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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 8 of 15  ·  296 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
141 SHM SPDR Nuveen Barclays Capital S 58,017.0 $2.8M 0.04% NEW $47.99 -0.6%
142 MLN VanEck Vectors Long Municipal 157,054.0 $2.8M 0.04% NEW $17.53 -0.8%
143 BSMU Invesco BulletShares 2030 Muni 124,878.0 $2.8M 0.04% NEW $22.03 -1.0%
144 BSMW Invesco BulletShares 2032 Munc 109,012.0 $2.7M 0.04% NEW $25.11 -0.9%
145 NMFC New Mountain Finance Corp. Financial Services 294,765.0 $2.7M 0.04% NEW $9.21 -12.6%
146 RBC RBC Bearings Inc. Industrials 5,944.0 $2.7M 0.04% NEW $448.43 +36.5%
147 HGTY Hagerty Inc. Financial Services 196,920.0 $2.6M 0.04% NEW $13.44 -23.1%
148 TSM Taiwan Semiconductor Manufactu Technology 8,634.0 $2.6M 0.04% NEW $303.89 +37.5%
149 STC Stewart Information Services C Financial Services 35,068.0 $2.5M 0.04% NEW $70.26 -4.0%
150 IBMQ iShares iBonds Dec 2028 Term M 93,346.0 $2.4M 0.04% NEW $25.58 -0.4%
151 PPLT Aberdeen Standard Physical Pla Financial Services 12,745.0 $2.4M 0.04% NEW $186.43 +0.2%
152 KN Knowles Corp. Technology 109,873.0 $2.4M 0.04% NEW $21.43 +67.6%
153 FSK FS KKR Capital Corp. Financial Services 158,029.0 $2.3M 0.04% NEW $14.81 -27.1%
154 GTES Gates Industrial Corp. plc Industrials 108,731.0 $2.3M 0.04% NEW $21.47 +19.6%
155 HAE Haemonetics Corp. Healthcare 28,687.0 $2.3M 0.03% NEW $80.15 -28.7%
156 MOV Movado Group Inc. Consumer Cyclical 105,378.0 $2.2M 0.03% NEW $20.62 +33.2%
157 HAYW Hayward Holdings Inc. Industrials 136,639.0 $2.1M 0.03% NEW $15.45 -10.0%
158 Sandoz Group 28,687.0 $2.1M 0.03% NEW $72.77
159 IBMR iShares iBonds Dec 2029 Term M 81,442.0 $2.1M 0.03% NEW $25.43 -0.7%
160 IIIV i3 Verticals Inc. Technology 82,095.0 $2.1M 0.03% NEW $25.19 -25.8%
Page 8 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%