CONFLUENCE INVESTMENT MANAGEMENT LLC — Q4 2023 13F Holdings

Holdings as of December 31, 2023

Portfolio value

$7.07T

Holdings count

352

352 positions reported

Accession #

0001636661-24-000011

Form 13F-HR

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All Reported Positions

352 positions sorted by value

352 positions

Issuer	CUSIP	Valuev	Weight	Shares/Prin.	Discretion	Voting (Sole/Shared/None)
Progressive Corp.COM	743315103	$183.11B	2.59%	1,149,637shares	SOLE	1,145,637 / 0 / 4,000
Snap-on Inc.COM	833034101	$174.67B	2.47%	604,713shares	SOLE	602,671 / 0 / 2,042
Fastenal Co.COM	311900104	$169.08B	2.39%	2,610,448shares	SOLE	2,603,348 / 0 / 7,100
Microsoft Corp.COM	594918104	$163.95B	2.32%	435,989shares	SOLE	434,619 / 0 / 1,370
PepsiCo Inc.COM	713448108	$163.23B	2.31%	961,110shares	SOLE	958,252 / 0 / 2,857
Linde plcCOM	G54950103	$160.58B	2.27%	390,984shares	SOLE	389,639 / 0 / 1,345
Broadridge Financial SolutionsCOM	11133T103	$154.01B	2.18%	748,519shares	SOLE	745,903 / 0 / 2,616
Lockheed Martin Corp.COM	539830109	$153.28B	2.17%	338,180shares	SOLE	337,042 / 0 / 1,137
Chubb Ltd.COM	H1467J104	$149.25B	2.11%	660,390shares	SOLE	657,977 / 0 / 2,413
Paychex Inc.COM	704326107	$144.88B	2.05%	1,216,365shares	SOLE	1,212,288 / 0 / 4,076
Analog Devices Inc.COM	032654105	$141.80B	2.00%	714,146shares	SOLE	711,693 / 0 / 2,453
Home Depot Inc.COM	437076102	$139.04B	1.97%	401,209shares	SOLE	399,841 / 0 / 1,368
Fidelity National Financial InCOM	31620R303	$133.80B	1.89%	2,622,551shares	SOLE	2,613,227 / 0 / 9,324
Clorox Co.COM	189054109	$128.20B	1.81%	899,112shares	SOLE	896,003 / 0 / 3,109
Southern Co.COM	842587107	$127.39B	1.80%	1,816,728shares	SOLE	1,810,554 / 0 / 6,174
Nestle S.A.COM	641069406	$121.85B	1.72%	1,053,794shares	SOLE	1,050,130 / 0 / 3,665
Diageo plcCOM	25243Q205	$121.84B	1.72%	836,444shares	SOLE	833,750 / 0 / 2,694
Chevron Corp.COM	166764100	$118.19B	1.67%	792,347shares	SOLE	789,464 / 0 / 2,883
Colgate-Palmolive Co.COM	194162103	$117.62B	1.66%	1,475,618shares	SOLE	1,470,437 / 0 / 5,181
T. Rowe Price Group Inc.COM	74144T108	$110.14B	1.56%	1,022,744shares	SOLE	1,018,951 / 0 / 3,793
Gilead Sciences Inc.COM	375558103	$102.64B	1.45%	1,266,954shares	SOLE	1,262,214 / 0 / 4,740
Polaris Inc.COM	731068102	$101.84B	1.44%	1,074,634shares	SOLE	1,070,796 / 0 / 3,838
Digital Realty Trust Inc.COM	253868103	$99.72B	1.41%	740,988shares	SOLE	738,313 / 0 / 2,675
iShares 0-3 Month Treasury BonCOM	46436E718	$99.48B	1.41%	992,122shares	SOLE	989,155 / 0 / 2,967
Northern Trust Corp.COM	665859104	$98.63B	1.39%	1,168,915shares	SOLE	1,164,781 / 0 / 4,135
Cisco Systems Inc.COM	17275R102	$97.79B	1.38%	1,935,720shares	SOLE	1,928,856 / 0 / 6,864
Dow Inc.COM	260557103	$95.53B	1.35%	1,741,908shares	SOLE	1,735,490 / 0 / 6,417
Entergy Corp.COM	29364G103	$89.23B	1.26%	881,763shares	SOLE	878,564 / 0 / 3,199
TJX Cos. Inc.COM	872540109	$87.21B	1.23%	929,656shares	SOLE	927,717 / 0 / 1,938
U.S. BancorpCOM	902973304	$85.67B	1.21%	1,979,499shares	SOLE	1,972,077 / 0 / 7,422
S&P Global Inc.COM	78409V104	$85.15B	1.20%	193,302shares	SOLE	192,892 / 0 / 410
Kinder Morgan Inc.COM	49456B101	$84.59B	1.20%	4,795,178shares	SOLE	4,778,001 / 0 / 17,177
Mastercard Inc.COM	57636Q104	$83.57B	1.18%	195,932shares	SOLE	195,546 / 0 / 386
Ares Capital Corp.COM	04010L103	$81.52B	1.15%	4,069,744shares	SOLE	4,054,673 / 0 / 15,071
Stryker Corp.COM	863667101	$81.40B	1.15%	271,827shares	SOLE	271,247 / 0 / 580
Brookfield Infrastructure CorpCOM	11275Q107	$81.08B	1.15%	2,298,284shares	SOLE	2,288,835 / 0 / 9,449
Weyerhaeuser Co.COM	962166104	$80.76B	1.14%	2,322,685shares	SOLE	2,313,360 / 0 / 9,325
Rayonier Inc.COM	754907103	$79.30B	1.12%	2,373,640shares	SOLE	2,364,581 / 0 / 9,059
Masco Corp.COM	574599106	$68.70B	0.97%	1,025,660shares	SOLE	1,023,616 / 0 / 2,044
Graco Inc.COM	384109104	$67.58B	0.96%	778,966shares	SOLE	776,574 / 0 / 2,392
W. R. Berkley Corp.COM	084423102	$67.44B	0.95%	953,554shares	SOLE	951,449 / 0 / 2,105
Starbucks Corp.COM	855244109	$65.68B	0.93%	684,049shares	SOLE	682,528 / 0 / 1,521
Illinois Tool Works Inc.COM	452308109	$65.09B	0.92%	248,510shares	SOLE	248,031 / 0 / 479
Alphabet Inc.COM	02079K107	$63.65B	0.90%	451,666shares	SOLE	450,862 / 0 / 804
Oracle Corp.COM	68389X105	$62.86B	0.89%	596,197shares	SOLE	594,941 / 0 / 1,256
Berkshire Hathaway Inc. - BCOM	084670702	$58.66B	0.83%	164,458shares	SOLE	164,168 / 0 / 290
Markel Corp. Inc.COM	570535104	$57.30B	0.81%	40,358shares	SOLE	40,267 / 0 / 91
Lowe's Cos. Inc.COM	548661107	$57.03B	0.81%	256,240shares	SOLE	255,775 / 0 / 465
NXP Semiconductors N.V.COM	N6596X109	$53.58B	0.76%	233,287shares	SOLE	232,843 / 0 / 444
Brookfield Corp.COM	11271J107	$53.41B	0.75%	1,331,182shares	SOLE	1,328,125 / 0 / 3,057
Keysight Technologies Inc.COM	49338L103	$50.89B	0.72%	319,864shares	SOLE	319,164 / 0 / 700
United Parcel Service Inc.COM	911312106	$50.49B	0.71%	321,094shares	SOLE	319,921 / 0 / 1,173
SPDR Portfolio Mortgage BackedCOM	78464A383	$48.72B	0.69%	2,207,636shares	SOLE	2,202,120 / 0 / 5,516
Booking Holdings Inc.COM	09857L108	$48.54B	0.69%	13,683shares	SOLE	13,662 / 0 / 21
Thermo Fisher Scientific Inc.COM	883556102	$46.48B	0.66%	87,569shares	SOLE	87,421 / 0 / 148
Invesco S&P MidCap Quality ETFCOM	46137V472	$44.21B	0.62%	498,312shares	SOLE	498,312 / 0 / 0
Nordson Corp.COM	655663102	$41.95B	0.59%	158,814shares	SOLE	158,375 / 0 / 439
Brown & Brown Inc.COM	115236101	$41.20B	0.58%	579,445shares	SOLE	577,815 / 0 / 1,630
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$32.64B	0.46%	431,403shares	SOLE	431,403 / 0 / 0
Pacer US Small Cap Cash Cows 1COM	69374H857	$32.37B	0.46%	674,038shares	SOLE	674,038 / 0 / 0
iShares Core S&P US Value ETFCOM	464287663	$31.90B	0.45%	378,244shares	SOLE	378,244 / 0 / 0
Hershey Co.COM	427866108	$30.71B	0.43%	164,727shares	SOLE	164,192 / 0 / 535
iShares iBonds Dec 2027 Term TCOM	46436E841	$30.52B	0.43%	1,362,988shares	SOLE	1,359,635 / 0 / 3,353
Dun & Bradstreet Holdings Inc.COM	26484T106	$28.57B	0.40%	2,441,856shares	SOLE	2,436,148 / 0 / 5,708
iShares Barclays 10-20 Year TrCOM	464288653	$28.21B	0.40%	260,573shares	SOLE	260,370 / 0 / 203
Clarivate plcCOM	G21810109	$27.98B	0.40%	3,021,190shares	SOLE	3,014,791 / 0 / 6,399
Sherwin-Williams Co.COM	824348106	$27.03B	0.38%	86,647shares	SOLE	86,405 / 0 / 242
Amphenol Corp.COM	032095101	$26.81B	0.38%	270,413shares	SOLE	269,679 / 0 / 734
iShares BB Rated Corporate BonCOM	46435U473	$26.61B	0.38%	578,330shares	SOLE	578,330 / 0 / 0
McDonald's Corp.COM	580135101	$25.18B	0.36%	84,909shares	SOLE	84,678 / 0 / 231
Expeditors International of WaCOM	302130109	$24.61B	0.35%	193,464shares	SOLE	192,984 / 0 / 480
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$24.33B	0.34%	331,507shares	SOLE	331,507 / 0 / 0
Ecolab Inc.COM	278865100	$24.07B	0.34%	121,371shares	SOLE	121,039 / 0 / 332
Rockwell Automation Inc.COM	773903109	$23.84B	0.34%	76,790shares	SOLE	76,574 / 0 / 216
General Dynamics Corp.COM	369550108	$23.70B	0.34%	91,263shares	SOLE	90,989 / 0 / 274
EOG Resources Inc.COM	26875P101	$23.40B	0.33%	193,497shares	SOLE	192,996 / 0 / 501
Charles River Laboratories IntCOM	159864107	$22.98B	0.32%	97,214shares	SOLE	96,881 / 0 / 333
Donaldson Co. Inc.COM	257651109	$22.27B	0.31%	340,822shares	SOLE	339,887 / 0 / 935
Toro Co.COM	891092108	$21.86B	0.31%	227,744shares	SOLE	227,121 / 0 / 623
BondBloxx Bloomberg One Year TCOM	09789C861	$21.82B	0.31%	438,363shares	SOLE	438,363 / 0 / 0
Air Products and Chemicals IncCOM	009158106	$21.55B	0.30%	78,695shares	SOLE	78,493 / 0 / 202
Vontier Corp.COM	928881101	$21.47B	0.30%	621,310shares	SOLE	619,374 / 0 / 1,936
Procter & Gamble Co.COM	742718109	$21.18B	0.30%	144,545shares	SOLE	144,157 / 0 / 388
Gates Industrial Corp. plcCOM	G39108108	$20.63B	0.29%	1,537,083shares	SOLE	1,531,527 / 0 / 5,556
iShares iBonds Dec 2026 Term CCOM	46435GAA0	$20.12B	0.28%	841,982shares	SOLE	840,275 / 0 / 1,707
New Jersey Resources Corp.COM	646025106	$19.96B	0.28%	447,769shares	SOLE	446,371 / 0 / 1,398
iShares iBonds Dec 2026 Term TCOM	46436E858	$19.70B	0.28%	861,827shares	SOLE	859,688 / 0 / 2,139
Morningstar Inc.COM	617700109	$19.56B	0.28%	68,331shares	SOLE	68,115 / 0 / 216
Becton Dickinson and Co.COM	075887109	$19.29B	0.27%	79,132shares	SOLE	78,922 / 0 / 210
NIKE Inc.COM	654106103	$18.66B	0.26%	171,900shares	SOLE	171,474 / 0 / 426
American Water Works Co. Inc.COM	030420103	$18.40B	0.26%	139,431shares	SOLE	139,083 / 0 / 347
Dollar Tree Inc.COM	256746108	$18.27B	0.26%	128,596shares	SOLE	128,156 / 0 / 440
Martin Marietta Materials Inc.COM	573284106	$18.22B	0.26%	36,525shares	SOLE	36,474 / 0 / 51
WEC Energy Group Inc.COM	92939U106	$17.97B	0.25%	213,473shares	SOLE	212,862 / 0 / 611
SPDR S&P 600 Small Cap GrowthCOM	78464A201	$16.86B	0.24%	201,585shares	SOLE	201,585 / 0 / 0
Medtronic plcCOM	G5960L103	$16.78B	0.24%	203,715shares	SOLE	203,202 / 0 / 513
SPDR Gold MiniShares Trust ETFCOM	98149E303	$14.20B	0.20%	347,041shares	SOLE	347,041 / 0 / 0
iShares iBonds Dec 2024 Term TCOM	46436E874	$14.15B	0.20%	593,073shares	SOLE	591,985 / 0 / 1,088
SPDR S&P 500 ETFCOM	78462F103	$14.06B	0.20%	29,589shares	SOLE	29,589 / 0 / 0
SPDR Portfolio S&P 500 Value ECOM	78464A508	$13.47B	0.19%	288,785shares	SOLE	288,785 / 0 / 0
Invesco Optimum Yield DiversifCOM	46090F100	$12.26B	0.17%	921,939shares	SOLE	921,939 / 0 / 0
Keurig Dr. Pepper Inc.COM	49271V100	$11.73B	0.17%	352,169shares	SOLE	350,929 / 0 / 1,240
Spectrum Brands Holdings Inc.COM	84790A105	$11.55B	0.16%	144,730shares	SOLE	144,197 / 0 / 533
Dimensional National MunicipalCOM	25434V849	$11.20B	0.16%	230,951shares	SOLE	230,148 / 0 / 803
DuPont de Nemours Inc.COM	26614N102	$11.05B	0.16%	143,585shares	SOLE	143,165 / 0 / 420
Azek Co. Inc.COM	05478C105	$10.94B	0.15%	285,887shares	SOLE	284,884 / 0 / 1,003
Global X Uranium ETFCOM	37954Y871	$10.82B	0.15%	390,737shares	SOLE	390,737 / 0 / 0
CarMax Inc.COM	143130102	$10.66B	0.15%	138,891shares	SOLE	138,403 / 0 / 488
J & J Snack Foods Corp.COM	466032109	$10.15B	0.14%	60,738shares	SOLE	60,511 / 0 / 227
iShares iBonds Dec 2032 Term TCOM	46436E296	$9.88B	0.14%	427,591shares	SOLE	426,516 / 0 / 1,075
iShares iBonds Dec 2028 Term TCOM	46436E833	$9.86B	0.14%	444,001shares	SOLE	442,883 / 0 / 1,118
iShares Russell 1000 Value ETFCOM	464287598	$9.11B	0.13%	55,119shares	SOLE	55,119 / 0 / 0
iShares iBonds Dec 2024 Term CCOM	46434VBG4	$8.83B	0.12%	354,529shares	SOLE	354,529 / 0 / 0
Powershares Insured National MCOM	46138E537	$8.81B	0.12%	364,192shares	SOLE	362,962 / 0 / 1,230
Vanguard Long Term Corporate BCOM	92206C813	$8.36B	0.12%	104,243shares	SOLE	104,243 / 0 / 0
Invesco BulletShares 2025 CorpCOM	46138J825	$8.30B	0.12%	405,917shares	SOLE	404,917 / 0 / 1,000
SPDR Portfolio Intermediate TeCOM	78464A375	$8.17B	0.12%	248,833shares	SOLE	248,218 / 0 / 615
iShares iBonds December 2030 TCOM	46436E593	$8.11B	0.11%	411,131shares	SOLE	410,101 / 0 / 1,030
iShares iBonds Dec 2025 Term TCOM	46436E866	$8.08B	0.11%	347,078shares	SOLE	346,209 / 0 / 869
iShares iBonds Dec 2029 Term TCOM	46436E825	$7.84B	0.11%	360,028shares	SOLE	359,124 / 0 / 904
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$7.36B	0.10%	113,122shares	SOLE	113,122 / 0 / 0
Invesco BulletShares 2028 MuniCOM	46138J486	$6.87B	0.10%	289,275shares	SOLE	288,290 / 0 / 985
Invesco BulletShares 2024 MuniCOM	46138J536	$6.41B	0.09%	257,227shares	SOLE	256,378 / 0 / 849
Invesco BulletShares 2031 MuniCOM	46138J411	$6.23B	0.09%	288,053shares	SOLE	287,164 / 0 / 889
Invesco BulletShares 2027 MuniCOM	46138J494	$6.23B	0.09%	260,585shares	SOLE	259,692 / 0 / 893
iShares iBonds Dec 2024 Term MCOM	46435U697	$5.80B	0.08%	223,581shares	SOLE	223,581 / 0 / 0
Hercules Capital Inc.COM	427096508	$5.67B	0.08%	340,000shares	DFND	0 / 340,000 / 0
Invesco BulletShares 2026 MuniCOM	46138J510	$5.61B	0.08%	236,096shares	SOLE	235,282 / 0 / 814
Invesco BulletShares 2025 MuniCOM	46138J528	$5.58B	0.08%	227,274shares	SOLE	226,488 / 0 / 786
SPDR S&P Metals & Mining ETFCOM	78464A755	$4.96B	0.07%	82,909shares	SOLE	82,909 / 0 / 0
Main Street Capital Corp.COM	56035L104	$4.80B	0.07%	111,000shares	DFND	0 / 111,000 / 0
iShares US Aerospace & DefenseCOM	464288760	$4.76B	0.07%	37,634shares	SOLE	37,634 / 0 / 0
RBC Bearings Inc.COM	75524B104	$4.69B	0.07%	16,471shares	SOLE	16,406 / 0 / 65
SPDR Nuveen S&P High Yield MunCOM	78464A284	$4.49B	0.06%	177,493shares	SOLE	177,493 / 0 / 0
Stewart Information ServicesCOM	860372101	$4.45B	0.06%	75,671shares	SOLE	75,400 / 0 / 271
Blackstone Secured Lending FunCOM	09261X102	$4.42B	0.06%	160,000shares	DFND	0 / 160,000 / 0
Golub Capital BDC Inc.COM	38173M102	$4.23B	0.06%	280,000shares	DFND	0 / 280,000 / 0
New Mountain Finance Corp.COM	647551100	$4.17B	0.06%	328,000shares	DFND	0 / 328,000 / 0
PennantPark Investment Corp.COM	708062104	$4.15B	0.06%	600,000shares	DFND	0 / 600,000 / 0
VanEck Vectors Long MunicipalCOM	92189F536	$4.14B	0.06%	226,755shares	SOLE	226,755 / 0 / 0
iShares iBonds Dec 2027 Term CCOM	46435UAA9	$4.11B	0.06%	171,682shares	SOLE	171,258 / 0 / 424
SPDR Industrial Select SectorCOM	81369Y704	$3.95B	0.06%	34,645shares	SOLE	34,645 / 0 / 0
TripAdvisor Inc.COM	896945201	$3.89B	0.06%	180,828shares	SOLE	180,187 / 0 / 641
BlackRock TCP Capital Corp.COM	09259E108	$3.83B	0.05%	332,000shares	DFND	0 / 332,000 / 0
Sixth Street Specialty LendingCOM	83012A109	$3.82B	0.05%	177,000shares	DFND	0 / 177,000 / 0
Kadant Inc.COM	48282T104	$3.79B	0.05%	13,507shares	SOLE	13,461 / 0 / 46
Winnebago Industries Inc.COM	974637100	$3.75B	0.05%	51,480shares	SOLE	51,290 / 0 / 190
Cavco Industries Inc.COM	149568107	$3.74B	0.05%	10,790shares	SOLE	10,751 / 0 / 39
iShares iBonds Dec 2025 Term CCOM	46434VBD1	$3.68B	0.05%	148,454shares	SOLE	148,454 / 0 / 0
SJW GroupCOM	784305104	$3.37B	0.05%	51,582shares	SOLE	51,394 / 0 / 188
Barings BDC Inc.COM	06759L103	$3.35B	0.05%	390,000shares	DFND	0 / 390,000 / 0
Movado Group Inc.COM	624580106	$3.20B	0.05%	106,283shares	SOLE	105,900 / 0 / 383
SPDR Energy Select Sector ETFCOM	81369Y506	$3.18B	0.04%	37,874shares	SOLE	37,874 / 0 / 0
Edgewell Personal Care Co.COM	28035Q102	$3.17B	0.04%	86,415shares	SOLE	86,124 / 0 / 291
MGP Ingredients Inc.COM	55303J106	$3.15B	0.04%	31,942shares	SOLE	31,826 / 0 / 116
UFP Technologies Inc.COM	902673102	$3.06B	0.04%	17,779shares	SOLE	17,717 / 0 / 62
Marten Transport Ltd.COM	573075108	$3.04B	0.04%	144,765shares	SOLE	144,266 / 0 / 499
Franklin Street Properties CorCOM	35471R106	$3.03B	0.04%	1,181,656shares	SOLE	40,000 / 0 / 1,141,656
SPDR Portfolio Developed WorldCOM	78463X889	$3.02B	0.04%	88,770shares	SOLE	88,770 / 0 / 0
Ares Capital Corp.COM	04010L103	$3.00B	0.04%	150,000shares	DFND	0 / 150,000 / 0
Hayward Holdings Inc.COM	421298100	$2.95B	0.04%	217,220shares	SOLE	216,447 / 0 / 773
John B Sanfilippo & Son Inc.COM	800422107	$2.93B	0.04%	28,413shares	SOLE	28,305 / 0 / 108
John Bean Technologies Corp.COM	477839104	$2.92B	0.04%	29,410shares	SOLE	29,298 / 0 / 112
Perficient Inc.COM	71375U101	$2.87B	0.04%	43,556shares	SOLE	43,394 / 0 / 162
Berkshire Hathaway Inc. - ACOM	084670108	$2.71B	0.04%	5shares	SOLE	5 / 0 / 0
i3 Verticals Inc.COM	46571Y107	$2.71B	0.04%	127,975shares	SOLE	127,575 / 0 / 400
BRP Group Inc.COM	05589G102	$2.68B	0.04%	111,495shares	SOLE	111,157 / 0 / 338
Allient Inc.COM	019330109	$2.57B	0.04%	84,924shares	SOLE	84,629 / 0 / 295
Hagerty Inc.COM	405166109	$2.47B	0.03%	317,243shares	SOLE	316,065 / 0 / 1,178
SLR Investment Corp.COM	83413U100	$2.42B	0.03%	161,000shares	DFND	0 / 161,000 / 0
Cannae Holdings Inc.COM	13765N107	$2.38B	0.03%	122,129shares	SOLE	121,760 / 0 / 369
Ecovyst Inc.COM	27923Q109	$2.32B	0.03%	237,934shares	SOLE	236,978 / 0 / 956
Blue Owl Capital Corp.COM	69121K104	$2.21B	0.03%	150,000shares	DFND	0 / 150,000 / 0
Annaly Capital Management Inc.COM	035710839	$2.13B	0.03%	110,000shares	DFND	0 / 110,000 / 0
Core Laboratories N.V.COM	21867A105	$2.12B	0.03%	120,295shares	SOLE	119,831 / 0 / 464
iShares iBonds Dec 2025 Term MCOM	46435U432	$2.06B	0.03%	77,628shares	SOLE	77,628 / 0 / 0
AGNC Investment Corp.COM	00123Q104	$2.06B	0.03%	210,000shares	DFND	0 / 210,000 / 0
iShares Russell 2000 Value ETFCOM	464287630	$2.01B	0.03%	12,920shares	SOLE	12,920 / 0 / 0
Goldman Sachs BDC Inc.COM	38147U107	$1.98B	0.03%	135,000shares	DFND	0 / 135,000 / 0
American Outdoor Brands Inc.COM	02875D109	$1.90B	0.03%	225,968shares	SOLE	225,103 / 0 / 865
Franklin FTSE Japan ETFCOM	35473P744	$1.79B	0.03%	63,939shares	SOLE	63,939 / 0 / 0
Healthcare Services Group Inc.COM	421906108	$1.76B	0.02%	170,102shares	SOLE	169,437 / 0 / 665
Northwest Natural Holding Co.COM	66765N105	$1.69B	0.02%	43,306shares	SOLE	43,099 / 0 / 207
Capital Southwest Corp.COM	140501107	$1.68B	0.02%	71,000shares	DFND	0 / 71,000 / 0
Berkshire Hathaway Inc. - BCOM	084670702	$1.60B	0.02%	4,500shares	DFND	0 / 4,500 / 0
Blackstone Group LPCOM	09260D107	$1.44B	0.02%	11,000shares	DFND	0 / 11,000 / 0
Rio Tinto plcCOM	767204100	$1.23B	0.02%	16,586shares	SOLE	16,255 / 0 / 331
CyberArk Software Ltd.COM	M2682V108	$1.21B	0.02%	5,511shares	SOLE	5,310 / 0 / 201
OFS Capital Corp.COM	67103B100	$1.15B	0.02%	98,000shares	DFND	0 / 98,000 / 0
Taiwan Semiconductor ManufactuCOM	874039100	$1.14B	0.02%	10,951shares	SOLE	10,680 / 0 / 271
Novo Nordisk A.S.COM	670100205	$1.13B	0.02%	10,916shares	SOLE	10,626 / 0 / 290
Franco-Nevada Corp.COM	351858105	$1.10B	0.02%	9,887shares	SOLE	9,688 / 0 / 199
Accenture plcCOM	G1151C101	$1.10B	0.02%	3,122shares	SOLE	3,018 / 0 / 104
Sapiens International Corp NVCOM	G7T16G103	$1.09B	0.02%	37,751shares	SOLE	37,616 / 0 / 135
ICON plcCOM	G4705A100	$1.09B	0.02%	3,857shares	SOLE	3,741 / 0 / 116
Golub Capital BDC Inc.COM	38173M102	$1.09B	0.02%	72,073shares	SOLE	72,073 / 0 / 0
Agnico Eagle Mines Ltd.COM	008474108	$1.04B	0.01%	18,991shares	SOLE	18,681 / 0 / 310
L'Oreal S.A.COM	502117203	$1.01B	0.01%	10,122shares	SOLE	9,800 / 0 / 322
Wal-Mart de Mexico S.A.B. de CCOM	93114W107	$987.57M	0.01%	23,391shares	SOLE	22,756 / 0 / 635
Cameco Corp.COM	13321L108	$966.13M	0.01%	22,416shares	SOLE	22,416 / 0 / 0
Sixth Street Specialty LendingCOM	83012A109	$965.93M	0.01%	44,719shares	SOLE	44,719 / 0 / 0
Shell plcCOM	780259305	$964.43M	0.01%	14,657shares	SOLE	14,233 / 0 / 424
Barings BDC Inc.COM	06759L103	$963.22M	0.01%	112,263shares	SOLE	112,263 / 0 / 0
Cavco Industries Inc.COM	149568107	$926.17M	0.01%	2,672shares	DFND	0 / 2,672 / 0
Zurich Insurance Group A.G.COM	989825104	$911.12M	0.01%	17,426shares	SOLE	16,902 / 0 / 524
TripAdvisor Inc.COM	896945201	$897.65M	0.01%	41,693shares	DFND	0 / 41,693 / 0
Stewart Information ServicesCOM	860372101	$883.66M	0.01%	15,041shares	DFND	0 / 15,041 / 0
Azek Co. Inc.COM	05478C105	$883.54M	0.01%	23,099shares	DFND	0 / 23,099 / 0
Brown & Brown Inc.COM	115236101	$880.98M	0.01%	12,389shares	DFND	0 / 12,389 / 0
Morningstar Inc.COM	617700109	$875.89M	0.01%	3,060shares	DFND	0 / 3,060 / 0
RBC Bearings Inc.COM	75524B104	$835.30M	0.01%	2,932shares	DFND	0 / 2,932 / 0
Gates Industrial Corp. plcCOM	G39108108	$824.07M	0.01%	61,406shares	DFND	0 / 61,406 / 0
TotalEnergies S.E.COM	89151E109	$813.95M	0.01%	12,080shares	SOLE	11,684 / 0 / 396
iShares 3-7 Year Treasury BondCOM	464288661	$812.88M	0.01%	6,940shares	SOLE	6,940 / 0 / 0
Marten Transport Ltd.COM	573075108	$808.88M	0.01%	38,555shares	DFND	0 / 38,555 / 0
Willis Towers Watson plcCOM	G96629103	$806.09M	0.01%	3,342shares	SOLE	3,250 / 0 / 92
DSV A.S.COM	26251A108	$801.48M	0.01%	9,127shares	SOLE	8,769 / 0 / 358
AerCap Holdings N.V.COM	N00985106	$800.80M	0.01%	10,775shares	SOLE	10,410 / 0 / 365
Portman Ridge Finance Corp.COM	73688F201	$800.36M	0.01%	44,000shares	DFND	0 / 44,000 / 0
Kadant Inc.COM	48282T104	$795.52M	0.01%	2,838shares	DFND	0 / 2,838 / 0
Main Street Capital Corp.COM	56035L104	$790.59M	0.01%	18,288shares	SOLE	18,288 / 0 / 0
Hercules Capital Inc.COM	427096508	$790.56M	0.01%	47,424shares	SOLE	47,424 / 0 / 0
Perficient Inc.COM	71375U101	$790.43M	0.01%	12,009shares	DFND	0 / 12,009 / 0
Blackstone Secured Lending FunCOM	09261X102	$786.61M	0.01%	28,459shares	SOLE	28,459 / 0 / 0
Mitsubishi UFJ FinancialCOM	606822104	$784.29M	0.01%	91,091shares	SOLE	88,131 / 0 / 2,960
John B Sanfilippo & Son Inc.COM	800422107	$773.73M	0.01%	7,509shares	DFND	0 / 7,509 / 0
Winnebago Industries Inc.COM	974637100	$770.56M	0.01%	10,573shares	DFND	0 / 10,573 / 0
BlackRock TCP Capital Corp.COM	09259E108	$769.66M	0.01%	66,695shares	SOLE	66,695 / 0 / 0
FS KKR Capital Corp.COM	302635206	$768.85M	0.01%	38,500shares	DFND	0 / 38,500 / 0
Sony Group Corp.COM	835699307	$767.84M	0.01%	8,109shares	SOLE	7,915 / 0 / 194
MGP Ingredients Inc.COM	55303J106	$763.53M	0.01%	7,750shares	DFND	0 / 7,750 / 0
Movado Group Inc.COM	624580106	$758.33M	0.01%	25,152shares	DFND	0 / 25,152 / 0
Sandoz GroupCOM	799926100	$755.69M	0.01%	23,608shares	SOLE	22,901 / 0 / 707
Bain Capital Specialty FinanceCOM	05684B107	$753.50M	0.01%	50,000shares	DFND	0 / 50,000 / 0
i3 Verticals Inc.COM	46571Y107	$749.00M	0.01%	35,380shares	DFND	0 / 35,380 / 0
Crescent Capital BDC Inc.COM	225655109	$739.78M	0.01%	42,565shares	DFND	0 / 42,565 / 0
DBS Group Holdings Ltd.COM	23304Y100	$739.10M	0.01%	7,299shares	SOLE	7,049 / 0 / 250
Edgewell Personal Care Co.COM	28035Q102	$735.53M	0.01%	20,080shares	DFND	0 / 20,080 / 0
Goldman Sachs BDC Inc.COM	38147U107	$734.96M	0.01%	50,168shares	SOLE	50,168 / 0 / 0
Blue Owl Capital Corp.COM	69121K104	$723.95M	0.01%	49,048shares	SOLE	49,048 / 0 / 0
Hagerty Inc.COM	405166109	$714.67M	0.01%	91,625shares	DFND	0 / 91,625 / 0
SAP S.E.COM	803054204	$705.86M	0.01%	4,566shares	SOLE	4,426 / 0 / 140
UFP Technologies Inc.COM	902673102	$701.58M	0.01%	4,078shares	DFND	0 / 4,078 / 0
J & J Snack Foods Corp.COM	466032109	$701.49M	0.01%	4,197shares	DFND	0 / 4,197 / 0
LVMH Moet Hennessy Louis VuittCOM	502441306	$697.72M	0.01%	4,295shares	SOLE	4,161 / 0 / 134
Trinity Capital Inc.COM	896442308	$697.44M	0.01%	48,000shares	DFND	0 / 48,000 / 0
ING Groep N.V.COM	456837103	$693.94M	0.01%	46,201shares	SOLE	44,595 / 0 / 1,606
Spectrum Brands Holdings Inc.COM	84790A105	$693.44M	0.01%	8,693shares	DFND	0 / 8,693 / 0
SJW GroupCOM	784305104	$687.09M	0.01%	10,514shares	DFND	0 / 10,514 / 0
Shopify Inc.COM	82509L107	$686.77M	0.01%	8,816shares	SOLE	8,636 / 0 / 180
Hayward Holdings Inc.COM	421298100	$675.89M	0.01%	49,698shares	DFND	0 / 49,698 / 0
Haleon plcCOM	405552100	$675.72M	0.01%	82,104shares	SOLE	79,333 / 0 / 2,771
Bank of America Corp.COM	060505104	$673.40M	0.01%	20,000shares	DFND	0 / 20,000 / 0
Rheinmetall AGCOM	76206K107	$659.82M	0.01%	10,308shares	SOLE	9,931 / 0 / 377
Southern Copper Corp.COM	84265V105	$653.70M	0.01%	7,595shares	SOLE	7,595 / 0 / 0
BRP Group Inc.COM	05589G102	$651.16M	0.01%	27,109shares	DFND	0 / 27,109 / 0
Ecovyst Inc.COM	27923Q109	$647.13M	0.01%	66,237shares	DFND	0 / 66,237 / 0
John Bean Technologies Corp.COM	477839104	$640.96M	0.01%	6,445shares	DFND	0 / 6,445 / 0
BNP Paribas S.A.COM	05565A202	$636.72M	0.01%	18,328shares	SOLE	17,619 / 0 / 709
Allient Inc.COM	019330109	$632.14M	0.01%	20,925shares	DFND	0 / 20,925 / 0
Nintendo Co. Ltd.COM	654445303	$625.01M	0.01%	48,115shares	SOLE	46,590 / 0 / 1,525
ConocoPhillipsCOM	20825C104	$611.34M	0.01%	5,267shares	SOLE	5,267 / 0 / 0
New Mountain Finance Corp.COM	647551100	$605.33M	0.01%	47,589shares	SOLE	47,589 / 0 / 0
Mitsui & Co. Ltd.COM	606827202	$597.62M	0.01%	799shares	SOLE	799 / 0 / 0
iShares Core MSCI Emerging MarCOM	46434G103	$597.40M	0.01%	11,811shares	SOLE	11,811 / 0 / 0
Capital Southwest Corp.COM	140501107	$594.85M	0.01%	25,099shares	SOLE	25,099 / 0 / 0
POSCO Holdings Inc.COM	693483109	$586.98M	0.01%	6,172shares	SOLE	5,985 / 0 / 187
Southwestern Energy Co.COM	845467109	$586.65M	0.01%	89,565shares	SOLE	89,565 / 0 / 0
Diamondback Energy Inc.COM	25278X109	$579.84M	0.01%	3,739shares	SOLE	3,739 / 0 / 0
Brookfield Asset ManagementCOM	113004105	$579.61M	0.01%	14,429shares	SOLE	14,429 / 0 / 0
Wheaton Precious Metals Corp.COM	962879102	$570.76M	0.01%	11,568shares	SOLE	11,568 / 0 / 0
SLR Investment Corp.COM	83413U100	$561.43M	0.01%	37,354shares	SOLE	37,354 / 0 / 0
Oaktree Specialty Lending CorpCOM	67401P405	$559.49M	0.01%	27,399shares	SOLE	27,399 / 0 / 0
Chesapeake Energy Corp.COM	165167735	$549.81M	0.01%	7,146shares	SOLE	7,146 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$543.86M	0.01%	27,876shares	DFND	0 / 27,876 / 0
SMC Corp.COM	78445W306	$542.57M	0.01%	20,321shares	SOLE	19,595 / 0 / 726
iShares Gold Trust ETFCOM	464285204	$533.38M	0.01%	13,666shares	SOLE	13,666 / 0 / 0
Uranium Energy Corp.COM	916896103	$531.78M	0.01%	83,091shares	SOLE	83,091 / 0 / 0
Royal Gold Inc.COM	780287108	$530.29M	0.01%	4,384shares	SOLE	4,384 / 0 / 0
Freeport-McMoRan Inc.COM	35671D857	$528.85M	0.01%	12,423shares	SOLE	12,423 / 0 / 0
Antofagasta PLC ADRCOM	G0398N128	$527.78M	0.01%	24,199shares	SOLE	24,199 / 0 / 0
Woodside Energy Group Ltd.COM	980228308	$516.71M	0.01%	24,500shares	SOLE	23,639 / 0 / 861
Pioneer Natural Resources Co.COM	723787107	$506.64M	0.01%	2,253shares	SOLE	2,253 / 0 / 0
Hess Corp.COM	42809H107	$504.70M	0.01%	3,501shares	SOLE	3,501 / 0 / 0
Core Laboratories N.V.COM	21867A105	$501.05M	0.01%	28,372shares	DFND	0 / 28,372 / 0
Coterra Energy Inc.COM	127097103	$500.55M	0.01%	19,614shares	SOLE	19,614 / 0 / 0
BHP Billiton Ltd.COM	088606108	$499.89M	0.01%	7,318shares	SOLE	7,318 / 0 / 0
Exxon Mobil Corp.COM	30231G102	$498.40M	0.01%	4,985shares	SOLE	4,985 / 0 / 0
Aptiv plcCOM	G6095L109	$493.64M	0.01%	5,502shares	SOLE	5,302 / 0 / 200
Komatsu Ltd.COM	500458401	$471.12M	0.01%	18,148shares	SOLE	17,658 / 0 / 490
Materion Corp.COM	576690101	$470.94M	0.01%	3,619shares	SOLE	3,619 / 0 / 0
Glencore plcCOM	37827X100	$469.74M	0.01%	39,210shares	SOLE	39,210 / 0 / 0
Crescent Capital BDC Inc.COM	225655109	$468.74M	0.01%	26,970shares	SOLE	26,970 / 0 / 0
American Outdoor Brands Inc.COM	02875D109	$463.36M	0.01%	55,162shares	DFND	0 / 55,162 / 0
Barrick Gold Corp.COM	067901108	$462.44M	0.01%	25,563shares	SOLE	25,563 / 0 / 0
MakeMyTrip Ltd.COM	V5633W109	$459.09M	0.01%	9,772shares	SOLE	9,772 / 0 / 0
Seabridge Gold Inc.COM	811916105	$458.42M	0.01%	37,792shares	SOLE	37,792 / 0 / 0
CAE Inc.COM	124765108	$453.58M	0.01%	21,009shares	SOLE	20,249 / 0 / 760
Denison Mines Corp.COM	248356107	$451.16M	0.01%	254,894shares	SOLE	254,894 / 0 / 0
American Express Co.COM	025816109	$449.62M	0.01%	2,400shares	SOLE	2,400 / 0 / 0
Newmont Mining Corp.COM	651639106	$417.57M	0.01%	10,089shares	SOLE	10,089 / 0 / 0
Fomento Economico Mexicano S.ACOM	344419106	$412.98M	0.01%	3,168shares	SOLE	3,168 / 0 / 0
Antero Resources Corp.COM	03674X106	$409.62M	0.01%	18,061shares	SOLE	18,061 / 0 / 0
Alphabet Inc.COM	02079K305	$396.16M	0.01%	2,836shares	SOLE	2,836 / 0 / 0
Mosaic Co.COM	61945C103	$393.89M	0.01%	11,024shares	SOLE	11,024 / 0 / 0
Roche Holding A.G.COM	771195104	$390.38M	0.01%	10,775shares	SOLE	10,413 / 0 / 362
iShares Core MSCI EAFE ETFCOM	46432F842	$378.90M	0.01%	5,386shares	SOLE	5,386 / 0 / 0
MercadoLibre Inc.COM	58733R102	$374.03M	0.01%	238shares	SOLE	238 / 0 / 0
iShares Core S&P 500 ETFCOM	464287200	$369.21M	0.01%	773shares	SOLE	773 / 0 / 0
Alcoa Corp.COM	013872106	$353.19M	0.00%	10,388shares	SOLE	10,388 / 0 / 0
Invesco BulletShares 2032 MuncCOM	46139W833	$339.07M	0.00%	13,011shares	SOLE	13,011 / 0 / 0
iShares iBonds Dec 2029 Term MCOM	46436E163	$329.88M	0.00%	12,886shares	SOLE	12,886 / 0 / 0
iShares iBonds Dec 2027 Term MCOM	46435U283	$318.12M	0.00%	12,517shares	SOLE	12,517 / 0 / 0
Invesco BulletShares 2030 MuniCOM	46138J445	$315.25M	0.00%	14,061shares	SOLE	14,061 / 0 / 0
Sociedad Quimica y Minera de CCOM	833635105	$315.13M	0.00%	5,233shares	SOLE	5,233 / 0 / 0
iShares iBonds Dec 2028 Term MCOM	46435U325	$311.92M	0.00%	12,189shares	SOLE	12,189 / 0 / 0
Vista Energy S.A.B. de C.V.COM	92837L109	$311.57M	0.00%	10,558shares	SOLE	10,558 / 0 / 0
iShares iBonds Dec 2026 Term MCOM	46435U259	$310.88M	0.00%	12,186shares	SOLE	12,186 / 0 / 0
Localiza Rent a Car S.A.COM	53956W300	$291.28M	0.00%	22,475shares	SOLE	22,475 / 0 / 0
PennantPark Investment Corp.COM	708062104	$287.16M	0.00%	41,557shares	SOLE	41,557 / 0 / 0
Gold Fields Ltd.COM	38059T106	$285.44M	0.00%	19,740shares	SOLE	19,740 / 0 / 0
Grupo Financiero Banorte S.A.BCOM	40052P107	$283.59M	0.00%	5,648shares	SOLE	5,648 / 0 / 0
Controladora Vuela Cia de AviaCOM	21240E105	$272.28M	0.00%	29,028shares	SOLE	29,028 / 0 / 0
Eaton Corp. plcCOM	G29183103	$262.25M	0.00%	1,089shares	SOLE	1,089 / 0 / 0
Portman Ridge Finance Corp.COM	73688F201	$261.21M	0.00%	14,360shares	SOLE	14,360 / 0 / 0
Bain Capital Specialty FinanceCOM	05684B107	$261.01M	0.00%	17,320shares	SOLE	17,320 / 0 / 0
Dr Reddy's Laboratories Ltd.COM	256135203	$259.88M	0.00%	3,735shares	SOLE	3,735 / 0 / 0
Curtiss-Wright Corp.COM	231561101	$258.44M	0.00%	1,160shares	SOLE	1,160 / 0 / 0
ICICI Bank Ltd.COM	45104G104	$257.33M	0.00%	10,794shares	SOLE	10,794 / 0 / 0
Coca-Cola Femsa SAB de CVCOM	191241108	$256.00M	0.00%	2,705shares	SOLE	2,705 / 0 / 0
iShares Gold Trust MicroCOM	46436F103	$242.26M	0.00%	11,760shares	SOLE	11,760 / 0 / 0
Sapiens International Corp NVCOM	G7T16G103	$242.08M	0.00%	8,365shares	DFND	0 / 8,365 / 0
NVIDIA Corp.COM	67066G104	$241.17M	0.00%	487shares	SOLE	487 / 0 / 0
FS KKR Capital Corp.COM	302635206	$236.31M	0.00%	11,833shares	SOLE	11,833 / 0 / 0
HDFC Bank Ltd.COM	40415F101	$230.66M	0.00%	3,437shares	SOLE	3,437 / 0 / 0
Kemper Corp.COM	488401100	$217.56M	0.00%	4,470shares	SOLE	4,470 / 0 / 0
Markel Corp. Inc.COM	570535104	$212.99M	0.00%	150shares	DFND	0 / 150 / 0
Oaktree Specialty Lending CorpCOM	67401P405	$204.20M	0.00%	10,000shares	DFND	0 / 10,000 / 0
KB Financial Group Inc.COM	48241A105	$202.82M	0.00%	4,903shares	SOLE	4,903 / 0 / 0
Costco Wholesale Corp.COM	22160K105	$200.66M	0.00%	304shares	SOLE	304 / 0 / 0
Vale S.A.COM	91912E105	$188.24M	0.00%	11,869shares	SOLE	11,869 / 0 / 0
Northwest Natural Holding Co.COM	66765N105	$179.86M	0.00%	4,619shares	DFND	0 / 4,619 / 0
Ecopetrol S.A.COM	279158109	$150.69M	0.00%	12,642shares	SOLE	12,642 / 0 / 0
OFS Capital Corp.COM	67103B100	$132.40M	0.00%	11,316shares	SOLE	11,316 / 0 / 0
Trinity Capital Inc.COM	896442308	$129.30M	0.00%	8,899shares	SOLE	8,899 / 0 / 0
JBS S.A.COM	466110103	$119.88M	0.00%	11,846shares	SOLE	11,846 / 0 / 0
PT Astra International TbkCOM	69367X109	$110.95M	0.00%	15,116shares	SOLE	15,116 / 0 / 0
Wuxi Biologics Cayman Inc.COM	98260N108	$92.21M	0.00%	12,377shares	SOLE	12,377 / 0 / 0
Bank of America Corp.COM	060505104	$26.57M	0.00%	789shares	SOLE	789 / 0 / 0
Invesco Treasury PortfolioMFUND	825252406	$19.93M	0.00%	19,931shares	SOLE	19,931 / 0 / 0
AGNC Investment Corp.COM	00123Q104	$19.21M	0.00%	1,958shares	SOLE	1,958 / 0 / 0
Annaly Capital Management Inc.COM	035710839	$12.55M	0.00%	648shares	SOLE	648 / 0 / 0

Filing Metadata

Form type

13F-HR

Filing date

Nov 5, 2024

Holdings as of

December 31, 2023

Accession

0001636661-24-000011

CIK

0001442056

Other managers

View on SEC

Portfolio Snapshot

Total Portfolio Value

$7.07T

Number of Positions

352

352 reported by filer

Top 10 Concentration

22.8%

Top 20 Concentration

40.7%

Unique Issuers

294

By CUSIP

Avg. Position Size

$20.10B

Across 352 holdings

Top 5 Holdings

Progressive Corp.2.6%

Snap-on Inc.2.5%

Fastenal Co.2.4%

Microsoft Corp.2.3%

PepsiCo Inc.2.3%