CONFLUENCE INVESTMENT MANAGEMENT LLC Q4 2025 Filing
Filed January 5, 2026
Portfolio Value
$6.7B
Holdings
296
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (296 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 101 | CPRTCopart Inc. | 283,768 | $11.1B | 166.44% | |
| 102 | JBTJBT Marel Corp. | 72,591 | $10.9B | 163.86% | |
| 103 | SPYSPDR S&P 500 ETF | 15,723 | $10.7B | 160.64% | |
| 104 | DFNMDimensional National Municipal | 209,523 | $10.1B | 151.22% | |
| 105 | IBTHiShares iBonds Dec 2027 Term T | 431,286 | $9.7B | 145.19% | |
| 106 | IBHGiShares iBonds Dec 2031 Term T | 469,677 | $9.6B | 144.44% | |
| 107 | SDYSPDR S&P Dividend ETF | 69,278 | $9.6B | 144.44% | |
| 108 | IBDSiShares iBonds Dec 2027 Term C | 393,499 | $9.6B | 143.16% | |
| 109 | IBMSiShares iBonds Dec 2032 Term T | 397,180 | $9.2B | 137.31% | |
| 110 | BSMYInvesco BulletShares 2034 Muni | 366,347 | $9.0B | 134.93% | |
| 111 | SHLDGlobal X Defense Tech ETF | 131,438 | $8.5B | 127.59% | |
| 112 | IBDXiShares iBonds Dec 2032 Term C | 298,135 | $7.6B | 114.04% | |
| 113 | BSSXInvesco Bulletshares 2033 Muni | 293,618 | $7.6B | 113.74% | |
| 114 | IBHGiShares iBonds Dec 2030 Term T | 364,840 | $7.2B | 108.48% | |
| 115 | TRIPTripAdvisor Inc. | 475,010 | $6.9B | 103.61% | |
| 116 | MDYVSPDR S&P 400 Mid Cap Value ETF | 77,720 | $6.6B | 98.58% | |
| 117 | IGSBiShares 1-5 Year Investment Gr | 123,761 | $6.5B | 98.05% | |
| 118 | CVCOCavco Industries Inc. | 10,421 | $6.2B | 92.23% | |
| 119 | IBDRiShares iBonds Dec 2026 Term C | 243,126 | $5.9B | 88.26% | |
| 120 | MAINMain Street Capital Corp. | 97,083 | $5.9B | 87.84% | |
| 121 | BSMRInvesco BulletShares 2027 Muni | 243,914 | $5.8B | 86.49% | |
| 122 | MTNVail Resorts Inc. | 41,355 | $5.5B | 82.26% | |
| 123 | HTGCHercules Capital Inc. | 289,789 | $5.5B | 81.71% | |
| 124 | UNFUniFirst Corp. | 28,020 | $5.4B | 80.97% | |
| 125 | PZAPowershares Insured National M | 213,404 | $4.9B | 74.14% | |
| 126 | TSLXSixth Street Specialty Lending | 225,778 | $4.9B | 73.47% | |
| 127 | GBDCGolub Capital BDC Inc. | 345,905 | $4.7B | 70.32% | |
| 128 | BXSLBlackstone Secured Lending Fun | 156,915 | $4.1B | 61.90% | |
| 129 | IBMSiShares iBonds Dec 2029 Term T | 180,532 | $4.0B | 59.35% | |
| 130 | BSMQInvesco BulletShares 2026 Muni | 163,801 | $3.9B | 58.03% | |
| 131 | IWNiShares Russell 2000 Value ETF | 21,203 | $3.8B | 57.55% | |
| 132 | AEMAgnico Eagle Mines Ltd. | 22,589 | $3.8B | 57.37% | |
| 133 | BRK-BBerkshire Hathaway Inc. - A | 5 | $3.8B | 56.55% | |
| 134 | FGF&G Annuities and Life | 120,805 | $3.7B | 55.83% | |
| 135 | CNMDCONMED Corp. | 91,164 | $3.7B | 55.44% | |
| 136 | BSMYInvesco BulletShares 2031 Muni | 154,431 | $3.3B | 48.89% | |
| 137 | MUBiShares National Muni Bond ETF | 29,933 | $3.2B | 48.04% | |
| 138 | BBDCBarings BDC Inc. | 343,248 | $3.1B | 47.20% | |
| 139 | HYMBSPDR Nuveen S&P High Yield Mun | 125,516 | $3.1B | 46.90% | |
| 140 | OBDCBlue Owl Capital Corp. | 237,084 | $2.9B | 44.13% | |
| 141 | SHMSPDR Nuveen Barclays Capital S | 58,017 | $2.8B | 41.72% | |
| 142 | MLNVanEck Vectors Long Municipal | 157,054 | $2.8B | 41.25% | |
| 143 | BSMUInvesco BulletShares 2030 Muni | 124,878 | $2.8B | 41.21% | |
| 144 | BSMWInvesco BulletShares 2032 Munc | 109,012 | $2.7B | 41.01% | |
| 145 | NMFCNew Mountain Finance Corp. | 294,765 | $2.7B | 40.67% | |
| 146 | RBCRBC Bearings Inc. | 5,944 | $2.7B | 39.92% | |
| 147 | HGTYHagerty Inc. | 196,920 | $2.6B | 39.63% | |
| 148 | TSMTaiwan Semiconductor Manufactu | 8,634 | $2.6B | 39.30% | |
| 149 | STCStewart Information Services C | 35,068 | $2.5B | 36.91% | |
| 150 | IBMQiShares iBonds Dec 2028 Term M | 93,346 | $2.4B | 35.77% | |
| 151 | PPLTAberdeen Standard Physical Pla | 12,745 | $2.4B | 35.60% | |
| 152 | KNKnowles Corp. | 109,873 | $2.4B | 35.26% | |
| 153 | FSKFS KKR Capital Corp. | 158,029 | $2.3B | 35.05% | |
| 154 | GTESGates Industrial Corp. plc | 108,731 | $2.3B | 34.96% | |
| 155 | HAEHaemonetics Corp. | 28,687 | $2.3B | 34.42% | |
| 156 | MOVMovado Group Inc. | 105,378 | $2.2B | 32.55% | |
| 157 | HAYWHayward Holdings Inc. | 136,639 | $2.1B | 31.62% | |
| 158 | SDZNYSandoz Group | 28,687 | $2.1B | 31.27% | |
| 159 | IBMRiShares iBonds Dec 2029 Term M | 81,442 | $2.1B | 31.03% | |
| 160 | IIIVi3 Verticals Inc. | 82,095 | $2.1B | 30.97% | |
| 161 | AIFAltus Group Ltd. | 46,863 | $1.9B | 28.99% | |
| 162 | CNRCore Natural Resources Inc. | 20,979 | $1.9B | 27.81% | |
| 163 | CSWCCapital Southwest Corp. | 83,810 | $1.9B | 27.80% | |
| 164 | AERAerCap Holdings N.V. | 12,748 | $1.8B | 27.45% | |
| 165 | LFUSLittelfuse Inc. | 7,217 | $1.8B | 27.33% | |
| 166 | SLViShares Silver Trust ETF | 27,504 | $1.8B | 26.54% | |
| 167 | SPBSpectrum Brands Holdings Inc. | 29,452 | $1.7B | 26.04% | |
| 168 | UFPTUFP Technologies Inc. | 7,688 | $1.7B | 25.55% | |
| 169 | MUFGMitsubishi UFJ Financial | 103,912 | $1.6B | 24.69% | |
| 170 | —DBS Group Holdings Ltd. | 9,064 | $1.6B | 23.84% | |
| 171 | INGING Groep N.V. | 54,501 | $1.5B | 22.87% | |
| 172 | —Antofagasta plc | 34,322 | $1.5B | 22.81% | |
| 173 | AGFirst Majestic Silver Corp. | 90,903 | $1.5B | 22.69% | |
| 174 | NEMNewmont Mining Corp. | 15,137 | $1.5B | 22.64% | |
| 175 | ZURVYZurich Insurance Group A.G. | 39,261 | $1.5B | 22.37% | |
| 176 | LUNLundin Mining Corp. | 69,126 | $1.5B | 22.28% | |
| 177 | FFC0Oaktree Specialty Lending Corp | 116,212 | $1.5B | 22.18% | |
| 178 | FQVLFFirst Quantum Minerals Ltd. | 55,068 | $1.5B | 22.13% | |
| 179 | SAFRYSafran S.A. | 16,789 | $1.5B | 21.89% | |
| 180 | ASMLASML Holding N.V. | 1,337 | $1.4B | 21.43% | |
| 181 | UFPIUFP Industries Inc | 15,705 | $1.4B | 21.40% | |
| 182 | RLIRLI Corp. | 22,319 | $1.4B | 21.37% | |
| 183 | MFICMidCap Financial Investment Co | 123,357 | $1.4B | 21.13% | |
| 184 | SCCOSouthern Copper Corp. | 9,404 | $1.3B | 20.21% | |
| 185 | AGIAlamos Gold Inc. | 34,673 | $1.3B | 20.03% | |
| 186 | MITSYMitsui & Co. Ltd. | 2,247 | $1.3B | 19.73% | |
| 187 | RGLDRoyal Gold Inc. | 5,835 | $1.3B | 19.43% | |
| 188 | SAPSAP S.E. | 5,279 | $1.3B | 19.21% | |
| 189 | NGLOYAmglo Am PLC ADR | 61,956 | $1.3B | 19.19% | |
| 190 | BCSFBain Capital Specialty Finance | 92,114 | $1.3B | 19.18% | |
| 191 | SONYSony Group Corp. | 49,939 | $1.3B | 19.15% | |
| 192 | SHOPShopify Inc. | 7,937 | $1.3B | 19.13% | |
| 193 | GLNCYGlencore plc | 115,912 | $1.3B | 18.97% | |
| 194 | WGOWinnebago Industries Inc. | 31,023 | $1.3B | 18.82% | |
| 195 | ITOCYITOCHU Corp. | 9,827 | $1.2B | 18.61% | |
| 196 | DSCSYDisco Corp. | 40,364 | $1.2B | 18.42% | |
| 197 | WPMWheaton Precious Metals Corp. | 10,389 | $1.2B | 18.28% | |
| 198 | CHGCYChugai Pharms Co. Ltd. | 45,369 | $1.2B | 17.85% | |
| 199 | MSDLMorgan Stanley Direct Lending | 72,156 | $1.2B | 17.80% | |
| 200 | —BAE Systems plc | 12,792 | $1.2B | 17.80% |