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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 5 of 6  ·  103 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
81 CCAP Crescent Capital BDC Inc. Financial Services 35,410.0 $387K 0.01% +3K +9.9% $10.92 -3.2%
82 FMX Fomento Economico Mexicano S.A Consumer Defensive 2,979.0 $381K 0.01% +252.0 +9.2% $127.91 -3.9%
83 BAP Credicorp Ltd. Financial Services 946.0 $369K 0.01% +61.0 +6.9% $389.58 -1.8%
84 ICICI Bank Ltd. 12,186.0 $354K 0.01% +1K +11.2% $29.03
85 Airbus SE 6,346.0 $353K 0.01% +144.0 +2.3% $55.60
86 CPA Copa Holdings SA Industrials 2,202.0 $343K 0.01% +242.0 +12.3% $155.57 -14.8%
87 ZTO ZTO Express Cayman Inc. Industrials 13,966.0 $313K 0.01% +1K +11.4% $22.38 -4.7%
88 Grupo Financiero Banorte S.A.B 5,575.0 $294K 0.01% +637.0 +12.9% $52.69
89 VLRS Controladora Vuela Cia de Avia Industrials 30,676.0 $287K 0.00% +5K +17.3% $9.37 -25.4%
90 HTHT H World Group Ltd. Consumer Cyclical 6,855.0 $286K 0.00% +733.0 +12.0% $41.72 +17.5%
91 Tencent Holdings Ltd. 4,855.0 $268K 0.00% +588.0 +13.8% $55.22
92 YUMC Yum China Holdings Inc. Consumer Cyclical 6,395.0 $261K 0.00% +769.0 +13.7% $40.87 +15.4%
93 RDY Dr Reddy's Laboratories Ltd. Healthcare 17,910.0 $260K 0.00% +2K +15.6% $14.49 -15.7%
94 MELI MercadoLibre Inc. Consumer Cyclical 149.0 $253K 0.00% +19.0 +14.6% $1697.39 +14.9%
95 BIDU Baidu Inc. Communication Services 2,089.0 $239K 0.00% +272.0 +15.0% $114.29 -18.4%
96 JBS N.V. 19,326.0 $229K 0.00% +3K +17.3% $11.85
97 EC Ecopetrol S.A. Energy 15,465.0 $220K 0.00% +2K +15.1% $14.24 +16.0%
98 BWMX Betterware de Mexico S.A.P.I. Consumer Cyclical 12,096.0 $218K 0.00% +2K +17.1% $17.99 -10.2%
99 VALE Vale S.A. Basic Materials 14,117.0 $212K 0.00% +2K +17.7% $15.04 +0.8%
100 INFY Infosys Ltd. Technology 17,636.0 $185K 0.00% +3K +19.1% $10.49 +11.4%
Page 5 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%