0001636661-25-000002.txt : 20250102 0001636661-25-000002.hdr.sgml : 20250102 20250102105021 ACCESSION NUMBER: 0001636661-25-000002 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20241231 FILED AS OF DATE: 20250102 DATE AS OF CHANGE: 20250102 EFFECTIVENESS DATE: 20250102 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: 25500750 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 false false 0001442056 XXXXXXXX 12-31-2024 12-31-2024 CONFLUENCE INVESTMENT MANAGEMENT LLC

20 ALLEN AVENUE, SUITE 300 ST. LOUIS MO 63119

13F HOLDINGS REPORT 028-13334 000146019 801-68723 N Steven Farer 314-743-5298 Steven Farmer Naperville IL 01-02-2025 1 359 7208869614 false 1 028-06487 First Trust Advisors LP INFORMATION TABLE 2 inftable.xml Fidelity Investments Money Mar MFUND 31607A703 101195 101195 SH SOLE 101195 0 0 A. O. Smith Corp. COM 831865209 18018518 264162 SH SOLE 263461 0 701 Aberdeen Standard Physical Pla COM 003260106 201064 2421 SH SOLE 2391 0 30 abrdn Physical Silver Shares E COM 003264108 2684684 97377 SH SOLE 97377 0 0 Accenture plc COM G1151C101 1136633 3231 SH SOLE 3127 0 104 AerCap Holdings N.V. COM N00985106 1080070 11286 SH SOLE 10921 0 365 AGNC Investment Corp. COM 00123q104 18033 1958 SH SOLE 1958 0 0 AGNC Investment Corp. COM 00123q104 368400 40000 SH DFND 01 0 40000 0 Agnico Eagle Mines Ltd. COM 008474108 1596115 20408 SH SOLE 19980 0 428 Air Products and Chemicals Inc COM 009158106 26252935 90515 SH SOLE 90321 0 194 Alcoa Corp. COM 013872106 528882 13999 SH SOLE 13720 0 279 Alibaba Group Holding Ltd. COM 01609W102 205616 2425 SH SOLE 2425 0 0 Alphabet Inc. COM 02079K107 54830150 287913 SH SOLE 287315 0 598 Altus Group Ltd. COM 02215R107 2517569 64719 SH SOLE 64719 0 0 Altus Group Ltd. COM 02215R107 665929 17119 SH DFND 01 0 17119 0 American Express Co. COM 025816109 712296 2400 SH SOLE 2400 0 0 American Outdoor Brands Inc. COM 02875D109 2336985 153345 SH SOLE 153345 0 0 American Outdoor Brands Inc. COM 02875D109 579928 38053 SH DFND 01 0 38053 0 American Water Works Co. Inc. COM 030420103 66868339 537138 SH SOLE 535146 0 1992 Ameriprise Financial Inc. COM 03076C106 255566 480 SH SOLE 480 0 0 Amphenol Corp. COM 032095101 25154259 362192 SH SOLE 361275 0 917 Amplify Cyber Security ETF COM 032108664 4418821 59321 SH SOLE 59321 0 0 Analog Devices Inc. COM 032654105 136821393 643987 SH SOLE 641617 0 2370 Annaly Capital Management Inc. COM 035710839 11858 648 SH SOLE 648 0 0 Annaly Capital Management Inc. COM 035710839 1098000 60000 SH DFND 01 0 60000 0 Antero Resources Corp. COM 03674X106 743726 21219 SH SOLE 20965 0 254 Antofagasta plc COM G0398N128 580833 27593 SH SOLE 27253 0 340 Arcos Dorados Holdings Inc. COM G0457F107 116786 16042 SH SOLE 16042 0 0 Ares Capital Corp. COM 04010L103 78983957 3608221 SH SOLE 3593576 0 14645 Ares Capital Corp. COM 04010L103 4487450 205000 SH DFND 01 0 205000 0 Avantis US Mid Cap Equity ETF COM 025072125 237473 3654 SH SOLE 3654 0 0 Azek Co. Inc. COM 05478C105 10250506 215936 SH SOLE 215289 0 647 Azek Co. Inc. COM 05478C105 719218 15151 SH DFND 01 0 15151 0 BAE Systems plc COM 05523r107 526386 9209 SH SOLE 8837 0 372 Bain Capital Specialty Finance COM 05684B107 348998 19920 SH SOLE 19920 0 0 Bain Capital Specialty Finance COM 05684B107 1752000 100000 SH DFND 01 0 100000 0 Baldwin Insurance Group Inc. COM 05589g102 15789390 407363 SH SOLE 406278 0 1085 Baldwin Insurance Group Inc. COM 05589g102 957488 24703 SH DFND 01 0 24703 0 Bank of America Corp. COM 060505104 25974 591 SH SOLE 591 0 0 Bank of America Corp. COM 060505104 439500 10000 SH DFND 01 0 10000 0 Barings BDC Inc. COM 06759l103 1222596 127753 SH SOLE 127753 0 0 Barings BDC Inc. COM 06759l103 3732300 390000 SH DFND 01 0 390000 0 Barrick Gold Corp. COM 067901108 461140 29751 SH SOLE 29423 0 328 Becton Dickinson & Co. COM 075887109 18398593 81098 SH SOLE 80889 0 209 Berkshire Hathaway Inc. - A COM 084670108 3404600 5 SH SOLE 5 0 0 Berkshire Hathaway Inc. - B COM 084670702 65021883 143447 SH SOLE 143173 0 274 Berkshire Hathaway Inc. - B COM 084670702 2039760 4500 SH DFND 01 0 4500 0 Betterware de Mexico SAPI de C COM P1666E105 123953 11087 SH SOLE 11087 0 0 Blackstone Group LP COM 09260D107 1896620 11000 SH DFND 01 0 11000 0 Blackstone Secured Lending Fun COM 09261X102 1049106 32470 SH SOLE 32470 0 0 Blackstone Secured Lending Fun COM 09261X102 5169600 160000 SH DFND 01 0 160000 0 Blue Owl Capital Corp. III COM 69122G102 871314 60424 SH SOLE 60424 0 0 Blue Owl Capital Corp. III COM 69122G102 3605000 250000 SH DFND 01 0 250000 0 BNP Paribas S.A. COM 05565A202 586094 19091 SH SOLE 18382 0 709 Booking Holdings Inc. COM 09857L108 45992901 9257 SH SOLE 9243 0 14 Broadridge Financial Solutions COM 11133T103 142937767 632216 SH SOLE 629692 0 2524 Brookfield Asset Management COM 113004105 4628801 85418 SH SOLE 85418 0 0 Brookfield Infrastructure Corp COM 11276h106 89180683 2228960 SH SOLE 2219590 0 9370 Brown-Forman Corp. - B COM 115637209 19227812 506261 SH SOLE 504946 0 1315 Brown & Brown Inc. COM 115236101 52813853 517681 SH SOLE 516318 0 1363 Brown & Brown Inc. COM 115236101 684146 6706 SH DFND 01 0 6706 0 Cameco Corp. COM 13321L108 1172463 22815 SH SOLE 22621 0 194 Cannae Holdings Inc. COM 13765N107 1934919 97428 SH SOLE 97428 0 0 Cannae Holdings Inc. COM 13765N107 322844 16256 SH DFND 01 0 16256 0 Capital Southwest Corp. COM 140501107 638058 29242 SH SOLE 29242 0 0 Capital Southwest Corp. COM 140501107 1549220 71000 SH DFND 01 0 71000 0 Cavco Industries Inc. COM 149568107 3488626 7818 SH SOLE 7818 0 0 Cavco Industries Inc. COM 149568107 796521 1785 SH DFND 01 0 1785 0 Charles River Laboratories Int COM 159864107 17168538 93004 SH SOLE 92656 0 348 Chevron Corp. COM 166764100 107888219 744879 SH SOLE 742066 0 2813 Chubb Ltd. COM H1467J104 159115450 575879 SH SOLE 573566 0 2313 Chugai Pharms Co. Ltd. COM 171269103 847471 38574 SH SOLE 37252 0 1322 Cisco Systems Inc. COM 17275R102 106737643 1803001 SH SOLE 1796165 0 6835 Clorox Co. COM 189054109 139735769 860389 SH SOLE 857241 0 3148 Coca-Cola Femsa SAB de CV COM 191241108 226582 2909 SH SOLE 2909 0 0 Colgate-Palmolive Co. COM 194162103 121905425 1340946 SH SOLE 1335887 0 5059 CONMED Corp. COM 207410101 8865033 129530 SH SOLE 129144 0 386 CONMED Corp. COM 207410101 730597 10675 SH DFND 01 0 10675 0 ConocoPhillips COM 20825C104 580343 5852 SH SOLE 5768 0 84 Constellation Brands COM 21036P108 27532574 124582 SH SOLE 124375 0 207 Controladora Vuela Cia de Avia COM 21240E105 210872 28343 SH SOLE 28343 0 0 Core Laboratories N.V. COM 21867A105 1851602 106967 SH SOLE 106967 0 0 Core Laboratories N.V. COM 21867A105 508776 29392 SH DFND 01 0 29392 0 Costco Wholesale Corp. COM 22160K105 226319 247 SH SOLE 247 0 0 Coterra Energy Inc. COM 127097103 583257 22837 SH SOLE 22496 0 341 Crescent Capital BDC Inc. COM 225655109 601089 31274 SH SOLE 31274 0 0 Crescent Capital BDC Inc. COM 225655109 818105 42565 SH DFND 01 0 42565 0 Curtiss-Wright Corp. COM 231561101 411649 1160 SH SOLE 1160 0 0 CyberArk Software Ltd. COM M2682V108 1081072 3245 SH SOLE 3145 0 100 DBS Group Holdings Ltd. COM 23304y100 1045856 8168 SH SOLE 7893 0 275 Denison Mines Corp. COM 248356107 480991 267217 SH SOLE 263487 0 3730 Diageo plc COM 25243Q205 149564095 1176466 SH SOLE 1172594 0 3872 Diamondback Energy Inc. COM 25278X109 668099 4078 SH SOLE 4022 0 56 Dimensional National Municipal COM 25434V849 8475210 177417 SH SOLE 176733 0 684 Dollar Tree Inc. COM 256746108 21228066 283267 SH SOLE 282202 0 1065 Donaldson Co. Inc. COM 257651109 22121024 328449 SH SOLE 327569 0 880 Dow Inc. COM 260557103 61235111 1525919 SH SOLE 1519960 0 5958 Dr Reddy's Laboratories Ltd. COM 256135203 288799 18290 SH SOLE 18290 0 0 Dun & Bradstreet Holdings Inc. COM 26484T106 49305862 3957132 SH SOLE 3949042 0 8090 Ecolab Inc. COM 278865100 26608330 113556 SH SOLE 113249 0 307 Ecopetrol S.A. COM 279158109 121548 15347 SH SOLE 15347 0 0 Edgewell Personal Care Co. COM 28035Q102 2205388 65637 SH SOLE 65637 0 0 Edgewell Personal Care Co. COM 28035Q102 642936 19135 SH DFND 01 0 19135 0 Enovis Corp COM 194014502 2760491 62910 SH SOLE 62910 0 0 Enovis Corp COM 194014502 733323 16712 SH DFND 01 0 16712 0 Entergy Corp. COM 29364G103 121863435 1607273 SH SOLE 1601000 0 6273 EOG Resources Inc. COM 26875P101 23358796 190560 SH SOLE 190029 0 531 Expand Energy Corp. COM 165167735 793513 7971 SH SOLE 7873 0 98 Expeditors International of Wa COM 302130109 21007915 189653 SH SOLE 189207 0 446 Exxon Mobil Corp. COM 30231G102 640918 5958 SH SOLE 5889 0 69 Fastenal Co. COM 311900104 122150872 1698663 SH SOLE 1692983 0 5680 Fidelity National Financial In COM 31620R303 128113694 2282039 SH SOLE 2272944 0 9096 Fomento Economico Mexicano S.A COM 344419106 260934 3052 SH SOLE 3052 0 0 Franco-Nevada Corp. COM 351858105 680846 5790 SH SOLE 5703 0 87 Franklin FTSE Japan ETF COM 35473P744 4983640 174192 SH SOLE 174192 0 0 Franklin Street Properties Cor COM 35471R106 2253930 1231656 SH SOLE 40000 0 1191656 Freeport-McMoRan Inc. COM 35671D857 539479 14167 SH SOLE 14003 0 164 FS KKR Capital Corp. COM 302635206 316145 14555 SH SOLE 14555 0 0 FS KKR Capital Corp. COM 302635206 836220 38500 SH DFND 01 0 38500 0 Gates Industrial Corp. plc COM G39108108 20749638 1008733 SH SOLE 1005510 0 3223 Gates Industrial Corp. plc COM G39108108 737887 35872 SH DFND 01 0 35872 0 General Dynamics Corp. COM 369550108 22833739 86659 SH SOLE 86404 0 255 Gilead Sciences Inc. COM 375558103 108706412 1176858 SH SOLE 1172180 0 4678 Glencore plc COM 37827X100 427691 48991 SH SOLE 48448 0 543 Global X Uranium ETF COM 37954Y871 12597446 470405 SH SOLE 470405 0 0 Gold Fields Ltd. COM 38059t106 252648 19140 SH SOLE 19140 0 0 Goldman Sachs BDC Inc. COM 38147U107 691503 57149 SH SOLE 57149 0 0 Goldman Sachs BDC Inc. COM 38147U107 1633500 135000 SH DFND 01 0 135000 0 Golub Capital BDC Inc. COM 38173M102 1326313 87488 SH SOLE 87488 0 0 Golub Capital BDC Inc. COM 38173M102 3941600 260000 SH DFND 01 0 260000 0 Graco Inc. COM 384109104 59460410 705427 SH SOLE 703261 0 2165 Hagerty Inc. COM 405166109 2435071 252339 SH SOLE 252339 0 0 Hagerty Inc. COM 405166109 817944 84761 SH DFND 01 0 84761 0 Haleon plc COM 405552100 771166 80835 SH SOLE 78064 0 2771 Hayward Holdings Inc. COM 421298100 2523400 165036 SH SOLE 165036 0 0 Hayward Holdings Inc. COM 421298100 787190 51484 SH DFND 01 0 51484 0 HDFC Bank Ltd. COM 40415F101 216422 3389 SH SOLE 3389 0 0 Healthcare Services Group Inc. COM 421906108 1961092 168841 SH SOLE 168841 0 0 Hercules Capital Inc. COM 427096508 1047955 52163 SH SOLE 52163 0 0 Hercules Capital Inc. COM 427096508 6629700 330000 SH DFND 01 0 330000 0 Hershey Co. COM 427866108 115501619 682029 SH SOLE 679379 0 2650 Hess Corp. COM 42809H107 547602 4117 SH SOLE 4067 0 50 Home Depot Inc. COM 437076102 141442548 363615 SH SOLE 362290 0 1325 i3 Verticals Inc. COM 46571Y107 5897733 255978 SH SOLE 255364 0 614 i3 Verticals Inc. COM 46571Y107 844439 36651 SH DFND 01 0 36651 0 ICICI Bank Ltd. COM 45104g104 373250 12500 SH SOLE 12500 0 0 ICON plc COM G4705A100 802980 3829 SH SOLE 3713 0 116 Illinois Tool Works Inc. COM 452308109 59713605 235501 SH SOLE 235040 0 460 Infosys Ltd. COM 456788108 228249 10413 SH SOLE 10413 0 0 ING Groep N.V. COM 456837103 755889 48238 SH SOLE 46632 0 1606 Invesco BulletShares 2025 Muni COM 46138J528 5039231 205599 SH SOLE 204813 0 786 Invesco BulletShares 2026 Muni COM 46138J510 5084780 215731 SH SOLE 214917 0 814 Invesco BulletShares 2027 Muni COM 46138J494 5676012 240509 SH SOLE 239616 0 893 Invesco BulletShares 2028 Muni COM 46138J486 6243808 267630 SH SOLE 266645 0 985 Invesco BulletShares 2029 Muni COM 46138J478 2533746 110451 SH SOLE 110033 0 418 Invesco BulletShares 2030 Muni COM 46138J445 5516706 253992 SH SOLE 253054 0 938 Invesco BulletShares 2031 Muni COM 46138j411 5373296 256727 SH SOLE 255838 0 889 Invesco BulletShares 2032 Munc COM 46139W833 305697 12184 SH SOLE 12184 0 0 Invesco Bulletshares 2033 Muni COM 46139W791 304553 11825 SH SOLE 11825 0 0 Invesco S&P MidCap Quality ETF COM 46137V472 53497820 543291 SH SOLE 543291 0 0 Invesco S&P Small Cap Quality COM 46138G300 18121734 427904 SH SOLE 427904 0 0 iShares 0-3 Month Treasury Bon COM 46436E718 142663212 1422081 SH SOLE 1417435 0 4646 iShares 1-5 Year Investment Gr COM 464288646 10045672 194307 SH SOLE 194307 0 0 iShares 3-7 Year Treasury Bond COM 464288661 5351698 46315 SH SOLE 46315 0 0 iShares Barclays 10-20 Year Tr COM 464288653 7655185 76906 SH SOLE 76687 0 219 iShares BB Rated Corporate Bon COM 46435U473 33951990 738106 SH SOLE 738106 0 0 iShares Core MSCI EAFE ETF COM 46432F842 284142 4043 SH SOLE 4043 0 0 iShares Core S&P US Value ETF COM 464287663 24389687 263416 SH SOLE 262600 0 816 iShares Core US Aggregate Bond COM 464287226 483531 4990 SH SOLE 4990 0 0 iShares Gold Trust ETF COM 464285204 740769 14962 SH SOLE 14765 0 197 iShares iBonds Dec 2025 Term M COM 46435U432 304236 11431 SH SOLE 11431 0 0 iShares iBonds Dec 2026 Term C COM 46435GAA0 16170766 671822 SH SOLE 669923 0 1899 iShares iBonds Dec 2026 Term M COM 46435U259 1921670 75478 SH SOLE 75478 0 0 iShares iBonds Dec 2027 Term C COM 46435UAA9 3964405 165459 SH SOLE 164996 0 463 iShares iBonds Dec 2027 Term M COM 46435U283 1026240 40821 SH SOLE 40821 0 0 iShares iBonds Dec 2027 Term T COM 46436E841 31473609 1417941 SH SOLE 1413788 0 4153 iShares iBonds Dec 2028 Term M COM 46435U325 837361 33255 SH SOLE 33255 0 0 iShares iBonds Dec 2028 Term T COM 46436E833 13363040 610084 SH SOLE 608804 0 1280 iShares iBonds Dec 2029 Term C COM 46436E205 5807984 254736 SH SOLE 254736 0 0 iShares iBonds Dec 2029 Term M COM 46436E163 303232 12139 SH SOLE 12139 0 0 iShares iBonds Dec 2029 Term T COM 46436E825 7696686 360901 SH SOLE 359886 0 1015 iShares iBonds Dec 2030 Term T COM 46436e593 7670000 399627 SH SOLE 398484 0 1143 iShares iBonds Dec 2031 Term C COM 46436E486 10106091 496614 SH SOLE 495201 0 1413 iShares iBonds Dec 2032 Term C COM 46436E312 10106598 411172 SH SOLE 410006 0 1166 iShares iBonds Dec 2032 Term T COM 46436E296 9458521 426060 SH SOLE 424803 0 1257 iShares iBonds Dec 2033 Term C COM 46436E130 7810369 311170 SH SOLE 310283 0 887 iShares MBS ETF COM 464288588 26952023 293979 SH SOLE 293138 0 841 iShares National Muni Bond ETF COM 464288414 1118882 10501 SH SOLE 10501 0 0 iShares Russell 1000 Value ETF COM 464287598 5253064 28375 SH SOLE 28375 0 0 iShares Russell 2000 Value ETF COM 464287630 627458 3822 SH SOLE 3822 0 0 iShares Silver Trust ETF COM 46428Q109 595269 22608 SH SOLE 22324 0 284 iShares US Aerospace & Defense COM 464288760 5985202 41178 SH SOLE 41178 0 0 ITOCHU Corp. COM 465717106 819231 8312 SH SOLE 8026 0 286 J & J Snack Foods Corp. COM 466032109 2566433 16544 SH SOLE 16544 0 0 J & J Snack Foods Corp. COM 466032109 798764 5149 SH DFND 01 0 5149 0 JBS S.A. COM 466110103 184663 15544 SH SOLE 15544 0 0 John B Sanfilippo & Son Inc. COM 800422107 1828526 20991 SH SOLE 20991 0 0 John B Sanfilippo & Son Inc. COM 800422107 677629 7779 SH DFND 01 0 7779 0 John Bean Technologies Corp. COM 477839104 12609149 99207 SH SOLE 98893 0 314 John Bean Technologies Corp. COM 477839104 822210 6469 SH DFND 01 0 6469 0 JPMorgan Chase & Co. COM 46625H100 204233 852 SH SOLE 852 0 0 Kayne Anderson BDC COM 48662X105 330089 19957 SH SOLE 19957 0 0 Kayne Anderson BDC COM 48662X105 1488600 90000 SH DFND 01 0 90000 0 KB Financial Group Inc. COM 48241a105 291590 5125 SH SOLE 5125 0 0 Kemper Corp. COM 488401100 296987 4470 SH SOLE 4470 0 0 Keysight Technologies Inc. COM 49338L103 54293101 338001 SH SOLE 337247 0 754 Kinder Morgan Inc. COM 49456B101 120311870 4390944 SH SOLE 4374026 0 16918 Komatsu Ltd. COM 500458401 480286 17580 SH SOLE 17090 0 490 L'Oreal S.A. COM 502117203 712268 10116 SH SOLE 9794 0 322 Linde plc COM G54950103 139501651 333202 SH SOLE 331877 0 1325 Lockheed Martin Corp. COM 539830109 149715786 308095 SH SOLE 306975 0 1120 Lowe's Co. Inc. COM 548661107 57392757 232548 SH SOLE 232104 0 444 Lululemon Athletica Inc. COM 550021109 11411879 29842 SH SOLE 29743 0 99 LVMH Moet Hennessy Louis Vuitt COM 502441306 583531 4465 SH SOLE 4331 0 134 Main Street Capital Corp. COM 56035L104 1174119 20043 SH SOLE 20043 0 0 Main Street Capital Corp. COM 56035L104 6502380 111000 SH DFND 01 0 111000 0 MakeMyTrip Ltd. COM V5633W109 713764 6357 SH SOLE 6357 0 0 Markel Corp. Inc. COM 570535104 57523853 33323 SH SOLE 33244 0 79 Markel Corp. Inc. COM 570535104 258934 150 SH DFND 01 0 150 0 Marten Transport Ltd. COM 573075108 1794766 114975 SH SOLE 114975 0 0 Marten Transport Ltd. COM 573075108 623479 39941 SH DFND 01 0 39941 0 Martin Marietta Materials Inc. COM 573284106 32367848 62668 SH SOLE 62574 0 94 Masco Corp. COM 574599106 66849600 921174 SH SOLE 919265 0 1909 Mastercard Inc. COM 57636Q104 94281845 179049 SH SOLE 178682 0 367 Materion Corp. COM 576690101 398585 4031 SH SOLE 3978 0 53 McDonald's Corp. COM 580135101 24092815 83110 SH SOLE 82892 0 218 Medtronic plc COM G5960L103 17207742 215420 SH SOLE 214869 0 550 MercadoLibre Inc. COM 58733R102 357092 210 SH SOLE 210 0 0 Microsoft Corp. COM 594918104 132959384 315443 SH SOLE 314289 0 1154 MidCap Financial Investment Co COM 03761U502 318961 23644 SH SOLE 23644 0 0 MidCap Financial Investment Co COM 03761U502 876850 65000 SH DFND 01 0 65000 0 Mitsubishi UFJ Financial COM 606822104 1089948 92999 SH SOLE 90039 0 2960 Mitsui & Co. Ltd. COM 606827202 717144 1722 SH SOLE 1698 0 24 Morgan Stanley Direct Lending COM 61774A103 333494 16142 SH SOLE 16142 0 0 Morgan Stanley Direct Lending COM 61774A103 206600 10000 SH DFND 01 0 10000 0 Morningstar Inc. COM 617700109 20572007 61088 SH SOLE 60925 0 163 Morningstar Inc. COM 617700109 776232 2305 SH DFND 01 0 2305 0 Mosaic Co. COM 61945C103 357074 14527 SH SOLE 14380 0 147 Movado Group Inc. COM 624580106 2741786 139318 SH SOLE 139318 0 0 Movado Group Inc. COM 624580106 723024 36739 SH DFND 01 0 36739 0 New Jersey Resources Corp. COM 646025106 21186167 454152 SH SOLE 452826 0 1325 New Mountain Finance Corp. COM 647551100 864836 76806 SH SOLE 76806 0 0 New Mountain Finance Corp. COM 647551100 3974780 353000 SH DFND 01 0 353000 0 Newmont Mining Corp. COM 651639106 438739 11788 SH SOLE 11652 0 136 NIKE Inc. COM 654106103 18620842 246080 SH SOLE 245450 0 630 Nintendo Co. Ltd. COM 654445303 810034 55368 SH SOLE 53843 0 1525 Nordson Corp. 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COM 70432V102 74149405 361757 SH SOLE 360915 0 842 PennantPark Investment Corp. COM 708062104 329645 46560 SH SOLE 46560 0 0 PennantPark Investment Corp. COM 708062104 1812480 256000 SH DFND 01 0 256000 0 PepsiCo Inc. COM 713448108 136423678 897170 SH SOLE 894354 0 2816 PIMCO 20 Plus Year Zero Coupon COM 72201R882 14155002 206281 SH SOLE 206281 0 0 Ping An Insurance Group Co. of COM 72341E304 156209 13420 SH SOLE 13420 0 0 Polaris Inc. COM 731068102 58674701 1018304 SH SOLE 1014644 0 3661 Portman Ridge Finance Corp. COM 73688F201 269149 16472 SH SOLE 16472 0 0 Portman Ridge Finance Corp. COM 73688F201 718960 44000 SH DFND 01 0 44000 0 Powershares Insured National M COM 46138E537 7856416 332758 SH SOLE 331528 0 1230 Procter & Gamble Co. COM 742718109 23635293 140980 SH SOLE 140613 0 367 Progressive Corp. COM 743315103 208325104 869434 SH SOLE 866231 0 3203 PT Astra International Tbk COM 69367X109 134251 22793 SH SOLE 22793 0 0 RBC Bearings Inc. COM 75524B104 3459853 11566 SH SOLE 11566 0 0 RBC Bearings Inc. COM 75524B104 798405 2669 SH DFND 01 0 2669 0 ResMed Inc. COM 761152107 28303541 123764 SH SOLE 123436 0 328 Rheinmetall AG COM 76206K107 1327763 10492 SH SOLE 10132 0 360 Roche Holding A.G. COM 771195104 487657 13981 SH SOLE 13619 0 362 Royal Gold Inc. COM 780287108 647252 4909 SH SOLE 4848 0 61 Runway Growth Finance Corp COM 78163d100 149286 13621 SH SOLE 13621 0 0 Runway Growth Finance Corp COM 78163d100 767200 70000 SH DFND 01 0 70000 0 S&P Global Inc. COM 78409V104 76217868 153039 SH SOLE 152702 0 336 Safran S.A. COM 786584102 814720 14949 SH SOLE 14508 0 441 Sandoz Group COM 799926100 1036921 25603 SH SOLE 24896 0 707 SAP S.E. COM 803054204 1064858 4325 SH SOLE 4185 0 140 Sapiens International Corp. N. COM G7T16G103 2158575 80334 SH SOLE 80334 0 0 Sapiens International Corp. N. COM G7T16G103 656031 24415 SH DFND 01 0 24415 0 Seabridge Gold Inc. COM 811916105 492798 43190 SH SOLE 42654 0 536 Sendas Distribuidora S.A. 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