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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 13 of 15  ·  296 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
241 IBMP iShares iBonds Dec 2027 Term M 31,764.0 $806K 0.01% NEW $25.39 -0.2%
242 Wal-Mart de Mexico S.A.B. de C 25,564.0 $797K 0.01% NEW $31.17
243 Komatsu Ltd. 23,544.0 $748K 0.01% NEW $31.75
244 SBSW Sibanye Stillwater Ltd. Basic Materials 49,766.0 $709K 0.01% NEW $14.25 -7.6%
245 GSBD Goldman Sachs BDC Inc. Financial Services 75,821.0 $704K 0.01% NEW $9.28 -3.9%
246 GFI Gold Fields Ltd. Basic Materials 15,364.0 $671K 0.01% NEW $43.66 +1.0%
247 KBDC Kayne Anderson BDC Financial Services 46,410.0 $665K 0.01% NEW $14.32 +3.1%
248 NVO Novo Nordisk A.S. Healthcare 13,043.0 $664K 0.01% NEW $50.88 -10.0%
249 TRIN Trinity Capital Inc. Financial Services 44,780.0 $656K 0.01% NEW $14.65 +16.7%
250 CW Curtiss-Wright Corp. Industrials 1,160.0 $639K 0.01% NEW $551.27 +36.2%
251 VIST Vista Energy S.A.B. de C.V. Energy 8,271.0 $402K 0.01% NEW $48.66 +47.7%
252 KB KB Financial Group Inc. Financial Services 4,567.0 $393K 0.01% NEW $86.03 +23.0%
253 Lynas Rare Earths Ltd. 43,577.0 $360K 0.01% NEW $8.27
254 ASX ASE Technology Holding Co. Ltd Technology 21,200.0 $341K 0.01% NEW $16.10 +110.0%
255 MSC Income Fund 25,157.0 $331K 0.01% NEW $13.14
256 IBMO iShares iBonds Dec 2026 Term M 12,881.0 $330K 0.01% NEW $25.64 +0.0%
257 KOF Coca-Cola Femsa S.A.B. de C.V. Consumer Defensive 3,395.0 $322K 0.01% NEW $94.71 +10.7%
258 Tencent Holdings Ltd. 4,148.0 $318K 0.01% NEW $76.55
259 ICICI Bank Ltd. 10,601.0 $316K 0.01% NEW $29.80
260 Airbus SE 5,425.0 $314K 0.01% NEW $57.92
Page 13 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%