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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 7 of 15  ·  296 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
121 BSMR Invesco BulletShares 2027 Muni 243,914.0 $5.8M 0.09% NEW $23.67 -0.3%
122 MTN Vail Resorts Inc. Consumer Cyclical 41,355.0 $5.5M 0.08% NEW $132.80 -8.6%
123 HTGC Hercules Capital Inc. Financial Services 289,789.0 $5.5M 0.08% NEW $18.82 -17.6%
124 UNF UniFirst Corp. Industrials 28,020.0 $5.4M 0.08% NEW $192.90 +33.8%
125 PZA Powershares Insured National M 213,404.0 $4.9M 0.07% NEW $23.19 -0.7%
126 TSLX Sixth Street Specialty Lending Financial Services 225,778.0 $4.9M 0.07% NEW $21.72 -17.5%
127 GBDC Golub Capital BDC Inc. Financial Services 345,905.0 $4.7M 0.07% NEW $13.57 -2.9%
128 BXSL Blackstone Secured Lending Fun Financial Services 156,915.0 $4.1M 0.06% NEW $26.33 -8.8%
129 iShares iBonds Dec 2029 Term T 180,532.0 $4.0M 0.06% NEW $21.95
130 BSMQ Invesco BulletShares 2026 Muni 163,801.0 $3.9M 0.06% NEW $23.65 -0.3%
131 IWN iShares Russell 2000 Value ETF 21,203.0 $3.8M 0.06% NEW $181.21 +13.7%
132 AEM Agnico Eagle Mines Ltd. Basic Materials 22,589.0 $3.8M 0.06% NEW $169.53 +6.4%
133 Berkshire Hathaway Inc. - A 5.0 $3.8M 0.06% NEW $754800.00
134 FG F&G Annuities and Life Financial Services 121,300.0 $3.7M 0.06% NEW $30.85 -7.3%
135 CNMD CONMED Corp. Healthcare 91,164.0 $3.7M 0.06% NEW $40.60 -10.5%
136 BSMV Invesco BulletShares 2031 Muni 154,431.0 $3.3M 0.05% NEW $21.13 -1.2%
137 MUB iShares National Muni Bond ETF 29,933.0 $3.2M 0.05% NEW $107.11 -0.9%
138 BBDC Barings BDC Inc. Financial Services 343,248.0 $3.2M 0.05% NEW $9.18 -6.3%
139 HYMB SPDR Nuveen S&P High Yield Mun 125,516.0 $3.1M 0.05% NEW $24.94 -0.4%
140 Blue Owl Capital Corp. 237,084.0 $2.9M 0.04% NEW $12.43
Page 7 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%