CONFLUENCE INVESTMENT MANAGEMENT LLC — Q4 2025 13F Holdings

Holdings as of December 31, 2025

Portfolio value

$6.67T

Holdings count

458

458 positions reported

Accession #

0001442056-26-000002

Form 13F-HR

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All Reported Positions

458 positions sorted by value

458 positions

Issuer	CUSIP	Valuev	Weight	Shares/Prin.	Discretion	Voting (Sole/Shared/None)
iShares 0-3 Month Treasury BonCOM	46436E718	$209.32B	3.14%	2,085,234shares	SOLE	2,077,639 / 0 / 7,595
Snap-on Inc.COM	833034101	$161.17B	2.41%	467,697shares	SOLE	466,253 / 0 / 1,444
Chubb Ltd.COM	H1467J104	$158.91B	2.38%	509,139shares	SOLE	507,406 / 0 / 1,733
Analog Devices Inc.COM	032654105	$158.36B	2.37%	583,917shares	SOLE	582,131 / 0 / 1,786
Northern Trust Corp.COM	665859104	$150.18B	2.25%	1,099,530shares	SOLE	1,096,122 / 0 / 3,408
WEC Energy Group Inc.COM	92939U106	$139.50B	2.09%	1,322,730shares	SOLE	1,318,529 / 0 / 4,201
Lockheed Martin Corp.COM	539830109	$137.48B	2.06%	284,235shares	SOLE	283,380 / 0 / 855
Progressive Corp.COM	743315103	$135.64B	2.03%	595,654shares	SOLE	594,089 / 0 / 1,565
Southern Co.COM	842587107	$129.10B	1.93%	1,480,469shares	SOLE	1,475,915 / 0 / 4,554
Hershey Co.COM	427866108	$126.48B	1.90%	694,999shares	SOLE	692,672 / 0 / 2,327
Linde plcCOM	G54950103	$126.33B	1.89%	296,274shares	SOLE	295,273 / 0 / 1,001
Cisco Systems Inc.COM	17275R102	$124.13B	1.86%	1,611,483shares	SOLE	1,606,527 / 0 / 4,955
Fastenal Co.COM	311900104	$123.70B	1.85%	3,082,500shares	SOLE	3,073,948 / 0 / 8,552
Broadridge Financial SolutionsCOM	11133T103	$123.62B	1.85%	553,907shares	SOLE	552,041 / 0 / 1,866
Chevron Corp.COM	166764100	$121.75B	1.82%	798,822shares	SOLE	796,172 / 0 / 2,649
Entergy Corp.COM	29364G103	$118.54B	1.78%	1,282,435shares	SOLE	1,278,463 / 0 / 3,972
iShares Russell 1000 Value ETFCOM	464287598	$118.39B	1.77%	562,840shares	SOLE	562,786 / 0 / 54
Home Depot Inc.COM	437076102	$113.77B	1.70%	330,623shares	SOLE	329,624 / 0 / 999
Gilead Sciences Inc.COM	375558103	$111.25B	1.67%	906,378shares	SOLE	903,532 / 0 / 2,846
Fidelity National Financial InCOM	31620R303	$110.95B	1.66%	2,032,439shares	SOLE	2,025,765 / 0 / 6,673
Paychex Inc.COM	704326107	$110.37B	1.65%	983,872shares	SOLE	980,820 / 0 / 3,052
American Water Works Co. Inc.COM	030420103	$103.10B	1.54%	790,063shares	SOLE	787,370 / 0 / 2,693
Colgate-Palmolive Co.COM	194162103	$101.36B	1.52%	1,282,775shares	SOLE	1,278,786 / 0 / 3,989
Honeywell International Inc.COM	438516106	$100.54B	1.51%	515,327shares	SOLE	513,617 / 0 / 1,710
Kinder Morgan Inc.COM	49456B101	$99.58B	1.49%	3,622,319shares	SOLE	3,610,975 / 0 / 11,344
U.S. BancorpCOM	902973304	$98.15B	1.47%	1,839,404shares	SOLE	1,833,778 / 0 / 5,626
T. Rowe Price Group Inc.COM	74144T108	$96.39B	1.44%	941,445shares	SOLE	938,521 / 0 / 2,924
SPDR Portfolio Mortgage BackedCOM	78464A383	$95.48B	1.43%	4,259,697shares	SOLE	4,253,790 / 0 / 5,907
Diageo plcCOM	25243Q205	$94.51B	1.42%	1,095,472shares	SOLE	1,091,436 / 0 / 4,036
Mondelez International Inc.COM	609207105	$93.58B	1.40%	1,738,398shares	SOLE	1,732,576 / 0 / 5,822
Accenture plcCOM	G1151C101	$88.76B	1.33%	330,834shares	SOLE	329,622 / 0 / 1,212
TJX Co. Inc.COM	872540109	$88.57B	1.33%	576,584shares	SOLE	575,299 / 0 / 1,285
Mastercard Inc.COM	57636Q104	$88.51B	1.33%	155,039shares	SOLE	154,714 / 0 / 325
W. R. Berkley Corp.COM	084423102	$82.66B	1.24%	1,178,772shares	SOLE	1,176,112 / 0 / 2,660
Nordson Corp.COM	655663102	$78.82B	1.18%	327,835shares	SOLE	327,141 / 0 / 694
Clorox Co.COM	189054109	$78.14B	1.17%	774,996shares	SOLE	772,007 / 0 / 2,988
Stryker Corp.COM	863667101	$76.89B	1.15%	218,778shares	SOLE	218,300 / 0 / 478
Microsoft Corp.COM	594918104	$74.53B	1.12%	154,116shares	SOLE	153,630 / 0 / 486
S&P Global Inc.COM	78409V104	$73.06B	1.09%	139,805shares	SOLE	139,497 / 0 / 308
SPDR Portfolio Developed WorldCOM	78463X889	$72.66B	1.09%	1,636,109shares	SOLE	1,636,109 / 0 / 0
Keysight Technologies Inc.COM	49338L103	$67.61B	1.01%	332,720shares	SOLE	332,002 / 0 / 718
Ares Capital Corp.COM	04010L103	$67.53B	1.01%	3,338,341shares	SOLE	3,327,428 / 0 / 10,913
Alphabet Inc.COM	02079K107	$57.08B	0.86%	181,906shares	SOLE	181,551 / 0 / 355
Thermo Fisher Scientific Inc.COM	883556102	$54.89B	0.82%	94,736shares	SOLE	94,555 / 0 / 181
Masco Corp.COM	574599106	$54.69B	0.82%	861,797shares	SOLE	859,899 / 0 / 1,898
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$54.67B	0.82%	512,335shares	SOLE	512,335 / 0 / 0
Lowe's Co. Inc.COM	548661107	$53.77B	0.81%	222,975shares	SOLE	222,584 / 0 / 391
Illinois Tool Works Inc.COM	452308109	$53.12B	0.80%	215,680shares	SOLE	215,228 / 0 / 452
Graco Inc.COM	384109104	$50.90B	0.76%	620,908shares	SOLE	619,086 / 0 / 1,822
Paycom Software Inc.COM	70432V102	$50.66B	0.76%	317,885shares	SOLE	317,166 / 0 / 719
NXP Semiconductors N.V.COM	N6596X109	$49.37B	0.74%	227,451shares	SOLE	227,002 / 0 / 449
Berkshire Hathaway Inc. - BCOM	084670702	$48.93B	0.73%	97,339shares	SOLE	97,152 / 0 / 187
Air Products and Chemicals IncCOM	009158106	$46.98B	0.70%	190,178shares	SOLE	189,748 / 0 / 430
Dow Inc.COM	260557103	$37.11B	0.56%	1,587,062shares	SOLE	1,580,052 / 0 / 7,010
Martin Marietta Materials Inc.COM	573284106	$37.08B	0.56%	59,546shares	SOLE	59,453 / 0 / 93
Arch Capital Group Ltd.COM	G0450A105	$34.44B	0.52%	359,044shares	SOLE	358,436 / 0 / 608
SPDR Portfolio S&P 500 Value ECOM	78464A508	$34.27B	0.51%	603,305shares	SOLE	603,305 / 0 / 0
Booking Holdings Inc.COM	09857L108	$34.07B	0.51%	6,361shares	SOLE	6,351 / 0 / 10
Brown & Brown Inc.COM	115236101	$32.84B	0.49%	412,019shares	SOLE	410,823 / 0 / 1,195
iShares MBS ETFCOM	464288588	$32.82B	0.49%	344,690shares	SOLE	343,672 / 0 / 1,018
SPDR Gold MiniShares Trust ETFCOM	98149E303	$32.48B	0.49%	380,474shares	SOLE	380,200 / 0 / 274
Brown-Forman Corp. - BCOM	115637209	$31.03B	0.46%	1,190,613shares	SOLE	1,187,492 / 0 / 3,121
Dollar Tree Inc.COM	256746108	$28.78B	0.43%	233,996shares	SOLE	233,246 / 0 / 750
Starbucks Corp.COM	855244109	$27.05B	0.41%	321,225shares	SOLE	320,319 / 0 / 906
Amphenol Corp.COM	032095101	$26.93B	0.40%	199,281shares	SOLE	198,722 / 0 / 559
Donaldson Co. Inc.COM	257651109	$25.83B	0.39%	291,382shares	SOLE	290,518 / 0 / 864
Ecolab Inc.COM	278865100	$25.80B	0.39%	98,296shares	SOLE	98,018 / 0 / 278
General Dynamics Corp.COM	369550108	$25.73B	0.39%	76,437shares	SOLE	76,206 / 0 / 231
ResMed Inc.COM	761152107	$25.63B	0.38%	106,396shares	SOLE	106,099 / 0 / 297
Expeditors International of WaCOM	302130109	$25.58B	0.38%	171,675shares	SOLE	171,238 / 0 / 437
iShares Barclays 10-20 Year TrCOM	464288653	$24.66B	0.37%	242,506shares	SOLE	242,506 / 0 / 0
Sherwin-Williams Co.COM	824348106	$22.78B	0.34%	70,312shares	SOLE	70,116 / 0 / 196
McDonald's Corp.COM	580135101	$22.55B	0.34%	73,788shares	SOLE	73,574 / 0 / 214
iShares iBonds Dec 2035 Term TCOM	46438G422	$21.26B	0.32%	834,372shares	SOLE	831,914 / 0 / 2,458
Charles River Laboratories IntCOM	159864107	$20.83B	0.31%	104,432shares	SOLE	104,069 / 0 / 363
Medtronic plcCOM	G5960L103	$20.66B	0.31%	215,117shares	SOLE	214,513 / 0 / 604
iShares BB Rated Corporate BonCOM	46435U473	$20.43B	0.31%	433,506shares	SOLE	433,506 / 0 / 0
New Jersey Resources Corp.COM	646025106	$20.23B	0.30%	438,685shares	SOLE	437,383 / 0 / 1,302
A. O. Smith Corp.COM	831865209	$19.69B	0.30%	294,451shares	SOLE	293,763 / 0 / 688
McCormick & Company Inc.COM	579780206	$19.17B	0.29%	281,411shares	SOLE	280,542 / 0 / 869
Toro Co.COM	891092108	$19.00B	0.28%	241,309shares	SOLE	240,501 / 0 / 808
iShares iBonds Dec 2034 Term TCOM	46438G646	$18.48B	0.28%	716,175shares	SOLE	714,406 / 0 / 1,769
Procter & Gamble Co.COM	742718109	$18.39B	0.28%	128,307shares	SOLE	127,945 / 0 / 361
EOG Resources Inc.COM	26875P101	$17.20B	0.26%	163,772shares	SOLE	163,306 / 0 / 466
NIKE Inc.COM	654106103	$16.95B	0.25%	266,081shares	SOLE	265,426 / 0 / 655
Zoetis Inc.COM	98978V103	$15.67B	0.23%	124,555shares	SOLE	124,211 / 0 / 344
iShares iBonds Dec 2033 Term TCOM	46436E148	$15.65B	0.23%	637,249shares	SOLE	635,392 / 0 / 1,857
iShares Core MSCI Europe ETFCOM	46434V738	$15.61B	0.23%	219,963shares	SOLE	219,963 / 0 / 0
Vontier Corp.COM	928881101	$15.02B	0.23%	404,106shares	SOLE	403,116 / 0 / 990
iShares 3-7 Year Treasury BondCOM	464288661	$14.99B	0.22%	125,607shares	SOLE	125,607 / 0 / 0
Constellation BrandsCOM	21036P108	$14.99B	0.22%	108,632shares	SOLE	108,425 / 0 / 207
Morningstar Inc.COM	617700109	$14.94B	0.22%	68,768shares	SOLE	68,589 / 0 / 179
Becton Dickinson & Co.COM	075887109	$14.54B	0.22%	74,940shares	SOLE	74,734 / 0 / 206
Walt Disney Co.COM	254687106	$14.16B	0.21%	124,478shares	SOLE	124,113 / 0 / 365
Baldwin Insurance Group Inc.COM	05589G102	$13.52B	0.20%	562,429shares	SOLE	560,815 / 0 / 1,614
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$12.10B	0.18%	130,880shares	SOLE	130,880 / 0 / 0
Avantis International Small CaCOM	025072802	$11.68B	0.18%	124,332shares	SOLE	124,332 / 0 / 0
ProShares S&P MidCap 400 DividCOM	74347B680	$11.47B	0.17%	136,230shares	SOLE	136,230 / 0 / 0
Valvoline Inc.COM	92047W101	$11.28B	0.17%	388,007shares	SOLE	386,810 / 0 / 1,197
Carrier Global Corp.COM	14448C104	$11.05B	0.17%	209,143shares	SOLE	208,529 / 0 / 614
Copart Inc.COM	217204106	$11.02B	0.17%	281,529shares	SOLE	280,565 / 0 / 964
SPDR S&P 500 ETFCOM	78462F103	$10.72B	0.16%	15,723shares	SOLE	15,723 / 0 / 0
JBT Marel Corp.COM	477839104	$10.43B	0.16%	69,230shares	SOLE	68,955 / 0 / 275
Dimensional National MunicipalCOM	25434V849	$10.09B	0.15%	209,523shares	SOLE	208,563 / 0 / 960
iShares iBonds Dec 2027 Term TCOM	46436E841	$9.69B	0.15%	431,286shares	SOLE	430,045 / 0 / 1,241
SPDR S&P Dividend ETFCOM	78464A763	$9.64B	0.14%	69,278shares	SOLE	69,278 / 0 / 0
iShares iBonds Dec 2031 Term TCOM	46436E460	$9.64B	0.14%	469,677shares	SOLE	468,300 / 0 / 1,377
iShares iBonds Dec 2027 Term CCOM	46435UAA9	$9.55B	0.14%	393,499shares	SOLE	392,350 / 0 / 1,149
iShares iBonds Dec 2032 Term TCOM	46436E296	$9.16B	0.14%	397,180shares	SOLE	396,019 / 0 / 1,161
Invesco BulletShares 2034 MuniCOM	46139W767	$9.01B	0.13%	366,347shares	SOLE	364,732 / 0 / 1,615
Global X Defense Tech ETFCOM	37960A529	$8.51B	0.13%	131,317shares	SOLE	131,317 / 0 / 0
iShares iBonds Dec 2032 Term CCOM	46436E312	$7.61B	0.11%	298,135shares	SOLE	297,249 / 0 / 886
Invesco Bulletshares 2033 MuniCOM	46139W791	$7.59B	0.11%	293,618shares	SOLE	292,334 / 0 / 1,284
iShares iBonds Dec 2030 Term TCOM	46436E593	$7.24B	0.11%	364,840shares	SOLE	363,786 / 0 / 1,054
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$6.58B	0.10%	77,720shares	SOLE	77,720 / 0 / 0
iShares 1-5 Year Investment GrCOM	464288646	$6.54B	0.10%	123,761shares	SOLE	123,761 / 0 / 0
TripAdvisor Inc.COM	896945201	$6.41B	0.10%	440,405shares	SOLE	438,370 / 0 / 2,035
iShares iBonds Dec 2026 Term CCOM	46435GAA0	$5.89B	0.09%	243,126shares	SOLE	242,421 / 0 / 705
Invesco BulletShares 2027 MuniCOM	46138J494	$5.77B	0.09%	243,914shares	SOLE	242,796 / 0 / 1,118
Cavco Industries Inc.COM	149568107	$5.70B	0.09%	9,644shares	SOLE	9,611 / 0 / 33
Vail Resorts Inc.COM	91879Q109	$5.01B	0.08%	37,745shares	SOLE	37,556 / 0 / 189
Powershares Insured National MCOM	46138E537	$4.95B	0.07%	213,404shares	SOLE	212,422 / 0 / 982
UniFirst Corp.COM	904708104	$4.93B	0.07%	25,558shares	SOLE	25,472 / 0 / 86
Main Street Capital Corp.COM	56035L104	$4.66B	0.07%	77,208shares	DFND	0 / 77,208 / 0
Hercules Capital Inc.COM	427096508	$4.32B	0.06%	229,506shares	DFND	0 / 229,506 / 0
iShares iBonds Dec 2029 Term TCOM	46436E825	$3.96B	0.06%	180,532shares	SOLE	180,532 / 0 / 0
Invesco BulletShares 2026 MuniCOM	46138J510	$3.87B	0.06%	163,801shares	SOLE	163,052 / 0 / 749
Ares Capital Corp.COM	04010L103	$3.87B	0.06%	191,235shares	DFND	0 / 191,235 / 0
Agnico Eagle Mines Ltd.COM	008474108	$3.83B	0.06%	22,589shares	SOLE	22,161 / 0 / 428
Berkshire Hathaway Inc. - ACOM	084670108	$3.77B	0.06%	5shares	SOLE	5 / 0 / 0
F&G Annuities and LifeCOM	30190A104	$3.73B	0.06%	120,805shares	SOLE	120,411 / 0 / 394
iShares Russell 2000 Value ETFCOM	464287630	$3.66B	0.05%	20,173shares	SOLE	20,173 / 0 / 0
Sixth Street Specialty LendingCOM	83012A109	$3.43B	0.05%	157,855shares	DFND	0 / 157,855 / 0
Golub Capital BDC Inc.COM	38173M102	$3.40B	0.05%	250,338shares	DFND	0 / 250,338 / 0
CONMED Corp.COM	207410101	$3.35B	0.05%	82,476shares	SOLE	82,090 / 0 / 386
Invesco BulletShares 2031 MuniCOM	46138J411	$3.26B	0.05%	154,431shares	SOLE	153,905 / 0 / 526
iShares National Muni Bond ETFCOM	464288414	$3.21B	0.05%	29,933shares	SOLE	29,933 / 0 / 0
SPDR Nuveen S&P High Yield MunCOM	78464A284	$3.13B	0.05%	125,516shares	SOLE	125,516 / 0 / 0
Blackstone Secured Lending FunCOM	09261X102	$3.07B	0.05%	116,726shares	DFND	0 / 116,726 / 0
SPDR Nuveen Barclays Capital SCOM	78468R739	$2.78B	0.04%	58,017shares	SOLE	58,017 / 0 / 0
VanEck Vectors Long MunicipalCOM	92189F536	$2.75B	0.04%	157,054shares	SOLE	157,054 / 0 / 0
Invesco BulletShares 2030 MuniCOM	46138J445	$2.75B	0.04%	124,878shares	SOLE	124,375 / 0 / 503
Invesco BulletShares 2032 MuncCOM	46139W833	$2.74B	0.04%	109,012shares	SOLE	108,573 / 0 / 439
Taiwan Semiconductor ManufactuCOM	874039100	$2.62B	0.04%	8,634shares	SOLE	8,424 / 0 / 210
iShares iBonds Dec 2028 Term MCOM	46435U325	$2.39B	0.04%	93,346shares	SOLE	93,346 / 0 / 0
Aberdeen Standard Physical PlaCOM	003260106	$2.38B	0.04%	12,745shares	SOLE	12,625 / 0 / 120
RBC Bearings Inc.COM	75524B104	$2.24B	0.03%	4,994shares	SOLE	4,994 / 0 / 0
Hagerty Inc.COM	405166109	$2.23B	0.03%	165,602shares	SOLE	165,602 / 0 / 0
Blue Owl Capital Corp.COM	69121K104	$2.16B	0.03%	173,852shares	DFND	0 / 173,852 / 0
Sandoz GroupCOM	799926100	$2.09B	0.03%	28,687shares	SOLE	28,096 / 0 / 591
iShares iBonds Dec 2029 Term MCOM	46436E163	$2.07B	0.03%	81,442shares	SOLE	81,442 / 0 / 0
Stewart Information Services CCOM	860372101	$2.05B	0.03%	29,210shares	SOLE	29,210 / 0 / 0
Knowles Corp.COM	49926D109	$1.94B	0.03%	90,519shares	SOLE	90,519 / 0 / 0
Gates Industrial Corp. plcCOM	G39108108	$1.94B	0.03%	90,326shares	SOLE	90,326 / 0 / 0
Haemonetics Corp.COM	405024100	$1.90B	0.03%	23,729shares	SOLE	23,729 / 0 / 0
Core Natural Resources Inc.COM	218937100	$1.86B	0.03%	20,979shares	SOLE	20,789 / 0 / 190
Barings BDC Inc.COM	06759L103	$1.85B	0.03%	201,684shares	DFND	0 / 201,684 / 0
AerCap Holdings N.V.COM	N00985106	$1.83B	0.03%	12,748shares	SOLE	12,443 / 0 / 305
New Mountain Finance Corp.COM	647551100	$1.81B	0.03%	196,789shares	DFND	0 / 196,789 / 0
Movado Group Inc.COM	624580106	$1.78B	0.03%	86,449shares	SOLE	86,449 / 0 / 0
iShares Silver Trust ETFCOM	46428Q109	$1.77B	0.03%	27,504shares	SOLE	27,220 / 0 / 284
i3 Verticals Inc.COM	46571Y107	$1.70B	0.03%	67,610shares	SOLE	67,610 / 0 / 0
FS KKR Capital Corp.COM	302635206	$1.70B	0.03%	114,758shares	DFND	0 / 114,758 / 0
Hayward Holdings Inc.COM	421298100	$1.68B	0.03%	108,877shares	SOLE	108,877 / 0 / 0
Mitsubishi UFJ FinancialCOM	606822104	$1.65B	0.02%	103,912shares	SOLE	101,536 / 0 / 2,376
DBS Group Holdings Ltd.COM	23304Y100	$1.59B	0.02%	9,064shares	SOLE	8,836 / 0 / 228
Altus Group Ltd.COM	02215R107	$1.56B	0.02%	37,824shares	SOLE	37,824 / 0 / 0
ING Groep N.V.COM	456837103	$1.53B	0.02%	54,501shares	SOLE	52,895 / 0 / 1,606
Antofagasta plcCOM	G0398N128	$1.52B	0.02%	34,322shares	SOLE	33,982 / 0 / 340
First Majestic Silver Corp.COM	32076V103	$1.51B	0.02%	90,903shares	SOLE	90,005 / 0 / 898
Newmont Mining Corp.COM	651639106	$1.51B	0.02%	15,137shares	SOLE	15,001 / 0 / 136
Zurich Insurance Group A.G.COM	989825104	$1.49B	0.02%	39,261shares	SOLE	38,343 / 0 / 918
Lundin Mining Corp.COM	550372106	$1.49B	0.02%	69,126shares	SOLE	68,455 / 0 / 671
First Quantum Minerals Ltd.COM	335934105	$1.48B	0.02%	55,068shares	SOLE	54,529 / 0 / 539
Sixth Street Specialty LendingCOM	83012A109	$1.48B	0.02%	67,923shares	SOLE	67,923 / 0 / 0
Safran S.A.COM	786584102	$1.46B	0.02%	16,789shares	SOLE	16,348 / 0 / 441
Littelfuse Inc.COM	537008104	$1.44B	0.02%	5,707shares	SOLE	5,707 / 0 / 0
ASML Holding N.V.COM	N07059210	$1.43B	0.02%	1,337shares	SOLE	1,303 / 0 / 34
Southern Copper Corp.COM	84265V105	$1.35B	0.02%	9,404shares	SOLE	9,312 / 0 / 92
Alamos Gold Inc.COM	011532108	$1.34B	0.02%	34,673shares	SOLE	34,334 / 0 / 339
Spectrum Brands Holdings Inc.COM	84790A105	$1.33B	0.02%	22,443shares	SOLE	22,443 / 0 / 0
UFP Technologies Inc.COM	902673102	$1.32B	0.02%	5,936shares	SOLE	5,936 / 0 / 0
Mitsui & Co. Ltd.COM	606827202	$1.32B	0.02%	2,247shares	SOLE	2,223 / 0 / 24
Barings BDC Inc.COM	06759L103	$1.30B	0.02%	141,564shares	SOLE	141,564 / 0 / 0
Royal Gold Inc.COM	780287108	$1.30B	0.02%	5,835shares	SOLE	5,779 / 0 / 56
Golub Capital BDC Inc.COM	38173M102	$1.30B	0.02%	95,567shares	SOLE	95,567 / 0 / 0
SAP S.E.COM	803054204	$1.28B	0.02%	5,279shares	SOLE	5,139 / 0 / 140
Amglo Am PLC ADRCOM	03485P409	$1.28B	0.02%	61,956shares	SOLE	61,360 / 0 / 596
Sony Group Corp.COM	835699307	$1.28B	0.02%	49,939shares	SOLE	48,969 / 0 / 970
Shopify Inc.COM	82509L107	$1.28B	0.02%	7,937shares	SOLE	7,757 / 0 / 180
Glencore plcCOM	37827X100	$1.27B	0.02%	115,912shares	SOLE	114,834 / 0 / 1,078
ITOCHU Corp.COM	465717106	$1.24B	0.02%	9,827shares	SOLE	9,541 / 0 / 286
Disco Corp.COM	25461D100	$1.23B	0.02%	40,364shares	SOLE	39,322 / 0 / 1,042
Wheaton Precious Metals Corp.COM	962879102	$1.22B	0.02%	10,389shares	SOLE	10,291 / 0 / 98
iShares Russell 1000 Value ETFCOM	464287598	$1.21B	0.02%	5,769shares	DFND	5,769 / 0 / 0
Main Street Capital Corp.COM	56035L104	$1.20B	0.02%	19,875shares	SOLE	19,875 / 0 / 0
Chugai Pharms Co. Ltd.COM	171269103	$1.19B	0.02%	45,369shares	SOLE	44,047 / 0 / 1,322
BAE Systems plcCOM	05523R107	$1.19B	0.02%	12,792shares	SOLE	12,420 / 0 / 372
Franco-Nevada Corp.COM	351858105	$1.18B	0.02%	5,694shares	SOLE	5,637 / 0 / 57
Franklin Street Properties CorCOM	35471R106	$1.16B	0.02%	1,231,656shares	SOLE	40,000 / 0 / 1,191,656
BNP Paribas S.A.COM	05565A202	$1.16B	0.02%	24,545shares	SOLE	23,836 / 0 / 709
Nintendo Co. Ltd.COM	654445303	$1.14B	0.02%	67,829shares	SOLE	66,304 / 0 / 1,525
Alibaba Group Holding Ltd.COM	01609W102	$1.13B	0.02%	7,742shares	SOLE	7,571 / 0 / 171
Hercules Capital Inc.COM	427096508	$1.13B	0.02%	60,283shares	SOLE	60,283 / 0 / 0
Freeport-McMoRan Inc.COM	35671D857	$1.13B	0.02%	22,157shares	SOLE	21,993 / 0 / 164
Techtronic Industries Co. Ltd.COM	87873R101	$1.12B	0.02%	19,520shares	SOLE	19,127 / 0 / 393
MidCap Financial Investment CoCOM	03761U502	$1.11B	0.02%	97,370shares	DFND	0 / 97,370 / 0
Capital Southwest Corp.COM	140501107	$1.09B	0.02%	49,380shares	DFND	0 / 49,380 / 0
Hong Kong Exchanges and CleariCOM	43858F109	$1.09B	0.02%	20,911shares	SOLE	20,402 / 0 / 509
EQT Corp.COM	26884L109	$1.08B	0.02%	20,116shares	SOLE	19,924 / 0 / 192
Expand Energy Corp.COM	165167735	$1.07B	0.02%	9,714shares	SOLE	9,616 / 0 / 98
Exxon Mobil Corp.COM	30231G102	$1.07B	0.02%	8,884shares	SOLE	8,815 / 0 / 69
Tokio Marine Holdings Inc.COM	889094108	$1.07B	0.02%	28,897shares	SOLE	28,180 / 0 / 717
Blackstone Secured Lending FunCOM	09261X102	$1.06B	0.02%	40,189shares	SOLE	40,189 / 0 / 0
RLI Corp.COM	749607107	$1.06B	0.02%	16,497shares	SOLE	16,497 / 0 / 0
Rheinmetall AGCOM	76206K107	$1.05B	0.02%	2,883shares	SOLE	2,800 / 0 / 83
L'Oreal S.A.COM	502117203	$1.05B	0.02%	12,241shares	SOLE	11,919 / 0 / 322
UFP Industries IncCOM	90278Q108	$1.05B	0.02%	11,496shares	SOLE	11,496 / 0 / 0
Vulcan Materials Co.COM	929160109	$1.03B	0.02%	3,627shares	SOLE	3,593 / 0 / 34
Haleon plcCOM	405552100	$1.00B	0.02%	99,380shares	SOLE	96,609 / 0 / 2,771
Antero Resources Corp.COM	03674X106	$986.49M	0.01%	28,627shares	SOLE	28,373 / 0 / 254
TotalEnergies S.E.COM	F92124100	$985.68M	0.01%	15,067shares	SOLE	14,671 / 0 / 396
Bain Capital Specialty FinanceCOM	05684B107	$967.34M	0.01%	69,543shares	DFND	0 / 69,543 / 0
Winnebago Industries Inc.COM	974637100	$963.30M	0.01%	23,773shares	SOLE	23,773 / 0 / 0
Roche Holding A.G.COM	771195104	$961.73M	0.01%	18,649shares	SOLE	18,287 / 0 / 362
Coterra Energy Inc.COM	127097103	$961.08M	0.01%	36,515shares	SOLE	36,174 / 0 / 341
Unilever plcCOM	904767803	$934.74M	0.01%	14,293shares	SOLE	13,911 / 0 / 381
Lundin Gold Inc.COM	550371108	$930.21M	0.01%	11,202shares	SOLE	11,091 / 0 / 111
LVMH Moet Hennessy Louis VuittCOM	502441306	$922.96M	0.01%	6,120shares	SOLE	5,986 / 0 / 134
John B Sanfilippo & Son Inc.COM	800422107	$920.69M	0.01%	13,041shares	SOLE	13,041 / 0 / 0
ICON plcCOM	G4705A100	$915.11M	0.01%	5,022shares	SOLE	4,906 / 0 / 116
Uranium Energy Corp.COM	916896103	$913.34M	0.01%	78,197shares	SOLE	77,484 / 0 / 713
Sea Ltd.COM	81141R100	$908.17M	0.01%	7,119shares	SOLE	6,946 / 0 / 173
New Mountain Finance Corp.COM	647551100	$902.36M	0.01%	97,976shares	SOLE	97,976 / 0 / 0
American Express Co.COM	025816109	$887.88M	0.01%	2,400shares	SOLE	2,400 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$862.25M	0.01%	54,816shares	SOLE	54,816 / 0 / 0
Denison Mines Corp.COM	248356107	$854.40M	0.01%	321,204shares	SOLE	317,474 / 0 / 3,730
Putnam BDC Income ETFCOM	746729508	$845.63M	0.01%	27,635shares	SOLE	27,635 / 0 / 0
Enovis Corp.COM	194014502	$830.88M	0.01%	31,189shares	SOLE	31,189 / 0 / 0
NexGen Energy LtdCOM	65340P106	$829.27M	0.01%	90,138shares	SOLE	89,262 / 0 / 876
Cameco Corp.COM	13321L108	$815.08M	0.01%	8,909shares	SOLE	8,822 / 0 / 87
iShares iBonds Dec 2027 Term MCOM	46435U283	$806.49M	0.01%	31,764shares	SOLE	31,764 / 0 / 0
Morgan Stanley Direct LendingCOM	61774A103	$801.88M	0.01%	48,658shares	DFND	0 / 48,658 / 0
Oaktree Specialty Lending CorpCOM	67401P405	$797.51M	0.01%	62,599shares	DFND	0 / 62,599 / 0
Wal-Mart de Mexico S.A.B. de CCOM	93114W107	$796.83M	0.01%	25,564shares	SOLE	24,929 / 0 / 635
Blue Owl Capital Corp.COM	69121K104	$785.98M	0.01%	63,232shares	SOLE	63,232 / 0 / 0
ESAB Corp.COM	29605J106	$777.57M	0.01%	6,960shares	SOLE	6,960 / 0 / 0
Capital Southwest Corp.COM	140501107	$762.62M	0.01%	34,430shares	SOLE	34,430 / 0 / 0
J & J Snack Foods Corp.COM	466032109	$750.19M	0.01%	8,301shares	SOLE	8,301 / 0 / 0
Komatsu Ltd.COM	500458401	$747.52M	0.01%	23,544shares	SOLE	23,054 / 0 / 490
Sibanye Stillwater Ltd.COM	82575P107	$709.16M	0.01%	49,766shares	SOLE	49,289 / 0 / 477
Goldman Sachs BDC Inc.COM	38147U107	$703.62M	0.01%	75,821shares	DFND	0 / 75,821 / 0
Marten Transport Ltd.COM	573075108	$696.02M	0.01%	61,161shares	SOLE	61,161 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$695.73M	0.01%	52,154shares	DFND	0 / 52,154 / 0
Oaktree Specialty Lending CorpCOM	67401P405	$683.03M	0.01%	53,613shares	SOLE	53,613 / 0 / 0
Gold Fields Ltd.COM	38059T106	$670.79M	0.01%	15,364shares	SOLE	15,364 / 0 / 0
Novo Nordisk A.S.COM	670100205	$663.63M	0.01%	13,043shares	SOLE	12,753 / 0 / 290
SLR Investment Corp.COM	83413U100	$656.09M	0.01%	42,438shares	DFND	0 / 42,438 / 0
FS KKR Capital Corp.COM	302635206	$640.84M	0.01%	43,271shares	SOLE	43,271 / 0 / 0
Curtiss-Wright Corp.COM	231561101	$639.47M	0.01%	1,160shares	SOLE	1,160 / 0 / 0
iShares 0-3 Month Treasury BonCOM	46436E718	$603.11M	0.01%	6,008shares	DFND	6,008 / 0 / 0
Chubb Ltd.COM	H1467J104	$587.41M	0.01%	1,882shares	DFND	1,882 / 0 / 0
Broadridge Financial SolutionsCOM	11133T103	$581.98M	0.01%	2,608shares	DFND	2,608 / 0 / 0
Crescent Capital BDC Inc.COM	225655109	$576.21M	0.01%	41,011shares	SOLE	41,011 / 0 / 0
Snap-on Inc.COM	833034101	$555.50M	0.01%	1,612shares	DFND	1,612 / 0 / 0
Analog Devices Inc.COM	032654105	$532.09M	0.01%	1,962shares	DFND	1,962 / 0 / 0
Hershey Co.COM	427866108	$530.43M	0.01%	2,915shares	DFND	2,915 / 0 / 0
Cisco Systems Inc.COM	17275R102	$509.79M	0.01%	6,618shares	DFND	6,618 / 0 / 0
Progressive Corp.COM	743315103	$501.80M	0.01%	2,204shares	DFND	2,204 / 0 / 0
WEC Energy Group Inc.COM	92939U106	$494.61M	0.01%	4,690shares	DFND	4,690 / 0 / 0
Entergy Corp.COM	29364G103	$489.79M	0.01%	5,299shares	DFND	5,299 / 0 / 0
Trinity Capital Inc.COM	896442308	$489.05M	0.01%	33,382shares	DFND	0 / 33,382 / 0
Northern Trust Corp.COM	665859104	$488.04M	0.01%	3,573shares	DFND	3,573 / 0 / 0
Lockheed Martin Corp.COM	539830109	$480.37M	0.01%	993shares	DFND	993 / 0 / 0
Fidelity National Financial InCOM	31620R303	$457.85M	0.01%	8,387shares	DFND	8,387 / 0 / 0
Linde plcCOM	G54950103	$447.28M	0.01%	1,049shares	DFND	1,049 / 0 / 0
Southern Co.COM	842587107	$445.33M	0.01%	5,107shares	DFND	5,107 / 0 / 0
Fastenal Co.COM	311900104	$426.02M	0.01%	10,616shares	DFND	10,616 / 0 / 0
Gilead Sciences Inc.COM	375558103	$424.31M	0.01%	3,457shares	DFND	3,457 / 0 / 0
Crescent Capital BDC Inc.COM	225655109	$416.01M	0.01%	29,609shares	DFND	0 / 29,609 / 0
SLR Investment Corp.COM	83413U100	$415.87M	0.01%	26,900shares	SOLE	26,900 / 0 / 0
Kinder Morgan Inc.COM	49456B101	$404.54M	0.01%	14,716shares	DFND	14,716 / 0 / 0
Vista Energy S.A.B. de C.V.COM	92837L109	$402.47M	0.01%	8,271shares	SOLE	8,271 / 0 / 0
Chevron Corp.COM	166764100	$400.53M	0.01%	2,628shares	DFND	2,628 / 0 / 0
KB Financial Group Inc.COM	48241A105	$392.91M	0.01%	4,567shares	SOLE	4,567 / 0 / 0
Home Depot Inc.COM	437076102	$389.52M	0.01%	1,132shares	DFND	1,132 / 0 / 0
Morgan Stanley Direct LendingCOM	61774A103	$387.25M	0.01%	23,498shares	SOLE	23,498 / 0 / 0
Vail Resorts Inc.COM	91879Q109	$385.52M	0.01%	2,903shares	DFND	0 / 2,903 / 0
Hayward Holdings Inc.COM	421298100	$384.57M	0.01%	24,891shares	DFND	0 / 24,891 / 0
American Water Works Co. Inc.COM	030420103	$382.37M	0.01%	2,930shares	DFND	2,930 / 0 / 0
UniFirst Corp.COM	904708104	$380.79M	0.01%	1,974shares	DFND	0 / 1,974 / 0
Paychex Inc.COM	704326107	$379.95M	0.01%	3,387shares	DFND	3,387 / 0 / 0
U.S. BancorpCOM	902973304	$379.28M	0.01%	7,108shares	DFND	7,108 / 0 / 0
Vontier Corp.COM	928881101	$378.83M	0.01%	10,189shares	DFND	0 / 10,189 / 0
TripAdvisor Inc.COM	896945201	$377.58M	0.01%	25,933shares	DFND	0 / 25,933 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$376.34M	0.01%	6,370shares	DFND	0 / 6,370 / 0
JBT Marel Corp.COM	477839104	$373.21M	0.01%	2,477shares	DFND	0 / 2,477 / 0
RBC Bearings Inc.COM	75524B104	$369.51M	0.01%	824shares	DFND	0 / 824 / 0
Valvoline Inc.COM	92047W101	$368.83M	0.01%	12,692shares	DFND	0 / 12,692 / 0
Accenture plcCOM	G1151C101	$365.43M	0.01%	1,362shares	DFND	1,362 / 0 / 0
Stewart Information Services CCOM	860372101	$361.56M	0.01%	5,146shares	DFND	0 / 5,146 / 0
Hagerty Inc.COM	405166109	$360.66M	0.01%	26,835shares	DFND	0 / 26,835 / 0
Knowles Corp.COM	49926D109	$360.39M	0.01%	16,817shares	DFND	0 / 16,817 / 0
Lynas Rare Earths Ltd.COM	551073307	$360.38M	0.01%	43,577shares	SOLE	43,128 / 0 / 449
Honeywell International Inc.COM	438516106	$358.97M	0.01%	1,840shares	DFND	1,840 / 0 / 0
Morningstar Inc.COM	617700109	$357.69M	0.01%	1,646shares	DFND	0 / 1,646 / 0
UFP Industries IncCOM	90278Q108	$355.73M	0.01%	3,907shares	DFND	0 / 3,907 / 0
UFP Technologies Inc.COM	902673102	$354.36M	0.01%	1,596shares	DFND	0 / 1,596 / 0
Movado Group Inc.COM	624580106	$353.24M	0.01%	17,131shares	DFND	0 / 17,131 / 0
Cavco Industries Inc.COM	149568107	$350.31M	0.01%	593shares	DFND	0 / 593 / 0
Haemonetics Corp.COM	405024100	$348.97M	0.01%	4,354shares	DFND	0 / 4,354 / 0
Kayne Anderson BDCCOM	48662X105	$348.33M	0.01%	24,325shares	DFND	0 / 24,325 / 0
RLI Corp.COM	749607107	$343.70M	0.01%	5,372shares	DFND	0 / 5,372 / 0
Littelfuse Inc.COM	537008104	$341.69M	0.01%	1,351shares	DFND	0 / 1,351 / 0
CONMED Corp.COM	207410101	$341.49M	0.01%	8,411shares	DFND	0 / 8,411 / 0
ASE Technology Holding Co. LtdCOM	00215W100	$341.32M	0.01%	21,200shares	SOLE	21,200 / 0 / 0
Gates Industrial Corp. plcCOM	G39108108	$340.96M	0.01%	15,881shares	DFND	0 / 15,881 / 0
Altus Group Ltd.COM	02215R107	$337.43M	0.01%	8,166shares	DFND	0 / 8,166 / 0
MSC Income FundCOM	55374X208	$330.56M	0.00%	25,157shares	SOLE	25,157 / 0 / 0
iShares iBonds Dec 2026 Term MCOM	46435U259	$330.23M	0.00%	12,881shares	SOLE	12,881 / 0 / 0
Keysight Technologies Inc.COM	49338L103	$328.76M	0.00%	1,618shares	DFND	1,618 / 0 / 0
Coca-Cola Femsa S.A.B. de C.V.COM	191241108	$321.54M	0.00%	3,395shares	SOLE	3,395 / 0 / 0
Tencent Holdings Ltd.COM	88032Q109	$317.53M	0.00%	4,148shares	SOLE	4,148 / 0 / 0
Kayne Anderson BDCCOM	48662X105	$316.26M	0.00%	22,085shares	SOLE	22,085 / 0 / 0
ICICI Bank Ltd.COM	45104G104	$315.91M	0.00%	10,601shares	SOLE	10,601 / 0 / 0
i3 Verticals Inc.COM	46571Y107	$314.88M	0.00%	12,500shares	DFND	0 / 12,500 / 0
Airbus SECOM	009279100	$314.22M	0.00%	5,425shares	SOLE	5,425 / 0 / 0
Bain Capital Specialty FinanceCOM	05684B107	$313.96M	0.00%	22,571shares	SOLE	22,571 / 0 / 0
SPDR Gold Shares ETFCOM	78463V107	$307.54M	0.00%	776shares	SOLE	776 / 0 / 0
Colgate-Palmolive Co.COM	194162103	$305.73M	0.00%	3,869shares	DFND	3,869 / 0 / 0
Shinhan Financial Group Co. LtCOM	824596100	$304.14M	0.00%	5,671shares	SOLE	5,671 / 0 / 0
MakeMyTrip Ltd.COM	V5633W109	$300.97M	0.00%	3,665shares	SOLE	3,665 / 0 / 0
Willis Towers Watson plcCOM	G96629103	$299.36M	0.00%	911shares	SOLE	911 / 0 / 0
MidCap Financial Investment CoCOM	03761U502	$297.29M	0.00%	25,987shares	SOLE	25,987 / 0 / 0
Microsoft Corp.COM	594918104	$290.96M	0.00%	602shares	DFND	602 / 0 / 0
Palmer Square Capital BDC Inc.COM	69702V107	$285.26M	0.00%	23,401shares	SOLE	23,401 / 0 / 0
BCP Investment Corp.COM	73688F201	$284.14M	0.00%	24,018shares	SOLE	24,018 / 0 / 0
iShares Core MSCI EAFE ETFCOM	46432F842	$283.05M	0.00%	3,164shares	SOLE	3,164 / 0 / 0
H World Group Ltd.COM	44332N106	$279.67M	0.00%	5,944shares	SOLE	5,944 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$276.61M	0.00%	20,735shares	SOLE	20,735 / 0 / 0
Winnebago Industries Inc.COM	974637100	$276.06M	0.00%	6,813shares	DFND	0 / 6,813 / 0
MP Materials Corp.COM	553368101	$274.68M	0.00%	5,437shares	SOLE	5,386 / 0 / 51
Marten Transport Ltd.COM	573075108	$274.26M	0.00%	24,100shares	DFND	0 / 24,100 / 0
Baldwin Insurance Group Inc.COM	05589G102	$273.61M	0.00%	11,386shares	DFND	0 / 11,386 / 0
J &amp; J Snack Foods Corp.COM	466032109	$271.92M	0.00%	3,009shares	DFND	0 / 3,009 / 0
Avantis US Large Cap Equity ETCOM	025072158	$271.87M	0.00%	3,458shares	SOLE	3,458 / 0 / 0
Ares Capital Corp.COM	04010L103	$266.95M	0.00%	13,196shares	DFND	13,196 / 0 / 0
Fomento Economico Mexicano S.ACOM	344419106	$266.44M	0.00%	2,636shares	SOLE	2,636 / 0 / 0
Yum China Holdings Inc.COM	98850P109	$259.71M	0.00%	5,440shares	SOLE	5,440 / 0 / 0
Ramaco Resources IncCOM	75134P600	$257.98M	0.00%	14,332shares	SOLE	14,194 / 0 / 138
ZTO Express Cayman Inc.COM	98980A105	$253.81M	0.00%	12,150shares	SOLE	12,150 / 0 / 0
Enovis Corp.COM	194014502	$253.45M	0.00%	9,514shares	DFND	0 / 9,514 / 0
HDFC Bank Ltd.COM	40415F101	$252.09M	0.00%	6,899shares	SOLE	6,899 / 0 / 0
Infosys Ltd.COM	456788108	$251.95M	0.00%	14,139shares	SOLE	14,139 / 0 / 0
MercadoLibre Inc.COM	58733R102	$249.77M	0.00%	124shares	SOLE	124 / 0 / 0
Dollar Tree Inc.COM	256746108	$249.34M	0.00%	2,027shares	DFND	2,027 / 0 / 0
Credicorp Ltd.COM	G2519Y108	$247.39M	0.00%	862shares	SOLE	862 / 0 / 0
Diageo plcCOM	25243Q205	$245.71M	0.00%	2,848shares	DFND	2,848 / 0 / 0
Charles River Laboratories IntCOM	159864107	$238.18M	0.00%	1,194shares	DFND	1,194 / 0 / 0
Ameriprise Financial Inc.COM	03076C106	$235.36M	0.00%	480shares	SOLE	480 / 0 / 0
JBS N.V.COM	N4732M103	$229.71M	0.00%	15,930shares	SOLE	15,930 / 0 / 0
T. Rowe Price Group Inc.COM	74144T108	$228.00M	0.00%	2,227shares	DFND	2,227 / 0 / 0
Baidu Inc.COM	056752108	$227.35M	0.00%	1,740shares	SOLE	1,740 / 0 / 0
Copa Holdings SACOM	P31076105	$226.75M	0.00%	1,880shares	SOLE	1,880 / 0 / 0
Paycom Software Inc.COM	70432V102	$224.08M	0.00%	1,406shares	DFND	1,406 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$222.01M	0.00%	14,114shares	DFND	0 / 14,114 / 0
Grupo Financiero Banorte S.A.BCOM	40052P107	$221.29M	0.00%	4,767shares	SOLE	4,767 / 0 / 0
JPMorgan Chase & Co.COM	46625H100	$220.72M	0.00%	685shares	SOLE	685 / 0 / 0
TJX Co. Inc.COM	872540109	$212.96M	0.00%	1,386shares	DFND	1,386 / 0 / 0
NVIDIA Corp.COM	67066G104	$212.42M	0.00%	1,139shares	SOLE	1,139 / 0 / 0
Controladora Vuela Cia de AviaCOM	21240E105	$209.91M	0.00%	23,638shares	SOLE	23,638 / 0 / 0
iShares 20Plus Year Treasury BCOM	464287432	$209.10M	0.00%	2,399shares	SOLE	2,399 / 0 / 0
Dr Reddy's Laboratories Ltd.COM	256135203	$207.23M	0.00%	14,760shares	SOLE	14,760 / 0 / 0
Mastercard Inc.COM	57636Q104	$205.24M	0.00%	360shares	DFND	360 / 0 / 0
Alphabet Inc.COM	02079K107	$204.67M	0.00%	652shares	DFND	652 / 0 / 0
Infineon Technologies A.G.COM	45662N103	$203.23M	0.00%	4,621shares	SOLE	4,621 / 0 / 0
Visa Inc.COM	92826C839	$200.96M	0.00%	573shares	SOLE	573 / 0 / 0
Nordson Corp.COM	655663102	$200.49M	0.00%	834shares	DFND	834 / 0 / 0
Nebius Group N.V.COM	N97284108	$200.31M	0.00%	2,393shares	SOLE	2,393 / 0 / 0
ESAB Corp.COM	29605J106	$199.64M	0.00%	1,787shares	DFND	0 / 1,787 / 0
Mondelez International Inc.COM	609207105	$196.64M	0.00%	3,653shares	DFND	3,653 / 0 / 0
W. R. Berkley Corp.COM	084423102	$191.71M	0.00%	2,734shares	DFND	2,734 / 0 / 0
Thermo Fisher Scientific Inc.COM	883556102	$190.17M	0.00%	328shares	DFND	328 / 0 / 0
iShares Russell 2000 Value ETFCOM	464287630	$186.65M	0.00%	1,030shares	DFND	1,030 / 0 / 0
S&P Global Inc.COM	78409V104	$184.85M	0.00%	354shares	DFND	354 / 0 / 0
Stryker Corp.COM	863667101	$178.95M	0.00%	509shares	DFND	509 / 0 / 0
Lowe's Co. Inc.COM	548661107	$178.32M	0.00%	739shares	DFND	739 / 0 / 0
Berkshire Hathaway Inc. - BCOM	084670702	$177.44M	0.00%	353shares	DFND	353 / 0 / 0
Graco Inc.COM	384109104	$168.96M	0.00%	2,061shares	DFND	2,061 / 0 / 0
NXP Semiconductors N.V.COM	N6596X109	$167.02M	0.00%	769shares	DFND	769 / 0 / 0
Trinity Capital Inc.COM	896442308	$166.98M	0.00%	11,398shares	SOLE	11,398 / 0 / 0
PennantPark Investment Corp.COM	708062104	$165.97M	0.00%	27,848shares	SOLE	27,848 / 0 / 0
PT Astra International TbkCOM	69367X109	$151.47M	0.00%	18,723shares	SOLE	18,723 / 0 / 0
Vontier Corp.COM	928881101	$151.07M	0.00%	4,063shares	DFND	4,063 / 0 / 0
Runway Growth Finance Corp.COM	78163D100	$146.63M	0.00%	16,420shares	SOLE	16,420 / 0 / 0
John B Sanfilippo &amp; Son Inc.COM	800422107	$140.14M	0.00%	1,985shares	DFND	0 / 1,985 / 0
Baldwin Insurance Group Inc.COM	05589G102	$136.68M	0.00%	5,688shares	DFND	5,688 / 0 / 0
Morningstar Inc.COM	617700109	$134.47M	0.00%	619shares	DFND	619 / 0 / 0
JBT Marel Corp.COM	477839104	$133.19M	0.00%	884shares	DFND	884 / 0 / 0
TripAdvisor Inc.COM	896945201	$126.26M	0.00%	8,672shares	DFND	8,672 / 0 / 0
Walt Disney Co.COM	254687106	$121.96M	0.00%	1,072shares	DFND	1,072 / 0 / 0
Clorox Co.COM	189054109	$121.00M	0.00%	1,200shares	DFND	1,200 / 0 / 0
Brown-Forman Corp. - BCOM	115637209	$109.27M	0.00%	4,193shares	DFND	4,193 / 0 / 0
Cavco Industries Inc.COM	149568107	$108.70M	0.00%	184shares	DFND	184 / 0 / 0
Ecopetrol S.A.COM	279158109	$108.50M	0.00%	10,828shares	SOLE	10,828 / 0 / 0
Brown & Brown Inc.COM	115236101	$103.58M	0.00%	1,300shares	DFND	1,300 / 0 / 0
Starbucks Corp.COM	855244109	$103.54M	0.00%	1,230shares	DFND	1,230 / 0 / 0
Valvoline Inc.COM	92047W101	$94.24M	0.00%	3,243shares	DFND	3,243 / 0 / 0
UniFirst Corp.COM	904708104	$94.14M	0.00%	488shares	DFND	488 / 0 / 0
Vail Resorts Inc.COM	91879Q109	$93.89M	0.00%	707shares	DFND	707 / 0 / 0
Copart Inc.COM	217204106	$87.66M	0.00%	2,239shares	DFND	2,239 / 0 / 0
Carrier Global Corp.COM	14448C104	$83.95M	0.00%	1,589shares	DFND	1,589 / 0 / 0
Arcos Dorados Holdings Inc.COM	G0457F107	$77.90M	0.00%	10,613shares	SOLE	10,613 / 0 / 0
Martin Marietta Materials Inc.COM	573284106	$69.74M	0.00%	112shares	DFND	112 / 0 / 0
Arch Capital Group Ltd.COM	G0450A105	$66.09M	0.00%	689shares	DFND	689 / 0 / 0
Masco Corp.COM	574599106	$61.94M	0.00%	976shares	DFND	976 / 0 / 0
Hagerty Inc.COM	405166109	$60.25M	0.00%	4,483shares	DFND	4,483 / 0 / 0
Dow Inc.COM	260557103	$59.64M	0.00%	2,551shares	DFND	2,551 / 0 / 0
Booking Holdings Inc.COM	09857L108	$58.91M	0.00%	11shares	DFND	11 / 0 / 0
Illinois Tool Works Inc.COM	452308109	$56.90M	0.00%	231shares	DFND	231 / 0 / 0
RBC Bearings Inc.COM	75524B104	$56.50M	0.00%	126shares	DFND	126 / 0 / 0
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$54.38M	0.00%	510shares	DFND	510 / 0 / 0
Knowles Corp.COM	49926D109	$54.37M	0.00%	2,537shares	DFND	2,537 / 0 / 0
Gates Industrial Corp. plcCOM	G39108108	$54.19M	0.00%	2,524shares	DFND	2,524 / 0 / 0
SPDR Portfolio Developed WorldCOM	78463X889	$52.09M	0.00%	1,173shares	DFND	1,173 / 0 / 0
Stewart Information Services CCOM	860372101	$50.02M	0.00%	712shares	DFND	712 / 0 / 0
i3 Verticals Inc.COM	46571Y107	$50.00M	0.00%	1,985shares	DFND	1,985 / 0 / 0
Haemonetics Corp.COM	405024100	$48.41M	0.00%	604shares	DFND	604 / 0 / 0
Hayward Holdings Inc.COM	421298100	$44.36M	0.00%	2,871shares	DFND	2,871 / 0 / 0
Littelfuse Inc.COM	537008104	$40.21M	0.00%	159shares	DFND	159 / 0 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$37.75M	0.00%	639shares	DFND	639 / 0 / 0
Movado Group Inc.COM	624580106	$37.08M	0.00%	1,798shares	DFND	1,798 / 0 / 0
Altus Group Ltd.COM	02215R107	$36.07M	0.00%	873shares	DFND	873 / 0 / 0
UFP Technologies Inc.COM	902673102	$34.64M	0.00%	156shares	DFND	156 / 0 / 0
SPDR Portfolio S&P 500 Value ECOM	78464A508	$30.33M	0.00%	534shares	DFND	534 / 0 / 0
Air Products and Chemicals IncCOM	009158106	$29.89M	0.00%	121shares	DFND	121 / 0 / 0
RLI Corp.COM	749607107	$28.79M	0.00%	450shares	DFND	450 / 0 / 0
SPDR Gold MiniShares Trust ETFCOM	98149E303	$28.68M	0.00%	336shares	DFND	336 / 0 / 0
UFP Industries IncCOM	90278Q108	$27.50M	0.00%	302shares	DFND	302 / 0 / 0
Cannae Holdings Inc.COM	13765N107	$20.76M	0.00%	1,320shares	DFND	1,320 / 0 / 0
ESAB Corp.COM	29605J106	$20.67M	0.00%	185shares	DFND	185 / 0 / 0
Winnebago Industries Inc.COM	974637100	$17.71M	0.00%	437shares	DFND	437 / 0 / 0
John B Sanfilippo & Son Inc.COM	800422107	$17.16M	0.00%	243shares	DFND	243 / 0 / 0
Constellation BrandsCOM	21036P108	$15.45M	0.00%	112shares	DFND	112 / 0 / 0
F&G Annuities and LifeCOM	30190A104	$15.27M	0.00%	495shares	DFND	495 / 0 / 0
Marten Transport Ltd.COM	573075108	$13.61M	0.00%	1,196shares	DFND	1,196 / 0 / 0
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$12.73M	0.00%	138shares	DFND	138 / 0 / 0
J & J Snack Foods Corp.COM	466032109	$12.47M	0.00%	138shares	DFND	138 / 0 / 0
ProShares S&P MidCap 400 DividCOM	74347B680	$11.88M	0.00%	141shares	DFND	141 / 0 / 0
CONMED Corp.COM	207410101	$11.25M	0.00%	277shares	DFND	277 / 0 / 0
Enovis Corp.COM	194014502	$11.00M	0.00%	413shares	DFND	413 / 0 / 0
iShares Core MSCI Europe ETFCOM	46434V738	$10.01M	0.00%	141shares	DFND	141 / 0 / 0
SPDR S&P Dividend ETFCOM	78464A763	$8.91M	0.00%	64shares	DFND	64 / 0 / 0
Global X Defense Tech ETFCOM	37960A529	$7.84M	0.00%	121shares	DFND	121 / 0 / 0
Avantis International Small CaCOM	025072802	$7.24M	0.00%	77shares	DFND	77 / 0 / 0
SPDR Portfolio Mortgage BackedCOM	78464A383	$7.20M	0.00%	321shares	DFND	321 / 0 / 0
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$7.12M	0.00%	84shares	DFND	84 / 0 / 0
iShares 3-7 Year Treasury BondCOM	464288661	$4.77M	0.00%	40shares	DFND	40 / 0 / 0

Filing Metadata

Form type

13F-HR

Filing date

Jan 5, 2026

Holdings as of

December 31, 2025

Accession

0001442056-26-000002

CIK

0001442056

Other managers

View on SEC

Portfolio Snapshot

Total Portfolio Value

$6.67T

Number of Positions

458

458 reported by filer

Top 10 Concentration

22.6%

Top 20 Concentration

40.4%

Unique Issuers

296

By CUSIP

Avg. Position Size

$14.57B

Across 458 holdings

Top 5 Holdings

iShares 0-3 Month Treasury Bon3.1%

Snap-on Inc.2.4%

Chubb Ltd.2.4%

Analog Devices Inc.2.4%

Northern Trust Corp.2.3%