0001636661-24-000010.txt : 20241031 0001636661-24-000010.hdr.sgml : 20241031 20241031151714 ACCESSION NUMBER: 0001636661-24-000010 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240930 FILED AS OF DATE: 20241031 DATE AS OF CHANGE: 20241031 EFFECTIVENESS DATE: 20241031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONFLUENCE INVESTMENT MANAGEMENT LLC CENTRAL INDEX KEY: 0001442056 ORGANIZATION NAME: IRS NUMBER: 261764456 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-13334 FILM NUMBER: 241414872 BUSINESS ADDRESS: STREET 1: 20 ALLEN AVENUE, SUITE 300 CITY: ST. LOUIS STATE: MO ZIP: 63119 BUSINESS PHONE: 314-743-5090 MAIL ADDRESS: STREET 1: 20 ALLEN AVENUE, SUITE 300 CITY: ST. LOUIS STATE: MO ZIP: 63119 13F-HR 1 primary_doc.xml X0202 13F-HR LIVE false true false 0001442056 XXXXXXXX 09-30-2024 09-30-2024 CONFLUENCE INVESTMENT MANAGEMENT LLC

20 ALLEN AVENUE, SUITE 300 ST. LOUIS MO 63119

13F HOLDINGS REPORT 028-13334 000146019 N Steven Farmer 314-743-5298 Steven Farmer Naperville IL 10-31-2024 1 357 7482004738 false 1 028-06487 First Trust Advisors LP INFORMATION TABLE 2 inftable.xml A. O. Smith Corp. COM 831865209 24453314 272218 SH SOLE 271421 0 797 abrdn Physical Silver Shares E COM 003264108 2914221 97957 SH SOLE 97957 0 0 Accenture plc COM G1151C101 1132903 3205 SH SOLE 3101 0 104 AerCap Holdings N.V. COM N00985106 1066452 11259 SH SOLE 10894 0 365 Agnico Eagle Mines Ltd. COM 008474108 1615798 20057 SH SOLE 19629 0 428 Air Products and Chemicals Inc COM 009158106 27357217 91883 SH SOLE 91665 0 218 Alcoa Corp. COM 013872106 503971 13063 SH SOLE 12784 0 279 Alibaba Group Holding Ltd. COM 01609W102 213620 2013 SH SOLE 2013 0 0 Alphabet Inc. COM 02079K107 48963983 292864 SH SOLE 292266 0 598 American Express Co. COM 025816109 650880 2400 SH SOLE 2400 0 0 American Outdoor Brands Inc. COM 02875D109 1473084 159770 SH SOLE 159770 0 0 American Outdoor Brands Inc. COM 02875D109 350849 38053 SH DFND 01 0 38053 0 American Water Works Co. Inc. COM 030420103 21346935 145972 SH SOLE 145592 0 380 Ameriprise Financial Inc. COM 03076C106 225509 480 SH SOLE 480 0 0 Amphenol Corp. COM 032095101 23979972 368017 SH SOLE 366969 0 1048 Amplify Cyber Security ETF COM 032108664 3926032 57499 SH SOLE 57499 0 0 Analog Devices Inc. COM 032654105 149943215 651446 SH SOLE 648995 0 2451 Antero Resources Corp. COM 03674X106 571252 19939 SH SOLE 19685 0 254 Antofagasta plc COM G0398N128 688940 25803 SH SOLE 25463 0 340 Arcos Dorados Holdings Inc. COM G0457F107 149688 17166 SH SOLE 17166 0 0 Ares Capital Corp. COM 04010L103 76045131 3631573 SH SOLE 3616781 0 14792 Ares Capital Corp. COM 04010L103 4292700 205000 SH DFND 01 0 205000 0 Azek Co. Inc. COM 05478C105 10516077 224702 SH SOLE 224055 0 647 Azek Co. Inc. COM 05478C105 801310 17122 SH DFND 01 0 17122 0 BAE Systems plc COM 05523r107 656799 9899 SH SOLE 9527 0 372 Bain Capital Specialty Finance COM 05684B107 324480 19547 SH SOLE 19547 0 0 Bain Capital Specialty Finance COM 05684B107 1660000 100000 SH DFND 01 0 100000 0 Baldwin Insurance Group Inc. COM 05589g102 20564462 412941 SH SOLE 411838 0 1103 Baldwin Insurance Group Inc. COM 05589g102 1275029 25603 SH DFND 01 0 25603 0 Bank of America Corp. COM 060505104 23451 591 SH SOLE 591 0 0 Bank of America Corp. COM 060505104 396800 10000 SH DFND 01 0 10000 0 Barings BDC Inc. COM 06759l103 1228469 125354 SH SOLE 125354 0 0 Barings BDC Inc. COM 06759l103 3822000 390000 SH DFND 01 0 390000 0 Barrick Gold Corp. COM 067901108 572375 28777 SH SOLE 28449 0 328 Becton Dickinson and Co. COM 075887109 19721457 81798 SH SOLE 81570 0 228 Berkshire Hathaway Inc. - A COM 084670108 3455900 5 SH SOLE 5 0 0 Berkshire Hathaway Inc. - B COM 084670702 69150613 150242 SH SOLE 149953 0 289 Berkshire Hathaway Inc. - B COM 084670702 2071170 4500 SH DFND 01 0 4500 0 Betterware de Mexico SAPI de C COM P1666E105 140583 11087 SH SOLE 11087 0 0 BHP Billiton Ltd. COM 088606108 537686 8657 SH SOLE 8552 0 105 BlackRock TCP Capital Corp. COM 09259e108 150364 18138 SH SOLE 18138 0 0 BlackRock TCP Capital Corp. COM 09259e108 137274 16559 SH DFND 01 0 16559 0 Blackstone Group LP COM 09260D107 1684430 11000 SH DFND 01 0 11000 0 Blackstone Secured Lending Fun COM 09261X102 932184 31826 SH SOLE 31826 0 0 Blackstone Secured Lending Fun COM 09261X102 4686400 160000 SH DFND 01 0 160000 0 Blue Owl Capital Corp III COM 69122G102 845828 59025 SH SOLE 59025 0 0 Blue Owl Capital Corp III COM 69122G102 3582500 250000 SH DFND 01 0 250000 0 BNP Paribas S.A. COM 05565A202 579216 16872 SH SOLE 16163 0 709 BondBloxx Bloomberg One Year T COM 09789C861 7511925 150419 SH SOLE 150419 0 0 Booking Holdings Inc. COM 09857L108 40975591 9728 SH SOLE 9714 0 14 Broadridge Financial Solutions COM 11133T103 138133139 642390 SH SOLE 639837 0 2553 Brookfield Asset Management COM 113004105 4202757 88872 SH SOLE 88872 0 0 Brookfield Infrastructure Corp COM 11275Q107 98748593 2273742 SH SOLE 2264350 0 9392 Brown-Forman Corporation - B COM 115637209 19979087 406079 SH SOLE 405044 0 1035 Brown & Brown Inc. COM 115236101 55246205 533265 SH SOLE 531794 0 1470 Brown & Brown Inc. COM 115236101 810670 7825 SH DFND 01 0 7825 0 Cameco Corp. COM 13321L108 1056356 22118 SH SOLE 21924 0 194 Cannae Holdings Inc. COM 13765N107 1854809 97314 SH SOLE 97314 0 0 Cannae Holdings Inc. COM 13765N107 309839 16256 SH DFND 01 0 16256 0 Capital Southwest Corp. COM 140501107 694539 27463 SH SOLE 27463 0 0 Capital Southwest Corp. COM 140501107 1795590 71000 SH DFND 01 0 71000 0 Cavco Industries Inc. COM 149568107 3443050 8040 SH SOLE 8040 0 0 Cavco Industries Inc. COM 149568107 764408 1785 SH DFND 01 0 1785 0 Charles River Laboratories Int COM 159864107 18704074 94959 SH SOLE 94620 0 339 Chesapeake Energy Corp. COM 165167735 671242 8161 SH SOLE 8039 0 122 Chevron Corp. COM 166764100 110143277 747900 SH SOLE 745008 0 2893 Chubb Ltd. COM H1467J104 169397045 587389 SH SOLE 584998 0 2391 Chugai Pharms Co. Ltd. COM 171269103 926429 38457 SH SOLE 37135 0 1322 Cisco Systems Inc. COM 17275R102 96829509 1819420 SH SOLE 1812517 0 6902 Clorox Co. COM 189054109 141932891 871235 SH SOLE 867979 0 3256 Coca-Cola Femsa SAB de CV COM 191241108 258264 2911 SH SOLE 2911 0 0 Colgate-Palmolive Co. COM 194162103 140441865 1352874 SH SOLE 1347683 0 5191 CONMED Corp. COM 207410101 9800323 136267 SH SOLE 135881 0 386 CONMED Corp. COM 207410101 767746 10675 SH DFND 01 0 10675 0 ConocoPhillips COM 20825C104 584830 5555 SH SOLE 5471 0 84 Constellation Brands COM 21036P108 35656450 138370 SH SOLE 138163 0 207 Controladora Vuela Cia de Avia COM 21240E105 179411 28343 SH SOLE 28343 0 0 Core Laboratories N.V. COM 21867A105 1971002 106368 SH SOLE 106368 0 0 Core Laboratories N.V. COM 21867A105 544634 29392 SH DFND 01 0 29392 0 Costco Wholesale Corp. COM 22160K105 218970 247 SH SOLE 247 0 0 Coterra Energy Inc. COM 127097103 514494 21482 SH SOLE 21141 0 341 Crescent Capital BDC Inc. COM 225655109 566858 30641 SH SOLE 30641 0 0 Crescent Capital BDC Inc. COM 225655109 787458 42565 SH DFND 01 0 42565 0 Curtiss-Wright Corp. COM 231561101 381280 1160 SH SOLE 1160 0 0 CyberArk Software Ltd. COM M2682V108 943942 3237 SH SOLE 3137 0 100 DBS Group Holdings Ltd. COM 23304y100 954047 8087 SH SOLE 7812 0 275 Denison Mines Corp. COM 248356107 471016 257386 SH SOLE 253656 0 3730 Diageo plc COM 25243Q205 170623388 1215786 SH SOLE 1211685 0 4101 Diamondback Energy Inc. COM 25278X109 666671 3867 SH SOLE 3811 0 56 Dimensional National Municipal COM 25434V849 9027518 185981 SH SOLE 185297 0 684 Dollar Tree Inc. COM 256746108 21013972 298833 SH SOLE 297776 0 1057 Donaldson Co. Inc. COM 257651109 24533868 332888 SH SOLE 331887 0 1001 Dow Inc. COM 260557103 89007814 1629285 SH SOLE 1622884 0 6400 Dr Reddy's Laboratories Ltd. COM 256135203 290628 3658 SH SOLE 3658 0 0 Dun & Bradstreet Holdings Inc. COM 26484T106 46765469 4063029 SH SOLE 4055064 0 7965 Ecolab Inc. COM 278865100 29572435 115820 SH SOLE 115466 0 354 Ecopetrol S.A. COM 279158109 137174 15361 SH SOLE 15361 0 0 Ecovyst Inc. COM 27923Q109 1487108 217096 SH SOLE 217096 0 0 Ecovyst Inc. COM 27923Q109 558857 81585 SH DFND 01 0 81585 0 Edgewell Personal Care Co. COM 28035Q102 2385926 65656 SH SOLE 65656 0 0 Edgewell Personal Care Co. COM 28035Q102 695366 19135 SH DFND 01 0 19135 0 Entergy Corp. COM 29364G103 107907880 819906 SH SOLE 816714 0 3192 EOG Resources Inc. COM 26875P101 23666220 192518 SH SOLE 191926 0 592 Expeditors International of Wa COM 302130109 25145998 191370 SH SOLE 190856 0 514 Exxon Mobil Corp. COM 30231G102 659497 5626 SH SOLE 5557 0 69 Fastenal Co. COM 311900104 122565846 1716128 SH SOLE 1710388 0 5739 Fidelity National Financial In COM 31620R303 144758979 2332565 SH SOLE 2323330 0 9235 Fomento Economico Mexicano S.A COM 344419106 301284 3052 SH SOLE 3052 0 0 Franco-Nevada Corp. COM 351858105 661631 5325 SH SOLE 5238 0 87 Franklin FTSE Japan ETF COM 35473P744 9111429 299521 SH SOLE 299521 0 0 Franklin Street Properties Cor COM 35471R106 2180031 1231656 SH SOLE 40000 0 1191656 Freeport-McMoRan Inc. COM 35671D857 669627 13414 SH SOLE 13250 0 164 FS KKR Capital Corp. COM 302635206 279535 14168 SH SOLE 14168 0 0 FS KKR Capital Corp. COM 302635206 759605 38500 SH DFND 01 0 38500 0 Gates Industrial Corp. plc COM G39108108 18163583 1034962 SH SOLE 1031683 0 3279 Gates Industrial Corp. plc COM G39108108 771603 43966 SH DFND 01 0 43966 0 General Dynamics Corp. COM 369550108 26516759 87746 SH SOLE 87455 0 291 Gilead Sciences Inc. COM 375558103 99852967 1190994 SH SOLE 1186267 0 4727 Glencore plc COM 37827X100 514219 44910 SH SOLE 44367 0 543 Global X Uranium ETF COM 37954Y871 12873327 449959 SH SOLE 449959 0 0 Gold Fields Ltd. COM 38059t106 293799 19140 SH SOLE 19140 0 0 Goldman Sachs BDC Inc. COM 38147U107 818720 59500 SH SOLE 59500 0 0 Goldman Sachs BDC Inc. COM 38147U107 1857600 135000 SH DFND 01 0 135000 0 Golub Capital BDC Inc. COM 38173M102 1293612 85613 SH SOLE 85613 0 0 Golub Capital BDC Inc. COM 38173M102 3928600 260000 SH DFND 01 0 260000 0 Graco Inc. COM 384109104 62955997 719415 SH SOLE 717026 0 2389 Hagerty Inc. COM 405166109 2613812 257012 SH SOLE 257012 0 0 Hagerty Inc. COM 405166109 965316 94918 SH DFND 01 0 94918 0 Haleon plc COM 405552100 852388 80566 SH SOLE 77795 0 2771 Hayward Holdings Inc. COM 421298100 2571245 167617 SH SOLE 167617 0 0 Hayward Holdings Inc. COM 421298100 789765 51484 SH DFND 01 0 51484 0 HDFC Bank Ltd. COM 40415F101 212016 3389 SH SOLE 3389 0 0 Healthcare Services Group Inc. COM 421906108 1864769 166944 SH SOLE 166944 0 0 Hercules Capital Inc. COM 427096508 990877 50452 SH SOLE 50452 0 0 Hercules Capital Inc. COM 427096508 6481200 330000 SH DFND 01 0 330000 0 Hershey Co. COM 427866108 136370052 711075 SH SOLE 708365 0 2710 Hess Corp. COM 42809H107 524460 3862 SH SOLE 3812 0 50 Home Depot Inc. COM 437076102 149995986 370178 SH SOLE 368808 0 1370 i3 Verticals Inc. COM 46571Y107 5604978 263021 SH SOLE 262407 0 614 i3 Verticals Inc. COM 46571Y107 781033 36651 SH DFND 01 0 36651 0 ICICI Bank Ltd. COM 45104g104 373125 12500 SH SOLE 12500 0 0 ICON plc COM G4705A100 1089480 3792 SH SOLE 3676 0 116 Illinois Tool Works Inc. COM 452308109 62886955 239962 SH SOLE 239466 0 496 Infosys Ltd. COM 456788108 231893 10413 SH SOLE 10413 0 0 ING Groep N.V. COM 456837103 861656 47448 SH SOLE 45842 0 1606 Invesco BulletShares 2025 Muni COM 46138J528 5202190 212421 SH SOLE 211635 0 786 Invesco BulletShares 2026 Muni COM 46138J510 5226575 220159 SH SOLE 219345 0 814 Invesco BulletShares 2027 Muni COM 46138J494 5769741 243449 SH SOLE 242556 0 893 Invesco BulletShares 2028 Muni COM 46138J486 6359715 269708 SH SOLE 268723 0 985 Invesco BulletShares 2029 Muni COM 46138J478 2714632 116658 SH SOLE 116240 0 418 Invesco BulletShares 2030 Muni COM 46138J445 5872364 265118 SH SOLE 264180 0 938 Invesco BulletShares 2031 Muni COM 46138j411 5657095 265529 SH SOLE 264640 0 889 Invesco BulletShares 2032 Munc COM 46139W833 301614 11768 SH SOLE 11768 0 0 Invesco Bulletshares 2033 Muni COM 46139W791 296332 11246 SH SOLE 11246 0 0 Invesco S&P MidCap Quality ETF COM 46137V472 53169524 518323 SH SOLE 518323 0 0 Invesco S&P Small Cap Quality COM 46138G300 18089462 417867 SH SOLE 417867 0 0 iShares 0-3 Month Treasury Bon COM 46436E718 108824683 1080467 SH SOLE 1077161 0 3306 iShares 1-3 Year Treasury Bond COM 464287457 19195760 230857 SH SOLE 230857 0 0 iShares 1-5 Year Investment Gr COM 464288646 12053716 228897 SH SOLE 228897 0 0 iShares 3-7 Year Treasury Bond COM 464288661 4199728 35113 SH SOLE 35113 0 0 iShares Barclays 10-20 Year Tr COM 464288653 8307866 75989 SH SOLE 75786 0 203 iShares BB Rated Corporate Bon COM 46435U473 36086193 762116 SH SOLE 762116 0 0 iShares Core S&P US Value ETF COM 464287663 6784087 71045 SH SOLE 71045 0 0 iShares Gold Trust ETF COM 464285204 714189 14370 SH SOLE 14173 0 197 iShares iBonds Dec 2024 Term M COM 46435U697 1074981 41187 SH SOLE 41187 0 0 iShares iBonds Dec 2025 Term M COM 46435U432 304750 11431 SH SOLE 11431 0 0 iShares iBonds Dec 2026 Term C COM 46435GAA0 16065659 661138 SH SOLE 659380 0 1758 iShares iBonds Dec 2026 Term M COM 46435U259 1906013 74294 SH SOLE 74294 0 0 iShares iBonds Dec 2027 Term C COM 46435UAA9 3998842 164089 SH SOLE 163662 0 427 iShares iBonds Dec 2027 Term M COM 46435U283 1049965 41256 SH SOLE 41256 0 0 iShares iBonds Dec 2027 Term T COM 46436E841 30692392 1355971 SH SOLE 1352156 0 3815 iShares iBonds Dec 2028 Term M COM 46435U325 862091 33636 SH SOLE 33636 0 0 iShares iBonds Dec 2028 Term T COM 46436E833 15350041 682066 SH SOLE 680894 0 1172 iShares iBonds Dec 2029 Term C COM 46436E205 5797681 246605 SH SOLE 246605 0 0 iShares iBonds Dec 2029 Term M COM 46436E163 309423 12139 SH SOLE 12139 0 0 iShares iBonds Dec 2029 Term T COM 46436E825 7894959 357157 SH SOLE 356232 0 925 iShares iBonds Dec 2030 Term T COM 46436e593 7886956 393463 SH SOLE 392423 0 1040 iShares iBonds Dec 2031 Term C COM 46436E486 10475385 493656 SH SOLE 492323 0 1333 iShares iBonds Dec 2032 Term C COM 46436E312 10524735 409363 SH SOLE 408263 0 1100 iShares iBonds Dec 2032 Term T COM 46436E296 9828600 418595 SH SOLE 417455 0 1140 iShares iBonds Dec 2033 Term C COM 46436E130 8147638 308623 SH SOLE 307802 0 821 iShares MBS ETF COM 464288588 18210223 190066 SH SOLE 189560 0 506 iShares National Muni Bond ETF COM 464288414 2174881 20021 SH SOLE 20021 0 0 iShares Russell 2000 Value ETF COM 464287630 529153 3172 SH SOLE 3172 0 0 iShares US Aerospace & Defense COM 464288760 6054509 40460 SH SOLE 40460 0 0 ITOCHU Corp. COM 465717106 897586 8338 SH SOLE 8052 0 286 J & J Snack Foods Corp. COM 466032109 2895361 16822 SH SOLE 16822 0 0 J & J Snack Foods Corp. COM 466032109 886246 5149 SH DFND 01 0 5149 0 JBS S.A. COM 466110103 180621 15544 SH SOLE 15544 0 0 John B Sanfilippo & Son Inc. COM 800422107 2125087 22533 SH SOLE 22533 0 0 John B Sanfilippo & Son Inc. COM 800422107 733637 7779 SH DFND 01 0 7779 0 John Bean Technologies Corp. COM 477839104 10105601 102585 SH SOLE 102271 0 314 John Bean Technologies Corp. COM 477839104 712227 7230 SH DFND 01 0 7230 0 Kadant Inc. COM 48282T104 3413067 10098 SH SOLE 10098 0 0 Kadant Inc. COM 48282T104 753064 2228 SH DFND 01 0 2228 0 Kayne Anderson BDC COM 48662X105 223503 13788 SH SOLE 13788 0 0 Kayne Anderson BDC COM 48662X105 1458900 90000 SH DFND 01 0 90000 0 KB Financial Group Inc. COM 48241a105 336575 5451 SH SOLE 5451 0 0 Kemper Corp. COM 488401100 273787 4470 SH SOLE 4470 0 0 Keurig Dr. Pepper Inc. 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COM 594918104 137360555 319220 SH SOLE 318036 0 1185 MidCap Financial Investment Co COM 03761U502 309014 23078 SH SOLE 23078 0 0 MidCap Financial Investment Co COM 03761U502 870350 65000 SH DFND 01 0 65000 0 Mitsubishi UFJ Financial COM 606822104 944531 92783 SH SOLE 89823 0 2960 Mitsui & Co. Ltd. COM 606827202 732420 1649 SH SOLE 1625 0 24 Morgan Stanley Direct Lending COM 61774A103 312069 15777 SH SOLE 15777 0 0 Morgan Stanley Direct Lending COM 61774A103 197800 10000 SH DFND 01 0 10000 0 Morningstar Inc. COM 617700109 19825906 62127 SH SOLE 61957 0 170 Morningstar Inc. COM 617700109 735572 2305 SH DFND 01 0 2305 0 Mosaic Co. COM 61945C103 365922 13664 SH SOLE 13517 0 147 Movado Group Inc. COM 624580106 1554569 83579 SH SOLE 83579 0 0 Movado Group Inc. COM 624580106 484642 26056 SH DFND 01 0 26056 0 New Jersey Resources Corp. COM 646025106 21642764 458533 SH SOLE 457034 0 1499 New Mountain Finance Corp. COM 647551100 902501 75334 SH SOLE 75334 0 0 New Mountain Finance Corp. 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