CONFLUENCE INVESTMENT MANAGEMENT LLC

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

CONFLUENCE INVESTMENT MANAGEMENT LLC reported $6,944,797,751 across 294 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-04-01. Its ten largest share positions make up 23.15% of the portfolio.

Filed 2025-04-01 (acceptance time not in the bulk data set), ingested 2026-10-07 18:25:06 UTC13F-HR 0001636661-25-000004

Period: 2025-03-31
Reported value: $6.94B
Holdings: 294
Top 10 weight: 23.15%
New: 23
Sold out: 28

Largest buys vs the previous quarter

Security	Shares change	Approx. value
SGOVadded	+521,411	$52.5M
ACGLnew	+400,697	$38.5M
APDadded	+116,139	$34.3M
ZTSnew	+139,675	$23M
IBTOnew	+700,979	$17.1M

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
BIPCexited	-2,228,960	-$89.2M
PGRreduced	-301,394	-$85.3M
MKLreduced	-33,323	-$62.3M
MSFTreduced	-147,964	-$55.5M
SBUXreduced	-336,480	-$33M

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, Q1 2025

Share positions as resolved from 13F-HR 0001636661-25-000004, largest first. % of portfolio is the value over $6,944,797,751, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
SGOVISHARES TR	1,943,492	$196M	2.82%	+521,411	Timeline
SNASNAP ON INC	509,863	$172M	2.47%	-20,582	Timeline
CBCHUBB LIMITED	558,131	$169M	2.43%	-17,748	Timeline
PAYXPAYCHEX INC	1,065,458	$164M	2.37%	-36,796	Timeline
PGRPROGRESSIVE CORP	568,040	$161M	2.31%	-301,394	Timeline
WECWEC ENERGY GROUP INC	1,444,397	$157M	2.27%	-45,597	Timeline
LINLINDE PLC	322,451	$150M	2.16%	-10,751	Timeline
BRBROADRIDGE FINL SOLUTIONS IN	609,740	$148M	2.13%	-22,476	Timeline
SOSOUTHERN CO	1,603,734	$147M	2.12%	-44,704	Timeline
FNFFIDELITY NATL FINL INC	2,208,073	$144M	2.07%	-73,966	Timeline
LMTLOCKHEED MARTIN CORP	302,449	$135M	1.95%	-5,646	Timeline
PEPPEPSICO INC	896,248	$134M	1.94%	-922	Timeline
HDHOME DEPOT INC	353,679	$130M	1.87%	-9,936	Timeline
FASTFASTENAL CO	1,660,502	$129M	1.85%	-38,161	Timeline
ADIANALOG DEVICES INC	629,623	$127M	1.83%	-14,364	Timeline
DEODIAGEO PLC	1,184,987	$124M	1.79%	+8,521	Timeline
CLXCLOROX CO DEL	840,746	$124M	1.78%	-19,643	Timeline
CLCOLGATE PALMOLIVE CO	1,321,151	$124M	1.78%	-19,795	Timeline
CVXCHEVRON CORPORATION	734,333	$123M	1.77%	-10,546	Timeline
HSYHERSHEY CO	699,426	$120M	1.72%	+17,397	Timeline
ETRENTERGY CORP NEW	1,390,339	$119M	1.71%	-216,934	Timeline
KMIKINDER MORGAN INC DEL	3,880,963	$111M	1.59%	-509,981	Timeline
GILDGILEAD SCIENCES INC	979,976	$110M	1.58%	-196,882	Timeline
NTRSNORTHERN TR CORP	1,111,743	$110M	1.58%	-28,315	Timeline
CSCOCISCO SYS INC	1,757,299	$108M	1.56%	-45,702	Timeline
MAMASTERCARD INCORPORATED	172,754	$94.7M	1.36%	-6,295	Timeline
WRBBERKLEY W R CORP	1,302,855	$92.7M	1.33%	-33,571	Timeline
SPMBSPDR SERIES TRUST	4,161,523	$91.8M	1.32%	+234,676	Timeline
SYKSTRYKER CORPORATION	236,840	$88.2M	1.27%	-8,583	Timeline
TROWPRICE T ROWE GROUP INC	958,342	$88M	1.27%	-28,179	Timeline
ARCCARES CAPITAL CORP	3,775,447	$83.7M	1.2%	-37,774	Timeline
USBUS BANCORP	1,919,167	$81M	1.17%	-40,261	Timeline
AWKAMERICAN WTR WKS CO INC NEW	535,169	$78.9M	1.14%	-1,969	Timeline
BRK-BBERKSHIRE HATHAWAY INC DEL	144,171	$76.8M	1.11%	-3,776	Timeline
PAYCPAYCOM SOFTWARE INC	350,995	$76.7M	1.1%	-10,762	Timeline
TJXTJX COS INC NEW	626,578	$76.3M	1.1%	-13,816	Timeline
SPGIS&P GLOBAL INC	149,835	$76.1M	1.1%	-3,204	Timeline
ORCLORACLE CORP	535,729	$74.9M	1.08%	-14,570	Timeline
UPSUNITED PARCEL SVCS INC	638,607	$70.2M	1.01%	+36,135	Timeline
MSFTMICROSOFT CORP	167,479	$62.9M	0.91%	-147,964	Timeline
MASMASCO CORP	894,013	$62.2M	0.9%	-27,161	Timeline
BROBROWN & BROWN INC	493,525	$61.4M	0.88%	-30,862	Timeline
APDAIR PRODUCTS AND CHEMICALS I	206,654	$60.9M	0.88%	+116,139	Timeline
DOWDOW HLDGS INC	1,736,955	$60.7M	0.87%	+211,036	Timeline
WYWEYERHAEUSER CO	1,962,436	$57.5M	0.83%	-41,856	Timeline
GGGGRACO INC	683,220	$57.1M	0.82%	-22,207	Timeline
ITWILLINOIS TOOL WKS INC	229,950	$57M	0.82%	-5,551	Timeline
LOWLOWES COS INC	228,447	$53.3M	0.77%	-4,101	Timeline
XMHQINVESCO EXCHANGE TRADED FD T	548,049	$50.2M	0.72%	+4,758	Timeline
KEYSKEYSIGHT TECHNOLOGIES INC	334,196	$50.1M	0.72%	-3,805	Timeline
GOOGALPHABET INC	283,770	$44.3M	0.64%	-4,143	Timeline
BKNGBOOKING HOLDINGS INC	9,085	$41.9M	0.6%	-172	Timeline
TMOTHERMO FISHER SCIENTIFIC INC	82,953	$41.3M	0.59%	-594	Timeline
NXPINXP SEMICONDUCTORS N V	212,630	$40.4M	0.58%	-1,668	Timeline
ACGLARCH CAP GROUP LTD	400,697	$38.5M	0.55%	new	Timeline
PIIPOLARIS INC	922,933	$37.8M	0.54%	-95,371	Timeline
DUN & BRADSTREET HLDGS INCDUN & BRADSTREET HLDGS INC	3,986,188	$35.6M	0.51%	+29,056
MDYGSPDR SERIES TRUST	442,067	$35.1M	0.51%	-106,654	Timeline
HYBBISHARES TR	752,841	$34.8M	0.5%	+14,735	Timeline
SBUXSTARBUCKS CORP	343,334	$33.7M	0.48%	-336,480	Timeline
NDSNNORDSON CORP	153,785	$31M	0.45%	-1,272	Timeline
MLMMARTIN MARIETTA MATLS INC	62,468	$29.9M	0.43%	-200	Timeline
GLDMWORLD GOLD TR	470,195	$29.1M	0.42%	-157,771	Timeline
SPYVSPDR SERIES TRUST	561,531	$28.7M	0.41%	+280,465	Timeline
ECLECOLAB INC	108,874	$27.6M	0.4%	-4,682	Timeline
MBBISHARES TR	290,612	$27.3M	0.39%	-3,367	Timeline
SPYGSPDR SERIES TRUST	336,227	$27M	0.39%	+131,792	Timeline
SHWSHERWIN WILLIAMS CO	76,912	$26.9M	0.39%	-3,278	Timeline
RMDRESMED INC	118,595	$26.5M	0.38%	-5,169	Timeline
STZCONSTELLATION BRANDS INC	141,373	$25.9M	0.37%	+16,791	Timeline
MCDMCDONALDS CORP	80,214	$25.1M	0.36%	-2,896	Timeline
TLHISHARES TR	240,590	$25M	0.36%	+163,684	Timeline
EOGEOG RES INC	184,346	$23.6M	0.34%	-6,214	Timeline
PGPROCTER & GAMBLE CO	136,618	$23.3M	0.34%	-4,362	Timeline
GDGENERAL DYNAMICS CORP	84,424	$23M	0.33%	-2,235	Timeline
ZTSZOETIS INC	139,675	$23M	0.33%	new	Timeline
APHAMPHENOL CORP	349,787	$22.9M	0.33%	-12,405	Timeline
EXPDEXPEDITORS INTL WASH INC	184,607	$22.2M	0.32%	-5,046	Timeline
DLTRDOLLAR TREE INC	291,186	$21.9M	0.31%	+7,919	Timeline
AOSSMITH A O CORP	330,819	$21.6M	0.31%	+66,657	Timeline
NJRNEW JERSEY RES CORP	440,703	$21.6M	0.31%	-13,449	Timeline
SPYSTATE STR SPDR S&P 500 ETF T	38,449	$21.5M	0.31%	+15,324	Timeline
DCIDONALDSON INC	318,834	$21.4M	0.31%	-9,615	Timeline
MDTMEDTRONIC PLC	211,700	$19M	0.27%	-3,720	Timeline
BWINTHE BALDWIN INSURANCE GRP IN	423,042	$18.9M	0.27%	-9,024	Timeline
MDYVSPDR SERIES TRUST	243,860	$18.8M	0.27%	-8,126	Timeline
MORNMORNINGSTAR INC	62,103	$18.6M	0.27%	-1,290	Timeline
GTESGATES INDL CORP PLC	1,011,102	$18.6M	0.27%	-33,503	Timeline
BDXBECTON DICKINSON & CO	80,115	$18.4M	0.26%	-983	Timeline
XSHQINVESCO EXCH TRADED FD TR II	459,211	$18.1M	0.26%	+31,307	Timeline
VVVVALVOLINE INC	506,205	$17.6M	0.25%	+254,814	Timeline
BF-BBROWN FORMAN CORP	517,326	$17.6M	0.25%	+11,065	Timeline
IBTOISHARES TR	700,979	$17.1M	0.25%	new	Timeline
IBTPISHARES TR	661,179	$17M	0.24%	new	Timeline
TTCTORO CO	226,647	$16.5M	0.24%	-2,984	Timeline
NKENIKE INC	246,930	$15.7M	0.23%	+850	Timeline
CRLCHARLES RIV LABS INTL INC	96,526	$14.5M	0.21%	+3,522	Timeline
DISDISNEY WALT CO	138,018	$13.6M	0.2%	new	Timeline
VNTVONTIER CORPORATION	389,209	$12.8M	0.18%	+257	Timeline
JBTMJBT MAREL CORPORATION	100,807	$12.3M	0.18%	-4,869	Timeline
SPHYSPDR SERIES TRUST	505,720	$11.8M	0.17%	+9,667	Timeline
IBTJISHARES TR	534,836	$11.6M	0.17%	+173,935	Timeline
URAGLOBAL X FDS	500,947	$11.5M	0.17%	+30,542	Timeline
IBTHISHARES TR	470,464	$10.5M	0.15%	-947,477	Timeline
SLYGSPDR SERIES TRUST	126,762	$10.5M	0.15%	-79,668	Timeline
SHLDGLOBAL X FDS	219,370	$10.2M	0.15%	new	Timeline
IBDXISHARES TR	407,434	$10.2M	0.15%	-3,738	Timeline
IBDWISHARES TR	490,577	$10.2M	0.15%	-6,037	Timeline
IBTIISHARES TR	438,690	$9.76M	0.14%	-171,394	Timeline
IBTMISHARES TR	426,353	$9.76M	0.14%	+293	Timeline
TRIPTRIPADVISOR INC	641,796	$9.09M	0.13%	+407,938	Timeline
ZROZPIMCO ETF TR	125,161	$8.97M	0.13%	-81,120	Timeline
CNMDCONMED CORP	137,318	$8.29M	0.12%	-2,887	Timeline
DFNMDIMENSIONAL ETF TRUST	173,223	$8.24M	0.12%	-4,194	Timeline
HACKAMPLIFY ETF TR	114,491	$8.22M	0.12%	+55,170	Timeline
IBDYISHARES TR	308,505	$7.89M	0.11%	-2,665	Timeline
IBTKISHARES TR	395,464	$7.77M	0.11%	-4,163	Timeline
PZAINVESCO EXCH TRADED FD TR II	326,206	$7.52M	0.11%	-6,552	Timeline
AZEK CO INCAZEK CO INC	151,990	$7.43M	0.11%	-79,097
MAINMAIN STR CAP CORP	130,010	$7.35M	0.11%	-1,033	Timeline
HTGCHERCULES CAPITAL INC	382,629	$7.35M	0.11%	+466	Timeline
IUSVISHARES TR	76,605	$7.07M	0.1%	-186,811	Timeline
SLYVSPDR SERIES TRUST	87,599	$6.87M	0.1%	new	Timeline
IIIVI3 VERTICALS INC	278,147	$6.86M	0.1%	-14,482	Timeline
BSMRINVESCO EXCH TRD SLF IDX FD	273,987	$6.45M	0.09%	+33,478	Timeline
IBTLISHARES TR	306,939	$6.24M	0.09%	new	Timeline
IBDVISHARES TR	282,297	$6.13M	0.09%	new	Timeline
TSLXSIXTH STREET SPECIALTY LENDI	251,416	$5.63M	0.08%	+234	Timeline
BSSXINVESCO EXCH TRD SLF IDX FD	220,577	$5.59M	0.08%	+208,752	Timeline
IEIISHARES TR	47,213	$5.58M	0.08%	+898	Timeline
BSMUINVESCO EXCH TRD SLF IDX FD	248,788	$5.37M	0.08%	-5,204	Timeline
BSMTINVESCO EXCH TRD SLF IDX FD	235,377	$5.35M	0.08%	+124,926	Timeline
GBDCGOLUB CAP BDC INC	349,833	$5.3M	0.08%	+2,345	Timeline
BBDCBARINGS BDC INC	519,779	$4.96M	0.07%	+2,026	Timeline
NMFCNEW MTN FIN CORP	438,682	$4.84M	0.07%	+8,876	Timeline
OBDCBLUE OWL CAPITAL CORPORATION	304,846	$4.47M	0.06%	new	Timeline
MLNVANECK ETF TRUST	251,836	$4.38M	0.06%	+45,898	Timeline
CVCOCAVCO INDS INC DEL	8,359	$4.34M	0.06%	-1,244	Timeline
AZNASTRAZENECA PLC-SPONS ADR	374	$4.26M	0.06%	new	Timeline
BRK-ABERKSHIRE HATHAWAY INC DEL	5	$3.99M	0.06%	0	Timeline
IBDSISHARES TR	163,383	$3.95M	0.06%	-2,076	Timeline
FSKFS KKR CAP CORP	185,799	$3.89M	0.06%	+132,744	Timeline
STCSTEWART INFORMATION SVCS COR	51,894	$3.7M	0.05%	-4,071	Timeline
HYMBSPDR SERIES TRUST	145,414	$3.67M	0.05%	-763	Timeline
HYDVANECK ETF TRUST	66,241	$3.39M	0.05%	-251	Timeline
RBCRBC BEARINGS INC	10,053	$3.23M	0.05%	-4,182	Timeline
SLRCSLR INVESTMENT CORP	187,389	$3.16M	0.05%	-89	Timeline
BSMWINVESCO EXCH TRD SLF IDX FD	126,794	$3.12M	0.04%	+114,610	Timeline
BSMVINVESCO EXCH TRD SLF IDX FD	143,705	$2.98M	0.04%	-113,022	Timeline
SPBSPECTRUM BRANDS HOLDINGS INC	41,050	$2.94M	0.04%	-1,045	Timeline
ENOVENOVIS CORPORATION	76,529	$2.92M	0.04%	-3,093	Timeline
HTOH2O AMERICA	53,044	$2.9M	0.04%	+3,877	Timeline
HGTYHAGERTY INC	316,369	$2.86M	0.04%	-20,731	Timeline
MOVMOVADO GROUP INC	170,196	$2.85M	0.04%	-5,861	Timeline
SAPIENS INTERNATIONAL CORPSAPIENS INTERNATIONAL CORP	104,701	$2.84M	0.04%	-48
ASGTFALTUS GROUP LTD	78,840	$2.79M	0.04%	-2,998	Timeline
JJSFJ & J SNACK FOODS CORP	20,901	$2.75M	0.04%	-792	Timeline
HAYWHAYWARD HLDGS INC	197,361	$2.75M	0.04%	-19,159	Timeline
HAEHAEMONETICS CORP MASS	42,722	$2.71M	0.04%	new	Timeline
BSMQINVESCO EXCH TRD SLF IDX FD	114,340	$2.7M	0.04%	-101,391	Timeline
INVESCOINVESCO	110,040	$2.69M	0.04%	-95,559
BSMSINVESCO EXCH TRD SLF IDX FD	115,952	$2.69M	0.04%	-151,678	Timeline
KNKNOWLES CORP	169,915	$2.58M	0.04%	new	Timeline
EPCEDGEWELL PERSONAL CARE CO	81,483	$2.54M	0.04%	-3,289	Timeline
TLTISHARES TR	27,667	$2.52M	0.04%	new	Timeline
BXSLBLACKSTONE SECD LENDING FD	75,154	$2.43M	0.04%	-117,316	Timeline
SHMSPDR SERIES TRUST	48,048	$2.29M	0.03%	-697	Timeline
CSWCCAPITAL SOUTHWEST CORP	101,522	$2.27M	0.03%	+1,280	Timeline
JBSSSANFILIPPO JOHN B & SON INC	31,607	$2.24M	0.03%	+2,837	Timeline
AOUTAMERICAN OUTDOOR BRANDS INC	182,498	$2.22M	0.03%	-8,900	Timeline
FSPFRANKLIN STR PPTYS CORP	1,231,656	$2.19M	0.03%	0	Timeline
AEMAGNICO EAGLE MINES LTD	20,218	$2.19M	0.03%	-190	Timeline
UFPTUFP TECHNOLOGIES INC	10,725	$2.16M	0.03%	-496	Timeline
OCSLOAKTREE SPECIALTY LENDING	136,401	$2.1M	0.03%	+5,991	Timeline
MRTNMARTEN TRANS LTD	151,834	$2.08M	0.03%	-3,082	Timeline
GSBDGOLDMAN SACHS BDC INC	175,783	$2.04M	0.03%	-16,366	Timeline
CNNECANNAE HLDGS INC	110,361	$2.02M	0.03%	-3,323	Timeline
NCDLNUVEEN CHURCHILL DIRECT LEND	119,108	$2.02M	0.03%	+506	Timeline
BCSFBAIN CAP SPECIALTY FIN INC	120,452	$2M	0.03%	+532	Timeline
MUBISHARES TR	18,415	$1.94M	0.03%	+7,914	Timeline
IBMOISHARES TR	75,467	$1.93M	0.03%	-11	Timeline
KBDCKAYNE ANDERSON BDC INC	110,635	$1.79M	0.03%	+678	Timeline
WGOWINNEBAGO INDS INC	50,017	$1.72M	0.02%	-525	Timeline
SHELSHELL PLC	22,801	$1.67M	0.02%	+790	Timeline
TSMTAIWAN SEMICONDUCTOR MANUFAC	9,796	$1.63M	0.02%	-544	Timeline
BXBLACKSTONE INC	11,000	$1.54M	0.02%	0	Timeline
RNMBYRHEINMETALL AG-UNSP ADR	4,964	$1.42M	0.02%	-5,528	Timeline
PSBDPALMER SQUARE CAPITAL BDC IN	105,639	$1.41M	0.02%	+1,093	Timeline
CCAPCRESCENT CAP BDC INC	75,052	$1.28M	0.02%	+1,213	Timeline
MUFGMITSUBISHI UFJ FINANCIAL GRO	92,147	$1.26M	0.02%	-852	Timeline
SAPSAP SE	4,678	$1.26M	0.02%	+353	Timeline
ZURVYZURICH INSURANCE GROUP-ADR	34,878	$1.22M	0.02%	+56	Timeline
MFICMIDCAP FINANCIAL INVSTMNT CO	89,748	$1.15M	0.02%	+1,104	Timeline
AERAERCAP HOLDINGS NV	11,146	$1.14M	0.02%	-140	Timeline
DBSDYDBS GROUP HOLDINGS-SPON ADR	8,175	$1.12M	0.02%	+7	Timeline
WTWWILLIS TOWERS WATSON PLC LTD	3,323	$1.12M	0.02%	+15	Timeline
RLIRLI CORP	13,946	$1.12M	0.02%	new	Timeline
SONYSONY GROUP CORP	42,975	$1.09M	0.02%	-160	Timeline
CYBERARK SOFTWARE LTD/ISRAELCYBERARK SOFTWARE LTD/ISRAEL	3,204	$1.08M	0.02%	-41
SDZNYSANDOZ GROUP AG-ADR	25,451	$1.07M	0.02%	-152	Timeline
IBMPISHARES TR	40,553	$1.03M	0.01%	-268	Timeline
SAFRYSAFRAN SA-UNSPON ADR	14,960	$991K	0.01%	+11	Timeline
TKOMYTOKIO MARINE HOLDINGS-ADR	25,001	$972K	0.01%	+275	Timeline
WPMWHEATON PRECIOUS METALS CORP	12,320	$956K	0.01%	-336	Timeline
NTDOYNINTENDO CO LTD-UNSPONS ADR	55,237	$948K	0.01%	-131	Timeline
TTNDYTECHTRONIC INDUSTRIES-SP ADR	15,774	$947K	0.01%	-402	Timeline
ACNACCENTURE PLC IRELAND	3,025	$944K	0.01%	-206	Timeline
INGING GROEP N.V.	48,030	$941K	0.01%	-208	Timeline
FNVFRANCO NEV CORP	5,874	$926K	0.01%	+84	Timeline
BCICBCP INVESTMENT CORPORATION	64,165	$921K	0.01%	+3,693	Timeline
PNNTPENNANTPARK INVTS CORP	130,364	$916K	0.01%	-172,196	Timeline
CCJCAMECO CORP	21,950	$903K	0.01%	-865	Timeline
BAESYBAE SYSTEMS PLC -SPON ADR	10,986	$903K	0.01%	+1,777	Timeline
TRINTRINITY CAP INC	59,049	$895K	0.01%	+430	Timeline
RWAYRUNWAY GROWTH FINANCE CORP	85,677	$887K	0.01%	+2,056	Timeline
CHGCYChugai Pharmaceutical Ltd Unsp	38,924	$885K	0.01%	+350	Timeline
BNPQYBNP PARIBAS-ADR	20,738	$866K	0.01%	+1,647	Timeline
IAUISHARES GOLD TR	14,616	$862K	0.01%	-346	Timeline
ARANTERO RESOURCES CORP	20,912	$846K	0.01%	-307	Timeline
HLNHALEON PLC	81,673	$840K	0.01%	+838	Timeline
IBMQISHARES TR	32,937	$833K	0.01%	-318	Timeline
EXEEXPAND ENERGY CORPORATION	7,421	$826K	0.01%	-550	Timeline
TOTALENERGIES SE -SPON ADRTOTALENERGIES SE -SPON ADR	12,679	$820K	0.01%	+1,291
RGLDROYAL GOLD INC	4,886	$799K	0.01%	-23	Timeline
UNILEVER PLCUNILEVER PLC	13,329	$794K	0.01%	+690
ITOCYITOCHU CORP-UNSPONSORED ADR	8,516	$792K	0.01%	+204	Timeline
IWDISHARES TR	4,155	$782K	0.01%	-24,220	Timeline
ASMLASML HLDG NV	1,178	$781K	0.01%	new	Timeline
LRLCYL'OREAL-UNSPONSORED ADR	10,473	$779K	0.01%	+357	Timeline
SHOPSHOPIFY INC	8,126	$776K	0.01%	+22	Timeline
NVONOVO-NORDISK A S	10,465	$727K	0.01%	+191	Timeline
XOMEXXON MOBIL CORP	6,074	$722K	0.01%	+116	Timeline
SLVISHARES SILVER TR	22,658	$702K	0.01%	+50	Timeline
ICLRICON PUB LTD CO	3,900	$682K	0.01%	+71	Timeline
CNRCORE NATURAL RESOURCES INC	8,844	$682K	0.01%	new	Timeline
CTRACOTERRA ENERGY INC	23,309	$674K	0.01%	+472	Timeline
WMMVYWALMART DE MEXICO-SPON ADR V	23,770	$655K	0.01%	+423	Timeline
FANGDIAMONDBACK ENERGY INC	4,080	$652K	0.01%	+2	Timeline
AXPAMERICAN EXPRESS CO	2,400	$646K	0.01%	0	Timeline
MITSYMITSUI & CO LTD-SPONS ADR	1,697	$645K	0.01%	-25	Timeline
COPCONOCOPHILLIPS	5,995	$630K	0.01%	+143	Timeline
NEMNEWMONT CORP	12,935	$624K	0.01%	+1,147	Timeline
BARRICK GOLD CORPBARRICK GOLD CORP	31,798	$618K	0.01%	+2,047
RHHBYROCHE HOLDINGS LTD-SPONS ADR	14,491	$596K	0.01%	+510	Timeline
ANTOFAGASTA PLCANTOFAGASTA PLC	27,781	$592K	0.01%	+188
LVMUYLVMH MOET HENNESSY-UNSP ADR	4,581	$567K	0.01%	+116	Timeline
SCCOSOUTHERN COPPER CORP	5,961	$557K	0.01%	+183	Timeline
FCXFREEPORT MCMORAN INC	14,630	$554K	0.01%	+463	Timeline
MMYTMAKEMYTRIP LIMITED MAURITIUS	5,633	$552K	0.01%	-724	Timeline
KMTUYKOMATSU LTD -SPONS ADR	18,522	$538K	0.01%	+942	Timeline
MSDLMORGAN STANLEY DIRECT LENDIN	26,921	$537K	0.01%	+779	Timeline
SASEABRIDGE GOLD INC	44,811	$523K	0.01%	+1,621	Timeline
BACBANK OF AMER CORP	10,591	$442K	0.01%	0	Timeline
VISTVISTA ENERGY S.A.B. DE C.V.	9,168	$427K	0.01%	-2,390	Timeline
UECURANIUM ENERGY CORP	83,694	$400K	0.01%	-639	Timeline
MELIMERCADOLIBRE INC	204	$398K	0.01%	-6	Timeline
GFIGOLD FIELDS LTD	17,393	$384K	0.01%	-1,747	Timeline
GLNCYGLENCORE PLC -UNSP ADR	51,548	$377K	0.01%	+2,557	Timeline
CWCURTISS WRIGHT CORP	1,160	$368K	0.01%	0	Timeline
IBNICICI BK LTD	11,615	$366K	0.01%	-885	Timeline
DNNDENISON MINES CORP	269,817	$351K	0.01%	+2,600	Timeline
ISHARESISHARES	11,583	$310K	<0.01%	+152
IBMRISHARES TR	12,322	$309K	<0.01%	+183	Timeline
BSMYINVESCO EXCH TRD SLF IDX FD	12,577	$302K	<0.01%	new	Timeline
KMPRKEMPER CORP	4,470	$299K	<0.01%	0	Timeline
TCEHYTENCENT HOLDINGS LTD-UNS ADR	4,679	$299K	<0.01%	-518	Timeline
BABAALIBABA GROUP HLDG LTD	2,237	$296K	<0.01%	-188	Timeline
MKLMARKEL GROUP INC	150	$280K	<0.01%	-33,323	Timeline
FMXFOMENTO ECONOMICO MEXICANO S	2,870	$280K	<0.01%	-182	Timeline
KBKB FINL GROUP INC	5,058	$274K	<0.01%	-67	Timeline
KOFCOCA-COLA FEMSA SAB DE CV	2,754	$251K	<0.01%	-155	Timeline
YUMCYUM CHINA HLDGS INC	4,524	$236K	<0.01%	-367	Timeline
AMPAMERIPRISE FINL INC	480	$232K	<0.01%	0	Timeline
GLDSPDR GOLD TR	795	$229K	<0.01%	new	Timeline
AVMCAMERICAN CENTY ETF TR	3,652	$226K	<0.01%	-2	Timeline
VVISA INC	644	$226K	<0.01%	new	Timeline
PPLTABRDN PLATINUM ETF TRUST	2,465	$225K	<0.01%	+44	Timeline
RDYDR REDDYS LABS LTD	16,635	$219K	<0.01%	-1,655	Timeline
COSTCOSTCO WHOLESALE CORPORATION	221	$209K	<0.01%	-26	Timeline
HTHTH WORLD GROUP LTD	5,637	$209K	<0.01%	new	Timeline
JPMJPMORGAN CHASE & CO	849	$208K	<0.01%	-3	Timeline
HDBHDFC BANK LTD	3,102	$206K	<0.01%	-287	Timeline
JBS SA-SPONSORED ADRJBS SA-SPONSORED ADR	14,124	$203K	<0.01%	-1,420
SHGSHINHAN FINANCIAL GROUP CO L	6,265	$201K	<0.01%	-147	Timeline
ASXASE TECHNOLOGY HLDG CO LTD	19,336	$169K	<0.01%	new	Timeline
PNGAYPING AN INSURANCE-ADR	12,307	$147K	<0.01%	-1,113	Timeline
ECECOPETROL S A	14,079	$147K	<0.01%	-1,268	Timeline
VLRSCONTROLADORA VUELA COMP DE A	26,540	$139K	<0.01%	-1,803	Timeline
ARCOARCOS DORADOS HLDGS INC	16,098	$130K	<0.01%	+56	Timeline
VALEVALE S A	12,822	$128K	<0.01%	-411	Timeline
PTAIYPt Astra International TBK Uns	21,217	$122K	<0.01%	-1,576	Timeline
BWMXBETTERWARE DE MEXC S A P I D	10,600	$121K	<0.01%	-487	Timeline
ASAIYSENDAS DISTRIBUIDORA S A	13,154	$89.2K	<0.01%	+2,019	Timeline
Federated Government Obliga…Federated Government Obligatio	42,196	$42.2K	<0.01%	new

Sold out in Q1 2025

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

Security	Shares before	Value before	Type
BIPCBROOKFIELD INFRASTRUCTURE CO	2,228,960	$89.2M	shares
SPDWSPDR INDEX SHS FDS	736,703	$25.1M	shares
IBDRISHARES TR	671,822	$16.2M	shares
LULULULULEMON ATHLETICA INC	29,842	$11.4M	shares
IGSBISHARES TR	194,307	$10M	shares
ITAISHARES TR	41,178	$5.99M	shares
IBDUISHARES TR	254,736	$5.81M	shares
FLJPFRANKLIN TEMPLETON ETF TR	174,192	$4.98M	shares
BAMBROOKFIELD ASSET MANAGMT LTD	85,418	$4.63M	shares
Blue Owl Capital Corp IIIBlue Owl Capital Corp III	310,424	$4.48M	shares
XLESELECT SECTOR SPDR TR	51,642	$4.42M	shares
SIVRABRDN SILVER ETF TRUST	97,377	$2.68M	shares
CLBCORE LABORATORIES INC	136,359	$2.36M	shares
HCSGHEALTHCARE SVCS GROUP INC	168,841	$1.96M	shares
NLYANNALY CAPITAL MANAGEMENT IN	60,648	$1.11M	shares
OFSOFS CAP CORP	98,000	$791K	shares
IWNISHARES TR	3,822	$627K	shares
HESS CORPHESS CORP	4,117	$548K	shares
AAALCOA CORP	13,999	$529K	shares
AGGISHARES TR	4,990	$484K	shares
MTRNMATERION CORP	4,031	$399K	shares
AGNCAGNC INVT CORP	41,958	$386K	shares
WDSWOODSIDE ENERGY GROUP LTD	24,363	$380K	shares
MOSMOSAIC CO	14,527	$357K	shares
IEFAISHARES TR	4,043	$284K	shares
INFYINFOSYS LTD	10,413	$228K	shares
ZTOZTO EXPRESS CAYMAN INC	10,282	$201K	shares
FRGXXFIDELITY GOVERNMENT	101,195	$101K	shares

How Q1 2025 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 0001636661-25-000004	base		2025-04-01	acceptance time not in the bulk data set	2026-10-07 18:25:06 UTC