Q2 2025 · 13F-HR
CONFLUENCE INVESTMENT MANAGEMENT LLCholdings as filed
Filed 2025-07-01 · accession 0001636661-25-000005
$7.08B
Reported value
287
Positions
2025-06-30
Period end
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 46436E718 | SGOV | iShares 0-3 Month Treasury Bon | $238.6M | 3.37% | 2,370,040 | Common | SOLE |
| H1467J104 | CB | Chubb Ltd. | $158.9M | 2.24% | 548,325 | Common | SOLE |
| 833034101 | SNA | Snap-on Inc. | $156.1M | 2.21% | 501,531 | Common | SOLE |
| 704326107 | PAYX | Paychex Inc. | $152.0M | 2.15% | 1,044,626 | Common | SOLE |
| 665859104 | NTRS | Northern Trust Corp. | $150.2M | 2.12% | 1,184,610 | Common | SOLE |
| 743315103 | PGR | Progressive Corp. | $149.9M | 2.12% | 561,616 | Common | SOLE |
| 032654105 | ADI | Analog Devices Inc. | $149.0M | 2.10% | 625,895 | Common | SOLE |
| G54950103 | LIN | Linde plc | $148.5M | 2.10% | 316,440 | Common | SOLE |
| 92939U106 | WEC | WEC Energy Group Inc. | $147.9M | 2.09% | 1,419,075 | Common | SOLE |
| 11133T103 | BR | Broadridge Financial Solutions | $145.2M | 2.05% | 597,545 | Common | SOLE |
| 842587107 | SO | Southern Co. | $145.0M | 2.05% | 1,579,454 | Common | SOLE |
| 539830109 | LMT | Lockheed Martin Corp. | $139.0M | 1.96% | 300,098 | Common | SOLE |
| 311900104 | FAST | Fastenal Co. | $137.8M | 1.95% | 3,280,009 | Common | SOLE |
| 25243Q205 | DEO | Diageo plc | $136.2M | 1.92% | 1,350,826 | Common | SOLE |
| 437076102 | HD | Home Depot Inc. | $128.7M | 1.82% | 351,141 | Common | SOLE |
| 427866108 | HSY | Hershey Co. | $126.9M | 1.79% | 764,392 | Common | SOLE |
| 31620R303 | FNF | Fidelity National Financial In | $122.2M | 1.73% | 2,179,039 | Common | SOLE |
| 030420103 | AWK | American Water Works Co. Inc. | $121.8M | 1.72% | 875,483 | Common | SOLE |
| 166764100 | CVX | Chevron Corp. | $121.1M | 1.71% | 845,635 | Common | SOLE |
| 17275R102 | CSCO | Cisco Systems Inc. | $120.6M | 1.70% | 1,738,945 | Common | SOLE |
| 194162103 | CL | Colgate-Palmolive Co. | $119.0M | 1.68% | 1,308,999 | Common | SOLE |
| 68389X105 | ORCL | Oracle Corp. | $114.5M | 1.62% | 523,569 | Common | SOLE |
| 29364G103 | ETR | Entergy Corp. | $114.3M | 1.61% | 1,375,000 | Common | SOLE |
| 189054109 | CLX | Clorox Co. | $113.0M | 1.60% | 941,510 | Common | SOLE |
| 49456B101 | KMI | Kinder Morgan Inc. | $112.9M | 1.60% | 3,841,416 | Common | SOLE |
| 375558103 | GILD | Gilead Sciences Inc. | $107.5M | 1.52% | 969,807 | Common | SOLE |
| 78464A383 | SPMB | SPDR Portfolio Mortgage Backed | $104.5M | 1.48% | 4,727,616 | Common | SOLE |
| 713448108 | PEP | PepsiCo Inc. | $93.9M | 1.33% | 711,253 | Common | SOLE |
| 57636Q104 | MA | Mastercard Inc. | $93.6M | 1.32% | 166,645 | Common | SOLE |
| 084423102 | WRB | W. R. Berkley Corp. | $92.9M | 1.31% | 1,264,289 | Common | SOLE |
| 863667101 | SYK | Stryker Corp. | $92.0M | 1.30% | 232,582 | Common | SOLE |
| 74144T108 | TROW | T. Rowe Price Group Inc. | $91.5M | 1.29% | 948,453 | Common | SOLE |
| 902973304 | USB | U.S. Bancorp | $88.4M | 1.25% | 1,952,975 | Common | SOLE |
| 04010L103 | ARCC | Ares Capital Corp. | $83.4M | 1.18% | 3,796,791 | Common | SOLE |
| 594918104 | MSFT | Microsoft Corp. | $82.2M | 1.16% | 165,187 | Common | SOLE |
| 70432V102 | PAYC | Paycom Software Inc. | $79.2M | 1.12% | 342,139 | Common | SOLE |
| 78409V104 | SPGI | S&P Global Inc. | $78.1M | 1.10% | 148,101 | Common | SOLE |
| 872540109 | TJX | TJX Co. Inc. | $76.2M | 1.08% | 617,159 | Common | SOLE |
| 655663102 | NDSN | Nordson Corp. | $72.0M | 1.02% | 336,090 | Common | SOLE |
| 911312106 | UPS | United Parcel Service Inc. | $67.8M | 0.96% | 671,771 | Common | SOLE |
| 009158106 | APD | Air Products and Chemicals Inc | $58.1M | 0.82% | 205,960 | Common | SOLE |
| 384109104 | GGG | Graco Inc. | $57.6M | 0.81% | 670,046 | Common | SOLE |
| 464288653 | TLH | iShares Barclays 10-20 Year Tr | $57.1M | 0.81% | 562,156 | Common | SOLE |
| 574599106 | MAS | Masco Corp. | $57.0M | 0.81% | 886,059 | Common | SOLE |
| 452308109 | ITW | Illinois Tool Works Inc. | $56.3M | 0.80% | 227,732 | Common | SOLE |
| 49338L103 | KEYS | Keysight Technologies Inc. | $54.6M | 0.77% | 333,369 | Common | SOLE |
| 78463X889 | SPDW | SPDR Portfolio Developed World | $51.7M | 0.73% | 1,276,782 | Common | SOLE |
| 548661107 | LOW | Lowe's Co. Inc. | $50.4M | 0.71% | 227,133 | Common | SOLE |
| 02079K107 | GOOG | Alphabet Inc. | $50.1M | 0.71% | 282,383 | Common | SOLE |
| 084670702 | BRK/B | Berkshire Hathaway Inc. - B | $49.5M | 0.70% | 101,968 | Common | SOLE |
| 962166104 | WY | Weyerhaeuser Co. | $49.2M | 0.70% | 1,915,486 | Common | SOLE |
| 09857L108 | BKNG | Booking Holdings Inc. | $49.0M | 0.69% | 8,456 | Common | SOLE |
| 260557103 | DOW | Dow Inc. | $46.9M | 0.66% | 1,769,871 | Common | SOLE |
| N6596X109 | NXPI | NXP Semiconductors N.V. | $46.5M | 0.66% | 212,998 | Common | SOLE |
| 115637209 | BF/B | Brown-Forman Corp. - B | $37.2M | 0.53% | 1,381,966 | Common | SOLE |
| G0450A105 | ACGL | Arch Capital Group Ltd. | $36.1M | 0.51% | 396,398 | Common | SOLE |
| 78464a508 | — | SPDR Portfolio S&P 500 Value E | $35.9M | 0.51% | 685,828 | Common | SOLE |
| 609207105 | MDLZ | Mondelez International Inc. | $35.3M | 0.50% | 523,934 | Common | SOLE |
| 98149E303 | GLDM | SPDR Gold MiniShares Trust ETF | $34.4M | 0.49% | 525,606 | Common | SOLE |
| 573284106 | MLM | Martin Marietta Materials Inc. | $34.3M | 0.48% | 62,458 | Common | SOLE |
| 883556102 | TMO | Thermo Fisher Scientific Inc. | $33.8M | 0.48% | 83,476 | Common | SOLE |
| 731068102 | PII | Polaris Inc. | $33.5M | 0.47% | 824,806 | Common | SOLE |
| 115236101 | BRO | Brown & Brown Inc. | $33.2M | 0.47% | 299,805 | Common | SOLE |
| 032095101 | APH | Amphenol Corp. | $32.9M | 0.46% | 332,681 | Common | SOLE |
| 855244109 | SBUX | Starbucks Corp. | $31.2M | 0.44% | 340,704 | Common | SOLE |
| 464288661 | IEI | iShares 3-7 Year Treasury Bond | $29.7M | 0.42% | 249,390 | Common | SOLE |
| 761152107 | RMD | ResMed Inc. | $29.7M | 0.42% | 115,063 | Common | SOLE |
| 278865100 | ECL | Ecolab Inc. | $28.5M | 0.40% | 105,654 | Common | SOLE |
| 256746108 | DLTR | Dollar Tree Inc. | $28.2M | 0.40% | 285,096 | Common | SOLE |
| 464288588 | MBB | iShares MBS ETF | $27.1M | 0.38% | 288,361 | Common | SOLE |
| 78464A409 | SPYG | SPDR Portfolio S&P 500 Growth | $26.0M | 0.37% | 272,594 | Common | SOLE |
| 824348106 | SHW | Sherwin-Williams Co. | $25.7M | 0.36% | 74,989 | Common | SOLE |
| 78464A839 | MDYV | SPDR S&P 400 Mid Cap Value ETF | $24.5M | 0.35% | 308,171 | Common | SOLE |
| 74347B680 | REGL | ProShares S&P MidCap 400 Divid | $24.5M | 0.35% | 300,181 | Common | SOLE |
| 369550108 | GD | General Dynamics Corp. | $24.0M | 0.34% | 82,310 | Common | SOLE |
| 21036P108 | STZ | Constellation Brands | $23.3M | 0.33% | 143,508 | Common | SOLE |
| 580135101 | MCD | McDonald's Corp. | $22.8M | 0.32% | 78,202 | Common | SOLE |
| G39108108 | GTES | Gates Industrial Corp. plc | $22.6M | 0.32% | 982,926 | Common | SOLE |
| 831865209 | AOS | A. O. Smith Corp. | $21.7M | 0.31% | 331,666 | Common | SOLE |
| 26875P101 | EOG | EOG Resources Inc. | $21.7M | 0.31% | 181,460 | Common | SOLE |
| 257651109 | DCI | Donaldson Co. Inc. | $21.7M | 0.31% | 312,679 | Common | SOLE |
| 98978V103 | ZTS | Zoetis Inc. | $21.4M | 0.30% | 137,030 | Common | SOLE |
| 742718109 | PG | Procter & Gamble Co. | $21.3M | 0.30% | 133,731 | Common | SOLE |
| 302130109 | EXPD | Expeditors International of Wa | $20.7M | 0.29% | 181,391 | Common | SOLE |
| 646025106 | NJR | New Jersey Resources Corp. | $19.4M | 0.27% | 431,907 | Common | SOLE |
| 617700109 | MORN | Morningstar Inc. | $19.1M | 0.27% | 60,980 | Common | SOLE |
| 92047W101 | VVV | Valvoline Inc. | $18.9M | 0.27% | 498,862 | Common | SOLE |
| G5960L103 | MDT | Medtronic plc | $18.3M | 0.26% | 209,424 | Common | SOLE |
| 78464A821 | MDYG | SPDR S&P 400 Mid Cap Growth ET | $18.0M | 0.25% | 207,668 | Common | SOLE |
| 05589g102 | — | Baldwin Insurance Group Inc. | $17.7M | 0.25% | 413,228 | Common | SOLE |
| 654106103 | NKE | NIKE Inc. | $17.6M | 0.25% | 248,154 | Common | SOLE |
| 14448c104 | — | Carrier Global Corp. | $17.3M | 0.24% | 236,283 | Common | SOLE |
| 254687106 | DIS | Walt Disney Co. | $17.1M | 0.24% | 137,995 | Common | SOLE |
| 46436E148 | IBTO | iShares iBonds Dec 2033 Term T | $17.0M | 0.24% | 694,671 | Common | SOLE |
| 46438G646 | IBTP | iShares iBonds Dec 2034 Term T | $16.9M | 0.24% | 659,143 | Common | SOLE |
| 928881101 | VNT | Vontier Corp. | $16.9M | 0.24% | 458,954 | Common | SOLE |
| 46138R108 | FXF | Invesco CurrencyShares Swiss F | $16.0M | 0.23% | 143,339 | Common | SOLE |
| 891092108 | TTC | Toro Co. | $16.0M | 0.23% | 226,518 | Common | SOLE |
| 159864107 | CRL | Charles River Laboratories Int | $14.8M | 0.21% | 97,226 | Common | SOLE |
| 075887109 | BDX | Becton Dickinson & Co. | $13.9M | 0.20% | 80,614 | Common | SOLE |
| 464287663 | IUSV | iShares Core S&P US Value ETF | $11.9M | 0.17% | 125,563 | Common | SOLE |
| 78462F103 | SPY | SPDR S&P 500 ETF | $11.9M | 0.17% | 19,222 | Common | SOLE |
| 46436E825 | IBTJ | iShares iBonds Dec 2029 Term T | $11.7M | 0.16% | 531,810 | Common | SOLE |
| 477839104 | JBTM | JBT Marel Corp. | $11.4M | 0.16% | 94,730 | Common | SOLE |
| 46436E841 | IBTH | iShares iBonds Dec 2027 Term T | $10.5M | 0.15% | 467,115 | Common | SOLE |
| 46436E486 | IBDW | iShares iBonds Dec 2031 Term C | $10.3M | 0.14% | 487,502 | Common | SOLE |
| 78464A763 | SDY | SPDR S&P Dividend ETF | $10.2M | 0.14% | 75,270 | Common | SOLE |
| 46436E312 | IBDX | iShares iBonds Dec 2032 Term C | $10.2M | 0.14% | 401,503 | Common | SOLE |
| 46436E296 | IBTM | iShares iBonds Dec 2032 Term T | $9.9M | 0.14% | 428,490 | Common | SOLE |
| 46436E833 | IBTI | iShares iBonds Dec 2028 Term T | $9.8M | 0.14% | 436,479 | Common | SOLE |
| 37960A529 | SHLD | Global X Defense Tech ETF | $9.7M | 0.14% | 160,759 | Common | SOLE |
| 896945201 | TRIP | TripAdvisor Inc. | $8.5M | 0.12% | 654,618 | Common | SOLE |
| 81369Y308 | XLP | SPDR Consumer Staples Select S | $8.0M | 0.11% | 99,157 | Common | SOLE |
| 25434V849 | DFNM | Dimensional National Municipal | $8.0M | 0.11% | 167,895 | Common | SOLE |
| 46436E130 | IBDY | iShares iBonds Dec 2033 Term C | $8.0M | 0.11% | 307,307 | Common | SOLE |
| 46436e593 | — | iShares iBonds Dec 2030 Term T | $7.8M | 0.11% | 393,507 | Common | SOLE |
| 56035L104 | MAIN | Main Street Capital Corp. | $7.7M | 0.11% | 129,985 | Common | SOLE |
| 46138E537 | PZA | Powershares Insured National M | $7.1M | 0.10% | 317,163 | Common | SOLE |
| 427096508 | HTGC | Hercules Capital Inc. | $7.0M | 0.10% | 383,778 | Common | SOLE |
| 46571Y107 | IIIV | i3 Verticals Inc. | $6.9M | 0.10% | 252,687 | Common | SOLE |
| 83012A109 | TSLX | Sixth Street Specialty Lending | $6.9M | 0.10% | 288,066 | Common | SOLE |
| 207410101 | CNMD | CONMED Corp. | $6.7M | 0.09% | 129,012 | Common | SOLE |
| 38173M102 | GBDC | Golub Capital BDC Inc. | $6.6M | 0.09% | 451,191 | Common | SOLE |
| 46436e460 | — | iShares iBonds Dec 2031 Term T | $6.3M | 0.09% | 304,901 | Common | SOLE |
| 46138J494 | BSMR | Invesco BulletShares 2027 Muni | $6.2M | 0.09% | 265,158 | Common | SOLE |
| 464288414 | MUB | iShares National Muni Bond ETF | $6.1M | 0.09% | 58,057 | Common | SOLE |
| 09261X102 | BXSL | Blackstone Secured Lending Fun | $5.7M | 0.08% | 185,700 | Common | SOLE |
| 46139W791 | BSSX | Invesco Bulletshares 2033 Muni | $5.4M | 0.08% | 214,054 | Common | SOLE |
| 46138J445 | BSMU | Invesco BulletShares 2030 Muni | $5.2M | 0.07% | 241,752 | Common | SOLE |
| 46138J478 | BSMT | Invesco BulletShares 2029 Muni | $5.2M | 0.07% | 227,286 | Common | SOLE |
| 69121K104 | OBDC | Blue Owl Capital Corp. | $4.5M | 0.06% | 311,648 | Common | SOLE |
| 92189F536 | MLN | VanEck Vectors Long Municipal | $4.2M | 0.06% | 250,578 | Common | SOLE |
| 302635206 | FSK | FS KKR Capital Corp. | $4.1M | 0.06% | 197,748 | Common | SOLE |
| 464287432 | TLT | iShares 20Plus Year Treasury B | $4.1M | 0.06% | 46,097 | Common | SOLE |
| 46435UAA9 | IBDS | iShares iBonds Dec 2027 Term C | $4.0M | 0.06% | 162,767 | Common | SOLE |
| 647551100 | NMFC | New Mountain Finance Corp. | $3.9M | 0.06% | 369,161 | Common | SOLE |
| 06759l103 | — | Barings BDC Inc. | $3.9M | 0.05% | 422,892 | Common | SOLE |
| 46435U473 | HYBB | iShares BB Rated Corporate Bon | $3.8M | 0.05% | 79,826 | Common | SOLE |
| 084670108 | BRK/A | Berkshire Hathaway Inc. - A | $3.6M | 0.05% | 5 | Common | SOLE |
| 75524B104 | RBC | RBC Bearings Inc. | $3.6M | 0.05% | 9,286 | Common | SOLE |
| 05478C105 | AZEK | Azek Co. Inc. | $3.3M | 0.05% | 60,424 | Common | SOLE |
| 149568107 | CVCO | Cavco Industries Inc. | $3.3M | 0.05% | 7,558 | Common | SOLE |
| 860372101 | STC | Stewart Information Services C | $3.1M | 0.04% | 48,263 | Common | SOLE |
| 78468R739 | SHM | SPDR Nuveen Barclays Capital S | $3.1M | 0.04% | 64,652 | Common | SOLE |
| 46139W833 | BSMW | Invesco BulletShares 2032 Munc | $3.0M | 0.04% | 124,352 | Common | SOLE |
| 405024100 | HAE | Haemonetics Corp. | $3.0M | 0.04% | 39,857 | Common | SOLE |
| 46138j411 | — | Invesco BulletShares 2031 Muni | $2.9M | 0.04% | 139,940 | Common | SOLE |
| 405166109 | HGTY | Hagerty Inc. | $2.8M | 0.04% | 279,919 | Common | SOLE |
| 02215R107 | ASGTF | Altus Group Ltd. | $2.8M | 0.04% | 72,271 | Common | SOLE |
| 49926D109 | KN | Knowles Corp. | $2.7M | 0.04% | 153,317 | Common | SOLE |
| 46138J528 | — | Invesco BulletShares 2025 Muni | $2.6M | 0.04% | 106,632 | Common | SOLE |
| 46138J510 | BSMQ | Invesco BulletShares 2026 Muni | $2.6M | 0.04% | 110,838 | Common | SOLE |
| 46138J486 | BSMS | Invesco BulletShares 2028 Muni | $2.6M | 0.04% | 112,298 | Common | SOLE |
| 421298100 | HAYW | Hayward Holdings Inc. | $2.5M | 0.04% | 183,587 | Common | SOLE |
| 749607107 | RLI | RLI Corp. | $2.5M | 0.04% | 34,913 | Common | SOLE |
| 46435U325 | IBMQ | iShares iBonds Dec 2028 Term M | $2.5M | 0.04% | 98,908 | Common | SOLE |
| 784305104 | HTO | H2O America | $2.5M | 0.04% | 47,809 | Common | SOLE |
| 902673102 | UFPT | UFP Technologies Inc. | $2.4M | 0.03% | 10,024 | Common | SOLE |
| 008474108 | AEM | Agnico Eagle Mines Ltd. | $2.4M | 0.03% | 20,390 | Common | SOLE |
| 624580106 | MOV | Movado Group Inc. | $2.3M | 0.03% | 152,649 | Common | SOLE |
| 140501107 | CSWC | Capital Southwest Corp. | $2.3M | 0.03% | 102,107 | Common | SOLE |
| 466032109 | JJSF | J & J Snack Foods Corp. | $2.2M | 0.03% | 19,351 | Common | SOLE |
| 13765N107 | CNNE | Cannae Holdings Inc. | $2.2M | 0.03% | 104,584 | Common | SOLE |
| 874039100 | TSM | Taiwan Semiconductor Manufactu | $2.2M | 0.03% | 9,566 | Common | SOLE |
| 194014502 | ENOV | Enovis Corp. | $2.2M | 0.03% | 68,730 | Common | SOLE |
| 76206K107 | RNMBY | Rheinmetall AG | $2.1M | 0.03% | 5,024 | Common | SOLE |
| 03761U502 | MFIC | MidCap Financial Investment Co | $2.1M | 0.03% | 165,155 | Common | SOLE |
| 84790a105 | — | Spectrum Brands Holdings Inc. | $2.1M | 0.03% | 39,278 | Common | SOLE |
| 35471R106 | FSP | Franklin Street Properties Cor | $2.0M | 0.03% | 1,231,656 | Common | NONE |
| 46436E163 | IBMR | iShares iBonds Dec 2029 Term M | $2.0M | 0.03% | 79,369 | Common | SOLE |
| 800422107 | JBSS | John B Sanfilippo & Son Inc. | $1.9M | 0.03% | 29,892 | Common | SOLE |
| 67401P405 | OCSL | Oaktree Specialty Lending Corp | $1.9M | 0.03% | 137,042 | Common | SOLE |
| 46435U259 | IBMO | iShares iBonds Dec 2026 Term M | $1.9M | 0.03% | 72,848 | Common | SOLE |
| 38147U107 | GSBD | Goldman Sachs BDC Inc. | $1.9M | 0.03% | 164,711 | Common | SOLE |
| 573075108 | MRTN | Marten Transport Ltd. | $1.9M | 0.03% | 142,553 | Common | SOLE |
| 05684B107 | BCSF | Bain Capital Specialty Finance | $1.8M | 0.03% | 120,930 | Common | SOLE |
| 28035Q102 | EPC | Edgewell Personal Care Co. | $1.7M | 0.02% | 74,209 | Common | SOLE |
| 02875D109 | AOUT | American Outdoor Brands Inc. | $1.6M | 0.02% | 156,075 | Common | SOLE |
| 61774A103 | MSDL | Morgan Stanley Direct Lending | $1.6M | 0.02% | 86,943 | Common | SOLE |
| 67090S108 | NCDL | Nuveen Churchill Direct Lendin | $1.5M | 0.02% | 94,589 | Common | SOLE |
| 974637100 | WGO | Winnebago Industries Inc. | $1.5M | 0.02% | 50,818 | Common | SOLE |
| G7T16G103 | S3P | Sapiens International Corp. N. | $1.5M | 0.02% | 50,113 | Common | SOLE |
| 799926100 | SDZNY | Sandoz Group | $1.5M | 0.02% | 26,690 | Common | SOLE |
| 803054204 | SAP | SAP S.E. | $1.4M | 0.02% | 4,739 | Common | SOLE |
| 83413U100 | SLRC | SLR Investment Corp. | $1.4M | 0.02% | 87,560 | Common | SOLE |
| N00985106 | AER | AerCap Holdings N.V. | $1.4M | 0.02% | 11,627 | Common | SOLE |
| M2682V108 | CYBR | CyberArk Software Ltd. | $1.4M | 0.02% | 3,337 | Common | SOLE |
| 654445303 | NTDOY | Nintendo Co. Ltd. | $1.3M | 0.02% | 56,080 | Common | SOLE |
| 606822104 | MUFG | Mitsubishi UFJ Financial | $1.3M | 0.02% | 96,217 | Common | SOLE |
| 90278Q108 | UFPI | UFP Industries Inc | $1.3M | 0.02% | 12,686 | Common | SOLE |
| 786584102 | SAFRY | Safran S.A. | $1.2M | 0.02% | 15,248 | Common | SOLE |
| 989825104 | ZURVY | Zurich Insurance Group A.G. | $1.2M | 0.02% | 35,521 | Common | SOLE |
| 37827X100 | GLNCY | Glencore plc | $1.2M | 0.02% | 154,255 | Common | SOLE |
| 05523r107 | — | BAE Systems plc | $1.2M | 0.02% | 11,413 | Common | SOLE |
| 835699307 | SONY | Sony Group Corp. | $1.2M | 0.02% | 44,816 | Common | SOLE |
| 23304y100 | — | DBS Group Holdings Ltd. | $1.2M | 0.02% | 8,241 | Common | SOLE |
| 962879102 | WPM | Wheaton Precious Metals Corp. | $1.1M | 0.02% | 12,045 | Common | SOLE |
| 889094108 | TKOMY | Tokio Marine Holdings Inc. | $1.1M | 0.02% | 25,502 | Common | SOLE |
| 456837103 | ING | ING Groep N.V. | $1.1M | 0.02% | 49,233 | Common | SOLE |
| 225655109 | CCAP | Crescent Capital BDC Inc. | $1.1M | 0.02% | 76,061 | Common | SOLE |
| 218937100 | CNR | Core Natural Resources Inc. | $1.1M | 0.01% | 15,124 | Common | SOLE |
| G96629103 | WTW | Willis Towers Watson plc | $1.0M | 0.01% | 3,388 | Common | SOLE |
| 171269103 | CHGCY | Chugai Pharms Co. Ltd. | $1.0M | 0.01% | 39,539 | Common | SOLE |
| 78464A284 | HYMB | SPDR Nuveen S&P High Yield Mun | $1.0M | 0.01% | 41,157 | Common | SOLE |
| 46435U283 | IBMP | iShares iBonds Dec 2027 Term M | $1.0M | 0.01% | 39,817 | Common | SOLE |
| 780259305 | SHEL | Shell plc | $984,965 | 0.01% | 13,989 | Common | SOLE |
| 05565A202 | BNPQY | BNP Paribas S.A. | $973,038 | 0.01% | 21,556 | Common | SOLE |
| 82509L107 | SHOP | Shopify Inc. | $965,018 | 0.01% | 8,366 | Common | SOLE |
| N07059210 | ASML | ASML Holding N.V. | $944,839 | 0.01% | 1,179 | Common | SOLE |
| 87873R101 | TTNDY | Techtronic Industries Co. Ltd. | $940,704 | 0.01% | 17,014 | Common | SOLE |
| G1151C101 | ACN | Accenture plc | $931,939 | 0.01% | 3,118 | Common | SOLE |
| 351858105 | FNV | Franco-Nevada Corp. | $924,837 | 0.01% | 5,642 | Common | SOLE |
| 465717106 | ITOCY | ITOCHU Corp. | $904,448 | 0.01% | 8,636 | Common | SOLE |
| 502117203 | LRLCY | L'Oreal S.A. | $902,130 | 0.01% | 10,550 | Common | SOLE |
| 464285204 | IAU | iShares Gold Trust ETF | $898,171 | 0.01% | 14,403 | Common | SOLE |
| 464287630 | IWN | iShares Russell 2000 Value ETF | $885,822 | 0.01% | 5,615 | Common | SOLE |
| 405552100 | HLN | Haleon plc | $875,363 | 0.01% | 84,413 | Common | SOLE |
| 48662X105 | KBDC | Kayne Anderson BDC | $856,086 | 0.01% | 56,100 | Common | SOLE |
| 780287108 | RGLD | Royal Gold Inc. | $855,766 | 0.01% | 4,812 | Common | SOLE |
| 904767704 | — | Unilever plc | $840,061 | 0.01% | 13,733 | Common | SOLE |
| 003260106 | PPLT | Aberdeen Standard Physical Pla | $833,427 | 0.01% | 6,783 | Common | SOLE |
| 896442308 | TRIN | Trinity Capital Inc. | $830,862 | 0.01% | 59,052 | Common | SOLE |
| 165167735 | EXE | Expand Energy Corp. | $820,334 | 0.01% | 7,015 | Common | SOLE |
| 93114W107 | WMMVY | Wal-Mart de Mexico S.A.B. de C | $791,446 | 0.01% | 23,760 | Common | SOLE |
| 03674X106 | AR | Antero Resources Corp. | $788,562 | 0.01% | 19,577 | Common | SOLE |
| 670100205 | NVO | Novo Nordisk A.S. | $785,172 | 0.01% | 11,376 | Common | SOLE |
| 89151E109 | TTEN | TotalEnergies S.E. | $779,346 | 0.01% | 12,695 | Common | SOLE |
| 025816109 | AXP | American Express Co. | $765,552 | 0.01% | 2,400 | Common | SOLE |
| 651639106 | NEM | Newmont Mining Corp. | $735,649 | 0.01% | 12,627 | Common | SOLE |
| 46428Q109 | SLV | iShares Silver Trust ETF | $734,517 | 0.01% | 22,387 | Common | SOLE |
| 011532108 | AGI | Alamos Gold Inc. | $716,828 | 0.01% | 26,989 | Common | SOLE |
| G0398N128 | ANFGF | Antofagasta plc | $711,182 | 0.01% | 27,694 | Common | SOLE |
| 929160109 | VMC | Vulcan Materials Co. | $699,522 | 0.01% | 2,682 | Common | SOLE |
| 606827202 | MITSY | Mitsui & Co. Ltd. | $694,342 | 0.01% | 1,706 | Common | SOLE |
| 30231G102 | XOM | Exxon Mobil Corp. | $668,052 | 0.01% | 6,197 | Common | SOLE |
| 500458401 | KMTUY | Komatsu Ltd. | $642,246 | 0.01% | 19,462 | Common | SOLE |
| 35671D857 | FCX | Freeport-McMoRan Inc. | $641,450 | 0.01% | 14,797 | Common | SOLE |
| 771195104 | RHHBY | Roche Holding A.G. | $620,571 | 0.01% | 15,225 | Common | SOLE |
| 84265V105 | SCCO | Southern Copper Corp. | $605,227 | 0.01% | 5,982 | Common | SOLE |
| G4705A100 | ICLR | ICON plc | $600,999 | 0.01% | 4,132 | Common | SOLE |
| 127097103 | CTRA | Coterra Energy Inc. | $598,917 | 0.01% | 23,598 | Common | SOLE |
| 231561101 | CW | Curtiss-Wright Corp. | $566,718 | 0.01% | 1,160 | Common | SOLE |
| 464287598 | IWD | iShares Russell 1000 Value ETF | $563,850 | 0.01% | 2,903 | Common | SOLE |
| V5633W109 | MMYT | MakeMyTrip Ltd. | $536,071 | 0.01% | 5,469 | Common | SOLE |
| 13321L108 | CCJ | Cameco Corp. | $515,527 | 0.01% | 6,945 | Common | SOLE |
| 502441306 | LVMUY | LVMH Moet Hennessy Louis Vuitt | $513,113 | 0.01% | 4,884 | Common | SOLE |
| 58733R102 | MELI | MercadoLibre Inc. | $496,590 | 0.01% | 190 | Common | SOLE |
| 248356107 | DNN | Denison Mines Corp. | $485,722 | 0.01% | 266,880 | Common | SOLE |
| 65340P106 | NXE | NexGen Energy Ltd | $483,364 | 0.01% | 69,649 | Common | SOLE |
| 916896103 | UEC | Uranium Energy Corp. | $475,823 | 0.01% | 69,974 | Common | SOLE |
| 550371108 | LUGDF | Lundin Gold Inc. | $465,917 | 0.01% | 8,838 | Common | SOLE |
| 92837L109 | VIST | Vista Energy S.A.B. de C.V. | $410,592 | 0.01% | 8,588 | Common | SOLE |
| 48241a105 | — | KB Financial Group Inc. | $390,783 | 0.01% | 4,732 | Common | SOLE |
| 38059t106 | — | Gold Fields Ltd. | $379,596 | 0.01% | 16,037 | Common | SOLE |
| 45104g104 | — | ICICI Bank Ltd. | $367,988 | 0.01% | 10,939 | Common | SOLE |
| 46435U432 | — | iShares iBonds Dec 2025 Term M | $310,002 | 0.00% | 11,583 | Common | SOLE |
| 69702V107 | PSBD | Palmer Square Capital BDC Inc. | $302,904 | 0.00% | 21,698 | Common | SOLE |
| 46139W767 | BSMY | Invesco BulletShares 2034 Muni | $298,279 | 0.00% | 12,577 | Common | SOLE |
| N97284108 | NBIS | Nebius Group N.V. | $289,376 | 0.00% | 5,230 | Common | SOLE |
| 488401100 | KMPR | Kemper Corp. | $288,494 | 0.00% | 4,470 | Common | SOLE |
| 344419106 | FMX | Fomento Economico Mexicano S.A | $279,510 | 0.00% | 2,714 | Common | SOLE |
| 88032Q109 | TCEHY | Tencent Holdings Ltd. | $278,962 | 0.00% | 4,325 | Common | SOLE |
| 824596100 | SHG | Shinhan Financial Group Co. Lt | $265,161 | 0.00% | 5,869 | Common | SOLE |
| 73688F201 | BCIC | Portman Ridge Finance Corp. | $262,099 | 0.00% | 20,934 | Common | SOLE |
| 03076C106 | AMP | Ameriprise Financial Inc. | $256,190 | 0.00% | 480 | Common | SOLE |
| 191241108 | KOF | Coca-Cola Femsa S.A.B. de C.V. | $253,723 | 0.00% | 2,623 | Common | SOLE |
| 78463V107 | GLD | SPDR Gold Shares ETF | $242,340 | 0.00% | 795 | Common | SOLE |
| 01609W102 | BABA | Alibaba Group Holding Ltd. | $237,140 | 0.00% | 2,091 | Common | SOLE |
| 256135203 | RDY | Dr Reddy's Laboratories Ltd. | $231,237 | 0.00% | 15,385 | Common | SOLE |
| 40052P107 | GBOOY | Grupo Financiero Banorte S.A.B | $225,061 | 0.00% | 4,914 | Common | SOLE |
| 40415F101 | HDB | HDFC Bank Ltd. | $221,116 | 0.00% | 2,884 | Common | SOLE |
| 22160K105 | COST | Costco Wholesale Corp. | $218,777 | 0.00% | 221 | Common | SOLE |
| 46625H100 | JPM | JPMorgan Chase & Co. | $210,185 | 0.00% | 725 | Common | SOLE |
| 92826C839 | V | Visa Inc. | $209,479 | 0.00% | 590 | Common | SOLE |
| 43858F109 | HKXCY | Hong Kong Exchanges and Cleari | $207,969 | 0.00% | 3,862 | Common | SOLE |
| G2519Y108 | BAP | Credicorp Ltd. | $200,721 | 0.00% | 898 | Common | SOLE |
| 00215W100 | ASX | ASE Technology Holding Co. Ltd | $186,591 | 0.00% | 18,063 | Common | SOLE |
| N4732M103 | JBS | JBS N.V. | $183,005 | 0.00% | 12,526 | Common | SOLE |
| 55374X208 | MSIF | MSC Income Fund | $174,191 | 0.00% | 10,602 | Common | SOLE |
| 78163d100 | — | Runway Growth Finance Corp | $173,375 | 0.00% | 16,158 | Common | SOLE |
| 708062104 | PNNT | PennantPark Investment Corp. | $168,421 | 0.00% | 24,623 | Common | SOLE |
| 21240E105 | VLRS | Controladora Vuela Cia de Avia | $120,222 | 0.00% | 25,310 | Common | SOLE |
| 81689T104 | ASAIY | Sendas Distribuidora S.A. | $118,340 | 0.00% | 11,456 | Common | SOLE |
| G0457F107 | ARCO | Arcos Dorados Holdings Inc. | $116,401 | 0.00% | 14,753 | Common | SOLE |
| 279158109 | EC | Ecopetrol S.A. | $114,581 | 0.00% | 12,947 | Common | SOLE |
| 91912E105 | VALE | Vale S.A. | $113,403 | 0.00% | 11,679 | Common | SOLE |
| 69367X109 | PTAIY | PT Astra International Tbk | $107,675 | 0.00% | 19,595 | 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.