CONFLUENCE INVESTMENT MANAGEMENT LLC

13F filer, CIK 1442056, ST. LOUIS, MO

CONFLUENCE INVESTMENT MANAGEMENT LLC reported $7,208,869,614 across 299 holdings for the quarter ended 2024-12-31, in a 13F-HR filed 2025-01-02. Its ten largest share positions make up 21.76% of the portfolio.

Filed 2025-01-02 (acceptance time not in the bulk data set), ingested 2026-10-07 18:25:55 UTC13F-HR 0001636661-25-000002

Period: 2024-12-31
Reported value: $7.21B
Holdings: 299
Top 10 weight: 21.76%
New: 18
Sold out: 17

Largest buys vs the previous quarter

Security	Shares change	Approx. value
BIPCnew	+2,228,960	$89.2M
ETRadded	+787,367	$59.7M
AWKadded	+391,166	$48.7M
SGOVadded	+341,614	$34.3M
SPMBadded	+1,154,949	$24.9M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

Security	Shares change	Approx. value
BROOKFIELD INFRASTRUCT FCLA…exited	-2,273,742	-$98.7M
RYNexited	-2,087,364	-$67.2M
SHYexited	-230,857	-$19.2M
KDPexited	-374,448	-$14M
SPIBexited	-237,179	-$8M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2024

Share positions as resolved from 13F-HR 0001636661-25-000002, largest first. % of portfolio is the value over $7,208,869,614, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
PGRPROGRESSIVE CORP	869,434	$208M	2.89%	-31,826	Timeline
SNASNAP ON INC	530,445	$180M	2.5%	-14,465	Timeline
CBCHUBB LIMITED	575,879	$159M	2.21%	-11,510	Timeline
PAYXPAYCHEX INC	1,102,254	$155M	2.14%	-18,274	Timeline
LMTLOCKHEED MARTIN CORP	308,095	$150M	2.08%	-4,567	Timeline
DEODIAGEO PLC	1,176,466	$150M	2.07%	-39,320	Timeline
BRBROADRIDGE FINL SOLUTIONS IN	632,216	$143M	1.98%	-10,174	Timeline
SGOVISHARES TR	1,422,081	$143M	1.98%	+341,614	Timeline
HDHOME DEPOT INC	363,615	$141M	1.96%	-6,563	Timeline
WECWEC ENERGY GROUP INC	1,489,994	$140M	1.94%	-20,388	Timeline
CLXCLOROX CO DEL	860,389	$140M	1.94%	-10,846	Timeline
LINLINDE PLC	333,202	$140M	1.94%	-4,835	Timeline
ADIANALOG DEVICES INC	643,987	$137M	1.9%	-7,459	Timeline
PEPPEPSICO INC	897,170	$136M	1.89%	-7,683	Timeline
SOSOUTHERN CO	1,648,438	$136M	1.88%	-24,211	Timeline
MSFTMICROSOFT CORP	315,443	$133M	1.84%	-3,777	Timeline
FNFFIDELITY NATL FINL INC	2,282,039	$128M	1.78%	-50,526	Timeline
FASTFASTENAL CO	1,698,663	$122M	1.69%	-17,465	Timeline
CLCOLGATE PALMOLIVE CO	1,340,946	$122M	1.69%	-11,928	Timeline
ETRENTERGY CORP NEW	1,607,273	$122M	1.69%	+787,367	Timeline
KMIKINDER MORGAN INC DEL	4,390,944	$120M	1.67%	-93,615	Timeline
NTRSNORTHERN TR CORP	1,140,058	$117M	1.62%	-9,339	Timeline
HSYHERSHEY CO	682,029	$116M	1.6%	-29,046	Timeline
TROWPRICE T ROWE GROUP INC	986,521	$112M	1.55%	+2,532	Timeline
GILDGILEAD SCIENCES INC	1,176,858	$109M	1.51%	-14,136	Timeline
CVXCHEVRON CORPORATION	744,879	$108M	1.5%	-3,021	Timeline
CSCOCISCO SYS INC	1,803,001	$107M	1.48%	-16,419	Timeline
MAMASTERCARD INCORPORATED	179,049	$94.3M	1.31%	-5,803	Timeline
USBUS BANCORP	1,959,428	$93.7M	1.3%	-9,946	Timeline
ORCLORACLE CORP	550,299	$91.7M	1.27%	-24,004	Timeline
BIPCBROOKFIELD INFRASTRUCTURE CO	2,228,960	$89.2M	1.24%	new	Timeline
SYKSTRYKER CORPORATION	245,423	$88.4M	1.23%	-6,438	Timeline
SPMBSPDR SERIES TRUST	3,926,847	$84.6M	1.17%	+1,154,949	Timeline
ARCCARES CAPITAL CORP	3,813,221	$83.5M	1.16%	-23,352	Timeline
WRBBERKLEY W R CORP	1,336,426	$78.2M	1.08%	-26,869	Timeline
TJXTJX COS INC NEW	640,394	$77.4M	1.07%	-10,534	Timeline
SPGIS&P GLOBAL INC	153,039	$76.2M	1.06%	-2,470	Timeline
UPSUNITED PARCEL SVCS INC	602,472	$76M	1.05%	-11,315	Timeline
PAYCPAYCOM SOFTWARE INC	361,757	$74.1M	1.03%	-16,119	Timeline
BRK-BBERKSHIRE HATHAWAY INC DEL	147,947	$67.1M	0.93%	-6,795	Timeline
AWKAMERICAN WTR WKS CO INC NEW	537,138	$66.9M	0.93%	+391,166	Timeline
MASMASCO CORP	921,174	$66.8M	0.93%	-26,691	Timeline
SBUXSTARBUCKS CORP	679,814	$62M	0.86%	-8,735	Timeline
DOWDOW HLDGS INC	1,525,919	$61.2M	0.85%	-103,366	Timeline
ITWILLINOIS TOOL WKS INC	235,501	$59.7M	0.83%	-4,461	Timeline
GGGGRACO INC	705,427	$59.5M	0.82%	-13,988	Timeline
PIIPOLARIS INC	1,018,304	$58.7M	0.81%	-21,055	Timeline
MKLMARKEL GROUP INC	33,473	$57.8M	0.8%	-961	Timeline
LOWLOWES COS INC	232,548	$57.4M	0.8%	-8,409	Timeline
WYWEYERHAEUSER CO	2,004,292	$56.4M	0.78%	-47,148	Timeline
GOOGALPHABET INC	287,913	$54.8M	0.76%	-4,951	Timeline
KEYSKEYSIGHT TECHNOLOGIES INC	338,001	$54.3M	0.75%	-5,250	Timeline
BROBROWN & BROWN INC	524,387	$53.5M	0.74%	-16,703	Timeline
XMHQINVESCO EXCHANGE TRADED FD T	543,291	$53.5M	0.74%	+24,968	Timeline
DUN & BRADSTREET HLDGS INCDUN & BRADSTREET HLDGS INC	3,957,132	$49.3M	0.68%	-105,897
MDYGSPDR SERIES TRUST	548,721	$47.7M	0.66%	+60,545	Timeline
BKNGBOOKING HOLDINGS INC	9,257	$46M	0.64%	-471	Timeline
NXPINXP SEMICONDUCTORS N V	214,298	$44.5M	0.62%	-3,824	Timeline
TMOTHERMO FISHER SCIENTIFIC INC	83,547	$43.5M	0.6%	-1,046	Timeline
HYBBISHARES TR	738,106	$34M	0.47%	-24,010	Timeline
GLDMWORLD GOLD TR	627,966	$32.6M	0.45%	+6,010	Timeline
NDSNNORDSON CORP	155,057	$32.4M	0.45%	-1,327	Timeline
MLMMARTIN MARIETTA MATLS INC	62,668	$32.4M	0.45%	-1,541	Timeline
IBTHISHARES TR	1,417,941	$31.5M	0.44%	+61,970	Timeline
RMDRESMED INC	123,764	$28.3M	0.39%	-3,100	Timeline
STZCONSTELLATION BRANDS INC	124,582	$27.5M	0.38%	-13,788	Timeline
SHWSHERWIN WILLIAMS CO	80,190	$27.3M	0.38%	-2,288	Timeline
MBBISHARES TR	293,979	$27M	0.37%	+103,913	Timeline
ECLECOLAB INC	113,556	$26.6M	0.37%	-2,264	Timeline
APDAIR PRODUCTS AND CHEMICALS I	90,515	$26.3M	0.36%	-1,368	Timeline
APHAMPHENOL CORP	362,192	$25.2M	0.35%	-5,825	Timeline
SPDWSPDR INDEX SHS FDS	736,703	$25.1M	0.35%	-115,825	Timeline
IUSVISHARES TR	263,416	$24.4M	0.34%	+192,371	Timeline
MCDMCDONALDS CORP	83,110	$24.1M	0.33%	-1,215	Timeline
PGPROCTER & GAMBLE CO	140,980	$23.6M	0.33%	-1,696	Timeline
EOGEOG RES INC	190,560	$23.4M	0.32%	-1,958	Timeline
GDGENERAL DYNAMICS CORP	86,659	$22.8M	0.32%	-1,087	Timeline
DCIDONALDSON INC	328,449	$22.1M	0.31%	-4,439	Timeline
GTESGATES INDL CORP PLC	1,044,605	$21.5M	0.3%	-34,323	Timeline
MORNMORNINGSTAR INC	63,393	$21.3M	0.3%	-1,039	Timeline
DLTRDOLLAR TREE INC	283,267	$21.2M	0.29%	-15,566	Timeline
NJRNEW JERSEY RES CORP	454,152	$21.2M	0.29%	-4,381	Timeline
EXPDEXPEDITORS INTL WASH INC	189,653	$21M	0.29%	-1,717	Timeline
MDYVSPDR SERIES TRUST	251,986	$20.2M	0.28%	+32,026	Timeline
BF-BBROWN FORMAN CORP	506,261	$19.2M	0.27%	+100,182	Timeline
SLYGSPDR SERIES TRUST	206,430	$18.7M	0.26%	+7,080	Timeline
NKENIKE INC	246,080	$18.6M	0.26%	+14,592	Timeline
BDXBECTON DICKINSON & CO	81,098	$18.4M	0.26%	-700	Timeline
TTCTORO CO	229,631	$18.4M	0.26%	-748	Timeline
XSHQINVESCO EXCH TRADED FD TR II	427,904	$18.1M	0.25%	+10,037	Timeline
AOSSMITH A O CORP	264,162	$18M	0.25%	-8,056	Timeline
SPYGSPDR SERIES TRUST	204,435	$18M	0.25%	+5,827	Timeline
MDTMEDTRONIC PLC	215,420	$17.2M	0.24%	-1,079	Timeline
CRLCHARLES RIV LABS INTL INC	93,004	$17.2M	0.24%	-1,955	Timeline
BWINTHE BALDWIN INSURANCE GRP IN	432,066	$16.7M	0.23%	-6,478	Timeline
IBDRISHARES TR	671,822	$16.2M	0.22%	+10,684	Timeline
SPYVSPDR SERIES TRUST	281,066	$14.4M	0.2%	+8,190	Timeline
VNTVONTIER CORPORATION	388,952	$14.2M	0.2%	-2,137	Timeline
ZROZPIMCO ETF TR	206,281	$14.2M	0.2%	new	Timeline
SPYSTATE STR SPDR S&P 500 ETF T	23,125	$13.6M	0.19%	-2,533	Timeline
JBTMJBT MAREL CORPORATION	105,676	$13.4M	0.19%	-4,139	Timeline
IBTIISHARES TR	610,084	$13.4M	0.19%	-71,982	Timeline
URAGLOBAL X FDS	470,405	$12.6M	0.17%	+20,446	Timeline
SPHYSPDR SERIES TRUST	496,053	$11.6M	0.16%	+17,118	Timeline
LULULULULEMON ATHLETICA INC	29,842	$11.4M	0.16%	-247	Timeline
AZEK CO INCAZEK CO INC	231,087	$11M	0.15%	-10,737
IBDXISHARES TR	411,172	$10.1M	0.14%	+1,809	Timeline
IBDWISHARES TR	496,614	$10.1M	0.14%	+2,958	Timeline
IGSBISHARES TR	194,307	$10M	0.14%	-34,590	Timeline
CNMDCONMED CORP	140,205	$9.6M	0.13%	-6,737	Timeline
IBTMISHARES TR	426,060	$9.46M	0.13%	+7,465	Timeline
VVVVALVOLINE INC	251,391	$9.1M	0.13%	new	Timeline
DFNMDIMENSIONAL ETF TRUST	177,417	$8.48M	0.12%	-8,564	Timeline
PZAINVESCO EXCH TRADED FD TR II	332,758	$7.86M	0.11%	-3,880	Timeline
IBDYISHARES TR	311,170	$7.81M	0.11%	+2,547	Timeline
IBTJISHARES TR	360,901	$7.7M	0.11%	+3,744	Timeline
HTGCHERCULES CAPITAL INC	382,163	$7.68M	0.11%	+1,711	Timeline
MAINMAIN STR CAP CORP	131,043	$7.68M	0.11%	+164	Timeline
IBTKISHARES TR	399,627	$7.67M	0.11%	+6,164	Timeline
TLHISHARES TR	76,906	$7.66M	0.11%	+917	Timeline
IIIVI3 VERTICALS INC	292,629	$6.74M	0.09%	-7,043	Timeline
BSMSINVESCO EXCH TRD SLF IDX FD	267,630	$6.24M	0.09%	-2,078	Timeline
BXSLBLACKSTONE SECD LENDING FD	192,470	$6.22M	0.09%	+644	Timeline
ITAISHARES TR	41,178	$5.99M	0.08%	+718	Timeline
IBDUISHARES TR	254,736	$5.81M	0.08%	+8,131	Timeline
BSMRINVESCO EXCH TRD SLF IDX FD	240,509	$5.68M	0.08%	-2,940	Timeline
BSMUINVESCO EXCH TRD SLF IDX FD	253,992	$5.52M	0.08%	-11,126	Timeline
BSMVINVESCO EXCH TRD SLF IDX FD	256,727	$5.37M	0.07%	-8,802	Timeline
IEIISHARES TR	46,315	$5.35M	0.07%	+11,202	Timeline
TSLXSIXTH STREET SPECIALTY LENDI	251,182	$5.35M	0.07%	+1,273	Timeline
GBDCGOLUB CAP BDC INC	347,488	$5.27M	0.07%	+1,875	Timeline
IWDISHARES TR	28,375	$5.25M	0.07%	new	Timeline
BSMQINVESCO EXCH TRD SLF IDX FD	215,731	$5.08M	0.07%	-4,428	Timeline
INVESCOINVESCO	205,599	$5.04M	0.07%	-6,822
FLJPFRANKLIN TEMPLETON ETF TR	174,192	$4.98M	0.07%	-125,329	Timeline
BBDCBARINGS BDC INC	517,753	$4.95M	0.07%	+2,399	Timeline
NMFCNEW MTN FIN CORP	429,806	$4.84M	0.07%	+1,472	Timeline
BAMBROOKFIELD ASSET MANAGMT LTD	85,418	$4.63M	0.06%	-3,454	Timeline
Blue Owl Capital Corp IIIBlue Owl Capital Corp III	310,424	$4.48M	0.06%	+1,399
XLESELECT SECTOR SPDR TR	51,642	$4.42M	0.06%	+4,568	Timeline
HACKAMPLIFY ETF TR	59,321	$4.42M	0.06%	+1,822	Timeline
CVCOCAVCO INDS INC DEL	9,603	$4.29M	0.06%	-222	Timeline
RBCRBC BEARINGS INC	14,235	$4.26M	0.06%	-802	Timeline
IBDSISHARES TR	165,459	$3.96M	0.05%	+1,370	Timeline
STCSTEWART INFORMATION SVCS COR	55,965	$3.78M	0.05%	-774	Timeline
HYMBSPDR SERIES TRUST	146,177	$3.74M	0.05%	-8,656	Timeline
MLNVANECK ETF TRUST	205,938	$3.68M	0.05%	new	Timeline
SPBSPECTRUM BRANDS HOLDINGS INC	42,095	$3.56M	0.05%	-756	Timeline
ENOVENOVIS CORPORATION	79,622	$3.49M	0.05%	new	Timeline
MOVMOVADO GROUP INC	176,057	$3.46M	0.05%	+66,422	Timeline
TRIPTRIPADVISOR INC	233,858	$3.45M	0.05%	+70,960	Timeline
HYDVANECK ETF TRUST	66,492	$3.45M	0.05%	+438	Timeline
BRK-ABERKSHIRE HATHAWAY INC DEL	5	$3.4M	0.05%	0	Timeline
JJSFJ & J SNACK FOODS CORP	21,693	$3.37M	0.05%	-278	Timeline
HAYWHAYWARD HLDGS INC	216,520	$3.31M	0.05%	-2,581	Timeline
HGTYHAGERTY INC	337,100	$3.25M	0.05%	-14,830	Timeline
ASGTFALTUS GROUP LTD	81,838	$3.18M	0.04%	new	Timeline
SLRCSLR INVESTMENT CORP	187,478	$3.03M	0.04%	+550	Timeline
AOUTAMERICAN OUTDOOR BRANDS INC	191,398	$2.92M	0.04%	-6,425	Timeline
EPCEDGEWELL PERSONAL CARE CO	84,772	$2.85M	0.04%	-19	Timeline
SAPIENS INTERNATIONAL CORPSAPIENS INTERNATIONAL CORP	104,749	$2.81M	0.04%	-3,668
UFPTUFP TECHNOLOGIES INC	11,221	$2.74M	0.04%	-27	Timeline
SIVRABRDN SILVER ETF TRUST	97,377	$2.68M	0.04%	-580	Timeline
BSMTINVESCO EXCH TRD SLF IDX FD	110,451	$2.53M	0.04%	-6,207	Timeline
JBSSSANFILIPPO JOHN B & SON INC	28,770	$2.51M	0.03%	-1,542	Timeline
HTOH2O AMERICA	49,167	$2.42M	0.03%	-4,003	Timeline
MRTNMARTEN TRANS LTD	154,916	$2.42M	0.03%	+754	Timeline
WGOWINNEBAGO INDS INC	50,542	$2.41M	0.03%	+180	Timeline
CLBCORE LABORATORIES INC	136,359	$2.36M	0.03%	+599	Timeline
GSBDGOLDMAN SACHS BDC INC	192,149	$2.33M	0.03%	-2,351	Timeline
SHMSPDR SERIES TRUST	48,745	$2.31M	0.03%	-34,593	Timeline
CNNECANNAE HLDGS INC	113,684	$2.26M	0.03%	+114	Timeline
FSPFRANKLIN STR PPTYS CORP	1,231,656	$2.25M	0.03%	0	Timeline
CSWCCAPITAL SOUTHWEST CORP	100,242	$2.19M	0.03%	+1,779	Timeline
PNNTPENNANTPARK INVTS CORP	302,560	$2.14M	0.03%	+30	Timeline
BCSFBAIN CAP SPECIALTY FIN INC	119,920	$2.1M	0.03%	+373	Timeline
TSMTAIWAN SEMICONDUCTOR MANUFAC	10,340	$2.04M	0.03%	+8	Timeline
OCSLOAKTREE SPECIALTY LENDING	130,410	$1.99M	0.03%	+689	Timeline
NCDLNUVEEN CHURCHILL DIRECT LEND	118,602	$1.99M	0.03%	+441	Timeline
HCSGHEALTHCARE SVCS GROUP INC	168,841	$1.96M	0.03%	+1,897	Timeline
IBMOISHARES TR	75,478	$1.92M	0.03%	+1,184	Timeline
BXBLACKSTONE INC	11,000	$1.9M	0.03%	0	Timeline
KBDCKAYNE ANDERSON BDC INC	109,957	$1.82M	0.03%	+6,169	Timeline
AEMAGNICO EAGLE MINES LTD	20,408	$1.6M	0.02%	+351	Timeline
PSBDPALMER SQUARE CAPITAL BDC IN	104,546	$1.59M	0.02%	+464	Timeline
CCAPCRESCENT CAP BDC INC	73,839	$1.42M	0.02%	+633	Timeline
SHELSHELL PLC	22,011	$1.38M	0.02%	+71	Timeline
RNMBYRHEINMETALL AG-UNSP ADR	10,492	$1.33M	0.02%	-8	Timeline
MFICMIDCAP FINANCIAL INVSTMNT CO	88,644	$1.2M	0.02%	+566	Timeline
CCJCAMECO CORP	22,815	$1.17M	0.02%	+697	Timeline
FSKFS KKR CAP CORP	53,055	$1.15M	0.02%	+387	Timeline
ACNACCENTURE PLC IRELAND	3,231	$1.14M	0.02%	+26	Timeline
MUBISHARES TR	10,501	$1.12M	0.02%	-9,520	Timeline
NLYANNALY CAPITAL MANAGEMENT IN	60,648	$1.11M	0.02%	new	Timeline
MUFGMITSUBISHI UFJ FINANCIAL GRO	92,999	$1.09M	0.02%	+216	Timeline
CYBERARK SOFTWARE LTD/ISRAELCYBERARK SOFTWARE LTD/ISRAEL	3,245	$1.08M	0.01%	+8
AERAERCAP HOLDINGS NV	11,286	$1.08M	0.01%	+27	Timeline
SAPSAP SE	4,325	$1.06M	0.01%	+49	Timeline
TTNDYTECHTRONIC INDUSTRIES-SP ADR	16,176	$1.06M	0.01%	+162	Timeline
DBSDYDBS GROUP HOLDINGS-SPON ADR	8,168	$1.05M	0.01%	+81	Timeline
SDZNYSANDOZ GROUP AG-ADR	25,603	$1.04M	0.01%	+61	Timeline
WTWWILLIS TOWERS WATSON PLC LTD	3,308	$1.04M	0.01%	+8	Timeline
ZURVYZURICH INSURANCE GROUP-ADR	34,822	$1.03M	0.01%	+82	Timeline
IBMPISHARES TR	40,821	$1.03M	0.01%	-435	Timeline
BCICBCP INVESTMENT CORPORATION	60,472	$988K	0.01%	-279	Timeline
RWAYRUNWAY GROWTH FINANCE CORP	83,621	$916K	0.01%	new	Timeline
SONYSONY GROUP CORP	43,135	$913K	0.01%	+34,533	Timeline
TKOMYTOKIO MARINE HOLDINGS-ADR	24,726	$891K	0.01%	+67	Timeline
NVONOVO-NORDISK A S	10,274	$884K	0.01%	+220	Timeline
SHOPSHOPIFY INC	8,104	$862K	0.01%	-16	Timeline
TRINTRINITY CAP INC	58,619	$848K	0.01%	+277	Timeline
CHGCYChugai Pharmaceutical Ltd Unsp	38,574	$847K	0.01%	+117	Timeline
IBMQISHARES TR	33,255	$837K	0.01%	-381	Timeline
ITOCYITOCHU CORP-UNSPONSORED ADR	8,312	$819K	0.01%	-26	Timeline
SAFRYSAFRAN SA-UNSPON ADR	14,949	$815K	0.01%	+47	Timeline
NTDOYNINTENDO CO LTD-UNSPONS ADR	55,368	$810K	0.01%	+169	Timeline
ICLRICON PUB LTD CO	3,829	$803K	0.01%	+37	Timeline
EXEEXPAND ENERGY CORPORATION	7,971	$794K	0.01%	-190	Timeline
OFSOFS CAP CORP	98,000	$791K	0.01%	0	Timeline
HLNHALEON PLC	80,835	$771K	0.01%	+269	Timeline
INGING GROEP N.V.	48,238	$756K	0.01%	+790	Timeline
ARANTERO RESOURCES CORP	21,219	$744K	0.01%	+1,280	Timeline
IAUISHARES GOLD TR	14,962	$741K	0.01%	+592	Timeline
MITSYMITSUI & CO LTD-SPONS ADR	1,722	$717K	0.01%	+73	Timeline
UNILEVER PLCUNILEVER PLC	12,639	$717K	0.01%	-490
MMYTMAKEMYTRIP LIMITED MAURITIUS	6,357	$714K	0.01%	0	Timeline
AXPAMERICAN EXPRESS CO	2,400	$712K	0.01%	0	Timeline
LRLCYL'OREAL-UNSPONSORED ADR	10,116	$712K	0.01%	+37	Timeline
WPMWHEATON PRECIOUS METALS CORP	12,656	$712K	0.01%	+536	Timeline
FNVFRANCO NEV CORP	5,790	$681K	0.01%	+465	Timeline
FANGDIAMONDBACK ENERGY INC	4,078	$668K	0.01%	+211	Timeline
RGLDROYAL GOLD INC	4,909	$647K	0.01%	+190	Timeline
XOMEXXON MOBIL CORP	5,958	$641K	0.01%	+332	Timeline
IWNISHARES TR	3,822	$627K	0.01%	+650	Timeline
VISTVISTA ENERGY S.A.B. DE C.V.	11,558	$625K	0.01%	0	Timeline
TOTALENERGIES SE -SPON ADRTOTALENERGIES SE -SPON ADR	11,388	$621K	0.01%	-724
WMMVYWALMART DE MEXICO-SPON ADR V	23,347	$616K	0.01%	-286	Timeline
SLVISHARES SILVER TR	22,608	$595K	0.01%	new	Timeline
BNPQYBNP PARIBAS-ADR	19,091	$586K	0.01%	+2,219	Timeline
LVMUYLVMH MOET HENNESSY-UNSP ADR	4,465	$584K	0.01%	+20	Timeline
CTRACOTERRA ENERGY INC	22,837	$583K	0.01%	+1,355	Timeline
ANTOFAGASTA PLCANTOFAGASTA PLC	27,593	$581K	0.01%	+1,790
COPCONOCOPHILLIPS	5,852	$580K	0.01%	+297	Timeline
UECURANIUM ENERGY CORP	84,333	$564K	0.01%	+2,081	Timeline
HESS CORPHESS CORP	4,117	$548K	0.01%	+255
MSDLMORGAN STANLEY DIRECT LENDIN	26,142	$540K	0.01%	+365	Timeline
FCXFREEPORT MCMORAN INC	14,167	$539K	0.01%	+753	Timeline
AAALCOA CORP	13,999	$529K	0.01%	+936	Timeline
SCCOSOUTHERN COPPER CORP	5,778	$527K	0.01%	-1,842	Timeline
BAESYBAE SYSTEMS PLC -SPON ADR	9,209	$526K	0.01%	-690	Timeline
SASEABRIDGE GOLD INC	43,190	$493K	0.01%	+2,391	Timeline
RHHBYROCHE HOLDINGS LTD-SPONS ADR	13,981	$488K	0.01%	+2,910	Timeline
AGGISHARES TR	4,990	$484K	0.01%	new	Timeline
DNNDENISON MINES CORP	267,217	$481K	0.01%	+9,831	Timeline
KMTUYKOMATSU LTD -SPONS ADR	17,580	$480K	0.01%	-75	Timeline
BACBANK OF AMER CORP	10,591	$465K	0.01%	0	Timeline
BARRICK GOLD CORPBARRICK GOLD CORP	29,751	$461K	0.01%	+974
NEMNEWMONT CORP	11,788	$439K	0.01%	+281	Timeline
GLNCYGLENCORE PLC -UNSP ADR	48,991	$428K	0.01%	+4,081	Timeline
CWCURTISS WRIGHT CORP	1,160	$412K	0.01%	0	Timeline
MTRNMATERION CORP	4,031	$399K	0.01%	+204	Timeline
AGNCAGNC INVT CORP	41,958	$386K	0.01%	new	Timeline
WDSWOODSIDE ENERGY GROUP LTD	24,363	$380K	0.01%	+3,400	Timeline
IBNICICI BK LTD	12,500	$373K	0.01%	0	Timeline
MELIMERCADOLIBRE INC	210	$357K	<0.01%	-14	Timeline
MOSMOSAIC CO	14,527	$357K	<0.01%	+863	Timeline
BSMWINVESCO EXCH TRD SLF IDX FD	12,184	$306K	<0.01%	+416	Timeline
BSSXINVESCO EXCH TRD SLF IDX FD	11,825	$305K	<0.01%	+579	Timeline
ISHARESISHARES	11,431	$304K	<0.01%	0
IBMRISHARES TR	12,139	$303K	<0.01%	0	Timeline
KMPRKEMPER CORP	4,470	$297K	<0.01%	0	Timeline
KBKB FINL GROUP INC	5,125	$292K	<0.01%	-326	Timeline
RDYDR REDDYS LABS LTD	18,290	$289K	<0.01%	+14,632	Timeline
IEFAISHARES TR	4,043	$284K	<0.01%	new	Timeline
TCEHYTENCENT HOLDINGS LTD-UNS ADR	5,197	$276K	<0.01%	0	Timeline
FMXFOMENTO ECONOMICO MEXICANO S	3,052	$261K	<0.01%	0	Timeline
AMPAMERIPRISE FINL INC	480	$256K	<0.01%	0	Timeline
GFIGOLD FIELDS LTD	19,140	$253K	<0.01%	0	Timeline
AVMCAMERICAN CENTY ETF TR	3,654	$237K	<0.01%	new	Timeline
YUMCYUM CHINA HLDGS INC	4,891	$236K	<0.01%	new	Timeline
INFYINFOSYS LTD	10,413	$228K	<0.01%	0	Timeline
KOFCOCA-COLA FEMSA SAB DE CV	2,909	$227K	<0.01%	-2	Timeline
COSTCOSTCO WHOLESALE CORPORATION	247	$226K	<0.01%	0	Timeline
HDBHDFC BANK LTD	3,389	$216K	<0.01%	0	Timeline
VLRSCONTROLADORA VUELA COMP DE A	28,343	$211K	<0.01%	0	Timeline
SHGSHINHAN FINANCIAL GROUP CO L	6,412	$211K	<0.01%	-396	Timeline
BABAALIBABA GROUP HLDG LTD	2,425	$206K	<0.01%	+412	Timeline
JPMJPMORGAN CHASE & CO	852	$204K	<0.01%	new	Timeline
PPLTABRDN PLATINUM ETF TRUST	2,421	$201K	<0.01%	new	Timeline
ZTOZTO EXPRESS CAYMAN INC	10,282	$201K	<0.01%	+1,326	Timeline
JBS SA-SPONSORED ADRJBS SA-SPONSORED ADR	15,544	$185K	<0.01%	0
PNGAYPING AN INSURANCE-ADR	13,420	$156K	<0.01%	0	Timeline
PTAIYPt Astra International TBK Uns	22,793	$134K	<0.01%	0	Timeline
BWMXBETTERWARE DE MEXC S A P I D	11,087	$124K	<0.01%	0	Timeline
ECECOPETROL S A	15,347	$122K	<0.01%	-14	Timeline
VALEVALE S A	13,233	$117K	<0.01%	0	Timeline
ARCOARCOS DORADOS HLDGS INC	16,042	$117K	<0.01%	-1,124	Timeline
FRGXXFIDELITY GOVERNMENT	101,195	$101K	<0.01%	new	Timeline
ASAIYSENDAS DISTRIBUIDORA S A	11,135	$49.8K	<0.01%	-387	Timeline

Sold out in Q4 2024

Positions in the previous quarter's report that this quarter's report no longer lists.

Security	Shares before	Value before	Type
BROOKFIELD INFRASTRUCT FCLA…BROOKFIELD INFRASTRUCT FCLASS …	2,273,742	$98.7M	shares
RYNRAYONIER INC	2,087,364	$67.2M	shares
SHYISHARES TR	230,857	$19.2M	shares
KDPKEURIG DR PEPPER INC	374,448	$14M	shares
SPIBSPDR SERIES TRUST	237,179	$8M	shares
XONEBONDBLOXX ETF TRUST	150,419	$7.51M	shares
KAIKADANT INC	12,326	$4.17M	shares
PERFICIENT INCPERFICIENT INC	46,235	$3.49M	shares
MGPIMGP INGREDIENTS INC NEW	32,971	$2.74M	shares
ECVTECOVYST INC	298,681	$2.05M	shares
ISHARES TRISHARES TR	41,187	$1.07M	shares
SOUTHWESTERN ENERGY COSOUTHWESTERN ENERGY CO	94,374	$671K	shares
RIORIO TINTO PLC	8,343	$594K	shares
BHPBHP BILLITON LIMITED	8,657	$538K	shares
SQMSOCIEDAD QUIMICA Y MINERA DE	7,586	$316K	shares
TCPCBLACKROCK TCP CAPITAL CORP	34,697	$288K	shares
PAGSPAGSEGURO DIGITAL LTD	10,560	$90.9K	shares

How Q4 2024 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

Filing	Role	Amendment	Filed	Accepted	Ingested
13F-HR 0001636661-25-000002	base		2025-01-02	acceptance time not in the bulk data set	2026-10-07 18:25:55 UTC