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Portfolio (Quarterly) Guide ↗

CONFLUENCE INVESTMENT MANAGEMENT LLC

· CIK 0001442056
13F Portfolio $6.4B AUM 422 positions Filed Jul 1, 2026 EDGAR ↗ ← All Funds
Q2 2026 Q1 2026 · All 29 New 103 Added 141 Reduced 22 Exited
Page 3 of 6  ·  103 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
41 GDXJ VanEck Junior Gold Miners ETF 14,447.0 $1.4M 0.02% +2K +15.7% $98.25 +37.9%
42 Tokio Marine Holdings Inc. 30,795.0 $1.4M 0.02% +261.0 +0.8% $44.31
43 XOM Exxon Mobil Corp. Energy 9,784.0 $1.3M 0.02% +453.0 +4.8% $136.72 +18.5%
44 SHEL Shell plc Energy 17,202.0 $1.3M 0.02% +767.0 +4.7% $77.54 +19.3%
45 BAE Systems plc 13,420.0 $1.3M 0.02% +115.0 +0.9% $97.95
46 CCJ Cameco Corp. Energy 12,856.0 $1.3M 0.02% +4K +42.5% $101.86 +5.6%
47 Mitsui & Co. Ltd. 2,336.0 $1.3M 0.02% +83.0 +3.7% $553.77
48 FNV Franco-Nevada Corp. Basic Materials 6,167.0 $1.3M 0.02% +304.0 +5.2% $208.44 +30.6%
49 Lynas Rare Earths Ltd. 100,731.0 $1.3M 0.02% +2K +1.6% $12.58
50 CNQ Canadian Natural Resources Ltd Energy 31,974.0 $1.3M 0.02% +2K +5.3% $39.50 +26.7%
51 WPM Wheaton Precious Metals Corp. Basic Materials 11,175.0 $1.3M 0.02% +558.0 +5.3% $112.32 +45.2%
52 VMC Vulcan Materials Co. Basic Materials 4,194.0 $1.2M 0.02% +281.0 +7.2% $295.01 -6.7%
53 RGLD Royal Gold Inc. Basic Materials 6,162.0 $1.2M 0.02% +285.0 +4.8% $199.61 +33.3%
54 EQT EQT Corp. Energy 22,743.0 $1.2M 0.02% +1K +6.5% $53.17 +2.1%
55 MidCap Financial Investment Co 118,551.0 $1.2M 0.02% +1K +1.2% $10.08
56 ITOCHU Corp. 103,063.0 $1.2M 0.02% +1K +1.1% $11.40
57 L'Oreal S.A. 13,200.0 $1.2M 0.02% +182.0 +1.4% $87.71
58 AGI Alamos Gold Inc. Basic Materials 36,903.0 $1.1M 0.02% +2K +4.8% $30.34 +28.6%
59 Chugai Pharms Co. Ltd. 47,712.0 $1.1M 0.02% +612.0 +1.3% $23.08
60 BCSF Bain Capital Specialty Finance Financial Services 87,630.0 $1.1M 0.02% +946.0 +1.1% $12.52 -3.5%
Page 3 of 6  ·  103 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Financial Services 23.1%
Industrials 20.8%
Consumer Defensive 11.6%
Technology 10.9%
Utilities 7.9%
Healthcare 7.0%
Basic Materials 6.8%
Consumer Cyclical 6.0%
Energy 5.6%
Communication Services 0.2%