CONFLUENCE INVESTMENT MANAGEMENT LLC — Q2 2024 13F Holdings

Holdings as of June 30, 2024

Portfolio value

$6.93T

Holdings count

358

358 positions reported

Accession #

0001636661-24-000007

Form 13F-HR

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All Reported Positions

358 positions sorted by value

358 positions

Issuer	CUSIP	Valuev	Weight	Shares/Prin.	Discretion	Voting (Sole/Shared/None)
Progressive Corp.COM	743315103	$194.65B	2.81%	937,114shares	SOLE	933,696 / 0 / 3,419
Chubb Ltd.COM	H1467J104	$153.56B	2.22%	602,008shares	SOLE	599,601 / 0 / 2,408
Analog Devices Inc.COM	032654105	$151.34B	2.18%	663,011shares	SOLE	660,550 / 0 / 2,462
PepsiCo Inc.COM	713448108	$150.91B	2.18%	914,967shares	SOLE	912,086 / 0 / 2,881
Linde plcCOM	G54950103	$150.52B	2.17%	343,020shares	SOLE	341,708 / 0 / 1,312
Lockheed Martin Corp.COM	539830109	$149.05B	2.15%	319,093shares	SOLE	317,930 / 0 / 1,163
Snap-on Inc.COM	833034101	$144.49B	2.09%	552,769shares	SOLE	550,738 / 0 / 2,031
Microsoft Corp.COM	594918104	$144.06B	2.08%	322,314shares	SOLE	321,121 / 0 / 1,193
iShares 0-3 Month Treasury BonCOM	46436E718	$135.88B	1.96%	1,349,177shares	SOLE	1,344,277 / 0 / 4,900
Paychex Inc.COM	704326107	$134.72B	1.94%	1,136,272shares	SOLE	1,132,161 / 0 / 4,111
Colgate-Palmolive Co.COM	194162103	$133.81B	1.93%	1,378,957shares	SOLE	1,373,736 / 0 / 5,221
Southern Co.COM	842587107	$132.30B	1.91%	1,705,562shares	SOLE	1,699,364 / 0 / 6,198
Hershey Co.COM	427866108	$131.96B	1.90%	717,831shares	SOLE	715,104 / 0 / 2,727
Home Depot Inc.COM	437076102	$129.24B	1.87%	375,428shares	SOLE	374,049 / 0 / 1,379
Broadridge Financial SolutionsCOM	11133T103	$128.65B	1.86%	653,033shares	SOLE	650,461 / 0 / 2,572
WEC Energy Group Inc.COM	92939U106	$120.33B	1.74%	1,533,637shares	SOLE	1,527,863 / 0 / 5,774
Clorox Co.COM	189054109	$120.31B	1.74%	881,597shares	SOLE	878,321 / 0 / 3,276
Fidelity National Financial InCOM	31620R303	$118.09B	1.70%	2,389,519shares	SOLE	2,380,230 / 0 / 9,289
Chevron Corp.COM	166764100	$117.81B	1.70%	753,184shares	SOLE	750,276 / 0 / 2,909
Diageo plcCOM	25243Q205	$117.47B	1.70%	931,740shares	SOLE	928,747 / 0 / 2,993
T. Rowe Price Group Inc.COM	74144T108	$115.22B	1.66%	999,207shares	SOLE	995,372 / 0 / 3,835
Fastenal Co.COM	311900104	$108.93B	1.57%	1,733,384shares	SOLE	1,727,609 / 0 / 5,775
Northern Trust Corp.COM	665859104	$97.21B	1.40%	1,157,594shares	SOLE	1,153,373 / 0 / 4,221
TJX Cos. Inc.COM	872540109	$95.87B	1.38%	870,796shares	SOLE	868,781 / 0 / 2,014
Kinder Morgan Inc.COM	49456B101	$90.35B	1.30%	4,547,002shares	SOLE	4,529,794 / 0 / 17,207
Entergy Corp.COM	29364G103	$89.03B	1.28%	832,015shares	SOLE	828,798 / 0 / 3,217
Dow Inc.COM	260557103	$88.20B	1.27%	1,662,520shares	SOLE	1,656,068 / 0 / 6,451
United Parcel Service Inc.COM	911312106	$87.99B	1.27%	642,987shares	SOLE	640,525 / 0 / 2,462
Cisco Systems Inc.COM	17275R102	$87.20B	1.26%	1,835,324shares	SOLE	1,828,372 / 0 / 6,951
Stryker Corp.COM	863667101	$87.10B	1.26%	255,996shares	SOLE	255,413 / 0 / 583
S&P Global Inc.COM	78409V104	$83.60B	1.21%	187,449shares	SOLE	187,023 / 0 / 426
Mastercard Inc.COM	57636Q104	$82.87B	1.20%	187,839shares	SOLE	187,441 / 0 / 398
Oracle Corp.COM	68389X105	$82.73B	1.19%	585,932shares	SOLE	584,598 / 0 / 1,334
Gilead Sciences Inc.COM	375558103	$82.52B	1.19%	1,202,728shares	SOLE	1,197,963 / 0 / 4,765
Polaris Inc.COM	731068102	$80.87B	1.17%	1,032,635shares	SOLE	1,028,734 / 0 / 3,900
U.S. BancorpCOM	902973304	$79.10B	1.14%	1,992,451shares	SOLE	1,984,939 / 0 / 7,512
Brookfield Infrastructure CorpCOM	11275Q107	$77.81B	1.12%	2,311,580shares	SOLE	2,302,101 / 0 / 9,479
Ares Capital Corp.COM	04010L103	$76.54B	1.10%	3,672,574shares	SOLE	3,657,503 / 0 / 15,071
Alphabet Inc.COM	02079K107	$76.45B	1.10%	416,824shares	SOLE	416,035 / 0 / 789
W. R. Berkley Corp.COM	084423102	$72.56B	1.05%	923,442shares	SOLE	921,238 / 0 / 2,204
Masco Corp.COM	574599106	$64.94B	0.94%	974,007shares	SOLE	971,917 / 0 / 2,090
Berkshire Hathaway Inc. - BCOM	084670702	$62.93B	0.91%	154,692shares	SOLE	154,403 / 0 / 289
SPDR Portfolio Mortgage BackedCOM	78464A383	$62.58B	0.90%	2,901,057shares	SOLE	2,895,148 / 0 / 5,909
Rayonier Inc.COM	754907103	$61.77B	0.89%	2,123,497shares	SOLE	2,114,426 / 0 / 9,071
Markel Corp. Inc.COM	570535104	$60.69B	0.88%	38,517shares	SOLE	38,425 / 0 / 92
NXP Semiconductors N.V.COM	N6596X109	$59.62B	0.86%	221,567shares	SOLE	221,115 / 0 / 452
Weyerhaeuser Co.COM	962166104	$59.18B	0.85%	2,084,579shares	SOLE	2,075,255 / 0 / 9,325
Graco Inc.COM	384109104	$57.67B	0.83%	727,456shares	SOLE	724,998 / 0 / 2,458
Illinois Tool Works Inc.COM	452308109	$57.56B	0.83%	242,924shares	SOLE	242,428 / 0 / 496
Lowe's Cos. Inc.COM	548661107	$54.41B	0.79%	246,783shares	SOLE	246,305 / 0 / 478
Starbucks Corp.COM	855244109	$53.72B	0.78%	690,094shares	SOLE	688,462 / 0 / 1,631
Booking Holdings Inc.COM	09857L108	$49.42B	0.71%	12,475shares	SOLE	12,454 / 0 / 21
Brown & Brown Inc.COM	115236101	$48.72B	0.70%	544,880shares	SOLE	543,388 / 0 / 1,492
Thermo Fisher Scientific Inc.COM	883556102	$47.56B	0.69%	86,005shares	SOLE	85,851 / 0 / 154
Keysight Technologies Inc.COM	49338L103	$47.19B	0.68%	345,086shares	SOLE	344,334 / 0 / 752
Invesco S&P MidCap Quality ETFCOM	46137V472	$45.63B	0.66%	470,257shares	SOLE	470,257 / 0 / 0
iShares BB Rated Corporate BonCOM	46435U473	$42.27B	0.61%	918,439shares	SOLE	918,439 / 0 / 0
Dun & Bradstreet Holdings Inc.COM	26484T106	$37.77B	0.55%	4,078,882shares	SOLE	4,070,917 / 0 / 7,965
Nordson Corp.COM	655663102	$36.30B	0.52%	156,486shares	SOLE	156,022 / 0 / 464
Constellation BrandsCOM	21036P108	$36.20B	0.52%	140,689shares	SOLE	140,482 / 0 / 207
Martin Marietta Materials Inc.COM	573284106	$35.35B	0.51%	65,254shares	SOLE	65,158 / 0 / 96
Pacer US Small Cap Cash Cows 1COM	69374H857	$35.35B	0.51%	811,571shares	SOLE	811,571 / 0 / 0
iShares iBonds Dec 2027 Term TCOM	46436E841	$30.57B	0.44%	1,384,733shares	SOLE	1,380,889 / 0 / 3,844
SPDR Portfolio Developed WorldCOM	78463X889	$28.84B	0.42%	822,215shares	SOLE	822,215 / 0 / 0
Ecolab Inc.COM	278865100	$28.03B	0.40%	117,757shares	SOLE	117,403 / 0 / 354
SPDR Gold MiniShares Trust ETFCOM	98149E303	$27.87B	0.40%	604,725shares	SOLE	604,725 / 0 / 0
General Dynamics Corp.COM	369550108	$25.75B	0.37%	88,756shares	SOLE	88,465 / 0 / 291
Sherwin-Williams Co.COM	824348106	$25.06B	0.36%	83,975shares	SOLE	83,724 / 0 / 251
Amphenol Corp.COM	032095101	$24.89B	0.36%	369,379shares	SOLE	368,331 / 0 / 1,048
ResMed Inc.COM	761152107	$24.64B	0.36%	128,732shares	SOLE	128,357 / 0 / 375
EOG Resources Inc.COM	26875P101	$24.32B	0.35%	193,181shares	SOLE	192,645 / 0 / 536
Expeditors International of WaCOM	302130109	$23.99B	0.35%	192,247shares	SOLE	191,733 / 0 / 514
Donaldson Co. Inc.COM	257651109	$23.98B	0.35%	335,160shares	SOLE	334,159 / 0 / 1,001
Air Products and Chemicals IncCOM	009158106	$23.71B	0.34%	91,881shares	SOLE	91,663 / 0 / 218
Procter & Gamble Co.COM	742718109	$23.67B	0.34%	143,504shares	SOLE	143,086 / 0 / 418
Vontier Corp.COM	928881101	$22.87B	0.33%	598,757shares	SOLE	596,716 / 0 / 2,041
A. O. Smith Corp.COM	831865209	$22.29B	0.32%	272,538shares	SOLE	271,741 / 0 / 797
Paycom Software Inc.COM	70432V102	$21.86B	0.32%	152,795shares	SOLE	152,505 / 0 / 290
iShares iBonds Dec 2026 Term CCOM	46435GAA0	$21.67B	0.31%	909,541shares	SOLE	907,769 / 0 / 1,772
McDonald's Corp.COM	580135101	$21.55B	0.31%	84,567shares	SOLE	84,321 / 0 / 246
Toro Co.COM	891092108	$21.48B	0.31%	229,670shares	SOLE	229,002 / 0 / 668
SPDR S&P 600 Small Cap GrowthCOM	78464A201	$20.26B	0.29%	235,926shares	SOLE	235,926 / 0 / 0
Charles River Laboratories IntCOM	159864107	$19.68B	0.28%	95,272shares	SOLE	94,933 / 0 / 339
New Jersey Resources Corp.COM	646025106	$19.60B	0.28%	458,483shares	SOLE	456,984 / 0 / 1,499
iShares iBonds Dec 2026 Term TCOM	46436E858	$19.58B	0.28%	864,059shares	SOLE	861,709 / 0 / 2,350
Becton Dickinson and Co.COM	075887109	$19.01B	0.27%	81,319shares	SOLE	81,091 / 0 / 228
American Water Works Co. Inc.COM	030420103	$18.91B	0.27%	146,379shares	SOLE	145,999 / 0 / 380
Morningstar Inc.COM	617700109	$18.54B	0.27%	62,670shares	SOLE	62,498 / 0 / 172
Nestle S.A.COM	641069406	$18.31B	0.26%	178,697shares	SOLE	178,074 / 0 / 623
iShares 1-5 Year Investment GrCOM	464288646	$18.13B	0.26%	353,734shares	SOLE	353,734 / 0 / 0
SPDR Portfolio S&P 500 Value ECOM	78464A508	$18.07B	0.26%	370,706shares	SOLE	370,706 / 0 / 0
iShares 1-3 Year Treasury BondCOM	464287457	$18.02B	0.26%	220,674shares	SOLE	220,674 / 0 / 0
iShares MBS ETFCOM	464288588	$18.01B	0.26%	196,153shares	SOLE	195,643 / 0 / 510
NIKE Inc.COM	654106103	$17.26B	0.25%	228,972shares	SOLE	228,283 / 0 / 689
Gates Industrial Corp. plcCOM	G39108108	$17.01B	0.25%	1,076,127shares	SOLE	1,072,848 / 0 / 3,279
Medtronic plcCOM	G5960L103	$16.89B	0.24%	214,646shares	SOLE	214,079 / 0 / 567
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$15.49B	0.22%	212,421shares	SOLE	212,421 / 0 / 0
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$15.45B	0.22%	183,821shares	SOLE	183,821 / 0 / 0
SPDR S&P 500 ETFCOM	78462F103	$15.06B	0.22%	27,671shares	SOLE	27,671 / 0 / 0
Dollar Tree Inc.COM	256746108	$13.73B	0.20%	128,640shares	SOLE	128,177 / 0 / 463
Keurig Dr. Pepper Inc.COM	49271V100	$12.44B	0.18%	372,515shares	SOLE	371,124 / 0 / 1,391
Global X Uranium ETFCOM	37954Y871	$12.13B	0.18%	419,064shares	SOLE	419,064 / 0 / 0
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$11.50B	0.17%	143,572shares	SOLE	143,572 / 0 / 0
DuPont de Nemours Inc.COM	26614N102	$11.27B	0.16%	140,013shares	SOLE	139,531 / 0 / 482
Baldwin GroupCOM	05589G102	$11.27B	0.16%	317,706shares	SOLE	316,936 / 0 / 770
Dimensional National MunicipalCOM	25434V849	$10.97B	0.16%	229,615shares	SOLE	228,812 / 0 / 803
CarMax Inc.COM	143130102	$10.84B	0.16%	147,804shares	SOLE	147,262 / 0 / 542
John Bean Technologies Corp.COM	477839104	$9.98B	0.14%	105,128shares	SOLE	104,814 / 0 / 314
iShares iBonds Dec 2028 Term TCOM	46436E833	$9.75B	0.14%	446,424shares	SOLE	445,244 / 0 / 1,180
Azek Co. Inc.COM	05478C105	$9.71B	0.14%	230,561shares	SOLE	229,914 / 0 / 647
iShares iBonds Dec 2032 Term TCOM	46436E296	$9.65B	0.14%	430,111shares	SOLE	428,963 / 0 / 1,148
Powershares Insured National MCOM	46138E537	$8.49B	0.12%	358,445shares	SOLE	357,215 / 0 / 1,230
Franklin FTSE Japan ETFCOM	35473P744	$8.23B	0.12%	286,229shares	SOLE	286,229 / 0 / 0
iShares Barclays 10-20 Year TrCOM	464288653	$8.06B	0.12%	78,477shares	SOLE	78,272 / 0 / 205
iShares iBonds Dec 2033 Term CCOM	46436E130	$8.04B	0.12%	318,866shares	SOLE	318,040 / 0 / 826
SPDR Portfolio Intermediate TeCOM	78464A375	$7.96B	0.11%	244,519shares	SOLE	243,892 / 0 / 627
Lamb Weston Holdings Inc.COM	513272104	$7.94B	0.11%	94,400shares	SOLE	94,038 / 0 / 362
iShares iBonds Dec 2030 Term TCOM	46436E593	$7.84B	0.11%	406,830shares	SOLE	405,781 / 0 / 1,049
iShares iBonds Dec 2029 Term TCOM	46436E825	$7.81B	0.11%	365,644shares	SOLE	364,712 / 0 / 932
SPDR Nuveen S&P High Yield MunCOM	78464A284	$6.97B	0.10%	273,868shares	SOLE	273,868 / 0 / 0
Hercules Capital Inc.COM	427096508	$6.75B	0.10%	330,000shares	DFND	0 / 330,000 / 0
Invesco BulletShares 2028 MuniCOM	46138J486	$6.65B	0.10%	286,386shares	SOLE	285,401 / 0 / 985
Invesco BulletShares 2027 MuniCOM	46138J494	$6.07B	0.09%	258,410shares	SOLE	257,517 / 0 / 893
i3 Verticals Inc.COM	46571Y107	$5.96B	0.09%	269,889shares	SOLE	269,275 / 0 / 614
Invesco BulletShares 2031 MuniCOM	46138J411	$5.92B	0.09%	282,488shares	SOLE	281,599 / 0 / 889
Main Street Capital Corp.COM	56035L104	$5.60B	0.08%	111,000shares	DFND	0 / 111,000 / 0
Invesco BulletShares 2026 MuniCOM	46138J510	$5.49B	0.08%	233,838shares	SOLE	233,024 / 0 / 814
Invesco BulletShares 2025 MuniCOM	46138J528	$5.48B	0.08%	225,588shares	SOLE	224,802 / 0 / 786
iShares iBonds Dec 2025 Term CCOM	46434VBD1	$5.34B	0.08%	214,998shares	SOLE	214,998 / 0 / 0
iShares US Aerospace & DefenseCOM	464288760	$5.21B	0.08%	39,451shares	SOLE	39,451 / 0 / 0
Blackstone Secured Lending FunCOM	09261X102	$4.90B	0.07%	160,000shares	DFND	0 / 160,000 / 0
New Mountain Finance Corp.COM	647551100	$4.32B	0.06%	353,000shares	DFND	0 / 353,000 / 0
Sixth Street Specialty LendingCOM	83012A109	$4.21B	0.06%	197,000shares	DFND	0 / 197,000 / 0
Golub Capital BDC Inc.COM	38173M102	$4.08B	0.06%	260,000shares	DFND	0 / 260,000 / 0
SPDR Energy Select Sector ETFCOM	81369Y506	$4.02B	0.06%	44,153shares	SOLE	44,153 / 0 / 0
iShares iBonds Dec 2027 Term CCOM	46435UAA9	$4.01B	0.06%	169,131shares	SOLE	168,700 / 0 / 431
iShares 3-7 Year Treasury BondCOM	464288661	$3.96B	0.06%	34,289shares	SOLE	34,289 / 0 / 0
Barings BDC Inc.COM	06759L103	$3.79B	0.05%	390,000shares	DFND	0 / 390,000 / 0
SPDR Nuveen Barclays Capital SCOM	78468R739	$3.77B	0.05%	79,814shares	SOLE	79,814 / 0 / 0
UFP Technologies Inc.COM	902673102	$3.65B	0.05%	13,823shares	SOLE	13,823 / 0 / 0
Amplify Cyber Security ETFCOM	032108664	$3.55B	0.05%	54,787shares	SOLE	54,787 / 0 / 0
Invesco BulletShares 2024 MuniCOM	46138J536	$3.51B	0.05%	141,224shares	SOLE	140,749 / 0 / 475
Brookfield Asset ManagementCOM	113004105	$3.42B	0.05%	89,891shares	SOLE	89,891 / 0 / 0
RBC Bearings Inc.COM	75524B104	$3.40B	0.05%	12,591shares	SOLE	12,591 / 0 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$3.20B	0.05%	37,213shares	SOLE	37,213 / 0 / 0
Kadant Inc.COM	48282T104	$3.11B	0.04%	10,585shares	SOLE	10,585 / 0 / 0
Berkshire Hathaway Inc. - ACOM	084670108	$3.06B	0.04%	5shares	SOLE	5 / 0 / 0
Sapiens International Corp NVCOM	G7T16G103	$2.99B	0.04%	88,164shares	SOLE	88,164 / 0 / 0
Stewart Information Services CCOM	860372101	$2.98B	0.04%	47,947shares	SOLE	47,947 / 0 / 0
Cavco Industries Inc.COM	149568107	$2.92B	0.04%	8,449shares	SOLE	8,449 / 0 / 0
J & J Snack Foods Corp.COM	466032109	$2.87B	0.04%	17,690shares	SOLE	17,690 / 0 / 0
Invesco BulletShares 2029 MuniCOM	46138J478	$2.84B	0.04%	123,985shares	SOLE	123,567 / 0 / 418
Hagerty Inc.COM	405166109	$2.79B	0.04%	268,018shares	SOLE	268,018 / 0 / 0
CONMED Corp.COM	207410101	$2.79B	0.04%	40,186shares	SOLE	40,186 / 0 / 0
Perficient Inc.COM	71375U101	$2.77B	0.04%	37,044shares	SOLE	37,044 / 0 / 0
Edgewell Personal Care Co.COM	28035Q102	$2.73B	0.04%	68,007shares	SOLE	68,007 / 0 / 0
abrdn Physical Silver Shares ECOM	003264108	$2.68B	0.04%	96,089shares	SOLE	96,089 / 0 / 0
Blue Owl Capital Corp IIICOM	69122G102	$2.66B	0.04%	177,852shares	DFND	0 / 177,852 / 0
SLR Investment Corp.COM	83413U100	$2.59B	0.04%	161,000shares	DFND	0 / 161,000 / 0
Annaly Capital Management Inc.COM	035710839	$2.57B	0.04%	135,000shares	DFND	0 / 135,000 / 0
TripAdvisor Inc.COM	896945201	$2.48B	0.04%	139,438shares	SOLE	139,438 / 0 / 0
John B Sanfilippo & Son Inc.COM	800422107	$2.36B	0.03%	24,336shares	SOLE	24,336 / 0 / 0
BlackRock TCP Capital Corp.COM	09259E108	$2.29B	0.03%	212,000shares	DFND	0 / 212,000 / 0
Core Laboratories N.V.COM	21867A105	$2.26B	0.03%	111,280shares	SOLE	111,280 / 0 / 0
SJW GroupCOM	784305104	$2.24B	0.03%	41,344shares	SOLE	41,344 / 0 / 0
Winnebago Industries Inc.COM	974637100	$2.20B	0.03%	40,615shares	SOLE	40,615 / 0 / 0
Movado Group Inc.COM	624580106	$2.14B	0.03%	86,102shares	SOLE	86,102 / 0 / 0
Marten Transport Ltd.COM	573075108	$2.14B	0.03%	115,906shares	SOLE	115,906 / 0 / 0
Hayward Holdings Inc.COM	421298100	$2.14B	0.03%	173,806shares	SOLE	173,806 / 0 / 0
iShares National Muni Bond ETFCOM	464288414	$2.13B	0.03%	20,028shares	SOLE	20,028 / 0 / 0
Ares Capital Corp.COM	04010L103	$2.08B	0.03%	100,000shares	DFND	0 / 100,000 / 0
Ecovyst Inc.COM	27923Q109	$2.04B	0.03%	227,327shares	SOLE	227,327 / 0 / 0
Goldman Sachs BDC Inc.COM	38147U107	$2.03B	0.03%	135,000shares	DFND	0 / 135,000 / 0
PennantPark Investment Corp.COM	708062104	$1.93B	0.03%	256,000shares	DFND	0 / 256,000 / 0
MGP Ingredients Inc.COM	55303J106	$1.92B	0.03%	25,809shares	SOLE	25,809 / 0 / 0
Franklin Street Properties CorCOM	35471R106	$1.88B	0.03%	1,231,656shares	SOLE	40,000 / 0 / 1,191,656
Taiwan Semiconductor ManufactuCOM	874039100	$1.86B	0.03%	10,700shares	SOLE	10,429 / 0 / 271
Capital Southwest Corp.COM	140501107	$1.85B	0.03%	71,000shares	DFND	0 / 71,000 / 0
Berkshire Hathaway Inc. - BCOM	084670702	$1.83B	0.03%	4,500shares	DFND	0 / 4,500 / 0
Healthcare Services Group Inc.COM	421906108	$1.81B	0.03%	170,986shares	SOLE	170,986 / 0 / 0
iShares iBonds Dec 2026 Term MCOM	46435U259	$1.80B	0.03%	70,934shares	SOLE	70,934 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$1.77B	0.03%	97,615shares	SOLE	97,615 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$1.74B	0.03%	100,000shares	DFND	0 / 100,000 / 0
Allient Inc.COM	019330109	$1.71B	0.02%	67,591shares	SOLE	67,591 / 0 / 0
Oaktree Specialty Lending CorpCOM	67401P405	$1.69B	0.02%	90,000shares	DFND	0 / 90,000 / 0
Shell plcCOM	780259305	$1.63B	0.02%	22,603shares	SOLE	22,179 / 0 / 424
Bain Capital Specialty FinanceCOM	05684B107	$1.63B	0.02%	100,000shares	DFND	0 / 100,000 / 0
Novo Nordisk A.S.COM	670100205	$1.61B	0.02%	11,264shares	SOLE	10,974 / 0 / 290
American Outdoor Brands Inc.COM	02875D109	$1.51B	0.02%	167,960shares	SOLE	167,960 / 0 / 0
Kayne Anderson BDCCOM	48662X105	$1.44B	0.02%	90,000shares	DFND	0 / 90,000 / 0
Blackstone Group LPCOM	09260D107	$1.36B	0.02%	11,000shares	DFND	0 / 11,000 / 0
Agnico Eagle Mines Ltd.COM	008474108	$1.27B	0.02%	19,348shares	SOLE	19,038 / 0 / 310
ICON plcCOM	G4705A100	$1.22B	0.02%	3,894shares	SOLE	3,778 / 0 / 116
Golub Capital BDC Inc.COM	38173M102	$1.20B	0.02%	76,119shares	SOLE	76,119 / 0 / 0
Barings BDC Inc.COM	06759L103	$1.16B	0.02%	119,447shares	SOLE	119,447 / 0 / 0
Rio Tinto plcCOM	767204100	$1.13B	0.02%	17,095shares	SOLE	16,764 / 0 / 331
Rheinmetall AGCOM	76206K107	$1.12B	0.02%	11,008shares	SOLE	10,631 / 0 / 377
AerCap Holdings N.V.COM	N00985106	$1.09B	0.02%	11,726shares	SOLE	11,361 / 0 / 365
Palmer Square Capital BDC Inc.COM	69702V107	$1.08B	0.02%	66,866shares	DFND	0 / 66,866 / 0
Sixth Street Specialty LendingCOM	83012A109	$1.06B	0.02%	49,659shares	SOLE	49,659 / 0 / 0
iShares iBonds Dec 2024 Term MCOM	46435U697	$1.05B	0.02%	40,185shares	SOLE	40,185 / 0 / 0
Cameco Corp.COM	13321L108	$1.05B	0.02%	21,259shares	SOLE	21,259 / 0 / 0
Mitsubishi UFJ FinancialCOM	606822104	$1.04B	0.01%	96,060shares	SOLE	93,100 / 0 / 2,960
Hercules Capital Inc.COM	427096508	$1.01B	0.01%	49,548shares	SOLE	49,548 / 0 / 0
iShares iBonds Dec 2027 Term MCOM	46435U283	$1.01B	0.01%	40,259shares	SOLE	40,259 / 0 / 0
iShares iBonds Dec 2025 Term MCOM	46435U432	$1.00B	0.01%	37,934shares	SOLE	37,934 / 0 / 0
AGNC Investment Corp.COM	00123Q104	$1.00B	0.01%	105,000shares	DFND	0 / 105,000 / 0
Baldwin GroupCOM	05589G102	$996.10M	0.01%	28,083shares	DFND	0 / 28,083 / 0
Accenture plcCOM	G1151C101	$994.27M	0.01%	3,277shares	SOLE	3,173 / 0 / 104
Hagerty Inc.COM	405166109	$987.15M	0.01%	94,918shares	DFND	0 / 94,918 / 0
Main Street Capital Corp.COM	56035L104	$974.86M	0.01%	19,308shares	SOLE	19,308 / 0 / 0
UFP Technologies Inc.COM	902673102	$960.22M	0.01%	3,639shares	DFND	0 / 3,639 / 0
Sandoz GroupCOM	799926100	$952.10M	0.01%	26,301shares	SOLE	25,594 / 0 / 707
Zurich Insurance Group A.G.COM	989825104	$947.69M	0.01%	17,757shares	SOLE	17,233 / 0 / 524
SAP S.E.COM	803054204	$936.14M	0.01%	4,641shares	SOLE	4,501 / 0 / 140
Blackstone Secured Lending FunCOM	09261X102	$918.23M	0.01%	29,988shares	SOLE	29,988 / 0 / 0
CyberArk Software Ltd.COM	M2682V108	$911.03M	0.01%	3,332shares	SOLE	3,232 / 0 / 100
L'Oreal S.A.COM	502117203	$906.05M	0.01%	10,316shares	SOLE	9,994 / 0 / 322
Willis Towers Watson plcCOM	G96629103	$882.89M	0.01%	3,368shares	SOLE	3,276 / 0 / 92
OFS Capital Corp.COM	67103B100	$869.26M	0.01%	98,000shares	DFND	0 / 98,000 / 0
New Mountain Finance Corp.COM	647551100	$863.88M	0.01%	70,578shares	SOLE	70,578 / 0 / 0
Portman Ridge Finance Corp.COM	73688F201	$863.28M	0.01%	44,000shares	DFND	0 / 44,000 / 0
DBS Group Holdings Ltd.COM	23304Y100	$856.55M	0.01%	8,145shares	SOLE	7,870 / 0 / 275
ING Groep N.V.COM	456837103	$852.46M	0.01%	49,735shares	SOLE	48,129 / 0 / 1,606
ITOCHU Corp.COM	465717106	$841.09M	0.01%	8,552shares	SOLE	8,266 / 0 / 286
J & J Snack Foods Corp.COM	466032109	$836.04M	0.01%	5,149shares	DFND	0 / 5,149 / 0
Goldman Sachs BDC Inc.COM	38147U107	$830.27M	0.01%	55,241shares	SOLE	55,241 / 0 / 0
Sapiens International Corp NVCOM	G7T16G103	$828.40M	0.01%	24,415shares	DFND	0 / 24,415 / 0
Blue Owl Capital Corp IIICOM	69122G102	$827.95M	0.01%	55,307shares	SOLE	55,307 / 0 / 0
TotalEnergies S.E.COM	89151E109	$821.43M	0.01%	12,319shares	SOLE	11,923 / 0 / 396
RBC Bearings Inc.COM	75524B104	$819.32M	0.01%	3,037shares	DFND	0 / 3,037 / 0
i3 Verticals Inc.COM	46571Y107	$809.25M	0.01%	36,651shares	DFND	0 / 36,651 / 0
Perficient Inc.COM	71375U101	$809.00M	0.01%	10,817shares	DFND	0 / 10,817 / 0
Wal-Mart de Mexico S.A.B. de CCOM	93114W107	$802.46M	0.01%	23,588shares	SOLE	22,953 / 0 / 635
Crescent Capital BDC Inc.COM	225655109	$799.38M	0.01%	42,565shares	DFND	0 / 42,565 / 0
Kadant Inc.COM	48282T104	$795.56M	0.01%	2,708shares	DFND	0 / 2,708 / 0
Southern Copper Corp.COM	84265V105	$782.17M	0.01%	7,260shares	SOLE	7,260 / 0 / 0
Edgewell Personal Care Co.COM	28035Q102	$769.04M	0.01%	19,135shares	DFND	0 / 19,135 / 0
FS KKR Capital Corp.COM	302635206	$759.61M	0.01%	38,500shares	DFND	0 / 38,500 / 0
John B Sanfilippo & Son Inc.COM	800422107	$755.88M	0.01%	7,779shares	DFND	0 / 7,779 / 0
LVMH Moet Hennessy Louis VuittCOM	502441306	$751.26M	0.01%	4,899shares	SOLE	4,765 / 0 / 134
Nintendo Co. Ltd.COM	654445303	$746.65M	0.01%	56,139shares	SOLE	54,614 / 0 / 1,525
Sony Group Corp.COM	835699307	$744.76M	0.01%	8,767shares	SOLE	8,573 / 0 / 194
CONMED Corp.COM	207410101	$739.99M	0.01%	10,675shares	DFND	0 / 10,675 / 0
Marten Transport Ltd.COM	573075108	$736.91M	0.01%	39,941shares	DFND	0 / 39,941 / 0
Diamondback Energy Inc.COM	25278X109	$734.10M	0.01%	3,667shares	SOLE	3,667 / 0 / 0
Ecovyst Inc.COM	27923Q109	$731.82M	0.01%	81,585shares	DFND	0 / 81,585 / 0
Azek Co. Inc.COM	05478C105	$721.35M	0.01%	17,122shares	DFND	0 / 17,122 / 0
Mitsui & Co. Ltd.COM	606827202	$710.39M	0.01%	773shares	SOLE	773 / 0 / 0
SJW GroupCOM	784305104	$707.41M	0.01%	13,047shares	DFND	0 / 13,047 / 0
Chugai Pharms Co. LtdCOM	171269103	$703.44M	0.01%	39,586shares	SOLE	38,264 / 0 / 1,322
Brown & Brown Inc.COM	115236101	$699.63M	0.01%	7,825shares	DFND	0 / 7,825 / 0
Gates Industrial Corp. plcCOM	G39108108	$695.10M	0.01%	43,966shares	DFND	0 / 43,966 / 0
Haleon plcCOM	405552100	$691.31M	0.01%	83,694shares	SOLE	80,923 / 0 / 2,771
John Bean Technologies Corp.COM	477839104	$686.63M	0.01%	7,230shares	DFND	0 / 7,230 / 0
Stewart Information Services CCOM	860372101	$685.86M	0.01%	11,048shares	DFND	0 / 11,048 / 0
Capital Southwest Corp.COM	140501107	$683.87M	0.01%	26,212shares	SOLE	26,212 / 0 / 0
BAE Systems plcCOM	05523R107	$681.94M	0.01%	10,201shares	SOLE	9,829 / 0 / 372
Morningstar Inc.COM	617700109	$681.93M	0.01%	2,305shares	DFND	0 / 2,305 / 0
Trinity Capital Inc.COM	896442308	$678.72M	0.01%	48,000shares	DFND	0 / 48,000 / 0
BNP Paribas S.A.COM	05565A202	$657.68M	0.01%	20,463shares	SOLE	19,754 / 0 / 709
Antofagasta PLC ADRCOM	G0398N128	$657.34M	0.01%	24,189shares	SOLE	24,189 / 0 / 0
Movado Group Inc.COM	624580106	$647.75M	0.01%	26,056shares	DFND	0 / 26,056 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$636.65M	0.01%	7,409shares	DFND	0 / 7,409 / 0
Hayward Holdings Inc.COM	421298100	$633.25M	0.01%	51,484shares	DFND	0 / 51,484 / 0
Exxon Mobil Corp.COM	30231G102	$626.41M	0.01%	5,441shares	SOLE	5,441 / 0 / 0
Cavco Industries Inc.COM	149568107	$617.91M	0.01%	1,785shares	DFND	0 / 1,785 / 0
TripAdvisor Inc.COM	896945201	$617.60M	0.01%	34,677shares	DFND	0 / 34,677 / 0
Shopify Inc.COM	82509L107	$611.95M	0.01%	9,265shares	SOLE	9,085 / 0 / 180
Chesapeake Energy Corp.COM	165167735	$611.16M	0.01%	7,436shares	SOLE	7,436 / 0 / 0
Freeport-McMoRan Inc.COM	35671D857	$608.91M	0.01%	12,529shares	SOLE	12,529 / 0 / 0
Wheaton Precious Metals Corp.COM	962879102	$606.71M	0.01%	11,574shares	SOLE	11,574 / 0 / 0
Antero Resources Corp.COM	03674X106	$603.62M	0.01%	18,499shares	SOLE	18,499 / 0 / 0
iShares Gold Trust ETFCOM	464285204	$601.18M	0.01%	13,685shares	SOLE	13,685 / 0 / 0
Southwestern Energy Co.COM	845467109	$598.38M	0.01%	88,912shares	SOLE	88,912 / 0 / 0
MGP Ingredients Inc.COM	55303J106	$597.28M	0.01%	8,028shares	DFND	0 / 8,028 / 0
BlackRock TCP Capital Corp.COM	09259E108	$596.68M	0.01%	55,248shares	SOLE	55,248 / 0 / 0
Core Laboratories N.V.COM	21867A105	$596.36M	0.01%	29,392shares	DFND	0 / 29,392 / 0
ConocoPhillipsCOM	20825C104	$595.58M	0.01%	5,207shares	SOLE	5,207 / 0 / 0
Winnebago Industries Inc.COM	974637100	$593.65M	0.01%	10,953shares	DFND	0 / 10,953 / 0
MakeMyTrip Ltd.COM	V5633W109	$582.56M	0.01%	6,927shares	SOLE	6,927 / 0 / 0
Franco-Nevada Corp.COM	351858105	$577.07M	0.01%	4,869shares	SOLE	4,869 / 0 / 0
Oaktree Specialty Lending CorpCOM	67401P405	$569.62M	0.01%	30,283shares	SOLE	30,283 / 0 / 0
Royal Gold Inc.COM	780287108	$559.22M	0.01%	4,468shares	SOLE	4,468 / 0 / 0
American Express Co.COM	025816109	$555.72M	0.01%	2,400shares	SOLE	2,400 / 0 / 0
Crescent Capital BDC Inc.COM	225655109	$545.71M	0.01%	29,058shares	SOLE	29,058 / 0 / 0
SMC Corp.COM	78445W306	$544.59M	0.01%	22,853shares	SOLE	22,127 / 0 / 726
Komatsu Ltd.COM	500458401	$544.54M	0.01%	18,623shares	SOLE	18,133 / 0 / 490
Seabridge Gold Inc.COM	811916105	$529.28M	0.01%	38,662shares	SOLE	38,662 / 0 / 0
Coterra Energy Inc.COM	127097103	$528.60M	0.01%	19,820shares	SOLE	19,820 / 0 / 0
Hess Corp.COM	42809H107	$525.02M	0.01%	3,559shares	SOLE	3,559 / 0 / 0
iShares Russell 1000 Value ETFCOM	464287598	$522.36M	0.01%	2,994shares	SOLE	2,994 / 0 / 0
iShares Core S&P US Value ETFCOM	464287663	$498.99M	0.01%	5,662shares	SOLE	5,662 / 0 / 0
Denison Mines Corp.COM	248356107	$483.85M	0.01%	243,139shares	SOLE	243,139 / 0 / 0
Uranium Energy Corp.COM	916896103	$475.06M	0.01%	79,045shares	SOLE	79,045 / 0 / 0
CAE Inc.COM	124765108	$466.32M	0.01%	25,098shares	SOLE	24,338 / 0 / 760
Woodside Energy Group Ltd.COM	980228308	$464.57M	0.01%	24,698shares	SOLE	23,837 / 0 / 861
Glencore plcCOM	37827X100	$463.01M	0.01%	40,830shares	SOLE	40,830 / 0 / 0
Vista Energy S.A.B. de C.V.COM	92837L109	$456.71M	0.01%	10,042shares	SOLE	10,042 / 0 / 0
Alcoa Corp.COM	013872106	$454.61M	0.01%	11,428shares	SOLE	11,428 / 0 / 0
Newmont Mining Corp.COM	651639106	$454.49M	0.01%	10,855shares	SOLE	10,855 / 0 / 0
Barrick Gold Corp.COM	067901108	$451.89M	0.01%	27,092shares	SOLE	27,092 / 0 / 0
Roche Holding A.G.COM	771195104	$448.01M	0.01%	12,922shares	SOLE	12,560 / 0 / 362
BHP Billiton Ltd.COM	088606108	$443.70M	0.01%	7,772shares	SOLE	7,772 / 0 / 0
POSCO Holdings Inc.COM	693483109	$422.02M	0.01%	6,420shares	SOLE	6,233 / 0 / 187
Bank of America Corp.COM	060505104	$397.70M	0.01%	10,000shares	DFND	0 / 10,000 / 0
SLR Investment Corp.COM	83413U100	$392.15M	0.01%	24,372shares	SOLE	24,372 / 0 / 0
Materion Corp.COM	576690101	$388.83M	0.01%	3,596shares	SOLE	3,596 / 0 / 0
MercadoLibre Inc.COM	58733R102	$366.48M	0.01%	223shares	SOLE	223 / 0 / 0
Allient Inc.COM	019330109	$357.32M	0.01%	14,140shares	DFND	0 / 14,140 / 0
Mosaic Co.COM	61945C103	$350.88M	0.01%	12,141shares	SOLE	12,141 / 0 / 0
American Outdoor Brands Inc.COM	02875D109	$342.48M	0.00%	38,053shares	DFND	0 / 38,053 / 0
PennantPark Investment Corp.COM	708062104	$331.95M	0.00%	43,967shares	SOLE	43,967 / 0 / 0
Fomento Economico Mexicano S.ACOM	344419106	$327.17M	0.00%	3,039shares	SOLE	3,039 / 0 / 0
Curtiss-Wright Corp.COM	231561101	$314.34M	0.00%	1,160shares	SOLE	1,160 / 0 / 0
Portman Ridge Finance Corp.COM	73688F201	$307.62M	0.00%	15,679shares	SOLE	15,679 / 0 / 0
KB Financial Group Inc.COM	48241A105	$307.43M	0.00%	5,431shares	SOLE	5,431 / 0 / 0
ICICI Bank Ltd.COM	45104G104	$304.49M	0.00%	10,569shares	SOLE	10,569 / 0 / 0
Bain Capital Specialty FinanceCOM	05684B107	$302.05M	0.00%	18,519shares	SOLE	18,519 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$297.28M	0.00%	17,085shares	SOLE	17,085 / 0 / 0
Palmer Square Capital BDC Inc.COM	69702V107	$296.92M	0.00%	18,374shares	SOLE	18,374 / 0 / 0
Invesco BulletShares 2032 MuncCOM	46139W833	$295.96M	0.00%	11,740shares	SOLE	11,740 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$294.88M	0.00%	16,256shares	DFND	0 / 16,256 / 0
Invesco Bulletshares 2033 MuniCOM	46139W791	$290.54M	0.00%	11,209shares	SOLE	11,209 / 0 / 0
iShares iBonds Dec 2029 Term MCOM	46436E163	$289.59M	0.00%	11,649shares	SOLE	11,649 / 0 / 0
Gold Fields Ltd.COM	38059T106	$283.86M	0.00%	19,051shares	SOLE	19,051 / 0 / 0
Dr Reddy's Laboratories Ltd.COM	256135203	$277.79M	0.00%	3,646shares	SOLE	3,646 / 0 / 0
Invesco BulletShares 2030 MuniCOM	46138J445	$277.61M	0.00%	12,751shares	SOLE	12,751 / 0 / 0
iShares iBonds Dec 2028 Term MCOM	46435U325	$276.60M	0.00%	11,055shares	SOLE	11,055 / 0 / 0
Alphabet Inc.COM	02079K305	$275.23M	0.00%	1,511shares	SOLE	1,511 / 0 / 0
Kemper Corp.COM	488401100	$265.20M	0.00%	4,470shares	SOLE	4,470 / 0 / 0
FS KKR Capital Corp.COM	302635206	$259.98M	0.00%	13,177shares	SOLE	13,177 / 0 / 0
Sociedad Quimica y Minera de CCOM	833635105	$255.79M	0.00%	6,277shares	SOLE	6,277 / 0 / 0
Coca-Cola Femsa SAB de CVCOM	191241108	$248.16M	0.00%	2,891shares	SOLE	2,891 / 0 / 0
Tencent Holdings Ltd.COM	88032Q109	$244.99M	0.00%	5,173shares	SOLE	5,173 / 0 / 0
Markel Corp. Inc.COM	570535104	$236.35M	0.00%	150shares	DFND	0 / 150 / 0
Shinhan Financial Group Co. LtCOM	824596100	$235.84M	0.00%	6,775shares	SOLE	6,775 / 0 / 0
Grupo Financiero Banorte S.A.BCOM	40052P107	$229.78M	0.00%	5,549shares	SOLE	5,549 / 0 / 0
Safran S.A.COM	786584102	$217.63M	0.00%	4,087shares	SOLE	4,087 / 0 / 0
HDFC Bank Ltd.COM	40415F101	$217.24M	0.00%	3,377shares	SOLE	3,377 / 0 / 0
JPMorgan Chase & Co.COM	46625H100	$210.48M	0.00%	1,041shares	SOLE	1,041 / 0 / 0
Costco Wholesale Corp.COM	22160K105	$209.95M	0.00%	247shares	SOLE	247 / 0 / 0
Ameriprise Financial Inc.COM	03076C106	$205.05M	0.00%	480shares	SOLE	480 / 0 / 0
Infosys Ltd.COM	456788108	$193.05M	0.00%	10,368shares	SOLE	10,368 / 0 / 0
JBS S.A.COM	466110103	$179.10M	0.00%	15,497shares	SOLE	15,497 / 0 / 0
Controladora Vuela Cia de AviaCOM	21240E105	$178.49M	0.00%	28,064shares	SOLE	28,064 / 0 / 0
Ecopetrol S.A.COM	279158109	$170.56M	0.00%	15,242shares	SOLE	15,242 / 0 / 0
Betterware de Mexico SAPI de CCOM	P1666E105	$160.48M	0.00%	10,984shares	SOLE	10,984 / 0 / 0
Arcos Dorados Holdings Inc.COM	G0457F107	$152.85M	0.00%	16,983shares	SOLE	16,983 / 0 / 0
Vale S.A.COM	91912E105	$146.50M	0.00%	13,115shares	SOLE	13,115 / 0 / 0
Trinity Capital Inc.COM	896442308	$136.47M	0.00%	9,651shares	SOLE	9,651 / 0 / 0
Pagseguro Digital Ltd.COM	G68707101	$122.07M	0.00%	10,442shares	SOLE	10,442 / 0 / 0
PT Astra International TbkCOM	69367X109	$120.79M	0.00%	22,515shares	SOLE	22,515 / 0 / 0
Ping An Insurance Group Co. ofCOM	72341E304	$120.28M	0.00%	13,261shares	SOLE	13,261 / 0 / 0
Sendas Distribuidora S.A.COM	81689T104	$106.26M	0.00%	11,426shares	SOLE	11,426 / 0 / 0
Bank of America Corp.COM	060505104	$23.50M	0.00%	591shares	SOLE	591 / 0 / 0
AGNC Investment Corp.COM	00123Q104	$18.68M	0.00%	1,958shares	SOLE	1,958 / 0 / 0
Annaly Capital Management Inc.COM	035710839	$12.35M	0.00%	648shares	SOLE	648 / 0 / 0

Filing Metadata

Form type

13F-HR

Filing date

Jul 1, 2024

Holdings as of

June 30, 2024

Accession

0001636661-24-000007

CIK

0001442056

Other managers

View on SEC

Portfolio Snapshot

Total Portfolio Value

$6.93T

Number of Positions

358

358 reported by filer

Top 10 Concentration

21.8%

Top 20 Concentration

39.8%

Unique Issuers

299

By CUSIP

Avg. Position Size

$19.35B

Across 358 holdings

Top 5 Holdings

Progressive Corp.2.8%

Chubb Ltd.2.2%

Analog Devices Inc.2.2%

PepsiCo Inc.2.2%

Linde plc2.2%