Fund HoldingsCONFLUENCE INVESTMENT MANAGEMENT LLC

Total Portfolio Value
$6.67B
Total Bought
$401.26M
Total Sold
$837.02M
Net Transaction
-$435.77M
Filing Period:
Securities
SharesValue ($K)
Q3 2025
Q4 2025
Change
Q3 2025
Q4 2025
Weight (%)
Change
iShares Russell 1000 Value ETF18,923568,609+549,6863,853119,6011.79%+115,749
Honeywell International Inc.(HON)0517,167+517,1670100,8941.51%+100,894
Accenture plc
SHS CLASS A
209,255332,196+122,94151,60289,1281.34%+37,526
SPDR Portfolio S&P 500 Growth
ST STR P500GRW
293,303512,845+219,54230,65354,7210.82%+24,067
Thermo Fisher Scientific Inc.(TMO)83,22395,064+11,84140,36555,0850.83%+14,720
Keysight Technologies Inc.(KEYS)326,940334,338+7,39857,18867,9341.02%+10,746
SPDR Portfolio Developed World
ST STR PO EX ETF
1,474,3501,637,282+162,93263,08772,7121.09%+9,624
Analog Devices Inc.(ADI)613,557585,879-27,678150,751158,8902.38%+8,139
Cisco Systems Inc.(CSCO)01,618,101+1,618,1010124,6421.87%+124,642
iShares BB Rated Corporate Bon
BB RAT CORP BD
270,829433,506+162,67712,81320,4310.31%+7,618
Chubb Ltd.
COM
0511,021+511,0210159,5002.39%+159,500
Charles River Laboratories Int(CRL)95,963105,626+9,66315,01421,0700.32%+6,056
Gilead Sciences Inc.(GILD)0909,835+909,8350111,6731.67%+111,673
iShares iBonds Dec 2026 Term C
IBONDS DEC2026
0243,126+243,12605,8910.09%+5,891
UniFirst Corp.(UNF)028,020+28,02005,4050.08%+5,405
U.S. Bancorp(USB)1,933,8121,846,512-87,30093,46198,5301.48%+5,069
Brown & Brown Inc.(BRO)0413,319+413,319032,9410.49%+32,941
Nordson Corp.(NDSN)330,517328,669-1,84875,01179,0221.18%+4,011
Expeditors International of Wa(EXPD)177,080171,675-5,40521,70825,5810.38%+3,873
iShares Russell 2000 Value ETF021,203+21,20303,8420.06%+3,842
F&G Annuities and Life(FG)0121,300+121,30003,7420.06%+3,742
iShares Core MSCI Europe ETF
CORE MSCI EURO
180,698220,104+39,40612,30915,6230.23%+3,314
Dollar Tree Inc.(DLTR)0236,023+236,023029,0330.44%+29,033
Avantis International Small Ca98,253124,409+26,1568,74711,6910.18%+2,943
S&P Global Inc.(SPGI)0140,159+140,159073,2451.10%+73,245
Baldwin Insurance Group Inc.(BWIN)0579,503+579,503013,9250.21%+13,925
Toro Co.224,017241,309+17,29217,07018,9960.28%+1,926
iShares iBonds Dec 2034 Term T
IBONDS DEC 2034
0716,175+716,175018,4840.28%+18,484
TJX Co. Inc.(TJX)603,340577,970-25,37087,20788,7821.33%+1,575
NXP Semiconductors N.V.
COM
210,735228,220+17,48547,99149,5380.74%+1,547
First Majestic Silver Corp.(AG)090,903+90,90301,5140.02%+1,514
iShares 3-7 Year Treasury Bond0125,647+125,647014,9960.22%+14,996
Lundin Mining Corp.069,126+69,12601,4880.02%+1,488
Morningstar Inc.(MORN)071,033+71,033015,4360.23%+15,436
Invesco BulletShares 2032 Munc
BULLETSHS 32 MUN
0109,012+109,01202,7370.04%+2,737
Invesco BulletShares 2026 Muni
BULSHS 2026 MUNI
0163,801+163,80103,8730.06%+3,873
Invesco Bulletshares 2033 Muni
BULLE MUN ETF
248,222293,618+45,3966,3417,5910.11%+1,251
Amphenol Corp.0199,281+199,281026,9310.40%+26,931
Medtronic plc(MDT)204,759215,117+10,35819,50120,6640.31%+1,163
EQT Corp.(EQT)020,116+20,11601,0780.02%+1,078
ESAB Corp.(ESAB)08,932+8,93209980.01%+998
TotalEnergies S.E.(TTE)015,067+15,06709860.01%+986
Donaldson Co. Inc.(DCI)303,816291,382-12,43424,86725,8340.39%+967
Unilever plc(UL)014,293+14,29309350.01%+935
Putnam BDC Income ETF027,635+27,63508460.01%+846
Aberdeen Standard Physical Pla10,74112,745+2,0041,5352,3760.04%+841
Alibaba Group Holding Ltd.(BABA)07,742+7,74201,1350.02%+1,135
iShares National Muni Bond ETF029,933+29,93303,2060.05%+3,206
SPDR Portfolio Mortgage Backed
ST STR BACKE ETF
04,260,018+4,260,018095,4881.43%+95,488
iShares Silver Trust ETF(SLV)24,67327,504+2,8311,0451,7720.03%+726
Invesco BulletShares 2034 Muni
BULLETSHARE 2034
340,971366,347+25,3768,2969,0050.13%+709
Sibanye Stillwater Ltd.(SBSW)049,766+49,76607090.01%+709
SPDR Portfolio S&P 500 Value E0603,839+603,839034,3040.51%+34,304
Haemonetics Corp.(HAE)028,687+28,68702,2990.03%+2,299
SPDR Nuveen S&P High Yield Mun
ST NUVE HIGH ETF
106,825125,516+18,6912,6633,1300.05%+467
Littelfuse Inc.(LFUS)5,2657,217+1,9521,3641,8250.03%+462
Freeport-McMoRan Inc.(FCX)022,157+22,15701,1250.02%+1,125
Invesco BulletShares 2031 Muni0154,431+154,43103,2640.05%+3,264
Sandoz Group028,687+28,68702,0880.03%+2,088
Core Natural Resources Inc.(CNR)17,22520,979+3,7541,4381,8570.03%+419
First Quantum Minerals Ltd.47,89255,068+7,1761,0821,4770.02%+395
Antofagasta plc30,68434,322+3,6381,1481,5220.02%+375
Glencore plc0115,912+115,91201,2670.02%+1,267
Mitsui & Co. Ltd.1,9092,247+3389481,3180.02%+370
Newmont Mining Corp.(NEM)13,70315,137+1,4341,1551,5110.02%+356
Southern Copper Corp.(SCCO)8,2879,404+1,1171,0061,3490.02%+343
AerCap Holdings N.V.(AER)012,748+12,74801,8330.03%+1,833
Coterra Energy Inc.036,515+36,51509610.01%+961
Royal Gold Inc.(RGLD)05,835+5,83501,2970.02%+1,297
Alamos Gold Inc.29,99134,673+4,6821,0451,3380.02%+292
Lundin Gold Inc.011,202+11,20209300.01%+930
iShares Core MSCI EAFE ETF
CORE MSCI EAFE
03,164+3,16402830.00%+283
Exxon Mobil Corp.08,884+8,88401,0690.02%+1,069
Avantis US Large Cap Equity ET03,458+3,45802720.00%+272
Amglo Am PLC ADR53,30161,956+8,6551,0121,2820.02%+270
Wheaton Precious Metals Corp.(WPM)010,389+10,38901,2210.02%+1,221
Antero Resources Corp.(AR)028,627+28,62709860.01%+986
Chugai Pharms Co. Ltd.045,369+45,36901,1920.02%+1,192
Taiwan Semiconductor Manufactu(TSM)08,634+8,63402,6240.04%+2,624
Roche Holding A.G.018,649+18,64909620.01%+962
Expand Energy Corp.(EXE)09,714+9,71401,0720.02%+1,072
LVMH Moet Hennessy Louis Vuitt06,120+6,12009230.01%+923
DBS Group Holdings Ltd.09,064+9,06401,5920.02%+1,592
Infineon Technologies A.G.(IFNNF)04,621+4,62102030.00%+203
ASML Holding N.V.
N Y REGISTRY SHS
1,2871,337+501,2461,4300.02%+184
iShares iBonds Dec 2029 Term M081,442+81,44202,0710.03%+2,071
Cameco Corp.(CCJ)08,909+8,90908150.01%+815
MSC Income Fund025,157+25,15703310.00%+331
iShares 1-5 Year Investment Gr120,237123,761+3,5246,3766,5440.10%+168
Haleon plc(HLN)099,380+99,38001,0050.02%+1,005
ITOCHU Corp.09,827+9,82701,2430.02%+1,243
Agnico Eagle Mines Ltd.(AEM)21,76122,589+8283,6683,8300.06%+161
ING Groep N.V.(ING)52,50154,501+2,0001,3691,5260.02%+157
SPDR S&P Dividend ETF
ST STR SP DIV
069,342+69,34209,6500.14%+9,650
Zurich Insurance Group A.G.039,261+39,26101,4930.02%+1,493
NexGen Energy Ltd(NXE)090,138+90,13808290.01%+829
Vulcan Materials Co.(VMC)03,627+3,62701,0340.02%+1,034
Vista Energy S.A.B. de C.V.(VIST)08,271+8,27104020.01%+402
ASE Technology Holding Co. Ltd(ASX)021,200+21,20003410.01%+341
BNP Paribas S.A.024,545+24,54501,1630.02%+1,163
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