2021 Filing

Filed January 4, 2022

Portfolio Value

$7.5B

Holdings

306

Report Date

Q4 2021

Filing Type

13F-HR

All Holdings (306 positions)

#	Stock	Shares	Value	% Portfolio
101	IBDTiShares iBonds Dec 2028 Term C	494,300	$14.0B	185.70%
102	KDPKeurig Dr Pepper Incorporated	376,281	$13.9B	184.16%
103	HXGBYHexagon AB	826,789	$13.1B	174.21%
104	HCSGHealthcare Services Group	725,686	$12.9B	171.41%
105	DDDupont De Nemurs Incorporated	159,630	$12.9B	171.21%
106	VNTVontier Corporation	405,628	$12.5B	165.50%
107	IBTEiShares iBonds Dec 2024 Term T	488,200	$12.4B	164.93%
108	IBTIiShares iBonds Dec 2028 Term T	459,372	$11.6B	153.39%
109	IBDSiShares iBonds Dec 2027 Term C	434,689	$11.5B	153.29%
110	TLTiShares 20Plus Year Treasury B	65,791	$9.8B	129.45%
111	BSMYInvesco BulletShares 2025 Corp	439,938	$9.6B	127.93%
112	IBMSiShares iBonds Dec 2029 Term T	370,371	$9.3B	123.45%
113	AQLTiShares iBonds Dec 2025 Term T	364,997	$9.3B	122.83%
114	IBDUiShares iBonds Dec 2029 Term C	349,166	$9.2B	122.04%
115	IBTGiShares iBonds Dec 2026 Term T	363,340	$9.2B	121.77%
116	FWRDUSDForward Air Corporation	71,607	$8.7B	115.13%
117	VBTXVeritex Holdings	207,352	$8.2B	109.52%
118	IBDPiShares iBonds Dec 2024 Term C	312,563	$8.1B	107.61%
119	JBTJohn Bean Technologies Corpora	52,330	$8.0B	106.70%
120	—iShares iBonds Dec 2022 Term T	316,170	$8.0B	106.64%
121	MDYGSPDR S&P 400 Mid Cap Growth ET	96,895	$7.9B	104.89%
122	MOVMovado Group Incorporated	188,425	$7.9B	104.64%
123	ALNTAllied Motion Technologies Inc	212,334	$7.7B	102.87%
124	WGOWinnebago Industries Incorpora	102,170	$7.7B	101.62%
125	SPYSPDR S&P 500 ETF	16,023	$7.6B	101.04%
126	GOODGladstone Commercial Corporati	291,316	$7.5B	99.67%
127	MRTNMarten Transport Limited	435,677	$7.5B	99.26%
128	KAIKadant Incorporated	32,409	$7.5B	99.18%
129	RBCRBC Bearings Incorporated	36,786	$7.4B	98.64%
130	HTOSJW Group	101,181	$7.4B	98.34%
131	EPCEdgewell Personal Care Company	161,667	$7.4B	98.12%
132	HTGCHercules Technology Growth Cap	412,970	$6.9B	90.96%
133	IBMQiShares iBonds Dec 2028 Term M	246,489	$6.7B	89.17%
134	IUSViShares Core S&P US Value ETF	87,821	$6.7B	89.01%
135	MAINMain Street Capital Corporatio	140,996	$6.3B	83.98%
136	EWUiShares MSCI United Kingdom ET	186,144	$6.2B	81.91%
137	FAROFaro Technologies Incorporated	86,836	$6.1B	80.74%
138	—TCP Capital Corporation	420,196	$5.7B	75.38%
139	BMRCBank of Marin (CA)	151,589	$5.6B	74.94%
140	AQLTiShares iBonds Dec 2024 Term M	209,740	$5.6B	74.67%
141	IBMPiShares iBonds Dec 2027 Term M	204,005	$5.5B	73.24%
142	NMFCNew Mountain Finance Corporati	401,550	$5.5B	73.05%
143	JJSFJ & J Snack Foods Corporation	34,808	$5.5B	73.00%
144	NWNNorthwest Natural Holding Comp	112,079	$5.5B	72.59%
145	CLBCore Laboratories NV	241,239	$5.4B	71.46%
146	THRThermon Group Holdings Incorpo	312,429	$5.3B	70.24%
147	IIIVI3 Verticals Incorporated	231,855	$5.3B	70.16%
148	BBDCBarings BDC Incorporated	461,477	$5.1B	67.53%
149	GBDCGolub Capital BDC Incorporated	326,343	$5.0B	66.90%
150	PNNTPennantPark Investment Corpora	720,661	$5.0B	66.31%
151	TSLXSixth Street Specialty Lending	209,276	$4.9B	64.99%
152	XLFSPDR Financial Select Sector E	121,888	$4.8B	63.20%
153	SLRCSolar Capital Limited	257,588	$4.7B	63.03%
154	AOUTAmerican Outdoor Brands Incorp	237,906	$4.7B	62.96%
155	IBMOiShares iBonds Dec 2026 Term M	174,386	$4.7B	62.23%
156	XLBSPDR Materials Select Sector E	51,372	$4.7B	61.81%
157	SCMStellus Capital Investment	350,420	$4.6B	60.58%
158	PDBCInvesco Optimum Yield Diversif	322,305	$4.5B	60.17%
159	XLISPDR Industrial Select Sector	42,348	$4.5B	59.50%
160	—Neenah Paper Incorporated	95,734	$4.4B	58.83%
161	—Natus Medical Incorporated	184,600	$4.4B	58.15%
162	XHBSPDR S&P Homebuilders ETF	50,555	$4.3B	57.58%
163	AQLTiShares iBonds Dec 2023 Term T	167,254	$4.3B	56.61%
164	RVNUxTrackers Municipal Infrastruc	145,368	$4.3B	56.47%
165	IAUiShares iBonds Dec 2025 Term M	151,865	$4.2B	56.18%
166	AQLTiShares iBonds Dec 2023 Term M	162,987	$4.2B	56.08%
167	OFSOFS Capital Corporation	381,358	$4.2B	55.19%
168	PRFTUSDPerficient Incorporated	31,590	$4.1B	54.24%
169	BXSLBlackstone Secured Lending Fun	116,293	$4.0B	52.50%
170	GSBDGoldman Sachs BDC Incorporated	198,149	$3.8B	50.41%
171	MUBiShares National Muni Bond ETF	27,368	$3.2B	42.25%
172	TFISPDR Nuveen Bloomberg Barclays	57,313	$3.0B	39.37%
173	OBDCOwl Rock Capital Corporation	206,697	$2.9B	38.86%
174	IWDiShares Russell 1000 Value ETF	16,201	$2.7B	36.13%
175	CSWCCapital Southwest Corporation	107,296	$2.7B	36.02%
176	IBTHiShares iBonds Dec 2027 Term T	102,635	$2.6B	34.24%
177	PAHCPhibro Animal Health Corporati	115,480	$2.4B	31.31%
178	—iShares iBonds Dec 2022 Term M	87,116	$2.3B	30.14%
179	BRK-BBerkshire Hathaway Incorporate	5	$2.3B	29.91%
180	BSMUInvesco BulletShares 2030 Muni	83,559	$2.1B	28.40%
181	BSMTInvesco BulletShares 2029 Muni	81,775	$2.1B	28.36%
182	TSMTaiwan Semiconductor Manufactu	17,651	$2.1B	28.20%
183	TPVGTriplePoint Venture Growth BDC	109,815	$2.0B	26.20%
184	BROBrown & Brown Incorporated	27,440	$1.9B	25.60%
185	SONYSony Group Corporation	14,404	$1.8B	24.18%
186	ICLRIcon PLC	5,752	$1.8B	23.65%
187	NVONovo Nordisk A/S ADS	15,641	$1.8B	23.26%
188	IWNiShares Russell 2000 Value ETF	10,172	$1.7B	22.43%
189	INFYInfosys Technologies Limited	64,698	$1.6B	21.75%
190	FNVFranco-Nevada Corporation	11,062	$1.5B	20.31%
191	LVMUYLVMH Moet Hennessy - Louis Vui	9,042	$1.5B	19.86%
192	JJSFJ & J Snack Foods Corporation	9,458	$1.5B	19.84%
193	EMXCiShares MSCI Emerging Markets	23,605	$1.4B	19.00%
194	EWUSiShares MSCI United Kingdom Sm	30,920	$1.4B	18.83%
195	IGSBiShares 1-5 Year Investment Gr	24,621	$1.3B	17.62%
196	NLYEURAnnaly Capital Management Inco	167,597	$1.3B	17.39%
197	DSDVYDSV Panalpina	11,085	$1.3B	17.27%
198	—American Capital Agency Corpor	86,277	$1.3B	17.22%
199	BCICPortman Ridge Finance Corporat	52,400	$1.3B	17.22%
200	RIORio Tinto PLC	19,129	$1.3B	16.99%

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