CONFLUENCE INVESTMENT MANAGEMENT LLC — Q2 2025 13F Holdings

Holdings as of June 30, 2025

Portfolio value

$7.08T

Holdings count

451

451 positions reported

Accession #

0001636661-25-000005

Form 13F-HR

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All Reported Positions

451 positions sorted by value

451 positions

Issuer	CUSIP	Valuev	Weight	Shares/Prin.	Discretion	Voting (Sole/Shared/None)
iShares 0-3 Month Treasury BonCOM	46436E718	$237.88B	3.36%	2,362,512shares	SOLE	2,353,714 / 0 / 8,798
Chubb Ltd.COM	H1467J104	$158.30B	2.24%	546,389shares	SOLE	544,503 / 0 / 1,886
Snap-on Inc.COM	833034101	$155.54B	2.20%	499,835shares	SOLE	498,273 / 0 / 1,562
Paychex Inc.COM	704326107	$151.44B	2.14%	1,041,078shares	SOLE	1,037,751 / 0 / 3,327
Northern Trust Corp.COM	665859104	$149.72B	2.12%	1,180,876shares	SOLE	1,177,160 / 0 / 3,716
Progressive Corp.COM	743315103	$149.28B	2.11%	559,381shares	SOLE	557,701 / 0 / 1,679
Analog Devices Inc.COM	032654105	$148.48B	2.10%	623,830shares	SOLE	621,890 / 0 / 1,940
Linde plcCOM	G54950103	$147.95B	2.09%	315,346shares	SOLE	314,257 / 0 / 1,088
WEC Energy Group Inc.COM	92939U106	$147.35B	2.08%	1,414,135shares	SOLE	1,409,570 / 0 / 4,565
Broadridge Financial SolutionsCOM	11133T103	$144.60B	2.04%	594,970shares	SOLE	592,911 / 0 / 2,059
Southern Co.COM	842587107	$144.55B	2.04%	1,574,069shares	SOLE	1,569,137 / 0 / 4,932
Lockheed Martin Corp.COM	539830109	$138.54B	1.96%	299,125shares	SOLE	298,194 / 0 / 932
Fastenal Co.COM	311900104	$137.30B	1.94%	3,268,957shares	SOLE	3,259,701 / 0 / 9,256
Diageo plcCOM	25243Q205	$135.66B	1.92%	1,345,335shares	SOLE	1,341,146 / 0 / 4,189
Home Depot Inc.COM	437076102	$128.31B	1.81%	349,952shares	SOLE	348,865 / 0 / 1,086
Hershey Co.COM	427866108	$126.37B	1.79%	761,515shares	SOLE	758,988 / 0 / 2,527
Fidelity National Financial InCOM	31620R303	$121.66B	1.72%	2,170,164shares	SOLE	2,162,838 / 0 / 7,326
American Water Works Co. Inc.COM	030420103	$121.36B	1.71%	872,406shares	SOLE	869,564 / 0 / 2,842
Chevron Corp.COM	166764100	$120.69B	1.71%	842,878shares	SOLE	840,025 / 0 / 2,853
Cisco Systems Inc.COM	17275R102	$120.17B	1.70%	1,732,009shares	SOLE	1,726,547 / 0 / 5,462
Colgate-Palmolive Co.COM	194162103	$118.61B	1.68%	1,304,894shares	SOLE	1,300,674 / 0 / 4,220
Oracle Corp.COM	68389X105	$114.24B	1.61%	522,508shares	SOLE	521,349 / 0 / 1,159
Entergy Corp.COM	29364G103	$113.82B	1.61%	1,369,375shares	SOLE	1,364,971 / 0 / 4,404
Clorox Co.COM	189054109	$112.66B	1.59%	938,285shares	SOLE	935,202 / 0 / 3,083
Kinder Morgan Inc.COM	49456B101	$112.48B	1.59%	3,825,949shares	SOLE	3,813,467 / 0 / 12,482
Gilead Sciences Inc.COM	375558103	$107.12B	1.51%	966,168shares	SOLE	963,021 / 0 / 3,146
SPDR Portfolio Mortgage BackedCOM	78464A383	$104.48B	1.48%	4,727,616shares	SOLE	4,721,709 / 0 / 5,907
PepsiCo Inc.COM	713448108	$93.60B	1.32%	708,849shares	SOLE	706,709 / 0 / 2,140
Mastercard Inc.COM	57636Q104	$93.47B	1.32%	166,337shares	SOLE	166,001 / 0 / 336
W. R. Berkley Corp.COM	084423102	$92.72B	1.31%	1,261,977shares	SOLE	1,259,211 / 0 / 2,766
Stryker Corp.COM	863667101	$91.85B	1.30%	232,161shares	SOLE	231,667 / 0 / 494
T. Rowe Price Group Inc.COM	74144T108	$91.22B	1.29%	945,312shares	SOLE	942,148 / 0 / 3,164
U.S. BancorpCOM	902973304	$88.04B	1.24%	1,945,536shares	SOLE	1,939,327 / 0 / 6,209
Microsoft Corp.COM	594918104	$81.87B	1.16%	164,593shares	SOLE	164,063 / 0 / 530
Paycom Software Inc.COM	70432V102	$78.88B	1.11%	340,901shares	SOLE	340,123 / 0 / 778
S&P Global Inc.COM	78409V104	$77.94B	1.10%	147,808shares	SOLE	147,489 / 0 / 319
Ares Capital Corp.COM	04010L103	$77.03B	1.09%	3,507,811shares	SOLE	3,495,841 / 0 / 11,970
TJX Co. Inc.COM	872540109	$76.06B	1.07%	615,939shares	SOLE	614,599 / 0 / 1,340
Nordson Corp.COM	655663102	$71.90B	1.02%	335,418shares	SOLE	334,731 / 0 / 687
United Parcel Service Inc.COM	911312106	$67.55B	0.95%	669,206shares	SOLE	667,191 / 0 / 2,015
Air Products and Chemicals IncCOM	009158106	$58.04B	0.82%	205,758shares	SOLE	205,388 / 0 / 370
Graco Inc.COM	384109104	$57.46B	0.81%	668,371shares	SOLE	666,452 / 0 / 1,919
iShares Barclays 10-20 Year TrCOM	464288653	$57.09B	0.81%	561,953shares	SOLE	561,751 / 0 / 202
Masco Corp.COM	574599106	$56.97B	0.80%	885,224shares	SOLE	883,342 / 0 / 1,882
Illinois Tool Works Inc.COM	452308109	$56.25B	0.79%	227,501shares	SOLE	227,049 / 0 / 452
Keysight Technologies Inc.COM	49338L103	$54.39B	0.77%	331,959shares	SOLE	331,260 / 0 / 699
SPDR Portfolio Developed WorldCOM	78463X889	$51.66B	0.73%	1,275,968shares	SOLE	1,275,968 / 0 / 0
Lowe's Co. Inc.COM	548661107	$50.26B	0.71%	226,548shares	SOLE	226,136 / 0 / 412
Alphabet Inc.COM	02079K107	$49.94B	0.71%	281,544shares	SOLE	280,996 / 0 / 548
Berkshire Hathaway Inc. - BCOM	084670702	$49.39B	0.70%	101,677shares	SOLE	101,479 / 0 / 198
Weyerhaeuser Co.COM	962166104	$48.98B	0.69%	1,906,505shares	SOLE	1,899,565 / 0 / 6,940
Booking Holdings Inc.COM	09857L108	$48.86B	0.69%	8,440shares	SOLE	8,427 / 0 / 13
Dow Inc.COM	260557103	$46.67B	0.66%	1,762,437shares	SOLE	1,756,735 / 0 / 5,702
NXP Semiconductors N.V.COM	N6596X109	$46.40B	0.66%	212,359shares	SOLE	211,943 / 0 / 416
Brown-Forman Corp. - BCOM	115637209	$37.10B	0.52%	1,378,752shares	SOLE	1,374,934 / 0 / 3,818
Arch Capital Group Ltd.COM	G0450A105	$36.03B	0.51%	395,709shares	SOLE	395,101 / 0 / 608
SPDR Portfolio S&P 500 Value ECOM	78464A508	$35.87B	0.51%	685,307shares	SOLE	685,307 / 0 / 0
Mondelez International Inc.COM	609207105	$35.27B	0.50%	523,007shares	SOLE	522,217 / 0 / 790
SPDR Gold MiniShares Trust ETFCOM	98149E303	$34.41B	0.49%	525,221shares	SOLE	524,483 / 0 / 738
Martin Marietta Materials Inc.COM	573284106	$34.23B	0.48%	62,346shares	SOLE	62,253 / 0 / 93
Thermo Fisher Scientific Inc.COM	883556102	$33.75B	0.48%	83,241shares	SOLE	83,094 / 0 / 147
Polaris Inc.COM	731068102	$33.36B	0.47%	820,636shares	SOLE	817,863 / 0 / 2,773
Brown & Brown Inc.COM	115236101	$33.16B	0.47%	299,127shares	SOLE	298,320 / 0 / 807
Amphenol Corp.COM	032095101	$32.85B	0.46%	332,681shares	SOLE	331,801 / 0 / 880
Starbucks Corp.COM	855244109	$31.14B	0.44%	339,824shares	SOLE	338,782 / 0 / 1,042
iShares 3-7 Year Treasury BondCOM	464288661	$29.70B	0.42%	249,390shares	SOLE	249,390 / 0 / 0
ResMed Inc.COM	761152107	$29.69B	0.42%	115,063shares	SOLE	114,766 / 0 / 297
Ecolab Inc.COM	278865100	$28.47B	0.40%	105,654shares	SOLE	105,376 / 0 / 278
Dollar Tree Inc.COM	256746108	$28.01B	0.40%	282,832shares	SOLE	281,866 / 0 / 966
iShares MBS ETFCOM	464288588	$27.07B	0.38%	288,361shares	SOLE	287,583 / 0 / 778
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$25.96B	0.37%	272,384shares	SOLE	272,384 / 0 / 0
Sherwin-Williams Co.COM	824348106	$25.75B	0.36%	74,989shares	SOLE	74,793 / 0 / 196
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$24.46B	0.35%	307,913shares	SOLE	307,913 / 0 / 0
ProShares S&P MidCap 400 DividCOM	74347B680	$24.45B	0.35%	299,931shares	SOLE	299,931 / 0 / 0
General Dynamics Corp.COM	369550108	$24.01B	0.34%	82,310shares	SOLE	82,079 / 0 / 231
Constellation BrandsCOM	21036P108	$23.30B	0.33%	143,219shares	SOLE	143,012 / 0 / 207
McDonald's Corp.COM	580135101	$22.85B	0.32%	78,202shares	SOLE	77,988 / 0 / 214
Gates Industrial Corp. plcCOM	G39108108	$21.84B	0.31%	948,381shares	SOLE	945,532 / 0 / 2,849
A. O. Smith Corp.COM	831865209	$21.75B	0.31%	331,666shares	SOLE	330,978 / 0 / 688
EOG Resources Inc.COM	26875P101	$21.70B	0.31%	181,460shares	SOLE	180,938 / 0 / 522
Donaldson Co. Inc.COM	257651109	$21.68B	0.31%	312,679shares	SOLE	311,815 / 0 / 864
Zoetis Inc.COM	98978V103	$21.37B	0.30%	137,030shares	SOLE	136,654 / 0 / 376
Procter & Gamble Co.COM	742718109	$21.31B	0.30%	133,731shares	SOLE	133,370 / 0 / 361
Expeditors International of WaCOM	302130109	$20.72B	0.29%	181,391shares	SOLE	180,954 / 0 / 437
New Jersey Resources Corp.COM	646025106	$19.36B	0.27%	431,907shares	SOLE	430,605 / 0 / 1,302
Morningstar Inc.COM	617700109	$18.42B	0.26%	58,674shares	SOLE	58,534 / 0 / 140
Medtronic plcCOM	G5960L103	$18.26B	0.26%	209,424shares	SOLE	208,881 / 0 / 543
Valvoline Inc.COM	92047W101	$18.15B	0.26%	479,191shares	SOLE	477,947 / 0 / 1,244
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$18.02B	0.25%	207,494shares	SOLE	207,494 / 0 / 0
NIKE Inc.COM	654106103	$17.63B	0.25%	248,154shares	SOLE	247,536 / 0 / 618
Carrier Global Corp.COM	14448C104	$17.20B	0.24%	234,965shares	SOLE	234,266 / 0 / 699
iShares iBonds Dec 2033 Term TCOM	46436E148	$17.03B	0.24%	694,671shares	SOLE	692,814 / 0 / 1,857
Walt Disney Co.COM	254687106	$17.01B	0.24%	137,165shares	SOLE	136,745 / 0 / 420
iShares iBonds Dec 2034 Term TCOM	46438G646	$16.94B	0.24%	659,143shares	SOLE	657,374 / 0 / 1,769
Baldwin Insurance Group Inc.COM	05589G102	$16.90B	0.24%	394,875shares	SOLE	393,938 / 0 / 937
Vontier Corp.COM	928881101	$16.30B	0.23%	441,862shares	SOLE	440,700 / 0 / 1,162
Invesco CurrencyShares Swiss FCOM	46138R108	$16.01B	0.23%	143,244shares	SOLE	143,244 / 0 / 0
Toro Co.COM	891092108	$16.01B	0.23%	226,518shares	SOLE	225,944 / 0 / 574
Charles River Laboratories IntCOM	159864107	$14.62B	0.21%	96,359shares	SOLE	96,042 / 0 / 317
Becton Dickinson & Co.COM	075887109	$13.89B	0.20%	80,614shares	SOLE	80,408 / 0 / 206
iShares Core S&P US Value ETFCOM	464287663	$11.88B	0.17%	125,563shares	SOLE	125,563 / 0 / 0
SPDR S&P 500 ETFCOM	78462F103	$11.88B	0.17%	19,222shares	SOLE	19,222 / 0 / 0
iShares iBonds Dec 2029 Term TCOM	46436E825	$11.66B	0.16%	531,810shares	SOLE	530,876 / 0 / 934
JBT Marel Corp.COM	477839104	$10.69B	0.15%	88,907shares	SOLE	88,593 / 0 / 314
iShares iBonds Dec 2027 Term TCOM	46436E841	$10.51B	0.15%	467,115shares	SOLE	465,874 / 0 / 1,241
iShares iBonds Dec 2031 Term CCOM	46436E486	$10.26B	0.14%	487,502shares	SOLE	486,196 / 0 / 1,306
SPDR S&P Dividend ETFCOM	78464A763	$10.21B	0.14%	75,213shares	SOLE	75,213 / 0 / 0
iShares iBonds Dec 2032 Term CCOM	46436E312	$10.15B	0.14%	401,503shares	SOLE	400,425 / 0 / 1,078
iShares iBonds Dec 2032 Term TCOM	46436E296	$9.87B	0.14%	428,490shares	SOLE	427,329 / 0 / 1,161
iShares iBonds Dec 2028 Term TCOM	46436E833	$9.76B	0.14%	436,479shares	SOLE	435,299 / 0 / 1,180
Global X Defense Tech ETFCOM	37960A529	$9.68B	0.14%	160,638shares	SOLE	160,638 / 0 / 0
SPDR Consumer Staples Select SCOM	81369Y308	$8.02B	0.11%	99,081shares	SOLE	99,081 / 0 / 0
Dimensional National MunicipalCOM	25434V849	$7.96B	0.11%	167,895shares	SOLE	167,211 / 0 / 684
iShares iBonds Dec 2033 Term CCOM	46436E130	$7.96B	0.11%	307,307shares	SOLE	306,489 / 0 / 818
TripAdvisor Inc.COM	896945201	$7.93B	0.11%	607,969shares	SOLE	605,934 / 0 / 2,035
iShares iBonds Dec 2030 Term TCOM	46436E593	$7.81B	0.11%	393,507shares	SOLE	392,453 / 0 / 1,054
Powershares Insured National MCOM	46138E537	$7.10B	0.10%	317,163shares	SOLE	315,933 / 0 / 1,230
Main Street Capital Corp.COM	56035L104	$6.56B	0.09%	111,000shares	DFND	0 / 111,000 / 0
iShares iBonds Dec 2031 Term TCOM	46436E460	$6.25B	0.09%	304,901shares	SOLE	304,068 / 0 / 833
i3 Verticals Inc.COM	46571Y107	$6.23B	0.09%	226,842shares	SOLE	226,228 / 0 / 614
Invesco BulletShares 2027 MuniCOM	46138J494	$6.22B	0.09%	265,158shares	SOLE	264,040 / 0 / 1,118
CONMED Corp.COM	207410101	$6.15B	0.09%	118,183shares	SOLE	117,797 / 0 / 386
iShares National Muni Bond ETFCOM	464288414	$6.07B	0.09%	58,057shares	SOLE	58,057 / 0 / 0
Ares Capital Corp.COM	04010L103	$6.04B	0.09%	275,000shares	DFND	0 / 275,000 / 0
Hercules Capital Inc.COM	427096508	$6.03B	0.09%	330,000shares	DFND	0 / 330,000 / 0
Sixth Street Specialty LendingCOM	83012A109	$5.40B	0.08%	227,000shares	DFND	0 / 227,000 / 0
Invesco Bulletshares 2033 MuniCOM	46139W791	$5.37B	0.08%	214,054shares	SOLE	213,198 / 0 / 856
Golub Capital BDC Inc.COM	38173M102	$5.27B	0.07%	360,000shares	DFND	0 / 360,000 / 0
Invesco BulletShares 2030 MuniCOM	46138J445	$5.20B	0.07%	241,752shares	SOLE	240,814 / 0 / 938
Invesco BulletShares 2029 MuniCOM	46138J478	$5.16B	0.07%	227,286shares	SOLE	226,326 / 0 / 960
Blackstone Secured Lending FunCOM	09261X102	$4.90B	0.07%	159,500shares	DFND	0 / 159,500 / 0
VanEck Vectors Long MunicipalCOM	92189F536	$4.23B	0.06%	250,578shares	SOLE	250,578 / 0 / 0
iShares 20Plus Year Treasury BCOM	464287432	$4.06B	0.06%	46,046shares	SOLE	46,046 / 0 / 0
iShares iBonds Dec 2027 Term CCOM	46435UAA9	$3.95B	0.06%	162,767shares	SOLE	162,341 / 0 / 426
iShares BB Rated Corporate BonCOM	46435U473	$3.75B	0.05%	79,826shares	SOLE	79,826 / 0 / 0
Berkshire Hathaway Inc. - ACOM	084670108	$3.64B	0.05%	5shares	SOLE	5 / 0 / 0
Blue Owl Capital Corp.COM	69121K104	$3.58B	0.05%	250,000shares	DFND	0 / 250,000 / 0
FS KKR Capital Corp.COM	302635206	$3.42B	0.05%	165,000shares	DFND	0 / 165,000 / 0
SPDR Nuveen Barclays Capital SCOM	78468R739	$3.09B	0.04%	64,652shares	SOLE	64,652 / 0 / 0
Invesco BulletShares 2032 MuncCOM	46139W833	$3.04B	0.04%	124,352shares	SOLE	123,824 / 0 / 528
New Mountain Finance Corp.COM	647551100	$2.99B	0.04%	283,000shares	DFND	0 / 283,000 / 0
RBC Bearings Inc.COM	75524B104	$2.95B	0.04%	7,671shares	SOLE	7,671 / 0 / 0
Invesco BulletShares 2031 MuniCOM	46138J411	$2.89B	0.04%	139,940shares	SOLE	139,414 / 0 / 526
Azek Co. Inc.COM	05478C105	$2.83B	0.04%	52,065shares	SOLE	52,065 / 0 / 0
Cavco Industries Inc.COM	149568107	$2.73B	0.04%	6,275shares	SOLE	6,275 / 0 / 0
Barings BDC Inc.COM	06759L103	$2.65B	0.04%	290,000shares	DFND	0 / 290,000 / 0
Invesco BulletShares 2025 MuniCOM	46138J528	$2.62B	0.04%	106,632shares	SOLE	106,184 / 0 / 448
Invesco BulletShares 2026 MuniCOM	46138J510	$2.61B	0.04%	110,838shares	SOLE	110,372 / 0 / 466
Invesco BulletShares 2028 MuniCOM	46138J486	$2.61B	0.04%	112,298shares	SOLE	111,825 / 0 / 473
Stewart Information Services CCOM	860372101	$2.53B	0.04%	38,839shares	SOLE	38,839 / 0 / 0
iShares iBonds Dec 2028 Term MCOM	46435U325	$2.51B	0.04%	98,908shares	SOLE	98,908 / 0 / 0
Agnico Eagle Mines Ltd.COM	008474108	$2.42B	0.03%	20,390shares	SOLE	19,962 / 0 / 428
Haemonetics Corp.COM	405024100	$2.32B	0.03%	31,067shares	SOLE	31,067 / 0 / 0
Hagerty Inc.COM	405166109	$2.23B	0.03%	221,030shares	SOLE	221,030 / 0 / 0
Altus Group Ltd.COM	02215R107	$2.19B	0.03%	56,563shares	SOLE	56,563 / 0 / 0
Taiwan Semiconductor ManufactuCOM	874039100	$2.17B	0.03%	9,566shares	SOLE	9,356 / 0 / 210
Rheinmetall AGCOM	76206K107	$2.12B	0.03%	5,024shares	SOLE	4,866 / 0 / 158
Knowles Corp.COM	49926D109	$2.07B	0.03%	117,738shares	SOLE	117,738 / 0 / 0
Franklin Street Properties CorCOM	35471R106	$2.02B	0.03%	1,231,656shares	SOLE	40,000 / 0 / 1,191,656
iShares iBonds Dec 2029 Term MCOM	46436E163	$2.00B	0.03%	79,369shares	SOLE	79,369 / 0 / 0
Hayward Holdings Inc.COM	421298100	$1.99B	0.03%	143,944shares	SOLE	143,944 / 0 / 0
RLI Corp.COM	749607107	$1.98B	0.03%	27,432shares	SOLE	27,432 / 0 / 0
H2O AmericaCOM	784305104	$1.89B	0.03%	36,412shares	SOLE	36,412 / 0 / 0
iShares iBonds Dec 2026 Term MCOM	46435U259	$1.87B	0.03%	72,848shares	SOLE	72,848 / 0 / 0
UFP Technologies Inc.COM	902673102	$1.86B	0.03%	7,610shares	SOLE	7,610 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$1.80B	0.03%	86,099shares	SOLE	86,099 / 0 / 0
Movado Group Inc.COM	624580106	$1.79B	0.03%	117,380shares	SOLE	117,380 / 0 / 0
MidCap Financial Investment CoCOM	03761U502	$1.77B	0.02%	140,000shares	DFND	0 / 140,000 / 0
Enovis Corp.COM	194014502	$1.62B	0.02%	51,790shares	SOLE	51,790 / 0 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$1.57B	0.02%	29,691shares	SOLE	29,691 / 0 / 0
J & J Snack Foods Corp.COM	466032109	$1.57B	0.02%	13,854shares	SOLE	13,854 / 0 / 0
Capital Southwest Corp.COM	140501107	$1.56B	0.02%	71,000shares	DFND	0 / 71,000 / 0
Bain Capital Specialty FinanceCOM	05684B107	$1.50B	0.02%	100,000shares	DFND	0 / 100,000 / 0
Sandoz GroupCOM	799926100	$1.46B	0.02%	26,690shares	SOLE	26,011 / 0 / 679
Sixth Street Specialty LendingCOM	83012A109	$1.45B	0.02%	61,066shares	SOLE	61,066 / 0 / 0
SAP S.E.COM	803054204	$1.44B	0.02%	4,739shares	SOLE	4,599 / 0 / 140
American Outdoor Brands Inc.COM	02875D109	$1.38B	0.02%	131,920shares	SOLE	131,920 / 0 / 0
AerCap Holdings N.V.COM	N00985106	$1.36B	0.02%	11,627shares	SOLE	11,322 / 0 / 305
CyberArk Software Ltd.COM	M2682V108	$1.36B	0.02%	3,337shares	SOLE	3,253 / 0 / 84
Nintendo Co. Ltd.COM	654445303	$1.35B	0.02%	56,080shares	SOLE	54,555 / 0 / 1,525
Golub Capital BDC Inc.COM	38173M102	$1.34B	0.02%	91,191shares	SOLE	91,191 / 0 / 0
Mitsubishi UFJ FinancialCOM	606822104	$1.32B	0.02%	96,217shares	SOLE	93,257 / 0 / 2,960
John B Sanfilippo & Son Inc.COM	800422107	$1.31B	0.02%	20,749shares	SOLE	20,749 / 0 / 0
Morgan Stanley Direct LendingCOM	61774A103	$1.31B	0.02%	70,000shares	DFND	0 / 70,000 / 0
Edgewell Personal Care Co.COM	28035Q102	$1.28B	0.02%	54,736shares	SOLE	54,736 / 0 / 0
Marten Transport Ltd.COM	573075108	$1.27B	0.02%	97,757shares	SOLE	97,757 / 0 / 0
Safran S.A.COM	786584102	$1.25B	0.02%	15,248shares	SOLE	14,807 / 0 / 441
Zurich Insurance Group A.G.COM	989825104	$1.24B	0.02%	35,521shares	SOLE	34,603 / 0 / 918
Oaktree Specialty Lending CorpCOM	67401P405	$1.23B	0.02%	90,000shares	DFND	0 / 90,000 / 0
Sapiens International Corp. N.COM	G7T16G103	$1.23B	0.02%	41,991shares	SOLE	41,991 / 0 / 0
Goldman Sachs BDC Inc.COM	38147U107	$1.23B	0.02%	109,000shares	DFND	0 / 109,000 / 0
Barings BDC Inc.COM	06759L103	$1.21B	0.02%	132,892shares	SOLE	132,892 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$1.21B	0.02%	75,000shares	DFND	0 / 75,000 / 0
Glencore plcCOM	37827X100	$1.20B	0.02%	154,255shares	SOLE	152,312 / 0 / 1,943
BAE Systems plcCOM	05523R107	$1.20B	0.02%	11,413shares	SOLE	11,041 / 0 / 372
Sony Group Corp.COM	835699307	$1.17B	0.02%	44,816shares	SOLE	43,846 / 0 / 970
DBS Group Holdings Ltd.COM	23304Y100	$1.17B	0.02%	8,241shares	SOLE	8,013 / 0 / 228
Main Street Capital Corp.COM	56035L104	$1.12B	0.02%	18,985shares	SOLE	18,985 / 0 / 0
Wheaton Precious Metals Corp.COM	962879102	$1.08B	0.02%	12,045shares	SOLE	11,878 / 0 / 167
Tokio Marine Holdings Inc.COM	889094108	$1.08B	0.02%	25,502shares	SOLE	24,785 / 0 / 717
ING Groep N.V.COM	456837103	$1.08B	0.02%	49,233shares	SOLE	47,627 / 0 / 1,606
Core Natural Resources Inc.COM	218937100	$1.05B	0.01%	15,124shares	SOLE	14,934 / 0 / 190
Willis Towers Watson plcCOM	G96629103	$1.04B	0.01%	3,388shares	SOLE	3,296 / 0 / 92
Chugai Pharms Co. Ltd.COM	171269103	$1.03B	0.01%	39,539shares	SOLE	38,217 / 0 / 1,322
Winnebago Industries Inc.COM	974637100	$1.03B	0.01%	35,377shares	SOLE	35,377 / 0 / 0
SPDR Nuveen S&P High Yield MunCOM	78464A284	$1.02B	0.01%	41,157shares	SOLE	41,157 / 0 / 0
iShares iBonds Dec 2027 Term MCOM	46435U283	$1.01B	0.01%	39,817shares	SOLE	39,817 / 0 / 0
UFP Industries IncCOM	90278Q108	$990.62M	0.01%	9,970shares	SOLE	9,970 / 0 / 0
Shell plcCOM	780259305	$984.97M	0.01%	13,989shares	SOLE	13,565 / 0 / 424
SLR Investment Corp.COM	83413U100	$984.54M	0.01%	61,000shares	DFND	0 / 61,000 / 0
Hercules Capital Inc.COM	427096508	$983.06M	0.01%	53,778shares	SOLE	53,778 / 0 / 0
BNP Paribas S.A.COM	05565A202	$973.04M	0.01%	21,556shares	SOLE	20,847 / 0 / 709
Shopify Inc.COM	82509L107	$965.02M	0.01%	8,366shares	SOLE	8,186 / 0 / 180
ASML Holding N.V.COM	N07059210	$944.84M	0.01%	1,179shares	SOLE	1,145 / 0 / 34
Techtronic Industries Co. Ltd.COM	87873R101	$940.70M	0.01%	17,014shares	SOLE	16,621 / 0 / 393
Accenture plcCOM	G1151C101	$931.94M	0.01%	3,118shares	SOLE	3,036 / 0 / 82
Franco-Nevada Corp.COM	351858105	$924.84M	0.01%	5,642shares	SOLE	5,555 / 0 / 87
New Mountain Finance Corp.COM	647551100	$909.00M	0.01%	86,161shares	SOLE	86,161 / 0 / 0
ITOCHU Corp.COM	465717106	$904.45M	0.01%	8,636shares	SOLE	8,350 / 0 / 286
L'Oreal S.A.COM	502117203	$902.13M	0.01%	10,550shares	SOLE	10,228 / 0 / 322
iShares Gold Trust ETFCOM	464285204	$898.17M	0.01%	14,403shares	SOLE	14,206 / 0 / 197
iShares Russell 2000 Value ETFCOM	464287630	$885.82M	0.01%	5,615shares	SOLE	5,615 / 0 / 0
Blue Owl Capital Corp.COM	69121K104	$884.03M	0.01%	61,648shares	SOLE	61,648 / 0 / 0
Haleon plcCOM	405552100	$875.36M	0.01%	84,413shares	SOLE	81,642 / 0 / 2,771
Royal Gold Inc.COM	780287108	$855.77M	0.01%	4,812shares	SOLE	4,751 / 0 / 61
Unilever plcCOM	904767704	$840.06M	0.01%	13,733shares	SOLE	13,304 / 0 / 429
Aberdeen Standard Physical PlaCOM	003260106	$833.43M	0.01%	6,783shares	SOLE	6,697 / 0 / 86
Expand Energy Corp.COM	165167735	$820.33M	0.01%	7,015shares	SOLE	6,917 / 0 / 98
Blackstone Secured Lending FunCOM	09261X102	$805.65M	0.01%	26,200shares	SOLE	26,200 / 0 / 0
Wal-Mart de Mexico S.A.B. de CCOM	93114W107	$791.45M	0.01%	23,760shares	SOLE	23,125 / 0 / 635
Antero Resources Corp.COM	03674X106	$788.56M	0.01%	19,577shares	SOLE	19,323 / 0 / 254
Novo Nordisk A.S.COM	670100205	$785.17M	0.01%	11,376shares	SOLE	11,086 / 0 / 290
TotalEnergies S.E.COM	89151E109	$779.35M	0.01%	12,695shares	SOLE	12,299 / 0 / 396
American Express Co.COM	025816109	$765.55M	0.01%	2,400shares	SOLE	2,400 / 0 / 0
iShares 0-3 Month Treasury BonCOM	46436E718	$758.02M	0.01%	7,528shares	DFND	7,528 / 0 / 0
Newmont Mining Corp.COM	651639106	$735.65M	0.01%	12,627shares	SOLE	12,491 / 0 / 136
iShares Silver Trust ETFCOM	46428Q109	$734.52M	0.01%	22,387shares	SOLE	22,103 / 0 / 284
Alamos Gold Inc.COM	011532108	$716.83M	0.01%	26,989shares	SOLE	26,650 / 0 / 339
Antofagasta plcCOM	G0398N128	$711.18M	0.01%	27,694shares	SOLE	27,354 / 0 / 340
Vulcan Materials Co.COM	929160109	$699.52M	0.01%	2,682shares	SOLE	2,648 / 0 / 34
Mitsui & Co. Ltd.COM	606827202	$694.34M	0.01%	1,706shares	SOLE	1,682 / 0 / 24
Capital Southwest Corp.COM	140501107	$685.60M	0.01%	31,107shares	SOLE	31,107 / 0 / 0
FS KKR Capital Corp.COM	302635206	$679.52M	0.01%	32,748shares	SOLE	32,748 / 0 / 0
Trinity Capital Inc.COM	896442308	$675.36M	0.01%	48,000shares	DFND	0 / 48,000 / 0
Exxon Mobil Corp.COM	30231G102	$668.05M	0.01%	6,197shares	SOLE	6,128 / 0 / 69
Oaktree Specialty Lending CorpCOM	67401P405	$642.59M	0.01%	47,042shares	SOLE	47,042 / 0 / 0
Komatsu Ltd.COM	500458401	$642.25M	0.01%	19,462shares	SOLE	18,972 / 0 / 490
Freeport-McMoRan Inc.COM	35671D857	$641.45M	0.01%	14,797shares	SOLE	14,633 / 0 / 164
Goldman Sachs BDC Inc.COM	38147U107	$626.75M	0.01%	55,711shares	SOLE	55,711 / 0 / 0
Broadridge Financial SolutionsCOM	11133T103	$625.75M	0.01%	2,575shares	DFND	2,575 / 0 / 0
Roche Holding A.G.COM	771195104	$620.57M	0.01%	15,225shares	SOLE	14,863 / 0 / 362
Southern Copper Corp.COM	84265V105	$605.23M	0.01%	5,982shares	SOLE	5,911 / 0 / 71
ICON plcCOM	G4705A100	$601.00M	0.01%	4,132shares	SOLE	4,016 / 0 / 116
Crescent Capital BDC Inc.COM	225655109	$600.17M	0.01%	42,565shares	DFND	0 / 42,565 / 0
Coterra Energy Inc.COM	127097103	$598.92M	0.01%	23,598shares	SOLE	23,257 / 0 / 341
Progressive Corp.COM	743315103	$596.32M	0.01%	2,235shares	DFND	2,235 / 0 / 0
Curtiss-Wright Corp.COM	231561101	$566.72M	0.01%	1,160shares	SOLE	1,160 / 0 / 0
iShares Russell 1000 Value ETFCOM	464287598	$563.85M	0.01%	2,903shares	SOLE	2,903 / 0 / 0
Baldwin Insurance Group Inc.COM	05589G102	$561.97M	0.01%	13,127shares	DFND	0 / 13,127 / 0
Chubb Ltd.COM	H1467J104	$560.90M	0.01%	1,936shares	DFND	1,936 / 0 / 0
i3 Verticals Inc.COM	46571Y107	$554.93M	0.01%	20,194shares	DFND	0 / 20,194 / 0
Diageo plcCOM	25243Q205	$553.72M	0.01%	5,491shares	DFND	5,491 / 0 / 0
Valvoline Inc.COM	92047W101	$549.95M	0.01%	14,522shares	DFND	0 / 14,522 / 0
Haemonetics Corp.COM	405024100	$548.83M	0.01%	7,356shares	DFND	0 / 7,356 / 0
J &amp; J Snack Foods Corp.COM	466032109	$544.82M	0.01%	4,804shares	DFND	0 / 4,804 / 0
Gates Industrial Corp. plcCOM	G39108108	$539.09M	0.01%	23,408shares	DFND	0 / 23,408 / 0
MakeMyTrip Ltd.COM	V5633W109	$536.07M	0.01%	5,469shares	SOLE	5,469 / 0 / 0
Kayne Anderson BDCCOM	48662X105	$534.10M	0.01%	35,000shares	DFND	0 / 35,000 / 0
Knowles Corp.COM	49926D109	$528.79M	0.01%	30,011shares	DFND	0 / 30,011 / 0
Snap-on Inc.COM	833034101	$527.76M	0.01%	1,696shares	DFND	1,696 / 0 / 0
Marten Transport Ltd.COM	573075108	$518.83M	0.01%	39,941shares	DFND	0 / 39,941 / 0
JBT Marel Corp.COM	477839104	$517.72M	0.01%	4,305shares	DFND	0 / 4,305 / 0
Morningstar Inc.COM	617700109	$516.73M	0.01%	1,646shares	DFND	0 / 1,646 / 0
Paychex Inc.COM	704326107	$516.09M	0.01%	3,548shares	DFND	3,548 / 0 / 0
Cameco Corp.COM	13321L108	$515.53M	0.01%	6,945shares	SOLE	6,858 / 0 / 87
WEC Energy Group Inc.COM	92939U106	$514.75M	0.01%	4,940shares	DFND	4,940 / 0 / 0
Linde plcCOM	G54950103	$513.28M	0.01%	1,094shares	DFND	1,094 / 0 / 0
LVMH Moet Hennessy Louis VuittCOM	502441306	$513.11M	0.01%	4,884shares	SOLE	4,750 / 0 / 134
John B Sanfilippo &amp; Son Inc.COM	800422107	$509.21M	0.01%	8,052shares	DFND	0 / 8,052 / 0
Altus Group Ltd.COM	02215R107	$508.08M	0.01%	13,132shares	DFND	0 / 13,132 / 0
Stewart Information Services CCOM	860372101	$503.09M	0.01%	7,728shares	DFND	0 / 7,728 / 0
UFP Technologies Inc.COM	902673102	$499.80M	0.01%	2,047shares	DFND	0 / 2,047 / 0
H2O AmericaCOM	784305104	$499.59M	0.01%	9,613shares	DFND	0 / 9,613 / 0
Hagerty Inc.COM	405166109	$498.18M	0.01%	49,276shares	DFND	0 / 49,276 / 0
Fidelity National Financial InCOM	31620R303	$497.53M	0.01%	8,875shares	DFND	8,875 / 0 / 0
MercadoLibre Inc.COM	58733R102	$496.59M	0.01%	190shares	SOLE	190 / 0 / 0
Southern Co.COM	842587107	$494.50M	0.01%	5,385shares	DFND	5,385 / 0 / 0
Analog Devices Inc.COM	032654105	$491.51M	0.01%	2,065shares	DFND	2,065 / 0 / 0
RBC Bearings Inc.COM	75524B104	$489.85M	0.01%	1,273shares	DFND	0 / 1,273 / 0
Denison Mines Corp.COM	248356107	$485.72M	0.01%	266,880shares	SOLE	263,150 / 0 / 3,730
NexGen Energy LtdCOM	65340P106	$483.36M	0.01%	69,649shares	SOLE	68,773 / 0 / 876
Cisco Systems Inc.COM	17275R102	$481.22M	0.01%	6,936shares	DFND	6,936 / 0 / 0
Hershey Co.COM	427866108	$477.40M	0.01%	2,877shares	DFND	2,877 / 0 / 0
Uranium Energy Corp.COM	916896103	$475.82M	0.01%	69,974shares	SOLE	69,261 / 0 / 713
Northern Trust Corp.COM	665859104	$473.43M	0.01%	3,734shares	DFND	3,734 / 0 / 0
Crescent Capital BDC Inc.COM	225655109	$472.29M	0.01%	33,496shares	SOLE	33,496 / 0 / 0
Entergy Corp.COM	29364G103	$467.55M	0.01%	5,625shares	DFND	5,625 / 0 / 0
Lundin Gold Inc.COM	550371108	$465.92M	0.01%	8,838shares	SOLE	8,727 / 0 / 111
Fastenal Co.COM	311900104	$464.18M	0.01%	11,052shares	DFND	11,052 / 0 / 0
Vontier Corp.COM	928881101	$459.40M	0.01%	12,450shares	DFND	0 / 12,450 / 0
Hayward Holdings Inc.COM	421298100	$458.46M	0.01%	33,222shares	DFND	0 / 33,222 / 0
Enovis Corp.COM	194014502	$455.16M	0.01%	14,514shares	DFND	0 / 14,514 / 0
Kinder Morgan Inc.COM	49456B101	$454.73M	0.01%	15,467shares	DFND	15,467 / 0 / 0
Movado Group Inc.COM	624580106	$452.86M	0.01%	29,696shares	DFND	0 / 29,696 / 0
Lockheed Martin Corp.COM	539830109	$450.72M	0.01%	973shares	DFND	973 / 0 / 0
RLI Corp.COM	749607107	$448.63M	0.01%	6,212shares	DFND	0 / 6,212 / 0
TripAdvisor Inc.COM	896945201	$447.97M	0.01%	34,327shares	DFND	0 / 34,327 / 0
CONMED Corp.COM	207410101	$438.05M	0.01%	8,411shares	DFND	0 / 8,411 / 0
Home Depot Inc.COM	437076102	$435.94M	0.01%	1,189shares	DFND	1,189 / 0 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$429.56M	0.01%	8,105shares	DFND	0 / 8,105 / 0
SLR Investment Corp.COM	83413U100	$428.68M	0.01%	26,560shares	SOLE	26,560 / 0 / 0
Cavco Industries Inc.COM	149568107	$428.35M	0.01%	986shares	DFND	0 / 986 / 0
American Water Works Co. Inc.COM	030420103	$428.04M	0.01%	3,077shares	DFND	3,077 / 0 / 0
Vista Energy S.A.B. de C.V.COM	92837L109	$410.59M	0.01%	8,588shares	SOLE	8,588 / 0 / 0
Gilead Sciences Inc.COM	375558103	$403.46M	0.01%	3,639shares	DFND	3,639 / 0 / 0
Winnebago Industries Inc.COM	974637100	$400.58M	0.01%	13,813shares	DFND	0 / 13,813 / 0
Chevron Corp.COM	166764100	$394.77M	0.01%	2,757shares	DFND	2,757 / 0 / 0
Edgewell Personal Care Co.COM	28035Q102	$392.84M	0.01%	16,781shares	DFND	0 / 16,781 / 0
KB Financial Group Inc.COM	48241A105	$390.78M	0.01%	4,732shares	SOLE	4,732 / 0 / 0
Clorox Co.COM	189054109	$387.23M	0.01%	3,225shares	DFND	3,225 / 0 / 0
Gold Fields Ltd.COM	38059T106	$379.60M	0.01%	16,037shares	SOLE	16,037 / 0 / 0
Colgate-Palmolive Co.COM	194162103	$373.14M	0.01%	4,105shares	DFND	4,105 / 0 / 0
ICICI Bank Ltd.COM	45104G104	$367.99M	0.01%	10,939shares	SOLE	10,939 / 0 / 0
Azek Co. Inc.COM	05478C105	$338.55M	0.00%	6,229shares	DFND	0 / 6,229 / 0
U.S. BancorpCOM	902973304	$336.62M	0.00%	7,439shares	DFND	7,439 / 0 / 0
Kayne Anderson BDCCOM	48662X105	$321.99M	0.00%	21,100shares	SOLE	21,100 / 0 / 0
MidCap Financial Investment CoCOM	03761U502	$317.45M	0.00%	25,155shares	SOLE	25,155 / 0 / 0
PepsiCo Inc.COM	713448108	$317.42M	0.00%	2,404shares	DFND	2,404 / 0 / 0
Morgan Stanley Direct LendingCOM	61774A103	$317.17M	0.00%	16,943shares	SOLE	16,943 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$317.15M	0.00%	19,589shares	SOLE	19,589 / 0 / 0
Bain Capital Specialty FinanceCOM	05684B107	$314.79M	0.00%	20,930shares	SOLE	20,930 / 0 / 0
iShares iBonds Dec 2025 Term MCOM	46435U432	$310.00M	0.00%	11,583shares	SOLE	11,583 / 0 / 0
Ares Capital Corp.COM	04010L103	$307.00M	0.00%	13,980shares	DFND	13,980 / 0 / 0
T. Rowe Price Group Inc.COM	74144T108	$303.11M	0.00%	3,141shares	DFND	3,141 / 0 / 0
Palmer Square Capital BDC Inc.COM	69702V107	$302.90M	0.00%	21,698shares	SOLE	21,698 / 0 / 0
Invesco BulletShares 2034 MuniCOM	46139W767	$298.28M	0.00%	12,577shares	SOLE	12,577 / 0 / 0
Microsoft Corp.COM	594918104	$295.28M	0.00%	594shares	DFND	594 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$294.28M	0.00%	14,114shares	DFND	0 / 14,114 / 0
Nebius Group N.V.COM	N97284108	$289.38M	0.00%	5,230shares	SOLE	5,230 / 0 / 0
Kemper Corp.COM	488401100	$288.49M	0.00%	4,470shares	SOLE	4,470 / 0 / 0
Paycom Software Inc.COM	70432V102	$286.50M	0.00%	1,238shares	DFND	1,238 / 0 / 0
Fomento Economico Mexicano S.ACOM	344419106	$279.51M	0.00%	2,714shares	SOLE	2,714 / 0 / 0
Tencent Holdings Ltd.COM	88032Q109	$278.96M	0.00%	4,325shares	SOLE	4,325 / 0 / 0
Shinhan Financial Group Co. LtCOM	824596100	$265.16M	0.00%	5,869shares	SOLE	5,869 / 0 / 0
Portman Ridge Finance Corp.COM	73688F201	$262.10M	0.00%	20,934shares	SOLE	20,934 / 0 / 0
United Parcel Service Inc.COM	911312106	$258.91M	0.00%	2,565shares	DFND	2,565 / 0 / 0
Gates Industrial Corp. plcCOM	G39108108	$256.49M	0.00%	11,137shares	DFND	11,137 / 0 / 0
Ameriprise Financial Inc.COM	03076C106	$256.19M	0.00%	480shares	SOLE	480 / 0 / 0
Coca-Cola Femsa S.A.B. de C.V.COM	191241108	$253.72M	0.00%	2,623shares	SOLE	2,623 / 0 / 0
SPDR Gold Shares ETFCOM	78463V107	$242.34M	0.00%	795shares	SOLE	795 / 0 / 0
Alibaba Group Holding Ltd.COM	01609W102	$237.14M	0.00%	2,091shares	SOLE	2,091 / 0 / 0
Oracle Corp.COM	68389X105	$231.98M	0.00%	1,061shares	DFND	1,061 / 0 / 0
Dr Reddy's Laboratories Ltd.COM	256135203	$231.24M	0.00%	15,385shares	SOLE	15,385 / 0 / 0
Keysight Technologies Inc.COM	49338L103	$231.04M	0.00%	1,410shares	DFND	1,410 / 0 / 0
Weyerhaeuser Co.COM	962166104	$230.72M	0.00%	8,981shares	DFND	8,981 / 0 / 0
Grupo Financiero Banorte S.A.BCOM	40052P107	$225.06M	0.00%	4,914shares	SOLE	4,914 / 0 / 0
UFP Industries IncCOM	90278Q108	$224.45M	0.00%	2,259shares	DFND	0 / 2,259 / 0
Dollar Tree Inc.COM	256746108	$224.23M	0.00%	2,264shares	DFND	2,264 / 0 / 0
Baldwin Insurance Group Inc.COM	05589G102	$223.72M	0.00%	5,226shares	DFND	5,226 / 0 / 0
HDFC Bank Ltd.COM	40415F101	$221.12M	0.00%	2,884shares	SOLE	2,884 / 0 / 0
Costco Wholesale Corp.COM	22160K105	$218.78M	0.00%	221shares	SOLE	221 / 0 / 0
JPMorgan Chase & Co.COM	46625H100	$210.19M	0.00%	725shares	SOLE	725 / 0 / 0
Visa Inc.COM	92826C839	$209.48M	0.00%	590shares	SOLE	590 / 0 / 0
Hong Kong Exchanges and CleariCOM	43858F109	$207.97M	0.00%	3,862shares	SOLE	3,862 / 0 / 0
Morningstar Inc.COM	617700109	$207.13M	0.00%	660shares	DFND	660 / 0 / 0
Credicorp Ltd.COM	G2519Y108	$200.72M	0.00%	898shares	SOLE	898 / 0 / 0
American Outdoor Brands Inc.COM	02875D109	$197.01M	0.00%	18,853shares	DFND	0 / 18,853 / 0
Dow Inc.COM	260557103	$196.85M	0.00%	7,434shares	DFND	7,434 / 0 / 0
Valvoline Inc.COM	92047W101	$194.99M	0.00%	5,149shares	DFND	5,149 / 0 / 0
ASE Technology Holding Co. LtdCOM	00215W100	$186.59M	0.00%	18,063shares	SOLE	18,063 / 0 / 0
JBS N.V.COM	N4732M103	$183.00M	0.00%	12,526shares	SOLE	12,526 / 0 / 0
JBT Marel Corp.COM	477839104	$182.56M	0.00%	1,518shares	DFND	1,518 / 0 / 0
Sapiens International Corp. N.COM	G7T16G103	$182.40M	0.00%	6,236shares	DFND	0 / 6,236 / 0
MSC Income FundCOM	55374X208	$174.19M	0.00%	10,602shares	SOLE	10,602 / 0 / 0
Runway Growth Finance CorpCOM	78163D100	$173.38M	0.00%	16,158shares	SOLE	16,158 / 0 / 0
Mastercard Inc.COM	57636Q104	$172.80M	0.00%	308shares	DFND	308 / 0 / 0
Vontier Corp.COM	928881101	$171.30M	0.00%	4,642shares	DFND	4,642 / 0 / 0
W. R. Berkley Corp.COM	084423102	$169.87M	0.00%	2,312shares	DFND	2,312 / 0 / 0
Polaris Inc.COM	731068102	$169.51M	0.00%	4,170shares	DFND	4,170 / 0 / 0
PennantPark Investment Corp.COM	708062104	$168.42M	0.00%	24,623shares	SOLE	24,623 / 0 / 0
Stryker Corp.COM	863667101	$166.62M	0.00%	421shares	DFND	421 / 0 / 0
TripAdvisor Inc.COM	896945201	$160.80M	0.00%	12,322shares	DFND	12,322 / 0 / 0
Trinity Capital Inc.COM	896442308	$155.50M	0.00%	11,052shares	SOLE	11,052 / 0 / 0
i3 Verticals Inc.COM	46571Y107	$155.29M	0.00%	5,651shares	DFND	5,651 / 0 / 0
S&P Global Inc.COM	78409V104	$154.35M	0.00%	293shares	DFND	293 / 0 / 0
TJX Co. Inc.COM	872540109	$150.70M	0.00%	1,220shares	DFND	1,220 / 0 / 0
Alphabet Inc.COM	02079K107	$148.87M	0.00%	839shares	DFND	839 / 0 / 0
Nordson Corp.COM	655663102	$144.03M	0.00%	672shares	DFND	672 / 0 / 0
Graco Inc.COM	384109104	$144.01M	0.00%	1,675shares	DFND	1,675 / 0 / 0
Berkshire Hathaway Inc. - BCOM	084670702	$141.36M	0.00%	291shares	DFND	291 / 0 / 0
NXP Semiconductors N.V.COM	N6596X109	$139.72M	0.00%	639shares	DFND	639 / 0 / 0
RBC Bearings Inc.COM	75524B104	$131.60M	0.00%	342shares	DFND	342 / 0 / 0
Charles River Laboratories IntCOM	159864107	$131.55M	0.00%	867shares	DFND	867 / 0 / 0
Lowe's Co. Inc.COM	548661107	$129.89M	0.00%	585shares	DFND	585 / 0 / 0
Cavco Industries Inc.COM	149568107	$129.03M	0.00%	297shares	DFND	297 / 0 / 0
CONMED Corp.COM	207410101	$125.93M	0.00%	2,418shares	DFND	2,418 / 0 / 0
Controladora Vuela Cia de AviaCOM	21240E105	$120.22M	0.00%	25,310shares	SOLE	25,310 / 0 / 0
Sendas Distribuidora S.A.COM	81689T104	$118.34M	0.00%	11,456shares	SOLE	11,456 / 0 / 0
Arcos Dorados Holdings Inc.COM	G0457F107	$116.40M	0.00%	14,753shares	SOLE	14,753 / 0 / 0
Azek Co. Inc.COM	05478C105	$115.77M	0.00%	2,130shares	DFND	2,130 / 0 / 0
Ecopetrol S.A.COM	279158109	$114.58M	0.00%	12,947shares	SOLE	12,947 / 0 / 0
Vale S.A.COM	91912E105	$113.40M	0.00%	11,679shares	SOLE	11,679 / 0 / 0
Stewart Information Services CCOM	860372101	$110.41M	0.00%	1,696shares	DFND	1,696 / 0 / 0
PT Astra International TbkCOM	69367X109	$107.67M	0.00%	19,595shares	SOLE	19,595 / 0 / 0
Haemonetics Corp.COM	405024100	$106.99M	0.00%	1,434shares	DFND	1,434 / 0 / 0
Walt Disney Co.COM	254687106	$102.93M	0.00%	830shares	DFND	830 / 0 / 0
Altus Group Ltd.COM	02215R107	$99.67M	0.00%	2,576shares	DFND	2,576 / 0 / 0
Knowles Corp.COM	49926D109	$98.11M	0.00%	5,568shares	DFND	5,568 / 0 / 0
Hagerty Inc.COM	405166109	$97.19M	0.00%	9,613shares	DFND	9,613 / 0 / 0
Carrier Global Corp.COM	14448C104	$96.45M	0.00%	1,318shares	DFND	1,318 / 0 / 0
Thermo Fisher Scientific Inc.COM	883556102	$95.36M	0.00%	235shares	DFND	235 / 0 / 0
H2O AmericaCOM	784305104	$92.71M	0.00%	1,784shares	DFND	1,784 / 0 / 0
Booking Holdings Inc.COM	09857L108	$92.63M	0.00%	16shares	DFND	16 / 0 / 0
RLI Corp.COM	749607107	$91.65M	0.00%	1,269shares	DFND	1,269 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$91.14M	0.00%	4,371shares	DFND	4,371 / 0 / 0
UFP Technologies Inc.COM	902673102	$89.61M	0.00%	367shares	DFND	367 / 0 / 0
Hayward Holdings Inc.COM	421298100	$88.61M	0.00%	6,421shares	DFND	6,421 / 0 / 0
Brown-Forman Corp. - BCOM	115637209	$86.49M	0.00%	3,214shares	DFND	3,214 / 0 / 0
Movado Group Inc.COM	624580106	$84.99M	0.00%	5,573shares	DFND	5,573 / 0 / 0
Starbucks Corp.COM	855244109	$80.59M	0.00%	880shares	DFND	880 / 0 / 0
J & J Snack Foods Corp.COM	466032109	$78.59M	0.00%	693shares	DFND	693 / 0 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$78.55M	0.00%	1,482shares	DFND	1,482 / 0 / 0
Enovis Corp.COM	194014502	$76.08M	0.00%	2,426shares	DFND	2,426 / 0 / 0
Brown & Brown Inc.COM	115236101	$75.14M	0.00%	678shares	DFND	678 / 0 / 0
John B Sanfilippo & Son Inc.COM	800422107	$69.00M	0.00%	1,091shares	DFND	1,091 / 0 / 0
Marten Transport Ltd.COM	573075108	$63.07M	0.00%	4,855shares	DFND	4,855 / 0 / 0
Edgewell Personal Care Co.COM	28035Q102	$63.02M	0.00%	2,692shares	DFND	2,692 / 0 / 0
Arch Capital Group Ltd.COM	G0450A105	$62.73M	0.00%	689shares	DFND	689 / 0 / 0
Mondelez International Inc.COM	609207105	$62.52M	0.00%	927shares	DFND	927 / 0 / 0
Martin Marietta Materials Inc.COM	573284106	$61.48M	0.00%	112shares	DFND	112 / 0 / 0
Illinois Tool Works Inc.COM	452308109	$57.12M	0.00%	231shares	DFND	231 / 0 / 0
Air Products and Chemicals IncCOM	009158106	$56.98M	0.00%	202shares	DFND	202 / 0 / 0
American Outdoor Brands Inc.COM	02875D109	$55.41M	0.00%	5,302shares	DFND	5,302 / 0 / 0
Sapiens International Corp. N.COM	G7T16G103	$55.16M	0.00%	1,886shares	DFND	1,886 / 0 / 0
Masco Corp.COM	574599106	$53.74M	0.00%	835shares	DFND	835 / 0 / 0
Winnebago Industries Inc.COM	974637100	$47.21M	0.00%	1,628shares	DFND	1,628 / 0 / 0
Constellation BrandsCOM	21036P108	$47.02M	0.00%	289shares	DFND	289 / 0 / 0
UFP Industries IncCOM	90278Q108	$45.41M	0.00%	457shares	DFND	457 / 0 / 0
SPDR Portfolio Developed WorldCOM	78463X889	$32.96M	0.00%	814shares	DFND	814 / 0 / 0
SPDR Portfolio S&P 500 Value ECOM	78464A508	$27.26M	0.00%	521shares	DFND	521 / 0 / 0
SPDR Gold MiniShares Trust ETFCOM	98149E303	$25.23M	0.00%	385shares	DFND	385 / 0 / 0
iShares Barclays 10-20 Year TrCOM	464288653	$20.63M	0.00%	203shares	DFND	203 / 0 / 0
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$20.50M	0.00%	258shares	DFND	258 / 0 / 0
ProShares S&P MidCap 400 DividCOM	74347B680	$20.38M	0.00%	250shares	DFND	250 / 0 / 0
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$19.98M	0.00%	210shares	DFND	210 / 0 / 0
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$15.09M	0.00%	174shares	DFND	174 / 0 / 0
Invesco CurrencyShares Swiss FCOM	46138R108	$10.62M	0.00%	95shares	DFND	95 / 0 / 0
SPDR S&P Dividend ETFCOM	78464A763	$7.74M	0.00%	57shares	DFND	57 / 0 / 0
Global X Defense Tech ETFCOM	37960A529	$7.29M	0.00%	121shares	DFND	121 / 0 / 0
SPDR Consumer Staples Select SCOM	81369Y308	$6.15M	0.00%	76shares	DFND	76 / 0 / 0
iShares 20Plus Year Treasury BCOM	464287432	$4.50M	0.00%	51shares	DFND	51 / 0 / 0

Filing Metadata

Form type

13F-HR

Filing date

Jul 1, 2025

Holdings as of

June 30, 2025

Accession

0001636661-25-000005

CIK

0001442056

Other managers

View on SEC

Portfolio Snapshot

Total Portfolio Value

$7.08T

Number of Positions

451

451 reported by filer

Top 10 Concentration

22.5%

Top 20 Concentration

40.8%

Unique Issuers

287

By CUSIP

Avg. Position Size

$15.69B

Across 451 holdings

Top 5 Holdings

iShares 0-3 Month Treasury Bon3.4%

Chubb Ltd.2.2%

Snap-on Inc.2.2%

Paychex Inc.2.1%

Northern Trust Corp.2.1%