CONFLUENCE INVESTMENT MANAGEMENT LLC

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

CONFLUENCE INVESTMENT MANAGEMENT LLC reported $7,077,479,565 across 287 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-07-01. Its ten largest share positions make up 22.55% of the portfolio.

Filed 2025-07-01 (acceptance time not in the bulk data set), ingested 2026-10-07 18:23:11 UTC13F-HR 0001636661-25-000005

Period: 2025-06-30
Reported value: $7.08B
Holdings: 287
Top 10 weight: 22.55%
New: 19
Sold out: 26

Largest buys vs the previous quarter

Security	Shares change	Approx. value
FASTadded	+1,619,507	$68M
SPDWnew	+1,276,782	$51.7M
AWKadded	+340,314	$47.3M
SGOVadded	+426,548	$42.9M
NDSNadded	+182,305	$39.1M

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
XMHQexited	-548,049	-$50.2M
DUN & BRADSTREET HLDGS INCexited	-3,986,188	-$35.6M
HYBBreduced	-673,015	-$31.6M
PEPreduced	-184,995	-$24.4M
BROreduced	-193,720	-$21.5M

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, Q2 2025

Share positions as resolved from 13F-HR 0001636661-25-000005, largest first. % of portfolio is the value over $7,077,479,565, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
SGOVISHARES TR	2,370,040	$239M	3.37%	+426,548	Timeline
CBCHUBB LIMITED	548,325	$159M	2.24%	-9,806	Timeline
SNASNAP ON INC	501,531	$156M	2.21%	-8,332	Timeline
PAYXPAYCHEX INC	1,044,626	$152M	2.15%	-20,832	Timeline
NTRSNORTHERN TR CORP	1,184,610	$150M	2.12%	+72,867	Timeline
PGRPROGRESSIVE CORP	561,616	$150M	2.12%	-6,424	Timeline
ADIANALOG DEVICES INC	625,895	$149M	2.1%	-3,728	Timeline
LINLINDE PLC	316,440	$148M	2.1%	-6,011	Timeline
WECWEC ENERGY GROUP INC	1,419,075	$148M	2.09%	-25,322	Timeline
BRBROADRIDGE FINL SOLUTIONS IN	597,545	$145M	2.05%	-12,195	Timeline
SOSOUTHERN CO	1,579,454	$145M	2.05%	-24,280	Timeline
LMTLOCKHEED MARTIN CORP	300,098	$139M	1.96%	-2,351	Timeline
FASTFASTENAL CO	3,280,009	$138M	1.95%	+1,619,507	Timeline
DEODIAGEO PLC	1,350,826	$136M	1.92%	+165,839	Timeline
HDHOME DEPOT INC	351,141	$129M	1.82%	-2,538	Timeline
HSYHERSHEY CO	764,392	$127M	1.79%	+64,966	Timeline
FNFFIDELITY NATL FINL INC	2,179,039	$122M	1.73%	-29,034	Timeline
AWKAMERICAN WTR WKS CO INC NEW	875,483	$122M	1.72%	+340,314	Timeline
CVXCHEVRON CORPORATION	845,635	$121M	1.71%	+111,302	Timeline
CSCOCISCO SYS INC	1,738,945	$121M	1.7%	-18,354	Timeline
CLCOLGATE PALMOLIVE CO	1,308,999	$119M	1.68%	-12,152	Timeline
ORCLORACLE CORP	523,569	$114M	1.62%	-12,160	Timeline
ETRENTERGY CORP NEW	1,375,000	$114M	1.61%	-15,339	Timeline
CLXCLOROX CO DEL	941,510	$113M	1.6%	+100,764	Timeline
KMIKINDER MORGAN INC DEL	3,841,416	$113M	1.6%	-39,547	Timeline
GILDGILEAD SCIENCES INC	969,807	$108M	1.52%	-10,169	Timeline
SPMBSPDR SERIES TRUST	4,727,616	$104M	1.48%	+566,093	Timeline
PEPPEPSICO INC	711,253	$93.9M	1.33%	-184,995	Timeline
MAMASTERCARD INCORPORATED	166,645	$93.6M	1.32%	-6,109	Timeline
WRBBERKLEY W R CORP	1,264,289	$92.9M	1.31%	-38,566	Timeline
SYKSTRYKER CORPORATION	232,582	$92M	1.3%	-4,258	Timeline
TROWPRICE T ROWE GROUP INC	948,453	$91.5M	1.29%	-9,889	Timeline
USBUS BANCORP	1,952,975	$88.4M	1.25%	+33,808	Timeline
ARCCARES CAPITAL CORP	3,796,791	$83.4M	1.18%	+21,344	Timeline
MSFTMICROSOFT CORP	165,187	$82.2M	1.16%	-2,292	Timeline
PAYCPAYCOM SOFTWARE INC	342,139	$79.2M	1.12%	-8,856	Timeline
SPGIS&P GLOBAL INC	148,101	$78.1M	1.1%	-1,734	Timeline
TJXTJX COS INC NEW	617,159	$76.2M	1.08%	-9,419	Timeline
NDSNNORDSON CORP	336,090	$72M	1.02%	+182,305	Timeline
UPSUNITED PARCEL SVCS INC	671,771	$67.8M	0.96%	+33,164	Timeline
APDAIR PRODUCTS AND CHEMICALS I	205,960	$58.1M	0.82%	-694	Timeline
GGGGRACO INC	670,046	$57.6M	0.81%	-13,174	Timeline
TLHISHARES TR	562,156	$57.1M	0.81%	+321,566	Timeline
MASMASCO CORP	886,059	$57M	0.81%	-7,954	Timeline
ITWILLINOIS TOOL WKS INC	227,732	$56.3M	0.8%	-2,218	Timeline
KEYSKEYSIGHT TECHNOLOGIES INC	333,369	$54.6M	0.77%	-827	Timeline
SPDWSPDR INDEX SHS FDS	1,276,782	$51.7M	0.73%	new	Timeline
LOWLOWES COS INC	227,133	$50.4M	0.71%	-1,314	Timeline
GOOGALPHABET INC	282,383	$50.1M	0.71%	-1,387	Timeline
BRK-BBERKSHIRE HATHAWAY INC DEL	101,968	$49.5M	0.7%	-42,203	Timeline
WYWEYERHAEUSER CO	1,915,486	$49.2M	0.7%	-46,950	Timeline
BKNGBOOKING HOLDINGS INC	8,456	$49M	0.69%	-629	Timeline
DOWDOW HLDGS INC	1,769,871	$46.9M	0.66%	+32,916	Timeline
NXPINXP SEMICONDUCTORS N V	212,998	$46.5M	0.66%	+368	Timeline
BF-BBROWN FORMAN CORP	1,381,966	$37.2M	0.53%	+864,640	Timeline
ACGLARCH CAP GROUP LTD	396,398	$36.1M	0.51%	-4,299	Timeline
SPYVSPDR SERIES TRUST	685,828	$35.9M	0.51%	+124,297	Timeline
MDLZMONDELEZ INTL INC	523,934	$35.3M	0.5%	new	Timeline
GLDMWORLD GOLD TR	525,606	$34.4M	0.49%	+55,411	Timeline
MLMMARTIN MARIETTA MATLS INC	62,458	$34.3M	0.48%	-10	Timeline
TMOTHERMO FISHER SCIENTIFIC INC	83,476	$33.8M	0.48%	+523	Timeline
PIIPOLARIS INC	824,806	$33.5M	0.47%	-98,127	Timeline
BROBROWN & BROWN INC	299,805	$33.2M	0.47%	-193,720	Timeline
APHAMPHENOL CORP	332,681	$32.9M	0.46%	-17,106	Timeline
SBUXSTARBUCKS CORP	340,704	$31.2M	0.44%	-2,630	Timeline
IEIISHARES TR	249,390	$29.7M	0.42%	+202,177	Timeline
RMDRESMED INC	115,063	$29.7M	0.42%	-3,532	Timeline
ECLECOLAB INC	105,654	$28.5M	0.4%	-3,220	Timeline
DLTRDOLLAR TREE INC	285,096	$28.2M	0.4%	-6,090	Timeline
MBBISHARES TR	288,361	$27.1M	0.38%	-2,251	Timeline
SPYGSPDR SERIES TRUST	272,594	$26M	0.37%	-63,633	Timeline
SHWSHERWIN WILLIAMS CO	74,989	$25.7M	0.36%	-1,923	Timeline
MDYVSPDR SERIES TRUST	308,171	$24.5M	0.35%	+64,311	Timeline
REGLPROSHARES TR	300,181	$24.5M	0.35%	new	Timeline
GDGENERAL DYNAMICS CORP	82,310	$24M	0.34%	-2,114	Timeline
STZCONSTELLATION BRANDS INC	143,508	$23.3M	0.33%	+2,135	Timeline
MCDMCDONALDS CORP	78,202	$22.8M	0.32%	-2,012	Timeline
GTESGATES INDL CORP PLC	982,926	$22.6M	0.32%	-28,176	Timeline
AOSSMITH A O CORP	331,666	$21.7M	0.31%	+847	Timeline
EOGEOG RES INC	181,460	$21.7M	0.31%	-2,886	Timeline
DCIDONALDSON INC	312,679	$21.7M	0.31%	-6,155	Timeline
ZTSZOETIS INC	137,030	$21.4M	0.3%	-2,645	Timeline
PGPROCTER & GAMBLE CO	133,731	$21.3M	0.3%	-2,887	Timeline
EXPDEXPEDITORS INTL WASH INC	181,391	$20.7M	0.29%	-3,216	Timeline
NJRNEW JERSEY RES CORP	431,907	$19.4M	0.27%	-8,796	Timeline
MORNMORNINGSTAR INC	60,980	$19.1M	0.27%	-1,123	Timeline
VVVVALVOLINE INC	498,862	$18.9M	0.27%	-7,343	Timeline
MDTMEDTRONIC PLC	209,424	$18.3M	0.26%	-2,276	Timeline
MDYGSPDR SERIES TRUST	207,668	$18M	0.25%	-234,399	Timeline
BWINTHE BALDWIN INSURANCE GRP IN	413,228	$17.7M	0.25%	-9,814	Timeline
NKENIKE INC	248,154	$17.6M	0.25%	+1,224	Timeline
CARRCARRIER GLOBAL CORPORATION	236,283	$17.3M	0.24%	new	Timeline
DISDISNEY WALT CO	137,995	$17.1M	0.24%	-23	Timeline
IBTOISHARES TR	694,671	$17M	0.24%	-6,308	Timeline
IBTPISHARES TR	659,143	$16.9M	0.24%	-2,036	Timeline
VNTVONTIER CORPORATION	458,954	$16.9M	0.24%	+69,745	Timeline
FXFINVESCO CURRENCYSHARES SWISS	143,339	$16M	0.23%	new	Timeline
TTCTORO CO	226,518	$16M	0.23%	-129	Timeline
CRLCHARLES RIV LABS INTL INC	97,226	$14.8M	0.21%	+700	Timeline
BDXBECTON DICKINSON & CO	80,614	$13.9M	0.2%	+499	Timeline
IUSVISHARES TR	125,563	$11.9M	0.17%	+48,958	Timeline
SPYSTATE STR SPDR S&P 500 ETF T	19,222	$11.9M	0.17%	-19,227	Timeline
IBTJISHARES TR	531,810	$11.7M	0.16%	-3,026	Timeline
JBTMJBT MAREL CORPORATION	94,730	$11.4M	0.16%	-6,077	Timeline
IBTHISHARES TR	467,115	$10.5M	0.15%	-3,349	Timeline
IBDWISHARES TR	487,502	$10.3M	0.14%	-3,075	Timeline
SDYSPDR SERIES TRUST	75,270	$10.2M	0.14%	new	Timeline
IBDXISHARES TR	401,503	$10.2M	0.14%	-5,931	Timeline
IBTMISHARES TR	428,490	$9.87M	0.14%	+2,137	Timeline
IBTIISHARES TR	436,479	$9.76M	0.14%	-2,211	Timeline
SHLDGLOBAL X FDS	160,759	$9.69M	0.14%	-58,611	Timeline
TRIPTRIPADVISOR INC	654,618	$8.54M	0.12%	+12,822	Timeline
XLPSELECT SECTOR SPDR TR	99,157	$8.03M	0.11%	new	Timeline
DFNMDIMENSIONAL ETF TRUST	167,895	$7.96M	0.11%	-5,328	Timeline
IBDYISHARES TR	307,307	$7.96M	0.11%	-1,198	Timeline
IBTKISHARES TR	393,507	$7.81M	0.11%	-1,957	Timeline
MAINMAIN STR CAP CORP	129,985	$7.68M	0.11%	-25	Timeline
PZAINVESCO EXCH TRADED FD TR II	317,163	$7.1M	0.1%	-9,043	Timeline
HTGCHERCULES CAPITAL INC	383,778	$7.02M	0.1%	+1,149	Timeline
IIIVI3 VERTICALS INC	252,687	$6.94M	0.1%	-25,460	Timeline
TSLXSIXTH STREET SPECIALTY LENDI	288,066	$6.86M	0.1%	+36,650	Timeline
CNMDCONMED CORP	129,012	$6.72M	0.09%	-8,306	Timeline
GBDCGOLUB CAP BDC INC	451,191	$6.61M	0.09%	+101,358	Timeline
IBTLISHARES TR	304,901	$6.25M	0.09%	-2,038	Timeline
BSMRINVESCO EXCH TRD SLF IDX FD	265,158	$6.22M	0.09%	-8,829	Timeline
MUBISHARES TR	58,057	$6.07M	0.09%	+39,642	Timeline
BXSLBLACKSTONE SECD LENDING FD	185,700	$5.71M	0.08%	+110,546	Timeline
BSSXINVESCO EXCH TRD SLF IDX FD	214,054	$5.37M	0.08%	-6,523	Timeline
BSMUINVESCO EXCH TRD SLF IDX FD	241,752	$5.2M	0.07%	-7,036	Timeline
BSMTINVESCO EXCH TRD SLF IDX FD	227,286	$5.16M	0.07%	-8,091	Timeline
OBDCBLUE OWL CAPITAL CORPORATION	311,648	$4.47M	0.06%	+6,802	Timeline
MLNVANECK ETF TRUST	250,578	$4.23M	0.06%	-1,258	Timeline
FSKFS KKR CAP CORP	197,748	$4.1M	0.06%	+11,949	Timeline
TLTISHARES TR	46,097	$4.07M	0.06%	+18,430	Timeline
IBDSISHARES TR	162,767	$3.95M	0.06%	-616	Timeline
NMFCNEW MTN FIN CORP	369,161	$3.89M	0.06%	-69,521	Timeline
BBDCBARINGS BDC INC	422,892	$3.87M	0.05%	-96,887	Timeline
HYBBISHARES TR	79,826	$3.75M	0.05%	-673,015	Timeline
BRK-ABERKSHIRE HATHAWAY INC DEL	5	$3.64M	0.05%	0	Timeline
RBCRBC BEARINGS INC	9,286	$3.57M	0.05%	-767	Timeline
AZEK CO INCAZEK CO INC	60,424	$3.28M	0.05%	-91,566
CVCOCAVCO INDS INC DEL	7,558	$3.28M	0.05%	-801	Timeline
STCSTEWART INFORMATION SVCS COR	48,263	$3.14M	0.04%	-3,631	Timeline
SHMSPDR SERIES TRUST	64,652	$3.09M	0.04%	+16,604	Timeline
BSMWINVESCO EXCH TRD SLF IDX FD	124,352	$3.04M	0.04%	-2,442	Timeline
HAEHAEMONETICS CORP MASS	39,857	$2.97M	0.04%	-2,865	Timeline
BSMVINVESCO EXCH TRD SLF IDX FD	139,940	$2.89M	0.04%	-3,765	Timeline
HGTYHAGERTY INC	279,919	$2.83M	0.04%	-36,450	Timeline
ASGTFALTUS GROUP LTD	72,271	$2.8M	0.04%	-6,569	Timeline
KNKNOWLES CORP	153,317	$2.7M	0.04%	-16,598	Timeline
INVESCOINVESCO	106,632	$2.62M	0.04%	-3,408
BSMQINVESCO EXCH TRD SLF IDX FD	110,838	$2.61M	0.04%	-3,502	Timeline
BSMSINVESCO EXCH TRD SLF IDX FD	112,298	$2.61M	0.04%	-3,654	Timeline
HAYWHAYWARD HLDGS INC	183,587	$2.53M	0.04%	-13,774	Timeline
RLIRLI CORP	34,913	$2.52M	0.04%	+20,967	Timeline
IBMQISHARES TR	98,908	$2.51M	0.04%	+65,971	Timeline
HTOH2O AMERICA	47,809	$2.48M	0.04%	-5,235	Timeline
UFPTUFP TECHNOLOGIES INC	10,024	$2.45M	0.03%	-701	Timeline
AEMAGNICO EAGLE MINES LTD	20,390	$2.42M	0.03%	+172	Timeline
MOVMOVADO GROUP INC	152,649	$2.33M	0.03%	-17,547	Timeline
CSWCCAPITAL SOUTHWEST CORP	102,107	$2.25M	0.03%	+585	Timeline
JJSFJ & J SNACK FOODS CORP	19,351	$2.19M	0.03%	-1,550	Timeline
CNNECANNAE HLDGS INC	104,584	$2.18M	0.03%	-5,777	Timeline
TSMTAIWAN SEMICONDUCTOR MANUFAC	9,566	$2.17M	0.03%	-230	Timeline
ENOVENOVIS CORPORATION	68,730	$2.16M	0.03%	-7,799	Timeline
RNMBYRHEINMETALL AG-UNSP ADR	5,024	$2.12M	0.03%	+60	Timeline
MFICMIDCAP FINANCIAL INVSTMNT CO	165,155	$2.08M	0.03%	+75,407	Timeline
SPBSPECTRUM BRANDS HOLDINGS INC	39,278	$2.08M	0.03%	-1,772	Timeline
FSPFRANKLIN STR PPTYS CORP	1,231,656	$2.02M	0.03%	0	Timeline
IBMRISHARES TR	79,369	$2M	0.03%	+67,047	Timeline
JBSSSANFILIPPO JOHN B & SON INC	29,892	$1.89M	0.03%	-1,715	Timeline
OCSLOAKTREE SPECIALTY LENDING	137,042	$1.87M	0.03%	+641	Timeline
IBMOISHARES TR	72,848	$1.87M	0.03%	-2,619	Timeline
GSBDGOLDMAN SACHS BDC INC	164,711	$1.85M	0.03%	-11,072	Timeline
MRTNMARTEN TRANS LTD	142,553	$1.85M	0.03%	-9,281	Timeline
BCSFBAIN CAP SPECIALTY FIN INC	120,930	$1.82M	0.03%	+478	Timeline
EPCEDGEWELL PERSONAL CARE CO	74,209	$1.74M	0.02%	-7,274	Timeline
AOUTAMERICAN OUTDOOR BRANDS INC	156,075	$1.63M	0.02%	-26,423	Timeline
MSDLMORGAN STANLEY DIRECT LENDIN	86,943	$1.63M	0.02%	+60,022	Timeline
NCDLNUVEEN CHURCHILL DIRECT LEND	94,589	$1.53M	0.02%	-24,519	Timeline
WGOWINNEBAGO INDS INC	50,818	$1.47M	0.02%	+801	Timeline
SAPIENS INTERNATIONAL CORPSAPIENS INTERNATIONAL CORP	50,113	$1.47M	0.02%	-54,588
SDZNYSANDOZ GROUP AG-ADR	26,690	$1.46M	0.02%	+1,239	Timeline
SAPSAP SE	4,739	$1.44M	0.02%	+61	Timeline
SLRCSLR INVESTMENT CORP	87,560	$1.41M	0.02%	-99,829	Timeline
AERAERCAP HOLDINGS NV	11,627	$1.36M	0.02%	+481	Timeline
CYBERARK SOFTWARE LTD/ISRAELCYBERARK SOFTWARE LTD/ISRAEL	3,337	$1.36M	0.02%	+133
NTDOYNINTENDO CO LTD-UNSPONS ADR	56,080	$1.35M	0.02%	+843	Timeline
MUFGMITSUBISHI UFJ FINANCIAL GRO	96,217	$1.32M	0.02%	+4,070	Timeline
UFPIUFP INDUSTRIES INC	12,686	$1.26M	0.02%	new	Timeline
SAFRYSAFRAN SA-UNSPON ADR	15,248	$1.25M	0.02%	+288	Timeline
ZURVYZURICH INSURANCE GRP LTD SPONS	35,521	$1.24M	0.02%	+643	Timeline
GLNCYGLENCORE PLC UNSPONSORED ADR (	154,255	$1.2M	0.02%	+102,707	Timeline
BAESYBAE SYSTEMS PLC -SPON ADR	11,413	$1.2M	0.02%	+427	Timeline
SONYSONY GROUP CORP	44,816	$1.17M	0.02%	+1,841	Timeline
DBSDYDBS GROUP HOLDINGS-SPON ADR	8,241	$1.17M	0.02%	+66	Timeline
WPMWHEATON PRECIOUS METALS CORP	12,045	$1.08M	0.02%	-275	Timeline
TKOMYTokio Marine Holdings, Inc. Sp	25,502	$1.08M	0.02%	+501	Timeline
INGING GROEP N.V.	49,233	$1.08M	0.02%	+1,203	Timeline
CCAPCRESCENT CAP BDC INC	76,061	$1.07M	0.02%	+1,009	Timeline
CNRCORE NATURAL RESOURCES INC	15,124	$1.05M	0.01%	+6,280	Timeline
WTWWILLIS TOWERS WATSON PLC LTD	3,388	$1.04M	0.01%	+65	Timeline
CHGCYChugai Pharmaceutical Ltd Unsp	39,539	$1.03M	0.01%	+615	Timeline
HYMBSPDR SERIES TRUST	41,157	$1.02M	0.01%	-104,257	Timeline
IBMPISHARES TR	39,817	$1.01M	0.01%	-736	Timeline
SHELSHELL PLC	13,989	$985K	0.01%	-8,812	Timeline
BNPQYBNP PARIBAS-ADR	21,556	$973K	0.01%	+818	Timeline
SHOPSHOPIFY INC	8,366	$965K	0.01%	+240	Timeline
ASMLASML HLDG NV	1,179	$945K	0.01%	+1	Timeline
TTNDYTECHTRONIC INDUSTRIES-SP ADR	17,014	$941K	0.01%	+1,240	Timeline
ACNACCENTURE PLC IRELAND	3,118	$932K	0.01%	+93	Timeline
FNVFRANCO NEV CORP	5,642	$925K	0.01%	-232	Timeline
ITOCYITOCHU CORP-ADR-	8,636	$904K	0.01%	+120	Timeline
LRLCYL'OREAL-UNSPONSORED ADR	10,550	$902K	0.01%	+77	Timeline
IAUISHARES GOLD TR	14,403	$898K	0.01%	-213	Timeline
IWNISHARES TR	5,615	$886K	0.01%	new	Timeline
HLNHALEON PLC	84,413	$875K	0.01%	+2,740	Timeline
KBDCKAYNE ANDERSON BDC INC	56,100	$856K	0.01%	-54,535	Timeline
RGLDROYAL GOLD INC	4,812	$856K	0.01%	-74	Timeline
UNILEVER PLCUNILEVER PLC	13,733	$840K	0.01%	+404
PPLTABRDN PLATINUM ETF TRUST	6,783	$833K	0.01%	+4,318	Timeline
TRINTRINITY CAP INC	59,052	$831K	0.01%	+3	Timeline
EXEEXPAND ENERGY CORPORATION	7,015	$820K	0.01%	-406	Timeline
WMMVYWALMART DE MEXICO-SPON ADR V	23,760	$791K	0.01%	-10	Timeline
ARANTERO RESOURCES CORP	19,577	$789K	0.01%	-1,335	Timeline
NVONOVO-NORDISK A S	11,376	$785K	0.01%	+911	Timeline
TOTALENERGIES SE -SPON ADRTOTALENERGIES SE -SPON ADR	12,695	$779K	0.01%	+16
AXPAMERICAN EXPRESS CO	2,400	$766K	0.01%	0	Timeline
NEMNEWMONT CORP	12,627	$736K	0.01%	-308	Timeline
SLVISHARES SILVER TR	22,387	$735K	0.01%	-271	Timeline
AGIALAMOS GOLD INC	26,989	$717K	0.01%	new	Timeline
ANTOFAGASTA PLCANTOFAGASTA PLC	27,694	$711K	0.01%	-87
VMCVULCAN MATLS CO	2,682	$700K	0.01%	new	Timeline
MITSYMITSUI & CO LTD ADR (US)	1,706	$694K	0.01%	+9	Timeline
XOMEXXON MOBIL CORP	6,197	$668K	0.01%	+123	Timeline
KMTUYKOMATSU LTD ADR-NEW	19,462	$642K	0.01%	+940	Timeline
FCXFREEPORT MCMORAN INC	14,797	$641K	0.01%	+167	Timeline
RHHBYROCHE HOLDINGS LTD-SPONS ADR	15,225	$621K	0.01%	+734	Timeline
SCCOSOUTHERN COPPER CORP	5,982	$605K	0.01%	+21	Timeline
ICLRICON PUB LTD CO	4,132	$601K	0.01%	+232	Timeline
CTRACOTERRA ENERGY INC	23,598	$599K	0.01%	+289	Timeline
CWCURTISS WRIGHT CORP	1,160	$567K	0.01%	0	Timeline
IWDISHARES TR	2,903	$564K	0.01%	-1,252	Timeline
MMYTMAKEMYTRIP LIMITED MAURITIUS	5,469	$536K	0.01%	-164	Timeline
CCJCAMECO CORP	6,945	$516K	0.01%	-15,005	Timeline
LVMUYLVMH MOET HENNESSY-UNSP ADR	4,884	$513K	0.01%	+303	Timeline
MELIMERCADOLIBRE INC	190	$497K	0.01%	-14	Timeline
DNNDENISON MINES CORP	266,880	$486K	0.01%	-2,937	Timeline
NXENEXGEN ENERGY LTD	69,649	$483K	0.01%	new	Timeline
UECURANIUM ENERGY CORP	69,974	$476K	0.01%	-13,720	Timeline
LUGDFLUNDIN GOLD INC (CANADA)	8,838	$466K	0.01%	new	Timeline
VISTVISTA ENERGY S.A.B. DE C.V.	8,588	$411K	0.01%	-580	Timeline
KBKB FINL GROUP INC	4,732	$391K	0.01%	-326	Timeline
GFIGOLD FIELDS LTD	16,037	$380K	0.01%	-1,356	Timeline
IBNICICI BK LTD	10,939	$368K	0.01%	-676	Timeline
ISHARESISHARES	11,583	$310K	<0.01%	0
PSBDPALMER SQUARE CAPITAL BDC IN	21,698	$303K	<0.01%	-83,941	Timeline
BSMYINVESCO EXCH TRD SLF IDX FD	12,577	$298K	<0.01%	0	Timeline
NBISNEBIUS GROUP N.V.	5,230	$289K	<0.01%	new	Timeline
KMPRKEMPER CORP	4,470	$288K	<0.01%	0	Timeline
FMXFOMENTO ECONOMICO MEXICANO S	2,714	$280K	<0.01%	-156	Timeline
TCEHYTENCENT HOLDINGS LTD-UNS ADR	4,325	$279K	<0.01%	-354	Timeline
SHGSHINHAN FINANCIAL GROUP CO L	5,869	$265K	<0.01%	-396	Timeline
BCICBCP INVESTMENT CORPORATION	20,934	$262K	<0.01%	-43,231	Timeline
AMPAMERIPRISE FINL INC	480	$256K	<0.01%	0	Timeline
KOFCOCA-COLA FEMSA SAB DE CV	2,623	$254K	<0.01%	-131	Timeline
GLDSPDR GOLD TR	795	$242K	<0.01%	0	Timeline
BABAALIBABA GROUP HLDG LTD	2,091	$237K	<0.01%	-146	Timeline
RDYDR REDDYS LABS LTD	15,385	$231K	<0.01%	-1,250	Timeline
GBOOYGRUPO FIN BANORTE-SPON ADR	4,914	$225K	<0.01%	new	Timeline
HDBHDFC BANK LTD	2,884	$221K	<0.01%	-218	Timeline
COSTCOSTCO WHOLESALE CORPORATION	221	$219K	<0.01%	0	Timeline
JPMJPMORGAN CHASE & CO	725	$210K	<0.01%	-124	Timeline
VVISA INC	590	$209K	<0.01%	-54	Timeline
HKXCYHong Kong Exchanges & Clearing	3,862	$208K	<0.01%	new	Timeline
BAPCREDICORP LTD	898	$201K	<0.01%	new	Timeline
ASXASE TECHNOLOGY HLDG CO LTD	18,063	$187K	<0.01%	-1,273	Timeline
JBSJBS N.V.	12,526	$183K	<0.01%	new	Timeline
MSIFMSC INCOME FUND INC	10,602	$174K	<0.01%	new	Timeline
RWAYRUNWAY GROWTH FINANCE CORP	16,158	$173K	<0.01%	-69,519	Timeline
PNNTPENNANTPARK INVTS CORP	24,623	$168K	<0.01%	-105,741	Timeline
VLRSCONTROLADORA VUELA COMP DE A	25,310	$120K	<0.01%	-1,230	Timeline
ASAIYSENDAS DISTRIBUIDORA S A	11,456	$118K	<0.01%	-1,698	Timeline
ARCOARCOS DORADOS HLDGS INC	14,753	$116K	<0.01%	-1,345	Timeline
ECECOPETROL S A	12,947	$115K	<0.01%	-1,132	Timeline
VALEVALE S A	11,679	$113K	<0.01%	-1,143	Timeline
PTAIYPt Astra International TBK Uns	19,595	$108K	<0.01%	-1,622	Timeline

Sold out in Q2 2025

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

Security	Shares before	Value before	Type
XMHQINVESCO EXCHANGE TRADED FD T	548,049	$50.2M	shares
DUN & BRADSTREET HLDGS INCDUN & BRADSTREET HLDGS INC	3,986,188	$35.6M	shares
XSHQINVESCO EXCH TRADED FD TR II	459,211	$18.1M	shares
SPHYSPDR SERIES TRUST	505,720	$11.8M	shares
URAGLOBAL X FDS	500,947	$11.5M	shares
SLYGSPDR SERIES TRUST	126,762	$10.5M	shares
ZROZPIMCO ETF TR	125,161	$8.97M	shares
HACKAMPLIFY ETF TR	114,491	$8.22M	shares
SLYVSPDR SERIES TRUST	87,599	$6.87M	shares
IBDVISHARES TR	282,297	$6.13M	shares
AZNASTRAZENECA PLC-SPONS ADR	374	$4.26M	shares
HYDVANECK ETF TRUST	66,241	$3.39M	shares
BXBLACKSTONE INC	11,000	$1.54M	shares
FANGDIAMONDBACK ENERGY INC	4,080	$652K	shares
COPCONOCOPHILLIPS	5,995	$630K	shares
BARRICK GOLD CORPBARRICK GOLD CORP	31,798	$618K	shares
SASEABRIDGE GOLD INC	44,811	$523K	shares
BACBANK OF AMER CORP	10,591	$442K	shares
MKLMARKEL GROUP INC	150	$280K	shares
YUMCYUM CHINA HLDGS INC	4,524	$236K	shares
AVMCAMERICAN CENTY ETF TR	3,652	$226K	shares
HTHTH WORLD GROUP LTD	5,637	$209K	shares
JBS SA-SPONSORED ADRJBS SA-SPONSORED ADR	14,124	$203K	shares
PNGAYPING AN INSURANCE (GROUP) CO O	12,307	$147K	shares
BWMXBETTERWARE DE MEXC S A P I D	10,600	$121K	shares
Federated Government Obliga…Federated Government Obligatio	42,196	$42.2K	shares

How Q2 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 0001636661-25-000005	base		2025-07-01	acceptance time not in the bulk data set	2026-10-07 18:23:11 UTC