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Portfolio (Quarterly) Guide ↗

CONFLUENCE INVESTMENT MANAGEMENT LLC

· CIK 0001442056
13F Portfolio $6.4B AUM 422 positions Filed Jul 1, 2026 EDGAR ↗ ← All Funds
Q2 2026 Q1 2026 · All 29 New 103 Added 141 Reduced 22 Exited
Page 7 of 15  ·  290 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
121 MAIN Main Street Capital Corp. Financial Services 93,486.0 $4.9M 0.08% +3K +2.8% $51.88 +12.8%
122 MTN Vail Resorts Inc. Consumer Cyclical 34,082.0 $4.6M 0.07% -3K -8.4% $136.15 +8.6%
123 PZA Powershares Insured National M 192,712.0 $4.5M 0.07% -16K -7.7% $23.52 -3.1%
124 CVCO Cavco Industries Inc. Consumer Cyclical 7,310.0 $4.5M 0.07% -680.0 -8.5% $614.38 -4.3%
125 HTGC Hercules Capital Inc. Financial Services 276,182.0 $4.4M 0.07% +3K +1.0% $15.77 +11.5%
126 GBDC Golub Capital BDC Inc. Financial Services 327,523.0 $4.2M 0.07% $12.88 +1.8%
127 Berkshire Hathaway Inc. - A 5.0 $3.7M 0.06% $748850.00
128 TSM Taiwan Semiconductor Manufactu Technology 7,622.0 $3.6M 0.06% -975.0 -11.3% $477.57 -12.6%
129 TSLX Sixth Street Specialty Lending Financial Services 211,954.0 $3.6M 0.06% +4K +2.0% $17.17 +10.5%
130 AEM Agnico Eagle Mines Ltd. Basic Materials 22,732.0 $3.5M 0.06% -564.0 -2.4% $155.13 +44.5%
131 BXSL Blackstone Secured Lending Fun Financial Services 146,606.0 $3.5M 0.05% +3K +1.8% $23.71 +4.7%
132 MUB iShares National Muni Bond ETF 30,098.0 $3.2M 0.05% -2K -4.9% $107.62 -1.9%
133 XONE BondBloxx Bloomberg One Year T 60,474.0 $3.0M 0.05% NEW $49.37 +0.0%
134 ASML ASML Holding N.V. Technology 1,439.0 $2.9M 0.04% $1989.44 -12.3%
135 Blue Owl Capital Corp. 263,324.0 $2.9M 0.04% +39K +17.4% $10.87
136 Barings BDC Inc. 306,261.0 $2.6M 0.04% -2K -0.5% $8.52
137 IWD iShares Russell 1000 Value ETF 10,492.0 $2.5M 0.04% -8K -42.0% $242.43 +6.5%
138 BSMU Invesco BulletShares 2030 Muni 114,674.0 $2.5M 0.04% -8K -6.8% $21.92 -0.9%
139 Sandoz Group 27,141.0 $2.5M 0.04% -1K -4.7% $90.49
140 CSWC Capital Southwest Corp. Financial Services 95,362.0 $2.3M 0.04% $23.77 +6.1%
Page 7 of 15  ·  290 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 20.8%
Consumer Defensive 11.6%
Technology 10.9%
Utilities 7.9%
Healthcare 7.0%
Basic Materials 6.8%
Consumer Cyclical 6.0%
Energy 5.6%
Communication Services 0.2%