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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 11 of 15  ·  296 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
201 FNV Franco-Nevada Corp. Basic Materials 5,694.0 $1.2M 0.02% NEW $207.28 +14.8%
202 FSP Franklin Street Properties Cor Real Estate 1,231,656.0 $1.2M 0.02% NEW $0.95 -45.4%
203 BNP Paribas S.A. 24,545.0 $1.2M 0.02% NEW $47.40
204 Nintendo Co. Ltd. 67,829.0 $1.1M 0.02% NEW $16.86
205 BABA Alibaba Group Holding Ltd. Consumer Cyclical 7,742.0 $1.1M 0.02% NEW $146.58 -9.5%
206 FCX Freeport-McMoRan Inc. Basic Materials 22,157.0 $1.1M 0.02% NEW $50.79 +30.2%
207 Techtronic Industries Co. Ltd. 19,520.0 $1.1M 0.02% NEW $57.58
208 CNNE Cannae Holdings Inc. Consumer Cyclical 70,250.0 $1.1M 0.02% NEW $15.73 -16.6%
209 ENOV Enovis Corp. Industrials 41,116.0 $1.1M 0.02% NEW $26.64 -2.0%
210 Hong Kong Exchanges and Cleari 20,911.0 $1.1M 0.02% NEW $52.12
211 EQT EQT Corp. Energy 20,116.0 $1.1M 0.02% NEW $53.60 +5.5%
212 JBSS John B Sanfilippo & Son Inc. Consumer Defensive 15,269.0 $1.1M 0.02% NEW $70.60 +5.9%
213 Expand Energy Corp. 9,714.0 $1.1M 0.02% NEW $110.36
214 SLRC SLR Investment Corp. Financial Services 69,338.0 $1.1M 0.02% NEW $15.46 -16.4%
215 XOM Exxon Mobil Corp. Energy 8,884.0 $1.1M 0.02% NEW $120.34 +27.0%
216 Tokio Marine Holdings Inc. 28,897.0 $1.1M 0.02% NEW $36.98
217 Rheinmetall AG 2,883.0 $1.1M 0.02% NEW $365.50
218 L'Oreal S.A. 12,241.0 $1.0M 0.02% NEW $85.65
219 JJSF J & J Snack Foods Corp. Consumer Defensive 11,448.0 $1.0M 0.02% NEW $90.37 -21.7%
220 VMC Vulcan Materials Co. Basic Materials 3,627.0 $1.0M 0.02% NEW $285.22 -3.6%
Page 11 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%