CONFLUENCE INVESTMENT MANAGEMENT LLC — Q3 2024 13F Holdings

Holdings as of September 30, 2024

Portfolio value

$7.48T

Holdings count

357

357 positions reported

Accession #

0001636661-24-000010

Form 13F-HR

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All Reported Positions

357 positions sorted by value

357 positions

Issuer	CUSIP	Valuev	Weight	Shares/Prin.	Discretion	Voting (Sole/Shared/None)
Progressive Corp.COM	743315103	$228.70B	3.06%	901,260shares	SOLE	897,933 / 0 / 3,328
Lockheed Martin Corp.COM	539830109	$182.77B	2.44%	312,662shares	SOLE	311,507 / 0 / 1,155
Diageo plcCOM	25243Q205	$170.62B	2.28%	1,215,786shares	SOLE	1,211,685 / 0 / 4,101
Chubb Ltd.COM	H1467J104	$169.40B	2.26%	587,389shares	SOLE	584,998 / 0 / 2,391
Linde plcCOM	G54950103	$161.20B	2.15%	338,037shares	SOLE	336,676 / 0 / 1,360
Snap-on Inc.COM	833034101	$157.87B	2.11%	544,910shares	SOLE	542,904 / 0 / 2,006
PepsiCo Inc.COM	713448108	$153.87B	2.06%	904,853shares	SOLE	901,989 / 0 / 2,864
Southern Co.COM	842587107	$150.84B	2.02%	1,672,649shares	SOLE	1,666,484 / 0 / 6,165
Paychex Inc.COM	704326107	$150.36B	2.01%	1,120,528shares	SOLE	1,116,439 / 0 / 4,089
Home Depot Inc.COM	437076102	$150.00B	2.00%	370,178shares	SOLE	368,808 / 0 / 1,370
Analog Devices Inc.COM	032654105	$149.94B	2.00%	651,446shares	SOLE	648,995 / 0 / 2,451
WEC Energy Group Inc.COM	92939U106	$145.27B	1.94%	1,510,382shares	SOLE	1,504,645 / 0 / 5,737
Fidelity National Financial InCOM	31620R303	$144.76B	1.93%	2,332,565shares	SOLE	2,323,330 / 0 / 9,235
Clorox Co.COM	189054109	$141.93B	1.90%	871,235shares	SOLE	867,979 / 0 / 3,256
Colgate-Palmolive Co.COM	194162103	$140.44B	1.88%	1,352,874shares	SOLE	1,347,683 / 0 / 5,191
Broadridge Financial SolutionsCOM	11133T103	$138.13B	1.85%	642,390shares	SOLE	639,837 / 0 / 2,553
Microsoft Corp.COM	594918104	$137.36B	1.84%	319,220shares	SOLE	318,036 / 0 / 1,185
Hershey Co.COM	427866108	$136.37B	1.82%	711,075shares	SOLE	708,365 / 0 / 2,710
Fastenal Co.COM	311900104	$122.57B	1.64%	1,716,128shares	SOLE	1,710,388 / 0 / 5,739
Chevron Corp.COM	166764100	$110.14B	1.47%	747,900shares	SOLE	745,008 / 0 / 2,893
iShares 0-3 Month Treasury BonCOM	46436E718	$108.82B	1.45%	1,080,467shares	SOLE	1,077,161 / 0 / 3,306
Entergy Corp.COM	29364G103	$107.91B	1.44%	819,906shares	SOLE	816,714 / 0 / 3,192
T. Rowe Price Group Inc.COM	74144T108	$107.19B	1.43%	983,989shares	SOLE	980,177 / 0 / 3,812
Northern Trust Corp.COM	665859104	$103.48B	1.38%	1,149,397shares	SOLE	1,145,209 / 0 / 4,188
Gilead Sciences Inc.COM	375558103	$99.85B	1.33%	1,190,994shares	SOLE	1,186,267 / 0 / 4,727
Kinder Morgan Inc.COM	49456B101	$99.06B	1.32%	4,484,559shares	SOLE	4,467,487 / 0 / 17,072
Brookfield Infrastructure CorpCOM	11275Q107	$98.75B	1.32%	2,273,742shares	SOLE	2,264,350 / 0 / 9,392
Oracle Corp.COM	68389X105	$97.86B	1.31%	574,303shares	SOLE	572,969 / 0 / 1,334
Cisco Systems Inc.COM	17275R102	$96.83B	1.29%	1,819,420shares	SOLE	1,812,517 / 0 / 6,902
Mastercard Inc.COM	57636Q104	$91.28B	1.22%	184,852shares	SOLE	184,455 / 0 / 397
Stryker Corp.COM	863667101	$90.99B	1.22%	251,861shares	SOLE	251,278 / 0 / 583
U.S. BancorpCOM	902973304	$90.06B	1.20%	1,969,374shares	SOLE	1,961,921 / 0 / 7,453
Dow Inc.COM	260557103	$89.01B	1.19%	1,629,285shares	SOLE	1,622,884 / 0 / 6,400
Polaris Inc.COM	731068102	$86.52B	1.16%	1,039,359shares	SOLE	1,035,484 / 0 / 3,875
United Parcel Service Inc.COM	911312106	$83.68B	1.12%	613,787shares	SOLE	611,343 / 0 / 2,444
S&P Global Inc.COM	78409V104	$80.34B	1.07%	155,509shares	SOLE	155,153 / 0 / 356
Masco Corp.COM	574599106	$79.56B	1.06%	947,865shares	SOLE	945,775 / 0 / 2,090
W. R. Berkley Corp.COM	084423102	$77.34B	1.03%	1,363,295shares	SOLE	1,360,007 / 0 / 3,288
TJX Cos. Inc.COM	872540109	$76.51B	1.02%	650,928shares	SOLE	649,430 / 0 / 1,498
Ares Capital Corp.COM	04010L103	$76.05B	1.02%	3,631,573shares	SOLE	3,616,781 / 0 / 14,792
Weyerhaeuser Co.COM	962166104	$69.46B	0.93%	2,051,440shares	SOLE	2,042,159 / 0 / 9,281
Berkshire Hathaway Inc. - BCOM	084670702	$69.15B	0.92%	150,242shares	SOLE	149,953 / 0 / 289
Rayonier Inc.COM	754907103	$67.17B	0.90%	2,087,364shares	SOLE	2,078,347 / 0 / 9,016
Starbucks Corp.COM	855244109	$67.13B	0.90%	688,549shares	SOLE	686,917 / 0 / 1,631
Lowe's Cos. Inc.COM	548661107	$65.26B	0.87%	240,957shares	SOLE	240,481 / 0 / 476
Graco Inc.COM	384109104	$62.96B	0.84%	719,415shares	SOLE	717,026 / 0 / 2,389
Paycom Software Inc.COM	70432V102	$62.94B	0.84%	377,876shares	SOLE	377,022 / 0 / 854
Illinois Tool Works Inc.COM	452308109	$62.89B	0.84%	239,962shares	SOLE	239,466 / 0 / 496
SPDR Portfolio Mortgage BackedCOM	78464A383	$62.45B	0.83%	2,771,898shares	SOLE	2,766,040 / 0 / 5,858
Brown & Brown Inc.COM	115236101	$55.25B	0.74%	533,265shares	SOLE	531,794 / 0 / 1,470
Keysight Technologies Inc.COM	49338L103	$54.55B	0.73%	343,251shares	SOLE	342,499 / 0 / 752
Markel Corp. Inc.COM	570535104	$53.78B	0.72%	34,284shares	SOLE	34,201 / 0 / 83
Invesco S&P MidCap Quality ETFCOM	46137V472	$53.17B	0.71%	518,323shares	SOLE	518,323 / 0 / 0
NXP Semiconductors N.V.COM	N6596X109	$52.35B	0.70%	218,122shares	SOLE	217,670 / 0 / 452
Thermo Fisher Scientific Inc.COM	883556102	$52.33B	0.70%	84,593shares	SOLE	84,440 / 0 / 153
Alphabet Inc.COM	02079K107	$48.96B	0.65%	292,864shares	SOLE	292,266 / 0 / 598
Dun & Bradstreet Holdings Inc.COM	26484T106	$46.77B	0.63%	4,063,029shares	SOLE	4,055,064 / 0 / 7,965
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$42.83B	0.57%	488,176shares	SOLE	488,176 / 0 / 0
Nordson Corp.COM	655663102	$41.07B	0.55%	156,384shares	SOLE	155,920 / 0 / 464
Booking Holdings Inc.COM	09857L108	$40.98B	0.55%	9,728shares	SOLE	9,714 / 0 / 14
iShares BB Rated Corporate BonCOM	46435U473	$36.09B	0.48%	762,116shares	SOLE	762,116 / 0 / 0
Constellation BrandsCOM	21036P108	$35.66B	0.48%	138,370shares	SOLE	138,163 / 0 / 207
Martin Marietta Materials Inc.COM	573284106	$34.56B	0.46%	64,209shares	SOLE	64,113 / 0 / 96
SPDR Gold MiniShares Trust ETFCOM	98149E303	$32.42B	0.43%	621,956shares	SOLE	621,956 / 0 / 0
SPDR Portfolio Developed WorldCOM	78463X889	$32.02B	0.43%	852,528shares	SOLE	852,528 / 0 / 0
Sherwin-Williams Co.COM	824348106	$31.48B	0.42%	82,478shares	SOLE	82,227 / 0 / 251
ResMed Inc.COM	761152107	$30.97B	0.41%	126,864shares	SOLE	126,489 / 0 / 375
iShares iBonds Dec 2027 Term TCOM	46436E841	$30.69B	0.41%	1,355,971shares	SOLE	1,352,156 / 0 / 3,815
Ecolab Inc.COM	278865100	$29.57B	0.40%	115,820shares	SOLE	115,466 / 0 / 354
Air Products and Chemicals IncCOM	009158106	$27.36B	0.37%	91,883shares	SOLE	91,665 / 0 / 218
General Dynamics Corp.COM	369550108	$26.52B	0.35%	87,746shares	SOLE	87,455 / 0 / 291
McDonald's Corp.COM	580135101	$25.68B	0.34%	84,325shares	SOLE	84,079 / 0 / 246
Expeditors International of WaCOM	302130109	$25.15B	0.34%	191,370shares	SOLE	190,856 / 0 / 514
Procter & Gamble Co.COM	742718109	$24.71B	0.33%	142,676shares	SOLE	142,258 / 0 / 418
Donaldson Co. Inc.COM	257651109	$24.53B	0.33%	332,888shares	SOLE	331,887 / 0 / 1,001
A. O. Smith Corp.COM	831865209	$24.45B	0.33%	272,218shares	SOLE	271,421 / 0 / 797
Amphenol Corp.COM	032095101	$23.98B	0.32%	368,017shares	SOLE	366,969 / 0 / 1,048
EOG Resources Inc.COM	26875P101	$23.67B	0.32%	192,518shares	SOLE	191,926 / 0 / 592
New Jersey Resources Corp.COM	646025106	$21.64B	0.29%	458,533shares	SOLE	457,034 / 0 / 1,499
American Water Works Co. Inc.COM	030420103	$21.35B	0.29%	145,972shares	SOLE	145,592 / 0 / 380
Dollar Tree Inc.COM	256746108	$21.01B	0.28%	298,833shares	SOLE	297,776 / 0 / 1,057
Baldwin Insurance Group Inc.COM	05589G102	$20.56B	0.27%	412,941shares	SOLE	411,838 / 0 / 1,103
NIKE Inc.COM	654106103	$20.46B	0.27%	231,488shares	SOLE	230,799 / 0 / 689
Toro Co.COM	891092108	$19.98B	0.27%	230,379shares	SOLE	229,711 / 0 / 668
Brown-Forman Corporation - BCOM	115637209	$19.98B	0.27%	406,079shares	SOLE	405,044 / 0 / 1,035
Morningstar Inc.COM	617700109	$19.83B	0.26%	62,127shares	SOLE	61,957 / 0 / 170
Becton Dickinson and Co.COM	075887109	$19.72B	0.26%	81,798shares	SOLE	81,570 / 0 / 228
Medtronic plcCOM	G5960L103	$19.49B	0.26%	216,499shares	SOLE	215,932 / 0 / 567
iShares 1-3 Year Treasury BondCOM	464287457	$19.20B	0.26%	230,857shares	SOLE	230,857 / 0 / 0
Charles River Laboratories IntCOM	159864107	$18.70B	0.25%	94,959shares	SOLE	94,620 / 0 / 339
SPDR S&P 600 Small Cap GrowthCOM	78464A201	$18.56B	0.25%	199,350shares	SOLE	199,350 / 0 / 0
iShares MBS ETFCOM	464288588	$18.21B	0.24%	190,066shares	SOLE	189,560 / 0 / 506
Gates Industrial Corp. plcCOM	G39108108	$18.16B	0.24%	1,034,962shares	SOLE	1,031,683 / 0 / 3,279
Invesco S&P Small Cap QualityCOM	46138G300	$18.09B	0.24%	417,867shares	SOLE	417,867 / 0 / 0
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$17.48B	0.23%	219,960shares	SOLE	219,960 / 0 / 0
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$16.47B	0.22%	198,608shares	SOLE	198,608 / 0 / 0
iShares iBonds Dec 2026 Term CCOM	46435GAA0	$16.07B	0.21%	661,138shares	SOLE	659,380 / 0 / 1,758
iShares iBonds Dec 2028 Term TCOM	46436E833	$15.35B	0.21%	682,066shares	SOLE	680,894 / 0 / 1,172
SPDR S&P 500 ETFCOM	78462F103	$14.72B	0.20%	25,658shares	SOLE	25,658 / 0 / 0
SPDR Portfolio S&P 500 Value ECOM	78464A508	$14.42B	0.19%	272,876shares	SOLE	272,876 / 0 / 0
Keurig Dr. Pepper Inc.COM	49271V100	$14.03B	0.19%	374,448shares	SOLE	373,072 / 0 / 1,376
Vontier Corp.COM	928881101	$13.20B	0.18%	391,089shares	SOLE	389,780 / 0 / 1,309
Global X Uranium ETFCOM	37954Y871	$12.87B	0.17%	449,959shares	SOLE	449,959 / 0 / 0
iShares 1-5 Year Investment GrCOM	464288646	$12.05B	0.16%	228,897shares	SOLE	228,897 / 0 / 0
SPDR Portfolio High Yield BondCOM	78468R606	$11.52B	0.15%	478,935shares	SOLE	478,935 / 0 / 0
iShares iBonds Dec 2032 Term CCOM	46436E312	$10.52B	0.14%	409,363shares	SOLE	408,263 / 0 / 1,100
Azek Co. Inc.COM	05478C105	$10.52B	0.14%	224,702shares	SOLE	224,055 / 0 / 647
iShares iBonds Dec 2031 Term CCOM	46436E486	$10.48B	0.14%	493,656shares	SOLE	492,323 / 0 / 1,333
John Bean Technologies Corp.COM	477839104	$10.11B	0.14%	102,585shares	SOLE	102,271 / 0 / 314
iShares iBonds Dec 2032 Term TCOM	46436E296	$9.83B	0.13%	418,595shares	SOLE	417,455 / 0 / 1,140
CONMED Corp.COM	207410101	$9.80B	0.13%	136,267shares	SOLE	135,881 / 0 / 386
Franklin FTSE Japan ETFCOM	35473P744	$9.11B	0.12%	299,521shares	SOLE	299,521 / 0 / 0
Dimensional National MunicipalCOM	25434V849	$9.03B	0.12%	185,981shares	SOLE	185,297 / 0 / 684
iShares Barclays 10-20 Year TrCOM	464288653	$8.31B	0.11%	75,989shares	SOLE	75,786 / 0 / 203
Lululemon Athletica Inc.COM	550021109	$8.16B	0.11%	30,089shares	SOLE	29,990 / 0 / 99
iShares iBonds Dec 2033 Term CCOM	46436E130	$8.15B	0.11%	308,623shares	SOLE	307,802 / 0 / 821
Powershares Insured National MCOM	46138E537	$8.13B	0.11%	336,638shares	SOLE	335,408 / 0 / 1,230
SPDR Portfolio Intermediate TeCOM	78464A375	$8.00B	0.11%	237,179shares	SOLE	236,557 / 0 / 622
iShares iBonds Dec 2029 Term TCOM	46436E825	$7.89B	0.11%	357,157shares	SOLE	356,232 / 0 / 925
iShares iBonds Dec 2030 Term TCOM	46436E593	$7.89B	0.11%	393,463shares	SOLE	392,423 / 0 / 1,040
BondBloxx Bloomberg One Year TCOM	09789C861	$7.51B	0.10%	150,419shares	SOLE	150,419 / 0 / 0
iShares Core S&P US Value ETFCOM	464287663	$6.78B	0.09%	71,045shares	SOLE	71,045 / 0 / 0
Hercules Capital Inc.COM	427096508	$6.48B	0.09%	330,000shares	DFND	0 / 330,000 / 0
Invesco BulletShares 2028 MuniCOM	46138J486	$6.36B	0.09%	269,708shares	SOLE	268,723 / 0 / 985
iShares US Aerospace & DefenseCOM	464288760	$6.05B	0.08%	40,460shares	SOLE	40,460 / 0 / 0
Invesco BulletShares 2030 MuniCOM	46138J445	$5.87B	0.08%	265,118shares	SOLE	264,180 / 0 / 938
iShares iBonds Dec 2029 Term CCOM	46436E205	$5.80B	0.08%	246,605shares	SOLE	246,605 / 0 / 0
Invesco BulletShares 2027 MuniCOM	46138J494	$5.77B	0.08%	243,449shares	SOLE	242,556 / 0 / 893
Invesco BulletShares 2031 MuniCOM	46138J411	$5.66B	0.08%	265,529shares	SOLE	264,640 / 0 / 889
i3 Verticals Inc.COM	46571Y107	$5.60B	0.07%	263,021shares	SOLE	262,407 / 0 / 614
Main Street Capital Corp.COM	56035L104	$5.57B	0.07%	111,000shares	DFND	0 / 111,000 / 0
Invesco BulletShares 2026 MuniCOM	46138J510	$5.23B	0.07%	220,159shares	SOLE	219,345 / 0 / 814
Invesco BulletShares 2025 MuniCOM	46138J528	$5.20B	0.07%	212,421shares	SOLE	211,635 / 0 / 786
Blackstone Secured Lending FunCOM	09261X102	$4.69B	0.06%	160,000shares	DFND	0 / 160,000 / 0
Ares Capital Corp.COM	04010L103	$4.29B	0.06%	205,000shares	DFND	0 / 205,000 / 0
New Mountain Finance Corp.COM	647551100	$4.23B	0.06%	353,000shares	DFND	0 / 353,000 / 0
Brookfield Asset ManagementCOM	113004105	$4.20B	0.06%	88,872shares	SOLE	88,872 / 0 / 0
iShares 3-7 Year Treasury BondCOM	464288661	$4.20B	0.06%	35,113shares	SOLE	35,113 / 0 / 0
SPDR Energy Select Sector ETFCOM	81369Y506	$4.13B	0.06%	47,074shares	SOLE	47,074 / 0 / 0
SPDR Nuveen S&P High Yield MunCOM	78464A284	$4.07B	0.05%	154,833shares	SOLE	154,833 / 0 / 0
Sixth Street Specialty LendingCOM	83012A109	$4.04B	0.05%	197,000shares	DFND	0 / 197,000 / 0
SPDR Nuveen Barclays Capital SCOM	78468R739	$4.01B	0.05%	83,338shares	SOLE	83,338 / 0 / 0
iShares iBonds Dec 2027 Term CCOM	46435UAA9	$4.00B	0.05%	164,089shares	SOLE	163,662 / 0 / 427
Golub Capital BDC Inc.COM	38173M102	$3.93B	0.05%	260,000shares	DFND	0 / 260,000 / 0
Amplify Cyber Security ETFCOM	032108664	$3.93B	0.05%	57,499shares	SOLE	57,499 / 0 / 0
Barings BDC Inc.COM	06759L103	$3.82B	0.05%	390,000shares	DFND	0 / 390,000 / 0
RBC Bearings Inc.COM	75524B104	$3.59B	0.05%	12,000shares	SOLE	12,000 / 0 / 0
Blue Owl Capital Corp IIICOM	69122G102	$3.58B	0.05%	250,000shares	DFND	0 / 250,000 / 0
VanEck High Yield Muni ETFCOM	92189H409	$3.51B	0.05%	66,054shares	SOLE	66,054 / 0 / 0
Berkshire Hathaway Inc. - ACOM	084670108	$3.46B	0.05%	5shares	SOLE	5 / 0 / 0
Cavco Industries Inc.COM	149568107	$3.44B	0.05%	8,040shares	SOLE	8,040 / 0 / 0
Stewart Information Services CCOM	860372101	$3.41B	0.05%	45,691shares	SOLE	45,691 / 0 / 0
Kadant Inc.COM	48282T104	$3.41B	0.05%	10,098shares	SOLE	10,098 / 0 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$3.37B	0.05%	35,442shares	SOLE	35,442 / 0 / 0
Sapiens International Corp. N.COM	G7T16G103	$3.13B	0.04%	84,002shares	SOLE	84,002 / 0 / 0
abrdn Physical Silver Shares ECOM	003264108	$2.91B	0.04%	97,957shares	SOLE	97,957 / 0 / 0
J & J Snack Foods Corp.COM	466032109	$2.90B	0.04%	16,822shares	SOLE	16,822 / 0 / 0
UFP Technologies Inc.COM	902673102	$2.79B	0.04%	8,817shares	SOLE	8,817 / 0 / 0
Invesco BulletShares 2029 MuniCOM	46138J478	$2.71B	0.04%	116,658shares	SOLE	116,240 / 0 / 418
Perficient Inc.COM	71375U101	$2.67B	0.04%	35,418shares	SOLE	35,418 / 0 / 0
Hagerty Inc.COM	405166109	$2.61B	0.03%	257,012shares	SOLE	257,012 / 0 / 0
Hayward Holdings Inc.COM	421298100	$2.57B	0.03%	167,617shares	SOLE	167,617 / 0 / 0
SLR Investment Corp.COM	83413U100	$2.42B	0.03%	161,000shares	DFND	0 / 161,000 / 0
Edgewell Personal Care Co.COM	28035Q102	$2.39B	0.03%	65,656shares	SOLE	65,656 / 0 / 0
SJW GroupCOM	784305104	$2.33B	0.03%	40,123shares	SOLE	40,123 / 0 / 0
Winnebago Industries Inc.COM	974637100	$2.29B	0.03%	39,409shares	SOLE	39,409 / 0 / 0
Franklin Street Properties CorCOM	35471R106	$2.18B	0.03%	1,231,656shares	SOLE	40,000 / 0 / 1,191,656
iShares National Muni Bond ETFCOM	464288414	$2.17B	0.03%	20,021shares	SOLE	20,021 / 0 / 0
John B Sanfilippo & Son Inc.COM	800422107	$2.13B	0.03%	22,533shares	SOLE	22,533 / 0 / 0
MGP Ingredients Inc.COM	55303J106	$2.08B	0.03%	24,943shares	SOLE	24,943 / 0 / 0
Berkshire Hathaway Inc. - BCOM	084670702	$2.07B	0.03%	4,500shares	DFND	0 / 4,500 / 0
Marten Transport Ltd.COM	573075108	$2.02B	0.03%	114,221shares	SOLE	114,221 / 0 / 0
Core Laboratories N.V.COM	21867A105	$1.97B	0.03%	106,368shares	SOLE	106,368 / 0 / 0
iShares iBonds Dec 2026 Term MCOM	46435U259	$1.91B	0.03%	74,294shares	SOLE	74,294 / 0 / 0
Healthcare Services Group Inc.COM	421906108	$1.86B	0.02%	166,944shares	SOLE	166,944 / 0 / 0
TripAdvisor Inc.COM	896945201	$1.86B	0.02%	128,221shares	SOLE	128,221 / 0 / 0
Goldman Sachs BDC Inc.COM	38147U107	$1.86B	0.02%	135,000shares	DFND	0 / 135,000 / 0
Cannae Holdings Inc.COM	13765N107	$1.85B	0.02%	97,314shares	SOLE	97,314 / 0 / 0
Capital Southwest Corp.COM	140501107	$1.80B	0.02%	71,000shares	DFND	0 / 71,000 / 0
Taiwan Semiconductor ManufactuCOM	874039100	$1.79B	0.02%	10,332shares	SOLE	10,083 / 0 / 249
PennantPark Investment Corp.COM	708062104	$1.79B	0.02%	256,000shares	DFND	0 / 256,000 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$1.74B	0.02%	100,000shares	DFND	0 / 100,000 / 0
Blackstone Group LPCOM	09260D107	$1.68B	0.02%	11,000shares	DFND	0 / 11,000 / 0
Bain Capital Specialty FinanceCOM	05684B107	$1.66B	0.02%	100,000shares	DFND	0 / 100,000 / 0
Agnico Eagle Mines Ltd.COM	008474108	$1.62B	0.02%	20,057shares	SOLE	19,629 / 0 / 428
Movado Group Inc.COM	624580106	$1.55B	0.02%	83,579shares	SOLE	83,579 / 0 / 0
Ecovyst Inc.COM	27923Q109	$1.49B	0.02%	217,096shares	SOLE	217,096 / 0 / 0
American Outdoor Brands Inc.COM	02875D109	$1.47B	0.02%	159,770shares	SOLE	159,770 / 0 / 0
Oaktree Specialty Lending CorpCOM	67401P405	$1.47B	0.02%	90,000shares	DFND	0 / 90,000 / 0
Kayne Anderson BDCCOM	48662X105	$1.46B	0.02%	90,000shares	DFND	0 / 90,000 / 0
Shell plcCOM	780259305	$1.45B	0.02%	21,940shares	SOLE	21,405 / 0 / 535
Palmer Square Capital BDC Inc.COM	69702V107	$1.38B	0.02%	84,528shares	DFND	0 / 84,528 / 0
Golub Capital BDC Inc.COM	38173M102	$1.29B	0.02%	85,613shares	SOLE	85,613 / 0 / 0
Baldwin Insurance Group Inc.COM	05589G102	$1.28B	0.02%	25,603shares	DFND	0 / 25,603 / 0
Barings BDC Inc.COM	06759L103	$1.23B	0.02%	125,354shares	SOLE	125,354 / 0 / 0
Techtronic Industries Co. Ltd.COM	87873R101	$1.21B	0.02%	16,014shares	SOLE	15,621 / 0 / 393
Novo Nordisk A.S.COM	670100205	$1.20B	0.02%	10,054shares	SOLE	9,764 / 0 / 290
Rheinmetall AGCOM	76206K107	$1.14B	0.02%	10,500shares	SOLE	10,123 / 0 / 377
Accenture plcCOM	G1151C101	$1.13B	0.02%	3,205shares	SOLE	3,101 / 0 / 104
ICON plcCOM	G4705A100	$1.09B	0.01%	3,792shares	SOLE	3,676 / 0 / 116
Sixth Street Specialty LendingCOM	83012A109	$1.09B	0.01%	52,909shares	SOLE	52,909 / 0 / 0
iShares iBonds Dec 2024 Term MCOM	46435U697	$1.07B	0.01%	41,187shares	SOLE	41,187 / 0 / 0
AerCap Holdings N.V.COM	N00985106	$1.07B	0.01%	11,259shares	SOLE	10,894 / 0 / 365
Sandoz GroupCOM	799926100	$1.06B	0.01%	25,542shares	SOLE	24,835 / 0 / 707
Cameco Corp.COM	13321L108	$1.06B	0.01%	22,118shares	SOLE	21,924 / 0 / 194
iShares iBonds Dec 2027 Term MCOM	46435U283	$1.05B	0.01%	41,256shares	SOLE	41,256 / 0 / 0
Zurich Insurance Group A.G.COM	989825104	$1.05B	0.01%	34,740shares	SOLE	33,692 / 0 / 1,048
Main Street Capital Corp.COM	56035L104	$996.73M	0.01%	19,879shares	SOLE	19,879 / 0 / 0
Hercules Capital Inc.COM	427096508	$990.88M	0.01%	50,452shares	SOLE	50,452 / 0 / 0
SAP S.E.COM	803054204	$979.63M	0.01%	4,276shares	SOLE	4,136 / 0 / 140
Willis Towers Watson plcCOM	G96629103	$971.95M	0.01%	3,300shares	SOLE	3,208 / 0 / 92
Hagerty Inc.COM	405166109	$965.32M	0.01%	94,918shares	DFND	0 / 94,918 / 0
DBS Group Holdings Ltd.COM	23304Y100	$954.05M	0.01%	8,087shares	SOLE	7,812 / 0 / 275
Mitsubishi UFJ FinancialCOM	606822104	$944.53M	0.01%	92,783shares	SOLE	89,823 / 0 / 2,960
CyberArk Software Ltd.COM	M2682V108	$943.94M	0.01%	3,237shares	SOLE	3,137 / 0 / 100
Blackstone Secured Lending FunCOM	09261X102	$932.18M	0.01%	31,826shares	SOLE	31,826 / 0 / 0
Chugai Pharms Co. Ltd.COM	171269103	$926.43M	0.01%	38,457shares	SOLE	37,135 / 0 / 1,322
Sapiens International Corp. N.COM	G7T16G103	$909.95M	0.01%	24,415shares	DFND	0 / 24,415 / 0
RBC Bearings Inc.COM	75524B104	$909.22M	0.01%	3,037shares	DFND	0 / 3,037 / 0
L'Oreal S.A.COM	502117203	$904.69M	0.01%	10,079shares	SOLE	9,757 / 0 / 322
Tokio Marine Holdings Inc.COM	889094108	$903.75M	0.01%	24,659shares	SOLE	23,942 / 0 / 717
New Mountain Finance Corp.COM	647551100	$902.50M	0.01%	75,334shares	SOLE	75,334 / 0 / 0
ITOCHU Corp.COM	465717106	$897.59M	0.01%	8,338shares	SOLE	8,052 / 0 / 286
J & J Snack Foods Corp.COM	466032109	$886.25M	0.01%	5,149shares	DFND	0 / 5,149 / 0
Southern Copper Corp.COM	84265V105	$881.42M	0.01%	7,620shares	SOLE	7,513 / 0 / 107
Safran S.A.COM	786584102	$877.46M	0.01%	14,902shares	SOLE	14,461 / 0 / 441
MidCap Financial Investment CoCOM	03761U502	$870.35M	0.01%	65,000shares	DFND	0 / 65,000 / 0
iShares iBonds Dec 2028 Term MCOM	46435U325	$862.09M	0.01%	33,636shares	SOLE	33,636 / 0 / 0
ING Groep N.V.COM	456837103	$861.66M	0.01%	47,448shares	SOLE	45,842 / 0 / 1,606
Unilever plcCOM	904767704	$852.86M	0.01%	13,129shares	SOLE	12,700 / 0 / 429
Haleon plcCOM	405552100	$852.39M	0.01%	80,566shares	SOLE	77,795 / 0 / 2,771
Blue Owl Capital Corp IIICOM	69122G102	$845.83M	0.01%	59,025shares	SOLE	59,025 / 0 / 0
Sony Group Corp.COM	835699307	$830.70M	0.01%	8,602shares	SOLE	8,408 / 0 / 194
OFS Capital Corp.COM	67103B100	$828.10M	0.01%	98,000shares	DFND	0 / 98,000 / 0
Stewart Information Services CCOM	860372101	$825.73M	0.01%	11,048shares	DFND	0 / 11,048 / 0
Goldman Sachs BDC Inc.COM	38147U107	$818.72M	0.01%	59,500shares	SOLE	59,500 / 0 / 0
Perficient Inc.COM	71375U101	$816.47M	0.01%	10,817shares	DFND	0 / 10,817 / 0
Portman Ridge Finance Corp.COM	73688F201	$816.20M	0.01%	44,000shares	DFND	0 / 44,000 / 0
Brown & Brown Inc.COM	115236101	$810.67M	0.01%	7,825shares	DFND	0 / 7,825 / 0
Azek Co. Inc.COM	05478C105	$801.31M	0.01%	17,122shares	DFND	0 / 17,122 / 0
Hayward Holdings Inc.COM	421298100	$789.76M	0.01%	51,484shares	DFND	0 / 51,484 / 0
Crescent Capital BDC Inc.COM	225655109	$787.46M	0.01%	42,565shares	DFND	0 / 42,565 / 0
TotalEnergies S.E.COM	89151E109	$782.68M	0.01%	12,112shares	SOLE	11,716 / 0 / 396
i3 Verticals Inc.COM	46571Y107	$781.03M	0.01%	36,651shares	DFND	0 / 36,651 / 0
Gates Industrial Corp. plcCOM	G39108108	$771.60M	0.01%	43,966shares	DFND	0 / 43,966 / 0
UFP Technologies Inc.COM	902673102	$769.90M	0.01%	2,431shares	DFND	0 / 2,431 / 0
CONMED Corp.COM	207410101	$767.75M	0.01%	10,675shares	DFND	0 / 10,675 / 0
Cavco Industries Inc.COM	149568107	$764.41M	0.01%	1,785shares	DFND	0 / 1,785 / 0
FS KKR Capital Corp.COM	302635206	$759.61M	0.01%	38,500shares	DFND	0 / 38,500 / 0
SJW GroupCOM	784305104	$758.16M	0.01%	13,047shares	DFND	0 / 13,047 / 0
Kadant Inc.COM	48282T104	$753.06M	0.01%	2,228shares	DFND	0 / 2,228 / 0
Wheaton Precious Metals Corp.COM	962879102	$740.29M	0.01%	12,120shares	SOLE	11,953 / 0 / 167
Morningstar Inc.COM	617700109	$735.57M	0.01%	2,305shares	DFND	0 / 2,305 / 0
Nintendo Co. Ltd.COM	654445303	$735.25M	0.01%	55,199shares	SOLE	53,674 / 0 / 1,525
John B Sanfilippo & Son Inc.COM	800422107	$733.64M	0.01%	7,779shares	DFND	0 / 7,779 / 0
Mitsui & Co. Ltd.COM	606827202	$732.42M	0.01%	1,649shares	SOLE	1,625 / 0 / 24
Wal-Mart de Mexico S.A.B. de CCOM	93114W107	$716.08M	0.01%	23,633shares	SOLE	22,998 / 0 / 635
iShares Gold Trust ETFCOM	464285204	$714.19M	0.01%	14,370shares	SOLE	14,173 / 0 / 197
John Bean Technologies Corp.COM	477839104	$712.23M	0.01%	7,230shares	DFND	0 / 7,230 / 0
Marten Transport Ltd.COM	573075108	$706.96M	0.01%	39,941shares	DFND	0 / 39,941 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$704.89M	0.01%	7,409shares	DFND	0 / 7,409 / 0
Edgewell Personal Care Co.COM	28035Q102	$695.37M	0.01%	19,135shares	DFND	0 / 19,135 / 0
Capital Southwest Corp.COM	140501107	$694.54M	0.01%	27,463shares	SOLE	27,463 / 0 / 0
Antofagasta plcCOM	G0398N128	$688.94M	0.01%	25,803shares	SOLE	25,463 / 0 / 340
Seabridge Gold Inc.COM	811916105	$685.01M	0.01%	40,799shares	SOLE	40,263 / 0 / 536
LVMH Moet Hennessy Louis VuittCOM	502441306	$682.80M	0.01%	4,445shares	SOLE	4,311 / 0 / 134
Chesapeake Energy Corp.COM	165167735	$671.24M	0.01%	8,161shares	SOLE	8,039 / 0 / 122
Southwestern Energy Co.COM	845467109	$671.00M	0.01%	94,374shares	SOLE	93,252 / 0 / 1,122
Freeport-McMoRan Inc.COM	35671D857	$669.63M	0.01%	13,414shares	SOLE	13,250 / 0 / 164
MGP Ingredients Inc.COM	55303J106	$668.33M	0.01%	8,028shares	DFND	0 / 8,028 / 0
Diamondback Energy Inc.COM	25278X109	$666.67M	0.01%	3,867shares	SOLE	3,811 / 0 / 56
Royal Gold Inc.COM	780287108	$662.08M	0.01%	4,719shares	SOLE	4,658 / 0 / 61
Franco-Nevada Corp.COM	351858105	$661.63M	0.01%	5,325shares	SOLE	5,238 / 0 / 87
Exxon Mobil Corp.COM	30231G102	$659.50M	0.01%	5,626shares	SOLE	5,557 / 0 / 69
BAE Systems plcCOM	05523R107	$656.80M	0.01%	9,899shares	SOLE	9,527 / 0 / 372
Trinity Capital Inc.COM	896442308	$651.36M	0.01%	48,000shares	DFND	0 / 48,000 / 0
American Express Co.COM	025816109	$650.88M	0.01%	2,400shares	SOLE	2,400 / 0 / 0
Shopify Inc.COM	82509L107	$650.74M	0.01%	8,120shares	SOLE	7,940 / 0 / 180
Oaktree Specialty Lending CorpCOM	67401P405	$647.85M	0.01%	39,721shares	SOLE	39,721 / 0 / 0
Winnebago Industries Inc.COM	974637100	$636.48M	0.01%	10,953shares	DFND	0 / 10,953 / 0
Newmont Mining Corp.COM	651639106	$615.03M	0.01%	11,507shares	SOLE	11,371 / 0 / 136
Rio Tinto plcCOM	767204100	$593.77M	0.01%	8,343shares	SOLE	8,252 / 0 / 91
MakeMyTrip Ltd.COM	V5633W109	$590.88M	0.01%	6,357shares	SOLE	6,357 / 0 / 0
ConocoPhillipsCOM	20825C104	$584.83M	0.01%	5,555shares	SOLE	5,471 / 0 / 84
BNP Paribas S.A.COM	05565A202	$579.22M	0.01%	16,872shares	SOLE	16,163 / 0 / 709
Barrick Gold Corp.COM	067901108	$572.38M	0.01%	28,777shares	SOLE	28,449 / 0 / 328
Antero Resources Corp.COM	03674X106	$571.25M	0.01%	19,939shares	SOLE	19,685 / 0 / 254
Crescent Capital BDC Inc.COM	225655109	$566.86M	0.01%	30,641shares	SOLE	30,641 / 0 / 0
Ecovyst Inc.COM	27923Q109	$558.86M	0.01%	81,585shares	DFND	0 / 81,585 / 0
Core Laboratories N.V.COM	21867A105	$544.63M	0.01%	29,392shares	DFND	0 / 29,392 / 0
BHP Billiton Ltd.COM	088606108	$537.69M	0.01%	8,657shares	SOLE	8,552 / 0 / 105
iShares Russell 2000 Value ETFCOM	464287630	$529.15M	0.01%	3,172shares	SOLE	3,172 / 0 / 0
Hess Corp.COM	42809H107	$524.46M	0.01%	3,862shares	SOLE	3,812 / 0 / 50
Coterra Energy Inc.COM	127097103	$514.49M	0.01%	21,482shares	SOLE	21,141 / 0 / 341
Glencore plcCOM	37827X100	$514.22M	0.01%	44,910shares	SOLE	44,367 / 0 / 543
Uranium Energy Corp.COM	916896103	$510.79M	0.01%	82,252shares	SOLE	81,539 / 0 / 713
Vista Energy S.A.B. de C.V.COM	92837L109	$510.63M	0.01%	11,558shares	SOLE	11,558 / 0 / 0
Alcoa Corp.COM	013872106	$503.97M	0.01%	13,063shares	SOLE	12,784 / 0 / 279
TripAdvisor Inc.COM	896945201	$502.47M	0.01%	34,677shares	DFND	0 / 34,677 / 0
Komatsu Ltd.COM	500458401	$489.57M	0.01%	17,655shares	SOLE	17,165 / 0 / 490
Movado Group Inc.COM	624580106	$484.64M	0.01%	26,056shares	DFND	0 / 26,056 / 0
Denison Mines Corp.COM	248356107	$471.02M	0.01%	257,386shares	SOLE	253,656 / 0 / 3,730
MercadoLibre Inc.COM	58733R102	$459.64M	0.01%	224shares	SOLE	224 / 0 / 0
Roche Holding A.G.COM	771195104	$442.29M	0.01%	11,071shares	SOLE	10,709 / 0 / 362
Materion Corp.COM	576690101	$428.09M	0.01%	3,827shares	SOLE	3,774 / 0 / 53
Bank of America Corp.COM	060505104	$396.80M	0.01%	10,000shares	DFND	0 / 10,000 / 0
SLR Investment Corp.COM	83413U100	$390.22M	0.01%	25,928shares	SOLE	25,928 / 0 / 0
Curtiss-Wright Corp.COM	231561101	$381.28M	0.01%	1,160shares	SOLE	1,160 / 0 / 0
ICICI Bank Ltd.COM	45104G104	$373.13M	0.00%	12,500shares	SOLE	12,500 / 0 / 0
Mosaic Co.COM	61945C103	$365.92M	0.00%	13,664shares	SOLE	13,517 / 0 / 147
Woodside Energy Group Ltd.COM	980228308	$361.40M	0.00%	20,963shares	SOLE	20,102 / 0 / 861
American Outdoor Brands Inc.COM	02875D109	$350.85M	0.00%	38,053shares	DFND	0 / 38,053 / 0
KB Financial Group Inc.COM	48241A105	$336.57M	0.00%	5,451shares	SOLE	5,451 / 0 / 0
PennantPark Investment Corp.COM	708062104	$325.25M	0.00%	46,530shares	SOLE	46,530 / 0 / 0
Bain Capital Specialty FinanceCOM	05684B107	$324.48M	0.00%	19,547shares	SOLE	19,547 / 0 / 0
Palmer Square Capital BDC Inc.COM	69702V107	$318.73M	0.00%	19,554shares	SOLE	19,554 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$316.37M	0.00%	18,161shares	SOLE	18,161 / 0 / 0
Sociedad Quimica y Minera de CCOM	833635105	$316.18M	0.00%	7,586shares	SOLE	7,440 / 0 / 146
Morgan Stanley Direct LendingCOM	61774A103	$312.07M	0.00%	15,777shares	SOLE	15,777 / 0 / 0
Portman Ridge Finance Corp.COM	73688F201	$310.73M	0.00%	16,751shares	SOLE	16,751 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$309.84M	0.00%	16,256shares	DFND	0 / 16,256 / 0
iShares iBonds Dec 2029 Term MCOM	46436E163	$309.42M	0.00%	12,139shares	SOLE	12,139 / 0 / 0
MidCap Financial Investment CoCOM	03761U502	$309.01M	0.00%	23,078shares	SOLE	23,078 / 0 / 0
iShares iBonds Dec 2025 Term MCOM	46435U432	$304.75M	0.00%	11,431shares	SOLE	11,431 / 0 / 0
Invesco BulletShares 2032 MuncCOM	46139W833	$301.61M	0.00%	11,768shares	SOLE	11,768 / 0 / 0
Fomento Economico Mexicano S.ACOM	344419106	$301.28M	0.00%	3,052shares	SOLE	3,052 / 0 / 0
Invesco Bulletshares 2033 MuniCOM	46139W791	$296.33M	0.00%	11,246shares	SOLE	11,246 / 0 / 0
Gold Fields Ltd.COM	38059T106	$293.80M	0.00%	19,140shares	SOLE	19,140 / 0 / 0
Dr Reddy's Laboratories Ltd.COM	256135203	$290.63M	0.00%	3,658shares	SOLE	3,658 / 0 / 0
Shinhan Financial Group Co. LtCOM	824596100	$288.45M	0.00%	6,808shares	SOLE	6,808 / 0 / 0
Tencent Holdings Ltd.COM	88032Q109	$287.91M	0.00%	5,197shares	SOLE	5,197 / 0 / 0
FS KKR Capital Corp.COM	302635206	$279.54M	0.00%	14,168shares	SOLE	14,168 / 0 / 0
Kemper Corp.COM	488401100	$273.79M	0.00%	4,470shares	SOLE	4,470 / 0 / 0
Coca-Cola Femsa SAB de CVCOM	191241108	$258.26M	0.00%	2,911shares	SOLE	2,911 / 0 / 0
Markel Corp. Inc.COM	570535104	$235.29M	0.00%	150shares	DFND	0 / 150 / 0
Infosys Ltd.COM	456788108	$231.89M	0.00%	10,413shares	SOLE	10,413 / 0 / 0
Ameriprise Financial Inc.COM	03076C106	$225.51M	0.00%	480shares	SOLE	480 / 0 / 0
Kayne Anderson BDCCOM	48662X105	$223.50M	0.00%	13,788shares	SOLE	13,788 / 0 / 0
ZTO Express Cayman Inc.COM	98980A105	$221.84M	0.00%	8,956shares	SOLE	8,956 / 0 / 0
Costco Wholesale Corp.COM	22160K105	$218.97M	0.00%	247shares	SOLE	247 / 0 / 0
Alibaba Group Holding Ltd.COM	01609W102	$213.62M	0.00%	2,013shares	SOLE	2,013 / 0 / 0
HDFC Bank Ltd.COM	40415F101	$212.02M	0.00%	3,389shares	SOLE	3,389 / 0 / 0
Morgan Stanley Direct LendingCOM	61774A103	$197.80M	0.00%	10,000shares	DFND	0 / 10,000 / 0
JBS S.A.COM	466110103	$180.62M	0.00%	15,544shares	SOLE	15,544 / 0 / 0
Controladora Vuela Cia de AviaCOM	21240E105	$179.41M	0.00%	28,343shares	SOLE	28,343 / 0 / 0
Ping An Insurance Group Co. ofCOM	72341E304	$167.62M	0.00%	13,420shares	SOLE	13,420 / 0 / 0
Vale S.A.COM	91912E105	$154.56M	0.00%	13,233shares	SOLE	13,233 / 0 / 0
PT Astra International TbkCOM	69367X109	$151.80M	0.00%	22,793shares	SOLE	22,793 / 0 / 0
BlackRock TCP Capital Corp.COM	09259E108	$150.36M	0.00%	18,138shares	SOLE	18,138 / 0 / 0
Arcos Dorados Holdings Inc.COM	G0457F107	$149.69M	0.00%	17,166shares	SOLE	17,166 / 0 / 0
Betterware de Mexico SAPI de CCOM	P1666E105	$140.58M	0.00%	11,087shares	SOLE	11,087 / 0 / 0
Trinity Capital Inc.COM	896442308	$140.34M	0.00%	10,342shares	SOLE	10,342 / 0 / 0
BlackRock TCP Capital Corp.COM	09259E108	$137.27M	0.00%	16,559shares	DFND	0 / 16,559 / 0
Ecopetrol S.A.COM	279158109	$137.17M	0.00%	15,361shares	SOLE	15,361 / 0 / 0
Pagseguro Digital Ltd.COM	G68707101	$90.92M	0.00%	10,560shares	SOLE	10,560 / 0 / 0
Sendas Distribuidora S.A.COM	81689T104	$79.27M	0.00%	11,522shares	SOLE	11,522 / 0 / 0
Bank of America Corp.COM	060505104	$23.45M	0.00%	591shares	SOLE	591 / 0 / 0

Filing Metadata

Form type

13F-HR

Filing date

Oct 31, 2024

Holdings as of

September 30, 2024

Accession

0001636661-24-000010

CIK

0001442056

Other managers

View on SEC

Portfolio Snapshot

Total Portfolio Value

$7.48T

Number of Positions

357

357 reported by filer

Top 10 Concentration

22.4%

Top 20 Concentration

40.7%

Unique Issuers

298

By CUSIP

Avg. Position Size

$20.96B

Across 357 holdings

Top 5 Holdings

Progressive Corp.3.1%

Lockheed Martin Corp.2.4%

Diageo plc2.3%

Chubb Ltd.2.3%

Linde plc2.2%