Q3 2025 · 13F-HR
CONFLUENCE INVESTMENT MANAGEMENT LLCholdings as filed
Filed 2025-10-14 · accession 0001442056-25-000002
$7.01B
Reported value
294
Positions
2025-09-30
Period end
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 46436E718 | SGOV | iShares 0-3 Month Treasury Bon | $261.8M | 3.74% | 2,599,958 | Common | SOLE |
| 833034101 | SNA | Snap-on Inc. | $170.6M | 2.43% | 492,183 | Common | SOLE |
| 92939U106 | WEC | WEC Energy Group Inc. | $159.4M | 2.27% | 1,390,656 | Common | SOLE |
| 311900104 | FAST | Fastenal Co. | $157.7M | 2.25% | 3,214,964 | Common | SOLE |
| 665859104 | NTRS | Northern Trust Corp. | $155.8M | 2.22% | 1,157,462 | Common | SOLE |
| H1467J104 | CB | Chubb Ltd. | $152.0M | 2.17% | 538,662 | Common | SOLE |
| 032654105 | ADI | Analog Devices Inc. | $150.8M | 2.15% | 613,557 | Common | SOLE |
| 539830109 | LMT | Lockheed Martin Corp. | $148.4M | 2.12% | 297,172 | Common | SOLE |
| G54950103 | LIN | Linde plc | $147.2M | 2.10% | 309,811 | Common | SOLE |
| 842587107 | SO | Southern Co. | $146.8M | 2.09% | 1,549,426 | Common | SOLE |
| 427866108 | HSY | Hershey Co. | $141.2M | 2.02% | 755,135 | Common | SOLE |
| 437076102 | HD | Home Depot Inc. | $139.9M | 2.00% | 345,296 | Common | SOLE |
| 11133T103 | BR | Broadridge Financial Solutions | $139.1M | 1.98% | 583,912 | Common | SOLE |
| 609207105 | MDLZ | Mondelez International Inc. | $138.9M | 1.98% | 2,223,914 | Common | SOLE |
| 743315103 | PGR | Progressive Corp. | $136.9M | 1.95% | 554,271 | Common | SOLE |
| 704326107 | PAYX | Paychex Inc. | $130.2M | 1.86% | 1,027,260 | Common | SOLE |
| 25243Q205 | DEO | Diageo plc | $130.1M | 1.86% | 1,363,504 | Common | SOLE |
| 31620R303 | FNF | Fidelity National Financial In | $129.4M | 1.85% | 2,139,098 | Common | SOLE |
| 166764100 | CVX | Chevron Corp. | $129.3M | 1.85% | 832,901 | Common | SOLE |
| 29364G103 | ETR | Entergy Corp. | $126.0M | 1.80% | 1,352,347 | Common | SOLE |
| 030420103 | AWK | American Water Works Co. Inc. | $120.0M | 1.71% | 861,830 | Common | SOLE |
| 17275R102 | CSCO | Cisco Systems Inc. | $116.8M | 1.67% | 1,707,626 | Common | SOLE |
| 189054109 | CLX | Clorox Co. | $114.8M | 1.64% | 931,093 | Common | SOLE |
| 49456B101 | KMI | Kinder Morgan Inc. | $107.4M | 1.53% | 3,793,846 | Common | SOLE |
| 375558103 | GILD | Gilead Sciences Inc. | $105.8M | 1.51% | 952,946 | Common | SOLE |
| 194162103 | CL | Colgate-Palmolive Co. | $103.5M | 1.48% | 1,294,534 | Common | SOLE |
| 74144T108 | TROW | T. Rowe Price Group Inc. | $99.9M | 1.43% | 973,769 | Common | SOLE |
| 78464A383 | SPMB | SPDR Portfolio Mortgage Backed | $94.7M | 1.35% | 4,222,219 | Common | SOLE |
| 084423102 | WRB | W. R. Berkley Corp. | $94.4M | 1.35% | 1,231,537 | Common | SOLE |
| 902973304 | USB | U.S. Bancorp | $93.5M | 1.33% | 1,933,812 | Common | SOLE |
| 57636Q104 | MA | Mastercard Inc. | $92.1M | 1.31% | 161,975 | Common | SOLE |
| 872540109 | TJX | TJX Co. Inc. | $87.2M | 1.24% | 603,340 | Common | SOLE |
| 594918104 | MSFT | Microsoft Corp. | $83.8M | 1.20% | 161,782 | Common | SOLE |
| 863667101 | SYK | Stryker Corp. | $83.7M | 1.19% | 226,373 | Common | SOLE |
| 04010L103 | ARCC | Ares Capital Corp. | $75.2M | 1.07% | 3,682,410 | Common | SOLE |
| 655663102 | NDSN | Nordson Corp. | $75.0M | 1.07% | 330,517 | Common | SOLE |
| 78409V104 | SPGI | S&P Global Inc. | $70.5M | 1.01% | 144,877 | Common | SOLE |
| 70432V102 | PAYC | Paycom Software Inc. | $68.1M | 0.97% | 327,312 | Common | SOLE |
| 02079K107 | GOOG | Alphabet Inc. | $67.5M | 0.96% | 277,189 | Common | SOLE |
| 78463X889 | SPDW | SPDR Portfolio Developed World | $63.1M | 0.90% | 1,474,350 | Common | SOLE |
| 574599106 | MAS | Masco Corp. | $61.1M | 0.87% | 868,229 | Common | SOLE |
| 452308109 | ITW | Illinois Tool Works Inc. | $58.1M | 0.83% | 222,916 | Common | SOLE |
| 49338L103 | KEYS | Keysight Technologies Inc. | $57.2M | 0.82% | 326,940 | Common | SOLE |
| 911312106 | UPS | United Parcel Service Inc. | $56.9M | 0.81% | 681,643 | Common | SOLE |
| 548661107 | LOW | Lowe's Co. Inc. | $56.3M | 0.80% | 223,924 | Common | SOLE |
| 384109104 | GGG | Graco Inc. | $55.6M | 0.79% | 654,019 | Common | SOLE |
| 009158106 | APD | Air Products and Chemicals Inc | $55.2M | 0.79% | 202,554 | Common | SOLE |
| G1151C101 | ACN | Accenture plc | $51.6M | 0.74% | 209,255 | Common | SOLE |
| 084670702 | BRK/B | Berkshire Hathaway Inc. - B | $50.7M | 0.72% | 100,876 | Common | SOLE |
| N6596X109 | NXPI | NXP Semiconductors N.V. | $48.0M | 0.68% | 210,735 | Common | SOLE |
| 260557103 | DOW | Dow Inc. | $45.0M | 0.64% | 1,961,972 | Common | SOLE |
| 962166104 | WY | Weyerhaeuser Co. | $43.7M | 0.62% | 1,764,467 | Common | SOLE |
| 883556102 | TMO | Thermo Fisher Scientific Inc. | $40.4M | 0.58% | 83,223 | Common | SOLE |
| 573284106 | MLM | Martin Marietta Materials Inc. | $38.7M | 0.55% | 61,391 | Common | SOLE |
| 464288653 | TLH | iShares Barclays 10-20 Year Tr | $37.4M | 0.53% | 363,054 | Common | SOLE |
| 98149E303 | GLDM | SPDR Gold MiniShares Trust ETF | $37.3M | 0.53% | 488,393 | Common | SOLE |
| 115637209 | BF/B | Brown-Forman Corp. - B | $36.5M | 0.52% | 1,349,118 | Common | SOLE |
| G0450A105 | ACGL | Arch Capital Group Ltd. | $35.3M | 0.50% | 389,020 | Common | SOLE |
| 09857L108 | BKNG | Booking Holdings Inc. | $35.2M | 0.50% | 6,519 | Common | SOLE |
| 464288588 | MBB | iShares MBS ETF | $34.9M | 0.50% | 366,497 | Common | SOLE |
| 78464a508 | — | SPDR Portfolio S&P 500 Value E | $33.8M | 0.48% | 610,475 | Common | SOLE |
| 78464A409 | SPYG | SPDR Portfolio S&P 500 Growth | $30.7M | 0.44% | 293,303 | Common | SOLE |
| 761152107 | RMD | ResMed Inc. | $30.3M | 0.43% | 110,658 | Common | SOLE |
| 855244109 | SBUX | Starbucks Corp. | $28.6M | 0.41% | 337,686 | Common | SOLE |
| 115236101 | BRO | Brown & Brown Inc. | $28.0M | 0.40% | 298,360 | Common | SOLE |
| 278865100 | ECL | Ecolab Inc. | $28.0M | 0.40% | 102,158 | Common | SOLE |
| 369550108 | GD | General Dynamics Corp. | $27.2M | 0.39% | 79,726 | Common | SOLE |
| 256746108 | DLTR | Dollar Tree Inc. | $25.8M | 0.37% | 273,626 | Common | SOLE |
| 032095101 | APH | Amphenol Corp. | $25.8M | 0.37% | 208,223 | Common | SOLE |
| 824348106 | SHW | Sherwin-Williams Co. | $25.2M | 0.36% | 72,791 | Common | SOLE |
| 257651109 | DCI | Donaldson Co. Inc. | $24.9M | 0.35% | 303,816 | Common | SOLE |
| 831865209 | AOS | A. O. Smith Corp. | $24.2M | 0.34% | 329,070 | Common | SOLE |
| 580135101 | MCD | McDonald's Corp. | $23.2M | 0.33% | 76,265 | Common | SOLE |
| 74347B680 | REGL | ProShares S&P MidCap 400 Divid | $23.0M | 0.33% | 269,556 | Common | SOLE |
| 46438G422 | IBTQ | iShares iBonds Dec 2035 Term T | $22.6M | 0.32% | 886,173 | Common | SOLE |
| 78464A821 | MDYG | SPDR S&P 400 Mid Cap Growth ET | $22.0M | 0.31% | 239,887 | Common | SOLE |
| 302130109 | EXPD | Expeditors International of Wa | $21.7M | 0.31% | 177,080 | Common | SOLE |
| 579780206 | MKC | McCormick & Company Inc. | $21.6M | 0.31% | 322,216 | Common | SOLE |
| 646025106 | NJR | New Jersey Resources Corp. | $20.4M | 0.29% | 423,035 | Common | SOLE |
| 742718109 | PG | Procter & Gamble Co. | $20.1M | 0.29% | 131,007 | Common | SOLE |
| 98978V103 | ZTS | Zoetis Inc. | $19.6M | 0.28% | 133,711 | Common | SOLE |
| G5960L103 | MDT | Medtronic plc | $19.5M | 0.28% | 204,759 | Common | SOLE |
| 26875P101 | EOG | EOG Resources Inc. | $19.4M | 0.28% | 172,674 | Common | SOLE |
| 21036P108 | STZ | Constellation Brands | $19.3M | 0.28% | 143,543 | Common | SOLE |
| 928881101 | VNT | Vontier Corp. | $18.9M | 0.27% | 449,691 | Common | SOLE |
| 92047W101 | VVV | Valvoline Inc. | $17.6M | 0.25% | 490,614 | Common | SOLE |
| 891092108 | TTC | Toro Co. | $17.1M | 0.24% | 224,017 | Common | SOLE |
| 654106103 | NKE | NIKE Inc. | $17.0M | 0.24% | 244,217 | Common | SOLE |
| 46436E148 | IBTO | iShares iBonds Dec 2033 Term T | $16.7M | 0.24% | 676,864 | Common | SOLE |
| 46438G646 | IBTP | iShares iBonds Dec 2034 Term T | $16.7M | 0.24% | 642,704 | Common | SOLE |
| 78464A839 | MDYV | SPDR S&P 400 Mid Cap Value ETF | $15.7M | 0.22% | 187,780 | Common | SOLE |
| 254687106 | DIS | Walt Disney Co. | $15.6M | 0.22% | 136,317 | Common | SOLE |
| 217204106 | CPRT | Copart Inc. | $15.1M | 0.22% | 335,829 | Common | SOLE |
| 075887109 | BDX | Becton Dickinson & Co. | $15.0M | 0.21% | 80,263 | Common | SOLE |
| 159864107 | CRL | Charles River Laboratories Int | $15.0M | 0.21% | 95,963 | Common | SOLE |
| 14448c104 | — | Carrier Global Corp. | $14.0M | 0.20% | 234,214 | Common | SOLE |
| 617700109 | MORN | Morningstar Inc. | $14.0M | 0.20% | 60,239 | Common | SOLE |
| 464288661 | IEI | iShares 3-7 Year Treasury Bond | $13.5M | 0.19% | 112,903 | Common | SOLE |
| 46435U473 | HYBB | iShares BB Rated Corporate Bon | $12.8M | 0.18% | 270,829 | Common | SOLE |
| 46434V738 | IEUR | iShares Core MSCI Europe ETF | $12.3M | 0.18% | 180,698 | Common | SOLE |
| 477839104 | JBTM | JBT Marel Corp. | $12.0M | 0.17% | 85,680 | Common | SOLE |
| 05589g102 | — | Baldwin Insurance Group Inc. | $11.5M | 0.16% | 406,113 | Common | SOLE |
| 46436E825 | IBTJ | iShares iBonds Dec 2029 Term T | $11.4M | 0.16% | 521,000 | Common | SOLE |
| 78462F103 | SPY | SPDR S&P 500 ETF | $11.4M | 0.16% | 17,122 | Common | SOLE |
| 25434V849 | DFNM | Dimensional National Municipal | $10.4M | 0.15% | 216,392 | Common | SOLE |
| 46436E841 | IBTH | iShares iBonds Dec 2027 Term T | $10.3M | 0.15% | 456,205 | Common | SOLE |
| 46435U515 | IBDT | iShares iBonds Dec 2028 Term C | $10.2M | 0.15% | 399,602 | Common | SOLE |
| 46435UAA9 | IBDS | iShares iBonds Dec 2027 Term C | $10.1M | 0.14% | 416,135 | Common | SOLE |
| 896945201 | TRIP | TripAdvisor Inc. | $9.8M | 0.14% | 604,909 | Common | SOLE |
| 46436E296 | IBTM | iShares iBonds Dec 2032 Term T | $9.7M | 0.14% | 418,745 | Common | SOLE |
| 78464A763 | SDY | SPDR S&P Dividend ETF | $9.5M | 0.14% | 67,791 | Common | SOLE |
| 37960A529 | SHLD | Global X Defense Tech ETF | $9.4M | 0.13% | 133,223 | Common | SOLE |
| 025072802 | AVDV | Avantis International Small Ca | $8.7M | 0.12% | 98,253 | Common | SOLE |
| 46139W767 | BSMY | Invesco BulletShares 2034 Muni | $8.3M | 0.12% | 340,971 | Common | SOLE |
| 91879Q109 | MTN | Vail Resorts Inc. | $8.2M | 0.12% | 54,555 | Common | SOLE |
| 46436e593 | — | iShares iBonds Dec 2030 Term T | $7.6M | 0.11% | 384,676 | Common | SOLE |
| 149568107 | CVCO | Cavco Industries Inc. | $7.1M | 0.10% | 12,287 | Common | SOLE |
| 56035L104 | MAIN | Main Street Capital Corp. | $6.5M | 0.09% | 101,634 | Common | SOLE |
| 464288646 | IGSB | iShares 1-5 Year Investment Gr | $6.4M | 0.09% | 120,237 | Common | SOLE |
| 46139W791 | BSSX | Invesco Bulletshares 2033 Muni | $6.3M | 0.09% | 248,222 | Common | SOLE |
| 46436e460 | — | iShares iBonds Dec 2031 Term T | $6.1M | 0.09% | 297,157 | Common | SOLE |
| 46138J494 | BSMR | Invesco BulletShares 2027 Muni | $6.0M | 0.09% | 251,853 | Common | SOLE |
| 427096508 | HTGC | Hercules Capital Inc. | $5.7M | 0.08% | 302,513 | Common | SOLE |
| 207410101 | CNMD | CONMED Corp. | $5.7M | 0.08% | 121,538 | Common | SOLE |
| 83012A109 | TSLX | Sixth Street Specialty Lending | $5.3M | 0.08% | 233,908 | Common | SOLE |
| 46138E537 | PZA | Powershares Insured National M | $5.1M | 0.07% | 221,206 | Common | SOLE |
| 38173M102 | GBDC | Golub Capital BDC Inc. | $5.0M | 0.07% | 367,746 | Common | SOLE |
| 09261X102 | BXSL | Blackstone Secured Lending Fun | $4.1M | 0.06% | 156,292 | Common | SOLE |
| 92189F536 | MLN | VanEck Vectors Long Municipal | $4.0M | 0.06% | 228,274 | Common | SOLE |
| 464287598 | IWD | iShares Russell 1000 Value ETF | $3.9M | 0.05% | 18,923 | Common | SOLE |
| 084670108 | BRK/A | Berkshire Hathaway Inc. - A | $3.8M | 0.05% | 5 | Common | SOLE |
| 008474108 | AEM | Agnico Eagle Mines Ltd. | $3.7M | 0.05% | 21,761 | Common | SOLE |
| 49926D109 | KN | Knowles Corp. | $3.3M | 0.05% | 140,357 | Common | SOLE |
| 69121K104 | OBDC | Blue Owl Capital Corp. | $3.3M | 0.05% | 254,737 | Common | SOLE |
| G39108108 | GTES | Gates Industrial Corp. plc | $3.2M | 0.05% | 130,719 | Common | SOLE |
| 860372101 | STC | Stewart Information Services C | $3.2M | 0.05% | 44,131 | Common | SOLE |
| 46571Y107 | IIIV | i3 Verticals Inc. | $3.2M | 0.05% | 98,583 | Common | SOLE |
| 06759l103 | — | Barings BDC Inc. | $3.2M | 0.05% | 364,620 | Common | SOLE |
| 647551100 | NMFC | New Mountain Finance Corp. | $3.1M | 0.04% | 318,226 | Common | SOLE |
| 405166109 | HGTY | Hagerty Inc. | $3.0M | 0.04% | 252,535 | Common | SOLE |
| 46138J486 | BSMS | Invesco BulletShares 2028 Muni | $3.0M | 0.04% | 126,710 | Common | SOLE |
| 464287432 | TLT | iShares 20Plus Year Treasury B | $2.9M | 0.04% | 32,942 | Common | SOLE |
| 78468R739 | SHM | SPDR Nuveen Barclays Capital S | $2.9M | 0.04% | 60,824 | Common | SOLE |
| 75524B104 | RBC | RBC Bearings Inc. | $2.9M | 0.04% | 7,335 | Common | SOLE |
| 02215R107 | ASGTF | Altus Group Ltd. | $2.9M | 0.04% | 67,022 | Common | SOLE |
| 46138j411 | — | Invesco BulletShares 2031 Muni | $2.8M | 0.04% | 133,904 | Common | SOLE |
| 46138J445 | BSMU | Invesco BulletShares 2030 Muni | $2.8M | 0.04% | 127,865 | Common | SOLE |
| 624580106 | MOV | Movado Group Inc. | $2.7M | 0.04% | 141,183 | Common | SOLE |
| 78464A284 | HYMB | SPDR Nuveen S&P High Yield Mun | $2.7M | 0.04% | 106,825 | Common | SOLE |
| 421298100 | HAYW | Hayward Holdings Inc. | $2.5M | 0.04% | 165,784 | Common | SOLE |
| 46138J510 | BSMQ | Invesco BulletShares 2026 Muni | $2.5M | 0.04% | 105,266 | Common | SOLE |
| 46138J478 | BSMT | Invesco BulletShares 2029 Muni | $2.5M | 0.04% | 107,260 | Common | SOLE |
| 464288414 | MUB | iShares National Muni Bond ETF | $2.4M | 0.03% | 22,861 | Common | SOLE |
| 874039100 | TSM | Taiwan Semiconductor Manufactu | $2.4M | 0.03% | 8,573 | Common | SOLE |
| 302635206 | FSK | FS KKR Capital Corp. | $2.4M | 0.03% | 159,049 | Common | SOLE |
| 46435U325 | IBMQ | iShares iBonds Dec 2028 Term M | $2.3M | 0.03% | 90,909 | Common | SOLE |
| 90278Q108 | UFPI | UFP Industries Inc | $2.2M | 0.03% | 23,414 | Common | SOLE |
| 749607107 | RLI | RLI Corp. | $2.1M | 0.03% | 32,441 | Common | SOLE |
| 784305104 | HTO | H2O America | $2.1M | 0.03% | 42,917 | Common | SOLE |
| 194014502 | ENOV | Enovis Corp. | $2.0M | 0.03% | 67,212 | Common | SOLE |
| 35471R106 | FSP | Franklin Street Properties Cor | $2.0M | 0.03% | 1,231,656 | Common | NONE |
| 84790a105 | — | Spectrum Brands Holdings Inc. | $2.0M | 0.03% | 37,126 | Common | SOLE |
| 140501107 | CSWC | Capital Southwest Corp. | $1.9M | 0.03% | 86,665 | Common | SOLE |
| 46436E163 | IBMR | iShares iBonds Dec 2029 Term M | $1.9M | 0.03% | 73,935 | Common | SOLE |
| 902673102 | UFPT | UFP Technologies Inc. | $1.9M | 0.03% | 9,305 | Common | SOLE |
| 405024100 | HAE | Haemonetics Corp. | $1.8M | 0.03% | 37,332 | Common | SOLE |
| 13765N107 | CNNE | Cannae Holdings Inc. | $1.8M | 0.03% | 96,854 | Common | SOLE |
| 46435U259 | IBMO | iShares iBonds Dec 2026 Term M | $1.7M | 0.02% | 68,076 | Common | SOLE |
| 466032109 | JJSF | J & J Snack Foods Corp. | $1.7M | 0.02% | 18,163 | Common | SOLE |
| 800422107 | JBSS | John B Sanfilippo & Son Inc. | $1.7M | 0.02% | 26,228 | Common | SOLE |
| 799926100 | SDZNY | Sandoz Group | $1.7M | 0.02% | 27,975 | Common | SOLE |
| 974637100 | WGO | Winnebago Industries Inc. | $1.7M | 0.02% | 49,876 | Common | SOLE |
| 606822104 | MUFG | Mitsubishi UFJ Financial | $1.6M | 0.02% | 101,117 | Common | SOLE |
| 67401P405 | OCSL | Oaktree Specialty Lending Corp | $1.6M | 0.02% | 122,996 | Common | SOLE |
| 03761U502 | MFIC | MidCap Financial Investment Co | $1.6M | 0.02% | 131,701 | Common | SOLE |
| 003260106 | PPLT | Aberdeen Standard Physical Pla | $1.5M | 0.02% | 10,741 | Common | SOLE |
| N00985106 | AER | AerCap Holdings N.V. | $1.5M | 0.02% | 12,360 | Common | SOLE |
| 28035Q102 | EPC | Edgewell Personal Care Co. | $1.5M | 0.02% | 72,115 | Common | SOLE |
| 573075108 | MRTN | Marten Transport Ltd. | $1.5M | 0.02% | 136,385 | Common | SOLE |
| 218937100 | CNR | Core Natural Resources Inc. | $1.4M | 0.02% | 17,225 | Common | SOLE |
| 786584102 | SAFRY | Safran S.A. | $1.4M | 0.02% | 16,191 | Common | SOLE |
| 05684B107 | BCSF | Bain Capital Specialty Finance | $1.4M | 0.02% | 97,707 | Common | SOLE |
| 654445303 | NTDOY | Nintendo Co. Ltd. | $1.4M | 0.02% | 65,201 | Common | SOLE |
| 835699307 | SONY | Sony Group Corp. | $1.4M | 0.02% | 48,151 | Common | SOLE |
| 23304y100 | — | DBS Group Holdings Ltd. | $1.4M | 0.02% | 8,756 | Common | SOLE |
| 38147U107 | GSBD | Goldman Sachs BDC Inc. | $1.4M | 0.02% | 136,008 | Common | SOLE |
| 456837103 | ING | ING Groep N.V. | $1.4M | 0.02% | 52,501 | Common | SOLE |
| 05523r107 | — | BAE Systems plc | $1.4M | 0.02% | 12,215 | Common | SOLE |
| 537008104 | LFUS | Littelfuse Inc. | $1.4M | 0.02% | 5,265 | Common | SOLE |
| 803054204 | SAP | SAP S.E. | $1.4M | 0.02% | 5,060 | Common | SOLE |
| 989825104 | ZURVY | Zurich Insurance Group A.G. | $1.4M | 0.02% | 37,777 | Common | SOLE |
| 46139W833 | BSMW | Invesco BulletShares 2032 Munc | $1.3M | 0.02% | 52,186 | Common | SOLE |
| 76206K107 | RNMBY | Rheinmetall AG | $1.3M | 0.02% | 2,740 | Common | SOLE |
| 25461D100 | DSCSY | Disco Corp. | $1.3M | 0.02% | 40,368 | Common | SOLE |
| 81141r100 | — | Sea Ltd. | $1.3M | 0.02% | 7,007 | Common | SOLE |
| N07059210 | ASML | ASML Holding N.V. | $1.2M | 0.02% | 1,287 | Common | SOLE |
| 87873R101 | TTNDY | Techtronic Industries Co. Ltd. | $1.2M | 0.02% | 19,392 | Common | SOLE |
| 43858F109 | HKXCY | Hong Kong Exchanges and Cleari | $1.2M | 0.02% | 21,636 | Common | SOLE |
| G96629103 | WTW | Willis Towers Watson plc | $1.2M | 0.02% | 3,492 | Common | SOLE |
| 02875D109 | AOUT | American Outdoor Brands Inc. | $1.2M | 0.02% | 136,997 | Common | SOLE |
| 82509L107 | SHOP | Shopify Inc. | $1.2M | 0.02% | 7,918 | Common | SOLE |
| 651639106 | NEM | Newmont Mining Corp. | $1.2M | 0.02% | 13,703 | Common | SOLE |
| 889094108 | TKOMY | Tokio Marine Holdings Inc. | $1.2M | 0.02% | 27,405 | Common | SOLE |
| G0398N128 | ANFGF | Antofagasta plc | $1.1M | 0.02% | 30,684 | Common | SOLE |
| 83413U100 | SLRC | SLR Investment Corp. | $1.1M | 0.02% | 74,985 | Common | SOLE |
| 61774A103 | MSDL | Morgan Stanley Direct Lending | $1.1M | 0.02% | 70,848 | Common | SOLE |
| 351858105 | FNV | Franco-Nevada Corp. | $1.1M | 0.02% | 4,964 | Common | SOLE |
| 335934105 | FQVLF | First Quantum Minerals Ltd. | $1.1M | 0.02% | 47,892 | Common | SOLE |
| 465717106 | ITOCY | ITOCHU Corp. | $1.1M | 0.02% | 9,381 | Common | SOLE |
| 67090S108 | NCDL | Nuveen Churchill Direct Lendin | $1.1M | 0.02% | 77,819 | Common | SOLE |
| 05565A202 | BNPQY | BNP Paribas S.A. | $1.1M | 0.02% | 23,289 | Common | SOLE |
| 011532108 | AGI | Alamos Gold Inc. | $1.0M | 0.01% | 29,991 | Common | SOLE |
| 46428Q109 | SLV | iShares Silver Trust ETF | $1.0M | 0.01% | 24,673 | Common | SOLE |
| 225655109 | CCAP | Crescent Capital BDC Inc. | $1.0M | 0.01% | 71,455 | Common | SOLE |
| 03485P409 | NGLOY | Amglo Am PLC ADR | $1.0M | 0.01% | 53,301 | Common | SOLE |
| 84265V105 | SCCO | Southern Copper Corp. | $1.0M | 0.01% | 8,287 | Common | SOLE |
| 502117203 | LRLCY | L'Oreal S.A. | $1.0M | 0.01% | 11,580 | Common | SOLE |
| 780287108 | RGLD | Royal Gold Inc. | $991,868 | 0.01% | 4,945 | Common | SOLE |
| 916896103 | UEC | Uranium Energy Corp. | $987,800 | 0.01% | 74,048 | Common | SOLE |
| 962879102 | WPM | Wheaton Precious Metals Corp. | $968,199 | 0.01% | 8,657 | Common | SOLE |
| 171269103 | CHGCY | Chugai Pharms Co. Ltd. | $959,309 | 0.01% | 43,388 | Common | SOLE |
| 606827202 | MITSY | Mitsui & Co. Ltd. | $947,799 | 0.01% | 1,909 | Common | SOLE |
| 46435U283 | IBMP | iShares iBonds Dec 2027 Term M | $925,201 | 0.01% | 36,318 | Common | SOLE |
| 929160109 | VMC | Vulcan Materials Co. | $913,631 | 0.01% | 2,970 | Common | SOLE |
| 904767704 | — | Unilever plc | $899,218 | 0.01% | 15,169 | Common | SOLE |
| 37827X100 | GLNCY | Glencore plc | $894,304 | 0.01% | 97,207 | Common | SOLE |
| 89151E109 | TTEN | TotalEnergies S.E. | $847,658 | 0.01% | 14,201 | Common | SOLE |
| 165167735 | EXE | Expand Energy Corp. | $844,077 | 0.01% | 7,945 | Common | SOLE |
| 405552100 | HLN | Haleon plc | $839,870 | 0.01% | 93,631 | Common | SOLE |
| G4705A100 | ICLR | ICON plc | $820,575 | 0.01% | 4,689 | Common | SOLE |
| 025816109 | AXP | American Express Co. | $797,184 | 0.01% | 2,400 | Common | SOLE |
| 248356107 | DNN | Denison Mines Corp. | $794,827 | 0.01% | 289,028 | Common | SOLE |
| 30231G102 | XOM | Exxon Mobil Corp. | $793,325 | 0.01% | 7,036 | Common | SOLE |
| 93114W107 | WMMVY | Wal-Mart de Mexico S.A.B. de C | $766,960 | 0.01% | 24,869 | Common | SOLE |
| 500458401 | KMTUY | Komatsu Ltd. | $757,037 | 0.01% | 21,905 | Common | SOLE |
| 03674X106 | AR | Antero Resources Corp. | $752,080 | 0.01% | 22,410 | Common | SOLE |
| 896442308 | TRIN | Trinity Capital Inc. | $738,861 | 0.01% | 47,730 | Common | SOLE |
| 771195104 | RHHBY | Roche Holding A.G. | $732,762 | 0.01% | 17,526 | Common | SOLE |
| 502441306 | LVMUY | LVMH Moet Hennessy Louis Vuitt | $701,203 | 0.01% | 5,733 | Common | SOLE |
| 65340P106 | NXE | NexGen Energy Ltd | $694,072 | 0.01% | 77,550 | Common | SOLE |
| 35671D857 | FCX | Freeport-McMoRan Inc. | $671,799 | 0.01% | 17,129 | Common | SOLE |
| 48662X105 | KBDC | Kayne Anderson BDC | $664,069 | 0.01% | 49,855 | Common | SOLE |
| 670100205 | NVO | Novo Nordisk A.S. | $656,114 | 0.01% | 11,824 | Common | SOLE |
| 127097103 | CTRA | Coterra Energy Inc. | $654,112 | 0.01% | 27,658 | Common | SOLE |
| 38059t106 | — | Gold Fields Ltd. | $644,673 | 0.01% | 15,364 | Common | SOLE |
| 550371108 | LUGDF | Lundin Gold Inc. | $641,210 | 0.01% | 9,905 | Common | SOLE |
| 13321L108 | CCJ | Cameco Corp. | $641,026 | 0.01% | 7,644 | Common | SOLE |
| 231561101 | CW | Curtiss-Wright Corp. | $629,810 | 0.01% | 1,160 | Common | SOLE |
| 551073307 | LYSDY | Lynas Rare Earths Ltd. | $432,789 | 0.01% | 38,850 | Common | SOLE |
| 75134P600 | METC | Ramaco Resources Inc | $406,279 | 0.01% | 12,241 | Common | SOLE |
| 48241a105 | — | KB Financial Group Inc. | $378,617 | 0.01% | 4,567 | Common | SOLE |
| 01609W102 | BABA | Alibaba Group Holding Ltd. | $360,677 | 0.01% | 2,018 | Common | SOLE |
| 88032Q109 | TCEHY | Tencent Holdings Ltd. | $353,202 | 0.01% | 4,148 | Common | SOLE |
| V5633W109 | MMYT | MakeMyTrip Ltd. | $343,044 | 0.00% | 3,665 | Common | SOLE |
| 45104g104 | — | ICICI Bank Ltd. | $320,468 | 0.00% | 10,601 | Common | SOLE |
| 69702V107 | PSBD | Palmer Square Capital BDC Inc. | $316,112 | 0.00% | 25,763 | Common | SOLE |
| 46435U432 | — | iShares iBonds Dec 2025 Term M | $310,309 | 0.00% | 11,583 | Common | SOLE |
| 73688F201 | BCIC | BCP Investment Corp. | $305,871 | 0.00% | 26,528 | Common | SOLE |
| 553368101 | MP | MP Materials Corp. | $299,132 | 0.00% | 4,460 | Common | SOLE |
| 58733R102 | MELI | MercadoLibre Inc. | $289,781 | 0.00% | 124 | Common | SOLE |
| 824596100 | SHG | Shinhan Financial Group Co. Lt | $285,648 | 0.00% | 5,671 | Common | SOLE |
| 92837L109 | VIST | Vista Energy S.A.B. de C.V. | $284,522 | 0.00% | 8,271 | Common | SOLE |
| 009279100 | EADSY | Airbus SE | $283,182 | 0.00% | 4,864 | Common | SOLE |
| 78463V107 | GLD | SPDR Gold Shares ETF | $282,599 | 0.00% | 795 | Common | SOLE |
| 191241108 | KOF | Coca-Cola Femsa S.A.B. de C.V. | $282,124 | 0.00% | 3,395 | Common | SOLE |
| N97284108 | NBIS | Nebius Group N.V. | $268,662 | 0.00% | 2,393 | Common | SOLE |
| 344419106 | FMX | Fomento Economico Mexicano S.A | $260,010 | 0.00% | 2,636 | Common | SOLE |
| 40052P107 | GBOOY | Grupo Financiero Banorte S.A.B | $239,208 | 0.00% | 4,767 | Common | SOLE |
| N4732M103 | JBS | JBS N.V. | $237,835 | 0.00% | 15,930 | Common | SOLE |
| 03076C106 | AMP | Ameriprise Financial Inc. | $235,800 | 0.00% | 480 | Common | SOLE |
| 40415F101 | HDB | HDFC Bank Ltd. | $235,670 | 0.00% | 6,899 | Common | SOLE |
| 00215W100 | ASX | ASE Technology Holding Co. Ltd | $235,108 | 0.00% | 21,200 | Common | SOLE |
| 98850P109 | YUMC | Yum China Holdings Inc. | $233,485 | 0.00% | 5,440 | Common | SOLE |
| 98980A105 | ZTO | ZTO Express Cayman Inc. | $233,280 | 0.00% | 12,150 | Common | SOLE |
| 44332N106 | HTHT | H World Group Ltd. | $232,470 | 0.00% | 5,944 | Common | SOLE |
| 488401100 | KMPR | Kemper Corp. | $230,428 | 0.00% | 4,470 | Common | SOLE |
| 456788108 | INFY | Infosys Ltd. | $230,038 | 0.00% | 14,139 | Common | SOLE |
| G2519Y108 | BAP | Credicorp Ltd. | $229,533 | 0.00% | 862 | Common | SOLE |
| 056752108 | BIDU | Baidu Inc. | $229,280 | 0.00% | 1,740 | Common | SOLE |
| P31076105 | CPA | Copa Holdings SA | $223,382 | 0.00% | 1,880 | Common | SOLE |
| 46625H100 | JPM | JPMorgan Chase & Co. | $216,070 | 0.00% | 685 | Common | SOLE |
| 67066G104 | NVDA | NVIDIA Corp. | $212,515 | 0.00% | 1,139 | Common | SOLE |
| 256135203 | RDY | Dr Reddy's Laboratories Ltd. | $206,345 | 0.00% | 14,760 | Common | SOLE |
| 22160K105 | COST | Costco Wholesale Corp. | $204,564 | 0.00% | 221 | Common | SOLE |
| 92826C839 | V | Visa Inc. | $200,049 | 0.00% | 586 | Common | SOLE |
| 78163d100 | — | Runway Growth Finance Corp. | $184,871 | 0.00% | 18,196 | Common | SOLE |
| 708062104 | PNNT | PennantPark Investment Corp. | $184,491 | 0.00% | 27,495 | Common | SOLE |
| 21240E105 | VLRS | Controladora Vuela Cia de Avia | $177,310 | 0.00% | 24,695 | Common | SOLE |
| 55374X208 | MSIF | MSC Income Fund | $159,280 | 0.00% | 12,131 | Common | SOLE |
| 69367X109 | PTAIY | PT Astra International Tbk | $131,623 | 0.00% | 18,723 | Common | SOLE |
| 91912E105 | VALE | Vale S.A. | $120,437 | 0.00% | 11,090 | Common | SOLE |
| 279158109 | EC | Ecopetrol S.A. | $113,771 | 0.00% | 12,353 | Common | SOLE |
| G0457F107 | ARCO | Arcos Dorados Holdings Inc. | $94,986 | 0.00% | 14,072 | Common | SOLE |
| 81689T104 | ASAIY | Sendas Distribuidora S.A. | $93,499 | 0.00% | 10,872 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.