CONFLUENCE INVESTMENT MANAGEMENT LLC — Q1 2025 13F Holdings

Holdings as of March 31, 2025

Portfolio value

$6.94T

Holdings count

462

462 positions reported

Accession #

0001636661-25-000004

Form 13F-HR

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All Reported Positions

462 positions sorted by value

462 positions

Issuer	CUSIP	Valuev	Weight	Shares/Prin.	Discretion	Voting (Sole/Shared/None)
iShares 0-3 Month Treasury BonCOM	46436E718	$194.99B	2.81%	1,936,887shares	SOLE	1,930,000 / 0 / 6,887
Snap-on Inc.COM	833034101	$171.25B	2.47%	508,142shares	SOLE	506,562 / 0 / 1,580
Chubb Ltd.COM	H1467J104	$167.97B	2.42%	556,195shares	SOLE	554,256 / 0 / 1,939
Paychex Inc.COM	704326107	$163.83B	2.36%	1,061,910shares	SOLE	1,058,554 / 0 / 3,356
Progressive Corp.COM	743315103	$160.12B	2.31%	565,789shares	SOLE	564,085 / 0 / 1,704
WEC Energy Group Inc.COM	92939U106	$156.87B	2.26%	1,439,457shares	SOLE	1,434,821 / 0 / 4,636
Linde plcCOM	G54950103	$149.64B	2.15%	321,357shares	SOLE	320,243 / 0 / 1,113
Broadridge Financial SolutionsCOM	11133T103	$147.22B	2.12%	607,173shares	SOLE	605,070 / 0 / 2,103
Southern Co.COM	842587107	$146.97B	2.12%	1,598,349shares	SOLE	1,593,353 / 0 / 4,996
Fidelity National Financial InCOM	31620R303	$143.12B	2.06%	2,199,198shares	SOLE	2,191,755 / 0 / 7,442
Lockheed Martin Corp.COM	539830109	$134.67B	1.94%	301,474shares	SOLE	300,529 / 0 / 946
PepsiCo Inc.COM	713448108	$133.97B	1.93%	893,518shares	SOLE	891,118 / 0 / 2,400
Home Depot Inc.COM	437076102	$129.18B	1.86%	352,490shares	SOLE	351,393 / 0 / 1,096
Fastenal Co.COM	311900104	$128.34B	1.85%	1,654,976shares	SOLE	1,650,300 / 0 / 4,676
Analog Devices Inc.COM	032654105	$126.56B	1.82%	627,558shares	SOLE	625,592 / 0 / 1,967
Diageo plcCOM	25243Q205	$123.68B	1.78%	1,180,303shares	SOLE	1,176,826 / 0 / 3,476
Colgate-Palmolive Co.COM	194162103	$123.41B	1.78%	1,317,046shares	SOLE	1,312,778 / 0 / 4,268
Clorox Co.COM	189054109	$123.40B	1.78%	838,034shares	SOLE	835,412 / 0 / 2,621
Chevron Corp.COM	166764100	$122.45B	1.76%	731,951shares	SOLE	729,577 / 0 / 2,374
Hershey Co.COM	427866108	$119.20B	1.72%	696,930shares	SOLE	694,697 / 0 / 2,233
Entergy Corp.COM	29364G103	$118.38B	1.70%	1,384,714shares	SOLE	1,380,234 / 0 / 4,480
Kinder Morgan Inc.COM	49456B101	$110.28B	1.59%	3,865,496shares	SOLE	3,852,876 / 0 / 12,620
Gilead Sciences Inc.COM	375558103	$109.40B	1.58%	976,337shares	SOLE	973,145 / 0 / 3,192
Northern Trust Corp.COM	665859104	$109.32B	1.57%	1,108,189shares	SOLE	1,104,715 / 0 / 3,474
Cisco Systems Inc.COM	17275R102	$108.01B	1.56%	1,750,363shares	SOLE	1,744,788 / 0 / 5,574
Mastercard Inc.COM	57636Q104	$94.52B	1.36%	172,446shares	SOLE	172,094 / 0 / 352
W. R. Berkley Corp.COM	084423102	$92.55B	1.33%	1,300,543shares	SOLE	1,297,586 / 0 / 2,957
SPDR Portfolio Mortgage BackedCOM	78464A383	$91.76B	1.32%	4,161,523shares	SOLE	4,155,139 / 0 / 6,384
Stryker Corp.COM	863667101	$88.01B	1.27%	236,426shares	SOLE	235,909 / 0 / 517
T. Rowe Price Group Inc.COM	74144T108	$87.75B	1.26%	955,201shares	SOLE	952,111 / 0 / 3,090
U.S. BancorpCOM	902973304	$80.71B	1.16%	1,911,728shares	SOLE	1,905,628 / 0 / 6,100
American Water Works Co. Inc.COM	030420103	$78.71B	1.13%	533,553shares	SOLE	531,870 / 0 / 1,683
Ares Capital Corp.COM	04010L103	$78.26B	1.13%	3,531,467shares	SOLE	3,519,300 / 0 / 12,167
Paycom Software Inc.COM	70432V102	$76.41B	1.10%	349,748shares	SOLE	348,947 / 0 / 801
TJX Co. Inc.COM	872540109	$76.17B	1.10%	625,359shares	SOLE	623,993 / 0 / 1,366
S&P Global Inc.COM	78409V104	$75.98B	1.09%	149,544shares	SOLE	149,219 / 0 / 325
Oracle Corp.COM	68389X105	$74.75B	1.08%	534,669shares	SOLE	533,491 / 0 / 1,178
Berkshire Hathaway Inc. - BCOM	084670702	$74.19B	1.07%	139,309shares	SOLE	139,049 / 0 / 260
United Parcel Service Inc.COM	911312106	$69.96B	1.01%	636,042shares	SOLE	634,080 / 0 / 1,962
Microsoft Corp.COM	594918104	$62.65B	0.90%	166,885shares	SOLE	166,349 / 0 / 537
Masco Corp.COM	574599106	$62.11B	0.89%	893,178shares	SOLE	891,296 / 0 / 1,882
Air Products and Chemicals IncCOM	009158106	$60.89B	0.88%	206,452shares	SOLE	206,082 / 0 / 370
Brown & Brown Inc.COM	115236101	$60.44B	0.87%	485,812shares	SOLE	484,511 / 0 / 1,301
Dow Inc.COM	260557103	$60.39B	0.87%	1,729,521shares	SOLE	1,724,282 / 0 / 5,239
Weyerhaeuser Co.COM	962166104	$57.20B	0.82%	1,953,455shares	SOLE	1,946,436 / 0 / 7,019
Illinois Tool Works Inc.COM	452308109	$56.97B	0.82%	229,719shares	SOLE	229,267 / 0 / 452
Graco Inc.COM	384109104	$56.92B	0.82%	681,570shares	SOLE	679,614 / 0 / 1,955
Lowe's Co. Inc.COM	548661107	$53.15B	0.77%	227,872shares	SOLE	227,448 / 0 / 424
Invesco S&P MidCap Quality ETFCOM	46137V472	$50.13B	0.72%	547,725shares	SOLE	547,725 / 0 / 0
Keysight Technologies Inc.COM	49338L103	$49.85B	0.72%	332,839shares	SOLE	332,122 / 0 / 717
Alphabet Inc.COM	02079K107	$44.21B	0.64%	282,949shares	SOLE	282,385 / 0 / 564
Booking Holdings Inc.COM	09857L108	$41.78B	0.60%	9,069shares	SOLE	9,056 / 0 / 13
Thermo Fisher Scientific Inc.COM	883556102	$41.17B	0.59%	82,728shares	SOLE	82,575 / 0 / 153
NXP Semiconductors N.V.COM	N6596X109	$40.29B	0.58%	212,010shares	SOLE	211,581 / 0 / 429
Arch Capital Group Ltd.COM	G0450A105	$38.47B	0.55%	400,008shares	SOLE	399,400 / 0 / 608
Polaris Inc.COM	731068102	$37.61B	0.54%	918,763shares	SOLE	915,959 / 0 / 2,804
Dun & Bradstreet Holdings Inc.COM	26484T106	$35.51B	0.51%	3,972,540shares	SOLE	3,964,844 / 0 / 7,696
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$35.09B	0.51%	441,624shares	SOLE	441,624 / 0 / 0
iShares BB Rated Corporate BonCOM	46435U473	$34.79B	0.50%	752,841shares	SOLE	752,841 / 0 / 0
Starbucks Corp.COM	855244109	$33.60B	0.48%	342,517shares	SOLE	341,442 / 0 / 1,075
Nordson Corp.COM	655663102	$30.95B	0.45%	153,454shares	SOLE	153,042 / 0 / 412
Martin Marietta Materials Inc.COM	573284106	$29.82B	0.43%	62,360shares	SOLE	62,267 / 0 / 93
SPDR Gold MiniShares Trust ETFCOM	98149E303	$29.08B	0.42%	469,905shares	SOLE	469,167 / 0 / 738
SPDR Portfolio S&P 500 Value ECOM	78464A508	$28.66B	0.41%	561,098shares	SOLE	561,098 / 0 / 0
Ecolab Inc.COM	278865100	$27.60B	0.40%	108,874shares	SOLE	108,573 / 0 / 301
iShares MBS ETFCOM	464288588	$27.25B	0.39%	290,612shares	SOLE	289,773 / 0 / 839
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$27.00B	0.39%	335,969shares	SOLE	335,969 / 0 / 0
Sherwin-Williams Co.COM	824348106	$26.86B	0.39%	76,912shares	SOLE	76,696 / 0 / 216
ResMed Inc.COM	761152107	$26.55B	0.38%	118,595shares	SOLE	118,273 / 0 / 322
Constellation BrandsCOM	21036P108	$25.89B	0.37%	141,084shares	SOLE	140,877 / 0 / 207
McDonald's Corp.COM	580135101	$25.06B	0.36%	80,214shares	SOLE	80,000 / 0 / 214
iShares Barclays 10-20 Year TrCOM	464288653	$24.96B	0.36%	240,545shares	SOLE	240,326 / 0 / 219
EOG Resources Inc.COM	26875P101	$23.64B	0.34%	184,346shares	SOLE	183,824 / 0 / 522
Procter & Gamble Co.COM	742718109	$23.28B	0.34%	136,618shares	SOLE	136,257 / 0 / 361
General Dynamics Corp.COM	369550108	$23.01B	0.33%	84,424shares	SOLE	84,174 / 0 / 250
Zoetis Inc.COM	98978V103	$23.00B	0.33%	139,675shares	SOLE	139,299 / 0 / 376
Amphenol Corp.COM	032095101	$22.94B	0.33%	349,787shares	SOLE	348,887 / 0 / 900
Expeditors International of WaCOM	302130109	$22.20B	0.32%	184,607shares	SOLE	184,170 / 0 / 437
Dollar Tree Inc.COM	256746108	$21.69B	0.31%	288,922shares	SOLE	287,917 / 0 / 1,005
A. O. Smith Corp.COM	831865209	$21.62B	0.31%	330,819shares	SOLE	330,131 / 0 / 688
New Jersey Resources Corp.COM	646025106	$21.62B	0.31%	440,703shares	SOLE	439,401 / 0 / 1,302
SPDR S&P 500 ETFCOM	78462F103	$21.50B	0.31%	38,435shares	SOLE	38,435 / 0 / 0
Donaldson Co. Inc.COM	257651109	$21.38B	0.31%	318,834shares	SOLE	317,970 / 0 / 864
Medtronic plcCOM	G5960L103	$19.02B	0.27%	211,700shares	SOLE	211,157 / 0 / 543
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$18.77B	0.27%	243,643shares	SOLE	243,643 / 0 / 0
Becton Dickinson & Co.COM	075887109	$18.35B	0.26%	80,115shares	SOLE	79,909 / 0 / 206
Invesco S&P Small Cap QualityCOM	46138G300	$18.13B	0.26%	458,848shares	SOLE	458,848 / 0 / 0
Baldwin Insurance Group Inc.COM	05589G102	$17.89B	0.26%	400,242shares	SOLE	399,238 / 0 / 1,004
Gates Industrial Corp. plcCOM	G39108108	$17.87B	0.26%	970,579shares	SOLE	967,577 / 0 / 3,002
Morningstar Inc.COM	617700109	$17.81B	0.26%	59,377shares	SOLE	59,228 / 0 / 149
Brown-Forman Corp. - BCOM	115637209	$17.56B	0.25%	517,326shares	SOLE	516,037 / 0 / 1,289
iShares iBonds Dec 2033 Term TCOM	46436E148	$17.10B	0.25%	700,979shares	SOLE	698,980 / 0 / 1,999
iShares iBonds Dec 2034 Term TCOM	46438G646	$16.97B	0.24%	661,179shares	SOLE	659,275 / 0 / 1,904
Valvoline Inc.COM	92047W101	$16.86B	0.24%	484,265shares	SOLE	482,940 / 0 / 1,325
Toro Co.COM	891092108	$16.49B	0.24%	226,647shares	SOLE	226,073 / 0 / 574
NIKE Inc.COM	654106103	$15.68B	0.23%	246,930shares	SOLE	246,312 / 0 / 618
Charles River Laboratories IntCOM	159864107	$14.42B	0.21%	95,772shares	SOLE	95,439 / 0 / 333
Walt Disney Co.COM	254687106	$13.54B	0.20%	137,211shares	SOLE	136,764 / 0 / 447
Vontier Corp.COM	928881101	$12.72B	0.18%	387,085shares	SOLE	385,844 / 0 / 1,241
SPDR Portfolio High Yield BondCOM	78468R606	$11.84B	0.17%	505,720shares	SOLE	505,720 / 0 / 0
iShares iBonds Dec 2029 Term TCOM	46436E825	$11.64B	0.17%	534,836shares	SOLE	533,822 / 0 / 1,014
Global X Uranium ETFCOM	37954Y871	$11.47B	0.17%	500,652shares	SOLE	500,652 / 0 / 0
JBT Marel Corp.COM	477839104	$11.34B	0.16%	92,820shares	SOLE	92,506 / 0 / 314
iShares iBonds Dec 2027 Term TCOM	46436E841	$10.55B	0.15%	470,464shares	SOLE	469,128 / 0 / 1,336
SPDR S&P 600 Small Cap GrowthCOM	78464A201	$10.51B	0.15%	126,661shares	SOLE	126,661 / 0 / 0
Global X Defense Tech ETFCOM	37960A529	$10.20B	0.15%	219,200shares	SOLE	219,200 / 0 / 0
iShares iBonds Dec 2032 Term CCOM	46436E312	$10.18B	0.15%	407,434shares	SOLE	406,269 / 0 / 1,165
iShares iBonds Dec 2031 Term CCOM	46436E486	$10.18B	0.15%	490,577shares	SOLE	489,166 / 0 / 1,411
iShares iBonds Dec 2028 Term TCOM	46436E833	$9.76B	0.14%	438,690shares	SOLE	437,412 / 0 / 1,278
iShares iBonds Dec 2032 Term TCOM	46436E296	$9.76B	0.14%	426,353shares	SOLE	425,096 / 0 / 1,257
PIMCO 20 Plus Year Zero CouponCOM	72201R882	$8.97B	0.13%	125,161shares	SOLE	125,161 / 0 / 0
Dimensional National MunicipalCOM	25434V849	$8.24B	0.12%	173,223shares	SOLE	172,539 / 0 / 684
TripAdvisor Inc.COM	896945201	$8.22B	0.12%	580,216shares	SOLE	578,458 / 0 / 1,758
Amplify Cyber Security ETFCOM	032108664	$8.21B	0.12%	114,403shares	SOLE	114,403 / 0 / 0
iShares iBonds Dec 2033 Term CCOM	46436E130	$7.89B	0.11%	308,505shares	SOLE	307,619 / 0 / 886
iShares iBonds Dec 2030 Term TCOM	46436E593	$7.77B	0.11%	395,464shares	SOLE	394,321 / 0 / 1,143
Powershares Insured National MCOM	46138E537	$7.52B	0.11%	326,206shares	SOLE	324,976 / 0 / 1,230
CONMED Corp.COM	207410101	$7.50B	0.11%	124,225shares	SOLE	123,839 / 0 / 386
iShares Core S&P US Value ETFCOM	464287663	$7.07B	0.10%	76,605shares	SOLE	76,346 / 0 / 259
SPDR S&P 600 Small Cap Value ECOM	78464A300	$6.86B	0.10%	87,529shares	SOLE	87,529 / 0 / 0
Azek Co. Inc.COM	05478C105	$6.66B	0.10%	136,127shares	SOLE	135,872 / 0 / 255
Invesco BulletShares 2027 MuniCOM	46138J494	$6.45B	0.09%	273,987shares	SOLE	272,869 / 0 / 1,118
Hercules Capital Inc.COM	427096508	$6.34B	0.09%	330,000shares	DFND	0 / 330,000 / 0
Main Street Capital Corp.COM	56035L104	$6.28B	0.09%	111,000shares	DFND	0 / 111,000 / 0
iShares iBonds Dec 2031 Term TCOM	46436E460	$6.24B	0.09%	306,939shares	SOLE	306,042 / 0 / 897
iShares iBonds Dec 2030 Term CCOM	46436E726	$6.13B	0.09%	282,297shares	SOLE	282,297 / 0 / 0
i3 Verticals Inc.COM	46571Y107	$5.87B	0.08%	237,965shares	SOLE	237,351 / 0 / 614
Invesco Bulletshares 2033 MuniCOM	46139W791	$5.59B	0.08%	220,577shares	SOLE	219,721 / 0 / 856
iShares 3-7 Year Treasury BondCOM	464288661	$5.58B	0.08%	47,213shares	SOLE	47,213 / 0 / 0
Invesco BulletShares 2030 MuniCOM	46138J445	$5.37B	0.08%	248,788shares	SOLE	247,850 / 0 / 938
Invesco BulletShares 2029 MuniCOM	46138J478	$5.35B	0.08%	235,377shares	SOLE	234,417 / 0 / 960
Ares Capital Corp.COM	04010L103	$5.10B	0.07%	230,000shares	DFND	0 / 230,000 / 0
Sixth Street Specialty LendingCOM	83012A109	$4.41B	0.06%	197,000shares	DFND	0 / 197,000 / 0
VanEck Vectors Long MunicipalCOM	92189F536	$4.38B	0.06%	251,836shares	SOLE	251,836 / 0 / 0
AstraZeneca plcCOM	046353108	$4.26B	0.06%	374shares	SOLE	374 / 0 / 0
Berkshire Hathaway Inc. - ACOM	084670108	$3.99B	0.06%	5shares	SOLE	5 / 0 / 0
iShares iBonds Dec 2027 Term CCOM	46435UAA9	$3.95B	0.06%	163,383shares	SOLE	162,921 / 0 / 462
Golub Capital BDC Inc.COM	38173M102	$3.94B	0.06%	260,000shares	DFND	0 / 260,000 / 0
New Mountain Finance Corp.COM	647551100	$3.89B	0.06%	353,000shares	DFND	0 / 353,000 / 0
Barings BDC Inc.COM	06759L103	$3.72B	0.05%	390,000shares	DFND	0 / 390,000 / 0
SPDR Nuveen S&P High Yield MunCOM	78464A284	$3.67B	0.05%	145,414shares	SOLE	145,414 / 0 / 0
Blue Owl Capital Corp.COM	69121K104	$3.58B	0.05%	244,475shares	DFND	0 / 244,475 / 0
Cavco Industries Inc.COM	149568107	$3.46B	0.05%	6,655shares	SOLE	6,655 / 0 / 0
VanEck High Yield Muni ETFCOM	92189H409	$3.39B	0.05%	66,241shares	SOLE	66,241 / 0 / 0
FS KKR Capital Corp.COM	302635206	$3.22B	0.05%	153,500shares	DFND	0 / 153,500 / 0
Invesco BulletShares 2032 MuncCOM	46139W833	$3.12B	0.04%	126,794shares	SOLE	126,266 / 0 / 528
Invesco BulletShares 2031 MuniCOM	46138J411	$2.98B	0.04%	143,705shares	SOLE	143,179 / 0 / 526
Stewart Information Services CCOM	860372101	$2.91B	0.04%	40,729shares	SOLE	40,729 / 0 / 0
SLR Investment Corp.COM	83413U100	$2.71B	0.04%	161,000shares	DFND	0 / 161,000 / 0
Invesco BulletShares 2026 MuniCOM	46138J510	$2.70B	0.04%	114,340shares	SOLE	113,874 / 0 / 466
Invesco BulletShares 2025 MuniCOM	46138J528	$2.69B	0.04%	110,040shares	SOLE	109,592 / 0 / 448
Invesco BulletShares 2028 MuniCOM	46138J486	$2.69B	0.04%	115,952shares	SOLE	115,479 / 0 / 473
RBC Bearings Inc.COM	75524B104	$2.58B	0.04%	8,026shares	SOLE	8,026 / 0 / 0
iShares 20Plus Year Treasury BCOM	464287432	$2.51B	0.04%	27,616shares	SOLE	27,616 / 0 / 0
Berkshire Hathaway Inc. - BCOM	084670702	$2.40B	0.03%	4,500shares	DFND	0 / 4,500 / 0
SPDR Nuveen Barclays Capital SCOM	78468R739	$2.29B	0.03%	48,048shares	SOLE	48,048 / 0 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$2.25B	0.03%	31,463shares	SOLE	31,463 / 0 / 0
Enovis Corp.COM	194014502	$2.19B	0.03%	57,391shares	SOLE	57,391 / 0 / 0
Franklin Street Properties CorCOM	35471R106	$2.19B	0.03%	1,231,656shares	SOLE	40,000 / 0 / 1,191,656
Agnico Eagle Mines Ltd.COM	008474108	$2.19B	0.03%	20,218shares	SOLE	19,790 / 0 / 428
Movado Group Inc.COM	624580106	$2.14B	0.03%	127,884shares	SOLE	127,884 / 0 / 0
Hayward Holdings Inc.COM	421298100	$2.09B	0.03%	150,316shares	SOLE	150,316 / 0 / 0
Altus Group Ltd.COM	02215R107	$2.09B	0.03%	59,145shares	SOLE	59,145 / 0 / 0
SJW GroupCOM	784305104	$2.09B	0.03%	38,213shares	SOLE	38,213 / 0 / 0
Hagerty Inc.COM	405166109	$2.08B	0.03%	230,495shares	SOLE	230,495 / 0 / 0
Sapiens International Corp. N.COM	G7T16G103	$2.08B	0.03%	76,762shares	SOLE	76,762 / 0 / 0
Haemonetics Corp.COM	405024100	$2.06B	0.03%	32,449shares	SOLE	32,449 / 0 / 0
J & J Snack Foods Corp.COM	466032109	$1.99B	0.03%	15,074shares	SOLE	15,074 / 0 / 0
iShares National Muni Bond ETFCOM	464288414	$1.94B	0.03%	18,415shares	SOLE	18,415 / 0 / 0
iShares iBonds Dec 2026 Term MCOM	46435U259	$1.93B	0.03%	75,467shares	SOLE	75,467 / 0 / 0
Knowles Corp.COM	49926D109	$1.92B	0.03%	126,392shares	SOLE	126,392 / 0 / 0
Edgewell Personal Care Co.COM	28035Q102	$1.86B	0.03%	59,696shares	SOLE	59,696 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$1.70B	0.02%	100,000shares	DFND	0 / 100,000 / 0
American Outdoor Brands Inc.COM	02875D109	$1.69B	0.02%	139,143shares	SOLE	139,143 / 0 / 0
Shell plcCOM	780259305	$1.67B	0.02%	22,801shares	SOLE	22,266 / 0 / 535
Bain Capital Specialty FinanceCOM	05684B107	$1.66B	0.02%	100,000shares	DFND	0 / 100,000 / 0
Cannae Holdings Inc.COM	13765N107	$1.64B	0.02%	89,734shares	SOLE	89,734 / 0 / 0
Taiwan Semiconductor ManufactuCOM	874039100	$1.63B	0.02%	9,796shares	SOLE	9,586 / 0 / 210
Blackstone Secured Lending FunCOM	09261X102	$1.60B	0.02%	49,500shares	DFND	0 / 49,500 / 0
UFP Technologies Inc.COM	902673102	$1.60B	0.02%	7,927shares	SOLE	7,927 / 0 / 0
John B Sanfilippo & Son Inc.COM	800422107	$1.59B	0.02%	22,476shares	SOLE	22,476 / 0 / 0
Capital Southwest Corp.COM	140501107	$1.58B	0.02%	71,000shares	DFND	0 / 71,000 / 0
Blackstone Group LPCOM	09260D107	$1.54B	0.02%	11,000shares	DFND	0 / 11,000 / 0
Marten Transport Ltd.COM	573075108	$1.47B	0.02%	107,038shares	SOLE	107,038 / 0 / 0
Kayne Anderson BDCCOM	48662X105	$1.46B	0.02%	90,000shares	DFND	0 / 90,000 / 0
Rheinmetall AGCOM	76206K107	$1.42B	0.02%	4,964shares	SOLE	4,806 / 0 / 158
Oaktree Specialty Lending CorpCOM	67401P405	$1.38B	0.02%	90,000shares	DFND	0 / 90,000 / 0
Golub Capital BDC Inc.COM	38173M102	$1.36B	0.02%	89,833shares	SOLE	89,833 / 0 / 0
Winnebago Industries Inc.COM	974637100	$1.29B	0.02%	37,467shares	SOLE	37,467 / 0 / 0
Goldman Sachs BDC Inc.COM	38147U107	$1.27B	0.02%	109,000shares	DFND	0 / 109,000 / 0
Mitsubishi UFJ FinancialCOM	606822104	$1.26B	0.02%	92,147shares	SOLE	89,187 / 0 / 2,960
SAP S.E.COM	803054204	$1.26B	0.02%	4,678shares	SOLE	4,538 / 0 / 140
Barings BDC Inc.COM	06759L103	$1.24B	0.02%	129,779shares	SOLE	129,779 / 0 / 0
Sixth Street Specialty LendingCOM	83012A109	$1.22B	0.02%	54,416shares	SOLE	54,416 / 0 / 0
Zurich Insurance Group A.G.COM	989825104	$1.22B	0.02%	34,878shares	SOLE	33,960 / 0 / 918
AerCap Holdings N.V.COM	N00985106	$1.14B	0.02%	11,146shares	SOLE	10,841 / 0 / 305
Palmer Square Capital BDC Inc.COM	69702V107	$1.13B	0.02%	84,528shares	DFND	0 / 84,528 / 0
DBS Group Holdings Ltd.COM	23304Y100	$1.12B	0.02%	8,175shares	SOLE	7,947 / 0 / 228
Willis Towers Watson plcCOM	G96629103	$1.12B	0.02%	3,323shares	SOLE	3,231 / 0 / 92
Sony Group Corp.COM	835699307	$1.09B	0.02%	42,975shares	SOLE	42,005 / 0 / 970
CyberArk Software Ltd.COM	M2682V108	$1.08B	0.02%	3,204shares	SOLE	3,120 / 0 / 84
Main Street Capital Corp.COM	56035L104	$1.08B	0.02%	19,010shares	SOLE	19,010 / 0 / 0
Sandoz GroupCOM	799926100	$1.07B	0.02%	25,451shares	SOLE	24,772 / 0 / 679
iShares iBonds Dec 2027 Term MCOM	46435U283	$1.03B	0.01%	40,553shares	SOLE	40,553 / 0 / 0
Hercules Capital Inc.COM	427096508	$1.01B	0.01%	52,629shares	SOLE	52,629 / 0 / 0
Safran S.A.COM	786584102	$990.65M	0.01%	14,960shares	SOLE	14,519 / 0 / 441
Tokio Marine Holdings Inc.COM	889094108	$971.79M	0.01%	25,001shares	SOLE	24,284 / 0 / 717
Wheaton Precious Metals Corp.COM	962879102	$956.40M	0.01%	12,320shares	SOLE	12,153 / 0 / 167
Nintendo Co. Ltd.COM	654445303	$948.42M	0.01%	55,237shares	SOLE	53,712 / 0 / 1,525
Techtronic Industries Co. Ltd.COM	87873R101	$947.43M	0.01%	15,774shares	SOLE	15,381 / 0 / 393
New Mountain Finance Corp.COM	647551100	$945.07M	0.01%	85,682shares	SOLE	85,682 / 0 / 0
Accenture plcCOM	G1151C101	$943.92M	0.01%	3,025shares	SOLE	2,943 / 0 / 82
ING Groep N.V.COM	456837103	$940.91M	0.01%	48,030shares	SOLE	46,424 / 0 / 1,606
Franco-Nevada Corp.COM	351858105	$925.51M	0.01%	5,874shares	SOLE	5,787 / 0 / 87
Cameco Corp.COM	13321L108	$903.46M	0.01%	21,950shares	SOLE	21,756 / 0 / 194
BAE Systems plcCOM	05523R107	$903.38M	0.01%	10,986shares	SOLE	10,614 / 0 / 372
Chugai Pharms Co. Ltd.COM	171269103	$885.13M	0.01%	38,924shares	SOLE	37,602 / 0 / 1,322
Blue Owl Capital Corp.COM	69121K104	$885.03M	0.01%	60,371shares	SOLE	60,371 / 0 / 0
RLI Corp.COM	749607107	$868.53M	0.01%	10,812shares	SOLE	10,812 / 0 / 0
BNP Paribas S.A.COM	05565A202	$866.02M	0.01%	20,738shares	SOLE	20,029 / 0 / 709
iShares Gold Trust ETFCOM	464285204	$861.76M	0.01%	14,616shares	SOLE	14,419 / 0 / 197
i3 Verticals Inc.COM	46571Y107	$851.88M	0.01%	34,531shares	DFND	0 / 34,531 / 0
Antero Resources Corp.COM	03674X106	$845.68M	0.01%	20,912shares	SOLE	20,658 / 0 / 254
Haleon plcCOM	405552100	$840.41M	0.01%	81,673shares	SOLE	78,902 / 0 / 2,771
MidCap Financial Investment CoCOM	03761U502	$835.90M	0.01%	65,000shares	DFND	0 / 65,000 / 0
iShares iBonds Dec 2028 Term MCOM	46435U325	$832.98M	0.01%	32,937shares	SOLE	32,937 / 0 / 0
Blackstone Secured Lending FunCOM	09261X102	$830.16M	0.01%	25,654shares	SOLE	25,654 / 0 / 0
Expand Energy Corp.COM	165167735	$826.11M	0.01%	7,421shares	SOLE	7,323 / 0 / 98
TotalEnergies S.E.COM	89151E109	$820.21M	0.01%	12,679shares	SOLE	12,283 / 0 / 396
Royal Gold Inc.COM	780287108	$798.91M	0.01%	4,886shares	SOLE	4,825 / 0 / 61
Unilever plcCOM	904767704	$793.74M	0.01%	13,329shares	SOLE	12,900 / 0 / 429
ITOCHU Corp.COM	465717106	$792.07M	0.01%	8,516shares	SOLE	8,230 / 0 / 286
JBT Marel Corp.COM	477839104	$790.51M	0.01%	6,469shares	DFND	0 / 6,469 / 0
Baldwin Insurance Group Inc.COM	05589G102	$782.92M	0.01%	17,519shares	DFND	0 / 17,519 / 0
iShares Russell 1000 Value ETFCOM	464287598	$781.80M	0.01%	4,155shares	SOLE	4,155 / 0 / 0
ASML Holding N.V.COM	N07059210	$780.58M	0.01%	1,178shares	SOLE	1,144 / 0 / 34
L'Oreal S.A.COM	502117203	$778.77M	0.01%	10,473shares	SOLE	10,151 / 0 / 322
Goldman Sachs BDC Inc.COM	38147U107	$776.69M	0.01%	66,783shares	SOLE	66,783 / 0 / 0
Shopify Inc.COM	82509L107	$775.54M	0.01%	8,126shares	SOLE	7,946 / 0 / 180
PennantPark Investment Corp.COM	708062104	$745.18M	0.01%	106,000shares	DFND	0 / 106,000 / 0
Cavco Industries Inc.COM	149568107	$729.04M	0.01%	1,403shares	DFND	0 / 1,403 / 0
Crescent Capital BDC Inc.COM	225655109	$728.72M	0.01%	42,565shares	DFND	0 / 42,565 / 0
Trinity Capital Inc.COM	896442308	$727.68M	0.01%	48,000shares	DFND	0 / 48,000 / 0
Novo Nordisk A.S.COM	670100205	$726.69M	0.01%	10,465shares	SOLE	10,175 / 0 / 290
Runway Growth Finance CorpCOM	78163D100	$724.50M	0.01%	70,000shares	DFND	0 / 70,000 / 0
Exxon Mobil Corp.COM	30231G102	$722.40M	0.01%	6,074shares	SOLE	6,005 / 0 / 69
Brown &amp; Brown Inc.COM	115236101	$716.54M	0.01%	5,760shares	DFND	0 / 5,760 / 0
SJW GroupCOM	784305104	$713.54M	0.01%	13,047shares	DFND	0 / 13,047 / 0
Oaktree Specialty Lending CorpCOM	67401P405	$712.71M	0.01%	46,401shares	SOLE	46,401 / 0 / 0
TripAdvisor Inc.COM	896945201	$709.05M	0.01%	50,039shares	DFND	0 / 50,039 / 0
iShares Silver Trust ETFCOM	46428Q109	$702.17M	0.01%	22,658shares	SOLE	22,374 / 0 / 284
Hagerty Inc.COM	405166109	$689.40M	0.01%	76,261shares	DFND	0 / 76,261 / 0
ICON plcCOM	G4705A100	$682.46M	0.01%	3,900shares	SOLE	3,784 / 0 / 116
Core Natural Resources Inc.COM	218937100	$681.87M	0.01%	8,844shares	SOLE	8,733 / 0 / 111
Capital Southwest Corp.COM	140501107	$681.24M	0.01%	30,522shares	SOLE	30,522 / 0 / 0
J &amp; J Snack Foods Corp.COM	466032109	$678.23M	0.01%	5,149shares	DFND	0 / 5,149 / 0
FS KKR Capital Corp.COM	302635206	$676.67M	0.01%	32,299shares	SOLE	32,299 / 0 / 0
Coterra Energy Inc.COM	127097103	$673.63M	0.01%	23,309shares	SOLE	22,968 / 0 / 341
Stewart Information Services CCOM	860372101	$671.48M	0.01%	9,411shares	DFND	0 / 9,411 / 0
iShares 0-3 Month Treasury BonCOM	46436E718	$664.95M	0.01%	6,605shares	DFND	6,605 / 0 / 0
Sapiens International Corp. N.COM	G7T16G103	$661.40M	0.01%	24,415shares	DFND	0 / 24,415 / 0
Wal-Mart de Mexico S.A.B. de CCOM	93114W107	$654.86M	0.01%	23,770shares	SOLE	23,135 / 0 / 635
Diamondback Energy Inc.COM	25278X109	$652.31M	0.01%	4,080shares	SOLE	4,024 / 0 / 56
American Express Co.COM	025816109	$645.72M	0.01%	2,400shares	SOLE	2,400 / 0 / 0
CONMED Corp.COM	207410101	$644.66M	0.01%	10,675shares	DFND	0 / 10,675 / 0
Mitsui & Co. Ltd.COM	606827202	$644.61M	0.01%	1,697shares	SOLE	1,673 / 0 / 24
Azek Co. Inc.COM	05478C105	$639.09M	0.01%	13,072shares	DFND	0 / 13,072 / 0
Enovis Corp.COM	194014502	$638.57M	0.01%	16,712shares	DFND	0 / 16,712 / 0
Progressive Corp.COM	743315103	$636.92M	0.01%	2,251shares	DFND	2,251 / 0 / 0
Portman Ridge Finance Corp.COM	73688F201	$631.40M	0.01%	44,000shares	DFND	0 / 44,000 / 0
ConocoPhillipsCOM	20825C104	$629.60M	0.01%	5,995shares	SOLE	5,911 / 0 / 84
Newmont Mining Corp.COM	651639106	$624.49M	0.01%	12,935shares	SOLE	12,799 / 0 / 136
Broadridge Financial SolutionsCOM	11133T103	$622.43M	0.01%	2,567shares	DFND	2,567 / 0 / 0
Barrick Gold Corp.COM	067901108	$618.15M	0.01%	31,798shares	SOLE	31,470 / 0 / 328
Morningstar Inc.COM	617700109	$616.83M	0.01%	2,057shares	DFND	0 / 2,057 / 0
Movado Group Inc.COM	624580106	$614.28M	0.01%	36,739shares	DFND	0 / 36,739 / 0
Altus Group Ltd.COM	02215R107	$605.33M	0.01%	17,119shares	DFND	0 / 17,119 / 0
Edgewell Personal Care Co.COM	28035Q102	$597.20M	0.01%	19,135shares	DFND	0 / 19,135 / 0
Roche Holding A.G.COM	771195104	$596.30M	0.01%	14,491shares	SOLE	14,129 / 0 / 362
Antofagasta plcCOM	G0398N128	$591.74M	0.01%	27,781shares	SOLE	27,441 / 0 / 340
Valvoline Inc.COM	92047W101	$586.44M	0.01%	16,847shares	DFND	0 / 16,847 / 0
Chubb Ltd.COM	H1467J104	$584.65M	0.01%	1,936shares	DFND	1,936 / 0 / 0
Snap-on Inc.COM	833034101	$579.99M	0.01%	1,721shares	DFND	1,721 / 0 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$579.91M	0.01%	8,105shares	DFND	0 / 8,105 / 0
Fidelity National Financial InCOM	31620R303	$577.59M	0.01%	8,875shares	DFND	8,875 / 0 / 0
Knowles Corp.COM	49926D109	$576.92M	0.01%	37,955shares	DFND	0 / 37,955 / 0
John B Sanfilippo &amp; Son Inc.COM	800422107	$570.57M	0.01%	8,052shares	DFND	0 / 8,052 / 0
LVMH Moet Hennessy Louis VuittCOM	502441306	$567.45M	0.01%	4,581shares	SOLE	4,447 / 0 / 134
Hayward Holdings Inc.COM	421298100	$565.49M	0.01%	40,624shares	DFND	0 / 40,624 / 0
Haemonetics Corp.COM	405024100	$561.72M	0.01%	8,839shares	DFND	0 / 8,839 / 0
Southern Copper Corp.COM	84265V105	$557.07M	0.01%	5,961shares	SOLE	5,890 / 0 / 71
Crescent Capital BDC Inc.COM	225655109	$556.18M	0.01%	32,487shares	SOLE	32,487 / 0 / 0
Freeport-McMoRan Inc.COM	35671D857	$553.89M	0.01%	14,630shares	SOLE	14,466 / 0 / 164
MakeMyTrip Ltd.COM	V5633W109	$551.98M	0.01%	5,633shares	SOLE	5,633 / 0 / 0
Marten Transport Ltd.COM	573075108	$547.99M	0.01%	39,941shares	DFND	0 / 39,941 / 0
Paychex Inc.COM	704326107	$547.38M	0.01%	3,548shares	DFND	3,548 / 0 / 0
Gates Industrial Corp. plcCOM	G39108108	$538.99M	0.01%	29,277shares	DFND	0 / 29,277 / 0
WEC Energy Group Inc.COM	92939U106	$538.36M	0.01%	4,940shares	DFND	4,940 / 0 / 0
Komatsu Ltd.COM	500458401	$538.25M	0.01%	18,522shares	SOLE	18,032 / 0 / 490
RBC Bearings Inc.COM	75524B104	$538.00M	0.01%	1,672shares	DFND	0 / 1,672 / 0
Seabridge Gold Inc.COM	811916105	$522.94M	0.01%	44,811shares	SOLE	44,275 / 0 / 536
Linde plcCOM	G54950103	$509.41M	0.01%	1,094shares	DFND	1,094 / 0 / 0
Southern Co.COM	842587107	$495.15M	0.01%	5,385shares	DFND	5,385 / 0 / 0
Diageo plcCOM	25243Q205	$490.84M	0.01%	4,684shares	DFND	4,684 / 0 / 0
UFP Technologies Inc.COM	902673102	$490.36M	0.01%	2,431shares	DFND	0 / 2,431 / 0
Entergy Corp.COM	29364G103	$480.88M	0.01%	5,625shares	DFND	5,625 / 0 / 0
American Outdoor Brands Inc.COM	02875D109	$462.72M	0.01%	38,053shares	DFND	0 / 38,053 / 0
SLR Investment Corp.COM	83413U100	$444.92M	0.01%	26,389shares	SOLE	26,389 / 0 / 0
Kinder Morgan Inc.COM	49456B101	$441.27M	0.01%	15,467shares	DFND	15,467 / 0 / 0
Home Depot Inc.COM	437076102	$435.76M	0.01%	1,189shares	DFND	1,189 / 0 / 0
Lockheed Martin Corp.COM	539830109	$435.62M	0.01%	975shares	DFND	975 / 0 / 0
Fastenal Co.COM	311900104	$428.54M	0.01%	5,526shares	DFND	5,526 / 0 / 0
Cisco Systems Inc.COM	17275R102	$428.02M	0.01%	6,936shares	DFND	6,936 / 0 / 0
Hershey Co.COM	427866108	$426.94M	0.01%	2,496shares	DFND	2,496 / 0 / 0
Vista Energy S.A.B. de C.V.COM	92837L109	$426.86M	0.01%	9,168shares	SOLE	9,168 / 0 / 0
Bank of America Corp.COM	060505104	$417.30M	0.01%	10,000shares	DFND	0 / 10,000 / 0
Analog Devices Inc.COM	032654105	$416.45M	0.01%	2,065shares	DFND	2,065 / 0 / 0
PepsiCo Inc.COM	713448108	$409.34M	0.01%	2,730shares	DFND	2,730 / 0 / 0
Gilead Sciences Inc.COM	375558103	$407.75M	0.01%	3,639shares	DFND	3,639 / 0 / 0
Uranium Energy Corp.COM	916896103	$400.06M	0.01%	83,694shares	SOLE	82,981 / 0 / 713
Clorox Co.COM	189054109	$399.34M	0.01%	2,712shares	DFND	2,712 / 0 / 0
Chevron Corp.COM	166764100	$398.49M	0.01%	2,382shares	DFND	2,382 / 0 / 0
MercadoLibre Inc.COM	58733R102	$397.98M	0.01%	204shares	SOLE	204 / 0 / 0
Colgate-Palmolive Co.COM	194162103	$384.64M	0.01%	4,105shares	DFND	4,105 / 0 / 0
Gold Fields Ltd.COM	38059T106	$384.21M	0.01%	17,393shares	SOLE	17,393 / 0 / 0
Winnebago Industries Inc.COM	974637100	$377.44M	0.01%	10,953shares	DFND	0 / 10,953 / 0
Glencore plcCOM	37827X100	$376.82M	0.01%	51,548shares	SOLE	51,005 / 0 / 543
Curtiss-Wright Corp.COM	231561101	$368.03M	0.01%	1,160shares	SOLE	1,160 / 0 / 0
ICICI Bank Ltd.COM	45104G104	$366.11M	0.01%	11,615shares	SOLE	11,615 / 0 / 0
Denison Mines Corp.COM	248356107	$350.76M	0.01%	269,817shares	SOLE	266,087 / 0 / 3,730
Northern Trust Corp.COM	665859104	$350.60M	0.01%	3,554shares	DFND	3,554 / 0 / 0
Bain Capital Specialty FinanceCOM	05684B107	$339.50M	0.00%	20,452shares	SOLE	20,452 / 0 / 0
Morgan Stanley Direct LendingCOM	61774A103	$337.74M	0.00%	16,921shares	SOLE	16,921 / 0 / 0
Kayne Anderson BDCCOM	48662X105	$334.70M	0.00%	20,635shares	SOLE	20,635 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$324.45M	0.00%	19,108shares	SOLE	19,108 / 0 / 0
MidCap Financial Investment CoCOM	03761U502	$318.25M	0.00%	24,748shares	SOLE	24,748 / 0 / 0
U.S. BancorpCOM	902973304	$314.07M	0.00%	7,439shares	DFND	7,439 / 0 / 0
iShares iBonds Dec 2025 Term MCOM	46435U432	$309.85M	0.00%	11,583shares	SOLE	11,583 / 0 / 0
Ares Capital Corp.COM	04010L103	$309.80M	0.00%	13,980shares	DFND	13,980 / 0 / 0
iShares iBonds Dec 2029 Term MCOM	46436E163	$308.54M	0.00%	12,322shares	SOLE	12,322 / 0 / 0
Invesco BulletShares 2034 MuniCOM	46139W767	$302.36M	0.00%	12,577shares	SOLE	12,577 / 0 / 0
Kemper Corp.COM	488401100	$298.82M	0.00%	4,470shares	SOLE	4,470 / 0 / 0
Tencent Holdings Ltd.COM	88032Q109	$298.71M	0.00%	4,679shares	SOLE	4,679 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$297.97M	0.00%	16,256shares	DFND	0 / 16,256 / 0
Alibaba Group Holding Ltd.COM	01609W102	$295.80M	0.00%	2,237shares	SOLE	2,237 / 0 / 0
Portman Ridge Finance Corp.COM	73688F201	$289.36M	0.00%	20,165shares	SOLE	20,165 / 0 / 0
T. Rowe Price Group Inc.COM	74144T108	$288.56M	0.00%	3,141shares	DFND	3,141 / 0 / 0
United Parcel Service Inc.COM	911312106	$282.12M	0.00%	2,565shares	DFND	2,565 / 0 / 0
Palmer Square Capital BDC Inc.COM	69702V107	$281.20M	0.00%	21,111shares	SOLE	21,111 / 0 / 0
Markel Group Inc.COM	570535104	$280.44M	0.00%	150shares	DFND	0 / 150 / 0
Fomento Economico Mexicano S.ACOM	344419106	$280.08M	0.00%	2,870shares	SOLE	2,870 / 0 / 0
KB Financial Group Inc.COM	48241A105	$273.67M	0.00%	5,058shares	SOLE	5,058 / 0 / 0
Paycom Software Inc.COM	70432V102	$272.39M	0.00%	1,247shares	DFND	1,247 / 0 / 0
Weyerhaeuser Co.COM	962166104	$262.96M	0.00%	8,981shares	DFND	8,981 / 0 / 0
Dow Inc.COM	260557103	$259.60M	0.00%	7,434shares	DFND	7,434 / 0 / 0
Coca-Cola Femsa S.A.B. de C.V.COM	191241108	$251.41M	0.00%	2,754shares	SOLE	2,754 / 0 / 0
Brown & Brown Inc.COM	115236101	$242.99M	0.00%	1,953shares	DFND	1,953 / 0 / 0
American Water Works Co. Inc.COM	030420103	$238.39M	0.00%	1,616shares	DFND	1,616 / 0 / 0
Baldwin Insurance Group Inc.COM	05589G102	$236.01M	0.00%	5,281shares	DFND	5,281 / 0 / 0
Yum China Holdings Inc.COM	98850P109	$235.52M	0.00%	4,524shares	SOLE	4,524 / 0 / 0
Ameriprise Financial Inc.COM	03076C106	$232.37M	0.00%	480shares	SOLE	480 / 0 / 0
SPDR Gold Shares ETFCOM	78463V107	$229.07M	0.00%	795shares	SOLE	795 / 0 / 0
Avantis US Mid Cap Equity ETFCOM	025072125	$226.35M	0.00%	3,652shares	SOLE	3,652 / 0 / 0
Visa Inc.COM	92826C839	$225.70M	0.00%	644shares	SOLE	644 / 0 / 0
Aberdeen Standard Physical PlaCOM	003260106	$225.23M	0.00%	2,465shares	SOLE	2,435 / 0 / 30
Microsoft Corp.COM	594918104	$222.81M	0.00%	594shares	DFND	594 / 0 / 0
Dr Reddy's Laboratories Ltd.COM	256135203	$219.42M	0.00%	16,635shares	SOLE	16,635 / 0 / 0
RLI Corp.COM	749607107	$213.60M	0.00%	2,659shares	DFND	0 / 2,659 / 0
Costco Wholesale Corp.COM	22160K105	$209.02M	0.00%	221shares	SOLE	221 / 0 / 0
H World Group Ltd.COM	44332N106	$208.63M	0.00%	5,637shares	SOLE	5,637 / 0 / 0
JPMorgan Chase & Co.COM	46625H100	$208.26M	0.00%	849shares	SOLE	849 / 0 / 0
Gates Industrial Corp. plcCOM	G39108108	$207.04M	0.00%	11,246shares	DFND	11,246 / 0 / 0
HDFC Bank Ltd.COM	40415F101	$206.10M	0.00%	3,102shares	SOLE	3,102 / 0 / 0
Keysight Technologies Inc.COM	49338L103	$203.24M	0.00%	1,357shares	DFND	1,357 / 0 / 0
JBS S.A.COM	466110103	$202.54M	0.00%	14,124shares	SOLE	14,124 / 0 / 0
Shinhan Financial Group Co. LtCOM	824596100	$200.98M	0.00%	6,265shares	SOLE	6,265 / 0 / 0
Morningstar Inc.COM	617700109	$200.50M	0.00%	669shares	DFND	669 / 0 / 0
Morgan Stanley Direct LendingCOM	61774A103	$199.60M	0.00%	10,000shares	DFND	0 / 10,000 / 0
Berkshire Hathaway Inc. - BCOM	084670702	$192.79M	0.00%	362shares	DFND	362 / 0 / 0
JBT Marel Corp.COM	477839104	$185.50M	0.00%	1,518shares	DFND	1,518 / 0 / 0
Valvoline Inc.COM	92047W101	$177.29M	0.00%	5,093shares	DFND	5,093 / 0 / 0
PennantPark Investment Corp.COM	708062104	$171.28M	0.00%	24,364shares	SOLE	24,364 / 0 / 0
Polaris Inc.COM	731068102	$170.72M	0.00%	4,170shares	DFND	4,170 / 0 / 0
Dollar Tree Inc.COM	256746108	$169.96M	0.00%	2,264shares	DFND	2,264 / 0 / 0
ASE Technology Holding Co. LtdCOM	00215W100	$169.38M	0.00%	19,336shares	SOLE	19,336 / 0 / 0
Mastercard Inc.COM	57636Q104	$169.04M	0.00%	308shares	DFND	308 / 0 / 0
Trinity Capital Inc.COM	896442308	$167.51M	0.00%	11,049shares	SOLE	11,049 / 0 / 0
W. R. Berkley Corp.COM	084423102	$164.53M	0.00%	2,312shares	DFND	2,312 / 0 / 0
TripAdvisor Inc.COM	896945201	$163.54M	0.00%	11,541shares	DFND	11,541 / 0 / 0
Runway Growth Finance CorpCOM	78163D100	$162.26M	0.00%	15,677shares	SOLE	15,677 / 0 / 0
Cavco Industries Inc.COM	149568107	$156.41M	0.00%	301shares	DFND	301 / 0 / 0
Stryker Corp.COM	863667101	$154.08M	0.00%	414shares	DFND	414 / 0 / 0
TJX Co. Inc.COM	872540109	$148.51M	0.00%	1,219shares	DFND	1,219 / 0 / 0
Oracle Corp.COM	68389X105	$148.20M	0.00%	1,060shares	DFND	1,060 / 0 / 0
S&P Global Inc.COM	78409V104	$147.65M	0.00%	291shares	DFND	291 / 0 / 0
Ping An Insurance Group Co. ofCOM	72341E304	$147.31M	0.00%	12,307shares	SOLE	12,307 / 0 / 0
Ecopetrol S.A.COM	279158109	$146.99M	0.00%	14,079shares	SOLE	14,079 / 0 / 0
CONMED Corp.COM	207410101	$146.02M	0.00%	2,418shares	DFND	2,418 / 0 / 0
i3 Verticals Inc.COM	46571Y107	$139.41M	0.00%	5,651shares	DFND	5,651 / 0 / 0
Controladora Vuela Cia de AviaCOM	21240E105	$138.54M	0.00%	26,540shares	SOLE	26,540 / 0 / 0
Graco Inc.COM	384109104	$137.78M	0.00%	1,650shares	DFND	1,650 / 0 / 0
Azek Co. Inc.COM	05478C105	$136.45M	0.00%	2,791shares	DFND	2,791 / 0 / 0
Lowe's Co. Inc.COM	548661107	$134.03M	0.00%	575shares	DFND	575 / 0 / 0
Arcos Dorados Holdings Inc.COM	G0457F107	$129.75M	0.00%	16,098shares	SOLE	16,098 / 0 / 0
Alphabet Inc.COM	02079K107	$128.26M	0.00%	821shares	DFND	821 / 0 / 0
Vale S.A.COM	91912E105	$127.96M	0.00%	12,822shares	SOLE	12,822 / 0 / 0
Stewart Information Services CCOM	860372101	$125.15M	0.00%	1,754shares	DFND	1,754 / 0 / 0
Dun & Bradstreet Holdings Inc.COM	26484T106	$122.01M	0.00%	13,648shares	DFND	13,648 / 0 / 0
PT Astra International TbkCOM	69367X109	$121.79M	0.00%	21,217shares	SOLE	21,217 / 0 / 0
Betterware de Mexico S.A.P.I.COM	P1666E105	$120.52M	0.00%	10,600shares	SOLE	10,600 / 0 / 0
NXP Semiconductors N.V.COM	N6596X109	$117.77M	0.00%	620shares	DFND	620 / 0 / 0
RBC Bearings Inc.COM	75524B104	$114.23M	0.00%	355shares	DFND	355 / 0 / 0
Charles River Laboratories IntCOM	159864107	$113.49M	0.00%	754shares	DFND	754 / 0 / 0
Thermo Fisher Scientific Inc.COM	883556102	$112.02M	0.00%	225shares	DFND	225 / 0 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$106.04M	0.00%	1,482shares	DFND	1,482 / 0 / 0
SJW GroupCOM	784305104	$97.57M	0.00%	1,784shares	DFND	1,784 / 0 / 0
Sapiens International Corp. N.COM	G7T16G103	$95.47M	0.00%	3,524shares	DFND	3,524 / 0 / 0
Movado Group Inc.COM	624580106	$93.18M	0.00%	5,573shares	DFND	5,573 / 0 / 0
Enovis Corp.COM	194014502	$92.70M	0.00%	2,426shares	DFND	2,426 / 0 / 0
Haemonetics Corp.COM	405024100	$91.13M	0.00%	1,434shares	DFND	1,434 / 0 / 0
Altus Group Ltd.COM	02215R107	$91.09M	0.00%	2,576shares	DFND	2,576 / 0 / 0
Hayward Holdings Inc.COM	421298100	$89.38M	0.00%	6,421shares	DFND	6,421 / 0 / 0
J & J Snack Foods Corp.COM	466032109	$89.31M	0.00%	678shares	DFND	678 / 0 / 0
Sendas Distribuidora S.A.COM	81689T104	$89.18M	0.00%	13,154shares	SOLE	13,154 / 0 / 0
Hagerty Inc.COM	405166109	$86.90M	0.00%	9,613shares	DFND	9,613 / 0 / 0
Knowles Corp.COM	49926D109	$84.63M	0.00%	5,568shares	DFND	5,568 / 0 / 0
Edgewell Personal Care Co.COM	28035Q102	$82.77M	0.00%	2,652shares	DFND	2,652 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$80.12M	0.00%	4,371shares	DFND	4,371 / 0 / 0
Starbucks Corp.COM	855244109	$80.11M	0.00%	817shares	DFND	817 / 0 / 0
Walt Disney Co.COM	254687106	$79.65M	0.00%	807shares	DFND	807 / 0 / 0
John B Sanfilippo & Son Inc.COM	800422107	$76.46M	0.00%	1,079shares	DFND	1,079 / 0 / 0
UFP Technologies Inc.COM	902673102	$74.03M	0.00%	367shares	DFND	367 / 0 / 0
Booking Holdings Inc.COM	09857L108	$73.71M	0.00%	16shares	DFND	16 / 0 / 0
Vontier Corp.COM	928881101	$69.78M	0.00%	2,124shares	DFND	2,124 / 0 / 0
Nordson Corp.COM	655663102	$66.84M	0.00%	331shares	DFND	331 / 0 / 0
Marten Transport Ltd.COM	573075108	$66.61M	0.00%	4,855shares	DFND	4,855 / 0 / 0
Arch Capital Group Ltd.COM	G0450A105	$66.27M	0.00%	689shares	DFND	689 / 0 / 0
American Outdoor Brands Inc.COM	02875D109	$64.47M	0.00%	5,302shares	DFND	5,302 / 0 / 0
Air Products and Chemicals IncCOM	009158106	$59.57M	0.00%	202shares	DFND	202 / 0 / 0
Masco Corp.COM	574599106	$58.07M	0.00%	835shares	DFND	835 / 0 / 0
Illinois Tool Works Inc.COM	452308109	$57.29M	0.00%	231shares	DFND	231 / 0 / 0
Winnebago Industries Inc.COM	974637100	$55.03M	0.00%	1,597shares	DFND	1,597 / 0 / 0
Constellation BrandsCOM	21036P108	$53.04M	0.00%	289shares	DFND	289 / 0 / 0
Martin Marietta Materials Inc.COM	573284106	$51.64M	0.00%	108shares	DFND	108 / 0 / 0
Federated Government ObligatioMFUND	60934N104	$42.20M	0.00%	42,196shares	SOLE	42,196 / 0 / 0
RLI Corp.COM	749607107	$38.16M	0.00%	475shares	DFND	475 / 0 / 0
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$35.17M	0.00%	443shares	DFND	443 / 0 / 0
Invesco S&P MidCap Quality ETFCOM	46137V472	$29.63M	0.00%	324shares	DFND	324 / 0 / 0
Bank of America Corp.COM	060505104	$24.66M	0.00%	591shares	SOLE	591 / 0 / 0
SPDR Portfolio S&P 500 Value ECOM	78464A508	$22.11M	0.00%	433shares	DFND	433 / 0 / 0
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$20.71M	0.00%	258shares	DFND	258 / 0 / 0
SPDR Gold MiniShares Trust ETFCOM	98149E303	$17.95M	0.00%	290shares	DFND	290 / 0 / 0
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$16.72M	0.00%	217shares	DFND	217 / 0 / 0
Invesco S&P Small Cap QualityCOM	46138G300	$14.35M	0.00%	363shares	DFND	363 / 0 / 0
SPDR S&P 600 Small Cap GrowthCOM	78464A201	$8.36M	0.00%	101shares	DFND	101 / 0 / 0
Global X Defense Tech ETFCOM	37960A529	$7.91M	0.00%	170shares	DFND	170 / 0 / 0
SPDR S&P 500 ETFCOM	78462F103	$7.83M	0.00%	14shares	DFND	14 / 0 / 0
Global X Uranium ETFCOM	37954Y871	$6.76M	0.00%	295shares	DFND	295 / 0 / 0
Amplify Cyber Security ETFCOM	032108664	$6.32M	0.00%	88shares	DFND	88 / 0 / 0
SPDR S&P 600 Small Cap Value ECOM	78464A300	$5.49M	0.00%	70shares	DFND	70 / 0 / 0
iShares Barclays 10-20 Year TrCOM	464288653	$4.67M	0.00%	45shares	DFND	45 / 0 / 0
iShares 20Plus Year Treasury BCOM	464287432	$4.64M	0.00%	51shares	DFND	51 / 0 / 0

Filing Metadata

Form type

13F-HR

Filing date

Apr 1, 2025

Holdings as of

March 31, 2025

Accession

0001636661-25-000004

CIK

0001442056

Other managers

View on SEC

Portfolio Snapshot

Total Portfolio Value

$6.94T

Number of Positions

462

462 reported by filer

Top 10 Concentration

23.1%

Top 20 Concentration

41.3%

Unique Issuers

294

By CUSIP

Avg. Position Size

$15.03B

Across 462 holdings

Top 5 Holdings

iShares 0-3 Month Treasury Bon2.8%

Snap-on Inc.2.5%

Chubb Ltd.2.4%

Paychex Inc.2.4%

Progressive Corp.2.3%