13F HOLDINGS REPORT
CONFLUENCE INVESTMENT MANAGEMENT LLC
Quarter ended Q4 2024 · Filed January 2, 2025 · Accession 0001636661-25-000002
Total Value
$7.21B
Positions
359
Other Managers
1
Confidential Omitted
No
Holdings (359)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Progressive Corp. | 743315103 | 869,434 | $208.3M | 2.89% |
| 2 | Snap-on Inc. | SNA | 530,445 | $180.1M | 2.50% |
| 3 | Chubb Ltd. | CB | 575,879 | $159.1M | 2.21% |
| 4 | Paychex Inc. | PAYX | 1,102,254 | $154.6M | 2.14% |
| 5 | Lockheed Martin Corp. | LMT | 308,095 | $149.7M | 2.08% |
| 6 | Diageo plc | DGEAF | 1,176,466 | $149.6M | 2.07% |
| 7 | Broadridge Financial Solutions | 11133T103 | 632,216 | $142.9M | 1.98% |
| 8 | iShares 0-3 Month Treasury Bon | 46436E718 | 1,422,081 | $142.7M | 1.98% |
| 9 | Home Depot Inc. | HD | 363,615 | $141.4M | 1.96% |
| 10 | WEC Energy Group Inc. | WEC | 1,489,994 | $140.1M | 1.94% |
| 11 | Clorox Co. | CLX | 860,389 | $139.7M | 1.94% |
| 12 | Linde plc | LIN | 333,202 | $139.5M | 1.94% |
| 13 | Analog Devices Inc. | ADI | 643,987 | $136.8M | 1.90% |
| 14 | PepsiCo Inc. | PEP | 897,170 | $136.4M | 1.89% |
| 15 | Southern Co. | SOMN | 1,648,438 | $135.7M | 1.88% |
| 16 | Microsoft Corp. | MSFT | 315,443 | $133.0M | 1.84% |
| 17 | Fidelity National Financial In | FNF | 2,282,039 | $128.1M | 1.78% |
| 18 | Fastenal Co. | FAST | 1,698,663 | $122.2M | 1.69% |
| 19 | Colgate-Palmolive Co. | CL | 1,340,946 | $121.9M | 1.69% |
| 20 | Entergy Corp. | ENO | 1,607,273 | $121.9M | 1.69% |
| 21 | Kinder Morgan Inc. | EP-PC | 4,390,944 | $120.3M | 1.67% |
| 22 | Northern Trust Corp. | NTRSO | 1,140,058 | $116.9M | 1.62% |
| 23 | Hershey Co. | HSY | 682,029 | $115.5M | 1.60% |
| 24 | T. Rowe Price Group Inc. | TROW | 986,521 | $111.6M | 1.55% |
| 25 | Gilead Sciences Inc. | GILD | 1,176,858 | $108.7M | 1.51% |
| 26 | Chevron Corp. | CVX | 744,879 | $107.9M | 1.50% |
| 27 | Cisco Systems Inc. | CSCO | 1,803,001 | $106.7M | 1.48% |
| 28 | Mastercard Inc. | MA | 179,049 | $94.3M | 1.31% |
| 29 | U.S. Bancorp | USB-PS | 1,959,428 | $93.7M | 1.30% |
| 30 | Oracle Corp. | ORCL-PD | 550,299 | $91.7M | 1.27% |
| 31 | Brookfield Infrastructure Corp | BIPC | 2,228,960 | $89.2M | 1.24% |
| 32 | Stryker Corp. | SYK | 245,423 | $88.4M | 1.23% |
| 33 | SPDR Portfolio Mortgage Backed | 78464A383 | 3,926,847 | $84.6M | 1.17% |
| 34 | Ares Capital Corp. | ARCC | 3,608,221 | $79.0M | 1.10% |
| 35 | W. R. Berkley Corp. | WRB-PH | 1,336,426 | $78.2M | 1.08% |
| 36 | TJX Co. Inc. | 872540109 | 640,394 | $77.4M | 1.07% |
| 37 | S&P Global Inc. | SPGI | 153,039 | $76.2M | 1.06% |
| 38 | United Parcel Service Inc. | UPS | 602,472 | $76.0M | 1.05% |
| 39 | Paycom Software Inc. | PAYC | 361,757 | $74.1M | 1.03% |
| 40 | American Water Works Co. Inc. | 030420103 | 537,138 | $66.9M | 0.93% |
| 41 | Masco Corp. | MAS | 921,174 | $66.8M | 0.93% |
| 42 | Berkshire Hathaway Inc. - B | BRK-A | 143,447 | $65.0M | 0.90% |
| 43 | Starbucks Corp. | SBUX | 679,814 | $62.0M | 0.86% |
| 44 | Dow Inc. | DOW | 1,525,919 | $61.2M | 0.85% |
| 45 | Illinois Tool Works Inc. | 452308109 | 235,501 | $59.7M | 0.83% |
| 46 | Graco Inc. | GGG | 705,427 | $59.5M | 0.82% |
| 47 | Polaris Inc. | PII | 1,018,304 | $58.7M | 0.81% |
| 48 | Markel Corp. Inc. | MKL | 33,323 | $57.5M | 0.80% |
| 49 | Lowe's Co. Inc. | 548661107 | 232,548 | $57.4M | 0.80% |
| 50 | Weyerhaeuser Co. | WY | 2,004,292 | $56.4M | 0.78% |
| 51 | Alphabet Inc. | GOOG | 287,913 | $54.8M | 0.76% |
| 52 | Keysight Technologies Inc. | KEYS | 338,001 | $54.3M | 0.75% |
| 53 | Invesco S&P MidCap Quality ETF | IVZ | 543,291 | $53.5M | 0.74% |
| 54 | Brown & Brown Inc. | BRO | 517,681 | $52.8M | 0.73% |
| 55 | Dun & Bradstreet Holdings Inc. | 26484T106 | 3,957,132 | $49.3M | 0.68% |
| 56 | SPDR S&P 400 Mid Cap Growth ET | 78464A821 | 548,721 | $47.7M | 0.66% |
| 57 | Booking Holdings Inc. | BKNG | 9,257 | $46.0M | 0.64% |
| 58 | NXP Semiconductors N.V. | NXPI | 214,298 | $44.5M | 0.62% |
| 59 | Thermo Fisher Scientific Inc. | TMO | 83,547 | $43.5M | 0.60% |
| 60 | iShares BB Rated Corporate Bon | 46435U473 | 738,106 | $34.0M | 0.47% |
| 61 | SPDR Gold MiniShares Trust ETF | GLDW | 627,966 | $32.6M | 0.45% |
| 62 | Nordson Corp. | NDSN | 155,057 | $32.4M | 0.45% |
| 63 | Martin Marietta Materials Inc. | 573284106 | 62,668 | $32.4M | 0.45% |
| 64 | iShares iBonds Dec 2027 Term T | 46436E841 | 1,417,941 | $31.5M | 0.44% |
| 65 | ResMed Inc. | RSMDF | 123,764 | $28.3M | 0.39% |
| 66 | Constellation Brands | STZ | 124,582 | $27.5M | 0.38% |
| 67 | Sherwin-Williams Co. | SHW | 80,190 | $27.3M | 0.38% |
| 68 | iShares MBS ETF | 464288588 | 293,979 | $27.0M | 0.37% |
| 69 | Ecolab Inc. | ECL | 113,556 | $26.6M | 0.37% |
| 70 | Air Products and Chemicals Inc | AIIR | 90,515 | $26.3M | 0.36% |
| 71 | Amphenol Corp. | 032095101 | 362,192 | $25.2M | 0.35% |
| 72 | SPDR Portfolio Developed World | 78463X889 | 736,703 | $25.1M | 0.35% |
| 73 | iShares Core S&P US Value ETF | 464287663 | 263,416 | $24.4M | 0.34% |
| 74 | McDonald's Corp. | MCD | 83,110 | $24.1M | 0.33% |
| 75 | Procter & Gamble Co. | 742718109 | 140,980 | $23.6M | 0.33% |
| 76 | EOG Resources Inc. | EOG | 190,560 | $23.4M | 0.32% |
| 77 | General Dynamics Corp. | GD | 86,659 | $22.8M | 0.32% |
| 78 | Donaldson Co. Inc. | DCI | 328,449 | $22.1M | 0.31% |
| 79 | Dollar Tree Inc. | DLTR | 283,267 | $21.2M | 0.29% |
| 80 | New Jersey Resources Corp. | NJR | 454,152 | $21.2M | 0.29% |
| 81 | Expeditors International of Wa | 302130109 | 189,653 | $21.0M | 0.29% |
| 82 | Gates Industrial Corp. plc | G39108108 | 1,008,733 | $20.7M | 0.29% |
| 83 | Morningstar Inc. | MORN | 61,088 | $20.6M | 0.29% |
| 84 | SPDR S&P 400 Mid Cap Value ETF | 78464A839 | 251,986 | $20.2M | 0.28% |
| 85 | Brown-Forman Corp. - B | BF-B | 506,261 | $19.2M | 0.27% |
| 86 | SPDR S&P 600 Small Cap Growth | 78464A201 | 206,430 | $18.7M | 0.26% |
| 87 | NIKE Inc. | NKE | 246,080 | $18.6M | 0.26% |
| 88 | Becton Dickinson & Co. | BDX | 81,098 | $18.4M | 0.26% |
| 89 | Toro Co. | TORO | 229,631 | $18.4M | 0.26% |
| 90 | Invesco S&P Small Cap Quality | IVZ | 427,904 | $18.1M | 0.25% |
| 91 | A. O. Smith Corp. | AOS | 264,162 | $18.0M | 0.25% |
| 92 | SPDR Portfolio S&P 500 Growth | 78464A409 | 204,435 | $18.0M | 0.25% |
| 93 | Medtronic plc | MDT | 215,420 | $17.2M | 0.24% |
| 94 | Charles River Laboratories Int | 159864107 | 93,004 | $17.2M | 0.24% |
| 95 | iShares iBonds Dec 2026 Term C | 46435GAA0 | 671,822 | $16.2M | 0.22% |
| 96 | Baldwin Insurance Group Inc. | BWIN | 407,363 | $15.8M | 0.22% |
| 97 | SPDR Portfolio S&P 500 Value E | 78464a508 | 281,066 | $14.4M | 0.20% |
| 98 | Vontier Corp. | VNT | 388,952 | $14.2M | 0.20% |
| 99 | PIMCO 20 Plus Year Zero Coupon | 72201R882 | 206,281 | $14.2M | 0.20% |
| 100 | SPDR S&P 500 ETF | SPY | 23,125 | $13.6M | 0.19% |
| 101 | iShares iBonds Dec 2028 Term T | 46436E833 | 610,084 | $13.4M | 0.19% |
| 102 | John Bean Technologies Corp. | JBTM | 99,207 | $12.6M | 0.17% |
| 103 | Global X Uranium ETF | 37954Y871 | 470,405 | $12.6M | 0.17% |
| 104 | SPDR Portfolio High Yield Bond | 78468R606 | 496,053 | $11.6M | 0.16% |
| 105 | Lululemon Athletica Inc. | LULU | 29,842 | $11.4M | 0.16% |
| 106 | Azek Co. Inc. | 05478C105 | 215,936 | $10.3M | 0.14% |
| 107 | iShares iBonds Dec 2032 Term C | 46436E312 | 411,172 | $10.1M | 0.14% |
| 108 | iShares iBonds Dec 2031 Term C | 46436E486 | 496,614 | $10.1M | 0.14% |
| 109 | iShares 1-5 Year Investment Gr | 464288646 | 194,307 | $10.0M | 0.14% |
| 110 | iShares iBonds Dec 2032 Term T | 46436E296 | 426,060 | $9.5M | 0.13% |
| 111 | CONMED Corp. | CNMD | 129,530 | $8.9M | 0.12% |
| 112 | Valvoline Inc. | VVV | 242,534 | $8.8M | 0.12% |
| 113 | Dimensional National Municipal | 25434V849 | 177,417 | $8.5M | 0.12% |
| 114 | Powershares Insured National M | IVZ | 332,758 | $7.9M | 0.11% |
| 115 | iShares iBonds Dec 2033 Term C | 46436E130 | 311,170 | $7.8M | 0.11% |
| 116 | iShares iBonds Dec 2029 Term T | 46436E825 | 360,901 | $7.7M | 0.11% |
| 117 | iShares iBonds Dec 2030 Term T | 46436e593 | 399,627 | $7.7M | 0.11% |
| 118 | iShares Barclays 10-20 Year Tr | 464288653 | 76,906 | $7.7M | 0.11% |
| 119 | Hercules Capital Inc. | HCXY | 330,000 | $6.6M | 0.09% |
| 120 | Main Street Capital Corp. | 56035L104 | 111,000 | $6.5M | 0.09% |
| 121 | Invesco BulletShares 2028 Muni | IVZ | 267,630 | $6.2M | 0.09% |
| 122 | iShares US Aerospace & Defense | 464288760 | 41,178 | $6.0M | 0.08% |
| 123 | i3 Verticals Inc. | IIIV | 255,978 | $5.9M | 0.08% |
| 124 | iShares iBonds Dec 2029 Term C | 46436E205 | 254,736 | $5.8M | 0.08% |
| 125 | Invesco BulletShares 2027 Muni | IVZ | 240,509 | $5.7M | 0.08% |
| 126 | Invesco BulletShares 2030 Muni | IVZ | 253,992 | $5.5M | 0.08% |
| 127 | Invesco BulletShares 2031 Muni | IVZ | 256,727 | $5.4M | 0.07% |
| 128 | iShares 3-7 Year Treasury Bond | 464288661 | 46,315 | $5.4M | 0.07% |
| 129 | iShares Russell 1000 Value ETF | 464287598 | 28,375 | $5.3M | 0.07% |
| 130 | Blackstone Secured Lending Fun | BX | 160,000 | $5.2M | 0.07% |
| 131 | Invesco BulletShares 2026 Muni | IVZ | 215,731 | $5.1M | 0.07% |
| 132 | Invesco BulletShares 2025 Muni | IVZ | 205,599 | $5.0M | 0.07% |
| 133 | Franklin FTSE Japan ETF | FGDL | 174,192 | $5.0M | 0.07% |
| 134 | Brookfield Asset Management | 113004105 | 85,418 | $4.6M | 0.06% |
| 135 | Ares Capital Corp. | ARCC | 205,000 | $4.5M | 0.06% |
| 136 | SPDR Energy Select Sector ETF | 81369Y506 | 51,642 | $4.4M | 0.06% |
| 137 | Amplify Cyber Security ETF | 032108664 | 59,321 | $4.4M | 0.06% |
| 138 | Sixth Street Specialty Lending | TSLX | 197,000 | $4.2M | 0.06% |
| 139 | New Mountain Finance Corp. | 647551100 | 353,000 | $4.0M | 0.06% |
| 140 | iShares iBonds Dec 2027 Term C | 46435UAA9 | 165,459 | $4.0M | 0.05% |
| 141 | Golub Capital BDC Inc. | 38173M102 | 260,000 | $3.9M | 0.05% |
| 142 | SPDR Nuveen S&P High Yield Mun | 78464A284 | 146,177 | $3.7M | 0.05% |
| 143 | Barings BDC Inc. | BBDC | 390,000 | $3.7M | 0.05% |
| 144 | VanEck Vectors Long Municipal | 92189F536 | 205,938 | $3.7M | 0.05% |
| 145 | Blue Owl Capital Corp. III | 69122G102 | 250,000 | $3.6M | 0.05% |
| 146 | Cavco Industries Inc. | 149568107 | 7,818 | $3.5M | 0.05% |
| 147 | RBC Bearings Inc. | RBC | 11,566 | $3.5M | 0.05% |
| 148 | VanEck High Yield Muni ETF | 92189H409 | 66,492 | $3.5M | 0.05% |
| 149 | Berkshire Hathaway Inc. - A | BRK-A | 5 | $3.4M | 0.05% |
| 150 | Stewart Information Services C | 860372101 | 44,917 | $3.0M | 0.04% |
| 151 | Spectrum Brands Holdings Inc. | SPB | 34,686 | $2.9M | 0.04% |
| 152 | Enovis Corp | ENOV | 62,910 | $2.8M | 0.04% |
| 153 | Movado Group Inc. | MOVAA | 139,318 | $2.7M | 0.04% |
| 154 | TripAdvisor Inc. | TRIP | 183,819 | $2.7M | 0.04% |
| 155 | abrdn Physical Silver Shares E | SIVR | 97,377 | $2.7M | 0.04% |
| 156 | SLR Investment Corp. | SLRC | 161,000 | $2.6M | 0.04% |
| 157 | J & J Snack Foods Corp. | JJSF | 16,544 | $2.6M | 0.04% |
| 158 | Invesco BulletShares 2029 Muni | IVZ | 110,451 | $2.5M | 0.04% |
| 159 | Hayward Holdings Inc. | HAYW | 165,036 | $2.5M | 0.04% |
| 160 | Altus Group Ltd. | 02215R107 | 64,719 | $2.5M | 0.03% |
| 161 | Hagerty Inc. | HGTY | 252,339 | $2.4M | 0.03% |
| 162 | American Outdoor Brands Inc. | AOUT | 153,345 | $2.3M | 0.03% |
| 163 | SPDR Nuveen Barclays Capital S | 78468R739 | 48,745 | $2.3M | 0.03% |
| 164 | Franklin Street Properties Cor | 35471R106 | 1,231,656 | $2.3M | 0.03% |
| 165 | Edgewell Personal Care Co. | 28035Q102 | 65,637 | $2.2M | 0.03% |
| 166 | Sapiens International Corp. N. | G7T16G103 | 80,334 | $2.2M | 0.03% |
| 167 | UFP Technologies Inc. | UFPT | 8,790 | $2.1M | 0.03% |
| 168 | Taiwan Semiconductor Manufactu | 874039100 | 10,340 | $2.0M | 0.03% |
| 169 | Berkshire Hathaway Inc. - B | BRK-A | 4,500 | $2.0M | 0.03% |
| 170 | Healthcare Services Group Inc. | 421906108 | 168,841 | $2.0M | 0.03% |
| 171 | Cannae Holdings Inc. | CNNE | 97,428 | $1.9M | 0.03% |
| 172 | iShares iBonds Dec 2026 Term M | 46435U259 | 75,478 | $1.9M | 0.03% |
| 173 | Blackstone Group LP | BX | 11,000 | $1.9M | 0.03% |
| 174 | Winnebago Industries Inc. | 974637100 | 39,589 | $1.9M | 0.03% |
| 175 | Core Laboratories N.V. | CLB | 106,967 | $1.9M | 0.03% |
| 176 | John B Sanfilippo & Son Inc. | JBSS | 20,991 | $1.8M | 0.03% |
| 177 | PennantPark Investment Corp. | 708062104 | 256,000 | $1.8M | 0.03% |
| 178 | Marten Transport Ltd. | MRTN | 114,975 | $1.8M | 0.02% |
| 179 | SJW Group | HTO | 36,120 | $1.8M | 0.02% |
| 180 | Bain Capital Specialty Finance | 05684B107 | 100,000 | $1.8M | 0.02% |
| 181 | Nuveen Churchill Direct Lendin | 67090S108 | 100,000 | $1.7M | 0.02% |
| 182 | Goldman Sachs BDC Inc. | GSBD | 135,000 | $1.6M | 0.02% |
| 183 | Agnico Eagle Mines Ltd. | AEM | 20,408 | $1.6M | 0.02% |
| 184 | Capital Southwest Corp. | CSWC | 71,000 | $1.5M | 0.02% |
| 185 | Kayne Anderson BDC | KBDC | 90,000 | $1.5M | 0.02% |
| 186 | Shell plc | RYDAF | 22,011 | $1.4M | 0.02% |
| 187 | Oaktree Specialty Lending Corp | OCSL | 90,000 | $1.4M | 0.02% |
| 188 | Rheinmetall AG | RH | 10,492 | $1.3M | 0.02% |
| 189 | Golub Capital BDC Inc. | 38173M102 | 87,488 | $1.3M | 0.02% |
| 190 | Palmer Square Capital BDC Inc. | PSBD | 84,528 | $1.3M | 0.02% |
| 191 | Barings BDC Inc. | BBDC | 127,753 | $1.2M | 0.02% |
| 192 | Main Street Capital Corp. | 56035L104 | 20,043 | $1.2M | 0.02% |
| 193 | Cameco Corp. | CCJ | 22,815 | $1.2M | 0.02% |
| 194 | Sixth Street Specialty Lending | TSLX | 54,182 | $1.2M | 0.02% |
| 195 | Accenture plc | ACN | 3,231 | $1.1M | 0.02% |
| 196 | iShares National Muni Bond ETF | 464288414 | 10,501 | $1.1M | 0.02% |
| 197 | Annaly Capital Management Inc. | NLY-PJ | 60,000 | $1.1M | 0.02% |
| 198 | Mitsubishi UFJ Financial | 606822104 | 92,999 | $1.1M | 0.02% |
| 199 | CyberArk Software Ltd. | M2682V108 | 3,245 | $1.1M | 0.01% |
| 200 | AerCap Holdings N.V. | AER | 11,286 | $1.1M | 0.01% |
| 201 | SAP S.E. | SAPGF | 4,325 | $1.1M | 0.01% |
| 202 | Techtronic Industries Co. Ltd. | 87873R101 | 16,176 | $1.1M | 0.01% |
| 203 | Blackstone Secured Lending Fun | BX | 32,470 | $1.0M | 0.01% |
| 204 | Hercules Capital Inc. | HCXY | 52,163 | $1.0M | 0.01% |
| 205 | DBS Group Holdings Ltd. | 23304y100 | 8,168 | $1.0M | 0.01% |
| 206 | Sandoz Group | 799926100 | 25,603 | $1.0M | 0.01% |
| 207 | Willis Towers Watson plc | WTW | 3,308 | $1.0M | 0.01% |
| 208 | Zurich Insurance Group A.G. | 989825104 | 34,822 | $1.0M | 0.01% |
| 209 | iShares iBonds Dec 2027 Term M | 46435U283 | 40,821 | $1.0M | 0.01% |
| 210 | Baldwin Insurance Group Inc. | BWIN | 24,703 | $957,488 | 0.01% |
| 211 | Sony Group Corp. | SNEJF | 43,135 | $912,737 | 0.01% |
| 212 | Tokio Marine Holdings Inc. | 889094108 | 24,726 | $890,631 | 0.01% |
| 213 | Novo Nordisk A.S. | NONOF | 10,274 | $883,769 | 0.01% |
| 214 | MidCap Financial Investment Co | 03761U502 | 65,000 | $876,850 | 0.01% |
| 215 | Blue Owl Capital Corp. III | 69122G102 | 60,424 | $871,314 | 0.01% |
| 216 | New Mountain Finance Corp. | 647551100 | 76,806 | $864,836 | 0.01% |
| 217 | Shopify Inc. | SHOP | 8,104 | $861,698 | 0.01% |
| 218 | Chugai Pharms Co. Ltd. | 171269103 | 38,574 | $847,471 | 0.01% |
| 219 | i3 Verticals Inc. | IIIV | 36,651 | $844,439 | 0.01% |
| 220 | iShares iBonds Dec 2028 Term M | 46435U325 | 33,255 | $837,361 | 0.01% |
| 221 | FS KKR Capital Corp. | FSK | 38,500 | $836,220 | 0.01% |
| 222 | John Bean Technologies Corp. | JBTM | 6,469 | $822,210 | 0.01% |
| 223 | ITOCHU Corp. | ITOCF | 8,312 | $819,231 | 0.01% |
| 224 | Crescent Capital BDC Inc. | 225655109 | 42,565 | $818,105 | 0.01% |
| 225 | Hagerty Inc. | HGTY | 84,761 | $817,944 | 0.01% |
| 226 | Safran S.A. | 786584102 | 14,949 | $814,720 | 0.01% |
| 227 | Nintendo Co. Ltd. | NODK | 55,368 | $810,034 | 0.01% |
| 228 | ICON plc | ICLR | 3,829 | $802,980 | 0.01% |
| 229 | J & J Snack Foods Corp. | JJSF | 5,149 | $798,764 | 0.01% |
| 230 | RBC Bearings Inc. | RBC | 2,669 | $798,405 | 0.01% |
| 231 | Cavco Industries Inc. | 149568107 | 1,785 | $796,521 | 0.01% |
| 232 | Expand Energy Corp. | EXE | 7,971 | $793,513 | 0.01% |
| 233 | OFS Capital Corp. | OFSSO | 98,000 | $790,860 | 0.01% |
| 234 | Hayward Holdings Inc. | HAYW | 51,484 | $787,190 | 0.01% |
| 235 | Morningstar Inc. | MORN | 2,305 | $776,232 | 0.01% |
| 236 | Haleon plc | HLNCF | 80,835 | $771,166 | 0.01% |
| 237 | Runway Growth Finance Corp | RWAYL | 70,000 | $767,200 | 0.01% |
| 238 | ING Groep N.V. | INGVF | 48,238 | $755,889 | 0.01% |
| 239 | Stewart Information Services C | 860372101 | 11,048 | $745,630 | 0.01% |
| 240 | Antero Resources Corp. | AR | 21,219 | $743,726 | 0.01% |
| 241 | iShares Gold Trust ETF | IAU | 14,962 | $740,769 | 0.01% |
| 242 | TripAdvisor Inc. | TRIP | 50,039 | $739,076 | 0.01% |
| 243 | Gates Industrial Corp. plc | G39108108 | 35,872 | $737,887 | 0.01% |
| 244 | Enovis Corp | ENOV | 16,712 | $733,323 | 0.01% |
| 245 | CONMED Corp. | CNMD | 10,675 | $730,597 | 0.01% |
| 246 | Movado Group Inc. | MOVAA | 36,739 | $723,024 | 0.01% |
| 247 | Azek Co. Inc. | 05478C105 | 15,151 | $719,218 | 0.01% |
| 248 | Portman Ridge Finance Corp. | BCIC | 44,000 | $718,960 | 0.01% |
| 249 | Mitsui & Co. Ltd. | 606827202 | 1,722 | $717,144 | 0.01% |
| 250 | Unilever plc | UNLYF | 12,639 | $716,631 | 0.01% |
| 251 | MakeMyTrip Ltd. | MMYT | 6,357 | $713,764 | 0.01% |
| 252 | American Express Co. | AXP | 2,400 | $712,296 | 0.01% |
| 253 | L'Oreal S.A. | 502117203 | 10,116 | $712,268 | 0.01% |
| 254 | Wheaton Precious Metals Corp. | WPM | 12,656 | $711,773 | 0.01% |
| 255 | Trinity Capital Inc. | TRINZ | 48,000 | $694,560 | 0.01% |
| 256 | Goldman Sachs BDC Inc. | GSBD | 57,149 | $691,503 | 0.01% |
| 257 | Brown & Brown Inc. | BRO | 6,706 | $684,146 | 0.01% |
| 258 | Franco-Nevada Corp. | FNV | 5,790 | $680,846 | 0.01% |
| 259 | John B Sanfilippo & Son Inc. | JBSS | 7,779 | $677,629 | 0.01% |
| 260 | Diamondback Energy Inc. | FANG | 4,078 | $668,099 | 0.01% |
| 261 | Altus Group Ltd. | 02215R107 | 17,119 | $665,929 | 0.01% |
| 262 | Sapiens International Corp. N. | G7T16G103 | 24,415 | $656,031 | 0.01% |
| 263 | Royal Gold Inc. | RGLD | 4,909 | $647,252 | 0.01% |
| 264 | Edgewell Personal Care Co. | 28035Q102 | 19,135 | $642,936 | 0.01% |
| 265 | SJW Group | HTO | 13,047 | $642,173 | 0.01% |
| 266 | Exxon Mobil Corp. | XOM | 5,958 | $640,918 | 0.01% |
| 267 | Capital Southwest Corp. | CSWC | 29,242 | $638,058 | 0.01% |
| 268 | iShares Russell 2000 Value ETF | 464287630 | 3,822 | $627,458 | 0.01% |
| 269 | Spectrum Brands Holdings Inc. | SPB | 7,409 | $625,986 | 0.01% |
| 270 | Vista Energy S.A.B. de C.V. | VSOGF | 11,558 | $625,403 | 0.01% |
| 271 | Marten Transport Ltd. | MRTN | 39,941 | $623,479 | 0.01% |
| 272 | TotalEnergies S.E. | TTE | 11,388 | $620,646 | 0.01% |
| 273 | Oaktree Specialty Lending Corp | OCSL | 40,410 | $617,463 | 0.01% |
| 274 | Wal-Mart de Mexico S.A.B. de C | 93114W107 | 23,347 | $616,361 | 0.01% |
| 275 | Crescent Capital BDC Inc. | 225655109 | 31,274 | $601,089 | 0.01% |
| 276 | iShares Silver Trust ETF | SLV | 22,608 | $595,269 | 0.01% |
| 277 | UFP Technologies Inc. | UFPT | 2,431 | $594,404 | 0.01% |
| 278 | BNP Paribas S.A. | 05565A202 | 19,091 | $586,094 | 0.01% |
| 279 | LVMH Moet Hennessy Louis Vuitt | 502441306 | 4,465 | $583,531 | 0.01% |
| 280 | Coterra Energy Inc. | CTRA | 22,837 | $583,257 | 0.01% |
| 281 | Antofagasta plc | G0398N128 | 27,593 | $580,833 | 0.01% |
| 282 | ConocoPhillips | COP | 5,852 | $580,343 | 0.01% |
| 283 | American Outdoor Brands Inc. | AOUT | 38,053 | $579,928 | 0.01% |
| 284 | Uranium Energy Corp. | UEC | 84,333 | $564,188 | 0.01% |
| 285 | Hess Corp. | HESM | 4,117 | $547,602 | 0.01% |
| 286 | Freeport-McMoRan Inc. | FCX | 14,167 | $539,479 | 0.01% |
| 287 | Alcoa Corp. | AA | 13,999 | $528,882 | 0.01% |
| 288 | Southern Copper Corp. | SCCO | 5,778 | $526,542 | 0.01% |
| 289 | BAE Systems plc | BAESF | 9,209 | $526,386 | 0.01% |
| 290 | Winnebago Industries Inc. | 974637100 | 10,953 | $523,334 | 0.01% |
| 291 | Core Laboratories N.V. | CLB | 29,392 | $508,776 | 0.01% |
| 292 | Seabridge Gold Inc. | SA | 43,190 | $492,798 | 0.01% |
| 293 | Roche Holding A.G. | 771195104 | 13,981 | $487,657 | 0.01% |
| 294 | iShares Core US Aggregate Bond | 464287226 | 4,990 | $483,531 | 0.01% |
| 295 | Denison Mines Corp. | DNN | 267,217 | $480,991 | 0.01% |
| 296 | Komatsu Ltd. | 500458401 | 17,580 | $480,286 | 0.01% |
| 297 | Barrick Gold Corp. | 067901108 | 29,751 | $461,140 | 0.01% |
| 298 | Bank of America Corp. | 060505104 | 10,000 | $439,500 | 0.01% |
| 299 | Newmont Mining Corp. | NEMCL | 11,788 | $438,739 | 0.01% |
| 300 | SLR Investment Corp. | SLRC | 26,478 | $427,884 | 0.01% |
| 301 | Glencore plc | GLCNF | 48,991 | $427,691 | 0.01% |
| 302 | Curtiss-Wright Corp. | CW | 1,160 | $411,649 | 0.01% |
| 303 | Materion Corp. | MTRN | 4,031 | $398,585 | 0.01% |
| 304 | Woodside Energy Group Ltd. | WOPEF | 24,363 | $380,063 | 0.01% |
| 305 | ICICI Bank Ltd. | IBN | 12,500 | $373,250 | 0.01% |
| 306 | AGNC Investment Corp. | AGNCZ | 40,000 | $368,400 | 0.01% |
| 307 | MercadoLibre Inc. | MELI | 210 | $357,092 | 0.00% |
| 308 | Mosaic Co. | MOS | 14,527 | $357,074 | 0.00% |
| 309 | Bain Capital Specialty Finance | 05684B107 | 19,920 | $348,998 | 0.00% |
| 310 | Morgan Stanley Direct Lending | 61774A103 | 16,142 | $333,494 | 0.00% |
| 311 | Kayne Anderson BDC | KBDC | 19,957 | $330,089 | 0.00% |
| 312 | PennantPark Investment Corp. | 708062104 | 46,560 | $329,645 | 0.00% |
| 313 | Cannae Holdings Inc. | CNNE | 16,256 | $322,844 | 0.00% |
| 314 | Valvoline Inc. | VVV | 8,857 | $320,446 | 0.00% |
| 315 | MidCap Financial Investment Co | 03761U502 | 23,644 | $318,961 | 0.00% |
| 316 | FS KKR Capital Corp. | FSK | 14,555 | $316,145 | 0.00% |
| 317 | Nuveen Churchill Direct Lendin | 67090S108 | 18,602 | $312,142 | 0.00% |
| 318 | Invesco BulletShares 2032 Munc | IVZ | 12,184 | $305,697 | 0.00% |
| 319 | Invesco Bulletshares 2033 Muni | IVZ | 11,825 | $304,553 | 0.00% |
| 320 | Palmer Square Capital BDC Inc. | PSBD | 20,018 | $304,274 | 0.00% |
| 321 | iShares iBonds Dec 2025 Term M | 46435U432 | 11,431 | $304,236 | 0.00% |
| 322 | iShares iBonds Dec 2029 Term M | 46436E163 | 12,139 | $303,232 | 0.00% |
| 323 | Kemper Corp. | KMPB | 4,470 | $296,987 | 0.00% |
| 324 | KB Financial Group Inc. | KB | 5,125 | $291,590 | 0.00% |
| 325 | Dr Reddy's Laboratories Ltd. | 256135203 | 18,290 | $288,799 | 0.00% |
| 326 | iShares Core MSCI EAFE ETF | 46432F842 | 4,043 | $284,142 | 0.00% |
| 327 | Tencent Holdings Ltd. | XHLD | 5,197 | $276,376 | 0.00% |
| 328 | Portman Ridge Finance Corp. | BCIC | 16,472 | $269,149 | 0.00% |
| 329 | Fomento Economico Mexicano S.A | 344419106 | 3,052 | $260,934 | 0.00% |
| 330 | Markel Corp. Inc. | MKL | 150 | $258,934 | 0.00% |
| 331 | Ameriprise Financial Inc. | 03076C106 | 480 | $255,566 | 0.00% |
| 332 | Gold Fields Ltd. | GFIOF | 19,140 | $252,648 | 0.00% |
| 333 | Avantis US Mid Cap Equity ETF | 025072125 | 3,654 | $237,473 | 0.00% |
| 334 | Yum China Holdings Inc. | YUMC | 4,891 | $235,599 | 0.00% |
| 335 | Infosys Ltd. | INFY | 10,413 | $228,249 | 0.00% |
| 336 | Coca-Cola Femsa SAB de CV | COCSF | 2,909 | $226,582 | 0.00% |
| 337 | Costco Wholesale Corp. | 22160K105 | 247 | $226,319 | 0.00% |
| 338 | HDFC Bank Ltd. | HDB | 3,389 | $216,422 | 0.00% |
| 339 | Controladora Vuela Cia de Avia | 21240E105 | 28,343 | $210,872 | 0.00% |
| 340 | Shinhan Financial Group Co. Lt | SHG | 6,412 | $210,827 | 0.00% |
| 341 | Morgan Stanley Direct Lending | 61774A103 | 10,000 | $206,600 | 0.00% |
| 342 | Alibaba Group Holding Ltd. | BBAAY | 2,425 | $205,616 | 0.00% |
| 343 | JPMorgan Chase & Co. | VYLD | 852 | $204,233 | 0.00% |
| 344 | Aberdeen Standard Physical Pla | PPLT | 2,421 | $201,064 | 0.00% |
| 345 | ZTO Express Cayman Inc. | ZTOEF | 10,282 | $201,013 | 0.00% |
| 346 | JBS S.A. | 466110103 | 15,544 | $184,663 | 0.00% |
| 347 | Ping An Insurance Group Co. of | 72341E304 | 13,420 | $156,209 | 0.00% |
| 348 | Trinity Capital Inc. | TRINZ | 10,619 | $153,657 | 0.00% |
| 349 | Runway Growth Finance Corp | RWAYL | 13,621 | $149,286 | 0.00% |
| 350 | PT Astra International Tbk | 69367X109 | 22,793 | $134,251 | 0.00% |
| 351 | Betterware de Mexico SAPI de C | P1666E105 | 11,087 | $123,953 | 0.00% |
| 352 | Ecopetrol S.A. | EC | 15,347 | $121,548 | 0.00% |
| 353 | Vale S.A. | VALE | 13,233 | $117,377 | 0.00% |
| 354 | Arcos Dorados Holdings Inc. | ARCO | 16,042 | $116,786 | 0.00% |
| 355 | Fidelity Investments Money Mar | 31607A703 | 101,195 | $101,195 | 0.00% |
| 356 | Sendas Distribuidora S.A. | 81689T104 | 11,135 | $49,773 | 0.00% |
| 357 | Bank of America Corp. | 060505104 | 591 | $25,974 | 0.00% |
| 358 | AGNC Investment Corp. | AGNCZ | 1,958 | $18,033 | 0.00% |
| 359 | Annaly Capital Management Inc. | NLY-PJ | 648 | $11,858 | 0.00% |