Q1 2025 · 13F-HR
CONFLUENCE INVESTMENT MANAGEMENT LLCholdings as filed
Filed 2025-04-01 · accession 0001636661-25-000004
$6.94B
Reported value
294
Positions
2025-03-31
Period end
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 46436E718 | SGOV | iShares 0-3 Month Treasury Bon | $195.7M | 2.82% | 1,943,492 | Common | SOLE |
| 833034101 | SNA | Snap-on Inc. | $171.8M | 2.47% | 509,863 | Common | SOLE |
| H1467J104 | CB | Chubb Ltd. | $168.6M | 2.43% | 558,131 | Common | SOLE |
| 704326107 | PAYX | Paychex Inc. | $164.4M | 2.37% | 1,065,458 | Common | SOLE |
| 743315103 | PGR | Progressive Corp. | $160.8M | 2.31% | 568,040 | Common | SOLE |
| 92939U106 | WEC | WEC Energy Group Inc. | $157.4M | 2.27% | 1,444,397 | Common | SOLE |
| G54950103 | LIN | Linde plc | $150.1M | 2.16% | 322,451 | Common | SOLE |
| 11133T103 | BR | Broadridge Financial Solutions | $147.8M | 2.13% | 609,740 | Common | SOLE |
| 842587107 | SO | Southern Co. | $147.5M | 2.12% | 1,603,734 | Common | SOLE |
| 31620R303 | FNF | Fidelity National Financial In | $143.7M | 2.07% | 2,208,073 | Common | SOLE |
| 539830109 | LMT | Lockheed Martin Corp. | $135.1M | 1.95% | 302,449 | Common | SOLE |
| 713448108 | PEP | PepsiCo Inc. | $134.4M | 1.94% | 896,248 | Common | SOLE |
| 437076102 | HD | Home Depot Inc. | $129.6M | 1.87% | 353,679 | Common | SOLE |
| 311900104 | FAST | Fastenal Co. | $128.8M | 1.85% | 1,660,502 | Common | SOLE |
| 032654105 | ADI | Analog Devices Inc. | $127.0M | 1.83% | 629,623 | Common | SOLE |
| 25243Q205 | DEO | Diageo plc | $124.2M | 1.79% | 1,184,987 | Common | SOLE |
| 189054109 | CLX | Clorox Co. | $123.8M | 1.78% | 840,746 | Common | SOLE |
| 194162103 | CL | Colgate-Palmolive Co. | $123.8M | 1.78% | 1,321,151 | Common | SOLE |
| 166764100 | CVX | Chevron Corp. | $122.8M | 1.77% | 734,333 | Common | SOLE |
| 427866108 | HSY | Hershey Co. | $119.6M | 1.72% | 699,426 | Common | SOLE |
| 29364G103 | ETR | Entergy Corp. | $118.9M | 1.71% | 1,390,339 | Common | SOLE |
| 49456B101 | KMI | Kinder Morgan Inc. | $110.7M | 1.59% | 3,880,963 | Common | SOLE |
| 375558103 | GILD | Gilead Sciences Inc. | $109.8M | 1.58% | 979,976 | Common | SOLE |
| 665859104 | NTRS | Northern Trust Corp. | $109.7M | 1.58% | 1,111,743 | Common | SOLE |
| 17275R102 | CSCO | Cisco Systems Inc. | $108.4M | 1.56% | 1,757,299 | Common | SOLE |
| 57636Q104 | MA | Mastercard Inc. | $94.7M | 1.36% | 172,754 | Common | SOLE |
| 084423102 | WRB | W. R. Berkley Corp. | $92.7M | 1.33% | 1,302,855 | Common | SOLE |
| 78464A383 | SPMB | SPDR Portfolio Mortgage Backed | $91.8M | 1.32% | 4,161,523 | Common | SOLE |
| 863667101 | SYK | Stryker Corp. | $88.2M | 1.27% | 236,840 | Common | SOLE |
| 74144T108 | TROW | T. Rowe Price Group Inc. | $88.0M | 1.27% | 958,342 | Common | SOLE |
| 04010L103 | ARCC | Ares Capital Corp. | $83.7M | 1.20% | 3,775,447 | Common | SOLE |
| 902973304 | USB | U.S. Bancorp | $81.0M | 1.17% | 1,919,167 | Common | SOLE |
| 030420103 | AWK | American Water Works Co. Inc. | $78.9M | 1.14% | 535,169 | Common | SOLE |
| 084670702 | BRK/B | Berkshire Hathaway Inc. - B | $76.8M | 1.11% | 144,171 | Common | SOLE |
| 70432V102 | PAYC | Paycom Software Inc. | $76.7M | 1.10% | 350,995 | Common | SOLE |
| 872540109 | TJX | TJX Co. Inc. | $76.3M | 1.10% | 626,578 | Common | SOLE |
| 78409V104 | SPGI | S&P Global Inc. | $76.1M | 1.10% | 149,835 | Common | SOLE |
| 68389X105 | ORCL | Oracle Corp. | $74.9M | 1.08% | 535,729 | Common | SOLE |
| 911312106 | UPS | United Parcel Service Inc. | $70.2M | 1.01% | 638,607 | Common | SOLE |
| 594918104 | MSFT | Microsoft Corp. | $62.9M | 0.91% | 167,479 | Common | SOLE |
| 574599106 | MAS | Masco Corp. | $62.2M | 0.90% | 894,013 | Common | SOLE |
| 115236101 | BRO | Brown & Brown Inc. | $61.4M | 0.88% | 493,525 | Common | SOLE |
| 009158106 | APD | Air Products and Chemicals Inc | $60.9M | 0.88% | 206,654 | Common | SOLE |
| 260557103 | DOW | Dow Inc. | $60.7M | 0.87% | 1,736,955 | Common | SOLE |
| 962166104 | WY | Weyerhaeuser Co. | $57.5M | 0.83% | 1,962,436 | Common | SOLE |
| 384109104 | GGG | Graco Inc. | $57.1M | 0.82% | 683,220 | Common | SOLE |
| 452308109 | ITW | Illinois Tool Works Inc. | $57.0M | 0.82% | 229,950 | Common | SOLE |
| 548661107 | LOW | Lowe's Co. Inc. | $53.3M | 0.77% | 228,447 | Common | SOLE |
| 46137V472 | XMHQ | Invesco S&P MidCap Quality ETF | $50.2M | 0.72% | 548,049 | Common | SOLE |
| 49338L103 | KEYS | Keysight Technologies Inc. | $50.1M | 0.72% | 334,196 | Common | SOLE |
| 02079K107 | GOOG | Alphabet Inc. | $44.3M | 0.64% | 283,770 | Common | SOLE |
| 09857L108 | BKNG | Booking Holdings Inc. | $41.9M | 0.60% | 9,085 | Common | SOLE |
| 883556102 | TMO | Thermo Fisher Scientific Inc. | $41.3M | 0.59% | 82,953 | Common | SOLE |
| N6596X109 | NXPI | NXP Semiconductors N.V. | $40.4M | 0.58% | 212,630 | Common | SOLE |
| G0450A105 | ACGL | Arch Capital Group Ltd. | $38.5M | 0.55% | 400,697 | Common | SOLE |
| 731068102 | PII | Polaris Inc. | $37.8M | 0.54% | 922,933 | Common | SOLE |
| 26484T106 | DNB | Dun & Bradstreet Holdings Inc. | $35.6M | 0.51% | 3,986,188 | Common | SOLE |
| 78464A821 | MDYG | SPDR S&P 400 Mid Cap Growth ET | $35.1M | 0.51% | 442,067 | Common | SOLE |
| 46435U473 | HYBB | iShares BB Rated Corporate Bon | $34.8M | 0.50% | 752,841 | Common | SOLE |
| 855244109 | SBUX | Starbucks Corp. | $33.7M | 0.48% | 343,334 | Common | SOLE |
| 655663102 | NDSN | Nordson Corp. | $31.0M | 0.45% | 153,785 | Common | SOLE |
| 573284106 | MLM | Martin Marietta Materials Inc. | $29.9M | 0.43% | 62,468 | Common | SOLE |
| 98149E303 | GLDM | SPDR Gold MiniShares Trust ETF | $29.1M | 0.42% | 470,195 | Common | SOLE |
| 78464a508 | — | SPDR Portfolio S&P 500 Value E | $28.7M | 0.41% | 561,531 | Common | SOLE |
| 278865100 | ECL | Ecolab Inc. | $27.6M | 0.40% | 108,874 | Common | SOLE |
| 464288588 | MBB | iShares MBS ETF | $27.3M | 0.39% | 290,612 | Common | SOLE |
| 78464A409 | SPYG | SPDR Portfolio S&P 500 Growth | $27.0M | 0.39% | 336,227 | Common | SOLE |
| 824348106 | SHW | Sherwin-Williams Co. | $26.9M | 0.39% | 76,912 | Common | SOLE |
| 761152107 | RMD | ResMed Inc. | $26.5M | 0.38% | 118,595 | Common | SOLE |
| 21036P108 | STZ | Constellation Brands | $25.9M | 0.37% | 141,373 | Common | SOLE |
| 580135101 | MCD | McDonald's Corp. | $25.1M | 0.36% | 80,214 | Common | SOLE |
| 464288653 | TLH | iShares Barclays 10-20 Year Tr | $25.0M | 0.36% | 240,590 | Common | SOLE |
| 26875P101 | EOG | EOG Resources Inc. | $23.6M | 0.34% | 184,346 | Common | SOLE |
| 742718109 | PG | Procter & Gamble Co. | $23.3M | 0.34% | 136,618 | Common | SOLE |
| 369550108 | GD | General Dynamics Corp. | $23.0M | 0.33% | 84,424 | Common | SOLE |
| 98978V103 | ZTS | Zoetis Inc. | $23.0M | 0.33% | 139,675 | Common | SOLE |
| 032095101 | APH | Amphenol Corp. | $22.9M | 0.33% | 349,787 | Common | SOLE |
| 302130109 | EXPD | Expeditors International of Wa | $22.2M | 0.32% | 184,607 | Common | SOLE |
| 256746108 | DLTR | Dollar Tree Inc. | $21.9M | 0.31% | 291,186 | Common | SOLE |
| 831865209 | AOS | A. O. Smith Corp. | $21.6M | 0.31% | 330,819 | Common | SOLE |
| 646025106 | NJR | New Jersey Resources Corp. | $21.6M | 0.31% | 440,703 | Common | SOLE |
| 78462F103 | SPY | SPDR S&P 500 ETF | $21.5M | 0.31% | 38,449 | Common | SOLE |
| 257651109 | DCI | Donaldson Co. Inc. | $21.4M | 0.31% | 318,834 | Common | SOLE |
| G5960L103 | MDT | Medtronic plc | $19.0M | 0.27% | 211,700 | Common | SOLE |
| 05589g102 | — | Baldwin Insurance Group Inc. | $18.9M | 0.27% | 423,042 | Common | SOLE |
| 78464A839 | MDYV | SPDR S&P 400 Mid Cap Value ETF | $18.8M | 0.27% | 243,860 | Common | SOLE |
| 617700109 | MORN | Morningstar Inc. | $18.6M | 0.27% | 62,103 | Common | SOLE |
| G39108108 | GTES | Gates Industrial Corp. plc | $18.6M | 0.27% | 1,011,102 | Common | SOLE |
| 075887109 | BDX | Becton Dickinson & Co. | $18.4M | 0.26% | 80,115 | Common | SOLE |
| 46138G300 | XSHQ | Invesco S&P Small Cap Quality | $18.1M | 0.26% | 459,211 | Common | SOLE |
| 92047W101 | VVV | Valvoline Inc. | $17.6M | 0.25% | 506,205 | Common | SOLE |
| 115637209 | BF/B | Brown-Forman Corp. - B | $17.6M | 0.25% | 517,326 | Common | SOLE |
| 46436E148 | IBTO | iShares iBonds Dec 2033 Term T | $17.1M | 0.25% | 700,979 | Common | SOLE |
| 46438G646 | IBTP | iShares iBonds Dec 2034 Term T | $17.0M | 0.24% | 661,179 | Common | SOLE |
| 891092108 | TTC | Toro Co. | $16.5M | 0.24% | 226,647 | Common | SOLE |
| 654106103 | NKE | NIKE Inc. | $15.7M | 0.23% | 246,930 | Common | SOLE |
| 159864107 | CRL | Charles River Laboratories Int | $14.5M | 0.21% | 96,526 | Common | SOLE |
| 254687106 | DIS | Walt Disney Co. | $13.6M | 0.20% | 138,018 | Common | SOLE |
| 928881101 | VNT | Vontier Corp. | $12.8M | 0.18% | 389,209 | Common | SOLE |
| 477839104 | JBTM | JBT Marel Corp. | $12.3M | 0.18% | 100,807 | Common | SOLE |
| 78468R606 | SPHY | SPDR Portfolio High Yield Bond | $11.8M | 0.17% | 505,720 | Common | SOLE |
| 46436E825 | IBTJ | iShares iBonds Dec 2029 Term T | $11.6M | 0.17% | 534,836 | Common | SOLE |
| 37954Y871 | URA | Global X Uranium ETF | $11.5M | 0.17% | 500,947 | Common | SOLE |
| 46436E841 | IBTH | iShares iBonds Dec 2027 Term T | $10.5M | 0.15% | 470,464 | Common | SOLE |
| 78464A201 | SLYG | SPDR S&P 600 Small Cap Growth | $10.5M | 0.15% | 126,762 | Common | SOLE |
| 37960A529 | SHLD | Global X Defense Tech ETF | $10.2M | 0.15% | 219,370 | Common | SOLE |
| 46436E312 | IBDX | iShares iBonds Dec 2032 Term C | $10.2M | 0.15% | 407,434 | Common | SOLE |
| 46436E486 | IBDW | iShares iBonds Dec 2031 Term C | $10.2M | 0.15% | 490,577 | Common | SOLE |
| 46436E833 | IBTI | iShares iBonds Dec 2028 Term T | $9.8M | 0.14% | 438,690 | Common | SOLE |
| 46436E296 | IBTM | iShares iBonds Dec 2032 Term T | $9.8M | 0.14% | 426,353 | Common | SOLE |
| 896945201 | TRIP | TripAdvisor Inc. | $9.1M | 0.13% | 641,796 | Common | SOLE |
| 72201R882 | ZROZ | PIMCO 20 Plus Year Zero Coupon | $9.0M | 0.13% | 125,161 | Common | SOLE |
| 207410101 | CNMD | CONMED Corp. | $8.3M | 0.12% | 137,318 | Common | SOLE |
| 25434V849 | DFNM | Dimensional National Municipal | $8.2M | 0.12% | 173,223 | Common | SOLE |
| 032108664 | HACK | Amplify Cyber Security ETF | $8.2M | 0.12% | 114,491 | Common | SOLE |
| 46436E130 | IBDY | iShares iBonds Dec 2033 Term C | $7.9M | 0.11% | 308,505 | Common | SOLE |
| 46436e593 | — | iShares iBonds Dec 2030 Term T | $7.8M | 0.11% | 395,464 | Common | SOLE |
| 46138E537 | PZA | Powershares Insured National M | $7.5M | 0.11% | 326,206 | Common | SOLE |
| 05478C105 | AZEK | Azek Co. Inc. | $7.4M | 0.11% | 151,990 | Common | SOLE |
| 56035L104 | MAIN | Main Street Capital Corp. | $7.4M | 0.11% | 130,010 | Common | SOLE |
| 427096508 | HTGC | Hercules Capital Inc. | $7.4M | 0.11% | 382,629 | Common | SOLE |
| 464287663 | IUSV | iShares Core S&P US Value ETF | $7.1M | 0.10% | 76,605 | Common | SOLE |
| 78464A300 | SLYV | SPDR S&P 600 Small Cap Value E | $6.9M | 0.10% | 87,599 | Common | SOLE |
| 46571Y107 | IIIV | i3 Verticals Inc. | $6.9M | 0.10% | 278,147 | Common | SOLE |
| 46138J494 | BSMR | Invesco BulletShares 2027 Muni | $6.5M | 0.09% | 273,987 | Common | SOLE |
| 46436e460 | — | iShares iBonds Dec 2031 Term T | $6.2M | 0.09% | 306,939 | Common | SOLE |
| 46436E726 | IBDV | iShares iBonds Dec 2030 Term C | $6.1M | 0.09% | 282,297 | Common | SOLE |
| 83012A109 | TSLX | Sixth Street Specialty Lending | $5.6M | 0.08% | 251,416 | Common | SOLE |
| 46139W791 | BSSX | Invesco Bulletshares 2033 Muni | $5.6M | 0.08% | 220,577 | Common | SOLE |
| 464288661 | IEI | iShares 3-7 Year Treasury Bond | $5.6M | 0.08% | 47,213 | Common | SOLE |
| 46138J445 | BSMU | Invesco BulletShares 2030 Muni | $5.4M | 0.08% | 248,788 | Common | SOLE |
| 46138J478 | BSMT | Invesco BulletShares 2029 Muni | $5.4M | 0.08% | 235,377 | Common | SOLE |
| 38173M102 | GBDC | Golub Capital BDC Inc. | $5.3M | 0.08% | 349,833 | Common | SOLE |
| 06759l103 | — | Barings BDC Inc. | $5.0M | 0.07% | 519,779 | Common | SOLE |
| 647551100 | NMFC | New Mountain Finance Corp. | $4.8M | 0.07% | 438,682 | Common | SOLE |
| 69121K104 | OBDC | Blue Owl Capital Corp. | $4.5M | 0.06% | 304,846 | Common | SOLE |
| 92189F536 | MLN | VanEck Vectors Long Municipal | $4.4M | 0.06% | 251,836 | Common | SOLE |
| 149568107 | CVCO | Cavco Industries Inc. | $4.3M | 0.06% | 8,359 | Common | SOLE |
| 046353108 | AZNN | AstraZeneca plc | $4.3M | 0.06% | 374 | Common | SOLE |
| 084670108 | BRK/A | Berkshire Hathaway Inc. - A | $4.0M | 0.06% | 5 | Common | SOLE |
| 46435UAA9 | IBDS | iShares iBonds Dec 2027 Term C | $4.0M | 0.06% | 163,383 | Common | SOLE |
| 302635206 | FSK | FS KKR Capital Corp. | $3.9M | 0.06% | 185,799 | Common | SOLE |
| 860372101 | STC | Stewart Information Services C | $3.7M | 0.05% | 51,894 | Common | SOLE |
| 78464A284 | HYMB | SPDR Nuveen S&P High Yield Mun | $3.7M | 0.05% | 145,414 | Common | SOLE |
| 92189H409 | HYD | VanEck High Yield Muni ETF | $3.4M | 0.05% | 66,241 | Common | SOLE |
| 75524B104 | RBC | RBC Bearings Inc. | $3.2M | 0.05% | 10,053 | Common | SOLE |
| 83413U100 | SLRC | SLR Investment Corp. | $3.2M | 0.05% | 187,389 | Common | SOLE |
| 46139W833 | BSMW | Invesco BulletShares 2032 Munc | $3.1M | 0.04% | 126,794 | Common | SOLE |
| 46138j411 | — | Invesco BulletShares 2031 Muni | $3.0M | 0.04% | 143,705 | Common | SOLE |
| 84790a105 | — | Spectrum Brands Holdings Inc. | $2.9M | 0.04% | 41,050 | Common | SOLE |
| 194014502 | ENOV | Enovis Corp. | $2.9M | 0.04% | 76,529 | Common | SOLE |
| 784305104 | HTO | SJW Group | $2.9M | 0.04% | 53,044 | Common | SOLE |
| 405166109 | HGTY | Hagerty Inc. | $2.9M | 0.04% | 316,369 | Common | SOLE |
| 624580106 | MOV | Movado Group Inc. | $2.8M | 0.04% | 170,196 | Common | SOLE |
| G7T16G103 | S3P | Sapiens International Corp. N. | $2.8M | 0.04% | 104,701 | Common | SOLE |
| 02215R107 | ASGTF | Altus Group Ltd. | $2.8M | 0.04% | 78,840 | Common | SOLE |
| 466032109 | JJSF | J & J Snack Foods Corp. | $2.8M | 0.04% | 20,901 | Common | SOLE |
| 421298100 | HAYW | Hayward Holdings Inc. | $2.7M | 0.04% | 197,361 | Common | SOLE |
| 405024100 | HAE | Haemonetics Corp. | $2.7M | 0.04% | 42,722 | Common | SOLE |
| 46138J510 | BSMQ | Invesco BulletShares 2026 Muni | $2.7M | 0.04% | 114,340 | Common | SOLE |
| 46138J528 | — | Invesco BulletShares 2025 Muni | $2.7M | 0.04% | 110,040 | Common | SOLE |
| 46138J486 | BSMS | Invesco BulletShares 2028 Muni | $2.7M | 0.04% | 115,952 | Common | SOLE |
| 49926D109 | KN | Knowles Corp. | $2.6M | 0.04% | 169,915 | Common | SOLE |
| 28035Q102 | EPC | Edgewell Personal Care Co. | $2.5M | 0.04% | 81,483 | Common | SOLE |
| 464287432 | TLT | iShares 20Plus Year Treasury B | $2.5M | 0.04% | 27,667 | Common | SOLE |
| 09261X102 | BXSL | Blackstone Secured Lending Fun | $2.4M | 0.04% | 75,154 | Common | SOLE |
| 78468R739 | SHM | SPDR Nuveen Barclays Capital S | $2.3M | 0.03% | 48,048 | Common | SOLE |
| 140501107 | CSWC | Capital Southwest Corp. | $2.3M | 0.03% | 101,522 | Common | SOLE |
| 800422107 | JBSS | John B Sanfilippo & Son Inc. | $2.2M | 0.03% | 31,607 | Common | SOLE |
| 02875D109 | AOUT | American Outdoor Brands Inc. | $2.2M | 0.03% | 182,498 | Common | SOLE |
| 35471R106 | FSP | Franklin Street Properties Cor | $2.2M | 0.03% | 1,231,656 | Common | NONE |
| 008474108 | AEM | Agnico Eagle Mines Ltd. | $2.2M | 0.03% | 20,218 | Common | SOLE |
| 902673102 | UFPT | UFP Technologies Inc. | $2.2M | 0.03% | 10,725 | Common | SOLE |
| 67401P405 | OCSL | Oaktree Specialty Lending Corp | $2.1M | 0.03% | 136,401 | Common | SOLE |
| 573075108 | MRTN | Marten Transport Ltd. | $2.1M | 0.03% | 151,834 | Common | SOLE |
| 38147U107 | GSBD | Goldman Sachs BDC Inc. | $2.0M | 0.03% | 175,783 | Common | SOLE |
| 13765N107 | CNNE | Cannae Holdings Inc. | $2.0M | 0.03% | 110,361 | Common | SOLE |
| 67090S108 | NCDL | Nuveen Churchill Direct Lendin | $2.0M | 0.03% | 119,108 | Common | SOLE |
| 05684B107 | BCSF | Bain Capital Specialty Finance | $2.0M | 0.03% | 120,452 | Common | SOLE |
| 464288414 | MUB | iShares National Muni Bond ETF | $1.9M | 0.03% | 18,415 | Common | SOLE |
| 46435U259 | IBMO | iShares iBonds Dec 2026 Term M | $1.9M | 0.03% | 75,467 | Common | SOLE |
| 48662X105 | KBDC | Kayne Anderson BDC | $1.8M | 0.03% | 110,635 | Common | SOLE |
| 974637100 | WGO | Winnebago Industries Inc. | $1.7M | 0.02% | 50,017 | Common | SOLE |
| 780259305 | SHEL | Shell plc | $1.7M | 0.02% | 22,801 | Common | SOLE |
| 874039100 | TSM | Taiwan Semiconductor Manufactu | $1.6M | 0.02% | 9,796 | Common | SOLE |
| 09260D107 | BX | Blackstone Group LP | $1.5M | 0.02% | 11,000 | Common | SHARED |
| 76206K107 | RNMBY | Rheinmetall AG | $1.4M | 0.02% | 4,964 | Common | SOLE |
| 69702V107 | PSBD | Palmer Square Capital BDC Inc. | $1.4M | 0.02% | 105,639 | Common | SOLE |
| 225655109 | CCAP | Crescent Capital BDC Inc. | $1.3M | 0.02% | 75,052 | Common | SOLE |
| 606822104 | MUFG | Mitsubishi UFJ Financial | $1.3M | 0.02% | 92,147 | Common | SOLE |
| 803054204 | SAP | SAP S.E. | $1.3M | 0.02% | 4,678 | Common | SOLE |
| 989825104 | ZURVY | Zurich Insurance Group A.G. | $1.2M | 0.02% | 34,878 | Common | SOLE |
| 03761U502 | MFIC | MidCap Financial Investment Co | $1.2M | 0.02% | 89,748 | Common | SOLE |
| N00985106 | AER | AerCap Holdings N.V. | $1.1M | 0.02% | 11,146 | Common | SOLE |
| 23304y100 | — | DBS Group Holdings Ltd. | $1.1M | 0.02% | 8,175 | Common | SOLE |
| G96629103 | WTW | Willis Towers Watson plc | $1.1M | 0.02% | 3,323 | Common | SOLE |
| 749607107 | RLI | RLI Corp. | $1.1M | 0.02% | 13,946 | Common | SOLE |
| 835699307 | SONY | Sony Group Corp. | $1.1M | 0.02% | 42,975 | Common | SOLE |
| M2682V108 | CYBR | CyberArk Software Ltd. | $1.1M | 0.02% | 3,204 | Common | SOLE |
| 799926100 | SDZNY | Sandoz Group | $1.1M | 0.02% | 25,451 | Common | SOLE |
| 46435U283 | IBMP | iShares iBonds Dec 2027 Term M | $1.0M | 0.01% | 40,553 | Common | SOLE |
| 786584102 | SAFRY | Safran S.A. | $990,651 | 0.01% | 14,960 | Common | SOLE |
| 889094108 | TKOMY | Tokio Marine Holdings Inc. | $971,789 | 0.01% | 25,001 | Common | SOLE |
| 962879102 | WPM | Wheaton Precious Metals Corp. | $956,402 | 0.01% | 12,320 | Common | SOLE |
| 654445303 | NTDOY | Nintendo Co. Ltd. | $948,419 | 0.01% | 55,237 | Common | SOLE |
| 87873R101 | TTNDY | Techtronic Industries Co. Ltd. | $947,426 | 0.01% | 15,774 | Common | SOLE |
| G1151C101 | ACN | Accenture plc | $943,921 | 0.01% | 3,025 | Common | SOLE |
| 456837103 | ING | ING Groep N.V. | $940,908 | 0.01% | 48,030 | Common | SOLE |
| 351858105 | FNV | Franco-Nevada Corp. | $925,507 | 0.01% | 5,874 | Common | SOLE |
| 73688F201 | BCIC | Portman Ridge Finance Corp. | $920,764 | 0.01% | 64,165 | Common | SOLE |
| 708062104 | PNNT | PennantPark Investment Corp. | $916,457 | 0.01% | 130,364 | Common | SOLE |
| 13321L108 | CCJ | Cameco Corp. | $903,462 | 0.01% | 21,950 | Common | SOLE |
| 05523r107 | — | BAE Systems plc | $903,379 | 0.01% | 10,986 | Common | SOLE |
| 896442308 | TRIN | Trinity Capital Inc. | $895,189 | 0.01% | 59,049 | Common | SOLE |
| 78163d100 | — | Runway Growth Finance Corp | $886,757 | 0.01% | 85,677 | Common | SOLE |
| 171269103 | CHGCY | Chugai Pharms Co. Ltd. | $885,132 | 0.01% | 38,924 | Common | SOLE |
| 05565A202 | BNPQY | BNP Paribas S.A. | $866,019 | 0.01% | 20,738 | Common | SOLE |
| 464285204 | IAU | iShares Gold Trust ETF | $861,759 | 0.01% | 14,616 | Common | SOLE |
| 03674X106 | AR | Antero Resources Corp. | $845,681 | 0.01% | 20,912 | Common | SOLE |
| 405552100 | HLN | Haleon plc | $840,415 | 0.01% | 81,673 | Common | SOLE |
| 46435U325 | IBMQ | iShares iBonds Dec 2028 Term M | $832,977 | 0.01% | 32,937 | Common | SOLE |
| 165167735 | EXE | Expand Energy Corp. | $826,106 | 0.01% | 7,421 | Common | SOLE |
| 89151E109 | TTEN | TotalEnergies S.E. | $820,205 | 0.01% | 12,679 | Common | SOLE |
| 780287108 | RGLD | Royal Gold Inc. | $798,910 | 0.01% | 4,886 | Common | SOLE |
| 904767704 | — | Unilever plc | $793,742 | 0.01% | 13,329 | Common | SOLE |
| 465717106 | ITOCY | ITOCHU Corp. | $792,073 | 0.01% | 8,516 | Common | SOLE |
| 464287598 | IWD | iShares Russell 1000 Value ETF | $781,805 | 0.01% | 4,155 | Common | SOLE |
| N07059210 | ASML | ASML Holding N.V. | $780,578 | 0.01% | 1,178 | Common | SOLE |
| 502117203 | LRLCY | L'Oreal S.A. | $778,772 | 0.01% | 10,473 | Common | SOLE |
| 82509L107 | SHOP | Shopify Inc. | $775,545 | 0.01% | 8,126 | Common | SOLE |
| 670100205 | NVO | Novo Nordisk A.S. | $726,690 | 0.01% | 10,465 | Common | SOLE |
| 30231G102 | XOM | Exxon Mobil Corp. | $722,398 | 0.01% | 6,074 | Common | SOLE |
| 46428Q109 | SLV | iShares Silver Trust ETF | $702,171 | 0.01% | 22,658 | Common | SOLE |
| G4705A100 | ICLR | ICON plc | $682,461 | 0.01% | 3,900 | Common | SOLE |
| 218937100 | CNR | Core Natural Resources Inc. | $681,872 | 0.01% | 8,844 | Common | SOLE |
| 127097103 | CTRA | Coterra Energy Inc. | $673,630 | 0.01% | 23,309 | Common | SOLE |
| 93114W107 | WMMVY | Wal-Mart de Mexico S.A.B. de C | $654,863 | 0.01% | 23,770 | Common | SOLE |
| 25278X109 | FANG | Diamondback Energy Inc. | $652,310 | 0.01% | 4,080 | Common | SOLE |
| 025816109 | AXP | American Express Co. | $645,720 | 0.01% | 2,400 | Common | SOLE |
| 606827202 | MITSY | Mitsui & Co. Ltd. | $644,605 | 0.01% | 1,697 | Common | SOLE |
| 20825C104 | COP | ConocoPhillips | $629,595 | 0.01% | 5,995 | Common | SOLE |
| 651639106 | NEM | Newmont Mining Corp. | $624,489 | 0.01% | 12,935 | Common | SOLE |
| 067901108 | ABX | Barrick Gold Corp. | $618,153 | 0.01% | 31,798 | Common | SOLE |
| 771195104 | RHHBY | Roche Holding A.G. | $596,305 | 0.01% | 14,491 | Common | SOLE |
| G0398N128 | ANFGF | Antofagasta plc | $591,735 | 0.01% | 27,781 | Common | SOLE |
| 502441306 | LVMUY | LVMH Moet Hennessy Louis Vuitt | $567,448 | 0.01% | 4,581 | Common | SOLE |
| 84265V105 | SCCO | Southern Copper Corp. | $557,069 | 0.01% | 5,961 | Common | SOLE |
| 35671D857 | FCX | Freeport-McMoRan Inc. | $553,892 | 0.01% | 14,630 | Common | SOLE |
| V5633W109 | MMYT | MakeMyTrip Ltd. | $551,978 | 0.01% | 5,633 | Common | SOLE |
| 500458401 | KMTUY | Komatsu Ltd. | $538,249 | 0.01% | 18,522 | Common | SOLE |
| 61774A103 | MSDL | Morgan Stanley Direct Lending | $537,343 | 0.01% | 26,921 | Common | SOLE |
| 811916105 | SA | Seabridge Gold Inc. | $522,944 | 0.01% | 44,811 | Common | SOLE |
| 060505104 | BAC | Bank of America Corp. | $441,962 | 0.01% | 10,591 | Common | SOLE |
| 92837L109 | VIST | Vista Energy S.A.B. de C.V. | $426,862 | 0.01% | 9,168 | Common | SOLE |
| 916896103 | UEC | Uranium Energy Corp. | $400,057 | 0.01% | 83,694 | Common | SOLE |
| 58733R102 | MELI | MercadoLibre Inc. | $397,977 | 0.01% | 204 | Common | SOLE |
| 38059t106 | — | Gold Fields Ltd. | $384,211 | 0.01% | 17,393 | Common | SOLE |
| 37827X100 | GLNCY | Glencore plc | $376,816 | 0.01% | 51,548 | Common | SOLE |
| 231561101 | CW | Curtiss-Wright Corp. | $368,033 | 0.01% | 1,160 | Common | SOLE |
| 45104g104 | — | ICICI Bank Ltd. | $366,105 | 0.01% | 11,615 | Common | SOLE |
| 248356107 | DNN | Denison Mines Corp. | $350,762 | 0.01% | 269,817 | Common | SOLE |
| 46435U432 | — | iShares iBonds Dec 2025 Term M | $309,845 | 0.00% | 11,583 | Common | SOLE |
| 46436E163 | IBMR | iShares iBonds Dec 2029 Term M | $308,543 | 0.00% | 12,322 | Common | SOLE |
| 46139W767 | BSMY | Invesco BulletShares 2034 Muni | $302,361 | 0.00% | 12,577 | Common | SOLE |
| 488401100 | KMPR | Kemper Corp. | $298,819 | 0.00% | 4,470 | Common | SOLE |
| 88032Q109 | TCEHY | Tencent Holdings Ltd. | $298,707 | 0.00% | 4,679 | Common | SOLE |
| 01609W102 | BABA | Alibaba Group Holding Ltd. | $295,799 | 0.00% | 2,237 | Common | SOLE |
| 570535104 | MKL | Markel Group Inc. | $280,441 | 0.00% | 150 | Common | SHARED |
| 344419106 | FMX | Fomento Economico Mexicano S.A | $280,076 | 0.00% | 2,870 | Common | SOLE |
| 48241a105 | — | KB Financial Group Inc. | $273,667 | 0.00% | 5,058 | Common | SOLE |
| 191241108 | KOF | Coca-Cola Femsa S.A.B. de C.V. | $251,413 | 0.00% | 2,754 | Common | SOLE |
| 98850P109 | YUMC | Yum China Holdings Inc. | $235,519 | 0.00% | 4,524 | Common | SOLE |
| 03076C106 | AMP | Ameriprise Financial Inc. | $232,373 | 0.00% | 480 | Common | SOLE |
| 78463V107 | GLD | SPDR Gold Shares ETF | $229,071 | 0.00% | 795 | Common | SOLE |
| 025072125 | AVMC | Avantis US Mid Cap Equity ETF | $226,351 | 0.00% | 3,652 | Common | SOLE |
| 92826C839 | V | Visa Inc. | $225,696 | 0.00% | 644 | Common | SOLE |
| 003260106 | PPLT | Aberdeen Standard Physical Pla | $225,227 | 0.00% | 2,465 | Common | SOLE |
| 256135203 | RDY | Dr Reddy's Laboratories Ltd. | $219,416 | 0.00% | 16,635 | Common | SOLE |
| 22160K105 | COST | Costco Wholesale Corp. | $209,017 | 0.00% | 221 | Common | SOLE |
| 44332N106 | HTHT | H World Group Ltd. | $208,625 | 0.00% | 5,637 | Common | SOLE |
| 46625H100 | JPM | JPMorgan Chase & Co. | $208,260 | 0.00% | 849 | Common | SOLE |
| 40415F101 | HDB | HDFC Bank Ltd. | $206,097 | 0.00% | 3,102 | Common | SOLE |
| 466110103 | — | JBS S.A. | $202,538 | 0.00% | 14,124 | Common | SOLE |
| 824596100 | SHG | Shinhan Financial Group Co. Lt | $200,981 | 0.00% | 6,265 | Common | SOLE |
| 00215W100 | ASX | ASE Technology Holding Co. Ltd | $169,383 | 0.00% | 19,336 | Common | SOLE |
| 72341E304 | PNGAY | Ping An Insurance Group Co. of | $147,315 | 0.00% | 12,307 | Common | SOLE |
| 279158109 | EC | Ecopetrol S.A. | $146,985 | 0.00% | 14,079 | Common | SOLE |
| 21240E105 | VLRS | Controladora Vuela Cia de Avia | $138,539 | 0.00% | 26,540 | Common | SOLE |
| G0457F107 | ARCO | Arcos Dorados Holdings Inc. | $129,750 | 0.00% | 16,098 | Common | SOLE |
| 91912E105 | VALE | Vale S.A. | $127,964 | 0.00% | 12,822 | Common | SOLE |
| 69367X109 | PTAIY | PT Astra International Tbk | $121,786 | 0.00% | 21,217 | Common | SOLE |
| P1666E105 | BWMX | Betterware de Mexico S.A.P.I. | $120,522 | 0.00% | 10,600 | Common | SOLE |
| 81689T104 | ASAIY | Sendas Distribuidora S.A. | $89,184 | 0.00% | 13,154 | Common | SOLE |
| 60934n104 | — | Federated Government Obligatio | $42,196 | 0.00% | 42,196 | 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.