Portfolio (Quarterly) Guide ↗

CONFLUENCE INVESTMENT MANAGEMENT LLC

· CIK 0001442056

13F Portfolio $6.4B AUM 414 positions Filed Apr 1, 2026 EDGAR ↗ ← All Funds

Q1 2026 Q4 2025 · All 283 New 31 Exited

Page 1 of 2 · 31 positions

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#	Ticker	Company	Sector	Shares	Value ↓	% Port	Status
1	MKC	McCormick & Company Inc.	Consumer Defensive	281,411	$19.2M	0.29%	SOLD
2	—	iShares iBonds Dec 2027 Term T	—	431,286	$9.7M	0.14%	SOLD
3	IBDS	iShares iBonds Dec 2027 Term C	—	393,499	$9.6M	0.14%	SOLD
4	IBDX	iShares iBonds Dec 2032 Term C	—	298,135	$7.6M	0.11%	SOLD
5	IBDR	iShares iBonds Dec 2026 Term C	—	243,126	$5.9M	0.09%	SOLD
6	BSMR	Invesco BulletShares 2027 Muni	—	243,914	$5.8M	0.09%	SOLD
7	UNF	UniFirst Corp.	Industrials	28,020	$5.4M	0.08%	SOLD
8	BSMQ	Invesco BulletShares 2026 Muni	—	163,801	$3.9M	0.06%	SOLD
9	IWN	iShares Russell 2000 Value ETF	—	21,203	$3.8M	0.06%	SOLD
10	FG	F&G Annuities and Life	Financial Services	121,300	$3.7M	0.06%	SOLD
11	SLV	iShares Silver Trust ETF	Financial Services	27,504	$1.8M	0.03%	SOLD
12	AG	First Majestic Silver Corp.	Basic Materials	90,903	$1.5M	0.02%	SOLD
13	CNNE	Cannae Holdings Inc.	Consumer Cyclical	70,250	$1.1M	0.02%	SOLD
14	AR	Antero Resources Corp.	Energy	28,627	$986K	0.01%	SOLD
15	—	TotalEnergies S.E.	—	15,067	$986K	0.01%	SOLD
16	ICLR	ICON plc	Healthcare	5,022	$915K	0.01%	SOLD
17	PBDC	Putnam BDC Income ETF	—	27,635	$846K	0.01%	SOLD
18	SBSW	Sibanye Stillwater Ltd.	Basic Materials	49,766	$709K	0.01%	SOLD
19	GSBD	Goldman Sachs BDC Inc.	Financial Services	75,821	$704K	0.01%	SOLD
20	MMYT	MakeMyTrip Ltd.	Consumer Cyclical	3,665	$301K	0.01%	SOLD

Page 1 of 2 · 31 positions

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Sector Allocation

Financial Services 20.5%

Industrials 20.1%

Technology 13.0%

Consumer Defensive 11.8%

Utilities 7.7%

Basic Materials 7.1%

Consumer Cyclical 6.3%

Energy 6.3%

Healthcare 6.1%

Communication Services 1.2%