Fund HoldingsCONFLUENCE INVESTMENT MANAGEMENT LLC

Total Portfolio Value
$6.94B
Total Bought
$392.00M
Total Sold
$863.01M
Net Transaction
-$471.01M
Filing Period:
Securities
SharesValue ($K)
Q4 2024
Q1 2025
Change
Q4 2024
Q1 2025
Weight (%)
Change
iShares 0-3 Month Treasury Bon5,464,5985,608,706+144,108231,092275,7743.97%+44,682
Arch Capital Group Ltd.
ORD
0400,697+400,697038,5390.55%+38,539
Air Products and Chemicals Inc0206,654+206,654060,9460.88%+60,946
Zoetis Inc.(ZTS)0139,675+139,675022,9970.33%+22,997
iShares Barclays 10-20 Year Tr0240,590+240,590024,9610.36%+24,961
WEC Energy Group Inc.(WEC)01,444,397+1,444,3970157,4102.27%+157,410
iShares iBonds Dec 2033 Term T0700,979+700,979017,1040.25%+17,104
iShares iBonds Dec 2034 Term T
IBONDS DEC 2034
0661,179+661,179016,9720.24%+16,972
Fidelity National Financial In(FNF)02,208,073+2,208,0730143,7012.07%+143,701
Chevron Corp.(CVX)0734,333+734,3330122,8471.77%+122,847
W. R. Berkley Corp.1,336,4261,302,855-33,57178,20892,7111.33%+14,504
SPDR Portfolio S&P 500 Value E0561,531+561,531028,6770.41%+28,677
Walt Disney Co.(DIS)0138,018+138,018013,6220.20%+13,622
American Water Works Co. Inc.537,138535,169-1,96966,86878,9481.14%+12,080
Southern Co.(SO)01,603,734+1,603,7340147,4632.12%+147,463
Linde plc(LIN)0322,451+322,4510150,1462.16%+150,146
Global X Defense Tech ETF
DEFENSE TECH ETF
0219,370+219,370010,2120.15%+10,212
Paychex Inc.(PAYX)1,102,2541,065,458-36,796154,558164,3792.37%+9,821
Berkshire Hathaway Inc. - B0144,171+144,171076,7831.11%+76,783
Chubb Ltd.
COM
0558,131+558,1310168,5502.43%+168,550
SPDR Portfolio S&P 500 Growth
ST STR P500GRW
204,435336,227+131,79217,97027,0230.39%+9,053
Valvoline Inc.(VVV)251,391506,205+254,8149,09517,6210.25%+8,526
SPDR S&P 500 ETF(SPY)038,449+38,449021,5080.31%+21,508
Brown & Brown Inc.(BRO)0493,525+493,525061,3950.88%+61,395
SPDR Portfolio Mortgage Backed
ST STR BACKE ETF
3,926,8474,161,523+234,67684,62491,7621.32%+7,138
SPDR S&P 600 Small Cap Value E
ST STR SP600SM C
087,599+87,59906,8680.10%+6,868
Fastenal Co.(FAST)01,660,502+1,660,5020128,7721.85%+128,772
TripAdvisor Inc.(TRIP)233,858641,796+407,9383,4549,0940.13%+5,640
Invesco Bulletshares 2033 Muni
BULLE MUN ETF
0220,577+220,57705,5850.08%+5,585
Broadridge Financial Solutions(BR)632,216609,740-22,476142,938147,8382.13%+4,900
Blue Owl Capital Corp.(OBDC)0304,846+304,84604,4690.06%+4,469
AstraZeneca plc(AZN)0374+37404,2620.06%+4,262
Hershey Co.(HSY)0699,426+699,4260119,6231.72%+119,623
Amplify Cyber Security ETF59,321114,491+55,1704,4198,2200.12%+3,802
A. O. Smith Corp.(AOS)0330,819+330,819021,6220.31%+21,622
Invesco BulletShares 2029 Muni
BULSHS 2029 MUNI
0235,377+235,37705,3520.08%+5,352
Invesco BulletShares 2032 Munc
BULLETSHS 32 MUN
0126,794+126,79403,1190.04%+3,119
FS KKR Capital Corp.(FSK)53,055185,799+132,7441,1523,8920.06%+2,740
Haemonetics Corp.(HAE)042,722+42,72202,7150.04%+2,715
Knowles Corp.(KN)0169,915+169,91502,5830.04%+2,583
Paycom Software Inc.(PAYC)361,757350,995-10,76274,14976,6851.10%+2,536
iShares 20Plus Year Treasury B027,667+27,66702,5190.04%+2,519
Baldwin Insurance Group Inc.(BWIN)0423,042+423,042018,9060.27%+18,906
Colgate-Palmolive Co.(CL)01,321,151+1,321,1510123,7921.78%+123,792
Medtronic plc(MDT)0211,700+211,700019,0230.27%+19,023
Cisco Systems Inc.(CSCO)1,803,0011,757,299-45,702106,738108,4431.56%+1,705
Expeditors International of Wa(EXPD)0184,607+184,607022,1990.32%+22,199
RLI Corp.(RLI)013,946+13,94601,1200.02%+1,120
Gilead Sciences Inc.(GILD)1,176,858979,976-196,882108,706109,8061.58%+1,100
Weyerhaeuser Co.(WY)01,962,436+1,962,436057,4600.83%+57,460
Ecolab Inc.(ECL)0108,874+108,874027,6020.40%+27,602
McDonald's Corp.(MCD)080,214+80,214025,0560.36%+25,056
iShares BB Rated Corporate Bon
BB RAT CORP BD
0752,841+752,841034,7890.50%+34,789
iShares National Muni Bond ETF018,415+18,41501,9420.03%+1,942
ASML Holding N.V.
N Y REGISTRY SHS
01,178+1,17807810.01%+781
Invesco BulletShares 2027 Muni
BULSHS 2027 MUNI
0273,987+273,98706,4520.09%+6,452
VanEck Vectors Long Municipal
LONG MUNI ETF
205,938251,836+45,8983,6824,3790.06%+697
Core Natural Resources Inc.(CNR)08,844+8,84406820.01%+682
Dollar Tree Inc.(DLTR)283,267291,186+7,91921,22821,8590.31%+631
Agnico Eagle Mines Ltd.(AEM)020,218+20,21802,1920.03%+2,192
Berkshire Hathaway Inc. - A05+503,9920.06%+3,992
SJW Group(HTO)053,044+53,04402,9010.04%+2,901
New Jersey Resources Corp.(NJR)0440,703+440,703021,6210.31%+21,621
Mastercard Inc.(MA)179,049172,754-6,29594,28294,6901.36%+409
BAE Systems plc010,986+10,98609030.01%+903
Invesco BulletShares 2034 Muni
BULLETSHARE 2034
012,577+12,57703020.00%+302
iShares MBS ETF293,979290,612-3,36726,95227,2540.39%+302
iShares iBonds Dec 2032 Term T0426,353+426,35309,7590.14%+9,759
Shell plc(SHEL)022,801+22,80101,6710.02%+1,671
EOG Resources Inc.(EOG)0184,346+184,346023,6410.34%+23,641
BNP Paribas S.A.020,738+20,73808660.01%+866
Sixth Street Specialty Lending(TSLX)251,182251,416+2345,3505,6270.08%+277
Franco-Nevada Corp.(FNV)05,874+5,87409260.01%+926
Wheaton Precious Metals Corp.(WPM)012,320+12,32009560.01%+956
SPDR Gold Shares ETF(GLD)0795+79502290.00%+229
iShares 3-7 Year Treasury Bond46,31547,213+8985,3525,5780.08%+226
Visa Inc.(V)0644+64402260.00%+226
H World Group Ltd.(HTHT)05,637+5,63702090.00%+209
SPDR Portfolio High Yield Bond
ST PORT HIGH ETF
496,053505,720+9,66711,64211,8440.17%+202
TotalEnergies S.E.(TTE)012,679+12,67908200.01%+820
Ares Capital Corp.(ARCC)3,813,2213,775,447-37,77483,47183,6641.20%+193
SAP S.E.(SAP)4,3254,678+3531,0651,2560.02%+191
Newmont Mining Corp.(NEM)012,935+12,93506240.01%+624
ING Groep N.V.(ING)048,030+48,03009410.01%+941
Zurich Insurance Group A.G.034,878+34,87801,2160.02%+1,216
General Dynamics Corp.(GD)084,424+84,424023,0120.33%+23,012
Sony Group Corp.(SONY)43,13542,975-1609131,0910.02%+178
Safran S.A.014,960+14,96009910.01%+991
ASE Technology Holding Co. Ltd(ASX)019,336+19,33601690.00%+169
Mitsubishi UFJ Financial(MUFG)92,99992,147-8521,0901,2560.02%+166
Barrick Gold Corp.031,798+31,79806180.01%+618
Royal Gold Inc.(RGLD)04,886+4,88607990.01%+799
Nintendo Co. Ltd.55,36855,237-1318109480.01%+138
Gold Fields Ltd.(GFI)017,393+17,39303840.01%+384
SLR Investment Corp.187,478187,389-893,0303,1590.05%+130
iShares Gold Trust ETF(IAU)014,616+14,61608620.01%+862
i3 Verticals Inc.292,629278,147-14,4826,7426,8620.10%+120
Roche Holding A.G.014,491+14,49105960.01%+596
iShares Silver Trust ETF(SLV)22,60822,658+505957020.01%+107
Oaktree Specialty Lending Corp(OCSL)0136,401+136,40102,0950.03%+2,095
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