CONFLUENCE INVESTMENT MANAGEMENT LLC — Q1 2024 13F Holdings

Holdings as of March 31, 2024

Portfolio value

$7.44T

Holdings count

353

353 positions reported

Accession #

0001636661-24-000005

Form 13F-HR

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All Reported Positions

353 positions sorted by value

353 positions

Issuer	CUSIP	Valuev	Weight	Shares/Prin.	Discretion	Voting (Sole/Shared/None)
Fastenal Co.COM	311900104	$195.46B	2.63%	2,533,823shares	SOLE	2,526,735 / 0 / 7,088
Progressive Corp.COM	743315103	$188.64B	2.54%	912,107shares	SOLE	908,759 / 0 / 3,348
Microsoft Corp.COM	594918104	$175.72B	2.36%	417,655shares	SOLE	416,275 / 0 / 1,380
Snap-on Inc.COM	833034101	$173.45B	2.33%	585,549shares	SOLE	583,507 / 0 / 2,043
Linde plcCOM	G54950103	$171.61B	2.31%	369,588shares	SOLE	368,269 / 0 / 1,319
PepsiCo Inc.COM	713448108	$166.24B	2.24%	949,904shares	SOLE	947,016 / 0 / 2,887
Chubb Ltd.COM	H1467J104	$165.93B	2.23%	640,344shares	SOLE	637,918 / 0 / 2,426
Lockheed Martin Corp.COM	539830109	$151.40B	2.04%	332,847shares	SOLE	331,685 / 0 / 1,162
Home Depot Inc.COM	437076102	$150.52B	2.02%	392,398shares	SOLE	391,016 / 0 / 1,382
Paychex Inc.COM	704326107	$146.62B	1.97%	1,193,952shares	SOLE	1,189,834 / 0 / 4,118
Broadridge Financial SolutionsCOM	11133T103	$144.03B	1.94%	703,082shares	SOLE	700,498 / 0 / 2,584
Analog Devices Inc.COM	032654105	$138.80B	1.87%	701,752shares	SOLE	699,273 / 0 / 2,479
Clorox Co.COM	189054109	$135.63B	1.82%	885,835shares	SOLE	882,690 / 0 / 3,145
Fidelity National Financial InCOM	31620R303	$135.35B	1.82%	2,548,912shares	SOLE	2,539,581 / 0 / 9,331
Colgate-Palmolive Co.COM	194162103	$130.62B	1.76%	1,450,553shares	SOLE	1,445,307 / 0 / 5,246
T. Rowe Price Group Inc.COM	74144T108	$130.39B	1.75%	1,069,437shares	SOLE	1,065,598 / 0 / 3,839
Southern Co.COM	842587107	$128.41B	1.73%	1,789,977shares	SOLE	1,783,729 / 0 / 6,248
WEC Energy Group Inc.COM	92939U106	$127.94B	1.72%	1,558,019shares	SOLE	1,552,297 / 0 / 5,722
Diageo plcCOM	25243Q205	$125.47B	1.69%	843,581shares	SOLE	840,847 / 0 / 2,734
Chevron Corp.COM	166764100	$123.68B	1.66%	784,081shares	SOLE	781,171 / 0 / 2,911
Nestle S.A.COM	641069406	$111.10B	1.49%	1,046,136shares	SOLE	1,042,428 / 0 / 3,709
Polaris Inc.COM	731068102	$108.89B	1.46%	1,087,590shares	SOLE	1,083,699 / 0 / 3,891
Northern Trust Corp.COM	665859104	$105.67B	1.42%	1,188,320shares	SOLE	1,184,125 / 0 / 4,196
Dow Inc.COM	260557103	$101.16B	1.36%	1,746,166shares	SOLE	1,739,733 / 0 / 6,433
United Parcel Service Inc.COM	911312106	$100.18B	1.35%	673,993shares	SOLE	671,531 / 0 / 2,462
Cisco Systems Inc.COM	17275R102	$95.49B	1.28%	1,913,222shares	SOLE	1,906,346 / 0 / 6,875
Stryker Corp.COM	863667101	$93.37B	1.26%	260,903shares	SOLE	260,316 / 0 / 587
Entergy Corp.COM	29364G103	$92.26B	1.24%	872,985shares	SOLE	869,779 / 0 / 3,206
U.S. BancorpCOM	902973304	$92.19B	1.24%	2,062,460shares	SOLE	2,055,014 / 0 / 7,446
Mastercard Inc.COM	57636Q104	$92.13B	1.24%	191,308shares	SOLE	190,908 / 0 / 400
TJX Cos. Inc.COM	872540109	$91.42B	1.23%	901,448shares	SOLE	899,418 / 0 / 2,030
iShares 0-3 Month Treasury BonCOM	46436E718	$91.37B	1.23%	907,300shares	SOLE	903,837 / 0 / 3,463
Gilead Sciences Inc.COM	375558103	$91.27B	1.23%	1,245,994shares	SOLE	1,241,248 / 0 / 4,746
Brookfield Infrastructure CorpCOM	11275Q107	$89.71B	1.21%	2,489,171shares	SOLE	2,479,692 / 0 / 9,479
Kinder Morgan Inc.COM	49456B101	$87.63B	1.18%	4,777,898shares	SOLE	4,760,690 / 0 / 17,207
Ares Capital Corp.COM	04010L103	$83.10B	1.12%	3,991,554shares	SOLE	3,976,483 / 0 / 15,071
W. R. Berkley Corp.COM	084423102	$82.71B	1.11%	935,165shares	SOLE	932,953 / 0 / 2,212
Weyerhaeuser Co.COM	962166104	$81.51B	1.10%	2,269,758shares	SOLE	2,260,433 / 0 / 9,325
S&P Global Inc.COM	78409V104	$80.78B	1.09%	189,865shares	SOLE	189,432 / 0 / 433
Masco Corp.COM	574599106	$78.18B	1.05%	991,134shares	SOLE	989,025 / 0 / 2,109
Rayonier Inc.COM	754907103	$77.03B	1.04%	2,317,310shares	SOLE	2,308,239 / 0 / 9,071
Oracle Corp.COM	68389X105	$74.35B	1.00%	591,938shares	SOLE	590,591 / 0 / 1,347
Graco Inc.COM	384109104	$70.89B	0.95%	758,518shares	SOLE	756,051 / 0 / 2,466
Berkshire Hathaway Inc. - BCOM	084670702	$67.74B	0.91%	161,085shares	SOLE	160,787 / 0 / 298
Alphabet Inc.COM	02079K107	$66.70B	0.90%	438,038shares	SOLE	437,206 / 0 / 832
Illinois Tool Works Inc.COM	452308109	$65.75B	0.88%	245,021shares	SOLE	244,525 / 0 / 496
Lowe's Cos. Inc.COM	548661107	$64.11B	0.86%	251,667shares	SOLE	251,185 / 0 / 482
Starbucks Corp.COM	855244109	$62.62B	0.84%	685,247shares	SOLE	683,610 / 0 / 1,636
Markel Corp. Inc.COM	570535104	$60.71B	0.82%	39,901shares	SOLE	39,806 / 0 / 95
NXP Semiconductors N.V.COM	N6596X109	$56.11B	0.75%	226,459shares	SOLE	225,999 / 0 / 460
SPDR Portfolio Mortgage BackedCOM	78464A383	$56.06B	0.75%	2,581,084shares	SOLE	2,575,384 / 0 / 5,700
Brookfield Corp.COM	11271J107	$55.17B	0.74%	1,317,556shares	SOLE	1,314,414 / 0 / 3,142
Keysight Technologies Inc.COM	49338L103	$52.89B	0.71%	338,230shares	SOLE	337,511 / 0 / 719
Invesco S&P MidCap Quality ETFCOM	46137V472	$52.02B	0.70%	472,710shares	SOLE	472,710 / 0 / 0
Thermo Fisher Scientific Inc.COM	883556102	$50.68B	0.68%	87,203shares	SOLE	87,048 / 0 / 155
Brown & Brown Inc.COM	115236101	$48.59B	0.65%	555,040shares	SOLE	553,525 / 0 / 1,515
Booking Holdings Inc.COM	09857L108	$47.51B	0.64%	13,096shares	SOLE	13,075 / 0 / 21
Nordson Corp.COM	655663102	$42.89B	0.58%	156,241shares	SOLE	155,777 / 0 / 464
Constellation BrandsCOM	21036P108	$38.98B	0.52%	143,428shares	SOLE	143,221 / 0 / 207
Pacer US Small Cap Cash Cows 1COM	69374H857	$38.77B	0.52%	788,662shares	SOLE	788,662 / 0 / 0
iShares BB Rated Corporate BonCOM	46435U473	$37.31B	0.50%	806,665shares	SOLE	806,665 / 0 / 0
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$37.19B	0.50%	425,999shares	SOLE	425,999 / 0 / 0
Hershey Co.COM	427866108	$35.09B	0.47%	180,412shares	SOLE	179,829 / 0 / 583
iShares iBonds Dec 2027 Term TCOM	46436E841	$30.73B	0.41%	1,386,858shares	SOLE	1,383,147 / 0 / 3,711
Amphenol Corp.COM	032095101	$29.98B	0.40%	259,930shares	SOLE	259,158 / 0 / 772
Dun & Bradstreet Holdings Inc.COM	26484T106	$29.74B	0.40%	2,961,755shares	SOLE	2,955,629 / 0 / 6,126
Sherwin-Williams Co.COM	824348106	$29.23B	0.39%	84,165shares	SOLE	83,914 / 0 / 251
Vontier Corp.COM	928881101	$27.77B	0.37%	612,224shares	SOLE	610,156 / 0 / 2,068
Ecolab Inc.COM	278865100	$27.42B	0.37%	118,739shares	SOLE	118,385 / 0 / 354
Gates Industrial Corp. plcCOM	G39108108	$27.30B	0.37%	1,541,669shares	SOLE	1,536,674 / 0 / 4,995
SPDR Gold MiniShares Trust ETFCOM	98149E303	$27.12B	0.36%	615,603shares	SOLE	615,603 / 0 / 0
Charles River Laboratories IntCOM	159864107	$26.27B	0.35%	96,957shares	SOLE	96,615 / 0 / 342
iShares 1-3 Year Treasury BondCOM	464287457	$25.63B	0.34%	313,351shares	SOLE	313,351 / 0 / 0
ResMed Inc.COM	761152107	$25.58B	0.34%	129,161shares	SOLE	128,786 / 0 / 375
General Dynamics Corp.COM	369550108	$25.22B	0.34%	89,274shares	SOLE	88,983 / 0 / 291
Donaldson Co. Inc.COM	257651109	$25.02B	0.34%	335,000shares	SOLE	333,999 / 0 / 1,001
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$24.78B	0.33%	326,099shares	SOLE	326,099 / 0 / 0
EOG Resources Inc.COM	26875P101	$24.54B	0.33%	191,926shares	SOLE	191,390 / 0 / 536
McDonald's Corp.COM	580135101	$23.56B	0.32%	83,560shares	SOLE	83,314 / 0 / 246
Procter & Gamble Co.COM	742718109	$23.19B	0.31%	142,912shares	SOLE	142,494 / 0 / 418
Expeditors International of WaCOM	302130109	$23.18B	0.31%	190,652shares	SOLE	190,138 / 0 / 514
Martin Marietta Materials Inc.COM	573284106	$22.28B	0.30%	36,294shares	SOLE	36,243 / 0 / 51
Rockwell Automation Inc.COM	773903109	$22.22B	0.30%	76,265shares	SOLE	76,035 / 0 / 230
SPDR S&P 600 Small Cap GrowthCOM	78464A201	$21.15B	0.28%	242,435shares	SOLE	242,435 / 0 / 0
Toro Co.COM	891092108	$20.69B	0.28%	225,773shares	SOLE	225,105 / 0 / 668
iShares iBonds Dec 2026 Term CCOM	46435GAA0	$20.16B	0.27%	845,491shares	SOLE	843,787 / 0 / 1,704
Morningstar Inc.COM	617700109	$20.04B	0.27%	64,994shares	SOLE	64,818 / 0 / 176
Becton Dickinson and Co.COM	075887109	$19.75B	0.27%	79,799shares	SOLE	79,571 / 0 / 228
iShares iBonds Dec 2026 Term TCOM	46436E858	$19.71B	0.27%	867,969shares	SOLE	865,735 / 0 / 2,234
Air Products and Chemicals IncCOM	009158106	$19.48B	0.26%	80,409shares	SOLE	80,191 / 0 / 218
New Jersey Resources Corp.COM	646025106	$19.34B	0.26%	450,647shares	SOLE	449,148 / 0 / 1,499
Clarivate plcCOM	G21810109	$18.39B	0.25%	2,475,002shares	SOLE	2,468,603 / 0 / 6,399
iShares MBS ETFCOM	464288588	$18.27B	0.25%	197,700shares	SOLE	197,195 / 0 / 505
Medtronic plcCOM	G5960L103	$18.21B	0.24%	209,001shares	SOLE	208,434 / 0 / 567
American Water Works Co. Inc.COM	030420103	$17.49B	0.24%	143,108shares	SOLE	142,728 / 0 / 380
SPDR Portfolio S&P 500 Value ECOM	78464A508	$17.22B	0.23%	343,760shares	SOLE	343,760 / 0 / 0
Dollar Tree Inc.COM	256746108	$17.18B	0.23%	129,032shares	SOLE	128,568 / 0 / 464
NIKE Inc.COM	654106103	$16.38B	0.22%	174,300shares	SOLE	173,837 / 0 / 463
SPDR S&P 500 ETFCOM	78462F103	$14.63B	0.20%	27,976shares	SOLE	27,976 / 0 / 0
Azek Co. Inc.COM	05478C105	$12.90B	0.17%	256,831shares	SOLE	256,184 / 0 / 647
CarMax Inc.COM	143130102	$12.75B	0.17%	146,324shares	SOLE	145,781 / 0 / 543
Spectrum Brands Holdings Inc.COM	84790A105	$12.01B	0.16%	134,953shares	SOLE	134,599 / 0 / 354
Keurig Dr. Pepper Inc.COM	49271V100	$11.37B	0.15%	370,876shares	SOLE	369,465 / 0 / 1,411
DuPont de Nemours Inc.COM	26614N102	$11.11B	0.15%	144,925shares	SOLE	144,443 / 0 / 482
Dimensional National MunicipalCOM	25434V849	$11.07B	0.15%	230,287shares	SOLE	229,484 / 0 / 803
Global X Uranium ETFCOM	37954Y871	$11.06B	0.15%	383,760shares	SOLE	383,760 / 0 / 0
iShares iBonds Dec 2028 Term TCOM	46436E833	$9.84B	0.13%	448,617shares	SOLE	447,499 / 0 / 1,118
iShares iBonds Dec 2032 Term TCOM	46436E296	$9.77B	0.13%	431,101shares	SOLE	429,983 / 0 / 1,118
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$9.23B	0.12%	126,245shares	SOLE	126,245 / 0 / 0
Powershares Insured National MCOM	46138E537	$8.61B	0.12%	361,255shares	SOLE	360,025 / 0 / 1,230
iShares Barclays 10-20 Year TrCOM	464288653	$8.33B	0.11%	79,329shares	SOLE	79,126 / 0 / 203
iShares iBonds Dec 2033 Term CCOM	46436E130	$8.19B	0.11%	321,458shares	SOLE	320,639 / 0 / 819
J & J Snack Foods Corp.COM	466032109	$8.16B	0.11%	56,481shares	SOLE	56,339 / 0 / 142
SPDR Portfolio Intermediate TeCOM	78464A375	$8.07B	0.11%	246,764shares	SOLE	246,152 / 0 / 612
iShares iBonds Dec 2030 Term TCOM	46436E593	$7.94B	0.11%	408,958shares	SOLE	407,928 / 0 / 1,030
iShares iBonds Dec 2029 Term TCOM	46436E825	$7.88B	0.11%	366,684shares	SOLE	365,780 / 0 / 904
SPDR Nuveen S&P High Yield MunCOM	78464A284	$6.82B	0.09%	265,304shares	SOLE	265,304 / 0 / 0
Invesco BulletShares 2028 MuniCOM	46138J486	$6.76B	0.09%	287,790shares	SOLE	286,805 / 0 / 985
Invesco BulletShares 2027 MuniCOM	46138J494	$6.14B	0.08%	259,568shares	SOLE	258,675 / 0 / 893
Invesco BulletShares 2031 MuniCOM	46138J411	$6.09B	0.08%	285,757shares	SOLE	284,868 / 0 / 889
Hercules Capital Inc.COM	427096508	$6.09B	0.08%	330,000shares	DFND	0 / 330,000 / 0
iShares 3-7 Year Treasury BondCOM	464288661	$5.66B	0.08%	48,858shares	SOLE	48,858 / 0 / 0
Invesco BulletShares 2026 MuniCOM	46138J510	$5.54B	0.07%	235,096shares	SOLE	234,282 / 0 / 814
Invesco BulletShares 2025 MuniCOM	46138J528	$5.51B	0.07%	226,441shares	SOLE	225,655 / 0 / 786
iShares 1-5 Year Investment GrCOM	464288646	$5.29B	0.07%	103,124shares	SOLE	103,124 / 0 / 0
Main Street Capital Corp.COM	56035L104	$5.25B	0.07%	111,000shares	DFND	0 / 111,000 / 0
Blackstone Secured Lending FunCOM	09261X102	$4.98B	0.07%	160,000shares	DFND	0 / 160,000 / 0
iShares US Aerospace & DefenseCOM	464288760	$4.90B	0.07%	37,144shares	SOLE	37,144 / 0 / 0
New Mountain Finance Corp.COM	647551100	$4.47B	0.06%	353,000shares	DFND	0 / 353,000 / 0
Golub Capital BDC Inc.COM	38173M102	$4.32B	0.06%	260,000shares	DFND	0 / 260,000 / 0
Sixth Street Specialty LendingCOM	83012A109	$4.22B	0.06%	197,000shares	DFND	0 / 197,000 / 0
TripAdvisor Inc.COM	896945201	$4.13B	0.06%	148,729shares	SOLE	148,729 / 0 / 0
PennantPark Investment Corp.COM	708062104	$4.13B	0.06%	600,000shares	DFND	0 / 600,000 / 0
iShares iBonds Dec 2027 Term CCOM	46435UAA9	$4.06B	0.05%	170,586shares	SOLE	170,165 / 0 / 421
Stewart Information Services CCOM	860372101	$3.94B	0.05%	60,535shares	SOLE	60,535 / 0 / 0
UFP Technologies Inc.COM	902673102	$3.77B	0.05%	14,946shares	SOLE	14,946 / 0 / 0
iShares iBonds Dec 2025 Term CCOM	46434VBD1	$3.73B	0.05%	150,343shares	SOLE	150,343 / 0 / 0
Kadant Inc.COM	48282T104	$3.69B	0.05%	11,247shares	SOLE	11,247 / 0 / 0
SPDR Energy Select Sector ETFCOM	81369Y506	$3.68B	0.05%	39,024shares	SOLE	39,024 / 0 / 0
RBC Bearings Inc.COM	75524B104	$3.63B	0.05%	13,442shares	SOLE	13,442 / 0 / 0
Barings BDC Inc.COM	06759L103	$3.63B	0.05%	390,000shares	DFND	0 / 390,000 / 0
Cavco Industries Inc.COM	149568107	$3.61B	0.05%	9,054shares	SOLE	9,054 / 0 / 0
SPDR Nuveen Barclays Capital SCOM	78468R739	$3.58B	0.05%	75,554shares	SOLE	75,554 / 0 / 0
Invesco BulletShares 2024 MuniCOM	46138J536	$3.53B	0.05%	142,489shares	SOLE	142,014 / 0 / 475
BlackRock TCP Capital Corp.COM	09259E108	$3.46B	0.05%	332,000shares	DFND	0 / 332,000 / 0
SPDR Portfolio Developed WorldCOM	78463X889	$3.21B	0.04%	89,434shares	SOLE	89,434 / 0 / 0
Winnebago Industries Inc.COM	974637100	$3.19B	0.04%	43,120shares	SOLE	43,120 / 0 / 0
Berkshire Hathaway Inc. - ACOM	084670108	$3.17B	0.04%	5shares	SOLE	5 / 0 / 0
Amplify Cyber Security ETFCOM	032108664	$3.15B	0.04%	49,152shares	SOLE	49,152 / 0 / 0
Ares Capital Corp.COM	04010L103	$3.12B	0.04%	150,000shares	DFND	0 / 150,000 / 0
Sapiens International Corp NVCOM	G7T16G103	$3.02B	0.04%	93,960shares	SOLE	93,960 / 0 / 0
Invesco BulletShares 2029 MuniCOM	46138J478	$2.92B	0.04%	125,525shares	SOLE	125,107 / 0 / 418
Hayward Holdings Inc.COM	421298100	$2.82B	0.04%	184,037shares	SOLE	184,037 / 0 / 0
Edgewell Personal Care Co.COM	28035Q102	$2.81B	0.04%	72,598shares	SOLE	72,598 / 0 / 0
Franklin Street Properties CorCOM	35471R106	$2.80B	0.04%	1,231,656shares	SOLE	40,000 / 0 / 1,191,656
BRP Group Inc.COM	05589G102	$2.78B	0.04%	96,038shares	SOLE	96,038 / 0 / 0
John B Sanfilippo & Son Inc.COM	800422107	$2.73B	0.04%	25,775shares	SOLE	25,775 / 0 / 0
Ecovyst Inc.COM	27923Q109	$2.67B	0.04%	239,537shares	SOLE	239,537 / 0 / 0
Annaly Capital Management Inc.COM	035710839	$2.66B	0.04%	135,000shares	DFND	0 / 135,000 / 0
John Bean Technologies Corp.COM	477839104	$2.63B	0.04%	25,051shares	SOLE	25,051 / 0 / 0
i3 Verticals Inc.COM	46571Y107	$2.62B	0.04%	114,551shares	SOLE	114,551 / 0 / 0
Hagerty Inc.COM	405166109	$2.60B	0.04%	284,633shares	SOLE	284,633 / 0 / 0
Allient Inc.COM	019330109	$2.60B	0.03%	72,856shares	SOLE	72,856 / 0 / 0
Movado Group Inc.COM	624580106	$2.54B	0.03%	90,849shares	SOLE	90,849 / 0 / 0
SLR Investment Corp.COM	83413U100	$2.47B	0.03%	161,000shares	DFND	0 / 161,000 / 0
SJW GroupCOM	784305104	$2.46B	0.03%	43,541shares	SOLE	43,541 / 0 / 0
abrdn Physical Silver Shares ECOM	003264108	$2.40B	0.03%	100,782shares	SOLE	100,782 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$2.39B	0.03%	107,571shares	SOLE	107,571 / 0 / 0
MGP Ingredients Inc.COM	55303J106	$2.33B	0.03%	27,100shares	SOLE	27,100 / 0 / 0
Blue Owl Capital Corp.COM	69121K104	$2.31B	0.03%	150,000shares	DFND	0 / 150,000 / 0
Healthcare Services Group Inc.COM	421906108	$2.26B	0.03%	180,984shares	SOLE	180,984 / 0 / 0
Marten Transport Ltd.COM	573075108	$2.25B	0.03%	121,751shares	SOLE	121,751 / 0 / 0
Perficient Inc.COM	71375U101	$2.19B	0.03%	38,826shares	SOLE	38,826 / 0 / 0
iShares National Muni Bond ETFCOM	464288414	$2.13B	0.03%	19,761shares	SOLE	19,761 / 0 / 0
Goldman Sachs BDC Inc.COM	38147U107	$2.02B	0.03%	135,000shares	DFND	0 / 135,000 / 0
Core Laboratories N.V.COM	21867A105	$1.99B	0.03%	116,656shares	SOLE	116,656 / 0 / 0
Franklin FTSE Japan ETFCOM	35473P744	$1.99B	0.03%	64,144shares	SOLE	64,144 / 0 / 0
Berkshire Hathaway Inc. - BCOM	084670702	$1.89B	0.03%	4,500shares	DFND	0 / 4,500 / 0
American Outdoor Brands Inc.COM	02875D109	$1.83B	0.02%	207,740shares	SOLE	207,740 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$1.81B	0.02%	100,000shares	DFND	0 / 100,000 / 0
Capital Southwest Corp.COM	140501107	$1.77B	0.02%	71,000shares	DFND	0 / 71,000 / 0
iShares iBonds Dec 2026 Term MCOM	46435U259	$1.75B	0.02%	69,218shares	SOLE	69,218 / 0 / 0
Bain Capital Specialty FinanceCOM	05684B107	$1.57B	0.02%	100,000shares	DFND	0 / 100,000 / 0
CyberArk Software Ltd.COM	M2682V108	$1.47B	0.02%	5,544shares	SOLE	5,343 / 0 / 201
Blackstone Group LPCOM	09260D107	$1.45B	0.02%	11,000shares	DFND	0 / 11,000 / 0
Taiwan Semiconductor ManufactuCOM	874039100	$1.44B	0.02%	10,554shares	SOLE	10,283 / 0 / 271
Novo Nordisk A.S.COM	670100205	$1.39B	0.02%	10,844shares	SOLE	10,554 / 0 / 290
ICON plcCOM	G4705A100	$1.29B	0.02%	3,851shares	SOLE	3,735 / 0 / 116
Rheinmetall AGCOM	76206K107	$1.22B	0.02%	10,795shares	SOLE	10,418 / 0 / 377
Golub Capital BDC Inc.COM	38173M102	$1.19B	0.02%	71,284shares	SOLE	71,284 / 0 / 0
Agnico Eagle Mines Ltd.COM	008474108	$1.12B	0.02%	18,816shares	SOLE	18,506 / 0 / 310
Accenture plcCOM	G1151C101	$1.09B	0.01%	3,144shares	SOLE	3,040 / 0 / 104
Gates Industrial Corp. plcCOM	G39108108	$1.09B	0.01%	61,406shares	DFND	0 / 61,406 / 0
TripAdvisor Inc.COM	896945201	$1.09B	0.01%	39,043shares	DFND	0 / 39,043 / 0
Cavco Industries Inc.COM	149568107	$1.07B	0.01%	2,672shares	DFND	0 / 2,672 / 0
Rio Tinto plcCOM	767204100	$1.05B	0.01%	16,469shares	SOLE	16,138 / 0 / 331
AGNC Investment Corp.COM	00123Q104	$1.04B	0.01%	105,000shares	DFND	0 / 105,000 / 0
Barings BDC Inc.COM	06759L103	$1.04B	0.01%	111,683shares	SOLE	111,683 / 0 / 0
UFP Technologies Inc.COM	902673102	$1.03B	0.01%	4,078shares	DFND	0 / 4,078 / 0
Brown & Brown Inc.COM	115236101	$1.01B	0.01%	11,539shares	DFND	0 / 11,539 / 0
Shell plcCOM	780259305	$992.39M	0.01%	14,803shares	SOLE	14,379 / 0 / 424
Sixth Street Specialty LendingCOM	83012A109	$990.67M	0.01%	46,228shares	SOLE	46,228 / 0 / 0
AerCap Holdings N.V.COM	N00985106	$982.78M	0.01%	11,308shares	SOLE	10,943 / 0 / 365
Stewart Information Services CCOM	860372101	$978.57M	0.01%	15,041shares	DFND	0 / 15,041 / 0
OFS Capital Corp.COM	67103B100	$973.14M	0.01%	98,000shares	DFND	0 / 98,000 / 0
L'Oreal S.A.COM	502117203	$962.60M	0.01%	10,154shares	SOLE	9,832 / 0 / 322
Wal-Mart de Mexico S.A.B. de CCOM	93114W107	$951.00M	0.01%	23,366shares	SOLE	22,731 / 0 / 635
Zurich Insurance Group A.G.COM	989825104	$946.96M	0.01%	17,462shares	SOLE	16,938 / 0 / 524
Morningstar Inc.COM	617700109	$943.61M	0.01%	3,060shares	DFND	0 / 3,060 / 0
Mitsubishi UFJ FinancialCOM	606822104	$942.76M	0.01%	92,156shares	SOLE	89,196 / 0 / 2,960
Cameco Corp.COM	13321L108	$940.22M	0.01%	21,704shares	SOLE	21,704 / 0 / 0
Kadant Inc.COM	48282T104	$931.15M	0.01%	2,838shares	DFND	0 / 2,838 / 0
Ecovyst Inc.COM	27923Q109	$909.67M	0.01%	81,585shares	DFND	0 / 81,585 / 0
Willis Towers Watson plcCOM	G96629103	$909.42M	0.01%	3,307shares	SOLE	3,215 / 0 / 92
iShares iBonds Dec 2024 Term MCOM	46435U697	$908.38M	0.01%	35,005shares	SOLE	35,005 / 0 / 0
Azek Co. Inc.COM	05478C105	$895.98M	0.01%	17,841shares	DFND	0 / 17,841 / 0
SAP S.E.COM	803054204	$891.09M	0.01%	4,569shares	SOLE	4,429 / 0 / 140
Blackstone Secured Lending FunCOM	09261X102	$881.83M	0.01%	28,309shares	SOLE	28,309 / 0 / 0
Hagerty Inc.COM	405166109	$868.50M	0.01%	94,918shares	DFND	0 / 94,918 / 0
Hercules Capital Inc.COM	427096508	$861.12M	0.01%	46,673shares	SOLE	46,673 / 0 / 0
Main Street Capital Corp.COM	56035L104	$858.35M	0.01%	18,143shares	SOLE	18,143 / 0 / 0
i3 Verticals Inc.COM	46571Y107	$838.94M	0.01%	36,651shares	DFND	0 / 36,651 / 0
Portman Ridge Finance Corp.COM	73688F201	$835.12M	0.01%	44,000shares	DFND	0 / 44,000 / 0
TotalEnergies S.E.COM	89151E109	$832.02M	0.01%	12,088shares	SOLE	11,692 / 0 / 396
John B Sanfilippo & Son Inc.COM	800422107	$823.95M	0.01%	7,779shares	DFND	0 / 7,779 / 0
RBC Bearings Inc.COM	75524B104	$821.05M	0.01%	3,037shares	DFND	0 / 3,037 / 0
Palmer Square Capital BDC Inc.COM	69702V107	$814.50M	0.01%	50,000shares	DFND	0 / 50,000 / 0
BRP Group Inc.COM	05589G102	$812.72M	0.01%	28,083shares	DFND	0 / 28,083 / 0
Winnebago Industries Inc.COM	974637100	$810.52M	0.01%	10,953shares	DFND	0 / 10,953 / 0
ING Groep N.V.COM	456837103	$806.92M	0.01%	48,934shares	SOLE	47,328 / 0 / 1,606
Edgewell Personal Care Co.COM	28035Q102	$803.79M	0.01%	20,802shares	DFND	0 / 20,802 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$801.53M	0.01%	9,005shares	DFND	0 / 9,005 / 0
Hayward Holdings Inc.COM	421298100	$788.22M	0.01%	51,484shares	DFND	0 / 51,484 / 0
Sapiens International Corp NVCOM	G7T16G103	$785.19M	0.01%	24,415shares	DFND	0 / 24,415 / 0
Brookfield Asset ManagementCOM	113004105	$782.75M	0.01%	18,628shares	SOLE	18,628 / 0 / 0
Southern Copper Corp.COM	84265V105	$782.07M	0.01%	7,342shares	SOLE	7,342 / 0 / 0
LVMH Moet Hennessy Louis VuittCOM	502441306	$781.87M	0.01%	4,319shares	SOLE	4,185 / 0 / 134
iShares iBonds Dec 2027 Term MCOM	46435U283	$778.61M	0.01%	30,934shares	SOLE	30,934 / 0 / 0
DBS Group Holdings Ltd.COM	23304Y100	$778.03M	0.01%	7,300shares	SOLE	7,050 / 0 / 250
New Mountain Finance Corp.COM	647551100	$776.44M	0.01%	61,282shares	SOLE	61,282 / 0 / 0
iShares iBonds Dec 2025 Term MCOM	46435U432	$769.72M	0.01%	29,090shares	SOLE	29,090 / 0 / 0
Goldman Sachs BDC Inc.COM	38147U107	$763.78M	0.01%	50,987shares	SOLE	50,987 / 0 / 0
Sandoz GroupCOM	799926100	$759.33M	0.01%	25,227shares	SOLE	24,520 / 0 / 707
John Bean Technologies Corp.COM	477839104	$758.36M	0.01%	7,230shares	DFND	0 / 7,230 / 0
Blue Owl Capital Corp.COM	69121K104	$753.10M	0.01%	48,966shares	SOLE	48,966 / 0 / 0
Nintendo Co. Ltd.COM	654445303	$746.92M	0.01%	54,961shares	SOLE	53,436 / 0 / 1,525
Allient Inc.COM	019330109	$746.60M	0.01%	20,925shares	DFND	0 / 20,925 / 0
J & J Snack Foods Corp.COM	466032109	$744.34M	0.01%	5,149shares	DFND	0 / 5,149 / 0
DSV A.S.COM	26251A108	$742.79M	0.01%	9,147shares	SOLE	8,789 / 0 / 358
Chugai Pharms Co LtdCOM	171269103	$740.90M	0.01%	38,730shares	SOLE	37,408 / 0 / 1,322
SJW GroupCOM	784305104	$738.33M	0.01%	13,047shares	DFND	0 / 13,047 / 0
Marten Transport Ltd.COM	573075108	$738.11M	0.01%	39,941shares	DFND	0 / 39,941 / 0
Crescent Capital BDC Inc.COM	225655109	$734.68M	0.01%	42,565shares	DFND	0 / 42,565 / 0
FS KKR Capital Corp.COM	302635206	$734.20M	0.01%	38,500shares	DFND	0 / 38,500 / 0
Mitsui & Co. Ltd.COM	606827202	$727.87M	0.01%	776shares	SOLE	776 / 0 / 0
Movado Group Inc.COM	624580106	$727.74M	0.01%	26,056shares	DFND	0 / 26,056 / 0
ITOCHU Corp.COM	465717106	$717.59M	0.01%	8,387shares	SOLE	8,101 / 0 / 286
BNP Paribas S.A.COM	05565A202	$716.09M	0.01%	20,036shares	SOLE	19,327 / 0 / 709
Diamondback Energy Inc.COM	25278X109	$715.20M	0.01%	3,609shares	SOLE	3,609 / 0 / 0
Sony Group Corp.COM	835699307	$711.04M	0.01%	8,293shares	SOLE	8,099 / 0 / 194
BlackRock TCP Capital Corp.COM	09259E108	$709.22M	0.01%	67,998shares	SOLE	67,998 / 0 / 0
Trinity Capital Inc.COM	896442308	$704.64M	0.01%	48,000shares	DFND	0 / 48,000 / 0
Perficient Inc.COM	71375U101	$700.30M	0.01%	12,441shares	DFND	0 / 12,441 / 0
Shopify Inc.COM	82509L107	$699.01M	0.01%	9,058shares	SOLE	8,878 / 0 / 180
Haleon plcCOM	405552100	$696.78M	0.01%	82,071shares	SOLE	79,300 / 0 / 2,771
MGP Ingredients Inc.COM	55303J106	$691.45M	0.01%	8,028shares	DFND	0 / 8,028 / 0
Southwestern Energy Co.COM	845467109	$660.12M	0.01%	87,087shares	SOLE	87,087 / 0 / 0
ConocoPhillipsCOM	20825C104	$651.80M	0.01%	5,121shares	SOLE	5,121 / 0 / 0
SMC Corp.COM	78445W306	$628.25M	0.01%	22,294shares	SOLE	21,568 / 0 / 726
Chesapeake Energy Corp.COM	165167735	$623.05M	0.01%	7,014shares	SOLE	7,014 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$619.96M	0.01%	27,876shares	DFND	0 / 27,876 / 0
Capital Southwest Corp.COM	140501107	$618.36M	0.01%	24,774shares	SOLE	24,774 / 0 / 0
Antofagasta PLC ADRCOM	G0398N128	$607.45M	0.01%	23,775shares	SOLE	23,775 / 0 / 0
Pioneer Natural Resources Co.COM	723787107	$576.18M	0.01%	2,195shares	SOLE	2,195 / 0 / 0
Freeport-McMoRan Inc.COM	35671D857	$569.79M	0.01%	12,118shares	SOLE	12,118 / 0 / 0
Exxon Mobil Corp.COM	30231G102	$567.25M	0.01%	4,880shares	SOLE	4,880 / 0 / 0
Seabridge Gold Inc.COM	811916105	$565.14M	0.01%	37,377shares	SOLE	37,377 / 0 / 0
iShares Gold Trust ETFCOM	464285204	$558.73M	0.01%	13,300shares	SOLE	13,300 / 0 / 0
American Express Co.COM	025816109	$547.59M	0.01%	2,405shares	SOLE	2,405 / 0 / 0
Uranium Energy Corp.COM	916896103	$543.40M	0.01%	80,504shares	SOLE	80,504 / 0 / 0
Oaktree Specialty Lending CorpCOM	67401P405	$541.28M	0.01%	27,532shares	SOLE	27,532 / 0 / 0
Franco-Nevada Corp.COM	351858105	$537.65M	0.01%	4,512shares	SOLE	4,512 / 0 / 0
Komatsu Ltd.COM	500458401	$536.31M	0.01%	18,137shares	SOLE	17,647 / 0 / 490
Coterra Energy Inc.COM	127097103	$534.88M	0.01%	19,185shares	SOLE	19,185 / 0 / 0
Wheaton Precious Metals Corp.COM	962879102	$531.72M	0.01%	11,282shares	SOLE	11,282 / 0 / 0
Royal Gold Inc.COM	780287108	$521.47M	0.01%	4,281shares	SOLE	4,281 / 0 / 0
Hess Corp.COM	42809H107	$520.96M	0.01%	3,413shares	SOLE	3,413 / 0 / 0
Antero Resources Corp.COM	03674X106	$518.61M	0.01%	17,883shares	SOLE	17,883 / 0 / 0
Core Laboratories N.V.COM	21867A105	$502.01M	0.01%	29,392shares	DFND	0 / 29,392 / 0
MakeMyTrip Ltd.COM	V5633W109	$501.61M	0.01%	7,060shares	SOLE	7,060 / 0 / 0
CAE Inc.COM	124765108	$500.33M	0.01%	24,241shares	SOLE	23,481 / 0 / 760
POSCO Holdings Inc.COM	693483109	$488.91M	0.01%	6,235shares	SOLE	6,048 / 0 / 187
American Outdoor Brands Inc.COM	02875D109	$485.43M	0.01%	55,162shares	DFND	0 / 55,162 / 0
Denison Mines Corp.COM	248356107	$481.54M	0.01%	246,945shares	SOLE	246,945 / 0 / 0
Woodside Energy Group Ltd.COM	980228308	$478.06M	0.01%	23,939shares	SOLE	23,078 / 0 / 861
Crescent Capital BDC Inc.COM	225655109	$465.16M	0.01%	26,950shares	SOLE	26,950 / 0 / 0
Materion Corp.COM	576690101	$462.84M	0.01%	3,513shares	SOLE	3,513 / 0 / 0
Alphabet Inc.COM	02079K305	$429.09M	0.01%	2,843shares	SOLE	2,843 / 0 / 0
Vista Energy S.A.B. de C.V.COM	92837L109	$427.83M	0.01%	10,339shares	SOLE	10,339 / 0 / 0
Glencore plcCOM	37827X100	$420.49M	0.01%	38,401shares	SOLE	38,401 / 0 / 0
Barrick Gold Corp.COM	067901108	$417.95M	0.01%	25,117shares	SOLE	25,117 / 0 / 0
BHP Billiton Ltd.COM	088606108	$416.75M	0.01%	7,224shares	SOLE	7,224 / 0 / 0
Fomento Economico Mexicano S.ACOM	344419106	$400.87M	0.01%	3,077shares	SOLE	3,077 / 0 / 0
Roche Holding A.G.COM	771195104	$397.82M	0.01%	12,463shares	SOLE	12,101 / 0 / 362
Bank of America Corp.COM	060505104	$379.20M	0.01%	10,000shares	DFND	0 / 10,000 / 0
Newmont Mining Corp.COM	651639106	$360.18M	0.00%	10,050shares	SOLE	10,050 / 0 / 0
Mosaic Co.COM	61945C103	$352.13M	0.00%	10,848shares	SOLE	10,848 / 0 / 0
Alcoa Corp.COM	013872106	$351.45M	0.00%	10,401shares	SOLE	10,401 / 0 / 0
SLR Investment Corp.COM	83413U100	$350.01M	0.00%	22,802shares	SOLE	22,802 / 0 / 0
MercadoLibre Inc.COM	58733R102	$346.24M	0.00%	229shares	SOLE	229 / 0 / 0
Invesco BulletShares 2032 MuncCOM	46139W833	$331.98M	0.00%	13,011shares	SOLE	13,011 / 0 / 0
Invesco Bulletshares 2033 MuniCOM	46139W791	$325.48M	0.00%	12,404shares	SOLE	12,404 / 0 / 0
iShares iBonds Dec 2029 Term MCOM	46436E163	$325.31M	0.00%	12,886shares	SOLE	12,886 / 0 / 0
Invesco BulletShares 2030 MuniCOM	46138J445	$311.30M	0.00%	14,073shares	SOLE	14,073 / 0 / 0
Gold Fields Ltd.COM	38059T106	$310.35M	0.00%	19,531shares	SOLE	19,531 / 0 / 0
iShares iBonds Dec 2028 Term MCOM	46435U325	$308.02M	0.00%	12,189shares	SOLE	12,189 / 0 / 0
Grupo Financiero Banorte S.A.BCOM	40052P107	$302.81M	0.00%	5,639shares	SOLE	5,639 / 0 / 0
Curtiss-Wright Corp.COM	231561101	$296.89M	0.00%	1,160shares	SOLE	1,160 / 0 / 0
KB Financial Group Inc.COM	48241A105	$287.14M	0.00%	5,515shares	SOLE	5,515 / 0 / 0
Coca-Cola Femsa SAB de CVCOM	191241108	$285.48M	0.00%	2,937shares	SOLE	2,937 / 0 / 0
ICICI Bank Ltd.COM	45104G104	$285.04M	0.00%	10,793shares	SOLE	10,793 / 0 / 0
PennantPark Investment Corp.COM	708062104	$284.21M	0.00%	41,310shares	SOLE	41,310 / 0 / 0
NVIDIA Corp.COM	67066G104	$278.56M	0.00%	308shares	SOLE	308 / 0 / 0
Portman Ridge Finance Corp.COM	73688F201	$277.18M	0.00%	14,604shares	SOLE	14,604 / 0 / 0
Kemper Corp.COM	488401100	$276.78M	0.00%	4,470shares	SOLE	4,470 / 0 / 0
Dr Reddy's Laboratories Ltd.COM	256135203	$273.60M	0.00%	3,730shares	SOLE	3,730 / 0 / 0
Bain Capital Specialty FinanceCOM	05684B107	$271.83M	0.00%	17,336shares	SOLE	17,336 / 0 / 0
Sociedad Quimica y Minera de CCOM	833635105	$260.20M	0.00%	5,293shares	SOLE	5,293 / 0 / 0
Localiza Rent a Car S.A.COM	53956W300	$255.52M	0.00%	22,473shares	SOLE	22,473 / 0 / 0
Shinhan Financial Group Co. LtCOM	824596100	$245.16M	0.00%	6,908shares	SOLE	6,908 / 0 / 0
Techtronic Industries Co. Ltd.COM	87873R101	$235.36M	0.00%	3,462shares	SOLE	3,462 / 0 / 0
Markel Corp. Inc.COM	570535104	$228.22M	0.00%	150shares	DFND	0 / 150 / 0
FS KKR Capital Corp.COM	302635206	$227.96M	0.00%	11,954shares	SOLE	11,954 / 0 / 0
Betterware de Mexico SAPI de CCOM	P1666E105	$223.18M	0.00%	11,170shares	SOLE	11,170 / 0 / 0
Controladora Vuela Cia de AviaCOM	21240E105	$211.20M	0.00%	28,464shares	SOLE	28,464 / 0 / 0
Ameriprise Financial Inc.COM	03076C106	$210.45M	0.00%	480shares	SOLE	480 / 0 / 0
Safran S.A.COM	786584102	$207.40M	0.00%	3,661shares	SOLE	3,661 / 0 / 0
Tencent Holdings Ltd.COM	88032Q109	$207.25M	0.00%	5,310shares	SOLE	5,310 / 0 / 0
Oaktree Specialty Lending CorpCOM	67401P405	$196.60M	0.00%	10,000shares	DFND	0 / 10,000 / 0
Arcos Dorados Holdings Inc.COM	G0457F107	$191.97M	0.00%	17,263shares	SOLE	17,263 / 0 / 0
Infosys Ltd.COM	456788108	$189.00M	0.00%	10,541shares	SOLE	10,541 / 0 / 0
Ecopetrol S.A.COM	279158109	$181.89M	0.00%	15,362shares	SOLE	15,362 / 0 / 0
Sendas Distribuidora S.A.COM	81689T104	$171.42M	0.00%	11,598shares	SOLE	11,598 / 0 / 0
Vale S.A.COM	91912E105	$162.33M	0.00%	13,317shares	SOLE	13,317 / 0 / 0
PT Astra International TbkCOM	69367X109	$149.48M	0.00%	22,744shares	SOLE	22,744 / 0 / 0
Pagseguro Digital Ltd.COM	G68707101	$149.08M	0.00%	10,440shares	SOLE	10,440 / 0 / 0
JBS S.A.COM	466110103	$132.58M	0.00%	15,598shares	SOLE	15,598 / 0 / 0
Trinity Capital Inc.COM	896442308	$130.55M	0.00%	8,893shares	SOLE	8,893 / 0 / 0
Ping An Insurance Group Co. ofCOM	72341E304	$113.20M	0.00%	13,287shares	SOLE	13,287 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$54.49M	0.00%	3,017shares	SOLE	3,017 / 0 / 0
Bank of America Corp.COM	060505104	$29.92M	0.00%	789shares	SOLE	789 / 0 / 0
AGNC Investment Corp.COM	00123Q104	$19.38M	0.00%	1,958shares	SOLE	1,958 / 0 / 0
Annaly Capital Management Inc.COM	035710839	$12.76M	0.00%	648shares	SOLE	648 / 0 / 0

Filing Metadata

Form type

13F-HR

Filing date

Apr 1, 2024

Holdings as of

March 31, 2024

Accession

0001636661-24-000005

CIK

0001442056

Other managers

View on SEC

Portfolio Snapshot

Total Portfolio Value

$7.44T

Number of Positions

353

353 reported by filer

Top 10 Concentration

22.7%

Top 20 Concentration

40.4%

Unique Issuers

296

By CUSIP

Avg. Position Size

$21.07B

Across 353 holdings

Top 5 Holdings

Fastenal Co.2.6%

Progressive Corp.2.5%

Microsoft Corp.2.4%

Snap-on Inc.2.3%

Linde plc2.3%