0001636661-24-000005.txt : 20240401 0001636661-24-000005.hdr.sgml : 20240401 20240401153516 ACCESSION NUMBER: 0001636661-24-000005 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240401 DATE AS OF CHANGE: 20240401 EFFECTIVENESS DATE: 20240401 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: 24808759 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 03-31-2024 03-31-2024 CONFLUENCE INVESTMENT MANAGEMENT LLC

20 ALLEN AVENUE, SUITE 300 ST. LOUIS MO 63119

13F HOLDINGS REPORT 028-13334 000146019 801-68723 N Steven P Farmer 314-743-5298 Steven P Farmer Naperville IL 04-01-2024 1 353 7436064761 false 1 028-06487 First Trust Advisors LP INFORMATION TABLE 2 inftable.xml abrdn Physical Silver Shares E COM 003264108 2399619 100782 SH SOLE 100782 0 0 Accenture plc COM G1151C101 1089742 3144 SH SOLE 3040 0 104 AerCap Holdings N.V. COM N00985106 982778 11308 SH SOLE 10943 0 365 AGNC Investment Corp. COM 00123q104 19384 1958 SH SOLE 1958 0 0 AGNC Investment Corp. COM 00123q104 1039500 105000 SH DFND 01 0 105000 0 Agnico Eagle Mines Ltd. COM 008474108 1122379 18816 SH SOLE 18506 0 310 Air Products and Chemicals Inc COM 009158106 19480595 80409 SH SOLE 80191 0 218 Alcoa Corp. COM 013872106 351450 10401 SH SOLE 10401 0 0 Allient Inc. COM 019330109 2599506 72856 SH SOLE 72856 0 0 Allient Inc. COM 019330109 746604 20925 SH DFND 01 0 20925 0 Alphabet Inc. COM 02079K107 66695653 438038 SH SOLE 437206 0 832 Alphabet Inc. COM 02079K305 429094 2843 SH SOLE 2843 0 0 American Express Co. COM 025816109 547594 2405 SH SOLE 2405 0 0 American Outdoor Brands Inc. COM 02875D109 1828116 207740 SH SOLE 207740 0 0 American Outdoor Brands Inc. COM 02875D109 485426 55162 SH DFND 01 0 55162 0 American Water Works Co. Inc. COM 030420103 17489213 143108 SH SOLE 142728 0 380 Ameriprise Financial Inc. COM 03076C106 210451 480 SH SOLE 480 0 0 Amphenol Corp. COM 032095101 29982878 259930 SH SOLE 259158 0 772 Amplify Cyber Security ETF COM 032108664 3151135 49152 SH SOLE 49152 0 0 Analog Devices Inc. COM 032654105 138799561 701752 SH SOLE 699273 0 2479 Annaly Capital Management Inc. COM 035710839 12759 648 SH SOLE 648 0 0 Annaly Capital Management Inc. COM 035710839 2658150 135000 SH DFND 01 0 135000 0 Antero Resources Corp. COM 03674X106 518607 17883 SH SOLE 17883 0 0 Antofagasta PLC ADR COM G0398N128 607451 23775 SH SOLE 23775 0 0 Arcos Dorados Holdings Inc. COM G0457F107 191965 17263 SH SOLE 17263 0 0 Ares Capital Corp. COM 04010L103 83104152 3991554 SH SOLE 3976483 0 15071 Ares Capital Corp. COM 04010L103 3123000 150000 SH DFND 01 0 150000 0 Azek Co. Inc. COM 05478C105 12898078 256831 SH SOLE 256184 0 647 Azek Co. Inc. COM 05478C105 895975 17841 SH DFND 01 0 17841 0 Bain Capital Specialty Finance COM 05684B107 271828 17336 SH SOLE 17336 0 0 Bain Capital Specialty Finance COM 05684B107 1568000 100000 SH DFND 01 0 100000 0 Bank of America Corp. COM 060505104 29919 789 SH SOLE 789 0 0 Bank of America Corp. COM 060505104 379200 10000 SH DFND 01 0 10000 0 Barings BDC Inc. COM 06759l103 1038652 111683 SH SOLE 111683 0 0 Barings BDC Inc. COM 06759l103 3627000 390000 SH DFND 01 0 390000 0 Barrick Gold Corp. COM 067901108 417947 25117 SH SOLE 25117 0 0 Becton Dickinson and Co. COM 075887109 19746168 79799 SH SOLE 79571 0 228 Berkshire Hathaway Inc. - A COM 084670108 3172200 5 SH SOLE 5 0 0 Berkshire Hathaway Inc. - B COM 084670702 67739674 161085 SH SOLE 160787 0 298 Berkshire Hathaway Inc. - B COM 084670702 1892340 4500 SH DFND 01 0 4500 0 Betterware de Mexico SAPI de C COM P1666E105 223177 11170 SH SOLE 11170 0 0 BHP Billiton Ltd. COM 088606108 416753 7224 SH SOLE 7224 0 0 BlackRock TCP Capital Corp. COM 09259e108 709219 67998 SH SOLE 67998 0 0 BlackRock TCP Capital Corp. COM 09259e108 3462760 332000 SH DFND 01 0 332000 0 Blackstone Group LP COM 09260D107 1445070 11000 SH DFND 01 0 11000 0 Blackstone Secured Lending Fun COM 09261X102 881825 28309 SH SOLE 28309 0 0 Blackstone Secured Lending Fun COM 09261X102 4984000 160000 SH DFND 01 0 160000 0 Blue Owl Capital Corp. COM 69121K104 753097 48966 SH SOLE 48966 0 0 Blue Owl Capital Corp. COM 69121K104 2307000 150000 SH DFND 01 0 150000 0 BNP Paribas S.A. COM 05565A202 716087 20036 SH SOLE 19327 0 709 Booking Holdings Inc. COM 09857L108 47510716 13096 SH SOLE 13075 0 21 Broadridge Financial Solutions COM 11133T103 144033283 703082 SH SOLE 700498 0 2584 Brookfield Asset Management COM 113004105 782749 18628 SH SOLE 18628 0 0 Brookfield Corp. COM 11271J107 55166077 1317556 SH SOLE 1314414 0 3142 Brookfield Infrastructure Corp COM 11275Q107 89709735 2489171 SH SOLE 2479692 0 9479 Brown & Brown Inc. COM 115236101 48588202 555040 SH SOLE 553525 0 1515 Brown & Brown Inc. COM 115236101 1010124 11539 SH DFND 01 0 11539 0 BRP Group Inc. COM 05589g102 2779340 96038 SH SOLE 96038 0 0 BRP Group Inc. COM 05589g102 812722 28083 SH DFND 01 0 28083 0 CAE Inc. COM 124765108 500334 24241 SH SOLE 23481 0 760 Cameco Corp. COM 13321L108 940217 21704 SH SOLE 21704 0 0 Cannae Holdings Inc. COM 13765N107 2392390 107571 SH SOLE 107571 0 0 Cannae Holdings Inc. COM 13765N107 619962 27876 SH DFND 01 0 27876 0 Capital Southwest Corp. COM 140501107 618359 24774 SH SOLE 24774 0 0 Capital Southwest Corp. COM 140501107 1772160 71000 SH DFND 01 0 71000 0 CarMax Inc. COM 143130102 12746327 146324 SH SOLE 145781 0 543 Cavco Industries Inc. COM 149568107 3613089 9054 SH SOLE 9054 0 0 Cavco Industries Inc. COM 149568107 1066288 2672 SH DFND 01 0 2672 0 Charles River Laboratories Int COM 159864107 26270499 96957 SH SOLE 96615 0 342 Chesapeake Energy Corp. COM 165167735 623054 7014 SH SOLE 7014 0 0 Chevron Corp. COM 166764100 123680979 784081 SH SOLE 781171 0 2911 Chubb Ltd. COM H1467J104 165932324 640344 SH SOLE 637918 0 2426 Chugai Pharms Co Ltd COM 171269103 740905 38730 SH SOLE 37408 0 1322 Cisco Systems Inc. COM 17275R102 95488887 1913222 SH SOLE 1906346 0 6875 Clarivate plc COM G21810109 18389265 2475002 SH SOLE 2468603 0 6399 Clorox Co. COM 189054109 135630204 885835 SH SOLE 882690 0 3145 Coca-Cola Femsa SAB de CV COM 191241108 285476 2937 SH SOLE 2937 0 0 Colgate-Palmolive Co. COM 194162103 130622267 1450553 SH SOLE 1445307 0 5246 ConocoPhillips COM 20825C104 651801 5121 SH SOLE 5121 0 0 Constellation Brands COM 21036P108 38977993 143428 SH SOLE 143221 0 207 Controladora Vuela Cia de Avia COM 21240E105 211203 28464 SH SOLE 28464 0 0 Core Laboratories N.V. COM 21867A105 1992487 116656 SH SOLE 116656 0 0 Core Laboratories N.V. COM 21867A105 502015 29392 SH DFND 01 0 29392 0 Coterra Energy Inc. COM 127097103 534878 19185 SH SOLE 19185 0 0 Crescent Capital BDC Inc. COM 225655109 465157 26950 SH SOLE 26950 0 0 Crescent Capital BDC Inc. COM 225655109 734677 42565 SH DFND 01 0 42565 0 Curtiss-Wright Corp. COM 231561101 296890 1160 SH SOLE 1160 0 0 CyberArk Software Ltd. COM M2682V108 1472653 5544 SH SOLE 5343 0 201 DBS Group Holdings Ltd. COM 23304y100 778034 7300 SH SOLE 7050 0 250 Denison Mines Corp. COM 248356107 481543 246945 SH SOLE 246945 0 0 Diageo plc COM 25243Q205 125474259 843581 SH SOLE 840847 0 2734 Diamondback Energy Inc. COM 25278X109 715196 3609 SH SOLE 3609 0 0 Dimensional National Municipal COM 25434V849 11074502 230287 SH SOLE 229484 0 803 Dollar Tree Inc. COM 256746108 17180677 129032 SH SOLE 128568 0 464 Donaldson Co. Inc. COM 257651109 25017801 335000 SH SOLE 333999 0 1001 Dow Inc. COM 260557103 101155419 1746166 SH SOLE 1739733 0 6433 Dr Reddy's Laboratories Ltd. COM 256135203 273595 3730 SH SOLE 3730 0 0 DSV A.S. COM 26251A108 742791 9147 SH SOLE 8789 0 358 Dun & Bradstreet Holdings Inc. COM 26484T106 29736015 2961755 SH SOLE 2955629 0 6126 DuPont de Nemours Inc. COM 26614N102 11111428 144925 SH SOLE 144443 0 482 Ecolab Inc. COM 278865100 27416852 118739 SH SOLE 118385 0 354 Ecopetrol S.A. COM 279158109 181886 15362 SH SOLE 15362 0 0 Ecovyst Inc. COM 27923Q109 2670838 239537 SH SOLE 239537 0 0 Ecovyst Inc. COM 27923Q109 909673 81585 SH DFND 01 0 81585 0 Edgewell Personal Care Co. COM 28035Q102 2805192 72598 SH SOLE 72598 0 0 Edgewell Personal Care Co. COM 28035Q102 803789 20802 SH DFND 01 0 20802 0 Entergy Corp. COM 29364G103 92257100 872985 SH SOLE 869779 0 3206 EOG Resources Inc. COM 26875P101 24535775 191926 SH SOLE 191390 0 536 Expeditors International of Wa COM 302130109 23177506 190652 SH SOLE 190138 0 514 Exxon Mobil Corp. COM 30231G102 567251 4880 SH SOLE 4880 0 0 Fastenal Co. COM 311900104 195459107 2533823 SH SOLE 2526735 0 7088 Fidelity National Financial In COM 31620R303 135347213 2548912 SH SOLE 2539581 0 9331 Fomento Economico Mexicano S.A COM 344419106 400869 3077 SH SOLE 3077 0 0 Franco-Nevada Corp. COM 351858105 537650 4512 SH SOLE 4512 0 0 Franklin FTSE Japan ETF COM 35473P744 1990388 64144 SH SOLE 64144 0 0 Franklin Street Properties Cor COM 35471R106 2795859 1231656 SH SOLE 40000 0 1191656 Freeport-McMoRan Inc. COM 35671D857 569788 12118 SH SOLE 12118 0 0 FS KKR Capital Corp. COM 302635206 227963 11954 SH SOLE 11954 0 0 FS KKR Capital Corp. COM 302635206 734195 38500 SH DFND 01 0 38500 0 Gates Industrial Corp. plc COM G39108108 27302958 1541669 SH SOLE 1536674 0 4995 Gates Industrial Corp. plc COM G39108108 1087500 61406 SH DFND 01 0 61406 0 General Dynamics Corp. COM 369550108 25218975 89274 SH SOLE 88983 0 291 Gilead Sciences Inc. COM 375558103 91269089 1245994 SH SOLE 1241248 0 4746 Glencore plc COM 37827X100 420491 38401 SH SOLE 38401 0 0 Global X Uranium ETF COM 37954Y871 11063801 383760 SH SOLE 383760 0 0 Gold Fields Ltd. COM 38059t106 310348 19531 SH SOLE 19531 0 0 Goldman Sachs BDC Inc. COM 38147U107 763785 50987 SH SOLE 50987 0 0 Goldman Sachs BDC Inc. COM 38147U107 2022300 135000 SH DFND 01 0 135000 0 Golub Capital BDC Inc. COM 38173M102 1185453 71284 SH SOLE 71284 0 0 Golub Capital BDC Inc. COM 38173M102 4323800 260000 SH DFND 01 0 260000 0 Graco Inc. COM 384109104 70891071 758518 SH SOLE 756051 0 2466 Grupo Financiero Banorte S.A.B COM 40052P107 302814 5639 SH SOLE 5639 0 0 Hagerty Inc. COM 405166109 2604392 284633 SH SOLE 284633 0 0 Hagerty Inc. COM 405166109 868500 94918 SH DFND 01 0 94918 0 Haleon plc COM 405552100 696783 82071 SH SOLE 79300 0 2771 Hayward Holdings Inc. COM 421298100 2817606 184037 SH SOLE 184037 0 0 Hayward Holdings Inc. COM 421298100 788220 51484 SH DFND 01 0 51484 0 Healthcare Services Group Inc. COM 421906108 2258685 180984 SH SOLE 180984 0 0 Hercules Capital Inc. COM 427096508 861117 46673 SH SOLE 46673 0 0 Hercules Capital Inc. COM 427096508 6088500 330000 SH DFND 01 0 330000 0 Hershey Co. COM 427866108 35090221 180412 SH SOLE 179829 0 583 Hess Corp. COM 42809H107 520960 3413 SH SOLE 3413 0 0 Home Depot Inc. COM 437076102 150523687 392398 SH SOLE 391016 0 1382 i3 Verticals Inc. COM 46571Y107 2622072 114551 SH SOLE 114551 0 0 i3 Verticals Inc. COM 46571Y107 838941 36651 SH DFND 01 0 36651 0 ICICI Bank Ltd. COM 45104g104 285043 10793 SH SOLE 10793 0 0 ICON plc COM G4705A100 1293743 3851 SH SOLE 3735 0 116 Illinois Tool Works Inc. COM 452308109 65746561 245021 SH SOLE 244525 0 496 Infosys Ltd. COM 456788108 188997 10541 SH SOLE 10541 0 0 ING Groep N.V. COM 456837103 806922 48934 SH SOLE 47328 0 1606 Invesco BulletShares 2024 Muni COM 46138J536 3530877 142489 SH SOLE 142014 0 475 Invesco BulletShares 2025 Muni COM 46138J528 5511574 226441 SH SOLE 225655 0 786 Invesco BulletShares 2026 Muni COM 46138J510 5540061 235096 SH SOLE 234282 0 814 Invesco BulletShares 2027 Muni COM 46138J494 6140081 259568 SH SOLE 258675 0 893 Invesco BulletShares 2028 Muni COM 46138J486 6757309 287790 SH SOLE 286805 0 985 Invesco BulletShares 2029 Muni COM 46138J478 2917201 125525 SH SOLE 125107 0 418 Invesco BulletShares 2030 Muni COM 46138J445 311295 14073 SH SOLE 14073 0 0 Invesco BulletShares 2031 Muni COM 46138j411 6089482 285757 SH SOLE 284868 0 889 Invesco BulletShares 2032 Munc COM 46139W833 331976 13011 SH SOLE 13011 0 0 Invesco Bulletshares 2033 Muni COM 46139W791 325481 12404 SH SOLE 12404 0 0 Invesco S&P MidCap Quality ETF COM 46137V472 52021708 472710 SH SOLE 472710 0 0 iShares 0-3 Month Treasury Bon COM 46436E718 91374142 907300 SH SOLE 903837 0 3463 iShares 1-3 Year Treasury Bond COM 464287457 25625845 313351 SH SOLE 313351 0 0 iShares 1-5 Year Investment Gr COM 464288646 5288199 103124 SH SOLE 103124 0 0 iShares 3-7 Year Treasury Bond COM 464288661 5658245 48858 SH SOLE 48858 0 0 iShares Barclays 10-20 Year Tr COM 464288653 8331962 79329 SH SOLE 79126 0 203 iShares BB Rated Corporate Bon COM 46435U473 37308256 806665 SH SOLE 806665 0 0 iShares Gold Trust ETF COM 464285204 558733 13300 SH SOLE 13300 0 0 iShares iBonds Dec 2024 Term M COM 46435U697 908380 35005 SH SOLE 35005 0 0 iShares iBonds Dec 2025 Term C COM 46434VBD1 3730010 150343 SH SOLE 150343 0 0 iShares iBonds Dec 2025 Term M COM 46435U432 769721 29090 SH SOLE 29090 0 0 iShares iBonds Dec 2026 Term C COM 46435GAA0 20164961 845491 SH SOLE 843787 0 1704 iShares iBonds Dec 2026 Term M COM 46435U259 1754676 69218 SH SOLE 69218 0 0 iShares iBonds Dec 2026 Term T COM 46436E858 19711574 867969 SH SOLE 865735 0 2234 iShares iBonds Dec 2027 Term C COM 46435UAA9 4059958 170586 SH SOLE 170165 0 421 iShares iBonds Dec 2027 Term M COM 46435U283 778609 30934 SH SOLE 30934 0 0 iShares iBonds Dec 2027 Term T COM 46436E841 30732773 1386858 SH SOLE 1383147 0 3711 iShares iBonds Dec 2028 Term M COM 46435U325 308016 12189 SH SOLE 12189 0 0 iShares iBonds Dec 2028 Term T COM 46436E833 9840411 448617 SH SOLE 447499 0 1118 iShares iBonds Dec 2029 Term M COM 46436E163 325307 12886 SH SOLE 12886 0 0 iShares iBonds Dec 2029 Term T COM 46436E825 7883701 366684 SH SOLE 365780 0 904 iShares iBonds Dec 2030 Term T COM 46436e593 7941959 408958 SH SOLE 407928 0 1030 iShares iBonds Dec 2032 Term T COM 46436E296 9773070 431101 SH SOLE 429983 0 1118 iShares iBonds Dec 2033 Term C COM 46436E130 8190750 321458 SH SOLE 320639 0 819 iShares MBS ETF COM 464288588 18271405 197700 SH SOLE 197195 0 505 iShares National Muni Bond ETF COM 464288414 2126284 19761 SH SOLE 19761 0 0 iShares US Aerospace & Defense COM 464288760 4900449 37144 SH SOLE 37144 0 0 ITOCHU Corp. COM 465717106 717592 8387 SH SOLE 8101 0 286 J & J Snack Foods Corp. COM 466032109 8164858 56481 SH SOLE 56339 0 142 J & J Snack Foods Corp. COM 466032109 744339 5149 SH DFND 01 0 5149 0 JBS S.A. COM 466110103 132583 15598 SH SOLE 15598 0 0 John B Sanfilippo & Son Inc. COM 800422107 2730088 25775 SH SOLE 25775 0 0 John B Sanfilippo & Son Inc. COM 800422107 823952 7779 SH DFND 01 0 7779 0 John Bean Technologies Corp. COM 477839104 2627549 25051 SH SOLE 25051 0 0 John Bean Technologies Corp. COM 477839104 758355 7230 SH DFND 01 0 7230 0 Kadant Inc. COM 48282T104 3690086 11247 SH SOLE 11247 0 0 Kadant Inc. COM 48282T104 931148 2838 SH DFND 01 0 2838 0 KB Financial Group Inc. COM 48241a105 287145 5515 SH SOLE 5515 0 0 Kemper Corp. COM 488401100 276782 4470 SH SOLE 4470 0 0 Keurig Dr. Pepper Inc. COM 49271V100 11374782 370876 SH SOLE 369465 0 1411 Keysight Technologies Inc. COM 49338L103 52892407 338230 SH SOLE 337511 0 719 Kinder Morgan Inc. 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COM 573075108 738110 39941 SH DFND 01 0 39941 0 Martin Marietta Materials Inc. COM 573284106 22282338 36294 SH SOLE 36243 0 51 Masco Corp. COM 574599106 78180646 991134 SH SOLE 989025 0 2109 Mastercard Inc. COM 57636Q104 92128312 191308 SH SOLE 190908 0 400 Materion Corp. COM 576690101 462838 3513 SH SOLE 3513 0 0 McDonald's Corp. COM 580135101 23559701 83560 SH SOLE 83314 0 246 Medtronic plc COM G5960L103 18214394 209001 SH SOLE 208434 0 567 MercadoLibre Inc. COM 58733R102 346239 229 SH SOLE 229 0 0 MGP Ingredients Inc. COM 55303J106 2334128 27100 SH SOLE 27100 0 0 MGP Ingredients Inc. COM 55303J106 691452 8028 SH DFND 01 0 8028 0 Microsoft Corp. COM 594918104 175715656 417655 SH SOLE 416275 0 1380 Mitsubishi UFJ Financial COM 606822104 942756 92156 SH SOLE 89196 0 2960 Mitsui & Co. Ltd. COM 606827202 727865 776 SH SOLE 776 0 0 Morningstar Inc. COM 617700109 20042234 64994 SH SOLE 64818 0 176 Morningstar Inc. COM 617700109 943612 3060 SH DFND 01 0 3060 0 Mosaic Co. 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COM 670100205 1392370 10844 SH SOLE 10554 0 290 Nuveen Churchill Direct Lendin COM 67090S108 54487 3017 SH SOLE 3017 0 0 Nuveen Churchill Direct Lendin COM 67090S108 1806000 100000 SH DFND 01 0 100000 0 NVIDIA Corp. COM 67066G104 278562 308 SH SOLE 308 0 0 NXP Semiconductors N.V. COM N6596X109 56109745 226459 SH SOLE 225999 0 460 Oaktree Specialty Lending Corp COM 67401P405 541279 27532 SH SOLE 27532 0 0 Oaktree Specialty Lending Corp COM 67401P405 196600 10000 SH DFND 01 0 10000 0 OFS Capital Corp. COM 67103B100 973140 98000 SH DFND 01 0 98000 0 Oracle Corp. COM 68389X105 74353319 591938 SH SOLE 590591 0 1347 Pacer US Small Cap Cash Cows 1 COM 69374H857 38770624 788662 SH SOLE 788662 0 0 Pagseguro Digital Ltd. COM G68707101 149083 10440 SH SOLE 10440 0 0 Palmer Square Capital BDC Inc. COM 69702V107 814500 50000 SH DFND 01 0 50000 0 Paychex Inc. COM 704326107 146617323 1193952 SH SOLE 1189834 0 4118 PennantPark Investment Corp. 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