Q4 2025 · 13F-HR
CONFLUENCE INVESTMENT MANAGEMENT LLCholdings as filed
Filed 2026-01-05 · accession 0001442056-26-000002
$6.67B
Reported value
296
Positions
2025-12-31
Period end
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 46436E718 | SGOV | iShares 0-3 Month Treasury Bon | $209.9M | 3.15% | 2,091,242 | Common | SOLE |
| 833034101 | SNA | Snap-on Inc. | $161.7M | 2.42% | 469,309 | Common | SOLE |
| H1467J104 | CB | Chubb Ltd. | $159.5M | 2.39% | 511,021 | Common | SOLE |
| 032654105 | ADI | Analog Devices Inc. | $158.9M | 2.38% | 585,879 | Common | SOLE |
| 665859104 | NTRS | Northern Trust Corp. | $150.7M | 2.26% | 1,103,103 | Common | SOLE |
| 92939U106 | WEC | WEC Energy Group Inc. | $140.0M | 2.10% | 1,327,420 | Common | SOLE |
| 539830109 | LMT | Lockheed Martin Corp. | $138.0M | 2.07% | 285,228 | Common | SOLE |
| 743315103 | PGR | Progressive Corp. | $136.1M | 2.04% | 597,858 | Common | SOLE |
| 842587107 | SO | Southern Co. | $129.5M | 1.94% | 1,485,576 | Common | SOLE |
| 427866108 | HSY | Hershey Co. | $127.0M | 1.90% | 697,914 | Common | SOLE |
| G54950103 | LIN | Linde plc | $126.8M | 1.90% | 297,323 | Common | SOLE |
| 17275R102 | CSCO | Cisco Systems Inc. | $124.6M | 1.87% | 1,618,101 | Common | SOLE |
| 11133T103 | BR | Broadridge Financial Solutions | $124.2M | 1.86% | 556,515 | Common | SOLE |
| 311900104 | FAST | Fastenal Co. | $124.1M | 1.86% | 3,093,116 | Common | SOLE |
| 166764100 | CVX | Chevron Corp. | $122.1M | 1.83% | 801,450 | Common | SOLE |
| 464287598 | IWD | iShares Russell 1000 Value ETF | $119.6M | 1.79% | 568,609 | Common | SOLE |
| 29364G103 | ETR | Entergy Corp. | $119.0M | 1.78% | 1,287,734 | Common | SOLE |
| 437076102 | HD | Home Depot Inc. | $114.2M | 1.71% | 331,755 | Common | SOLE |
| 375558103 | GILD | Gilead Sciences Inc. | $111.7M | 1.67% | 909,835 | Common | SOLE |
| 31620R303 | FNF | Fidelity National Financial In | $111.4M | 1.67% | 2,040,826 | Common | SOLE |
| 704326107 | PAYX | Paychex Inc. | $110.8M | 1.66% | 987,259 | Common | SOLE |
| 030420103 | AWK | American Water Works Co. Inc. | $103.5M | 1.55% | 792,993 | Common | SOLE |
| 194162103 | CL | Colgate-Palmolive Co. | $101.7M | 1.52% | 1,286,644 | Common | SOLE |
| 438516106 | HON | Honeywell International Inc. | $100.9M | 1.51% | 517,167 | Common | SOLE |
| 49456B101 | KMI | Kinder Morgan Inc. | $100.0M | 1.50% | 3,637,035 | Common | SOLE |
| 902973304 | USB | U.S. Bancorp | $98.5M | 1.48% | 1,846,512 | Common | SOLE |
| 74144T108 | TROW | T. Rowe Price Group Inc. | $96.6M | 1.45% | 943,672 | Common | SOLE |
| 78464A383 | SPMB | SPDR Portfolio Mortgage Backed | $95.5M | 1.43% | 4,260,018 | Common | SOLE |
| 25243Q205 | DEO | Diageo plc | $94.8M | 1.42% | 1,098,320 | Common | SOLE |
| 609207105 | MDLZ | Mondelez International Inc. | $93.8M | 1.41% | 1,742,051 | Common | SOLE |
| G1151C101 | ACN | Accenture plc | $89.1M | 1.34% | 332,196 | Common | SOLE |
| 872540109 | TJX | TJX Co. Inc. | $88.8M | 1.33% | 577,970 | Common | SOLE |
| 57636Q104 | MA | Mastercard Inc. | $88.7M | 1.33% | 155,399 | Common | SOLE |
| 084423102 | WRB | W. R. Berkley Corp. | $82.8M | 1.24% | 1,181,506 | Common | SOLE |
| 655663102 | NDSN | Nordson Corp. | $79.0M | 1.18% | 328,669 | Common | SOLE |
| 189054109 | CLX | Clorox Co. | $78.3M | 1.17% | 776,196 | Common | SOLE |
| 863667101 | SYK | Stryker Corp. | $77.1M | 1.15% | 219,287 | Common | SOLE |
| 594918104 | MSFT | Microsoft Corp. | $74.8M | 1.12% | 154,718 | Common | SOLE |
| 78409V104 | SPGI | S&P Global Inc. | $73.2M | 1.10% | 140,159 | Common | SOLE |
| 78463X889 | SPDW | SPDR Portfolio Developed World | $72.7M | 1.09% | 1,637,282 | Common | SOLE |
| 04010L103 | ARCC | Ares Capital Corp. | $71.7M | 1.07% | 3,542,772 | Common | SOLE |
| 49338L103 | KEYS | Keysight Technologies Inc. | $67.9M | 1.02% | 334,338 | Common | SOLE |
| 02079K107 | GOOG | Alphabet Inc. | $57.3M | 0.86% | 182,558 | Common | SOLE |
| 883556102 | TMO | Thermo Fisher Scientific Inc. | $55.1M | 0.83% | 95,064 | Common | SOLE |
| 574599106 | MAS | Masco Corp. | $54.8M | 0.82% | 862,773 | Common | SOLE |
| 78464A409 | SPYG | SPDR Portfolio S&P 500 Growth | $54.7M | 0.82% | 512,845 | Common | SOLE |
| 548661107 | LOW | Lowe's Co. Inc. | $54.0M | 0.81% | 223,714 | Common | SOLE |
| 452308109 | ITW | Illinois Tool Works Inc. | $53.2M | 0.80% | 215,911 | Common | SOLE |
| 384109104 | GGG | Graco Inc. | $51.1M | 0.77% | 622,969 | Common | SOLE |
| 70432V102 | PAYC | Paycom Software Inc. | $50.9M | 0.76% | 319,291 | Common | SOLE |
| N6596X109 | NXPI | NXP Semiconductors N.V. | $49.5M | 0.74% | 228,220 | Common | SOLE |
| 084670702 | BRK/B | Berkshire Hathaway Inc. - B | $49.1M | 0.74% | 97,692 | Common | SOLE |
| 009158106 | APD | Air Products and Chemicals Inc | $47.0M | 0.70% | 190,299 | Common | SOLE |
| 260557103 | DOW | Dow Inc. | $37.2M | 0.56% | 1,589,613 | Common | SOLE |
| 573284106 | MLM | Martin Marietta Materials Inc. | $37.1M | 0.56% | 59,658 | Common | SOLE |
| G0450A105 | ACGL | Arch Capital Group Ltd. | $34.5M | 0.52% | 359,733 | Common | SOLE |
| 78464a508 | — | SPDR Portfolio S&P 500 Value E | $34.3M | 0.51% | 603,839 | Common | SOLE |
| 09857L108 | BKNG | Booking Holdings Inc. | $34.1M | 0.51% | 6,372 | Common | SOLE |
| 115236101 | BRO | Brown & Brown Inc. | $32.9M | 0.49% | 413,319 | Common | SOLE |
| 464288588 | MBB | iShares MBS ETF | $32.8M | 0.49% | 344,690 | Common | SOLE |
| 98149E303 | GLDM | SPDR Gold MiniShares Trust ETF | $32.5M | 0.49% | 380,810 | Common | SOLE |
| 115637209 | BF/B | Brown-Forman Corp. - B | $31.1M | 0.47% | 1,194,806 | Common | SOLE |
| 256746108 | DLTR | Dollar Tree Inc. | $29.0M | 0.44% | 236,023 | Common | SOLE |
| 855244109 | SBUX | Starbucks Corp. | $27.2M | 0.41% | 322,455 | Common | SOLE |
| 032095101 | APH | Amphenol Corp. | $26.9M | 0.40% | 199,281 | Common | SOLE |
| 257651109 | DCI | Donaldson Co. Inc. | $25.8M | 0.39% | 291,382 | Common | SOLE |
| 278865100 | ECL | Ecolab Inc. | $25.8M | 0.39% | 98,296 | Common | SOLE |
| 369550108 | GD | General Dynamics Corp. | $25.7M | 0.39% | 76,437 | Common | SOLE |
| 761152107 | RMD | ResMed Inc. | $25.6M | 0.38% | 106,396 | Common | SOLE |
| 302130109 | EXPD | Expeditors International of Wa | $25.6M | 0.38% | 171,675 | Common | SOLE |
| 464288653 | TLH | iShares Barclays 10-20 Year Tr | $24.7M | 0.37% | 242,506 | Common | SOLE |
| 824348106 | SHW | Sherwin-Williams Co. | $22.8M | 0.34% | 70,312 | Common | SOLE |
| 580135101 | MCD | McDonald's Corp. | $22.6M | 0.34% | 73,788 | Common | SOLE |
| 46438G422 | IBTQ | iShares iBonds Dec 2035 Term T | $21.3M | 0.32% | 834,372 | Common | SOLE |
| 159864107 | CRL | Charles River Laboratories Int | $21.1M | 0.32% | 105,626 | Common | SOLE |
| G5960L103 | MDT | Medtronic plc | $20.7M | 0.31% | 215,117 | Common | SOLE |
| 46435U473 | HYBB | iShares BB Rated Corporate Bon | $20.4M | 0.31% | 433,506 | Common | SOLE |
| 646025106 | NJR | New Jersey Resources Corp. | $20.2M | 0.30% | 438,685 | Common | SOLE |
| 831865209 | AOS | A. O. Smith Corp. | $19.7M | 0.30% | 294,451 | Common | SOLE |
| 579780206 | MKC | McCormick & Company Inc. | $19.2M | 0.29% | 281,411 | Common | SOLE |
| 891092108 | TTC | Toro Co. | $19.0M | 0.28% | 241,309 | Common | SOLE |
| 46438G646 | IBTP | iShares iBonds Dec 2034 Term T | $18.5M | 0.28% | 716,175 | Common | SOLE |
| 742718109 | PG | Procter & Gamble Co. | $18.4M | 0.28% | 128,307 | Common | SOLE |
| 26875P101 | EOG | EOG Resources Inc. | $17.2M | 0.26% | 163,772 | Common | SOLE |
| 654106103 | NKE | NIKE Inc. | $17.0M | 0.25% | 266,081 | Common | SOLE |
| 98978V103 | ZTS | Zoetis Inc. | $15.7M | 0.23% | 124,555 | Common | SOLE |
| 46436E148 | IBTO | iShares iBonds Dec 2033 Term T | $15.6M | 0.23% | 637,249 | Common | SOLE |
| 46434V738 | IEUR | iShares Core MSCI Europe ETF | $15.6M | 0.23% | 220,104 | Common | SOLE |
| 928881101 | VNT | Vontier Corp. | $15.6M | 0.23% | 418,358 | Common | SOLE |
| 617700109 | MORN | Morningstar Inc. | $15.4M | 0.23% | 71,033 | Common | SOLE |
| 21036P108 | STZ | Constellation Brands | $15.0M | 0.22% | 108,744 | Common | SOLE |
| 464288661 | IEI | iShares 3-7 Year Treasury Bond | $15.0M | 0.22% | 125,647 | Common | SOLE |
| 075887109 | BDX | Becton Dickinson & Co. | $14.5M | 0.22% | 74,940 | Common | SOLE |
| 254687106 | DIS | Walt Disney Co. | $14.3M | 0.21% | 125,550 | Common | SOLE |
| 05589g102 | — | Baldwin Insurance Group Inc. | $13.9M | 0.21% | 579,503 | Common | SOLE |
| 78464A821 | MDYG | SPDR S&P 400 Mid Cap Growth ET | $12.1M | 0.18% | 131,018 | Common | SOLE |
| 92047W101 | VVV | Valvoline Inc. | $11.7M | 0.18% | 403,942 | Common | SOLE |
| 025072802 | AVDV | Avantis International Small Ca | $11.7M | 0.18% | 124,409 | Common | SOLE |
| 74347B680 | REGL | ProShares S&P MidCap 400 Divid | $11.5M | 0.17% | 136,371 | Common | SOLE |
| 14448c104 | — | Carrier Global Corp. | $11.1M | 0.17% | 210,732 | Common | SOLE |
| 217204106 | CPRT | Copart Inc. | $11.1M | 0.17% | 283,768 | Common | SOLE |
| 477839104 | JBTM | JBT Marel Corp. | $10.9M | 0.16% | 72,591 | Common | SOLE |
| 78462F103 | SPY | SPDR S&P 500 ETF | $10.7M | 0.16% | 15,723 | Common | SOLE |
| 25434V849 | DFNM | Dimensional National Municipal | $10.1M | 0.15% | 209,523 | Common | SOLE |
| 46436E841 | IBTH | iShares iBonds Dec 2027 Term T | $9.7M | 0.15% | 431,286 | Common | SOLE |
| 78464A763 | SDY | SPDR S&P Dividend ETF | $9.6M | 0.14% | 69,342 | Common | SOLE |
| 46436e460 | — | iShares iBonds Dec 2031 Term T | $9.6M | 0.14% | 469,677 | Common | SOLE |
| 46435UAA9 | IBDS | iShares iBonds Dec 2027 Term C | $9.6M | 0.14% | 393,499 | Common | SOLE |
| 46436E296 | IBTM | iShares iBonds Dec 2032 Term T | $9.2M | 0.14% | 397,180 | Common | SOLE |
| 46139W767 | BSMY | Invesco BulletShares 2034 Muni | $9.0M | 0.13% | 366,347 | Common | SOLE |
| 37960A529 | SHLD | Global X Defense Tech ETF | $8.5M | 0.13% | 131,438 | Common | SOLE |
| 46436E312 | IBDX | iShares iBonds Dec 2032 Term C | $7.6M | 0.11% | 298,135 | Common | SOLE |
| 46139W791 | BSSX | Invesco Bulletshares 2033 Muni | $7.6M | 0.11% | 293,618 | Common | SOLE |
| 46436e593 | — | iShares iBonds Dec 2030 Term T | $7.2M | 0.11% | 364,840 | Common | SOLE |
| 896945201 | TRIP | TripAdvisor Inc. | $6.9M | 0.10% | 475,010 | Common | SOLE |
| 78464A839 | MDYV | SPDR S&P 400 Mid Cap Value ETF | $6.6M | 0.10% | 77,804 | Common | SOLE |
| 464288646 | IGSB | iShares 1-5 Year Investment Gr | $6.5M | 0.10% | 123,761 | Common | SOLE |
| 149568107 | CVCO | Cavco Industries Inc. | $6.2M | 0.09% | 10,421 | Common | SOLE |
| 46435GAA0 | IBDR | iShares iBonds Dec 2026 Term C | $5.9M | 0.09% | 243,126 | Common | SOLE |
| 56035L104 | MAIN | Main Street Capital Corp. | $5.9M | 0.09% | 97,083 | Common | SOLE |
| 46138J494 | BSMR | Invesco BulletShares 2027 Muni | $5.8M | 0.09% | 243,914 | Common | SOLE |
| 91879Q109 | MTN | Vail Resorts Inc. | $5.5M | 0.08% | 41,355 | Common | SOLE |
| 427096508 | HTGC | Hercules Capital Inc. | $5.5M | 0.08% | 289,789 | Common | SOLE |
| 904708104 | UNF | UniFirst Corp. | $5.4M | 0.08% | 28,020 | Common | SOLE |
| 46138E537 | PZA | Powershares Insured National M | $4.9M | 0.07% | 213,404 | Common | SOLE |
| 83012A109 | TSLX | Sixth Street Specialty Lending | $4.9M | 0.07% | 225,778 | Common | SOLE |
| 38173M102 | GBDC | Golub Capital BDC Inc. | $4.7M | 0.07% | 345,905 | Common | SOLE |
| 09261X102 | BXSL | Blackstone Secured Lending Fun | $4.1M | 0.06% | 156,915 | Common | SOLE |
| 46436E825 | IBTJ | iShares iBonds Dec 2029 Term T | $4.0M | 0.06% | 180,532 | Common | SOLE |
| 46138J510 | BSMQ | Invesco BulletShares 2026 Muni | $3.9M | 0.06% | 163,801 | Common | SOLE |
| 464287630 | IWN | iShares Russell 2000 Value ETF | $3.8M | 0.06% | 21,203 | Common | SOLE |
| 008474108 | AEM | Agnico Eagle Mines Ltd. | $3.8M | 0.06% | 22,589 | Common | SOLE |
| 084670108 | BRK/A | Berkshire Hathaway Inc. - A | $3.8M | 0.06% | 5 | Common | SOLE |
| 30190A104 | FG | F&G Annuities and Life | $3.7M | 0.06% | 121,300 | Common | SOLE |
| 207410101 | CNMD | CONMED Corp. | $3.7M | 0.06% | 91,164 | Common | SOLE |
| 46138j411 | — | Invesco BulletShares 2031 Muni | $3.3M | 0.05% | 154,431 | Common | SOLE |
| 464288414 | MUB | iShares National Muni Bond ETF | $3.2M | 0.05% | 29,933 | Common | SOLE |
| 06759l103 | — | Barings BDC Inc. | $3.2M | 0.05% | 343,248 | Common | SOLE |
| 78464A284 | HYMB | SPDR Nuveen S&P High Yield Mun | $3.1M | 0.05% | 125,516 | Common | SOLE |
| 69121K104 | OBDC | Blue Owl Capital Corp. | $2.9M | 0.04% | 237,084 | Common | SOLE |
| 78468R739 | SHM | SPDR Nuveen Barclays Capital S | $2.8M | 0.04% | 58,017 | Common | SOLE |
| 92189F536 | MLN | VanEck Vectors Long Municipal | $2.8M | 0.04% | 157,054 | Common | SOLE |
| 46138J445 | BSMU | Invesco BulletShares 2030 Muni | $2.8M | 0.04% | 124,878 | Common | SOLE |
| 46139W833 | BSMW | Invesco BulletShares 2032 Munc | $2.7M | 0.04% | 109,012 | Common | SOLE |
| 647551100 | NMFC | New Mountain Finance Corp. | $2.7M | 0.04% | 294,765 | Common | SOLE |
| 75524B104 | RBC | RBC Bearings Inc. | $2.7M | 0.04% | 5,944 | Common | SOLE |
| 405166109 | HGTY | Hagerty Inc. | $2.6M | 0.04% | 196,920 | Common | SOLE |
| 874039100 | TSM | Taiwan Semiconductor Manufactu | $2.6M | 0.04% | 8,634 | Common | SOLE |
| 860372101 | STC | Stewart Information Services C | $2.5M | 0.04% | 35,068 | Common | SOLE |
| 46435U325 | IBMQ | iShares iBonds Dec 2028 Term M | $2.4M | 0.04% | 93,346 | Common | SOLE |
| 003260106 | PPLT | Aberdeen Standard Physical Pla | $2.4M | 0.04% | 12,745 | Common | SOLE |
| 49926D109 | KN | Knowles Corp. | $2.4M | 0.04% | 109,873 | Common | SOLE |
| 302635206 | FSK | FS KKR Capital Corp. | $2.3M | 0.04% | 158,029 | Common | SOLE |
| G39108108 | GTES | Gates Industrial Corp. plc | $2.3M | 0.03% | 108,731 | Common | SOLE |
| 405024100 | HAE | Haemonetics Corp. | $2.3M | 0.03% | 28,687 | Common | SOLE |
| 624580106 | MOV | Movado Group Inc. | $2.2M | 0.03% | 105,378 | Common | SOLE |
| 421298100 | HAYW | Hayward Holdings Inc. | $2.1M | 0.03% | 136,639 | Common | SOLE |
| 799926100 | SDZNY | Sandoz Group | $2.1M | 0.03% | 28,687 | Common | SOLE |
| 46436E163 | IBMR | iShares iBonds Dec 2029 Term M | $2.1M | 0.03% | 81,442 | Common | SOLE |
| 46571Y107 | IIIV | i3 Verticals Inc. | $2.1M | 0.03% | 82,095 | Common | SOLE |
| 02215R107 | ASGTF | Altus Group Ltd. | $1.9M | 0.03% | 46,863 | Common | SOLE |
| 218937100 | CNR | Core Natural Resources Inc. | $1.9M | 0.03% | 20,979 | Common | SOLE |
| 140501107 | CSWC | Capital Southwest Corp. | $1.9M | 0.03% | 83,810 | Common | SOLE |
| N00985106 | AER | AerCap Holdings N.V. | $1.8M | 0.03% | 12,748 | Common | SOLE |
| 537008104 | LFUS | Littelfuse Inc. | $1.8M | 0.03% | 7,217 | Common | SOLE |
| 46428Q109 | SLV | iShares Silver Trust ETF | $1.8M | 0.03% | 27,504 | Common | SOLE |
| 84790a105 | — | Spectrum Brands Holdings Inc. | $1.7M | 0.03% | 29,452 | Common | SOLE |
| 902673102 | UFPT | UFP Technologies Inc. | $1.7M | 0.03% | 7,688 | Common | SOLE |
| 606822104 | MUFG | Mitsubishi UFJ Financial | $1.6M | 0.02% | 103,912 | Common | SOLE |
| 23304y100 | — | DBS Group Holdings Ltd. | $1.6M | 0.02% | 9,064 | Common | SOLE |
| 456837103 | ING | ING Groep N.V. | $1.5M | 0.02% | 54,501 | Common | SOLE |
| G0398N128 | ANFGF | Antofagasta plc | $1.5M | 0.02% | 34,322 | Common | SOLE |
| 32076V103 | AG | First Majestic Silver Corp. | $1.5M | 0.02% | 90,903 | Common | SOLE |
| 651639106 | NEM | Newmont Mining Corp. | $1.5M | 0.02% | 15,137 | Common | SOLE |
| 989825104 | ZURVY | Zurich Insurance Group A.G. | $1.5M | 0.02% | 39,261 | Common | SOLE |
| 550372106 | LUNMF | Lundin Mining Corp. | $1.5M | 0.02% | 69,126 | Common | SOLE |
| 67401P405 | OCSL | Oaktree Specialty Lending Corp | $1.5M | 0.02% | 116,212 | Common | SOLE |
| 335934105 | FQVLF | First Quantum Minerals Ltd. | $1.5M | 0.02% | 55,068 | Common | SOLE |
| 786584102 | SAFRY | Safran S.A. | $1.5M | 0.02% | 16,789 | Common | SOLE |
| N07059210 | ASML | ASML Holding N.V. | $1.4M | 0.02% | 1,337 | Common | SOLE |
| 90278Q108 | UFPI | UFP Industries Inc | $1.4M | 0.02% | 15,705 | Common | SOLE |
| 749607107 | RLI | RLI Corp. | $1.4M | 0.02% | 22,319 | Common | SOLE |
| 03761U502 | MFIC | MidCap Financial Investment Co | $1.4M | 0.02% | 123,357 | Common | SOLE |
| 84265V105 | SCCO | Southern Copper Corp. | $1.3M | 0.02% | 9,404 | Common | SOLE |
| 011532108 | AGI | Alamos Gold Inc. | $1.3M | 0.02% | 34,673 | Common | SOLE |
| 606827202 | MITSY | Mitsui & Co. Ltd. | $1.3M | 0.02% | 2,247 | Common | SOLE |
| 780287108 | RGLD | Royal Gold Inc. | $1.3M | 0.02% | 5,835 | Common | SOLE |
| 803054204 | SAP | SAP S.E. | $1.3M | 0.02% | 5,279 | Common | SOLE |
| 03485P409 | NGLOY | Amglo Am PLC ADR | $1.3M | 0.02% | 61,956 | Common | SOLE |
| 05684B107 | BCSF | Bain Capital Specialty Finance | $1.3M | 0.02% | 92,114 | Common | SOLE |
| 835699307 | SONY | Sony Group Corp. | $1.3M | 0.02% | 49,939 | Common | SOLE |
| 82509L107 | SHOP | Shopify Inc. | $1.3M | 0.02% | 7,937 | Common | SOLE |
| 37827X100 | GLNCY | Glencore plc | $1.3M | 0.02% | 115,912 | Common | SOLE |
| 974637100 | WGO | Winnebago Industries Inc. | $1.3M | 0.02% | 31,023 | Common | SOLE |
| 465717106 | ITOCY | ITOCHU Corp. | $1.2M | 0.02% | 9,827 | Common | SOLE |
| 25461D100 | DSCSY | Disco Corp. | $1.2M | 0.02% | 40,364 | Common | SOLE |
| 962879102 | WPM | Wheaton Precious Metals Corp. | $1.2M | 0.02% | 10,389 | Common | SOLE |
| 171269103 | CHGCY | Chugai Pharms Co. Ltd. | $1.2M | 0.02% | 45,369 | Common | SOLE |
| 61774A103 | MSDL | Morgan Stanley Direct Lending | $1.2M | 0.02% | 72,156 | Common | SOLE |
| 05523r107 | — | BAE Systems plc | $1.2M | 0.02% | 12,792 | Common | SOLE |
| 351858105 | FNV | Franco-Nevada Corp. | $1.2M | 0.02% | 5,694 | Common | SOLE |
| 35471R106 | FSP | Franklin Street Properties Cor | $1.2M | 0.02% | 1,231,656 | Common | NONE |
| 05565A202 | BNPQY | BNP Paribas S.A. | $1.2M | 0.02% | 24,545 | Common | SOLE |
| 654445303 | NTDOY | Nintendo Co. Ltd. | $1.1M | 0.02% | 67,829 | Common | SOLE |
| 01609W102 | BABA | Alibaba Group Holding Ltd. | $1.1M | 0.02% | 7,742 | Common | SOLE |
| 35671D857 | FCX | Freeport-McMoRan Inc. | $1.1M | 0.02% | 22,157 | Common | SOLE |
| 87873R101 | TTNDY | Techtronic Industries Co. Ltd. | $1.1M | 0.02% | 19,520 | Common | SOLE |
| 13765N107 | CNNE | Cannae Holdings Inc. | $1.1M | 0.02% | 70,250 | Common | SOLE |
| 194014502 | ENOV | Enovis Corp. | $1.1M | 0.02% | 41,116 | Common | SOLE |
| 43858F109 | HKXCY | Hong Kong Exchanges and Cleari | $1.1M | 0.02% | 20,911 | Common | SOLE |
| 26884L109 | EQT | EQT Corp. | $1.1M | 0.02% | 20,116 | Common | SOLE |
| 800422107 | JBSS | John B Sanfilippo & Son Inc. | $1.1M | 0.02% | 15,269 | Common | SOLE |
| 165167735 | EXE | Expand Energy Corp. | $1.1M | 0.02% | 9,714 | Common | SOLE |
| 83413U100 | SLRC | SLR Investment Corp. | $1.1M | 0.02% | 69,338 | Common | SOLE |
| 30231G102 | XOM | Exxon Mobil Corp. | $1.1M | 0.02% | 8,884 | Common | SOLE |
| 889094108 | TKOMY | Tokio Marine Holdings Inc. | $1.1M | 0.02% | 28,897 | Common | SOLE |
| 76206K107 | RNMBY | Rheinmetall AG | $1.1M | 0.02% | 2,883 | Common | SOLE |
| 502117203 | LRLCY | L'Oreal S.A. | $1.0M | 0.02% | 12,241 | Common | SOLE |
| 466032109 | JJSF | J & J Snack Foods Corp. | $1.0M | 0.02% | 11,448 | Common | SOLE |
| 929160109 | VMC | Vulcan Materials Co. | $1.0M | 0.02% | 3,627 | Common | SOLE |
| 405552100 | HLN | Haleon plc | $1.0M | 0.02% | 99,380 | Common | SOLE |
| 29605J106 | ESAB | ESAB Corp. | $997,883 | 0.01% | 8,932 | Common | SOLE |
| 225655109 | CCAP | Crescent Capital BDC Inc. | $992,215 | 0.01% | 70,620 | Common | SOLE |
| 03674X106 | AR | Antero Resources Corp. | $986,486 | 0.01% | 28,627 | Common | SOLE |
| F92124100 | TTE | TotalEnergies S.E. | $985,683 | 0.01% | 15,067 | Common | SOLE |
| 573075108 | MRTN | Marten Transport Ltd. | $983,884 | 0.01% | 86,457 | Common | SOLE |
| 67090S108 | NCDL | Nuveen Churchill Direct Lendin | $972,339 | 0.01% | 72,889 | Common | SOLE |
| 771195104 | RHHBY | Roche Holding A.G. | $961,729 | 0.01% | 18,649 | Common | SOLE |
| 127097103 | CTRA | Coterra Energy Inc. | $961,075 | 0.01% | 36,515 | Common | SOLE |
| 904767803 | UL | Unilever plc | $934,740 | 0.01% | 14,293 | Common | SOLE |
| 550371108 | LUGDF | Lundin Gold Inc. | $930,214 | 0.01% | 11,202 | Common | SOLE |
| 502441306 | LVMUY | LVMH Moet Hennessy Louis Vuitt | $922,957 | 0.01% | 6,120 | Common | SOLE |
| G4705A100 | ICLR | ICON plc | $915,109 | 0.01% | 5,022 | Common | SOLE |
| 916896103 | UEC | Uranium Energy Corp. | $913,341 | 0.01% | 78,197 | Common | SOLE |
| 81141r100 | — | Sea Ltd. | $908,171 | 0.01% | 7,119 | Common | SOLE |
| 025816109 | AXP | American Express Co. | $887,880 | 0.01% | 2,400 | Common | SOLE |
| 248356107 | DNN | Denison Mines Corp. | $854,403 | 0.01% | 321,204 | Common | SOLE |
| 746729508 | PBDC | Putnam BDC Income ETF | $845,631 | 0.01% | 27,635 | Common | SOLE |
| 65340P106 | NXE | NexGen Energy Ltd | $829,270 | 0.01% | 90,138 | Common | SOLE |
| 13321L108 | CCJ | Cameco Corp. | $815,084 | 0.01% | 8,909 | Common | SOLE |
| 46435U283 | IBMP | iShares iBonds Dec 2027 Term M | $806,488 | 0.01% | 31,764 | Common | SOLE |
| 93114W107 | WMMVY | Wal-Mart de Mexico S.A.B. de C | $796,830 | 0.01% | 25,564 | Common | SOLE |
| 500458401 | KMTUY | Komatsu Ltd. | $747,522 | 0.01% | 23,544 | Common | SOLE |
| 82575P107 | SBSW | Sibanye Stillwater Ltd. | $709,165 | 0.01% | 49,766 | Common | SOLE |
| 38147U107 | GSBD | Goldman Sachs BDC Inc. | $703,619 | 0.01% | 75,821 | Common | SHARED |
| 38059t106 | — | Gold Fields Ltd. | $670,792 | 0.01% | 15,364 | Common | SOLE |
| 48662X105 | KBDC | Kayne Anderson BDC | $664,591 | 0.01% | 46,410 | Common | SOLE |
| 670100205 | NVO | Novo Nordisk A.S. | $663,628 | 0.01% | 13,043 | Common | SOLE |
| 896442308 | TRIN | Trinity Capital Inc. | $656,027 | 0.01% | 44,780 | Common | SOLE |
| 231561101 | CW | Curtiss-Wright Corp. | $639,473 | 0.01% | 1,160 | Common | SOLE |
| 92837L109 | VIST | Vista Energy S.A.B. de C.V. | $402,467 | 0.01% | 8,271 | Common | SOLE |
| 48241a105 | — | KB Financial Group Inc. | $392,911 | 0.01% | 4,567 | Common | SOLE |
| 551073307 | LYSDY | Lynas Rare Earths Ltd. | $360,382 | 0.01% | 43,577 | Common | SOLE |
| 00215W100 | ASX | ASE Technology Holding Co. Ltd | $341,320 | 0.01% | 21,200 | Common | SOLE |
| 55374X208 | MSIF | MSC Income Fund | $330,563 | 0.00% | 25,157 | Common | SOLE |
| 46435U259 | IBMO | iShares iBonds Dec 2026 Term M | $330,230 | 0.00% | 12,881 | Common | SOLE |
| 191241108 | KOF | Coca-Cola Femsa S.A.B. de C.V. | $321,540 | 0.00% | 3,395 | Common | SOLE |
| 88032Q109 | TCEHY | Tencent Holdings Ltd. | $317,529 | 0.00% | 4,148 | Common | SOLE |
| 45104g104 | — | ICICI Bank Ltd. | $315,910 | 0.00% | 10,601 | Common | SOLE |
| 009279100 | EADSY | Airbus SE | $314,216 | 0.00% | 5,425 | Common | SOLE |
| 78463V107 | GLD | SPDR Gold Shares ETF | $307,537 | 0.00% | 776 | Common | SOLE |
| 824596100 | SHG | Shinhan Financial Group Co. Lt | $304,136 | 0.00% | 5,671 | Common | SOLE |
| V5633W109 | MMYT | MakeMyTrip Ltd. | $300,970 | 0.00% | 3,665 | Common | SOLE |
| G96629103 | WTW | Willis Towers Watson plc | $299,355 | 0.00% | 911 | Common | SOLE |
| 69702V107 | PSBD | Palmer Square Capital BDC Inc. | $285,258 | 0.00% | 23,401 | Common | SOLE |
| 73688F201 | BCIC | BCP Investment Corp. | $284,136 | 0.00% | 24,018 | Common | SOLE |
| 46432F842 | IEFA | iShares Core MSCI EAFE ETF | $283,051 | 0.00% | 3,164 | Common | SOLE |
| 44332N106 | HTHT | H World Group Ltd. | $279,665 | 0.00% | 5,944 | Common | SOLE |
| 553368101 | MP | MP Materials Corp. | $274,677 | 0.00% | 5,437 | Common | SOLE |
| 025072158 | AVLC | Avantis US Large Cap Equity ET | $271,868 | 0.00% | 3,458 | Common | SOLE |
| 344419106 | FMX | Fomento Economico Mexicano S.A | $266,442 | 0.00% | 2,636 | Common | SOLE |
| 98850P109 | YUMC | Yum China Holdings Inc. | $259,706 | 0.00% | 5,440 | Common | SOLE |
| 75134P600 | METC | Ramaco Resources Inc | $257,976 | 0.00% | 14,332 | Common | SOLE |
| 98980A105 | ZTO | ZTO Express Cayman Inc. | $253,813 | 0.00% | 12,150 | Common | SOLE |
| 40415F101 | HDB | HDFC Bank Ltd. | $252,089 | 0.00% | 6,899 | Common | SOLE |
| 456788108 | INFY | Infosys Ltd. | $251,954 | 0.00% | 14,139 | Common | SOLE |
| 58733R102 | MELI | MercadoLibre Inc. | $249,768 | 0.00% | 124 | Common | SOLE |
| G2519Y108 | BAP | Credicorp Ltd. | $247,394 | 0.00% | 862 | Common | SOLE |
| 03076C106 | AMP | Ameriprise Financial Inc. | $235,363 | 0.00% | 480 | Common | SOLE |
| N4732M103 | JBS | JBS N.V. | $229,711 | 0.00% | 15,930 | Common | SOLE |
| 056752108 | BIDU | Baidu Inc. | $227,348 | 0.00% | 1,740 | Common | SOLE |
| P31076105 | CPA | Copa Holdings SA | $226,747 | 0.00% | 1,880 | Common | SOLE |
| 40052P107 | GBOOY | Grupo Financiero Banorte S.A.B | $221,290 | 0.00% | 4,767 | Common | SOLE |
| 46625H100 | JPM | JPMorgan Chase & Co. | $220,721 | 0.00% | 685 | Common | SOLE |
| 67066G104 | NVDA | NVIDIA Corp. | $212,423 | 0.00% | 1,139 | Common | SOLE |
| 21240E105 | VLRS | Controladora Vuela Cia de Avia | $209,905 | 0.00% | 23,638 | Common | SOLE |
| 464287432 | TLT | iShares 20Plus Year Treasury B | $209,097 | 0.00% | 2,399 | Common | SOLE |
| 256135203 | RDY | Dr Reddy's Laboratories Ltd. | $207,230 | 0.00% | 14,760 | Common | SOLE |
| 45662n103 | — | Infineon Technologies A.G. | $203,232 | 0.00% | 4,621 | Common | SOLE |
| 92826C839 | V | Visa Inc. | $200,957 | 0.00% | 573 | Common | SOLE |
| N97284108 | NBIS | Nebius Group N.V. | $200,306 | 0.00% | 2,393 | Common | SOLE |
| 708062104 | PNNT | PennantPark Investment Corp. | $165,974 | 0.00% | 27,848 | Common | SOLE |
| 69367X109 | PTAIY | PT Astra International Tbk | $151,469 | 0.00% | 18,723 | Common | SOLE |
| 78163d100 | — | Runway Growth Finance Corp. | $146,631 | 0.00% | 16,420 | Common | SOLE |
| 279158109 | EC | Ecopetrol S.A. | $108,497 | 0.00% | 10,828 | Common | SOLE |
| G0457F107 | ARCO | Arcos Dorados Holdings Inc. | $77,899 | 0.00% | 10,613 | 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.