CONFLUENCE INVESTMENT MANAGEMENT LLC — Q4 2024 13F Holdings

Holdings as of December 31, 2024

Portfolio value

$7.21T

Holdings count

359

359 positions reported

Accession #

0001636661-25-000002

Form 13F-HR

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All Reported Positions

359 positions sorted by value

359 positions

Issuer	CUSIP	Valuev	Weight	Shares/Prin.	Discretion	Voting (Sole/Shared/None)
Progressive Corp.COM	743315103	$208.33B	2.89%	869,434shares	SOLE	866,231 / 0 / 3,203
Snap-on Inc.COM	833034101	$180.08B	2.50%	530,445shares	SOLE	528,504 / 0 / 1,941
Chubb Ltd.COM	H1467J104	$159.12B	2.21%	575,879shares	SOLE	573,566 / 0 / 2,313
Paychex Inc.COM	704326107	$154.56B	2.14%	1,102,254shares	SOLE	1,098,269 / 0 / 3,985
Lockheed Martin Corp.COM	539830109	$149.72B	2.08%	308,095shares	SOLE	306,975 / 0 / 1,120
Diageo plcCOM	25243Q205	$149.56B	2.07%	1,176,466shares	SOLE	1,172,594 / 0 / 3,872
Broadridge Financial SolutionsCOM	11133T103	$142.94B	1.98%	632,216shares	SOLE	629,692 / 0 / 2,524
iShares 0-3 Month Treasury BonCOM	46436E718	$142.66B	1.98%	1,422,081shares	SOLE	1,417,435 / 0 / 4,646
Home Depot Inc.COM	437076102	$141.44B	1.96%	363,615shares	SOLE	362,290 / 0 / 1,325
WEC Energy Group Inc.COM	92939U106	$140.12B	1.94%	1,489,994shares	SOLE	1,484,391 / 0 / 5,603
Clorox Co.COM	189054109	$139.74B	1.94%	860,389shares	SOLE	857,241 / 0 / 3,148
Linde plcCOM	G54950103	$139.50B	1.94%	333,202shares	SOLE	331,877 / 0 / 1,325
Analog Devices Inc.COM	032654105	$136.82B	1.90%	643,987shares	SOLE	641,617 / 0 / 2,370
PepsiCo Inc.COM	713448108	$136.42B	1.89%	897,170shares	SOLE	894,354 / 0 / 2,816
Southern Co.COM	842587107	$135.70B	1.88%	1,648,438shares	SOLE	1,642,433 / 0 / 6,005
Microsoft Corp.COM	594918104	$132.96B	1.84%	315,443shares	SOLE	314,289 / 0 / 1,154
Fidelity National Financial InCOM	31620R303	$128.11B	1.78%	2,282,039shares	SOLE	2,272,944 / 0 / 9,096
Fastenal Co.COM	311900104	$122.15B	1.69%	1,698,663shares	SOLE	1,692,983 / 0 / 5,680
Colgate-Palmolive Co.COM	194162103	$121.91B	1.69%	1,340,946shares	SOLE	1,335,887 / 0 / 5,059
Entergy Corp.COM	29364G103	$121.86B	1.69%	1,607,273shares	SOLE	1,601,000 / 0 / 6,273
Kinder Morgan Inc.COM	49456B101	$120.31B	1.67%	4,390,944shares	SOLE	4,374,026 / 0 / 16,918
Northern Trust Corp.COM	665859104	$116.86B	1.62%	1,140,058shares	SOLE	1,135,973 / 0 / 4,085
Hershey Co.COM	427866108	$115.50B	1.60%	682,029shares	SOLE	679,379 / 0 / 2,650
T. Rowe Price Group Inc.COM	74144T108	$111.57B	1.55%	986,521shares	SOLE	982,754 / 0 / 3,767
Gilead Sciences Inc.COM	375558103	$108.71B	1.51%	1,176,858shares	SOLE	1,172,180 / 0 / 4,678
Chevron Corp.COM	166764100	$107.89B	1.50%	744,879shares	SOLE	742,066 / 0 / 2,813
Cisco Systems Inc.COM	17275R102	$106.74B	1.48%	1,803,001shares	SOLE	1,796,165 / 0 / 6,835
Mastercard Inc.COM	57636Q104	$94.28B	1.31%	179,049shares	SOLE	178,682 / 0 / 367
U.S. BancorpCOM	902973304	$93.72B	1.30%	1,959,428shares	SOLE	1,952,041 / 0 / 7,387
Oracle Corp.COM	68389X105	$91.70B	1.27%	550,299shares	SOLE	549,068 / 0 / 1,232
Brookfield Infrastructure CorpCOM	11276H106	$89.18B	1.24%	2,228,960shares	SOLE	2,219,590 / 0 / 9,370
Stryker Corp.COM	863667101	$88.36B	1.23%	245,423shares	SOLE	244,883 / 0 / 540
SPDR Portfolio Mortgage BackedCOM	78464A383	$84.62B	1.17%	3,926,847shares	SOLE	3,920,463 / 0 / 6,384
Ares Capital Corp.COM	04010L103	$78.98B	1.10%	3,608,221shares	SOLE	3,593,576 / 0 / 14,645
W. R. Berkley Corp.COM	084423102	$78.21B	1.08%	1,336,426shares	SOLE	1,333,338 / 0 / 3,087
TJX Co. Inc.COM	872540109	$77.37B	1.07%	640,394shares	SOLE	638,976 / 0 / 1,418
S&P Global Inc.COM	78409V104	$76.22B	1.06%	153,039shares	SOLE	152,702 / 0 / 336
United Parcel Service Inc.COM	911312106	$75.97B	1.05%	602,472shares	SOLE	600,175 / 0 / 2,297
Paycom Software Inc.COM	70432V102	$74.15B	1.03%	361,757shares	SOLE	360,915 / 0 / 842
American Water Works Co. Inc.COM	030420103	$66.87B	0.93%	537,138shares	SOLE	535,146 / 0 / 1,992
Masco Corp.COM	574599106	$66.85B	0.93%	921,174shares	SOLE	919,265 / 0 / 1,909
Berkshire Hathaway Inc. - BCOM	084670702	$65.02B	0.90%	143,447shares	SOLE	143,173 / 0 / 274
Starbucks Corp.COM	855244109	$62.03B	0.86%	679,814shares	SOLE	678,219 / 0 / 1,596
Dow Inc.COM	260557103	$61.24B	0.85%	1,525,919shares	SOLE	1,519,960 / 0 / 5,958
Illinois Tool Works Inc.COM	452308109	$59.71B	0.83%	235,501shares	SOLE	235,040 / 0 / 460
Graco Inc.COM	384109104	$59.46B	0.82%	705,427shares	SOLE	703,261 / 0 / 2,165
Polaris Inc.COM	731068102	$58.67B	0.81%	1,018,304shares	SOLE	1,014,644 / 0 / 3,661
Markel Corp. Inc.COM	570535104	$57.52B	0.80%	33,323shares	SOLE	33,244 / 0 / 79
Lowe's Co. Inc.COM	548661107	$57.39B	0.80%	232,548shares	SOLE	232,104 / 0 / 444
Weyerhaeuser Co.COM	962166104	$56.42B	0.78%	2,004,292shares	SOLE	1,995,148 / 0 / 9,144
Alphabet Inc.COM	02079K107	$54.83B	0.76%	287,913shares	SOLE	287,315 / 0 / 598
Keysight Technologies Inc.COM	49338L103	$54.29B	0.75%	338,001shares	SOLE	337,247 / 0 / 754
Invesco S&P MidCap Quality ETFCOM	46137V472	$53.50B	0.74%	543,291shares	SOLE	543,291 / 0 / 0
Brown & Brown Inc.COM	115236101	$52.81B	0.73%	517,681shares	SOLE	516,318 / 0 / 1,363
Dun & Bradstreet Holdings Inc.COM	26484T106	$49.31B	0.68%	3,957,132shares	SOLE	3,949,042 / 0 / 8,090
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$47.68B	0.66%	548,721shares	SOLE	548,721 / 0 / 0
Booking Holdings Inc.COM	09857L108	$45.99B	0.64%	9,257shares	SOLE	9,243 / 0 / 14
NXP Semiconductors N.V.COM	N6596X109	$44.54B	0.62%	214,298shares	SOLE	213,851 / 0 / 447
Thermo Fisher Scientific Inc.COM	883556102	$43.46B	0.60%	83,547shares	SOLE	83,390 / 0 / 157
iShares BB Rated Corporate BonCOM	46435U473	$33.95B	0.47%	738,106shares	SOLE	738,106 / 0 / 0
SPDR Gold MiniShares Trust ETFCOM	98149E303	$32.65B	0.45%	627,966shares	SOLE	627,560 / 0 / 406
Nordson Corp.COM	655663102	$32.44B	0.45%	155,057shares	SOLE	154,626 / 0 / 431
Martin Marietta Materials Inc.COM	573284106	$32.37B	0.45%	62,668shares	SOLE	62,574 / 0 / 94
iShares iBonds Dec 2027 Term TCOM	46436E841	$31.47B	0.44%	1,417,941shares	SOLE	1,413,788 / 0 / 4,153
ResMed Inc.COM	761152107	$28.30B	0.39%	123,764shares	SOLE	123,436 / 0 / 328
Constellation BrandsCOM	21036P108	$27.53B	0.38%	124,582shares	SOLE	124,375 / 0 / 207
Sherwin-Williams Co.COM	824348106	$27.26B	0.38%	80,190shares	SOLE	79,969 / 0 / 220
iShares MBS ETFCOM	464288588	$26.95B	0.37%	293,979shares	SOLE	293,138 / 0 / 841
Ecolab Inc.COM	278865100	$26.61B	0.37%	113,556shares	SOLE	113,249 / 0 / 307
Air Products and Chemicals IncCOM	009158106	$26.25B	0.36%	90,515shares	SOLE	90,321 / 0 / 194
Amphenol Corp.COM	032095101	$25.15B	0.35%	362,192shares	SOLE	361,275 / 0 / 917
SPDR Portfolio Developed WorldCOM	78463X889	$25.14B	0.35%	736,703shares	SOLE	736,703 / 0 / 0
iShares Core S&P US Value ETFCOM	464287663	$24.39B	0.34%	263,416shares	SOLE	262,600 / 0 / 816
McDonald's Corp.COM	580135101	$24.09B	0.33%	83,110shares	SOLE	82,892 / 0 / 218
Procter & Gamble Co.COM	742718109	$23.64B	0.33%	140,980shares	SOLE	140,613 / 0 / 367
EOG Resources Inc.COM	26875P101	$23.36B	0.32%	190,560shares	SOLE	190,029 / 0 / 531
General Dynamics Corp.COM	369550108	$22.83B	0.32%	86,659shares	SOLE	86,404 / 0 / 255
Donaldson Co. Inc.COM	257651109	$22.12B	0.31%	328,449shares	SOLE	327,569 / 0 / 880
Dollar Tree Inc.COM	256746108	$21.23B	0.29%	283,267shares	SOLE	282,202 / 0 / 1,065
New Jersey Resources Corp.COM	646025106	$21.19B	0.29%	454,152shares	SOLE	452,826 / 0 / 1,325
Expeditors International of WaCOM	302130109	$21.01B	0.29%	189,653shares	SOLE	189,207 / 0 / 446
Gates Industrial Corp. plcCOM	G39108108	$20.75B	0.29%	1,008,733shares	SOLE	1,005,510 / 0 / 3,223
Morningstar Inc.COM	617700109	$20.57B	0.29%	61,088shares	SOLE	60,925 / 0 / 163
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$20.21B	0.28%	251,986shares	SOLE	251,986 / 0 / 0
Brown-Forman Corp. - BCOM	115637209	$19.23B	0.27%	506,261shares	SOLE	504,946 / 0 / 1,315
SPDR S&P 600 Small Cap GrowthCOM	78464A201	$18.65B	0.26%	206,430shares	SOLE	206,430 / 0 / 0
NIKE Inc.COM	654106103	$18.62B	0.26%	246,080shares	SOLE	245,450 / 0 / 630
Becton Dickinson & Co.COM	075887109	$18.40B	0.26%	81,098shares	SOLE	80,889 / 0 / 209
Toro Co.COM	891092108	$18.39B	0.26%	229,631shares	SOLE	229,046 / 0 / 585
Invesco S&P Small Cap QualityCOM	46138G300	$18.12B	0.25%	427,904shares	SOLE	427,904 / 0 / 0
A. O. Smith Corp.COM	831865209	$18.02B	0.25%	264,162shares	SOLE	263,461 / 0 / 701
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$17.97B	0.25%	204,435shares	SOLE	204,435 / 0 / 0
Medtronic plcCOM	G5960L103	$17.21B	0.24%	215,420shares	SOLE	214,869 / 0 / 550
Charles River Laboratories IntCOM	159864107	$17.17B	0.24%	93,004shares	SOLE	92,656 / 0 / 348
iShares iBonds Dec 2026 Term CCOM	46435GAA0	$16.17B	0.22%	671,822shares	SOLE	669,923 / 0 / 1,899
Baldwin Insurance Group Inc.COM	05589G102	$15.79B	0.22%	407,363shares	SOLE	406,278 / 0 / 1,085
SPDR Portfolio S&P 500 Value ECOM	78464A508	$14.37B	0.20%	281,066shares	SOLE	281,066 / 0 / 0
Vontier Corp.COM	928881101	$14.19B	0.20%	388,952shares	SOLE	387,616 / 0 / 1,336
PIMCO 20 Plus Year Zero CouponCOM	72201R882	$14.16B	0.20%	206,281shares	SOLE	206,281 / 0 / 0
SPDR S&P 500 ETFCOM	78462F103	$13.55B	0.19%	23,125shares	SOLE	23,125 / 0 / 0
iShares iBonds Dec 2028 Term TCOM	46436E833	$13.36B	0.19%	610,084shares	SOLE	608,804 / 0 / 1,280
John Bean Technologies Corp.COM	477839104	$12.61B	0.17%	99,207shares	SOLE	98,893 / 0 / 314
Global X Uranium ETFCOM	37954Y871	$12.60B	0.17%	470,405shares	SOLE	470,405 / 0 / 0
SPDR Portfolio High Yield BondCOM	78468R606	$11.64B	0.16%	496,053shares	SOLE	496,053 / 0 / 0
Lululemon Athletica Inc.COM	550021109	$11.41B	0.16%	29,842shares	SOLE	29,743 / 0 / 99
Azek Co. Inc.COM	05478C105	$10.25B	0.14%	215,936shares	SOLE	215,289 / 0 / 647
iShares iBonds Dec 2032 Term CCOM	46436E312	$10.11B	0.14%	411,172shares	SOLE	410,006 / 0 / 1,166
iShares iBonds Dec 2031 Term CCOM	46436E486	$10.11B	0.14%	496,614shares	SOLE	495,201 / 0 / 1,413
iShares 1-5 Year Investment GrCOM	464288646	$10.05B	0.14%	194,307shares	SOLE	194,307 / 0 / 0
iShares iBonds Dec 2032 Term TCOM	46436E296	$9.46B	0.13%	426,060shares	SOLE	424,803 / 0 / 1,257
CONMED Corp.COM	207410101	$8.87B	0.12%	129,530shares	SOLE	129,144 / 0 / 386
Valvoline Inc.COM	92047W101	$8.77B	0.12%	242,534shares	SOLE	241,829 / 0 / 705
Dimensional National MunicipalCOM	25434V849	$8.48B	0.12%	177,417shares	SOLE	176,733 / 0 / 684
Powershares Insured National MCOM	46138E537	$7.86B	0.11%	332,758shares	SOLE	331,528 / 0 / 1,230
iShares iBonds Dec 2033 Term CCOM	46436E130	$7.81B	0.11%	311,170shares	SOLE	310,283 / 0 / 887
iShares iBonds Dec 2029 Term TCOM	46436E825	$7.70B	0.11%	360,901shares	SOLE	359,886 / 0 / 1,015
iShares iBonds Dec 2030 Term TCOM	46436E593	$7.67B	0.11%	399,627shares	SOLE	398,484 / 0 / 1,143
iShares Barclays 10-20 Year TrCOM	464288653	$7.66B	0.11%	76,906shares	SOLE	76,687 / 0 / 219
Hercules Capital Inc.COM	427096508	$6.63B	0.09%	330,000shares	DFND	0 / 330,000 / 0
Main Street Capital Corp.COM	56035L104	$6.50B	0.09%	111,000shares	DFND	0 / 111,000 / 0
Invesco BulletShares 2028 MuniCOM	46138J486	$6.24B	0.09%	267,630shares	SOLE	266,645 / 0 / 985
iShares US Aerospace & DefenseCOM	464288760	$5.99B	0.08%	41,178shares	SOLE	41,178 / 0 / 0
i3 Verticals Inc.COM	46571Y107	$5.90B	0.08%	255,978shares	SOLE	255,364 / 0 / 614
iShares iBonds Dec 2029 Term CCOM	46436E205	$5.81B	0.08%	254,736shares	SOLE	254,736 / 0 / 0
Invesco BulletShares 2027 MuniCOM	46138J494	$5.68B	0.08%	240,509shares	SOLE	239,616 / 0 / 893
Invesco BulletShares 2030 MuniCOM	46138J445	$5.52B	0.08%	253,992shares	SOLE	253,054 / 0 / 938
Invesco BulletShares 2031 MuniCOM	46138J411	$5.37B	0.07%	256,727shares	SOLE	255,838 / 0 / 889
iShares 3-7 Year Treasury BondCOM	464288661	$5.35B	0.07%	46,315shares	SOLE	46,315 / 0 / 0
iShares Russell 1000 Value ETFCOM	464287598	$5.25B	0.07%	28,375shares	SOLE	28,375 / 0 / 0
Blackstone Secured Lending FunCOM	09261X102	$5.17B	0.07%	160,000shares	DFND	0 / 160,000 / 0
Invesco BulletShares 2026 MuniCOM	46138J510	$5.08B	0.07%	215,731shares	SOLE	214,917 / 0 / 814
Invesco BulletShares 2025 MuniCOM	46138J528	$5.04B	0.07%	205,599shares	SOLE	204,813 / 0 / 786
Franklin FTSE Japan ETFCOM	35473P744	$4.98B	0.07%	174,192shares	SOLE	174,192 / 0 / 0
Brookfield Asset ManagementCOM	113004105	$4.63B	0.06%	85,418shares	SOLE	85,418 / 0 / 0
Ares Capital Corp.COM	04010L103	$4.49B	0.06%	205,000shares	DFND	0 / 205,000 / 0
SPDR Energy Select Sector ETFCOM	81369Y506	$4.42B	0.06%	51,642shares	SOLE	51,642 / 0 / 0
Amplify Cyber Security ETFCOM	032108664	$4.42B	0.06%	59,321shares	SOLE	59,321 / 0 / 0
Sixth Street Specialty LendingCOM	83012A109	$4.20B	0.06%	197,000shares	DFND	0 / 197,000 / 0
New Mountain Finance Corp.COM	647551100	$3.97B	0.06%	353,000shares	DFND	0 / 353,000 / 0
iShares iBonds Dec 2027 Term CCOM	46435UAA9	$3.96B	0.05%	165,459shares	SOLE	164,996 / 0 / 463
Golub Capital BDC Inc.COM	38173M102	$3.94B	0.05%	260,000shares	DFND	0 / 260,000 / 0
SPDR Nuveen S&P High Yield MunCOM	78464A284	$3.74B	0.05%	146,177shares	SOLE	146,177 / 0 / 0
Barings BDC Inc.COM	06759L103	$3.73B	0.05%	390,000shares	DFND	0 / 390,000 / 0
VanEck Vectors Long MunicipalCOM	92189F536	$3.68B	0.05%	205,938shares	SOLE	205,938 / 0 / 0
Blue Owl Capital Corp. IIICOM	69122G102	$3.60B	0.05%	250,000shares	DFND	0 / 250,000 / 0
Cavco Industries Inc.COM	149568107	$3.49B	0.05%	7,818shares	SOLE	7,818 / 0 / 0
RBC Bearings Inc.COM	75524B104	$3.46B	0.05%	11,566shares	SOLE	11,566 / 0 / 0
VanEck High Yield Muni ETFCOM	92189H409	$3.45B	0.05%	66,492shares	SOLE	66,492 / 0 / 0
Berkshire Hathaway Inc. - ACOM	084670108	$3.40B	0.05%	5shares	SOLE	5 / 0 / 0
Stewart Information Services CCOM	860372101	$3.03B	0.04%	44,917shares	SOLE	44,917 / 0 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$2.93B	0.04%	34,686shares	SOLE	34,686 / 0 / 0
Enovis CorpCOM	194014502	$2.76B	0.04%	62,910shares	SOLE	62,910 / 0 / 0
Movado Group Inc.COM	624580106	$2.74B	0.04%	139,318shares	SOLE	139,318 / 0 / 0
TripAdvisor Inc.COM	896945201	$2.72B	0.04%	183,819shares	SOLE	183,819 / 0 / 0
abrdn Physical Silver Shares ECOM	003264108	$2.68B	0.04%	97,377shares	SOLE	97,377 / 0 / 0
SLR Investment Corp.COM	83413U100	$2.60B	0.04%	161,000shares	DFND	0 / 161,000 / 0
J & J Snack Foods Corp.COM	466032109	$2.57B	0.04%	16,544shares	SOLE	16,544 / 0 / 0
Invesco BulletShares 2029 MuniCOM	46138J478	$2.53B	0.04%	110,451shares	SOLE	110,033 / 0 / 418
Hayward Holdings Inc.COM	421298100	$2.52B	0.04%	165,036shares	SOLE	165,036 / 0 / 0
Altus Group Ltd.COM	02215R107	$2.52B	0.03%	64,719shares	SOLE	64,719 / 0 / 0
Hagerty Inc.COM	405166109	$2.44B	0.03%	252,339shares	SOLE	252,339 / 0 / 0
American Outdoor Brands Inc.COM	02875D109	$2.34B	0.03%	153,345shares	SOLE	153,345 / 0 / 0
SPDR Nuveen Barclays Capital SCOM	78468R739	$2.31B	0.03%	48,745shares	SOLE	48,745 / 0 / 0
Franklin Street Properties CorCOM	35471R106	$2.25B	0.03%	1,231,656shares	SOLE	40,000 / 0 / 1,191,656
Edgewell Personal Care Co.COM	28035Q102	$2.21B	0.03%	65,637shares	SOLE	65,637 / 0 / 0
Sapiens International Corp. N.COM	G7T16G103	$2.16B	0.03%	80,334shares	SOLE	80,334 / 0 / 0
UFP Technologies Inc.COM	902673102	$2.15B	0.03%	8,790shares	SOLE	8,790 / 0 / 0
Taiwan Semiconductor ManufactuCOM	874039100	$2.04B	0.03%	10,340shares	SOLE	10,091 / 0 / 249
Berkshire Hathaway Inc. - BCOM	084670702	$2.04B	0.03%	4,500shares	DFND	0 / 4,500 / 0
Healthcare Services Group Inc.COM	421906108	$1.96B	0.03%	168,841shares	SOLE	168,841 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$1.93B	0.03%	97,428shares	SOLE	97,428 / 0 / 0
iShares iBonds Dec 2026 Term MCOM	46435U259	$1.92B	0.03%	75,478shares	SOLE	75,478 / 0 / 0
Blackstone Group LPCOM	09260D107	$1.90B	0.03%	11,000shares	DFND	0 / 11,000 / 0
Winnebago Industries Inc.COM	974637100	$1.89B	0.03%	39,589shares	SOLE	39,589 / 0 / 0
Core Laboratories N.V.COM	21867A105	$1.85B	0.03%	106,967shares	SOLE	106,967 / 0 / 0
John B Sanfilippo & Son Inc.COM	800422107	$1.83B	0.03%	20,991shares	SOLE	20,991 / 0 / 0
PennantPark Investment Corp.COM	708062104	$1.81B	0.03%	256,000shares	DFND	0 / 256,000 / 0
Marten Transport Ltd.COM	573075108	$1.79B	0.02%	114,975shares	SOLE	114,975 / 0 / 0
SJW GroupCOM	784305104	$1.78B	0.02%	36,120shares	SOLE	36,120 / 0 / 0
Bain Capital Specialty FinanceCOM	05684B107	$1.75B	0.02%	100,000shares	DFND	0 / 100,000 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$1.68B	0.02%	100,000shares	DFND	0 / 100,000 / 0
Goldman Sachs BDC Inc.COM	38147U107	$1.63B	0.02%	135,000shares	DFND	0 / 135,000 / 0
Agnico Eagle Mines Ltd.COM	008474108	$1.60B	0.02%	20,408shares	SOLE	19,980 / 0 / 428
Capital Southwest Corp.COM	140501107	$1.55B	0.02%	71,000shares	DFND	0 / 71,000 / 0
Kayne Anderson BDCCOM	48662X105	$1.49B	0.02%	90,000shares	DFND	0 / 90,000 / 0
Shell plcCOM	780259305	$1.38B	0.02%	22,011shares	SOLE	21,476 / 0 / 535
Oaktree Specialty Lending CorpCOM	67401P405	$1.38B	0.02%	90,000shares	DFND	0 / 90,000 / 0
Rheinmetall AGCOM	76206K107	$1.33B	0.02%	10,492shares	SOLE	10,132 / 0 / 360
Golub Capital BDC Inc.COM	38173M102	$1.33B	0.02%	87,488shares	SOLE	87,488 / 0 / 0
Palmer Square Capital BDC Inc.COM	69702V107	$1.28B	0.02%	84,528shares	DFND	0 / 84,528 / 0
Barings BDC Inc.COM	06759L103	$1.22B	0.02%	127,753shares	SOLE	127,753 / 0 / 0
Main Street Capital Corp.COM	56035L104	$1.17B	0.02%	20,043shares	SOLE	20,043 / 0 / 0
Cameco Corp.COM	13321L108	$1.17B	0.02%	22,815shares	SOLE	22,621 / 0 / 194
Sixth Street Specialty LendingCOM	83012A109	$1.15B	0.02%	54,182shares	SOLE	54,182 / 0 / 0
Accenture plcCOM	G1151C101	$1.14B	0.02%	3,231shares	SOLE	3,127 / 0 / 104
iShares National Muni Bond ETFCOM	464288414	$1.12B	0.02%	10,501shares	SOLE	10,501 / 0 / 0
Annaly Capital Management Inc.COM	035710839	$1.10B	0.02%	60,000shares	DFND	0 / 60,000 / 0
Mitsubishi UFJ FinancialCOM	606822104	$1.09B	0.02%	92,999shares	SOLE	90,039 / 0 / 2,960
CyberArk Software Ltd.COM	M2682V108	$1.08B	0.01%	3,245shares	SOLE	3,145 / 0 / 100
AerCap Holdings N.V.COM	N00985106	$1.08B	0.01%	11,286shares	SOLE	10,921 / 0 / 365
SAP S.E.COM	803054204	$1.06B	0.01%	4,325shares	SOLE	4,185 / 0 / 140
Techtronic Industries Co. Ltd.COM	87873R101	$1.06B	0.01%	16,176shares	SOLE	15,783 / 0 / 393
Blackstone Secured Lending FunCOM	09261X102	$1.05B	0.01%	32,470shares	SOLE	32,470 / 0 / 0
Hercules Capital Inc.COM	427096508	$1.05B	0.01%	52,163shares	SOLE	52,163 / 0 / 0
DBS Group Holdings Ltd.COM	23304Y100	$1.05B	0.01%	8,168shares	SOLE	7,893 / 0 / 275
Sandoz GroupCOM	799926100	$1.04B	0.01%	25,603shares	SOLE	24,896 / 0 / 707
Willis Towers Watson plcCOM	G96629103	$1.04B	0.01%	3,308shares	SOLE	3,216 / 0 / 92
Zurich Insurance Group A.G.COM	989825104	$1.03B	0.01%	34,822shares	SOLE	33,774 / 0 / 1,048
iShares iBonds Dec 2027 Term MCOM	46435U283	$1.03B	0.01%	40,821shares	SOLE	40,821 / 0 / 0
Baldwin Insurance Group Inc.COM	05589G102	$957.49M	0.01%	24,703shares	DFND	0 / 24,703 / 0
Sony Group Corp.COM	835699307	$912.74M	0.01%	43,135shares	SOLE	42,165 / 0 / 970
Tokio Marine Holdings Inc.COM	889094108	$890.63M	0.01%	24,726shares	SOLE	24,009 / 0 / 717
Novo Nordisk A.S.COM	670100205	$883.77M	0.01%	10,274shares	SOLE	9,984 / 0 / 290
MidCap Financial Investment CoCOM	03761U502	$876.85M	0.01%	65,000shares	DFND	0 / 65,000 / 0
Blue Owl Capital Corp. IIICOM	69122G102	$871.31M	0.01%	60,424shares	SOLE	60,424 / 0 / 0
New Mountain Finance Corp.COM	647551100	$864.84M	0.01%	76,806shares	SOLE	76,806 / 0 / 0
Shopify Inc.COM	82509L107	$861.70M	0.01%	8,104shares	SOLE	7,924 / 0 / 180
Chugai Pharms Co. Ltd.COM	171269103	$847.47M	0.01%	38,574shares	SOLE	37,252 / 0 / 1,322
i3 Verticals Inc.COM	46571Y107	$844.44M	0.01%	36,651shares	DFND	0 / 36,651 / 0
iShares iBonds Dec 2028 Term MCOM	46435U325	$837.36M	0.01%	33,255shares	SOLE	33,255 / 0 / 0
FS KKR Capital Corp.COM	302635206	$836.22M	0.01%	38,500shares	DFND	0 / 38,500 / 0
John Bean Technologies Corp.COM	477839104	$822.21M	0.01%	6,469shares	DFND	0 / 6,469 / 0
ITOCHU Corp.COM	465717106	$819.23M	0.01%	8,312shares	SOLE	8,026 / 0 / 286
Crescent Capital BDC Inc.COM	225655109	$818.11M	0.01%	42,565shares	DFND	0 / 42,565 / 0
Hagerty Inc.COM	405166109	$817.94M	0.01%	84,761shares	DFND	0 / 84,761 / 0
Safran S.A.COM	786584102	$814.72M	0.01%	14,949shares	SOLE	14,508 / 0 / 441
Nintendo Co. Ltd.COM	654445303	$810.03M	0.01%	55,368shares	SOLE	53,843 / 0 / 1,525
ICON plcCOM	G4705A100	$802.98M	0.01%	3,829shares	SOLE	3,713 / 0 / 116
J & J Snack Foods Corp.COM	466032109	$798.76M	0.01%	5,149shares	DFND	0 / 5,149 / 0
RBC Bearings Inc.COM	75524B104	$798.40M	0.01%	2,669shares	DFND	0 / 2,669 / 0
Cavco Industries Inc.COM	149568107	$796.52M	0.01%	1,785shares	DFND	0 / 1,785 / 0
Expand Energy Corp.COM	165167735	$793.51M	0.01%	7,971shares	SOLE	7,873 / 0 / 98
OFS Capital Corp.COM	67103B100	$790.86M	0.01%	98,000shares	DFND	0 / 98,000 / 0
Hayward Holdings Inc.COM	421298100	$787.19M	0.01%	51,484shares	DFND	0 / 51,484 / 0
Morningstar Inc.COM	617700109	$776.23M	0.01%	2,305shares	DFND	0 / 2,305 / 0
Haleon plcCOM	405552100	$771.17M	0.01%	80,835shares	SOLE	78,064 / 0 / 2,771
Runway Growth Finance CorpCOM	78163D100	$767.20M	0.01%	70,000shares	DFND	0 / 70,000 / 0
ING Groep N.V.COM	456837103	$755.89M	0.01%	48,238shares	SOLE	46,632 / 0 / 1,606
Stewart Information Services CCOM	860372101	$745.63M	0.01%	11,048shares	DFND	0 / 11,048 / 0
Antero Resources Corp.COM	03674X106	$743.73M	0.01%	21,219shares	SOLE	20,965 / 0 / 254
iShares Gold Trust ETFCOM	464285204	$740.77M	0.01%	14,962shares	SOLE	14,765 / 0 / 197
TripAdvisor Inc.COM	896945201	$739.08M	0.01%	50,039shares	DFND	0 / 50,039 / 0
Gates Industrial Corp. plcCOM	G39108108	$737.89M	0.01%	35,872shares	DFND	0 / 35,872 / 0
Enovis CorpCOM	194014502	$733.32M	0.01%	16,712shares	DFND	0 / 16,712 / 0
CONMED Corp.COM	207410101	$730.60M	0.01%	10,675shares	DFND	0 / 10,675 / 0
Movado Group Inc.COM	624580106	$723.02M	0.01%	36,739shares	DFND	0 / 36,739 / 0
Azek Co. Inc.COM	05478C105	$719.22M	0.01%	15,151shares	DFND	0 / 15,151 / 0
Portman Ridge Finance Corp.COM	73688F201	$718.96M	0.01%	44,000shares	DFND	0 / 44,000 / 0
Mitsui & Co. Ltd.COM	606827202	$717.14M	0.01%	1,722shares	SOLE	1,698 / 0 / 24
Unilever plcCOM	904767704	$716.63M	0.01%	12,639shares	SOLE	12,210 / 0 / 429
MakeMyTrip Ltd.COM	V5633W109	$713.76M	0.01%	6,357shares	SOLE	6,357 / 0 / 0
American Express Co.COM	025816109	$712.30M	0.01%	2,400shares	SOLE	2,400 / 0 / 0
L'Oreal S.A.COM	502117203	$712.27M	0.01%	10,116shares	SOLE	9,794 / 0 / 322
Wheaton Precious Metals Corp.COM	962879102	$711.77M	0.01%	12,656shares	SOLE	12,489 / 0 / 167
Trinity Capital Inc.COM	896442308	$694.56M	0.01%	48,000shares	DFND	0 / 48,000 / 0
Goldman Sachs BDC Inc.COM	38147U107	$691.50M	0.01%	57,149shares	SOLE	57,149 / 0 / 0
Brown & Brown Inc.COM	115236101	$684.15M	0.01%	6,706shares	DFND	0 / 6,706 / 0
Franco-Nevada Corp.COM	351858105	$680.85M	0.01%	5,790shares	SOLE	5,703 / 0 / 87
John B Sanfilippo & Son Inc.COM	800422107	$677.63M	0.01%	7,779shares	DFND	0 / 7,779 / 0
Diamondback Energy Inc.COM	25278X109	$668.10M	0.01%	4,078shares	SOLE	4,022 / 0 / 56
Altus Group Ltd.COM	02215R107	$665.93M	0.01%	17,119shares	DFND	0 / 17,119 / 0
Sapiens International Corp. N.COM	G7T16G103	$656.03M	0.01%	24,415shares	DFND	0 / 24,415 / 0
Royal Gold Inc.COM	780287108	$647.25M	0.01%	4,909shares	SOLE	4,848 / 0 / 61
Edgewell Personal Care Co.COM	28035Q102	$642.94M	0.01%	19,135shares	DFND	0 / 19,135 / 0
SJW GroupCOM	784305104	$642.17M	0.01%	13,047shares	DFND	0 / 13,047 / 0
Exxon Mobil Corp.COM	30231G102	$640.92M	0.01%	5,958shares	SOLE	5,889 / 0 / 69
Capital Southwest Corp.COM	140501107	$638.06M	0.01%	29,242shares	SOLE	29,242 / 0 / 0
iShares Russell 2000 Value ETFCOM	464287630	$627.46M	0.01%	3,822shares	SOLE	3,822 / 0 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$625.99M	0.01%	7,409shares	DFND	0 / 7,409 / 0
Vista Energy S.A.B. de C.V.COM	92837L109	$625.40M	0.01%	11,558shares	SOLE	11,558 / 0 / 0
Marten Transport Ltd.COM	573075108	$623.48M	0.01%	39,941shares	DFND	0 / 39,941 / 0
TotalEnergies S.E.COM	89151E109	$620.65M	0.01%	11,388shares	SOLE	10,992 / 0 / 396
Oaktree Specialty Lending CorpCOM	67401P405	$617.46M	0.01%	40,410shares	SOLE	40,410 / 0 / 0
Wal-Mart de Mexico S.A.B. de CCOM	93114W107	$616.36M	0.01%	23,347shares	SOLE	22,712 / 0 / 635
Crescent Capital BDC Inc.COM	225655109	$601.09M	0.01%	31,274shares	SOLE	31,274 / 0 / 0
iShares Silver Trust ETFCOM	46428Q109	$595.27M	0.01%	22,608shares	SOLE	22,324 / 0 / 284
UFP Technologies Inc.COM	902673102	$594.40M	0.01%	2,431shares	DFND	0 / 2,431 / 0
BNP Paribas S.A.COM	05565A202	$586.09M	0.01%	19,091shares	SOLE	18,382 / 0 / 709
LVMH Moet Hennessy Louis VuittCOM	502441306	$583.53M	0.01%	4,465shares	SOLE	4,331 / 0 / 134
Coterra Energy Inc.COM	127097103	$583.26M	0.01%	22,837shares	SOLE	22,496 / 0 / 341
Antofagasta plcCOM	G0398N128	$580.83M	0.01%	27,593shares	SOLE	27,253 / 0 / 340
ConocoPhillipsCOM	20825C104	$580.34M	0.01%	5,852shares	SOLE	5,768 / 0 / 84
American Outdoor Brands Inc.COM	02875D109	$579.93M	0.01%	38,053shares	DFND	0 / 38,053 / 0
Uranium Energy Corp.COM	916896103	$564.19M	0.01%	84,333shares	SOLE	83,620 / 0 / 713
Hess Corp.COM	42809H107	$547.60M	0.01%	4,117shares	SOLE	4,067 / 0 / 50
Freeport-McMoRan Inc.COM	35671D857	$539.48M	0.01%	14,167shares	SOLE	14,003 / 0 / 164
Alcoa Corp.COM	013872106	$528.88M	0.01%	13,999shares	SOLE	13,720 / 0 / 279
Southern Copper Corp.COM	84265V105	$526.54M	0.01%	5,778shares	SOLE	5,707 / 0 / 71
BAE Systems plcCOM	05523R107	$526.39M	0.01%	9,209shares	SOLE	8,837 / 0 / 372
Winnebago Industries Inc.COM	974637100	$523.33M	0.01%	10,953shares	DFND	0 / 10,953 / 0
Core Laboratories N.V.COM	21867A105	$508.78M	0.01%	29,392shares	DFND	0 / 29,392 / 0
Seabridge Gold Inc.COM	811916105	$492.80M	0.01%	43,190shares	SOLE	42,654 / 0 / 536
Roche Holding A.G.COM	771195104	$487.66M	0.01%	13,981shares	SOLE	13,619 / 0 / 362
iShares Core US Aggregate BondCOM	464287226	$483.53M	0.01%	4,990shares	SOLE	4,990 / 0 / 0
Denison Mines Corp.COM	248356107	$480.99M	0.01%	267,217shares	SOLE	263,487 / 0 / 3,730
Komatsu Ltd.COM	500458401	$480.29M	0.01%	17,580shares	SOLE	17,090 / 0 / 490
Barrick Gold Corp.COM	067901108	$461.14M	0.01%	29,751shares	SOLE	29,423 / 0 / 328
Bank of America Corp.COM	060505104	$439.50M	0.01%	10,000shares	DFND	0 / 10,000 / 0
Newmont Mining Corp.COM	651639106	$438.74M	0.01%	11,788shares	SOLE	11,652 / 0 / 136
SLR Investment Corp.COM	83413U100	$427.88M	0.01%	26,478shares	SOLE	26,478 / 0 / 0
Glencore plcCOM	37827X100	$427.69M	0.01%	48,991shares	SOLE	48,448 / 0 / 543
Curtiss-Wright Corp.COM	231561101	$411.65M	0.01%	1,160shares	SOLE	1,160 / 0 / 0
Materion Corp.COM	576690101	$398.58M	0.01%	4,031shares	SOLE	3,978 / 0 / 53
Woodside Energy Group Ltd.COM	980228308	$380.06M	0.01%	24,363shares	SOLE	23,502 / 0 / 861
ICICI Bank Ltd.COM	45104G104	$373.25M	0.01%	12,500shares	SOLE	12,500 / 0 / 0
AGNC Investment Corp.COM	00123Q104	$368.40M	0.01%	40,000shares	DFND	0 / 40,000 / 0
MercadoLibre Inc.COM	58733R102	$357.09M	0.00%	210shares	SOLE	210 / 0 / 0
Mosaic Co.COM	61945C103	$357.07M	0.00%	14,527shares	SOLE	14,380 / 0 / 147
Bain Capital Specialty FinanceCOM	05684B107	$349.00M	0.00%	19,920shares	SOLE	19,920 / 0 / 0
Morgan Stanley Direct LendingCOM	61774A103	$333.49M	0.00%	16,142shares	SOLE	16,142 / 0 / 0
Kayne Anderson BDCCOM	48662X105	$330.09M	0.00%	19,957shares	SOLE	19,957 / 0 / 0
PennantPark Investment Corp.COM	708062104	$329.64M	0.00%	46,560shares	SOLE	46,560 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$322.84M	0.00%	16,256shares	DFND	0 / 16,256 / 0
Valvoline Inc.COM	92047W101	$320.45M	0.00%	8,857shares	DFND	0 / 8,857 / 0
MidCap Financial Investment CoCOM	03761U502	$318.96M	0.00%	23,644shares	SOLE	23,644 / 0 / 0
FS KKR Capital Corp.COM	302635206	$316.14M	0.00%	14,555shares	SOLE	14,555 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$312.14M	0.00%	18,602shares	SOLE	18,602 / 0 / 0
Invesco BulletShares 2032 MuncCOM	46139W833	$305.70M	0.00%	12,184shares	SOLE	12,184 / 0 / 0
Invesco Bulletshares 2033 MuniCOM	46139W791	$304.55M	0.00%	11,825shares	SOLE	11,825 / 0 / 0
Palmer Square Capital BDC Inc.COM	69702V107	$304.27M	0.00%	20,018shares	SOLE	20,018 / 0 / 0
iShares iBonds Dec 2025 Term MCOM	46435U432	$304.24M	0.00%	11,431shares	SOLE	11,431 / 0 / 0
iShares iBonds Dec 2029 Term MCOM	46436E163	$303.23M	0.00%	12,139shares	SOLE	12,139 / 0 / 0
Kemper Corp.COM	488401100	$296.99M	0.00%	4,470shares	SOLE	4,470 / 0 / 0
KB Financial Group Inc.COM	48241A105	$291.59M	0.00%	5,125shares	SOLE	5,125 / 0 / 0
Dr Reddy's Laboratories Ltd.COM	256135203	$288.80M	0.00%	18,290shares	SOLE	18,290 / 0 / 0
iShares Core MSCI EAFE ETFCOM	46432F842	$284.14M	0.00%	4,043shares	SOLE	4,043 / 0 / 0
Tencent Holdings Ltd.COM	88032Q109	$276.38M	0.00%	5,197shares	SOLE	5,197 / 0 / 0
Portman Ridge Finance Corp.COM	73688F201	$269.15M	0.00%	16,472shares	SOLE	16,472 / 0 / 0
Fomento Economico Mexicano S.ACOM	344419106	$260.93M	0.00%	3,052shares	SOLE	3,052 / 0 / 0
Markel Corp. Inc.COM	570535104	$258.93M	0.00%	150shares	DFND	0 / 150 / 0
Ameriprise Financial Inc.COM	03076C106	$255.57M	0.00%	480shares	SOLE	480 / 0 / 0
Gold Fields Ltd.COM	38059T106	$252.65M	0.00%	19,140shares	SOLE	19,140 / 0 / 0
Avantis US Mid Cap Equity ETFCOM	025072125	$237.47M	0.00%	3,654shares	SOLE	3,654 / 0 / 0
Yum China Holdings Inc.COM	98850P109	$235.60M	0.00%	4,891shares	SOLE	4,891 / 0 / 0
Infosys Ltd.COM	456788108	$228.25M	0.00%	10,413shares	SOLE	10,413 / 0 / 0
Coca-Cola Femsa SAB de CVCOM	191241108	$226.58M	0.00%	2,909shares	SOLE	2,909 / 0 / 0
Costco Wholesale Corp.COM	22160K105	$226.32M	0.00%	247shares	SOLE	247 / 0 / 0
HDFC Bank Ltd.COM	40415F101	$216.42M	0.00%	3,389shares	SOLE	3,389 / 0 / 0
Controladora Vuela Cia de AviaCOM	21240E105	$210.87M	0.00%	28,343shares	SOLE	28,343 / 0 / 0
Shinhan Financial Group Co. LtCOM	824596100	$210.83M	0.00%	6,412shares	SOLE	6,412 / 0 / 0
Morgan Stanley Direct LendingCOM	61774A103	$206.60M	0.00%	10,000shares	DFND	0 / 10,000 / 0
Alibaba Group Holding Ltd.COM	01609W102	$205.62M	0.00%	2,425shares	SOLE	2,425 / 0 / 0
JPMorgan Chase & Co.COM	46625H100	$204.23M	0.00%	852shares	SOLE	852 / 0 / 0
Aberdeen Standard Physical PlaCOM	003260106	$201.06M	0.00%	2,421shares	SOLE	2,391 / 0 / 30
ZTO Express Cayman Inc.COM	98980A105	$201.01M	0.00%	10,282shares	SOLE	10,282 / 0 / 0
JBS S.A.COM	466110103	$184.66M	0.00%	15,544shares	SOLE	15,544 / 0 / 0
Ping An Insurance Group Co. ofCOM	72341E304	$156.21M	0.00%	13,420shares	SOLE	13,420 / 0 / 0
Trinity Capital Inc.COM	896442308	$153.66M	0.00%	10,619shares	SOLE	10,619 / 0 / 0
Runway Growth Finance CorpCOM	78163D100	$149.29M	0.00%	13,621shares	SOLE	13,621 / 0 / 0
PT Astra International TbkCOM	69367X109	$134.25M	0.00%	22,793shares	SOLE	22,793 / 0 / 0
Betterware de Mexico SAPI de CCOM	P1666E105	$123.95M	0.00%	11,087shares	SOLE	11,087 / 0 / 0
Ecopetrol S.A.COM	279158109	$121.55M	0.00%	15,347shares	SOLE	15,347 / 0 / 0
Vale S.A.COM	91912E105	$117.38M	0.00%	13,233shares	SOLE	13,233 / 0 / 0
Arcos Dorados Holdings Inc.COM	G0457F107	$116.79M	0.00%	16,042shares	SOLE	16,042 / 0 / 0
Fidelity Investments Money MarMFUND	31607A703	$101.19M	0.00%	101,195shares	SOLE	101,195 / 0 / 0
Sendas Distribuidora S.A.COM	81689T104	$49.77M	0.00%	11,135shares	SOLE	11,135 / 0 / 0
Bank of America Corp.COM	060505104	$25.97M	0.00%	591shares	SOLE	591 / 0 / 0
AGNC Investment Corp.COM	00123Q104	$18.03M	0.00%	1,958shares	SOLE	1,958 / 0 / 0
Annaly Capital Management Inc.COM	035710839	$11.86M	0.00%	648shares	SOLE	648 / 0 / 0

Filing Metadata

Form type

13F-HR

Filing date

Jan 2, 2025

Holdings as of

December 31, 2024

Accession

0001636661-25-000002

CIK

0001442056

Other managers

View on SEC

Portfolio Snapshot

Total Portfolio Value

$7.21T

Number of Positions

359

359 reported by filer

Top 10 Concentration

21.8%

Top 20 Concentration

40.0%

Unique Issuers

299

By CUSIP

Avg. Position Size

$20.08B

Across 359 holdings

Top 5 Holdings

Progressive Corp.2.9%

Snap-on Inc.2.5%

Chubb Ltd.2.2%

Paychex Inc.2.1%

Lockheed Martin Corp.2.1%