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Portfolio (Quarterly) Guide ↗

CONFLUENCE INVESTMENT MANAGEMENT LLC

· CIK 0001442056
13F Portfolio $6.7B AUM 458 positions Filed Jan 5, 2026 EDGAR ↗ ← All Funds
Q1 2026 Q4 2025 · All 296 New
Page 6 of 15  ·  296 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
101 CPRT Copart Inc. Industrials 283,768.0 $11.1M 0.17% NEW $39.15 -16.6%
102 JBT Marel Corp. 72,591.0 $10.9M 0.16% NEW $150.67
103 SPY SPDR S&P 500 ETF Financial Services 15,723.0 $10.7M 0.16% NEW $681.90 +8.4%
104 DFNM Dimensional National Municipal 209,523.0 $10.1M 0.15% NEW $48.17 -0.3%
105 iShares iBonds Dec 2027 Term T 431,286.0 $9.7M 0.14% NEW $22.47
106 SDY SPDR S&P Dividend ETF 69,342.0 $9.6M 0.14% NEW $139.16 +5.0%
107 iShares iBonds Dec 2031 Term T 469,677.0 $9.6M 0.14% NEW $20.53
108 IBDS iShares iBonds Dec 2027 Term C 393,499.0 $9.6M 0.14% NEW $24.28 -0.4%
109 iShares iBonds Dec 2032 Term T 397,180.0 $9.2M 0.14% NEW $23.08
110 BSMY Invesco BulletShares 2034 Muni 366,347.0 $9.0M 0.14% NEW $24.58 -1.2%
111 SHLD Global X Defense Tech ETF 131,438.0 $8.5M 0.13% NEW $64.79 -3.8%
112 IBDX iShares iBonds Dec 2032 Term C 298,135.0 $7.6M 0.11% NEW $25.53 -1.9%
113 BSSX Invesco Bulletshares 2033 Muni 293,618.0 $7.6M 0.11% NEW $25.85 -1.1%
114 iShares iBonds Dec 2030 Term T 364,840.0 $7.2M 0.11% NEW $19.84
115 TRIP TripAdvisor Inc. Consumer Cyclical 475,010.0 $6.9M 0.10% NEW $14.56 -34.1%
116 MDYV SPDR S&P 400 Mid Cap Value ETF 77,804.0 $6.6M 0.10% NEW $84.65 +4.8%
117 IGSB iShares 1-5 Year Investment Gr 123,761.0 $6.5M 0.10% NEW $52.88 -1.2%
118 CVCO Cavco Industries Inc. Consumer Cyclical 10,421.0 $6.2M 0.09% NEW $590.74 -19.3%
119 IBDR iShares iBonds Dec 2026 Term C 243,126.0 $5.9M 0.09% NEW $24.23 -0.1%
120 MAIN Main Street Capital Corp. Financial Services 97,083.0 $5.9M 0.09% NEW $60.39 -16.1%
Page 6 of 15  ·  296 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 18.9%
Technology 14.6%
Consumer Defensive 10.7%
Utilities 7.2%
Consumer Cyclical 7.0%
Healthcare 6.5%
Basic Materials 5.8%
Energy 4.8%
Communication Services 1.3%