CONFLUENCE INVESTMENT MANAGEMENT LLC — Q3 2025 13F Holdings

Holdings as of September 30, 2025

Portfolio value

$7.01T

Holdings count

456

456 positions reported

Accession #

0001442056-25-000002

Form 13F-HR

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All Reported Positions

456 positions sorted by value

456 positions

Issuer	CUSIP	Valuev	Weight	Shares/Prin.	Discretion	Voting (Sole/Shared/None)
iShares 0-3 Month Treasury BonCOM	46436E718	$261.00B	3.72%	2,591,868shares	SOLE	2,583,119 / 0 / 8,749
Snap-on Inc.COM	833034101	$169.97B	2.42%	490,487shares	SOLE	488,964 / 0 / 1,522
WEC Energy Group Inc.COM	92939U106	$158.79B	2.27%	1,385,716shares	SOLE	1,381,299 / 0 / 4,417
Fastenal Co.COM	311900104	$157.12B	2.24%	3,203,912shares	SOLE	3,194,946 / 0 / 8,966
Northern Trust Corp.COM	665859104	$155.29B	2.22%	1,153,728shares	SOLE	1,150,137 / 0 / 3,591
Chubb Ltd.COM	H1467J104	$151.49B	2.16%	536,726shares	SOLE	534,908 / 0 / 1,819
Analog Devices Inc.COM	032654105	$150.24B	2.14%	611,492shares	SOLE	609,617 / 0 / 1,875
Lockheed Martin Corp.COM	539830109	$147.86B	2.11%	296,189shares	SOLE	295,295 / 0 / 894
Linde plcCOM	G54950103	$146.64B	2.09%	308,717shares	SOLE	307,665 / 0 / 1,051
Southern Co.COM	842587107	$146.33B	2.09%	1,544,041shares	SOLE	1,539,267 / 0 / 4,774
Hershey Co.COM	427866108	$140.71B	2.01%	752,249shares	SOLE	749,810 / 0 / 2,439
Home Depot Inc.COM	437076102	$139.43B	1.99%	344,107shares	SOLE	343,060 / 0 / 1,047
Broadridge Financial SolutionsCOM	11133T103	$138.45B	1.98%	581,322shares	SOLE	579,342 / 0 / 1,980
Mondelez International Inc.COM	609207105	$138.44B	1.98%	2,216,111shares	SOLE	2,209,844 / 0 / 6,267
Progressive Corp.COM	743315103	$136.33B	1.94%	552,053shares	SOLE	550,472 / 0 / 1,580
Paychex Inc.COM	704326107	$129.77B	1.85%	1,023,712shares	SOLE	1,020,514 / 0 / 3,197
Diageo plcCOM	25243Q205	$129.59B	1.85%	1,357,954shares	SOLE	1,353,877 / 0 / 4,077
Chevron Corp.COM	166764100	$128.91B	1.84%	830,144shares	SOLE	827,371 / 0 / 2,773
Fidelity National Financial InCOM	31620R303	$128.86B	1.84%	2,130,223shares	SOLE	2,123,186 / 0 / 7,037
Entergy Corp.COM	29364G103	$125.50B	1.79%	1,346,722shares	SOLE	1,342,480 / 0 / 4,242
American Water Works Co. Inc.COM	030420103	$119.53B	1.71%	858,753shares	SOLE	856,000 / 0 / 2,753
Cisco Systems Inc.COM	17275R102	$116.36B	1.66%	1,700,690shares	SOLE	1,695,405 / 0 / 5,285
Clorox Co.COM	189054109	$114.41B	1.63%	927,868shares	SOLE	924,866 / 0 / 3,002
Kinder Morgan Inc.COM	49456B101	$106.97B	1.53%	3,778,379shares	SOLE	3,766,359 / 0 / 12,020
Gilead Sciences Inc.COM	375558103	$105.37B	1.50%	949,307shares	SOLE	946,298 / 0 / 3,008
Colgate-Palmolive Co.COM	194162103	$103.16B	1.47%	1,290,429shares	SOLE	1,286,343 / 0 / 4,087
T. Rowe Price Group Inc.COM	74144T108	$99.63B	1.42%	970,628shares	SOLE	967,559 / 0 / 3,069
SPDR Portfolio Mortgage BackedCOM	78464A383	$94.75B	1.35%	4,222,219shares	SOLE	4,216,312 / 0 / 5,907
W. R. Berkley Corp.COM	084423102	$94.18B	1.34%	1,229,179shares	SOLE	1,226,494 / 0 / 2,685
U.S. BancorpCOM	902973304	$93.10B	1.33%	1,926,373shares	SOLE	1,920,408 / 0 / 5,965
Mastercard Inc.COM	57636Q104	$91.95B	1.31%	161,659shares	SOLE	161,332 / 0 / 327
TJX Co. Inc.COM	872540109	$87.03B	1.24%	602,094shares	SOLE	600,796 / 0 / 1,298
Stryker Corp.COM	863667101	$83.52B	1.19%	225,942shares	SOLE	225,461 / 0 / 481
Microsoft Corp.COM	594918104	$83.49B	1.19%	161,184shares	SOLE	160,676 / 0 / 509
Nordson Corp.COM	655663102	$74.85B	1.07%	329,830shares	SOLE	329,162 / 0 / 668
Ares Capital Corp.COM	04010L103	$70.77B	1.01%	3,467,207shares	SOLE	3,455,672 / 0 / 11,535
S&P Global Inc.COM	78409V104	$70.37B	1.00%	144,580shares	SOLE	144,270 / 0 / 310
Paycom Software Inc.COM	70432V102	$67.87B	0.97%	326,091shares	SOLE	325,364 / 0 / 727
Alphabet Inc.COM	02079K107	$67.31B	0.96%	276,350shares	SOLE	275,831 / 0 / 519
SPDR Portfolio Developed WorldCOM	78463X889	$63.04B	0.90%	1,473,192shares	SOLE	1,473,192 / 0 / 0
Masco Corp.COM	574599106	$61.06B	0.87%	867,394shares	SOLE	865,512 / 0 / 1,882
Illinois Tool Works Inc.COM	452308109	$58.07B	0.83%	222,685shares	SOLE	222,233 / 0 / 452
Keysight Technologies Inc.COM	49338L103	$56.93B	0.81%	325,484shares	SOLE	324,816 / 0 / 668
United Parcel Service Inc.COM	911312106	$56.72B	0.81%	679,078shares	SOLE	677,134 / 0 / 1,944
Lowe's Co. Inc.COM	548661107	$56.12B	0.80%	223,323shares	SOLE	222,929 / 0 / 394
Graco Inc.COM	384109104	$55.42B	0.79%	652,279shares	SOLE	650,444 / 0 / 1,834
Air Products and Chemicals IncCOM	009158106	$55.19B	0.79%	202,352shares	SOLE	201,982 / 0 / 370
Accenture plcCOM	G1151C101	$51.39B	0.73%	208,391shares	SOLE	207,620 / 0 / 771
Berkshire Hathaway Inc. - BCOM	084670702	$50.56B	0.72%	100,572shares	SOLE	100,383 / 0 / 189
NXP Semiconductors N.V.COM	N6596X109	$47.84B	0.68%	210,087shares	SOLE	209,692 / 0 / 395
Dow Inc.COM	260557103	$44.82B	0.64%	1,954,538shares	SOLE	1,949,008 / 0 / 5,530
Weyerhaeuser Co.COM	962166104	$43.52B	0.62%	1,755,486shares	SOLE	1,748,836 / 0 / 6,649
Thermo Fisher Scientific Inc.COM	883556102	$40.25B	0.57%	82,983shares	SOLE	82,844 / 0 / 139
Martin Marietta Materials Inc.COM	573284106	$38.62B	0.55%	61,279shares	SOLE	61,186 / 0 / 93
iShares Barclays 10-20 Year TrCOM	464288653	$37.38B	0.53%	362,964shares	SOLE	362,964 / 0 / 0
SPDR Gold MiniShares Trust ETFCOM	98149E303	$37.31B	0.53%	487,991shares	SOLE	487,253 / 0 / 738
Brown-Forman Corp. - BCOM	115637209	$36.44B	0.52%	1,345,752shares	SOLE	1,342,113 / 0 / 3,639
Arch Capital Group Ltd.COM	G0450A105	$35.23B	0.50%	388,331shares	SOLE	387,723 / 0 / 608
Booking Holdings Inc.COM	09857L108	$35.14B	0.50%	6,508shares	SOLE	6,498 / 0 / 10
iShares MBS ETFCOM	464288588	$34.87B	0.50%	366,497shares	SOLE	365,479 / 0 / 1,018
SPDR Portfolio S&P 500 Value ECOM	78464A508	$33.75B	0.48%	609,954shares	SOLE	609,954 / 0 / 0
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$30.63B	0.44%	293,048shares	SOLE	293,048 / 0 / 0
ResMed Inc.COM	761152107	$30.29B	0.43%	110,658shares	SOLE	110,361 / 0 / 297
Starbucks Corp.COM	855244109	$28.49B	0.41%	336,751shares	SOLE	335,759 / 0 / 992
Ecolab Inc.COM	278865100	$27.98B	0.40%	102,158shares	SOLE	101,880 / 0 / 278
Brown & Brown Inc.COM	115236101	$27.91B	0.40%	297,603shares	SOLE	296,833 / 0 / 770
General Dynamics Corp.COM	369550108	$27.19B	0.39%	79,726shares	SOLE	79,495 / 0 / 231
Amphenol Corp.COM	032095101	$25.77B	0.37%	208,223shares	SOLE	207,664 / 0 / 559
Dollar Tree Inc.COM	256746108	$25.61B	0.37%	271,362shares	SOLE	270,476 / 0 / 886
Sherwin-Williams Co.COM	824348106	$25.20B	0.36%	72,791shares	SOLE	72,595 / 0 / 196
Donaldson Co. Inc.COM	257651109	$24.87B	0.35%	303,816shares	SOLE	302,952 / 0 / 864
A. O. Smith Corp.COM	831865209	$24.16B	0.34%	329,070shares	SOLE	328,382 / 0 / 688
McDonald's Corp.COM	580135101	$23.18B	0.33%	76,265shares	SOLE	76,051 / 0 / 214
ProShares S&P MidCap 400 DividCOM	74347B680	$22.98B	0.33%	269,306shares	SOLE	269,306 / 0 / 0
iShares iBonds Dec 2035 Term TCOM	46438G422	$22.62B	0.32%	886,173shares	SOLE	883,715 / 0 / 2,458
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$21.94B	0.31%	239,659shares	SOLE	239,659 / 0 / 0
Expeditors International of WaCOM	302130109	$21.71B	0.31%	177,080shares	SOLE	176,643 / 0 / 437
McCormick & Company Inc.COM	579780206	$21.56B	0.31%	322,216shares	SOLE	321,347 / 0 / 869
New Jersey Resources Corp.COM	646025106	$20.37B	0.29%	423,035shares	SOLE	421,733 / 0 / 1,302
Procter & Gamble Co.COM	742718109	$20.13B	0.29%	131,007shares	SOLE	130,646 / 0 / 361
Zoetis Inc.COM	98978V103	$19.56B	0.28%	133,711shares	SOLE	133,335 / 0 / 376
Medtronic plcCOM	G5960L103	$19.50B	0.28%	204,759shares	SOLE	204,216 / 0 / 543
EOG Resources Inc.COM	26875P101	$19.36B	0.28%	172,674shares	SOLE	172,208 / 0 / 466
Constellation BrandsCOM	21036P108	$19.29B	0.28%	143,254shares	SOLE	143,047 / 0 / 207
Vontier Corp.COM	928881101	$18.15B	0.26%	432,540shares	SOLE	431,515 / 0 / 1,025
Toro Co.COM	891092108	$17.07B	0.24%	224,017shares	SOLE	223,443 / 0 / 574
NIKE Inc.COM	654106103	$17.03B	0.24%	244,217shares	SOLE	243,599 / 0 / 618
Valvoline Inc.COM	92047W101	$16.91B	0.24%	470,910shares	SOLE	469,799 / 0 / 1,111
iShares iBonds Dec 2033 Term TCOM	46436E148	$16.68B	0.24%	676,864shares	SOLE	675,007 / 0 / 1,857
iShares iBonds Dec 2034 Term TCOM	46438G646	$16.65B	0.24%	642,704shares	SOLE	640,935 / 0 / 1,769
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$15.65B	0.22%	187,602shares	SOLE	187,602 / 0 / 0
Walt Disney Co.COM	254687106	$15.51B	0.22%	135,472shares	SOLE	135,097 / 0 / 375
Becton Dickinson & Co.COM	075887109	$15.02B	0.21%	80,263shares	SOLE	80,057 / 0 / 206
Copart Inc.COM	217204106	$15.01B	0.21%	333,858shares	SOLE	332,958 / 0 / 900
Charles River Laboratories IntCOM	159864107	$14.87B	0.21%	95,031shares	SOLE	94,739 / 0 / 292
Carrier Global Corp.COM	14448C104	$13.90B	0.20%	232,786shares	SOLE	232,161 / 0 / 625
iShares 3-7 Year Treasury BondCOM	464288661	$13.49B	0.19%	112,903shares	SOLE	112,903 / 0 / 0
Morningstar Inc.COM	617700109	$13.43B	0.19%	57,900shares	SOLE	57,774 / 0 / 126
iShares BB Rated Corporate BonCOM	46435U473	$12.81B	0.18%	270,829shares	SOLE	270,829 / 0 / 0
iShares Core MSCI Europe ETFCOM	46434V738	$12.30B	0.18%	180,557shares	SOLE	180,557 / 0 / 0
iShares iBonds Dec 2029 Term TCOM	46436E825	$11.44B	0.16%	521,000shares	SOLE	520,066 / 0 / 934
SPDR S&P 500 ETFCOM	78462F103	$11.41B	0.16%	17,122shares	SOLE	17,122 / 0 / 0
JBT Marel Corp.COM	477839104	$11.27B	0.16%	80,216shares	SOLE	79,902 / 0 / 314
Baldwin Insurance Group Inc.COM	05589G102	$10.98B	0.16%	389,243shares	SOLE	388,396 / 0 / 847
Dimensional National MunicipalCOM	25434V849	$10.38B	0.15%	216,392shares	SOLE	215,432 / 0 / 960
iShares iBonds Dec 2027 Term TCOM	46436E841	$10.27B	0.15%	456,205shares	SOLE	454,964 / 0 / 1,241
iShares iBonds Dec 2028 Term CCOM	46435U515	$10.20B	0.15%	399,602shares	SOLE	398,505 / 0 / 1,097
iShares iBonds Dec 2027 Term CCOM	46435UAA9	$10.13B	0.14%	416,135shares	SOLE	414,986 / 0 / 1,149
iShares iBonds Dec 2032 Term TCOM	46436E296	$9.69B	0.14%	418,745shares	SOLE	417,584 / 0 / 1,161
SPDR S&P Dividend ETFCOM	78464A763	$9.49B	0.14%	67,734shares	SOLE	67,734 / 0 / 0
Global X Defense Tech ETFCOM	37960A529	$9.35B	0.13%	133,102shares	SOLE	133,102 / 0 / 0
TripAdvisor Inc.COM	896945201	$9.11B	0.13%	560,483shares	SOLE	558,448 / 0 / 2,035
Avantis International Small CaCOM	025072802	$8.74B	0.12%	98,176shares	SOLE	98,176 / 0 / 0
Invesco BulletShares 2034 MuniCOM	46139W767	$8.30B	0.12%	340,971shares	SOLE	339,498 / 0 / 1,473
iShares iBonds Dec 2030 Term TCOM	46436E593	$7.65B	0.11%	384,676shares	SOLE	383,622 / 0 / 1,054
Vail Resorts Inc.COM	91879Q109	$7.57B	0.11%	50,591shares	SOLE	50,402 / 0 / 189
Cavco Industries Inc.COM	149568107	$6.39B	0.09%	10,999shares	SOLE	10,966 / 0 / 33
iShares 1-5 Year Investment GrCOM	464288646	$6.38B	0.09%	120,237shares	SOLE	120,237 / 0 / 0
Invesco Bulletshares 2033 MuniCOM	46139W791	$6.34B	0.09%	248,222shares	SOLE	247,176 / 0 / 1,046
iShares iBonds Dec 2031 Term TCOM	46436E460	$6.11B	0.09%	297,157shares	SOLE	296,324 / 0 / 833
Invesco BulletShares 2027 MuniCOM	46138J494	$5.96B	0.09%	251,853shares	SOLE	250,735 / 0 / 1,118
CONMED Corp.COM	207410101	$5.21B	0.07%	110,709shares	SOLE	110,323 / 0 / 386
Main Street Capital Corp.COM	56035L104	$5.17B	0.07%	81,234shares	DFND	0 / 81,234 / 0
Powershares Insured National MCOM	46138E537	$5.11B	0.07%	221,206shares	SOLE	220,224 / 0 / 982
Hercules Capital Inc.COM	427096508	$4.57B	0.07%	241,475shares	DFND	0 / 241,475 / 0
Ares Capital Corp.COM	04010L103	$4.11B	0.06%	201,223shares	DFND	0 / 201,223 / 0
VanEck Vectors Long MunicipalCOM	92189F536	$3.99B	0.06%	228,274shares	SOLE	228,274 / 0 / 0
iShares Russell 1000 Value ETFCOM	464287598	$3.85B	0.05%	18,923shares	SOLE	18,923 / 0 / 0
Sixth Street Specialty LendingCOM	83012A109	$3.80B	0.05%	166,038shares	DFND	0 / 166,038 / 0
Berkshire Hathaway Inc. - ACOM	084670108	$3.77B	0.05%	5shares	SOLE	5 / 0 / 0
Agnico Eagle Mines Ltd.COM	008474108	$3.67B	0.05%	21,761shares	SOLE	21,333 / 0 / 428
Golub Capital BDC Inc.COM	38173M102	$3.61B	0.05%	263,458shares	DFND	0 / 263,458 / 0
Blackstone Secured Lending FunCOM	09261X102	$3.20B	0.05%	122,816shares	DFND	0 / 122,816 / 0
Invesco BulletShares 2028 MuniCOM	46138J486	$2.97B	0.04%	126,710shares	SOLE	126,148 / 0 / 562
iShares 20Plus Year Treasury BCOM	464287432	$2.94B	0.04%	32,942shares	SOLE	32,942 / 0 / 0
SPDR Nuveen Barclays Capital SCOM	78468R739	$2.93B	0.04%	60,824shares	SOLE	60,824 / 0 / 0
Invesco BulletShares 2031 MuniCOM	46138J411	$2.81B	0.04%	133,904shares	SOLE	133,378 / 0 / 526
Invesco BulletShares 2030 MuniCOM	46138J445	$2.80B	0.04%	127,865shares	SOLE	127,362 / 0 / 503
SPDR Nuveen S&P High Yield MunCOM	78464A284	$2.66B	0.04%	106,825shares	SOLE	106,825 / 0 / 0
Gates Industrial Corp. plcCOM	G39108108	$2.64B	0.04%	106,370shares	SOLE	106,370 / 0 / 0
i3 Verticals Inc.COM	46571Y107	$2.60B	0.04%	79,992shares	SOLE	79,992 / 0 / 0
Stewart Information Services CCOM	860372101	$2.58B	0.04%	35,197shares	SOLE	35,197 / 0 / 0
Knowles Corp.COM	49926D109	$2.53B	0.04%	108,595shares	SOLE	108,595 / 0 / 0
Invesco BulletShares 2026 MuniCOM	46138J510	$2.49B	0.04%	105,266shares	SOLE	104,800 / 0 / 466
Invesco BulletShares 2029 MuniCOM	46138J478	$2.48B	0.04%	107,260shares	SOLE	106,784 / 0 / 476
iShares National Muni Bond ETFCOM	464288414	$2.43B	0.03%	22,861shares	SOLE	22,861 / 0 / 0
Hagerty Inc.COM	405166109	$2.41B	0.03%	200,450shares	SOLE	200,450 / 0 / 0
Taiwan Semiconductor ManufactuCOM	874039100	$2.39B	0.03%	8,573shares	SOLE	8,363 / 0 / 210
Blue Owl Capital Corp.COM	69121K104	$2.34B	0.03%	183,014shares	DFND	0 / 183,014 / 0
iShares iBonds Dec 2028 Term MCOM	46435U325	$2.33B	0.03%	90,909shares	SOLE	90,909 / 0 / 0
RBC Bearings Inc.COM	75524B104	$2.30B	0.03%	5,892shares	SOLE	5,892 / 0 / 0
Altus Group Ltd.COM	02215R107	$2.19B	0.03%	51,314shares	SOLE	51,314 / 0 / 0
Movado Group Inc.COM	624580106	$2.08B	0.03%	109,664shares	SOLE	109,664 / 0 / 0
New Mountain Finance Corp.COM	647551100	$2.00B	0.03%	207,175shares	DFND	0 / 207,175 / 0
Hayward Holdings Inc.COM	421298100	$1.98B	0.03%	130,772shares	SOLE	130,772 / 0 / 0
Franklin Street Properties CorCOM	35471R106	$1.97B	0.03%	1,231,656shares	SOLE	40,000 / 0 / 1,191,656
iShares iBonds Dec 2029 Term MCOM	46436E163	$1.89B	0.03%	73,935shares	SOLE	73,935 / 0 / 0
Barings BDC Inc.COM	06759L103	$1.86B	0.03%	212,313shares	DFND	0 / 212,313 / 0
FS KKR Capital Corp.COM	302635206	$1.80B	0.03%	120,840shares	DFND	0 / 120,840 / 0
iShares iBonds Dec 2026 Term MCOM	46435U259	$1.75B	0.02%	68,076shares	SOLE	68,076 / 0 / 0
UFP Industries IncCOM	90278Q108	$1.68B	0.02%	18,004shares	SOLE	18,004 / 0 / 0
Sandoz GroupCOM	799926100	$1.67B	0.02%	27,975shares	SOLE	27,384 / 0 / 591
RLI Corp.COM	749607107	$1.63B	0.02%	24,960shares	SOLE	24,960 / 0 / 0
Mitsubishi UFJ FinancialCOM	606822104	$1.61B	0.02%	101,117shares	SOLE	98,741 / 0 / 2,376
H2O AmericaCOM	784305104	$1.61B	0.02%	33,000shares	SOLE	33,000 / 0 / 0
Sixth Street Specialty LendingCOM	83012A109	$1.55B	0.02%	67,870shares	SOLE	67,870 / 0 / 0
Aberdeen Standard Physical PlaCOM	003260106	$1.53B	0.02%	10,741shares	SOLE	10,621 / 0 / 120
Enovis Corp.COM	194014502	$1.53B	0.02%	50,272shares	SOLE	50,272 / 0 / 0
AerCap Holdings N.V.COM	N00985106	$1.50B	0.02%	12,360shares	SOLE	12,055 / 0 / 305
Spectrum Brands Holdings Inc.COM	84790A105	$1.45B	0.02%	27,528shares	SOLE	27,528 / 0 / 0
Core Natural Resources Inc.COM	218937100	$1.44B	0.02%	17,225shares	SOLE	17,035 / 0 / 190
Cannae Holdings Inc.COM	13765N107	$1.43B	0.02%	78,369shares	SOLE	78,369 / 0 / 0
Safran S.A.COM	786584102	$1.43B	0.02%	16,191shares	SOLE	15,750 / 0 / 441
Golub Capital BDC Inc.COM	38173M102	$1.43B	0.02%	104,288shares	SOLE	104,288 / 0 / 0
Nintendo Co. Ltd.COM	654445303	$1.39B	0.02%	65,201shares	SOLE	63,676 / 0 / 1,525
Haemonetics Corp.COM	405024100	$1.39B	0.02%	28,492shares	SOLE	28,492 / 0 / 0
Sony Group Corp.COM	835699307	$1.39B	0.02%	48,151shares	SOLE	47,181 / 0 / 970
DBS Group Holdings Ltd.COM	23304Y100	$1.39B	0.02%	8,756shares	SOLE	8,528 / 0 / 228
UFP Technologies Inc.COM	902673102	$1.38B	0.02%	6,891shares	SOLE	6,891 / 0 / 0
ING Groep N.V.COM	456837103	$1.37B	0.02%	52,501shares	SOLE	50,895 / 0 / 1,606
BAE Systems plcCOM	05523R107	$1.36B	0.02%	12,215shares	SOLE	11,843 / 0 / 372
SAP S.E.COM	803054204	$1.35B	0.02%	5,060shares	SOLE	4,920 / 0 / 140
Zurich Insurance Group A.G.COM	989825104	$1.35B	0.02%	37,777shares	SOLE	36,859 / 0 / 918
Barings BDC Inc.COM	06759L103	$1.33B	0.02%	152,307shares	SOLE	152,307 / 0 / 0
Invesco BulletShares 2032 MuncCOM	46139W833	$1.30B	0.02%	52,186shares	SOLE	52,008 / 0 / 178
Main Street Capital Corp.COM	56035L104	$1.30B	0.02%	20,400shares	SOLE	20,400 / 0 / 0
J & J Snack Foods Corp.COM	466032109	$1.29B	0.02%	13,451shares	SOLE	13,451 / 0 / 0
John B Sanfilippo & Son Inc.COM	800422107	$1.29B	0.02%	20,008shares	SOLE	20,008 / 0 / 0
Rheinmetall AGCOM	76206K107	$1.28B	0.02%	2,740shares	SOLE	2,657 / 0 / 83
Disco Corp.COM	25461D100	$1.27B	0.02%	40,368shares	SOLE	39,326 / 0 / 1,042
Sea Ltd.COM	81141R100	$1.25B	0.02%	7,007shares	SOLE	6,834 / 0 / 173
ASML Holding N.V.COM	N07059210	$1.25B	0.02%	1,287shares	SOLE	1,253 / 0 / 34
Techtronic Industries Co. Ltd.COM	87873R101	$1.24B	0.02%	19,392shares	SOLE	18,999 / 0 / 393
MidCap Financial Investment CoCOM	03761U502	$1.23B	0.02%	102,501shares	DFND	0 / 102,501 / 0
Hong Kong Exchanges and CleariCOM	43858F109	$1.23B	0.02%	21,636shares	SOLE	21,127 / 0 / 509
Willis Towers Watson plcCOM	G96629103	$1.21B	0.02%	3,492shares	SOLE	3,400 / 0 / 92
Shopify Inc.COM	82509L107	$1.18B	0.02%	7,918shares	SOLE	7,738 / 0 / 180
Newmont Mining Corp.COM	651639106	$1.16B	0.02%	13,703shares	SOLE	13,567 / 0 / 136
Hercules Capital Inc.COM	427096508	$1.15B	0.02%	61,038shares	SOLE	61,038 / 0 / 0
Tokio Marine Holdings Inc.COM	889094108	$1.15B	0.02%	27,405shares	SOLE	26,688 / 0 / 717
Winnebago Industries Inc.COM	974637100	$1.15B	0.02%	34,435shares	SOLE	34,435 / 0 / 0
Antofagasta plcCOM	G0398N128	$1.15B	0.02%	30,684shares	SOLE	30,344 / 0 / 340
Capital Southwest Corp.COM	140501107	$1.14B	0.02%	51,972shares	DFND	0 / 51,972 / 0
Edgewell Personal Care Co.COM	28035Q102	$1.11B	0.02%	54,352shares	SOLE	54,352 / 0 / 0
Franco-Nevada Corp.COM	351858105	$1.11B	0.02%	4,964shares	SOLE	4,907 / 0 / 57
First Quantum Minerals Ltd.COM	335934105	$1.08B	0.02%	47,892shares	SOLE	47,353 / 0 / 539
ITOCHU Corp.COM	465717106	$1.08B	0.02%	9,381shares	SOLE	9,095 / 0 / 286
New Mountain Finance Corp.COM	647551100	$1.07B	0.02%	111,051shares	SOLE	111,051 / 0 / 0
BNP Paribas S.A.COM	05565A202	$1.06B	0.02%	23,289shares	SOLE	22,580 / 0 / 709
Littelfuse Inc.COM	537008104	$1.05B	0.01%	4,055shares	SOLE	4,055 / 0 / 0
Alamos Gold Inc.COM	011532108	$1.05B	0.01%	29,991shares	SOLE	29,652 / 0 / 339
iShares Silver Trust ETFCOM	46428Q109	$1.05B	0.01%	24,673shares	SOLE	24,389 / 0 / 284
American Outdoor Brands Inc.COM	02875D109	$1.05B	0.01%	120,416shares	SOLE	120,416 / 0 / 0
Bain Capital Specialty FinanceCOM	05684B107	$1.04B	0.01%	73,208shares	DFND	0 / 73,208 / 0
Marten Transport Ltd.COM	573075108	$1.04B	0.01%	97,194shares	SOLE	97,194 / 0 / 0
Amglo Am PLC ADRCOM	03485P409	$1.01B	0.01%	53,301shares	SOLE	52,705 / 0 / 596
Southern Copper Corp.COM	84265V105	$1.01B	0.01%	8,287shares	SOLE	8,195 / 0 / 92
L'Oreal S.A.COM	502117203	$1.00B	0.01%	11,580shares	SOLE	11,258 / 0 / 322
Royal Gold Inc.COM	780287108	$991.87M	0.01%	4,945shares	SOLE	4,889 / 0 / 56
Uranium Energy Corp.COM	916896103	$987.80M	0.01%	74,048shares	SOLE	73,335 / 0 / 713
Wheaton Precious Metals Corp.COM	962879102	$968.20M	0.01%	8,657shares	SOLE	8,559 / 0 / 98
Chugai Pharms Co. Ltd.COM	171269103	$959.31M	0.01%	43,388shares	SOLE	42,066 / 0 / 1,322
Mitsui & Co. Ltd.COM	606827202	$947.80M	0.01%	1,909shares	SOLE	1,885 / 0 / 24
iShares iBonds Dec 2027 Term MCOM	46435U283	$925.20M	0.01%	36,318shares	SOLE	36,318 / 0 / 0
Blue Owl Capital Corp.COM	69121K104	$915.91M	0.01%	71,723shares	SOLE	71,723 / 0 / 0
Vulcan Materials Co.COM	929160109	$913.63M	0.01%	2,970shares	SOLE	2,936 / 0 / 34
Unilever plcCOM	904767704	$899.22M	0.01%	15,169shares	SOLE	14,740 / 0 / 429
Glencore plcCOM	37827X100	$894.30M	0.01%	97,207shares	SOLE	96,129 / 0 / 1,078
Blackstone Secured Lending FunCOM	09261X102	$872.72M	0.01%	33,476shares	SOLE	33,476 / 0 / 0
Oaktree Specialty Lending CorpCOM	67401P405	$859.39M	0.01%	65,854shares	DFND	0 / 65,854 / 0
TotalEnergies S.E.COM	89151E109	$847.66M	0.01%	14,201shares	SOLE	13,805 / 0 / 396
Expand Energy Corp.COM	165167735	$844.08M	0.01%	7,945shares	SOLE	7,847 / 0 / 98
Haleon plcCOM	405552100	$839.87M	0.01%	93,631shares	SOLE	90,860 / 0 / 2,771
Morgan Stanley Direct LendingCOM	61774A103	$822.27M	0.01%	51,136shares	DFND	0 / 51,136 / 0
ICON plcCOM	G4705A100	$820.58M	0.01%	4,689shares	SOLE	4,573 / 0 / 116
iShares 0-3 Month Treasury BonCOM	46436E718	$814.69M	0.01%	8,090shares	DFND	8,090 / 0 / 0
Goldman Sachs BDC Inc.COM	38147U107	$811.46M	0.01%	79,790shares	DFND	0 / 79,790 / 0
American Express Co.COM	025816109	$797.18M	0.01%	2,400shares	SOLE	2,400 / 0 / 0
Denison Mines Corp.COM	248356107	$794.83M	0.01%	289,028shares	SOLE	285,298 / 0 / 3,730
Exxon Mobil Corp.COM	30231G102	$793.33M	0.01%	7,036shares	SOLE	6,967 / 0 / 69
Wal-Mart de Mexico S.A.B. de CCOM	93114W107	$766.96M	0.01%	24,869shares	SOLE	24,234 / 0 / 635
Capital Southwest Corp.COM	140501107	$758.39M	0.01%	34,693shares	SOLE	34,693 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$757.58M	0.01%	54,897shares	DFND	0 / 54,897 / 0
Komatsu Ltd.COM	500458401	$757.04M	0.01%	21,905shares	SOLE	21,415 / 0 / 490
Antero Resources Corp.COM	03674X106	$752.08M	0.01%	22,410shares	SOLE	22,156 / 0 / 254
Oaktree Specialty Lending CorpCOM	67401P405	$745.70M	0.01%	57,142shares	SOLE	57,142 / 0 / 0
Roche Holding A.G.COM	771195104	$732.76M	0.01%	17,526shares	SOLE	17,164 / 0 / 362
LVMH Moet Hennessy Louis VuittCOM	502441306	$701.20M	0.01%	5,733shares	SOLE	5,599 / 0 / 134
NexGen Energy LtdCOM	65340P106	$694.07M	0.01%	77,550shares	SOLE	76,674 / 0 / 876
SLR Investment Corp.COM	83413U100	$681.84M	0.01%	44,594shares	DFND	0 / 44,594 / 0
Freeport-McMoRan Inc.COM	35671D857	$671.80M	0.01%	17,129shares	SOLE	16,965 / 0 / 164
Novo Nordisk A.S.COM	670100205	$656.11M	0.01%	11,824shares	SOLE	11,534 / 0 / 290
Coterra Energy Inc.COM	127097103	$654.11M	0.01%	27,658shares	SOLE	27,317 / 0 / 341
Gold Fields Ltd.COM	38059T106	$644.67M	0.01%	15,364shares	SOLE	15,364 / 0 / 0
Lundin Gold Inc.COM	550371108	$641.21M	0.01%	9,905shares	SOLE	9,794 / 0 / 111
Cameco Corp.COM	13321L108	$641.03M	0.01%	7,644shares	SOLE	7,557 / 0 / 87
Curtiss-Wright Corp.COM	231561101	$629.81M	0.01%	1,160shares	SOLE	1,160 / 0 / 0
Broadridge Financial SolutionsCOM	11133T103	$616.81M	0.01%	2,590shares	DFND	2,590 / 0 / 0
Knowles Corp.COM	49926D109	$610.58M	0.01%	26,194shares	DFND	0 / 26,194 / 0
Snap-on Inc.COM	833034101	$587.72M	0.01%	1,696shares	DFND	1,696 / 0 / 0
Crescent Capital BDC Inc.COM	225655109	$574.46M	0.01%	40,285shares	SOLE	40,285 / 0 / 0
Cavco Industries Inc.COM	149568107	$572.60M	0.01%	986shares	DFND	0 / 986 / 0
Goldman Sachs BDC Inc.COM	38147U107	$571.74M	0.01%	56,218shares	SOLE	56,218 / 0 / 0
FS KKR Capital Corp.COM	302635206	$570.46M	0.01%	38,209shares	SOLE	38,209 / 0 / 0
WEC Energy Group Inc.COM	92939U106	$566.08M	0.01%	4,940shares	DFND	4,940 / 0 / 0
JBT Marel Corp.COM	477839104	$565.31M	0.01%	4,025shares	DFND	0 / 4,025 / 0
Altus Group Ltd.COM	02215R107	$559.42M	0.01%	13,132shares	DFND	0 / 13,132 / 0
Progressive Corp.COM	743315103	$547.63M	0.01%	2,218shares	DFND	2,218 / 0 / 0
Chubb Ltd.COM	H1467J104	$546.44M	0.01%	1,936shares	DFND	1,936 / 0 / 0
Trinity Capital Inc.COM	896442308	$543.83M	0.01%	35,131shares	DFND	0 / 35,131 / 0
Fastenal Co.COM	311900104	$541.99M	0.01%	11,052shares	DFND	11,052 / 0 / 0
Hershey Co.COM	427866108	$539.79M	0.01%	2,886shares	DFND	2,886 / 0 / 0
Fidelity National Financial InCOM	31620R303	$536.85M	0.01%	8,875shares	DFND	8,875 / 0 / 0
Stewart Information Services CCOM	860372101	$530.69M	0.01%	7,238shares	DFND	0 / 7,238 / 0
Diageo plcCOM	25243Q205	$529.65M	0.01%	5,550shares	DFND	5,550 / 0 / 0
TripAdvisor Inc.COM	896945201	$524.82M	0.01%	32,277shares	DFND	0 / 32,277 / 0
Entergy Corp.COM	29364G103	$524.19M	0.01%	5,625shares	DFND	5,625 / 0 / 0
Vontier Corp.COM	928881101	$522.53M	0.01%	12,450shares	DFND	0 / 12,450 / 0
Valvoline Inc.COM	92047W101	$521.49M	0.01%	14,522shares	DFND	0 / 14,522 / 0
Linde plcCOM	G54950103	$519.65M	0.01%	1,094shares	DFND	1,094 / 0 / 0
Hagerty Inc.COM	405166109	$511.36M	0.01%	42,472shares	DFND	0 / 42,472 / 0
Southern Co.COM	842587107	$510.34M	0.01%	5,385shares	DFND	5,385 / 0 / 0
Analog Devices Inc.COM	032654105	$507.37M	0.01%	2,065shares	DFND	2,065 / 0 / 0
Northern Trust Corp.COM	665859104	$502.60M	0.01%	3,734shares	DFND	3,734 / 0 / 0
Movado Group Inc.COM	624580106	$492.20M	0.01%	25,946shares	DFND	0 / 25,946 / 0
Lockheed Martin Corp.COM	539830109	$490.81M	0.01%	983shares	DFND	983 / 0 / 0
Mondelez International Inc.COM	609207105	$487.45M	0.01%	7,803shares	DFND	7,803 / 0 / 0
Home Depot Inc.COM	437076102	$481.77M	0.01%	1,189shares	DFND	1,189 / 0 / 0
Gates Industrial Corp. plcCOM	G39108108	$475.85M	0.01%	19,172shares	DFND	0 / 19,172 / 0
Cisco Systems Inc.COM	17275R102	$474.56M	0.01%	6,936shares	DFND	6,936 / 0 / 0
SLR Investment Corp.COM	83413U100	$464.67M	0.01%	30,391shares	SOLE	30,391 / 0 / 0
i3 Verticals Inc.COM	46571Y107	$462.98M	0.01%	14,263shares	DFND	0 / 14,263 / 0
Winnebago Industries Inc.COM	974637100	$461.91M	0.01%	13,813shares	DFND	0 / 13,813 / 0
RBC Bearings Inc.COM	75524B104	$458.59M	0.01%	1,175shares	DFND	0 / 1,175 / 0
Paychex Inc.COM	704326107	$449.74M	0.01%	3,548shares	DFND	3,548 / 0 / 0
Crescent Capital BDC Inc.COM	225655109	$444.49M	0.01%	31,170shares	DFND	0 / 31,170 / 0
Enovis Corp.COM	194014502	$440.36M	0.01%	14,514shares	DFND	0 / 14,514 / 0
Kinder Morgan Inc.COM	49456B101	$437.87M	0.01%	15,467shares	DFND	15,467 / 0 / 0
Vail Resorts Inc.COM	91879Q109	$434.20M	0.01%	2,903shares	DFND	0 / 2,903 / 0
Lynas Rare Earths Ltd.COM	551073307	$432.79M	0.01%	38,850shares	SOLE	38,401 / 0 / 449
Hayward Holdings Inc.COM	421298100	$432.30M	0.01%	28,591shares	DFND	0 / 28,591 / 0
American Water Works Co. Inc.COM	030420103	$428.29M	0.01%	3,077shares	DFND	3,077 / 0 / 0
Chevron Corp.COM	166764100	$428.13M	0.01%	2,757shares	DFND	2,757 / 0 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$425.76M	0.01%	8,105shares	DFND	0 / 8,105 / 0
UFP Industries IncCOM	90278Q108	$420.89M	0.01%	4,502shares	DFND	0 / 4,502 / 0
UFP Technologies Inc.COM	902673102	$408.58M	0.01%	2,047shares	DFND	0 / 2,047 / 0
Ramaco Resources IncCOM	75134P600	$406.28M	0.01%	12,241shares	SOLE	12,103 / 0 / 138
RLI Corp.COM	749607107	$405.15M	0.01%	6,212shares	DFND	0 / 6,212 / 0
Gilead Sciences Inc.COM	375558103	$403.93M	0.01%	3,639shares	DFND	3,639 / 0 / 0
Clorox Co.COM	189054109	$397.64M	0.01%	3,225shares	DFND	3,225 / 0 / 0
H2O AmericaCOM	784305104	$396.08M	0.01%	8,133shares	DFND	0 / 8,133 / 0
CONMED Corp.COM	207410101	$395.57M	0.01%	8,411shares	DFND	0 / 8,411 / 0
J &amp; J Snack Foods Corp.COM	466032109	$385.23M	0.01%	4,009shares	DFND	0 / 4,009 / 0
Morningstar Inc.COM	617700109	$381.89M	0.01%	1,646shares	DFND	0 / 1,646 / 0
KB Financial Group Inc.COM	48241A105	$378.62M	0.01%	4,567shares	SOLE	4,567 / 0 / 0
Marten Transport Ltd.COM	573075108	$363.51M	0.01%	34,100shares	DFND	0 / 34,100 / 0
Alibaba Group Holding Ltd.COM	01609W102	$360.68M	0.01%	2,018shares	SOLE	2,018 / 0 / 0
U.S. BancorpCOM	902973304	$359.53M	0.01%	7,439shares	DFND	7,439 / 0 / 0
Haemonetics Corp.COM	405024100	$358.53M	0.01%	7,356shares	DFND	0 / 7,356 / 0
Tencent Holdings Ltd.COM	88032Q109	$353.20M	0.01%	4,148shares	SOLE	4,148 / 0 / 0
MidCap Financial Investment CoCOM	03761U502	$350.11M	0.00%	29,200shares	SOLE	29,200 / 0 / 0
Bain Capital Specialty FinanceCOM	05684B107	$349.11M	0.00%	24,499shares	SOLE	24,499 / 0 / 0
MakeMyTrip Ltd.COM	V5633W109	$343.04M	0.00%	3,665shares	SOLE	3,665 / 0 / 0
Kayne Anderson BDCCOM	48662X105	$340.86M	0.00%	25,590shares	DFND	0 / 25,590 / 0
John B Sanfilippo &amp; Son Inc.COM	800422107	$329.69M	0.00%	5,129shares	DFND	0 / 5,129 / 0
Colgate-Palmolive Co.COM	194162103	$328.15M	0.00%	4,105shares	DFND	4,105 / 0 / 0
Kayne Anderson BDCCOM	48662X105	$323.21M	0.00%	24,265shares	SOLE	24,265 / 0 / 0
T. Rowe Price Group Inc.COM	74144T108	$322.39M	0.00%	3,141shares	DFND	3,141 / 0 / 0
Baldwin Insurance Group Inc.COM	05589G102	$321.20M	0.00%	11,386shares	DFND	0 / 11,386 / 0
ICICI Bank Ltd.COM	45104G104	$320.47M	0.00%	10,601shares	SOLE	10,601 / 0 / 0
Morgan Stanley Direct LendingCOM	61774A103	$316.97M	0.00%	19,712shares	SOLE	19,712 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$316.32M	0.00%	22,922shares	SOLE	22,922 / 0 / 0
Palmer Square Capital BDC Inc.COM	69702V107	$316.11M	0.00%	25,763shares	SOLE	25,763 / 0 / 0
iShares iBonds Dec 2025 Term MCOM	46435U432	$310.31M	0.00%	11,583shares	SOLE	11,583 / 0 / 0
Microsoft Corp.COM	594918104	$309.54M	0.00%	598shares	DFND	598 / 0 / 0
Edgewell Personal Care Co.COM	28035Q102	$306.85M	0.00%	15,071shares	DFND	0 / 15,071 / 0
BCP Investment Corp.COM	73688F201	$305.87M	0.00%	26,528shares	SOLE	26,528 / 0 / 0
MP Materials Corp.COM	553368101	$299.13M	0.00%	4,460shares	SOLE	4,409 / 0 / 51
MercadoLibre Inc.COM	58733R102	$289.78M	0.00%	124shares	SOLE	124 / 0 / 0
Shinhan Financial Group Co. LtCOM	824596100	$285.65M	0.00%	5,671shares	SOLE	5,671 / 0 / 0
Ares Capital Corp.COM	04010L103	$285.33M	0.00%	13,980shares	DFND	13,980 / 0 / 0
Vista Energy S.A.B. de C.V.COM	92837L109	$284.52M	0.00%	8,271shares	SOLE	8,271 / 0 / 0
Airbus SECOM	009279100	$283.18M	0.00%	4,864shares	SOLE	4,864 / 0 / 0
SPDR Gold Shares ETFCOM	78463V107	$282.60M	0.00%	795shares	SOLE	795 / 0 / 0
Coca-Cola Femsa S.A.B. de C.V.COM	191241108	$282.12M	0.00%	3,395shares	SOLE	3,395 / 0 / 0
Nebius Group N.V.COM	N97284108	$268.66M	0.00%	2,393shares	SOLE	2,393 / 0 / 0
Littelfuse Inc.COM	537008104	$260.82M	0.00%	1,007shares	DFND	0 / 1,007 / 0
Fomento Economico Mexicano S.ACOM	344419106	$260.01M	0.00%	2,636shares	SOLE	2,636 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$258.43M	0.00%	14,114shares	DFND	0 / 14,114 / 0
Keysight Technologies Inc.COM	49338L103	$254.68M	0.00%	1,456shares	DFND	1,456 / 0 / 0
Paycom Software Inc.COM	70432V102	$254.16M	0.00%	1,221shares	DFND	1,221 / 0 / 0
Grupo Financiero Banorte S.A.BCOM	40052P107	$239.21M	0.00%	4,767shares	SOLE	4,767 / 0 / 0
JBS N.V.COM	N4732M103	$237.84M	0.00%	15,930shares	SOLE	15,930 / 0 / 0
Ameriprise Financial Inc.COM	03076C106	$235.80M	0.00%	480shares	SOLE	480 / 0 / 0
HDFC Bank Ltd.COM	40415F101	$235.67M	0.00%	6,899shares	SOLE	6,899 / 0 / 0
ASE Technology Holding Co. LtdCOM	00215W100	$235.11M	0.00%	21,200shares	SOLE	21,200 / 0 / 0
Yum China Holdings Inc.COM	98850P109	$233.49M	0.00%	5,440shares	SOLE	5,440 / 0 / 0
ZTO Express Cayman Inc.COM	98980A105	$233.28M	0.00%	12,150shares	SOLE	12,150 / 0 / 0
H World Group Ltd.COM	44332N106	$232.47M	0.00%	5,944shares	SOLE	5,944 / 0 / 0
Kemper Corp.COM	488401100	$230.43M	0.00%	4,470shares	SOLE	4,470 / 0 / 0
Infosys Ltd.COM	456788108	$230.04M	0.00%	14,139shares	SOLE	14,139 / 0 / 0
Credicorp Ltd.COM	G2519Y108	$229.53M	0.00%	862shares	SOLE	862 / 0 / 0
Baidu Inc.COM	056752108	$229.28M	0.00%	1,740shares	SOLE	1,740 / 0 / 0
Copa Holdings SACOM	P31076105	$223.38M	0.00%	1,880shares	SOLE	1,880 / 0 / 0
Weyerhaeuser Co.COM	962166104	$222.64M	0.00%	8,981shares	DFND	8,981 / 0 / 0
JPMorgan Chase & Co.COM	46625H100	$216.07M	0.00%	685shares	SOLE	685 / 0 / 0
United Parcel Service Inc.COM	911312106	$214.25M	0.00%	2,565shares	DFND	2,565 / 0 / 0
Dollar Tree Inc.COM	256746108	$213.65M	0.00%	2,264shares	DFND	2,264 / 0 / 0
Accenture plcCOM	G1151C101	$213.06M	0.00%	864shares	DFND	864 / 0 / 0
NVIDIA Corp.COM	67066G104	$212.51M	0.00%	1,139shares	SOLE	1,139 / 0 / 0
Dr Reddy's Laboratories Ltd.COM	256135203	$206.34M	0.00%	14,760shares	SOLE	14,760 / 0 / 0
Costco Wholesale Corp.COM	22160K105	$204.56M	0.00%	221shares	SOLE	221 / 0 / 0
Alphabet Inc.COM	02079K107	$204.40M	0.00%	839shares	DFND	839 / 0 / 0
JBT Marel Corp.COM	477839104	$202.11M	0.00%	1,439shares	DFND	1,439 / 0 / 0
Visa Inc.COM	92826C839	$200.05M	0.00%	586shares	SOLE	586 / 0 / 0
TripAdvisor Inc.COM	896945201	$197.54M	0.00%	12,149shares	DFND	12,149 / 0 / 0
Vontier Corp.COM	928881101	$197.31M	0.00%	4,701shares	DFND	4,701 / 0 / 0
Trinity Capital Inc.COM	896442308	$195.03M	0.00%	12,599shares	SOLE	12,599 / 0 / 0
Valvoline Inc.COM	92047W101	$186.09M	0.00%	5,182shares	DFND	5,182 / 0 / 0
Runway Growth Finance Corp.COM	78163D100	$184.87M	0.00%	18,196shares	SOLE	18,196 / 0 / 0
PennantPark Investment Corp.COM	708062104	$184.49M	0.00%	27,495shares	SOLE	27,495 / 0 / 0
W. R. Berkley Corp.COM	084423102	$180.68M	0.00%	2,358shares	DFND	2,358 / 0 / 0
TJX Co. Inc.COM	872540109	$180.15M	0.00%	1,246shares	DFND	1,246 / 0 / 0
Mastercard Inc.COM	57636Q104	$179.46M	0.00%	316shares	DFND	316 / 0 / 0
Controladora Vuela Cia de AviaCOM	21240E105	$177.31M	0.00%	24,695shares	SOLE	24,695 / 0 / 0
Cavco Industries Inc.COM	149568107	$175.38M	0.00%	302shares	DFND	302 / 0 / 0
Dow Inc.COM	260557103	$170.46M	0.00%	7,434shares	DFND	7,434 / 0 / 0
Morningstar Inc.COM	617700109	$160.74M	0.00%	693shares	DFND	693 / 0 / 0
Stryker Corp.COM	863667101	$159.38M	0.00%	431shares	DFND	431 / 0 / 0
MSC Income FundCOM	55374X208	$159.28M	0.00%	12,131shares	SOLE	12,131 / 0 / 0
Vail Resorts Inc.COM	91879Q109	$158.69M	0.00%	1,061shares	DFND	1,061 / 0 / 0
Nordson Corp.COM	655663102	$155.89M	0.00%	687shares	DFND	687 / 0 / 0
Baldwin Insurance Group Inc.COM	05589G102	$154.70M	0.00%	5,484shares	DFND	5,484 / 0 / 0
Berkshire Hathaway Inc. - BCOM	084670702	$152.83M	0.00%	304shares	DFND	304 / 0 / 0
Lowe's Co. Inc.COM	548661107	$151.14M	0.00%	601shares	DFND	601 / 0 / 0
Graco Inc.COM	384109104	$147.84M	0.00%	1,740shares	DFND	1,740 / 0 / 0
NXP Semiconductors N.V.COM	N6596X109	$147.68M	0.00%	648shares	DFND	648 / 0 / 0
Charles River Laboratories IntCOM	159864107	$145.82M	0.00%	932shares	DFND	932 / 0 / 0
S&P Global Inc.COM	78409V104	$144.42M	0.00%	297shares	DFND	297 / 0 / 0
i3 Verticals Inc.COM	46571Y107	$140.49M	0.00%	4,328shares	DFND	4,328 / 0 / 0
PT Astra International TbkCOM	69367X109	$131.62M	0.00%	18,723shares	SOLE	18,723 / 0 / 0
Knowles Corp.COM	49926D109	$129.79M	0.00%	5,568shares	DFND	5,568 / 0 / 0
Gates Industrial Corp. plcCOM	G39108108	$128.49M	0.00%	5,177shares	DFND	5,177 / 0 / 0
Stewart Information Services CCOM	860372101	$124.35M	0.00%	1,696shares	DFND	1,696 / 0 / 0
Vale S.A.COM	91912E105	$120.44M	0.00%	11,090shares	SOLE	11,090 / 0 / 0
Thermo Fisher Scientific Inc.COM	883556102	$116.50M	0.00%	240shares	DFND	240 / 0 / 0
Hagerty Inc.COM	405166109	$115.74M	0.00%	9,613shares	DFND	9,613 / 0 / 0
Ecopetrol S.A.COM	279158109	$113.77M	0.00%	12,353shares	SOLE	12,353 / 0 / 0
CONMED Corp.COM	207410101	$113.72M	0.00%	2,418shares	DFND	2,418 / 0 / 0
Altus Group Ltd.COM	02215R107	$109.74M	0.00%	2,576shares	DFND	2,576 / 0 / 0
Movado Group Inc.COM	624580106	$105.72M	0.00%	5,573shares	DFND	5,573 / 0 / 0
RBC Bearings Inc.COM	75524B104	$104.60M	0.00%	268shares	DFND	268 / 0 / 0
American Outdoor Brands Inc.COM	02875D109	$97.90M	0.00%	11,279shares	DFND	0 / 11,279 / 0
Hayward Holdings Inc.COM	421298100	$97.09M	0.00%	6,421shares	DFND	6,421 / 0 / 0
Walt Disney Co.COM	254687106	$96.75M	0.00%	845shares	DFND	845 / 0 / 0
Arcos Dorados Holdings Inc.COM	G0457F107	$94.99M	0.00%	14,072shares	SOLE	14,072 / 0 / 0
Sendas Distribuidora S.A.COM	81689T104	$93.50M	0.00%	10,872shares	SOLE	10,872 / 0 / 0
Brown-Forman Corp. - BCOM	115637209	$91.15M	0.00%	3,366shares	DFND	3,366 / 0 / 0
Copart Inc.COM	217204106	$88.64M	0.00%	1,971shares	DFND	1,971 / 0 / 0
H2O AmericaCOM	784305104	$86.88M	0.00%	1,784shares	DFND	1,784 / 0 / 0
Carrier Global Corp.COM	14448C104	$85.24M	0.00%	1,428shares	DFND	1,428 / 0 / 0
UFP Industries IncCOM	90278Q108	$84.89M	0.00%	908shares	DFND	908 / 0 / 0
RLI Corp.COM	749607107	$82.76M	0.00%	1,269shares	DFND	1,269 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$80.03M	0.00%	4,371shares	DFND	4,371 / 0 / 0
Starbucks Corp.COM	855244109	$79.06M	0.00%	935shares	DFND	935 / 0 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$78.43M	0.00%	1,493shares	DFND	1,493 / 0 / 0
Enovis Corp.COM	194014502	$73.61M	0.00%	2,426shares	DFND	2,426 / 0 / 0
UFP Technologies Inc.COM	902673102	$73.25M	0.00%	367shares	DFND	367 / 0 / 0
Haemonetics Corp.COM	405024100	$72.33M	0.00%	1,484shares	DFND	1,484 / 0 / 0
Brown & Brown Inc.COM	115236101	$70.97M	0.00%	757shares	DFND	757 / 0 / 0
Martin Marietta Materials Inc.COM	573284106	$70.59M	0.00%	112shares	DFND	112 / 0 / 0
John B Sanfilippo & Son Inc.COM	800422107	$70.13M	0.00%	1,091shares	DFND	1,091 / 0 / 0
J & J Snack Foods Corp.COM	466032109	$67.55M	0.00%	703shares	DFND	703 / 0 / 0
Arch Capital Group Ltd.COM	G0450A105	$62.51M	0.00%	689shares	DFND	689 / 0 / 0
Illinois Tool Works Inc.COM	452308109	$60.24M	0.00%	231shares	DFND	231 / 0 / 0
Booking Holdings Inc.COM	09857L108	$59.39M	0.00%	11shares	DFND	11 / 0 / 0
Masco Corp.COM	574599106	$58.78M	0.00%	835shares	DFND	835 / 0 / 0
Air Products and Chemicals IncCOM	009158106	$55.09M	0.00%	202shares	DFND	202 / 0 / 0
Edgewell Personal Care Co.COM	28035Q102	$54.81M	0.00%	2,692shares	DFND	2,692 / 0 / 0
Winnebago Industries Inc.COM	974637100	$54.44M	0.00%	1,628shares	DFND	1,628 / 0 / 0
Marten Transport Ltd.COM	573075108	$54.27M	0.00%	5,091shares	DFND	5,091 / 0 / 0
Littelfuse Inc.COM	537008104	$52.58M	0.00%	203shares	DFND	203 / 0 / 0
SPDR Portfolio Developed WorldCOM	78463X889	$49.55M	0.00%	1,158shares	DFND	1,158 / 0 / 0
American Outdoor Brands Inc.COM	02875D109	$46.02M	0.00%	5,302shares	DFND	5,302 / 0 / 0
Constellation BrandsCOM	21036P108	$38.92M	0.00%	289shares	DFND	289 / 0 / 0
SPDR Gold MiniShares Trust ETFCOM	98149E303	$30.73M	0.00%	402shares	DFND	402 / 0 / 0
SPDR Portfolio S&P 500 Value ECOM	78464A508	$28.82M	0.00%	521shares	DFND	521 / 0 / 0
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$26.61M	0.00%	255shares	DFND	255 / 0 / 0
ProShares S&P MidCap 400 DividCOM	74347B680	$21.34M	0.00%	250shares	DFND	250 / 0 / 0
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$20.85M	0.00%	228shares	DFND	228 / 0 / 0
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$14.85M	0.00%	178shares	DFND	178 / 0 / 0
iShares Core MSCI Europe ETFCOM	46434V738	$9.61M	0.00%	141shares	DFND	141 / 0 / 0
iShares Barclays 10-20 Year TrCOM	464288653	$9.27M	0.00%	90shares	DFND	90 / 0 / 0
Global X Defense Tech ETFCOM	37960A529	$8.50M	0.00%	121shares	DFND	121 / 0 / 0
SPDR S&P Dividend ETFCOM	78464A763	$7.98M	0.00%	57shares	DFND	57 / 0 / 0
Avantis International Small CaCOM	025072802	$6.86M	0.00%	77shares	DFND	77 / 0 / 0

Filing Metadata

Form type

13F-HR

Filing date

Oct 14, 2025

Holdings as of

September 30, 2025

Accession

0001442056-25-000002

CIK

0001442056

Other managers

View on SEC

Portfolio Snapshot

Total Portfolio Value

$7.01T

Number of Positions

456

456 reported by filer

Top 10 Concentration

23.5%

Top 20 Concentration

42.5%

Unique Issuers

294

By CUSIP

Avg. Position Size

$15.37B

Across 456 holdings

Top 5 Holdings

iShares 0-3 Month Treasury Bon3.7%

Snap-on Inc.2.4%

WEC Energy Group Inc.2.3%

Fastenal Co.2.2%

Northern Trust Corp.2.2%