Q4 2024 · 13F-HR
CONFLUENCE INVESTMENT MANAGEMENT LLCholdings as filed
Filed 2025-01-02 · accession 0001636661-25-000002
$7.21B
Reported value
299
Positions
2024-12-31
Period end
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 743315103 | PGR | Progressive Corp. | $208.3M | 2.89% | 869,434 | Common | SOLE |
| 833034101 | SNA | Snap-on Inc. | $180.1M | 2.50% | 530,445 | Common | SOLE |
| H1467J104 | CB | Chubb Ltd. | $159.1M | 2.21% | 575,879 | Common | SOLE |
| 704326107 | PAYX | Paychex Inc. | $154.6M | 2.14% | 1,102,254 | Common | SOLE |
| 539830109 | LMT | Lockheed Martin Corp. | $149.7M | 2.08% | 308,095 | Common | SOLE |
| 25243Q205 | DEO | Diageo plc | $149.6M | 2.07% | 1,176,466 | Common | SOLE |
| 11133T103 | BR | Broadridge Financial Solutions | $142.9M | 1.98% | 632,216 | Common | SOLE |
| 46436E718 | SGOV | iShares 0-3 Month Treasury Bon | $142.7M | 1.98% | 1,422,081 | Common | SOLE |
| 437076102 | HD | Home Depot Inc. | $141.4M | 1.96% | 363,615 | Common | SOLE |
| 92939U106 | WEC | WEC Energy Group Inc. | $140.1M | 1.94% | 1,489,994 | Common | SOLE |
| 189054109 | CLX | Clorox Co. | $139.7M | 1.94% | 860,389 | Common | SOLE |
| G54950103 | LIN | Linde plc | $139.5M | 1.94% | 333,202 | Common | SOLE |
| 032654105 | ADI | Analog Devices Inc. | $136.8M | 1.90% | 643,987 | Common | SOLE |
| 713448108 | PEP | PepsiCo Inc. | $136.4M | 1.89% | 897,170 | Common | SOLE |
| 842587107 | SO | Southern Co. | $135.7M | 1.88% | 1,648,438 | Common | SOLE |
| 594918104 | MSFT | Microsoft Corp. | $133.0M | 1.84% | 315,443 | Common | SOLE |
| 31620R303 | FNF | Fidelity National Financial In | $128.1M | 1.78% | 2,282,039 | Common | SOLE |
| 311900104 | FAST | Fastenal Co. | $122.2M | 1.69% | 1,698,663 | Common | SOLE |
| 194162103 | CL | Colgate-Palmolive Co. | $121.9M | 1.69% | 1,340,946 | Common | SOLE |
| 29364G103 | ETR | Entergy Corp. | $121.9M | 1.69% | 1,607,273 | Common | SOLE |
| 49456B101 | KMI | Kinder Morgan Inc. | $120.3M | 1.67% | 4,390,944 | Common | SOLE |
| 665859104 | NTRS | Northern Trust Corp. | $116.9M | 1.62% | 1,140,058 | Common | SOLE |
| 427866108 | HSY | Hershey Co. | $115.5M | 1.60% | 682,029 | Common | SOLE |
| 74144T108 | TROW | T. Rowe Price Group Inc. | $111.6M | 1.55% | 986,521 | Common | SOLE |
| 375558103 | GILD | Gilead Sciences Inc. | $108.7M | 1.51% | 1,176,858 | Common | SOLE |
| 166764100 | CVX | Chevron Corp. | $107.9M | 1.50% | 744,879 | Common | SOLE |
| 17275R102 | CSCO | Cisco Systems Inc. | $106.7M | 1.48% | 1,803,001 | Common | SOLE |
| 57636Q104 | MA | Mastercard Inc. | $94.3M | 1.31% | 179,049 | Common | SOLE |
| 902973304 | USB | U.S. Bancorp | $93.7M | 1.30% | 1,959,428 | Common | SOLE |
| 68389X105 | ORCL | Oracle Corp. | $91.7M | 1.27% | 550,299 | Common | SOLE |
| 11276h106 | — | Brookfield Infrastructure Corp | $89.2M | 1.24% | 2,228,960 | Common | SOLE |
| 863667101 | SYK | Stryker Corp. | $88.4M | 1.23% | 245,423 | Common | SOLE |
| 78464A383 | SPMB | SPDR Portfolio Mortgage Backed | $84.6M | 1.17% | 3,926,847 | Common | SOLE |
| 04010L103 | ARCC | Ares Capital Corp. | $83.5M | 1.16% | 3,813,221 | Common | SOLE |
| 084423102 | WRB | W. R. Berkley Corp. | $78.2M | 1.08% | 1,336,426 | Common | SOLE |
| 872540109 | TJX | TJX Co. Inc. | $77.4M | 1.07% | 640,394 | Common | SOLE |
| 78409V104 | SPGI | S&P Global Inc. | $76.2M | 1.06% | 153,039 | Common | SOLE |
| 911312106 | UPS | United Parcel Service Inc. | $76.0M | 1.05% | 602,472 | Common | SOLE |
| 70432V102 | PAYC | Paycom Software Inc. | $74.1M | 1.03% | 361,757 | Common | SOLE |
| 084670702 | BRK/B | Berkshire Hathaway Inc. - B | $67.1M | 0.93% | 147,947 | Common | SOLE |
| 030420103 | AWK | American Water Works Co. Inc. | $66.9M | 0.93% | 537,138 | Common | SOLE |
| 574599106 | MAS | Masco Corp. | $66.8M | 0.93% | 921,174 | Common | SOLE |
| 855244109 | SBUX | Starbucks Corp. | $62.0M | 0.86% | 679,814 | Common | SOLE |
| 260557103 | DOW | Dow Inc. | $61.2M | 0.85% | 1,525,919 | Common | SOLE |
| 452308109 | ITW | Illinois Tool Works Inc. | $59.7M | 0.83% | 235,501 | Common | SOLE |
| 384109104 | GGG | Graco Inc. | $59.5M | 0.82% | 705,427 | Common | SOLE |
| 731068102 | PII | Polaris Inc. | $58.7M | 0.81% | 1,018,304 | Common | SOLE |
| 570535104 | MKL | Markel Corp. Inc. | $57.8M | 0.80% | 33,473 | Common | SOLE |
| 548661107 | LOW | Lowe's Co. Inc. | $57.4M | 0.80% | 232,548 | Common | SOLE |
| 962166104 | WY | Weyerhaeuser Co. | $56.4M | 0.78% | 2,004,292 | Common | SOLE |
| 02079K107 | GOOG | Alphabet Inc. | $54.8M | 0.76% | 287,913 | Common | SOLE |
| 49338L103 | KEYS | Keysight Technologies Inc. | $54.3M | 0.75% | 338,001 | Common | SOLE |
| 115236101 | BRO | Brown & Brown Inc. | $53.5M | 0.74% | 524,387 | Common | SOLE |
| 46137V472 | XMHQ | Invesco S&P MidCap Quality ETF | $53.5M | 0.74% | 543,291 | Common | SOLE |
| 26484T106 | DNB | Dun & Bradstreet Holdings Inc. | $49.3M | 0.68% | 3,957,132 | Common | SOLE |
| 78464A821 | MDYG | SPDR S&P 400 Mid Cap Growth ET | $47.7M | 0.66% | 548,721 | Common | SOLE |
| 09857L108 | BKNG | Booking Holdings Inc. | $46.0M | 0.64% | 9,257 | Common | SOLE |
| N6596X109 | NXPI | NXP Semiconductors N.V. | $44.5M | 0.62% | 214,298 | Common | SOLE |
| 883556102 | TMO | Thermo Fisher Scientific Inc. | $43.5M | 0.60% | 83,547 | Common | SOLE |
| 46435U473 | HYBB | iShares BB Rated Corporate Bon | $34.0M | 0.47% | 738,106 | Common | SOLE |
| 98149E303 | GLDM | SPDR Gold MiniShares Trust ETF | $32.6M | 0.45% | 627,966 | Common | SOLE |
| 655663102 | NDSN | Nordson Corp. | $32.4M | 0.45% | 155,057 | Common | SOLE |
| 573284106 | MLM | Martin Marietta Materials Inc. | $32.4M | 0.45% | 62,668 | Common | SOLE |
| 46436E841 | IBTH | iShares iBonds Dec 2027 Term T | $31.5M | 0.44% | 1,417,941 | Common | SOLE |
| 761152107 | RMD | ResMed Inc. | $28.3M | 0.39% | 123,764 | Common | SOLE |
| 21036P108 | STZ | Constellation Brands | $27.5M | 0.38% | 124,582 | Common | SOLE |
| 824348106 | SHW | Sherwin-Williams Co. | $27.3M | 0.38% | 80,190 | Common | SOLE |
| 464288588 | MBB | iShares MBS ETF | $27.0M | 0.37% | 293,979 | Common | SOLE |
| 278865100 | ECL | Ecolab Inc. | $26.6M | 0.37% | 113,556 | Common | SOLE |
| 009158106 | APD | Air Products and Chemicals Inc | $26.3M | 0.36% | 90,515 | Common | SOLE |
| 032095101 | APH | Amphenol Corp. | $25.2M | 0.35% | 362,192 | Common | SOLE |
| 78463X889 | SPDW | SPDR Portfolio Developed World | $25.1M | 0.35% | 736,703 | Common | SOLE |
| 464287663 | IUSV | iShares Core S&P US Value ETF | $24.4M | 0.34% | 263,416 | Common | SOLE |
| 580135101 | MCD | McDonald's Corp. | $24.1M | 0.33% | 83,110 | Common | SOLE |
| 742718109 | PG | Procter & Gamble Co. | $23.6M | 0.33% | 140,980 | Common | SOLE |
| 26875P101 | EOG | EOG Resources Inc. | $23.4M | 0.32% | 190,560 | Common | SOLE |
| 369550108 | GD | General Dynamics Corp. | $22.8M | 0.32% | 86,659 | Common | SOLE |
| 257651109 | DCI | Donaldson Co. Inc. | $22.1M | 0.31% | 328,449 | Common | SOLE |
| G39108108 | GTES | Gates Industrial Corp. plc | $21.5M | 0.30% | 1,044,605 | Common | SOLE |
| 617700109 | MORN | Morningstar Inc. | $21.3M | 0.30% | 63,393 | Common | SOLE |
| 256746108 | DLTR | Dollar Tree Inc. | $21.2M | 0.29% | 283,267 | Common | SOLE |
| 646025106 | NJR | New Jersey Resources Corp. | $21.2M | 0.29% | 454,152 | Common | SOLE |
| 302130109 | EXPD | Expeditors International of Wa | $21.0M | 0.29% | 189,653 | Common | SOLE |
| 78464A839 | MDYV | SPDR S&P 400 Mid Cap Value ETF | $20.2M | 0.28% | 251,986 | Common | SOLE |
| 115637209 | BF/B | Brown-Forman Corp. - B | $19.2M | 0.27% | 506,261 | Common | SOLE |
| 78464A201 | SLYG | SPDR S&P 600 Small Cap Growth | $18.7M | 0.26% | 206,430 | Common | SOLE |
| 654106103 | NKE | NIKE Inc. | $18.6M | 0.26% | 246,080 | Common | SOLE |
| 075887109 | BDX | Becton Dickinson & Co. | $18.4M | 0.26% | 81,098 | Common | SOLE |
| 891092108 | TTC | Toro Co. | $18.4M | 0.26% | 229,631 | Common | SOLE |
| 46138G300 | XSHQ | Invesco S&P Small Cap Quality | $18.1M | 0.25% | 427,904 | Common | SOLE |
| 831865209 | AOS | A. O. Smith Corp. | $18.0M | 0.25% | 264,162 | Common | SOLE |
| 78464A409 | SPYG | SPDR Portfolio S&P 500 Growth | $18.0M | 0.25% | 204,435 | Common | SOLE |
| G5960L103 | MDT | Medtronic plc | $17.2M | 0.24% | 215,420 | Common | SOLE |
| 159864107 | CRL | Charles River Laboratories Int | $17.2M | 0.24% | 93,004 | Common | SOLE |
| 05589g102 | — | Baldwin Insurance Group Inc. | $16.7M | 0.23% | 432,066 | Common | SOLE |
| 46435GAA0 | IBDR | iShares iBonds Dec 2026 Term C | $16.2M | 0.22% | 671,822 | Common | SOLE |
| 78464a508 | — | SPDR Portfolio S&P 500 Value E | $14.4M | 0.20% | 281,066 | Common | SOLE |
| 928881101 | VNT | Vontier Corp. | $14.2M | 0.20% | 388,952 | Common | SOLE |
| 72201R882 | ZROZ | PIMCO 20 Plus Year Zero Coupon | $14.2M | 0.20% | 206,281 | Common | SOLE |
| 78462F103 | SPY | SPDR S&P 500 ETF | $13.6M | 0.19% | 23,125 | Common | SOLE |
| 477839104 | JBTM | John Bean Technologies Corp. | $13.4M | 0.19% | 105,676 | Common | SOLE |
| 46436E833 | IBTI | iShares iBonds Dec 2028 Term T | $13.4M | 0.19% | 610,084 | Common | SOLE |
| 37954Y871 | URA | Global X Uranium ETF | $12.6M | 0.17% | 470,405 | Common | SOLE |
| 78468R606 | SPHY | SPDR Portfolio High Yield Bond | $11.6M | 0.16% | 496,053 | Common | SOLE |
| 550021109 | LULU | Lululemon Athletica Inc. | $11.4M | 0.16% | 29,842 | Common | SOLE |
| 05478C105 | AZEK | Azek Co. Inc. | $11.0M | 0.15% | 231,087 | Common | SOLE |
| 46436E312 | IBDX | iShares iBonds Dec 2032 Term C | $10.1M | 0.14% | 411,172 | Common | SOLE |
| 46436E486 | IBDW | iShares iBonds Dec 2031 Term C | $10.1M | 0.14% | 496,614 | Common | SOLE |
| 464288646 | IGSB | iShares 1-5 Year Investment Gr | $10.0M | 0.14% | 194,307 | Common | SOLE |
| 207410101 | CNMD | CONMED Corp. | $9.6M | 0.13% | 140,205 | Common | SOLE |
| 46436E296 | IBTM | iShares iBonds Dec 2032 Term T | $9.5M | 0.13% | 426,060 | Common | SOLE |
| 92047W101 | VVV | Valvoline Inc. | $9.1M | 0.13% | 251,391 | Common | SOLE |
| 25434V849 | DFNM | Dimensional National Municipal | $8.5M | 0.12% | 177,417 | Common | SOLE |
| 46138E537 | PZA | Powershares Insured National M | $7.9M | 0.11% | 332,758 | Common | SOLE |
| 46436E130 | IBDY | iShares iBonds Dec 2033 Term C | $7.8M | 0.11% | 311,170 | Common | SOLE |
| 46436E825 | IBTJ | iShares iBonds Dec 2029 Term T | $7.7M | 0.11% | 360,901 | Common | SOLE |
| 427096508 | HTGC | Hercules Capital Inc. | $7.7M | 0.11% | 382,163 | Common | SOLE |
| 56035L104 | MAIN | Main Street Capital Corp. | $7.7M | 0.11% | 131,043 | Common | SOLE |
| 46436e593 | — | iShares iBonds Dec 2030 Term T | $7.7M | 0.11% | 399,627 | Common | SOLE |
| 464288653 | TLH | iShares Barclays 10-20 Year Tr | $7.7M | 0.11% | 76,906 | Common | SOLE |
| 46571Y107 | IIIV | i3 Verticals Inc. | $6.7M | 0.09% | 292,629 | Common | SOLE |
| 46138J486 | BSMS | Invesco BulletShares 2028 Muni | $6.2M | 0.09% | 267,630 | Common | SOLE |
| 09261X102 | BXSL | Blackstone Secured Lending Fun | $6.2M | 0.09% | 192,470 | Common | SOLE |
| 464288760 | ITA | iShares US Aerospace & Defense | $6.0M | 0.08% | 41,178 | Common | SOLE |
| 46436E205 | IBDU | iShares iBonds Dec 2029 Term C | $5.8M | 0.08% | 254,736 | Common | SOLE |
| 46138J494 | BSMR | Invesco BulletShares 2027 Muni | $5.7M | 0.08% | 240,509 | Common | SOLE |
| 46138J445 | BSMU | Invesco BulletShares 2030 Muni | $5.5M | 0.08% | 253,992 | Common | SOLE |
| 46138j411 | — | Invesco BulletShares 2031 Muni | $5.4M | 0.07% | 256,727 | Common | SOLE |
| 464288661 | IEI | iShares 3-7 Year Treasury Bond | $5.4M | 0.07% | 46,315 | Common | SOLE |
| 83012A109 | TSLX | Sixth Street Specialty Lending | $5.4M | 0.07% | 251,182 | Common | SOLE |
| 38173M102 | GBDC | Golub Capital BDC Inc. | $5.3M | 0.07% | 347,488 | Common | SOLE |
| 464287598 | IWD | iShares Russell 1000 Value ETF | $5.3M | 0.07% | 28,375 | Common | SOLE |
| 46138J510 | BSMQ | Invesco BulletShares 2026 Muni | $5.1M | 0.07% | 215,731 | Common | SOLE |
| 46138J528 | — | Invesco BulletShares 2025 Muni | $5.0M | 0.07% | 205,599 | Common | SOLE |
| 35473P744 | FLJP | Franklin FTSE Japan ETF | $5.0M | 0.07% | 174,192 | Common | SOLE |
| 06759l103 | — | Barings BDC Inc. | $5.0M | 0.07% | 517,753 | Common | SOLE |
| 647551100 | NMFC | New Mountain Finance Corp. | $4.8M | 0.07% | 429,806 | Common | SOLE |
| 113004105 | BAM | Brookfield Asset Management | $4.6M | 0.06% | 85,418 | Common | SOLE |
| 69122G102 | — | Blue Owl Capital Corp. III | $4.5M | 0.06% | 310,424 | Common | SOLE |
| 81369Y506 | XLE | SPDR Energy Select Sector ETF | $4.4M | 0.06% | 51,642 | Common | SOLE |
| 032108664 | HACK | Amplify Cyber Security ETF | $4.4M | 0.06% | 59,321 | Common | SOLE |
| 149568107 | CVCO | Cavco Industries Inc. | $4.3M | 0.06% | 9,603 | Common | SOLE |
| 75524B104 | RBC | RBC Bearings Inc. | $4.3M | 0.06% | 14,235 | Common | SOLE |
| 46435UAA9 | IBDS | iShares iBonds Dec 2027 Term C | $4.0M | 0.05% | 165,459 | Common | SOLE |
| 860372101 | STC | Stewart Information Services C | $3.8M | 0.05% | 55,965 | Common | SOLE |
| 78464A284 | HYMB | SPDR Nuveen S&P High Yield Mun | $3.7M | 0.05% | 146,177 | Common | SOLE |
| 92189F536 | MLN | VanEck Vectors Long Municipal | $3.7M | 0.05% | 205,938 | Common | SOLE |
| 84790a105 | — | Spectrum Brands Holdings Inc. | $3.6M | 0.05% | 42,095 | Common | SOLE |
| 194014502 | ENOV | Enovis Corp | $3.5M | 0.05% | 79,622 | Common | SOLE |
| 624580106 | MOV | Movado Group Inc. | $3.5M | 0.05% | 176,057 | Common | SOLE |
| 896945201 | TRIP | TripAdvisor Inc. | $3.5M | 0.05% | 233,858 | Common | SOLE |
| 92189H409 | HYD | VanEck High Yield Muni ETF | $3.5M | 0.05% | 66,492 | Common | SOLE |
| 084670108 | BRK/A | Berkshire Hathaway Inc. - A | $3.4M | 0.05% | 5 | Common | SOLE |
| 466032109 | JJSF | J & J Snack Foods Corp. | $3.4M | 0.05% | 21,693 | Common | SOLE |
| 421298100 | HAYW | Hayward Holdings Inc. | $3.3M | 0.05% | 216,520 | Common | SOLE |
| 405166109 | HGTY | Hagerty Inc. | $3.3M | 0.05% | 337,100 | Common | SOLE |
| 02215R107 | ASGTF | Altus Group Ltd. | $3.2M | 0.04% | 81,838 | Common | SOLE |
| 83413U100 | SLRC | SLR Investment Corp. | $3.0M | 0.04% | 187,478 | Common | SOLE |
| 02875D109 | AOUT | American Outdoor Brands Inc. | $2.9M | 0.04% | 191,398 | Common | SOLE |
| 28035Q102 | EPC | Edgewell Personal Care Co. | $2.8M | 0.04% | 84,772 | Common | SOLE |
| G7T16G103 | S3P | Sapiens International Corp. N. | $2.8M | 0.04% | 104,749 | Common | SOLE |
| 902673102 | UFPT | UFP Technologies Inc. | $2.7M | 0.04% | 11,221 | Common | SOLE |
| 003264108 | SIVR | abrdn Physical Silver Shares E | $2.7M | 0.04% | 97,377 | Common | SOLE |
| 46138J478 | BSMT | Invesco BulletShares 2029 Muni | $2.5M | 0.04% | 110,451 | Common | SOLE |
| 800422107 | JBSS | John B Sanfilippo & Son Inc. | $2.5M | 0.03% | 28,770 | Common | SOLE |
| 784305104 | HTO | SJW Group | $2.4M | 0.03% | 49,167 | Common | SOLE |
| 573075108 | MRTN | Marten Transport Ltd. | $2.4M | 0.03% | 154,916 | Common | SOLE |
| 974637100 | WGO | Winnebago Industries Inc. | $2.4M | 0.03% | 50,542 | Common | SOLE |
| 21867A105 | CLB | Core Laboratories N.V. | $2.4M | 0.03% | 136,359 | Common | SOLE |
| 38147U107 | GSBD | Goldman Sachs BDC Inc. | $2.3M | 0.03% | 192,149 | Common | SOLE |
| 78468R739 | SHM | SPDR Nuveen Barclays Capital S | $2.3M | 0.03% | 48,745 | Common | SOLE |
| 13765N107 | CNNE | Cannae Holdings Inc. | $2.3M | 0.03% | 113,684 | Common | SOLE |
| 35471R106 | FSP | Franklin Street Properties Cor | $2.3M | 0.03% | 1,231,656 | Common | NONE |
| 140501107 | CSWC | Capital Southwest Corp. | $2.2M | 0.03% | 100,242 | Common | SOLE |
| 708062104 | PNNT | PennantPark Investment Corp. | $2.1M | 0.03% | 302,560 | Common | SOLE |
| 05684B107 | BCSF | Bain Capital Specialty Finance | $2.1M | 0.03% | 119,920 | Common | SOLE |
| 874039100 | TSM | Taiwan Semiconductor Manufactu | $2.0M | 0.03% | 10,340 | Common | SOLE |
| 67401P405 | OCSL | Oaktree Specialty Lending Corp | $2.0M | 0.03% | 130,410 | Common | SOLE |
| 67090S108 | NCDL | Nuveen Churchill Direct Lendin | $2.0M | 0.03% | 118,602 | Common | SOLE |
| 421906108 | HCSG | Healthcare Services Group Inc. | $2.0M | 0.03% | 168,841 | Common | SOLE |
| 46435U259 | IBMO | iShares iBonds Dec 2026 Term M | $1.9M | 0.03% | 75,478 | Common | SOLE |
| 09260D107 | BX | Blackstone Group LP | $1.9M | 0.03% | 11,000 | Common | SHARED |
| 48662X105 | KBDC | Kayne Anderson BDC | $1.8M | 0.03% | 109,957 | Common | SOLE |
| 008474108 | AEM | Agnico Eagle Mines Ltd. | $1.6M | 0.02% | 20,408 | Common | SOLE |
| 69702V107 | PSBD | Palmer Square Capital BDC Inc. | $1.6M | 0.02% | 104,546 | Common | SOLE |
| 225655109 | CCAP | Crescent Capital BDC Inc. | $1.4M | 0.02% | 73,839 | Common | SOLE |
| 780259305 | SHEL | Shell plc | $1.4M | 0.02% | 22,011 | Common | SOLE |
| 76206K107 | RNMBY | Rheinmetall AG | $1.3M | 0.02% | 10,492 | Common | SOLE |
| 03761U502 | MFIC | MidCap Financial Investment Co | $1.2M | 0.02% | 88,644 | Common | SOLE |
| 13321L108 | CCJ | Cameco Corp. | $1.2M | 0.02% | 22,815 | Common | SOLE |
| 302635206 | FSK | FS KKR Capital Corp. | $1.2M | 0.02% | 53,055 | Common | SOLE |
| G1151C101 | ACN | Accenture plc | $1.1M | 0.02% | 3,231 | Common | SOLE |
| 464288414 | MUB | iShares National Muni Bond ETF | $1.1M | 0.02% | 10,501 | Common | SOLE |
| 035710839 | NLY | Annaly Capital Management Inc. | $1.1M | 0.02% | 60,648 | Common | SOLE |
| 606822104 | MUFG | Mitsubishi UFJ Financial | $1.1M | 0.02% | 92,999 | Common | SOLE |
| M2682V108 | CYBR | CyberArk Software Ltd. | $1.1M | 0.01% | 3,245 | Common | SOLE |
| N00985106 | AER | AerCap Holdings N.V. | $1.1M | 0.01% | 11,286 | Common | SOLE |
| 803054204 | SAP | SAP S.E. | $1.1M | 0.01% | 4,325 | Common | SOLE |
| 87873R101 | TTNDY | Techtronic Industries Co. Ltd. | $1.1M | 0.01% | 16,176 | Common | SOLE |
| 23304y100 | — | DBS Group Holdings Ltd. | $1.0M | 0.01% | 8,168 | Common | SOLE |
| 799926100 | SDZNY | Sandoz Group | $1.0M | 0.01% | 25,603 | Common | SOLE |
| G96629103 | WTW | Willis Towers Watson plc | $1.0M | 0.01% | 3,308 | Common | SOLE |
| 989825104 | ZURVY | Zurich Insurance Group A.G. | $1.0M | 0.01% | 34,822 | Common | SOLE |
| 46435U283 | IBMP | iShares iBonds Dec 2027 Term M | $1.0M | 0.01% | 40,821 | Common | SOLE |
| 73688F201 | BCIC | Portman Ridge Finance Corp. | $988,109 | 0.01% | 60,472 | Common | SOLE |
| 78163d100 | — | Runway Growth Finance Corp | $916,486 | 0.01% | 83,621 | Common | SOLE |
| 835699307 | SONY | Sony Group Corp. | $912,737 | 0.01% | 43,135 | Common | SOLE |
| 889094108 | TKOMY | Tokio Marine Holdings Inc. | $890,631 | 0.01% | 24,726 | Common | SOLE |
| 670100205 | NVO | Novo Nordisk A.S. | $883,769 | 0.01% | 10,274 | Common | SOLE |
| 82509L107 | SHOP | Shopify Inc. | $861,698 | 0.01% | 8,104 | Common | SOLE |
| 896442308 | TRIN | Trinity Capital Inc. | $848,217 | 0.01% | 58,619 | Common | SOLE |
| 171269103 | CHGCY | Chugai Pharms Co. Ltd. | $847,471 | 0.01% | 38,574 | Common | SOLE |
| 46435U325 | IBMQ | iShares iBonds Dec 2028 Term M | $837,361 | 0.01% | 33,255 | Common | SOLE |
| 465717106 | ITOCY | ITOCHU Corp. | $819,231 | 0.01% | 8,312 | Common | SOLE |
| 786584102 | SAFRY | Safran S.A. | $814,720 | 0.01% | 14,949 | Common | SOLE |
| 654445303 | NTDOY | Nintendo Co. Ltd. | $810,034 | 0.01% | 55,368 | Common | SOLE |
| G4705A100 | ICLR | ICON plc | $802,980 | 0.01% | 3,829 | Common | SOLE |
| 165167735 | EXE | Expand Energy Corp. | $793,513 | 0.01% | 7,971 | Common | SOLE |
| 67103B100 | OFS | OFS Capital Corp. | $790,860 | 0.01% | 98,000 | Common | SHARED |
| 405552100 | HLN | Haleon plc | $771,166 | 0.01% | 80,835 | Common | SOLE |
| 456837103 | ING | ING Groep N.V. | $755,889 | 0.01% | 48,238 | Common | SOLE |
| 03674X106 | AR | Antero Resources Corp. | $743,726 | 0.01% | 21,219 | Common | SOLE |
| 464285204 | IAU | iShares Gold Trust ETF | $740,769 | 0.01% | 14,962 | Common | SOLE |
| 606827202 | MITSY | Mitsui & Co. Ltd. | $717,144 | 0.01% | 1,722 | Common | SOLE |
| 904767704 | — | Unilever plc | $716,631 | 0.01% | 12,639 | Common | SOLE |
| V5633W109 | MMYT | MakeMyTrip Ltd. | $713,764 | 0.01% | 6,357 | Common | SOLE |
| 025816109 | AXP | American Express Co. | $712,296 | 0.01% | 2,400 | Common | SOLE |
| 502117203 | LRLCY | L'Oreal S.A. | $712,268 | 0.01% | 10,116 | Common | SOLE |
| 962879102 | WPM | Wheaton Precious Metals Corp. | $711,773 | 0.01% | 12,656 | Common | SOLE |
| 351858105 | FNV | Franco-Nevada Corp. | $680,846 | 0.01% | 5,790 | Common | SOLE |
| 25278X109 | FANG | Diamondback Energy Inc. | $668,099 | 0.01% | 4,078 | Common | SOLE |
| 780287108 | RGLD | Royal Gold Inc. | $647,252 | 0.01% | 4,909 | Common | SOLE |
| 30231G102 | XOM | Exxon Mobil Corp. | $640,918 | 0.01% | 5,958 | Common | SOLE |
| 464287630 | IWN | iShares Russell 2000 Value ETF | $627,458 | 0.01% | 3,822 | Common | SOLE |
| 92837L109 | VIST | Vista Energy S.A.B. de C.V. | $625,403 | 0.01% | 11,558 | Common | SOLE |
| 89151E109 | TTEN | TotalEnergies S.E. | $620,646 | 0.01% | 11,388 | Common | SOLE |
| 93114W107 | WMMVY | Wal-Mart de Mexico S.A.B. de C | $616,361 | 0.01% | 23,347 | Common | SOLE |
| 46428Q109 | SLV | iShares Silver Trust ETF | $595,269 | 0.01% | 22,608 | Common | SOLE |
| 05565A202 | BNPQY | BNP Paribas S.A. | $586,094 | 0.01% | 19,091 | Common | SOLE |
| 502441306 | LVMUY | LVMH Moet Hennessy Louis Vuitt | $583,531 | 0.01% | 4,465 | Common | SOLE |
| 127097103 | CTRA | Coterra Energy Inc. | $583,257 | 0.01% | 22,837 | Common | SOLE |
| G0398N128 | ANFGF | Antofagasta plc | $580,833 | 0.01% | 27,593 | Common | SOLE |
| 20825C104 | COP | ConocoPhillips | $580,343 | 0.01% | 5,852 | Common | SOLE |
| 916896103 | UEC | Uranium Energy Corp. | $564,188 | 0.01% | 84,333 | Common | SOLE |
| 42809H107 | HES | Hess Corp. | $547,602 | 0.01% | 4,117 | Common | SOLE |
| 61774A103 | MSDL | Morgan Stanley Direct Lending | $540,094 | 0.01% | 26,142 | Common | SOLE |
| 35671D857 | FCX | Freeport-McMoRan Inc. | $539,479 | 0.01% | 14,167 | Common | SOLE |
| 013872106 | AA | Alcoa Corp. | $528,882 | 0.01% | 13,999 | Common | SOLE |
| 84265V105 | SCCO | Southern Copper Corp. | $526,542 | 0.01% | 5,778 | Common | SOLE |
| 05523r107 | — | BAE Systems plc | $526,386 | 0.01% | 9,209 | Common | SOLE |
| 811916105 | SA | Seabridge Gold Inc. | $492,798 | 0.01% | 43,190 | Common | SOLE |
| 771195104 | RHHBY | Roche Holding A.G. | $487,657 | 0.01% | 13,981 | Common | SOLE |
| 464287226 | AGG | iShares Core US Aggregate Bond | $483,531 | 0.01% | 4,990 | Common | SOLE |
| 248356107 | DNN | Denison Mines Corp. | $480,991 | 0.01% | 267,217 | Common | SOLE |
| 500458401 | KMTUY | Komatsu Ltd. | $480,286 | 0.01% | 17,580 | Common | SOLE |
| 060505104 | BAC | Bank of America Corp. | $465,474 | 0.01% | 10,591 | Common | SOLE |
| 067901108 | ABX | Barrick Gold Corp. | $461,140 | 0.01% | 29,751 | Common | SOLE |
| 651639106 | NEM | Newmont Mining Corp. | $438,739 | 0.01% | 11,788 | Common | SOLE |
| 37827X100 | GLNCY | Glencore plc | $427,691 | 0.01% | 48,991 | Common | SOLE |
| 231561101 | CW | Curtiss-Wright Corp. | $411,649 | 0.01% | 1,160 | Common | SOLE |
| 576690101 | MTRN | Materion Corp. | $398,585 | 0.01% | 4,031 | Common | SOLE |
| 00123q104 | — | AGNC Investment Corp. | $386,433 | 0.01% | 41,958 | Common | SOLE |
| 980228308 | WDS | Woodside Energy Group Ltd. | $380,063 | 0.01% | 24,363 | Common | SOLE |
| 45104g104 | — | ICICI Bank Ltd. | $373,250 | 0.01% | 12,500 | Common | SOLE |
| 58733R102 | MELI | MercadoLibre Inc. | $357,092 | 0.00% | 210 | Common | SOLE |
| 61945C103 | MOS | Mosaic Co. | $357,074 | 0.00% | 14,527 | Common | SOLE |
| 46139W833 | BSMW | Invesco BulletShares 2032 Munc | $305,697 | 0.00% | 12,184 | Common | SOLE |
| 46139W791 | BSSX | Invesco Bulletshares 2033 Muni | $304,553 | 0.00% | 11,825 | Common | SOLE |
| 46435U432 | — | iShares iBonds Dec 2025 Term M | $304,236 | 0.00% | 11,431 | Common | SOLE |
| 46436E163 | IBMR | iShares iBonds Dec 2029 Term M | $303,232 | 0.00% | 12,139 | Common | SOLE |
| 488401100 | KMPR | Kemper Corp. | $296,987 | 0.00% | 4,470 | Common | SOLE |
| 48241a105 | — | KB Financial Group Inc. | $291,590 | 0.00% | 5,125 | Common | SOLE |
| 256135203 | RDY | Dr Reddy's Laboratories Ltd. | $288,799 | 0.00% | 18,290 | Common | SOLE |
| 46432F842 | IEFA | iShares Core MSCI EAFE ETF | $284,142 | 0.00% | 4,043 | Common | SOLE |
| 88032Q109 | TCEHY | Tencent Holdings Ltd. | $276,376 | 0.00% | 5,197 | Common | SOLE |
| 344419106 | FMX | Fomento Economico Mexicano S.A | $260,934 | 0.00% | 3,052 | Common | SOLE |
| 03076C106 | AMP | Ameriprise Financial Inc. | $255,566 | 0.00% | 480 | Common | SOLE |
| 38059t106 | — | Gold Fields Ltd. | $252,648 | 0.00% | 19,140 | Common | SOLE |
| 025072125 | AVMC | Avantis US Mid Cap Equity ETF | $237,473 | 0.00% | 3,654 | Common | SOLE |
| 98850P109 | YUMC | Yum China Holdings Inc. | $235,599 | 0.00% | 4,891 | Common | SOLE |
| 456788108 | INFY | Infosys Ltd. | $228,249 | 0.00% | 10,413 | Common | SOLE |
| 191241108 | KOF | Coca-Cola Femsa SAB de CV | $226,582 | 0.00% | 2,909 | Common | SOLE |
| 22160K105 | COST | Costco Wholesale Corp. | $226,319 | 0.00% | 247 | Common | SOLE |
| 40415F101 | HDB | HDFC Bank Ltd. | $216,422 | 0.00% | 3,389 | Common | SOLE |
| 21240E105 | VLRS | Controladora Vuela Cia de Avia | $210,872 | 0.00% | 28,343 | Common | SOLE |
| 824596100 | SHG | Shinhan Financial Group Co. Lt | $210,827 | 0.00% | 6,412 | Common | SOLE |
| 01609W102 | BABA | Alibaba Group Holding Ltd. | $205,616 | 0.00% | 2,425 | Common | SOLE |
| 46625H100 | JPM | JPMorgan Chase & Co. | $204,233 | 0.00% | 852 | Common | SOLE |
| 003260106 | PPLT | Aberdeen Standard Physical Pla | $201,064 | 0.00% | 2,421 | Common | SOLE |
| 98980A105 | ZTO | ZTO Express Cayman Inc. | $201,013 | 0.00% | 10,282 | Common | SOLE |
| 466110103 | — | JBS S.A. | $184,663 | 0.00% | 15,544 | Common | SOLE |
| 72341E304 | PNGAY | Ping An Insurance Group Co. of | $156,209 | 0.00% | 13,420 | Common | SOLE |
| 69367X109 | PTAIY | PT Astra International Tbk | $134,251 | 0.00% | 22,793 | Common | SOLE |
| P1666E105 | BWMX | Betterware de Mexico SAPI de C | $123,953 | 0.00% | 11,087 | Common | SOLE |
| 279158109 | EC | Ecopetrol S.A. | $121,548 | 0.00% | 15,347 | Common | SOLE |
| 91912E105 | VALE | Vale S.A. | $117,377 | 0.00% | 13,233 | Common | SOLE |
| G0457F107 | ARCO | Arcos Dorados Holdings Inc. | $116,786 | 0.00% | 16,042 | Common | SOLE |
| 31607A703 | FRGXX | Fidelity Investments Money Mar | $101,195 | 0.00% | 101,195 | Common | SOLE |
| 81689T104 | ASAIY | Sendas Distribuidora S.A. | $49,773 | 0.00% | 11,135 | 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.