Fund Holdings — CONFLUENCE INVESTMENT MANAGEMENT LLC

Total Portfolio Value
$7.08B
Total Bought
$561.16M
Total Sold
$672.38M
Net Transaction
-$111.22M
Filing Period:
Securities
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SharesValue ($K)
Q1 2025
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Q2 2025
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Change
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Q1 2025
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Q2 2025
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Weight (%)
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Change
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SPDR Portfolio Developed World
ST STR PO EX ETF
01,276,782+1,276,782051,6970.73%+51,697
American Water Works Co. Inc.535,169875,483+340,31478,948121,7881.72%+42,840
Nordson Corp.(NDSN)153,785336,090+182,30531,02272,0481.02%+41,026
Northern Trust Corp.(NTRS)1,111,7431,184,610+72,867109,673150,1972.12%+40,523
Oracle Corp.(ORCL)535,729523,569-12,16074,900114,4681.62%+39,568
iShares 0-3 Month Treasury Bon5,608,7065,710,020+101,314275,774312,1304.41%+36,355
Mondelez International Inc.(MDLZ)0523,934+523,934035,3340.50%+35,334
iShares Barclays 10-20 Year Tr240,590562,156+321,56624,96157,1150.81%+32,154
ProShares S&P MidCap 400 Divid
S&P MDCP 400 DIV
0300,181+300,181024,4750.35%+24,475
iShares 3-7 Year Treasury Bond47,213249,390+202,1775,57829,7000.42%+24,122
Analog Devices Inc.(ADI)629,623625,895-3,728126,976148,9752.10%+21,999
Brown-Forman Corp. - B(BF-A)517,3261,381,966+864,64017,55837,1890.53%+19,631
Microsoft Corp.(MSFT)167,479165,187-2,29262,87082,1651.16%+19,295
Carrier Global Corp.(CARR)0236,283+236,283017,2940.24%+17,294
Invesco CurrencyShares Swiss F(FXF)0143,339+143,339016,0250.23%+16,025
SPDR Portfolio Mortgage Backed
ST STR BACKE ETF
4,161,5234,727,616+566,09391,762104,4801.48%+12,719
Cisco Systems Inc.(CSCO)1,757,2991,738,945-18,354108,443120,6481.70%+12,205
Diageo plc(DEO)1,184,9871,350,826+165,839124,175136,2171.92%+12,043
SPDR S&P Dividend ETF
ST STR SP DIV
075,270+75,270010,2160.14%+10,216
Amphenol Corp.349,787332,681-17,10622,94332,8520.46%+9,910
Fastenal Co.(FAST)1,660,5023,280,009+1,619,507128,772137,7601.95%+8,988
SPDR Consumer Staples Select S
ST STR STAPL ETF
099,157+99,15708,0290.11%+8,029
U.S. Bancorp(USB)1,919,1671,952,975+33,80881,02788,3721.25%+7,345
Hershey Co.(HSY)699,426764,392+64,966119,623126,8511.79%+7,228
SPDR Portfolio S&P 500 Value E561,531685,828+124,29728,67735,8960.51%+7,219
Booking Holdings Inc.(BKNG)9,0858,456-62941,85448,9540.69%+7,100
Dollar Tree Inc.(DLTR)291,186285,096-6,09021,85928,2360.40%+6,377
NXP Semiconductors N.V.
COM
212,630212,998+36840,41246,5380.66%+6,126
Alphabet Inc.(GOOG)283,770282,383-1,38744,33350,0920.71%+5,759
SPDR S&P 400 Mid Cap Value ETF
ST STR SP400VAL
243,860308,171+64,31118,78924,4780.35%+5,689
SPDR Gold MiniShares Trust ETF(GLDM)470,195525,606+55,41129,10034,4380.49%+5,337
iShares Core S&P US Value ETF76,605125,563+48,9587,07011,8820.17%+4,812
Keysight Technologies Inc.(KEYS)334,196333,369-82750,05354,6260.77%+4,573
Martin Marietta Materials Inc.(MLM)62,46862,458-1029,86834,2870.48%+4,419
Vontier Corp.(VNT)389,209458,954+69,74512,78616,9350.24%+4,150
iShares National Muni Bond ETF18,41558,057+39,6421,9426,0660.09%+4,124
Gates Industrial Corp. plc
ORD SHS
1,011,102982,926-28,17618,61422,6370.32%+4,022
Lockheed Martin Corp.(LMT)302,449300,098-2,351135,107138,9881.96%+3,880
Stryker Corp.(SYK)236,840232,582-4,25888,16492,0171.30%+3,853
Walt Disney Co.(DIS)138,018137,995-2313,62217,1130.24%+3,490
T. Rowe Price Group Inc.(TROW)958,342948,453-9,88988,04391,5261.29%+3,483
Blackstone Secured Lending Fun(BXSL)75,154185,700+110,5462,4325,7100.08%+3,278
ResMed Inc.(RMD)118,595115,063-3,53226,54829,6860.42%+3,139
Paycom Software Inc.(PAYC)350,995342,139-8,85676,68579,1711.12%+2,486
Kinder Morgan Inc.(KMI)3,880,9633,841,416-39,547110,724112,9381.60%+2,214
S&P Global Inc.(SPGI)149,835148,101-1,73476,13178,0921.10%+1,961
NIKE Inc.(NKE)246,930248,154+1,22415,67517,6290.25%+1,954
iShares iBonds Dec 2029 Term M12,32279,369+67,0473092,0020.03%+1,694
iShares iBonds Dec 2028 Term M
IBONDS DEC 28
32,93798,908+65,9718332,5130.04%+1,680
iShares 20Plus Year Treasury B27,66746,097+18,4302,5194,0680.06%+1,550
RLI Corp.(RLI)13,94634,913+20,9671,1202,5210.04%+1,401
Golub Capital BDC Inc.(GBDC)349,833451,191+101,3585,2966,6100.09%+1,313
Valvoline Inc.(VVV)506,205498,862-7,34317,62118,8920.27%+1,271
UFP Industries Inc(UFPI)012,686+12,68601,2600.02%+1,260
Sixth Street Specialty Lending(TSLX)251,416288,066+36,6505,6276,8590.10%+1,232
Morgan Stanley Direct Lending(MSDL)26,92186,943+60,0225371,6280.02%+1,090
General Dynamics Corp.(GD)84,42482,310-2,11423,01224,0070.34%+994
MidCap Financial Investment Co(MFIC)89,748165,155+75,4071,1542,0840.03%+930
iShares Russell 2000 Value ETF05,615+5,61508860.01%+886
Ecolab Inc.(ECL)108,874105,654-3,22027,60228,4670.40%+866
Glencore plc51,548154,255+102,7073771,2000.02%+823
SPDR Nuveen Barclays Capital S
ST NUVE TERM ETF
48,04864,652+16,6042,2873,0920.04%+805
Alamos Gold Inc.026,989+26,98907170.01%+717
Rheinmetall AG4,9645,024+601,4212,1230.03%+702
Vulcan Materials Co.(VMC)02,682+2,68207000.01%+700
Aberdeen Standard Physical Pla2,4656,783+4,3182258330.01%+608
Graco Inc.(GGG)683,220670,046-13,17457,05657,6040.81%+548
Taiwan Semiconductor Manufactu(TSM)9,7969,566-2301,6262,1670.03%+540
Morningstar Inc.(MORN)62,10360,980-1,12318,62319,1430.27%+521
NexGen Energy Ltd(NXE)069,649+69,64904830.01%+483
Lundin Gold Inc.08,838+8,83804660.01%+466
Nintendo Co. Ltd.55,23756,080+8439481,3470.02%+399
Sandoz Group25,45126,690+1,2391,0671,4590.02%+392
Core Natural Resources Inc.(CNR)8,84415,124+6,2806821,0550.01%+373
RBC Bearings Inc.(RBC)10,0539,286-7673,2353,5730.05%+339
Main Street Capital Corp.(MAIN)130,010129,985-257,3537,6820.11%+329
Donaldson Co. Inc.(DCI)318,834312,679-6,15521,38121,6840.31%+303
BAE Systems plc10,98611,413+4279031,1990.02%+296
Nebius Group N.V.(NBIS)05,230+5,23002890.00%+289
UFP Technologies Inc.(UFPT)10,72510,024-7012,1632,4470.03%+284
CyberArk Software Ltd.3,2043,337+1331,0831,3580.02%+275
Haemonetics Corp.(HAE)42,72239,857-2,8652,7152,9740.04%+259
Safran S.A.14,96015,248+2889911,2450.02%+255
Agnico Eagle Mines Ltd.(AEM)20,21820,390+1722,1922,4250.03%+233
Grupo Financiero Banorte S.A.B04,914+4,91402250.00%+225
Charles River Laboratories Int(CRL)96,52697,226+70014,52914,7520.21%+223
AerCap Holdings N.V.(AER)11,14611,627+4811,1391,3600.02%+222
FS KKR Capital Corp.(FSK)185,799197,748+11,9493,8924,1030.06%+211
Hong Kong Exchanges and Cleari03,862+3,86202080.00%+208
Credicorp Ltd.(BAP)0898+89802010.00%+201
Curtiss-Wright Corp.(CW)1,1601,16003685670.01%+199
Shopify Inc.(SHOP)8,1268,366+2407769650.01%+189
SAP S.E.(SAP)4,6784,739+611,2561,4410.02%+185
JBS N.V.(JBS)012,526+12,52601830.00%+183
W. R. Berkley Corp.1,302,8551,264,289-38,56692,71192,8871.31%+176
MSC Income Fund(MSIF)010,602+10,60201740.00%+174
ASML Holding N.V.
N Y REGISTRY SHS
1,1781,179+17819450.01%+164
Cannae Holdings Inc.(CNNE)110,361104,584-5,7772,0232,1810.03%+158
Chugai Pharms Co. Ltd.38,92439,539+6158851,0310.01%+146
Wal-Mart de Mexico S.A.B. de C23,77023,760-106557910.01%+137
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CONFLUENCE INVESTMENT MANAGEMENT LLC — 13F Holdings — Q2 2025 | TickerTrail