CONFLUENCE INVESTMENT MANAGEMENT LLC — Q1 2026 13F Holdings

Holdings as of March 31, 2026

Portfolio value

$6.44T

Holdings count

414

414 positions reported

Accession #

0001442056-26-000004

Form 13F-HR

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All Reported Positions

414 positions sorted by value

414 positions

Issuer	CUSIP	Valuev	Weight	Shares/Prin.	Discretion	Voting (Sole/Shared/None)
iShares 0-3 Month Treasury BonCOM	46436E718	$175.96B	2.73%	1,748,064shares	SOLE	1,742,716 / 0 / 5,348
Analog Devices Inc.COM	032654105	$171.38B	2.66%	538,690shares	SOLE	537,145 / 0 / 1,545
Lockheed Martin Corp.COM	539830109	$162.37B	2.52%	268,656shares	SOLE	267,925 / 0 / 732
Chevron Corp.COM	166764100	$159.23B	2.47%	769,615shares	SOLE	767,276 / 0 / 2,338
Snap-on Inc.COM	833034101	$157.75B	2.45%	434,299shares	SOLE	433,035 / 0 / 1,263
Chubb Ltd.COM	H1467J104	$156.50B	2.43%	480,161shares	SOLE	478,669 / 0 / 1,493
Hershey Co.COM	427866108	$142.91B	2.22%	687,428shares	SOLE	685,441 / 0 / 1,987
WEC Energy Group Inc.COM	92939U106	$142.69B	2.22%	1,232,488shares	SOLE	1,228,892 / 0 / 3,596
Linde plcCOM	G54950103	$139.82B	2.17%	282,024shares	SOLE	281,162 / 0 / 861
Entergy Corp.COM	29364G103	$137.53B	2.14%	1,224,023shares	SOLE	1,220,638 / 0 / 3,385
Fastenal Co.COM	311900104	$137.16B	2.13%	2,956,106shares	SOLE	2,948,592 / 0 / 7,514
Southern Co.COM	842587107	$136.75B	2.12%	1,416,787shares	SOLE	1,412,839 / 0 / 3,948
Mondelez International Inc.COM	609207105	$121.35B	1.88%	2,105,307shares	SOLE	2,100,130 / 0 / 5,177
Gilead Sciences Inc.COM	375558103	$119.52B	1.86%	857,573shares	SOLE	855,144 / 0 / 2,429
Cisco Systems Inc.COM	17275R102	$119.05B	1.85%	1,534,328shares	SOLE	1,530,132 / 0 / 4,196
Kinder Morgan Inc.COM	49456B101	$116.49B	1.81%	3,474,290shares	SOLE	3,464,558 / 0 / 9,732
Progressive Corp.COM	743315103	$114.59B	1.78%	578,026shares	SOLE	576,663 / 0 / 1,363
Honeywell International Inc.COM	438516106	$112.47B	1.75%	497,593shares	SOLE	496,126 / 0 / 1,467
American Water Works Co. Inc.COM	030420103	$109.83B	1.71%	807,028shares	SOLE	804,680 / 0 / 2,348
Colgate-Palmolive Co.COM	194162103	$106.22B	1.65%	1,246,221shares	SOLE	1,242,724 / 0 / 3,497
Home Depot Inc.COM	437076102	$104.85B	1.63%	318,791shares	SOLE	317,915 / 0 / 875
Diageo plcCOM	25243Q205	$100.29B	1.56%	1,347,102shares	SOLE	1,343,382 / 0 / 3,720
Clorox Co.COM	189054109	$96.31B	1.50%	929,350shares	SOLE	926,536 / 0 / 2,814
Northern Trust Corp.COM	665859104	$94.55B	1.47%	677,448shares	SOLE	675,555 / 0 / 1,893
U.S. BancorpCOM	902973304	$92.44B	1.44%	1,777,295shares	SOLE	1,772,359 / 0 / 4,936
Fidelity National Financial InCOM	31620R303	$90.38B	1.40%	1,948,620shares	SOLE	1,943,158 / 0 / 5,461
Paychex Inc.COM	704326107	$89.03B	1.38%	966,422shares	SOLE	963,746 / 0 / 2,675
T. Rowe Price Group Inc.COM	74144T108	$86.53B	1.34%	960,004shares	SOLE	957,202 / 0 / 2,802
Broadridge Financial SolutionsCOM	11133T103	$86.40B	1.34%	531,732shares	SOLE	530,190 / 0 / 1,542
SPDR Portfolio Mortgage BackedCOM	78464A383	$86.27B	1.34%	3,853,147shares	SOLE	3,848,222 / 0 / 4,925
Nordson Corp.COM	655663102	$81.81B	1.27%	307,477shares	SOLE	306,836 / 0 / 641
Dow Inc.COM	260557103	$77.53B	1.20%	1,861,460shares	SOLE	1,856,009 / 0 / 5,451
W. R. Berkley Corp.COM	084423102	$73.61B	1.14%	1,110,597shares	SOLE	1,108,111 / 0 / 2,486
Mastercard Inc.COM	57636Q104	$73.03B	1.13%	146,158shares	SOLE	145,862 / 0 / 296
SPDR Portfolio Developed WorldCOM	78463X889	$72.64B	1.13%	1,591,320shares	SOLE	1,591,320 / 0 / 0
TJX Co. Inc.COM	872540109	$71.11B	1.10%	445,276shares	SOLE	444,251 / 0 / 1,024
Stryker Corp.COM	863667101	$68.19B	1.06%	207,537shares	SOLE	207,097 / 0 / 440
Accenture plcCOM	G1151C101	$67.29B	1.04%	339,366shares	SOLE	338,293 / 0 / 1,073
Air Products and Chemicals IncCOM	009158106	$63.10B	0.98%	217,227shares	SOLE	216,797 / 0 / 430
Ares Capital Corp.COM	04010L103	$58.31B	0.91%	3,235,607shares	SOLE	3,226,369 / 0 / 9,238
S&P Global Inc.COM	78409V104	$56.96B	0.88%	133,907shares	SOLE	133,622 / 0 / 285
Microsoft Corp.COM	594918104	$54.78B	0.85%	147,997shares	SOLE	147,582 / 0 / 416
Illinois Tool Works Inc.COM	452308109	$53.86B	0.84%	206,928shares	SOLE	206,476 / 0 / 452
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$51.68B	0.80%	527,820shares	SOLE	527,820 / 0 / 0
Keysight Technologies Inc.COM	49338L103	$50.43B	0.78%	178,582shares	SOLE	178,188 / 0 / 394
Masco Corp.COM	574599106	$49.96B	0.78%	827,628shares	SOLE	825,730 / 0 / 1,898
Lowe's Co. Inc.COM	548661107	$49.45B	0.77%	209,302shares	SOLE	208,959 / 0 / 343
Graco Inc.COM	384109104	$49.40B	0.77%	583,634shares	SOLE	582,006 / 0 / 1,628
Alphabet Inc.COM	02079K107	$49.40B	0.77%	172,213shares	SOLE	171,901 / 0 / 312
Paycom Software Inc.COM	70432V102	$49.32B	0.77%	405,788shares	SOLE	404,936 / 0 / 852
SPDR Portfolio S&P 500 Value ECOM	78464A508	$44.70B	0.69%	789,989shares	SOLE	789,989 / 0 / 0
Berkshire Hathaway Inc. - BCOM	084670702	$44.52B	0.69%	92,901shares	SOLE	92,737 / 0 / 164
Thermo Fisher Scientific Inc.COM	883556102	$44.14B	0.69%	89,808shares	SOLE	89,650 / 0 / 158
NXP Semiconductors N.V.COM	N6596X109	$43.10B	0.67%	218,951shares	SOLE	218,549 / 0 / 402
Arch Capital Group Ltd.COM	G0450A105	$34.88B	0.54%	363,397shares	SOLE	362,789 / 0 / 608
Martin Marietta Materials Inc.COM	573284106	$33.40B	0.52%	56,743shares	SOLE	56,650 / 0 / 93
Brown-Forman Corp. - BCOM	115637209	$32.60B	0.51%	1,232,964shares	SOLE	1,229,739 / 0 / 3,225
iShares MBS ETFCOM	464288588	$31.61B	0.49%	332,934shares	SOLE	331,916 / 0 / 1,018
SPDR Gold MiniShares Trust ETFCOM	98149E303	$30.84B	0.48%	332,714shares	SOLE	332,578 / 0 / 136
Morningstar Inc.COM	617700109	$29.89B	0.46%	176,798shares	SOLE	176,358 / 0 / 440
Carrier Global Corp.COM	14448C104	$28.64B	0.44%	508,596shares	SOLE	507,657 / 0 / 939
Starbucks Corp.COM	855244109	$28.12B	0.44%	313,891shares	SOLE	313,042 / 0 / 848
iShares iBonds Dec 2033 Term TCOM	46436E148	$26.39B	0.41%	1,081,896shares	SOLE	1,078,561 / 0 / 3,335
Brown & Brown Inc.COM	115236101	$26.28B	0.41%	403,060shares	SOLE	402,013 / 0 / 1,046
Booking Holdings Inc.COM	09857L108	$25.82B	0.40%	6,132shares	SOLE	6,122 / 0 / 10
Constellation BrandsCOM	21036P108	$25.69B	0.40%	171,277shares	SOLE	171,070 / 0 / 207
iShares iBonds Dec 2031 Term TCOM	46436E460	$24.54B	0.38%	1,202,814shares	SOLE	1,199,107 / 0 / 3,707
General Dynamics Corp.COM	369550108	$24.33B	0.38%	70,894shares	SOLE	70,663 / 0 / 231
EOG Resources Inc.COM	26875P101	$23.95B	0.37%	165,675shares	SOLE	165,209 / 0 / 466
Ecolab Inc.COM	278865100	$23.80B	0.37%	89,454shares	SOLE	89,176 / 0 / 278
iShares iBonds Dec 2034 Term TCOM	46438G646	$23.56B	0.37%	919,178shares	SOLE	916,686 / 0 / 2,492
Amphenol Corp.COM	032095101	$23.45B	0.36%	185,611shares	SOLE	185,052 / 0 / 559
Toro Co.COM	891092108	$23.45B	0.36%	250,943shares	SOLE	250,135 / 0 / 808
Expeditors International of WaCOM	302130109	$23.02B	0.36%	160,703shares	SOLE	160,266 / 0 / 437
New Jersey Resources Corp.COM	646025106	$22.90B	0.36%	416,958shares	SOLE	415,656 / 0 / 1,302
Donaldson Co. Inc.COM	257651109	$22.55B	0.35%	265,723shares	SOLE	264,859 / 0 / 864
ResMed Inc.COM	761152107	$22.41B	0.35%	99,845shares	SOLE	99,548 / 0 / 297
RLI Corp.COM	749607107	$21.77B	0.34%	381,686shares	SOLE	380,610 / 0 / 1,076
McDonald's Corp.COM	580135101	$21.72B	0.34%	69,902shares	SOLE	69,688 / 0 / 214
Sherwin-Williams Co.COM	824348106	$21.30B	0.33%	66,450shares	SOLE	66,254 / 0 / 196
A. O. Smith Corp.COM	831865209	$21.04B	0.33%	319,075shares	SOLE	318,387 / 0 / 688
iShares Barclays 10-20 Year TrCOM	464288653	$20.74B	0.32%	205,868shares	SOLE	205,868 / 0 / 0
iShares iBonds Dec 2035 Term TCOM	46438G422	$20.44B	0.32%	807,886shares	SOLE	805,428 / 0 / 2,458
iShares iBonds Dec 2032 Term TCOM	46436E296	$18.44B	0.29%	804,094shares	SOLE	801,558 / 0 / 2,536
Procter & Gamble Co.COM	742718109	$17.82B	0.28%	123,362shares	SOLE	123,000 / 0 / 361
Medtronic plcCOM	G5960L103	$17.80B	0.28%	205,401shares	SOLE	204,797 / 0 / 604
Charles River Laboratories IntCOM	159864107	$17.12B	0.27%	99,256shares	SOLE	98,964 / 0 / 292
Zoetis Inc.COM	98978V103	$16.77B	0.26%	141,863shares	SOLE	141,399 / 0 / 464
iShares BB Rated Corporate BonCOM	46435U473	$16.29B	0.25%	350,424shares	SOLE	350,424 / 0 / 0
Dollar Tree Inc.COM	256746108	$15.83B	0.25%	144,521shares	SOLE	144,079 / 0 / 442
iShares Core MSCI Europe ETFCOM	46434V738	$15.27B	0.24%	217,255shares	SOLE	217,255 / 0 / 0
NIKE Inc.COM	654106103	$14.91B	0.23%	282,354shares	SOLE	281,463 / 0 / 891
iShares 3-7 Year Treasury BondCOM	464288661	$14.88B	0.23%	125,426shares	SOLE	125,426 / 0 / 0
Becton Dickinson & Co.COM	075887109	$14.70B	0.23%	93,498shares	SOLE	93,247 / 0 / 251
Valvoline Inc.COM	92047W101	$14.39B	0.22%	427,374shares	SOLE	426,497 / 0 / 877
Trex Company Inc.COM	89531P105	$14.09B	0.22%	386,827shares	SOLE	386,097 / 0 / 730
Baldwin Insurance Group Inc.COM	05589G102	$13.86B	0.22%	631,699shares	SOLE	630,567 / 0 / 1,132
Vontier Corp.COM	928881101	$13.49B	0.21%	380,439shares	SOLE	379,739 / 0 / 700
Avantis International Small CaCOM	025072802	$12.06B	0.19%	120,760shares	SOLE	120,760 / 0 / 0
iShares 1-5 Year Investment GrCOM	464288646	$11.83B	0.18%	225,126shares	SOLE	225,126 / 0 / 0
Walt Disney Co.COM	254687106	$11.76B	0.18%	121,996shares	SOLE	121,740 / 0 / 256
Copart Inc.COM	217204106	$10.33B	0.16%	311,023shares	SOLE	310,321 / 0 / 702
SPDR S&P Dividend ETFCOM	78464A763	$10.02B	0.16%	68,646shares	SOLE	68,646 / 0 / 0
Dimensional National MunicipalCOM	25434V849	$9.84B	0.15%	205,362shares	SOLE	204,402 / 0 / 960
Global X Defense Tech ETFCOM	37960A529	$8.73B	0.14%	123,174shares	SOLE	123,174 / 0 / 0
iShares MSCI Global Metals & MCOM	46434G848	$8.14B	0.13%	143,841shares	SOLE	143,841 / 0 / 0
Invesco BulletShares 2034 MuniCOM	46139W767	$7.95B	0.12%	327,709shares	SOLE	326,221 / 0 / 1,488
SPDR S&P 500 ETFCOM	78462F103	$7.75B	0.12%	11,922shares	SOLE	11,922 / 0 / 0
iShares iBonds Dec 2030 Term TCOM	46436E593	$6.97B	0.11%	353,634shares	SOLE	352,580 / 0 / 1,054
JBT Marel Corp.COM	477839104	$6.95B	0.11%	54,361shares	SOLE	54,086 / 0 / 275
Invesco BulletShares 2031 MuniCOM	46138J411	$6.50B	0.10%	311,374shares	SOLE	310,184 / 0 / 1,190
Invesco Bulletshares 2033 MuniCOM	46139W791	$6.05B	0.09%	237,863shares	SOLE	236,798 / 0 / 1,065
VanEck Gold Miners ETFCOM	92189F106	$5.84B	0.09%	63,691shares	SOLE	63,691 / 0 / 0
Invesco BulletShares 2035 MuniCOM	46138J353	$5.61B	0.09%	223,117shares	SOLE	221,319 / 0 / 1,798
Invesco BulletShares 2032 MuncCOM	46139W833	$5.29B	0.08%	212,666shares	SOLE	212,227 / 0 / 439
Powershares Insured National MCOM	46138E537	$4.80B	0.07%	208,781shares	SOLE	207,799 / 0 / 982
Agnico Eagle Mines Ltd.COM	008474108	$4.73B	0.07%	23,296shares	SOLE	22,997 / 0 / 299
Vail Resorts Inc.COM	91879Q109	$4.69B	0.07%	36,517shares	SOLE	36,328 / 0 / 189
TripAdvisor Inc.COM	896945201	$4.30B	0.07%	403,150shares	SOLE	401,115 / 0 / 2,035
iShares iBonds Dec 2029 Term TCOM	46436E825	$4.00B	0.06%	183,271shares	SOLE	183,271 / 0 / 0
Main Street Capital Corp.COM	56035L104	$3.99B	0.06%	75,291shares	DFND	0 / 75,291 / 0
iShares Russell 1000 Value ETFCOM	464287598	$3.87B	0.06%	18,099shares	SOLE	18,099 / 0 / 0
Cavco Industries Inc.COM	149568107	$3.80B	0.06%	7,844shares	SOLE	7,811 / 0 / 33
Berkshire Hathaway Inc. - ACOM	084670108	$3.59B	0.06%	5shares	SOLE	5 / 0 / 0
iShares National Muni Bond ETFCOM	464288414	$3.36B	0.05%	31,662shares	SOLE	31,662 / 0 / 0
Ares Capital Corp.COM	04010L103	$3.36B	0.05%	186,486shares	DFND	0 / 186,486 / 0
Hercules Capital Inc.COM	427096508	$3.31B	0.05%	223,807shares	DFND	0 / 223,807 / 0
CONMED Corp.COM	207410101	$3.23B	0.05%	91,364shares	SOLE	90,978 / 0 / 386
SPDR Nuveen S&P High Yield MunCOM	78464A284	$3.10B	0.05%	124,905shares	SOLE	124,905 / 0 / 0
Golub Capital BDC Inc.COM	38173M102	$3.09B	0.05%	244,122shares	DFND	0 / 244,122 / 0
VanEck Vectors Long MunicipalCOM	92189F536	$2.96B	0.05%	169,953shares	SOLE	169,953 / 0 / 0
SPDR Nuveen Barclays Capital SCOM	78468R739	$2.93B	0.05%	61,292shares	SOLE	61,292 / 0 / 0
Taiwan Semiconductor ManufactuCOM	874039100	$2.91B	0.05%	8,597shares	SOLE	8,419 / 0 / 178
Sixth Street Specialty LendingCOM	83012A109	$2.83B	0.04%	153,935shares	DFND	0 / 153,935 / 0
Blackstone Secured Lending FunCOM	09261X102	$2.70B	0.04%	113,827shares	DFND	0 / 113,827 / 0
Invesco BulletShares 2030 MuniCOM	46138J445	$2.68B	0.04%	123,052shares	SOLE	122,549 / 0 / 503
i3 Verticals Inc.COM	46571Y107	$2.64B	0.04%	117,903shares	SOLE	117,512 / 0 / 391
iShares iBonds Dec 2028 Term MCOM	46435U325	$2.53B	0.04%	99,101shares	SOLE	99,101 / 0 / 0
Invesco BulletShares 2029 MuniCOM	46138J478	$2.40B	0.04%	104,378shares	SOLE	103,884 / 0 / 494
Core Natural Resources Inc.COM	218937100	$2.32B	0.04%	22,176shares	SOLE	22,071 / 0 / 105
Sandoz GroupCOM	799926100	$2.23B	0.03%	28,479shares	SOLE	27,956 / 0 / 523
iShares iBonds Dec 2029 Term MCOM	46436E163	$2.20B	0.03%	86,709shares	SOLE	86,709 / 0 / 0
Woodside Energy Group Ltd.COM	980228308	$2.08B	0.03%	87,146shares	SOLE	86,863 / 0 / 283
Vista Energy S.A.B. de C.V.COM	92837L109	$2.02B	0.03%	26,827shares	SOLE	26,243 / 0 / 584
Knowles Corp.COM	49926D109	$1.93B	0.03%	75,335shares	SOLE	75,335 / 0 / 0
ASML Holding N.V.COM	N07059210	$1.90B	0.03%	1,440shares	SOLE	1,406 / 0 / 34
Mitsubishi UFJ FinancialCOM	606822104	$1.89B	0.03%	111,432shares	SOLE	109,056 / 0 / 2,376
Blue Owl Capital Corp.COM	69121K104	$1.88B	0.03%	169,535shares	DFND	0 / 169,535 / 0
AerCap Holdings N.V.COM	N00985106	$1.87B	0.03%	13,613shares	SOLE	13,308 / 0 / 305
Movado Group Inc.COM	624580106	$1.79B	0.03%	73,204shares	SOLE	73,204 / 0 / 0
State Street Communication SerCOM	81369Y852	$1.78B	0.03%	16,054shares	SOLE	16,054 / 0 / 0
Glencore plcCOM	37827X100	$1.78B	0.03%	117,159shares	SOLE	116,690 / 0 / 469
DBS Group Holdings Ltd.COM	23304Y100	$1.75B	0.03%	9,783shares	SOLE	9,555 / 0 / 228
Mitsui & Co. Ltd.COM	606827202	$1.75B	0.03%	2,253shares	SOLE	2,243 / 0 / 10
Disco Corp.COM	25461D100	$1.74B	0.03%	42,798shares	SOLE	41,756 / 0 / 1,042
Lundin Mining Corp.COM	550372106	$1.70B	0.03%	68,086shares	SOLE	67,841 / 0 / 245
Cenovus Energy Inc.COM	15135U109	$1.69B	0.03%	63,727shares	SOLE	62,354 / 0 / 1,373
Littelfuse Inc.COM	537008104	$1.66B	0.03%	4,886shares	SOLE	4,886 / 0 / 0
Newmont Mining Corp.COM	651639106	$1.63B	0.03%	15,067shares	SOLE	15,014 / 0 / 53
Barings BDC Inc.COM	06759L103	$1.62B	0.03%	196,676shares	DFND	0 / 196,676 / 0
Southern Copper Corp.COM	84265V105	$1.60B	0.02%	9,322shares	SOLE	9,288 / 0 / 34
Gates Industrial Corp. plcCOM	G39108108	$1.59B	0.02%	70,489shares	SOLE	70,489 / 0 / 0
Exxon Mobil Corp.COM	30231G102	$1.58B	0.02%	9,331shares	SOLE	9,284 / 0 / 47
Alamos Gold Inc.COM	011532108	$1.57B	0.02%	35,226shares	SOLE	35,074 / 0 / 152
BAE Systems plcCOM	05523R107	$1.55B	0.02%	13,305shares	SOLE	12,998 / 0 / 307
Stewart Information Services CCOM	860372101	$1.54B	0.02%	24,992shares	SOLE	24,992 / 0 / 0
ING Groep N.V.COM	456837103	$1.54B	0.02%	59,003shares	SOLE	57,718 / 0 / 1,285
Shell plcCOM	780259305	$1.53B	0.02%	16,435shares	SOLE	16,365 / 0 / 70
Zurich Insurance Group A.G.COM	989825104	$1.53B	0.02%	42,950shares	SOLE	42,032 / 0 / 918
Antofagasta plcCOM	G0398N128	$1.52B	0.02%	34,178shares	SOLE	34,052 / 0 / 126
Hong Kong Exchanges and CleariCOM	43858F109	$1.50B	0.02%	29,563shares	SOLE	29,054 / 0 / 509
Royal Gold Inc.COM	780287108	$1.50B	0.02%	5,877shares	SOLE	5,853 / 0 / 24
VanEck Junior Gold Miners ETFCOM	92189F791	$1.49B	0.02%	12,437shares	SOLE	12,437 / 0 / 0
New Mountain Finance Corp.COM	647551100	$1.49B	0.02%	191,902shares	DFND	0 / 191,902 / 0
Safran S.A.COM	786584102	$1.48B	0.02%	18,079shares	SOLE	17,691 / 0 / 388
Canadian Natural Resources LtdCOM	136385101	$1.48B	0.02%	30,370shares	SOLE	30,241 / 0 / 129
Spectrum Brands Holdings Inc.COM	84790A105	$1.47B	0.02%	19,974shares	SOLE	19,974 / 0 / 0
Hagerty Inc.COM	405166109	$1.45B	0.02%	138,095shares	SOLE	138,095 / 0 / 0
RBC Bearings Inc.COM	75524B104	$1.45B	0.02%	2,667shares	SOLE	2,667 / 0 / 0
Franco-Nevada Corp.COM	351858105	$1.45B	0.02%	5,863shares	SOLE	5,837 / 0 / 26
Capital Southwest Corp.COM	140501107	$1.45B	0.02%	65,350shares	DFND	0 / 65,350 / 0
Tokio Marine Holdings Inc.COM	889094108	$1.44B	0.02%	30,534shares	SOLE	29,817 / 0 / 717
Techtronic Industries Co. Ltd.COM	87873R101	$1.43B	0.02%	21,543shares	SOLE	21,150 / 0 / 393
Wheaton Precious Metals Corp.COM	962879102	$1.39B	0.02%	10,617shares	SOLE	10,571 / 0 / 46
Coterra Energy Inc.COM	127097103	$1.38B	0.02%	39,307shares	SOLE	39,068 / 0 / 239
Amglo Am PLC ADRCOM	03485P409	$1.37B	0.02%	63,316shares	SOLE	63,034 / 0 / 282
EQT Corp.COM	26884L109	$1.36B	0.02%	21,354shares	SOLE	21,234 / 0 / 120
Freeport-McMoRan Inc.COM	35671D857	$1.34B	0.02%	22,870shares	SOLE	22,768 / 0 / 102
First Quantum Minerals Ltd.COM	335934105	$1.34B	0.02%	56,146shares	SOLE	55,938 / 0 / 208
Lynas Rare Earths Ltd.COM	551073307	$1.34B	0.02%	99,106shares	SOLE	98,709 / 0 / 397
ITOCHU Corp.COM	465717106	$1.30B	0.02%	101,904shares	SOLE	99,426 / 0 / 2,478
Chugai Pharms Co. Ltd.COM	171269103	$1.30B	0.02%	47,100shares	SOLE	45,778 / 0 / 1,322
BNP Paribas S.A.COM	05565A202	$1.29B	0.02%	27,150shares	SOLE	26,441 / 0 / 709
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$1.28B	0.02%	13,384shares	SOLE	13,384 / 0 / 0
ProShares S&P MidCap 400 DividCOM	74347B680	$1.23B	0.02%	14,281shares	SOLE	14,281 / 0 / 0
Altus Group Ltd.COM	02215R107	$1.23B	0.02%	35,820shares	SOLE	35,820 / 0 / 0
Hayward Holdings Inc.COM	421298100	$1.22B	0.02%	91,487shares	SOLE	91,487 / 0 / 0
Sony Group Corp.COM	835699307	$1.22B	0.02%	58,946shares	SOLE	57,976 / 0 / 970
John B Sanfilippo & Son Inc.COM	800422107	$1.17B	0.02%	14,703shares	SOLE	14,703 / 0 / 0
UFP Industries IncCOM	90278Q108	$1.16B	0.02%	12,634shares	SOLE	12,634 / 0 / 0
Expand Energy Corp.COM	165167735	$1.16B	0.02%	10,542shares	SOLE	10,482 / 0 / 60
FS KKR Capital Corp.COM	302635206	$1.14B	0.02%	111,908shares	DFND	0 / 111,908 / 0
Haemonetics Corp.COM	405024100	$1.14B	0.02%	20,194shares	SOLE	20,194 / 0 / 0
ESAB Corp.COM	29605J106	$1.12B	0.02%	11,579shares	SOLE	11,579 / 0 / 0
Denison Mines Corp.COM	248356107	$1.11B	0.02%	313,086shares	SOLE	311,902 / 0 / 1,184
Shopify Inc.COM	82509L107	$1.10B	0.02%	9,298shares	SOLE	9,118 / 0 / 180
Rheinmetall AGCOM	76206K107	$1.07B	0.02%	3,199shares	SOLE	3,116 / 0 / 83
MidCap Financial Investment CoCOM	03761U502	$1.07B	0.02%	94,952shares	DFND	0 / 94,952 / 0
L'Oreal S.A.COM	502117203	$1.07B	0.02%	13,018shares	SOLE	12,696 / 0 / 322
Vulcan Materials Co.COM	929160109	$1.07B	0.02%	3,913shares	SOLE	3,893 / 0 / 20
Komatsu Ltd.COM	500458401	$1.06B	0.02%	26,907shares	SOLE	26,417 / 0 / 490
Golub Capital BDC Inc.COM	38173M102	$1.05B	0.02%	82,756shares	SOLE	82,756 / 0 / 0
NexGen Energy LtdCOM	65340P106	$1.05B	0.02%	90,230shares	SOLE	89,868 / 0 / 362
Haleon plcCOM	405552100	$1.04B	0.02%	104,389shares	SOLE	101,618 / 0 / 2,771
Uranium Energy Corp.COM	916896103	$1.04B	0.02%	76,801shares	SOLE	76,548 / 0 / 253
Marten Transport Ltd.COM	573075108	$1.03B	0.02%	78,820shares	SOLE	78,820 / 0 / 0
Roche Holding A.G.COM	771195104	$1.03B	0.02%	20,667shares	SOLE	20,305 / 0 / 362
Nintendo Co. Ltd.COM	654445303	$1.01B	0.02%	70,478shares	SOLE	68,953 / 0 / 1,525
Sixth Street Specialty LendingCOM	83012A109	$989.86M	0.02%	53,855shares	SOLE	53,855 / 0 / 0
Cameco Corp.COM	13321L108	$979.88M	0.02%	9,022shares	SOLE	8,985 / 0 / 37
UFP Technologies Inc.COM	902673102	$966.84M	0.02%	4,994shares	SOLE	4,994 / 0 / 0
Aberdeen Physical Platinum ShaCOM	003260106	$965.83M	0.01%	5,419shares	SOLE	5,419 / 0 / 0
Alibaba Group Holding Ltd.COM	01609W102	$964.79M	0.01%	7,690shares	SOLE	7,519 / 0 / 171
SAP S.E.COM	803054204	$928.47M	0.01%	5,423shares	SOLE	5,283 / 0 / 140
Wal-Mart de Mexico S.A.B. de CCOM	93114W107	$926.23M	0.01%	28,473shares	SOLE	27,838 / 0 / 635
LunR Royalties Corp.COM	550428106	$919.62M	0.01%	41,801shares	SOLE	41,801 / 0 / 0
Barings BDC Inc.COM	06759L103	$915.14M	0.01%	111,196shares	SOLE	111,196 / 0 / 0
Enovis Corp.COM	194014502	$888.91M	0.01%	39,073shares	SOLE	39,073 / 0 / 0
J & J Snack Foods Corp.COM	466032109	$884.24M	0.01%	11,155shares	SOLE	11,155 / 0 / 0
Lundin Gold Inc.COM	550371108	$883.01M	0.01%	11,588shares	SOLE	11,541 / 0 / 47
Unilever plcCOM	904767803	$877.98M	0.01%	15,411shares	SOLE	15,030 / 0 / 381
Bain Capital Specialty FinanceCOM	05684B107	$840.92M	0.01%	67,816shares	DFND	0 / 67,816 / 0
Main Street Capital Corp.COM	56035L104	$829.72M	0.01%	15,667shares	SOLE	15,667 / 0 / 0
iShares iBonds Dec 2027 Term MCOM	46435U283	$819.32M	0.01%	32,206shares	SOLE	32,206 / 0 / 0
Franklin Street Properties CorCOM	35471R106	$818.43M	0.01%	1,231,656shares	SOLE	40,000 / 0 / 1,191,656
Winnebago Industries Inc.COM	974637100	$808.05M	0.01%	26,074shares	SOLE	26,074 / 0 / 0
Curtiss-Wright Corp.COM	231561101	$790.10M	0.01%	1,160shares	SOLE	1,160 / 0 / 0
LVMH Moet Hennessy Louis VuittCOM	502441306	$780.19M	0.01%	7,142shares	SOLE	7,008 / 0 / 134
Hercules Capital Inc.COM	427096508	$731.65M	0.01%	49,536shares	SOLE	49,536 / 0 / 0
American Express Co.COM	025816109	$725.95M	0.01%	2,400shares	SOLE	2,400 / 0 / 0
Blackstone Secured Lending FunCOM	09261X102	$715.91M	0.01%	30,220shares	SOLE	30,220 / 0 / 0
Oaktree Specialty Lending CorpCOM	67401P405	$689.81M	0.01%	61,045shares	DFND	0 / 61,045 / 0
Sea Ltd.COM	81141R100	$681.69M	0.01%	8,232shares	SOLE	8,059 / 0 / 173
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$675.07M	0.01%	7,928shares	SOLE	7,928 / 0 / 0
Gold Fields Ltd.COM	38059T106	$674.46M	0.01%	14,856shares	SOLE	14,856 / 0 / 0
Kayne Anderson BDCCOM	48662X105	$667.48M	0.01%	48,650shares	DFND	0 / 48,650 / 0
New Mountain Finance Corp.COM	647551100	$664.79M	0.01%	85,669shares	SOLE	85,669 / 0 / 0
Capital Southwest Corp.COM	140501107	$663.36M	0.01%	29,989shares	SOLE	29,989 / 0 / 0
Morgan Stanley Direct LendingCOM	61774A103	$662.40M	0.01%	47,450shares	DFND	0 / 47,450 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$646.93M	0.01%	50,859shares	DFND	0 / 50,859 / 0
Franklin Electric Co. Inc.COM	353514102	$635.14M	0.01%	6,891shares	SOLE	6,891 / 0 / 0
Analog Devices Inc.COM	032654105	$620.37M	0.01%	1,950shares	DFND	1,950 / 0 / 0
Chubb Ltd.COM	H1467J104	$613.40M	0.01%	1,882shares	DFND	1,882 / 0 / 0
Hershey Co.COM	427866108	$607.20M	0.01%	2,921shares	DFND	2,921 / 0 / 0
Blue Owl Capital Corp.COM	69121K104	$606.42M	0.01%	54,830shares	SOLE	54,830 / 0 / 0
Lockheed Martin Corp.COM	539830109	$594.83M	0.01%	984shares	DFND	984 / 0 / 0
SLR Investment Corp.COM	83413U100	$592.21M	0.01%	41,384shares	DFND	0 / 41,384 / 0
Entergy Corp.COM	29364G103	$591.46M	0.01%	5,264shares	DFND	5,264 / 0 / 0
Snap-on Inc.COM	833034101	$580.06M	0.01%	1,597shares	DFND	1,597 / 0 / 0
Novo Nordisk A.S.COM	670100205	$576.46M	0.01%	15,686shares	SOLE	15,396 / 0 / 290
iShares 0-3 Month Treasury BonCOM	46436E718	$548.62M	0.01%	5,450shares	DFND	5,450 / 0 / 0
Chevron Corp.COM	166764100	$543.73M	0.01%	2,628shares	DFND	2,628 / 0 / 0
WEC Energy Group Inc.COM	92939U106	$524.21M	0.01%	4,528shares	DFND	4,528 / 0 / 0
Linde plcCOM	G54950103	$519.56M	0.01%	1,048shares	DFND	1,048 / 0 / 0
Oaktree Specialty Lending CorpCOM	67401P405	$517.61M	0.01%	45,806shares	SOLE	45,806 / 0 / 0
Cisco Systems Inc.COM	17275R102	$513.49M	0.01%	6,618shares	DFND	6,618 / 0 / 0
Honeywell International Inc.COM	438516106	$512.86M	0.01%	2,269shares	DFND	2,269 / 0 / 0
Kinder Morgan Inc.COM	49456B101	$493.43M	0.01%	14,716shares	DFND	14,716 / 0 / 0
Fastenal Co.COM	311900104	$492.58M	0.01%	10,616shares	DFND	10,616 / 0 / 0
Southern Co.COM	842587107	$490.71M	0.01%	5,084shares	DFND	5,084 / 0 / 0
Gilead Sciences Inc.COM	375558103	$480.83M	0.01%	3,450shares	DFND	3,450 / 0 / 0
Trinity Capital Inc.COM	896442308	$478.86M	0.01%	32,553shares	DFND	0 / 32,553 / 0
Diageo plcCOM	25243Q205	$471.43M	0.01%	6,332shares	DFND	6,332 / 0 / 0
ASE Technology Holding Co. LtdCOM	00215W100	$467.05M	0.01%	21,543shares	SOLE	21,543 / 0 / 0
KB Financial Group Inc.COM	48241A105	$464.10M	0.01%	4,654shares	SOLE	4,654 / 0 / 0
Progressive Corp.COM	743315103	$442.59M	0.01%	2,233shares	DFND	2,233 / 0 / 0
Mondelez International Inc.COM	609207105	$435.12M	0.01%	7,549shares	DFND	7,549 / 0 / 0
Broadridge Financial SolutionsCOM	11133T103	$432.32M	0.01%	2,661shares	DFND	2,661 / 0 / 0
American Water Works Co. Inc.COM	030420103	$398.74M	0.01%	2,930shares	DFND	2,930 / 0 / 0
Northern Trust Corp.COM	665859104	$392.47M	0.01%	2,812shares	DFND	2,812 / 0 / 0
Crescent Capital BDC Inc.COM	225655109	$391.51M	0.01%	32,223shares	SOLE	32,223 / 0 / 0
Fidelity National Financial InCOM	31620R303	$388.99M	0.01%	8,387shares	DFND	8,387 / 0 / 0
Home Depot Inc.COM	437076102	$372.30M	0.01%	1,132shares	DFND	1,132 / 0 / 0
Dow Inc.COM	260557103	$370.19M	0.01%	8,888shares	DFND	8,888 / 0 / 0
U.S. BancorpCOM	902973304	$369.69M	0.01%	7,108shares	DFND	7,108 / 0 / 0
FS KKR Capital Corp.COM	302635206	$363.39M	0.01%	35,697shares	SOLE	35,697 / 0 / 0
Kayne Anderson BDCCOM	48662X105	$361.07M	0.01%	26,317shares	SOLE	26,317 / 0 / 0
Shinhan Financial Group Co. LtCOM	824596100	$355.60M	0.01%	5,799shares	SOLE	5,799 / 0 / 0
MSC Income FundCOM	55374X208	$345.46M	0.01%	28,363shares	SOLE	28,363 / 0 / 0
Coca-Cola Femsa S.A.B. de C.V.COM	191241108	$340.25M	0.01%	3,488shares	SOLE	3,488 / 0 / 0
iShares iBonds Dec 2026 Term MCOM	46435U259	$337.03M	0.01%	13,150shares	SOLE	13,150 / 0 / 0
Clorox Co.COM	189054109	$334.21M	0.01%	3,225shares	DFND	3,225 / 0 / 0
Colgate-Palmolive Co.COM	194162103	$329.75M	0.01%	3,869shares	DFND	3,869 / 0 / 0
SLR Investment Corp.COM	83413U100	$323.15M	0.01%	22,582shares	SOLE	22,582 / 0 / 0
MSC Income FundCOM	55374X208	$322.67M	0.01%	26,492shares	DFND	0 / 26,492 / 0
ZTO Express Cayman Inc.COM	98980A105	$315.63M	0.00%	12,540shares	SOLE	12,540 / 0 / 0
Paychex Inc.COM	704326107	$312.01M	0.00%	3,387shares	DFND	3,387 / 0 / 0
SPDR Gold Shares ETFCOM	78463V107	$308.95M	0.00%	718shares	SOLE	718 / 0 / 0
H World Group Ltd.COM	44332N106	$307.88M	0.00%	6,122shares	SOLE	6,122 / 0 / 0
Fomento Economico Mexicano S.ACOM	344419106	$302.88M	0.00%	2,727shares	SOLE	2,727 / 0 / 0
Credicorp Ltd.COM	G2519Y108	$300.17M	0.00%	885shares	SOLE	885 / 0 / 0
JBS N.V.COM	N4732M103	$296.00M	0.00%	16,481shares	SOLE	16,481 / 0 / 0
Airbus SECOM	009279100	$293.04M	0.00%	6,202shares	SOLE	6,202 / 0 / 0
Accenture plcCOM	G1151C101	$286.73M	0.00%	1,446shares	DFND	1,446 / 0 / 0
T. Rowe Price Group Inc.COM	74144T108	$285.11M	0.00%	3,163shares	DFND	3,163 / 0 / 0
ICICI Bank Ltd.COM	45104G104	$283.79M	0.00%	10,957shares	SOLE	10,957 / 0 / 0
Morgan Stanley Direct LendingCOM	61774A103	$277.40M	0.00%	19,871shares	SOLE	19,871 / 0 / 0
Yum China Holdings Inc.COM	98850P109	$274.44M	0.00%	5,626shares	SOLE	5,626 / 0 / 0
Grupo Financiero Banorte S.A.BCOM	40052P107	$273.86M	0.00%	4,938shares	SOLE	4,938 / 0 / 0
Tencent Holdings Ltd.COM	88032Q109	$269.76M	0.00%	4,267shares	SOLE	4,267 / 0 / 0
Keysight Technologies Inc.COM	49338L103	$260.35M	0.00%	922shares	DFND	922 / 0 / 0
Nebius Group N.V.COM	N97284108	$251.83M	0.00%	2,427shares	SOLE	2,427 / 0 / 0
MidCap Financial Investment CoCOM	03761U502	$249.87M	0.00%	22,230shares	SOLE	22,230 / 0 / 0
Paycom Software Inc.COM	70432V102	$238.11M	0.00%	1,959shares	DFND	1,959 / 0 / 0
Ares Capital Corp.COM	04010L103	$237.79M	0.00%	13,196shares	DFND	13,196 / 0 / 0
Infineon Technologies A.G.COM	45662N103	$236.04M	0.00%	5,221shares	SOLE	5,221 / 0 / 0
Bain Capital Specialty FinanceCOM	05684B107	$233.96M	0.00%	18,868shares	SOLE	18,868 / 0 / 0
Nuveen Churchill Direct LendinCOM	67090S108	$227.48M	0.00%	17,884shares	SOLE	17,884 / 0 / 0
Microsoft Corp.COM	594918104	$227.15M	0.00%	614shares	DFND	614 / 0 / 0
MercadoLibre Inc.COM	58733R102	$224.77M	0.00%	130shares	SOLE	130 / 0 / 0
Copa Holdings SACOM	P31076105	$222.68M	0.00%	1,960shares	SOLE	1,960 / 0 / 0
Charles River Laboratories IntCOM	159864107	$220.46M	0.00%	1,278shares	DFND	1,278 / 0 / 0
Dr Reddy's Laboratories Ltd.COM	256135203	$214.62M	0.00%	15,496shares	SOLE	15,496 / 0 / 0
Ameriprise Financial Inc.COM	03076C106	$213.31M	0.00%	480shares	SOLE	480 / 0 / 0
Nordson Corp.COM	655663102	$210.16M	0.00%	790shares	DFND	790 / 0 / 0
Costco Wholesale Corp.COM	22160K105	$209.25M	0.00%	210shares	SOLE	210 / 0 / 0
Baidu Inc.COM	056752108	$202.45M	0.00%	1,817shares	SOLE	1,817 / 0 / 0
Palmer Square Capital BDC Inc.COM	69702V107	$202.05M	0.00%	20,681shares	SOLE	20,681 / 0 / 0
JPMorgan Chase & Co.COM	46625H100	$201.50M	0.00%	685shares	SOLE	685 / 0 / 0
Ecopetrol S.A.COM	279158109	$201.44M	0.00%	13,438shares	SOLE	13,438 / 0 / 0
Infosys Ltd.COM	456788108	$200.08M	0.00%	14,810shares	SOLE	14,810 / 0 / 0
TJX Co. Inc.COM	872540109	$199.68M	0.00%	1,250shares	DFND	1,250 / 0 / 0
Alphabet Inc.COM	02079K107	$191.12M	0.00%	666shares	DFND	666 / 0 / 0
Vale S.A.COM	91912E105	$190.89M	0.00%	11,998shares	SOLE	11,998 / 0 / 0
Controladora Vuela Cia de AviaCOM	21240E105	$189.32M	0.00%	26,149shares	SOLE	26,149 / 0 / 0
Mastercard Inc.COM	57636Q104	$187.63M	0.00%	376shares	DFND	376 / 0 / 0
W. R. Berkley Corp.COM	084423102	$185.79M	0.00%	2,803shares	DFND	2,803 / 0 / 0
Lowe's Co. Inc.COM	548661107	$180.14M	0.00%	762shares	DFND	762 / 0 / 0
Graco Inc.COM	384109104	$176.09M	0.00%	2,080shares	DFND	2,080 / 0 / 0
Dollar Tree Inc.COM	256746108	$174.34M	0.00%	1,592shares	DFND	1,592 / 0 / 0
Betterware de Mexico S.A.P.I.COM	P1666E105	$174.13M	0.00%	10,328shares	SOLE	10,328 / 0 / 0
Berkshire Hathaway Inc. - BCOM	084670702	$172.51M	0.00%	360shares	DFND	360 / 0 / 0
NXP Semiconductors N.V.COM	N6596X109	$171.95M	0.00%	873shares	DFND	873 / 0 / 0
Stryker Corp.COM	863667101	$171.57M	0.00%	522shares	DFND	522 / 0 / 0
Thermo Fisher Scientific Inc.COM	883556102	$168.69M	0.00%	343shares	DFND	343 / 0 / 0
S&P Global Inc.COM	78409V104	$158.54M	0.00%	373shares	DFND	373 / 0 / 0
PT Astra International TbkCOM	69367X109	$154.35M	0.00%	20,177shares	SOLE	20,177 / 0 / 0
Baldwin Insurance Group Inc.COM	05589G102	$152.22M	0.00%	6,938shares	DFND	6,938 / 0 / 0
Arcos Dorados Holdings Inc.COM	G0457F107	$148.62M	0.00%	18,015shares	SOLE	18,015 / 0 / 0
Carrier Global Corp.COM	14448C104	$143.07M	0.00%	2,541shares	DFND	2,541 / 0 / 0
Valvoline Inc.COM	92047W101	$140.95M	0.00%	4,185shares	DFND	4,185 / 0 / 0
Trex Company Inc.COM	89531P105	$138.91M	0.00%	3,814shares	DFND	3,814 / 0 / 0
Vontier Corp.COM	928881101	$136.75M	0.00%	3,855shares	DFND	3,855 / 0 / 0
Trinity Capital Inc.COM	896442308	$136.38M	0.00%	9,271shares	SOLE	9,271 / 0 / 0
Morningstar Inc.COM	617700109	$130.14M	0.00%	770shares	DFND	770 / 0 / 0
Brown-Forman Corp. - BCOM	115637209	$123.13M	0.00%	4,657shares	DFND	4,657 / 0 / 0
Sendas Distribuidora S.A.COM	81689T104	$123.12M	0.00%	13,574shares	SOLE	13,574 / 0 / 0
Walt Disney Co.COM	254687106	$111.80M	0.00%	1,160shares	DFND	1,160 / 0 / 0
Starbucks Corp.COM	855244109	$111.05M	0.00%	1,240shares	DFND	1,240 / 0 / 0
Brown & Brown Inc.COM	115236101	$103.34M	0.00%	1,585shares	DFND	1,585 / 0 / 0
Copart Inc.COM	217204106	$97.67M	0.00%	2,942shares	DFND	2,942 / 0 / 0
Runway Growth Finance Corp.COM	78163D100	$97.66M	0.00%	14,216shares	SOLE	14,216 / 0 / 0
JBT Marel Corp.COM	477839104	$97.56M	0.00%	763shares	DFND	763 / 0 / 0
Vail Resorts Inc.COM	91879Q109	$88.03M	0.00%	686shares	DFND	686 / 0 / 0
TripAdvisor Inc.COM	896945201	$81.45M	0.00%	7,641shares	DFND	7,641 / 0 / 0
CONMED Corp.COM	207410101	$76.59M	0.00%	2,166shares	DFND	2,166 / 0 / 0
Air Products and Chemicals IncCOM	009158106	$75.53M	0.00%	260shares	DFND	260 / 0 / 0
Cavco Industries Inc.COM	149568107	$70.71M	0.00%	146shares	DFND	146 / 0 / 0
Arch Capital Group Ltd.COM	G0450A105	$66.14M	0.00%	689shares	DFND	689 / 0 / 0
Martin Marietta Materials Inc.COM	573284106	$65.93M	0.00%	112shares	DFND	112 / 0 / 0
Illinois Tool Works Inc.COM	452308109	$60.13M	0.00%	231shares	DFND	231 / 0 / 0
Masco Corp.COM	574599106	$58.92M	0.00%	976shares	DFND	976 / 0 / 0
Constellation BrandsCOM	21036P108	$55.50M	0.00%	370shares	DFND	370 / 0 / 0
i3 Verticals Inc.COM	46571Y107	$53.91M	0.00%	2,411shares	DFND	2,411 / 0 / 0
SPDR Portfolio Developed WorldCOM	78463X889	$53.55M	0.00%	1,173shares	DFND	1,173 / 0 / 0
SPDR Portfolio S&P 500 GrowthCOM	78464A409	$52.15M	0.00%	533shares	DFND	533 / 0 / 0
Booking Holdings Inc.COM	09857L108	$46.31M	0.00%	11shares	DFND	11 / 0 / 0
Elme CommunitiesCOM	939653101	$44.43M	0.00%	22,103shares	SOLE	22,103 / 0 / 0
Knowles Corp.COM	49926D109	$40.75M	0.00%	1,587shares	DFND	1,587 / 0 / 0
Littelfuse Inc.COM	537008104	$35.63M	0.00%	105shares	DFND	105 / 0 / 0
Movado Group Inc.COM	624580106	$32.99M	0.00%	1,351shares	DFND	1,351 / 0 / 0
Gates Industrial Corp. plcCOM	G39108108	$32.45M	0.00%	1,435shares	DFND	1,435 / 0 / 0
Spectrum Brands Holdings Inc.COM	84790A105	$31.18M	0.00%	423shares	DFND	423 / 0 / 0
RBC Bearings Inc.COM	75524B104	$29.87M	0.00%	55shares	DFND	55 / 0 / 0
Hagerty Inc.COM	405166109	$28.91M	0.00%	2,746shares	DFND	2,746 / 0 / 0
Stewart Information Services CCOM	860372101	$28.88M	0.00%	469shares	DFND	469 / 0 / 0
RLI Corp.COM	749607107	$26.41M	0.00%	463shares	DFND	463 / 0 / 0
Hayward Holdings Inc.COM	421298100	$25.70M	0.00%	1,921shares	DFND	1,921 / 0 / 0
UFP Industries IncCOM	90278Q108	$24.50M	0.00%	266shares	DFND	266 / 0 / 0
Haemonetics Corp.COM	405024100	$24.23M	0.00%	430shares	DFND	430 / 0 / 0
SPDR Gold MiniShares Trust ETFCOM	98149E303	$24.10M	0.00%	260shares	DFND	260 / 0 / 0
Altus Group Ltd.COM	02215R107	$23.84M	0.00%	696shares	DFND	696 / 0 / 0
John B Sanfilippo & Son Inc.COM	800422107	$23.64M	0.00%	298shares	DFND	298 / 0 / 0
Marten Transport Ltd.COM	573075108	$23.54M	0.00%	1,793shares	DFND	1,793 / 0 / 0
SPDR Portfolio S&P 500 Value ECOM	78464A508	$23.47M	0.00%	415shares	DFND	415 / 0 / 0
ESAB Corp.COM	29605J106	$23.00M	0.00%	238shares	DFND	238 / 0 / 0
UFP Technologies Inc.COM	902673102	$19.94M	0.00%	103shares	DFND	103 / 0 / 0
Enovis Corp.COM	194014502	$19.63M	0.00%	863shares	DFND	863 / 0 / 0
J & J Snack Foods Corp.COM	466032109	$18.55M	0.00%	234shares	DFND	234 / 0 / 0
Winnebago Industries Inc.COM	974637100	$15.84M	0.00%	511shares	DFND	511 / 0 / 0
Franklin Electric Co. Inc.COM	353514102	$13.09M	0.00%	142shares	DFND	142 / 0 / 0
iShares Core MSCI Europe ETFCOM	46434V738	$9.91M	0.00%	141shares	DFND	141 / 0 / 0
SPDR S&P Dividend ETFCOM	78464A763	$9.34M	0.00%	64shares	DFND	64 / 0 / 0
SPDR Portfolio Mortgage BackedCOM	78464A383	$7.75M	0.00%	346shares	DFND	346 / 0 / 0
Avantis International Small CaCOM	025072802	$7.69M	0.00%	77shares	DFND	77 / 0 / 0
iShares MSCI Global Metals & MCOM	46434G848	$7.41M	0.00%	131shares	DFND	131 / 0 / 0
State Street Communication SerCOM	81369Y852	$7.32M	0.00%	66shares	DFND	66 / 0 / 0
Global X Defense Tech ETFCOM	37960A529	$7.23M	0.00%	102shares	DFND	102 / 0 / 0
SPDR S&P 400 Mid Cap Growth ETCOM	78464A821	$7.07M	0.00%	74shares	DFND	74 / 0 / 0
ProShares S&P MidCap 400 DividCOM	74347B680	$6.83M	0.00%	79shares	DFND	79 / 0 / 0
VanEck Junior Gold Miners ETFCOM	92189F791	$6.48M	0.00%	54shares	DFND	54 / 0 / 0
iShares 3-7 Year Treasury BondCOM	464288661	$4.74M	0.00%	40shares	DFND	40 / 0 / 0
SPDR S&P 400 Mid Cap Value ETFCOM	78464A839	$3.75M	0.00%	44shares	DFND	44 / 0 / 0
Aberdeen Physical Platinum ShaCOM	003260106	$3.74M	0.00%	21shares	DFND	21 / 0 / 0

Filing Metadata

Form type

13F-HR

Filing date

Apr 1, 2026

Holdings as of

March 31, 2026

Accession

0001442056-26-000004

CIK

0001442056

Other managers

View on SEC

Portfolio Snapshot

Total Portfolio Value

$6.44T

Number of Positions

414

414 reported by filer

Top 10 Concentration

24.0%

Top 20 Concentration

42.5%

Unique Issuers

283

By CUSIP

Avg. Position Size

$15.56B

Across 414 holdings

Top 5 Holdings

iShares 0-3 Month Treasury Bon2.7%

Analog Devices Inc.2.7%

Lockheed Martin Corp.2.5%

Chevron Corp.2.5%

Snap-on Inc.2.4%