CONFLUENCE INVESTMENT MANAGEMENT LLC

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

CONFLUENCE INVESTMENT MANAGEMENT LLC reported $7,009,398,196 across 294 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-10-14. Its ten largest share positions make up 23.54% of the portfolio.

Filed 2025-10-14 (acceptance time not in the bulk data set), ingested 2026-10-07 03:02:25 UTC13F-HR 0001442056-25-000002

Period: 2025-09-30
Reported value: $7.01B
Holdings: 294
Top 10 weight: 23.54%
New: 24
Sold out: 17

Largest buys vs the previous quarter

Security	Shares change	Approx. value
MDLZadded	+1,699,980	$106M
ACNadded	+206,137	$50.8M
SGOVadded	+229,918	$23.2M
IBTQnew	+886,173	$22.6M
MKCnew	+322,216	$21.6M

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
ORCLexited	-523,569	-$114M
PEPexited	-711,253	-$93.9M
PIIexited	-824,806	-$33.5M
GTESreduced	-852,207	-$21.2M
TLHreduced	-199,102	-$20.5M

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, Q3 2025

Share positions as resolved from 13F-HR 0001442056-25-000002, largest first. % of portfolio is the value over $7,009,398,196, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
SGOVISHARES TR	2,599,958	$262M	3.74%	+229,918	Timeline
SNASNAP ON INC	492,183	$171M	2.43%	-9,348	Timeline
WECWEC ENERGY GROUP INC	1,390,656	$159M	2.27%	-28,419	Timeline
FASTFASTENAL CO	3,214,964	$158M	2.25%	-65,045	Timeline
NTRSNORTHERN TR CORP	1,157,462	$156M	2.22%	-27,148	Timeline
CBCHUBB LIMITED	538,662	$152M	2.17%	-9,663	Timeline
ADIANALOG DEVICES INC	613,557	$151M	2.15%	-12,338	Timeline
LMTLOCKHEED MARTIN CORP	297,172	$148M	2.12%	-2,926	Timeline
LINLINDE PLC	309,811	$147M	2.1%	-6,629	Timeline
SOSOUTHERN CO	1,549,426	$147M	2.09%	-30,028	Timeline
HSYHERSHEY CO	755,135	$141M	2.02%	-9,257	Timeline
HDHOME DEPOT INC	345,296	$140M	2%	-5,845	Timeline
BRBROADRIDGE FINL SOLUTIONS IN	583,912	$139M	1.98%	-13,633	Timeline
MDLZMONDELEZ INTL INC	2,223,914	$139M	1.98%	+1,699,980	Timeline
PGRPROGRESSIVE CORP	554,271	$137M	1.95%	-7,345	Timeline
PAYXPAYCHEX INC	1,027,260	$130M	1.86%	-17,366	Timeline
DEODIAGEO PLC	1,363,504	$130M	1.86%	+12,678	Timeline
FNFFIDELITY NATL FINL INC	2,139,098	$129M	1.85%	-39,941	Timeline
CVXCHEVRON CORPORATION	832,901	$129M	1.85%	-12,734	Timeline
ETRENTERGY CORP NEW	1,352,347	$126M	1.8%	-22,653	Timeline
AWKAMERICAN WTR WKS CO INC NEW	861,830	$120M	1.71%	-13,653	Timeline
CSCOCISCO SYS INC	1,707,626	$117M	1.67%	-31,319	Timeline
CLXCLOROX CO DEL	931,093	$115M	1.64%	-10,417	Timeline
KMIKINDER MORGAN INC DEL	3,793,846	$107M	1.53%	-47,570	Timeline
GILDGILEAD SCIENCES INC	952,946	$106M	1.51%	-16,861	Timeline
CLCOLGATE PALMOLIVE CO	1,294,534	$103M	1.48%	-14,465	Timeline
TROWPRICE T ROWE GROUP INC	973,769	$99.9M	1.43%	+25,316	Timeline
SPMBSPDR SERIES TRUST	4,222,219	$94.7M	1.35%	-505,397	Timeline
WRBBERKLEY W R CORP	1,231,537	$94.4M	1.35%	-32,752	Timeline
USBUS BANCORP	1,933,812	$93.5M	1.33%	-19,163	Timeline
MAMASTERCARD INCORPORATED	161,975	$92.1M	1.31%	-4,670	Timeline
TJXTJX COS INC NEW	603,340	$87.2M	1.24%	-13,819	Timeline
MSFTMICROSOFT CORP	161,782	$83.8M	1.2%	-3,405	Timeline
SYKSTRYKER CORPORATION	226,373	$83.7M	1.19%	-6,209	Timeline
ARCCARES CAPITAL CORP	3,682,410	$75.2M	1.07%	-114,381	Timeline
NDSNNORDSON CORP	330,517	$75M	1.07%	-5,573	Timeline
SPGIS&P GLOBAL INC	144,877	$70.5M	1.01%	-3,224	Timeline
PAYCPAYCOM SOFTWARE INC	327,312	$68.1M	0.97%	-14,827	Timeline
GOOGALPHABET INC	277,189	$67.5M	0.96%	-5,194	Timeline
SPDWSPDR INDEX SHS FDS	1,474,350	$63.1M	0.9%	+197,568	Timeline
MASMASCO CORP	868,229	$61.1M	0.87%	-17,830	Timeline
ITWILLINOIS TOOL WKS INC	222,916	$58.1M	0.83%	-4,816	Timeline
KEYSKEYSIGHT TECHNOLOGIES INC	326,940	$57.2M	0.82%	-6,429	Timeline
UPSUNITED PARCEL SVCS INC	681,643	$56.9M	0.81%	+9,872	Timeline
LOWLOWES COS INC	223,924	$56.3M	0.8%	-3,209	Timeline
GGGGRACO INC	654,019	$55.6M	0.79%	-16,027	Timeline
APDAIR PRODUCTS AND CHEMICALS I	202,554	$55.2M	0.79%	-3,406	Timeline
ACNACCENTURE PLC IRELAND	209,255	$51.6M	0.74%	+206,137	Timeline
BRK-BBERKSHIRE HATHAWAY INC DEL	100,876	$50.7M	0.72%	-1,092	Timeline
NXPINXP SEMICONDUCTORS N V	210,735	$48M	0.68%	-2,263	Timeline
DOWDOW HLDGS INC	1,961,972	$45M	0.64%	+192,101	Timeline
WYWEYERHAEUSER CO	1,764,467	$43.7M	0.62%	-151,019	Timeline
TMOTHERMO FISHER SCIENTIFIC INC	83,223	$40.4M	0.58%	-253	Timeline
MLMMARTIN MARIETTA MATLS INC	61,391	$38.7M	0.55%	-1,067	Timeline
TLHISHARES TR	363,054	$37.4M	0.53%	-199,102	Timeline
GLDMWORLD GOLD TR	488,393	$37.3M	0.53%	-37,213	Timeline
BF-BBROWN FORMAN CORP	1,349,118	$36.5M	0.52%	-32,848	Timeline
ACGLARCH CAP GROUP LTD	389,020	$35.3M	0.5%	-7,378	Timeline
BKNGBOOKING HOLDINGS INC	6,519	$35.2M	0.5%	-1,937	Timeline
MBBISHARES TR	366,497	$34.9M	0.5%	+78,136	Timeline
SPYVSPDR SERIES TRUST	610,475	$33.8M	0.48%	-75,353	Timeline
SPYGSPDR SERIES TRUST	293,303	$30.7M	0.44%	+20,709	Timeline
RMDRESMED INC	110,658	$30.3M	0.43%	-4,405	Timeline
SBUXSTARBUCKS CORP	337,686	$28.6M	0.41%	-3,018	Timeline
BROBROWN & BROWN INC	298,360	$28M	0.4%	-1,445	Timeline
ECLECOLAB INC	102,158	$28M	0.4%	-3,496	Timeline
GDGENERAL DYNAMICS CORP	79,726	$27.2M	0.39%	-2,584	Timeline
DLTRDOLLAR TREE INC	273,626	$25.8M	0.37%	-11,470	Timeline
APHAMPHENOL CORP	208,223	$25.8M	0.37%	-124,458	Timeline
SHWSHERWIN WILLIAMS CO	72,791	$25.2M	0.36%	-2,198	Timeline
DCIDONALDSON INC	303,816	$24.9M	0.35%	-8,863	Timeline
AOSSMITH A O CORP	329,070	$24.2M	0.34%	-2,596	Timeline
MCDMCDONALDS CORP	76,265	$23.2M	0.33%	-1,937	Timeline
REGLPROSHARES TR	269,556	$23M	0.33%	-30,625	Timeline
IBTQISHARES TR	886,173	$22.6M	0.32%	new	Timeline
MDYGSPDR SERIES TRUST	239,887	$22M	0.31%	+32,219	Timeline
EXPDEXPEDITORS INTL WASH INC	177,080	$21.7M	0.31%	-4,311	Timeline
MKCMCCORMICK & CO INC	322,216	$21.6M	0.31%	new	Timeline
NJRNEW JERSEY RES CORP	423,035	$20.4M	0.29%	-8,872	Timeline
PGPROCTER & GAMBLE CO	131,007	$20.1M	0.29%	-2,724	Timeline
ZTSZOETIS INC	133,711	$19.6M	0.28%	-3,319	Timeline
MDTMEDTRONIC PLC	204,759	$19.5M	0.28%	-4,665	Timeline
EOGEOG RES INC	172,674	$19.4M	0.28%	-8,786	Timeline
STZCONSTELLATION BRANDS INC	143,543	$19.3M	0.28%	+35	Timeline
VNTVONTIER CORPORATION	449,691	$18.9M	0.27%	-9,263	Timeline
VVVVALVOLINE INC	490,614	$17.6M	0.25%	-8,248	Timeline
TTCTORO CO	224,017	$17.1M	0.24%	-2,501	Timeline
NKENIKE INC	244,217	$17M	0.24%	-3,937	Timeline
IBTOISHARES TR	676,864	$16.7M	0.24%	-17,807	Timeline
IBTPISHARES TR	642,704	$16.7M	0.24%	-16,439	Timeline
MDYVSPDR SERIES TRUST	187,780	$15.7M	0.22%	-120,391	Timeline
DISDISNEY WALT CO	136,317	$15.6M	0.22%	-1,678	Timeline
CPRTCOPART INC	335,829	$15.1M	0.22%	new	Timeline
BDXBECTON DICKINSON & CO	80,263	$15M	0.21%	-351	Timeline
CRLCHARLES RIV LABS INTL INC	95,963	$15M	0.21%	-1,263	Timeline
CARRCARRIER GLOBAL CORPORATION	234,214	$14M	0.2%	-2,069	Timeline
MORNMORNINGSTAR INC	60,239	$14M	0.2%	-741	Timeline
IEIISHARES TR	112,903	$13.5M	0.19%	-136,487	Timeline
HYBBISHARES TR	270,829	$12.8M	0.18%	+191,003	Timeline
IEURISHARES TR	180,698	$12.3M	0.18%	new	Timeline
JBTMJBT MAREL CORPORATION	85,680	$12M	0.17%	-9,050	Timeline
BWINTHE BALDWIN INSURANCE GRP IN	406,113	$11.5M	0.16%	-7,115	Timeline
IBTJISHARES TR	521,000	$11.4M	0.16%	-10,810	Timeline
SPYSTATE STR SPDR S&P 500 ETF T	17,122	$11.4M	0.16%	-2,100	Timeline
DFNMDIMENSIONAL ETF TRUST	216,392	$10.4M	0.15%	+48,497	Timeline
IBTHISHARES TR	456,205	$10.3M	0.15%	-10,910	Timeline
IBDTISHARES TR	399,602	$10.2M	0.15%	new	Timeline
IBDSISHARES TR	416,135	$10.1M	0.14%	+253,368	Timeline
TRIPTRIPADVISOR INC	604,909	$9.84M	0.14%	-49,709	Timeline
IBTMISHARES TR	418,745	$9.69M	0.14%	-9,745	Timeline
SDYSPDR SERIES TRUST	67,791	$9.49M	0.14%	-7,479	Timeline
SHLDGLOBAL X FDS	133,223	$9.36M	0.13%	-27,536	Timeline
AVDVAMERICAN CENTY ETF TR	98,253	$8.75M	0.12%	new	Timeline
BSMYINVESCO EXCH TRD SLF IDX FD	340,971	$8.3M	0.12%	+328,394	Timeline
MTNVAIL RESORTS INC	54,555	$8.16M	0.12%	new	Timeline
IBTKISHARES TR	384,676	$7.65M	0.11%	-8,831	Timeline
CVCOCAVCO INDS INC DEL	12,287	$7.14M	0.1%	+4,729	Timeline
MAINMAIN STR CAP CORP	101,634	$6.46M	0.09%	-28,351	Timeline
IGSBISHARES TR	120,237	$6.38M	0.09%	new	Timeline
BSSXINVESCO EXCH TRD SLF IDX FD	248,222	$6.34M	0.09%	+34,168	Timeline
IBTLISHARES TR	297,157	$6.11M	0.09%	-7,744	Timeline
BSMRINVESCO EXCH TRD SLF IDX FD	251,853	$5.96M	0.09%	-13,305	Timeline
HTGCHERCULES CAPITAL INC	302,513	$5.72M	0.08%	-81,265	Timeline
CNMDCONMED CORP	121,538	$5.72M	0.08%	-7,474	Timeline
TSLXSIXTH STREET SPECIALTY LENDI	233,908	$5.35M	0.08%	-54,158	Timeline
PZAINVESCO EXCH TRADED FD TR II	221,206	$5.11M	0.07%	-95,957	Timeline
GBDCGOLUB CAP BDC INC	367,746	$5.03M	0.07%	-83,445	Timeline
BXSLBLACKSTONE SECD LENDING FD	156,292	$4.07M	0.06%	-29,408	Timeline
MLNVANECK ETF TRUST	228,274	$3.99M	0.06%	-22,304	Timeline
IWDISHARES TR	18,923	$3.85M	0.05%	+16,020	Timeline
BRK-ABERKSHIRE HATHAWAY INC DEL	5	$3.77M	0.05%	0	Timeline
AEMAGNICO EAGLE MINES LTD	21,761	$3.67M	0.05%	+1,371	Timeline
KNKNOWLES CORP	140,357	$3.27M	0.05%	-12,960	Timeline
OBDCBLUE OWL CAPITAL CORPORATION	254,737	$3.25M	0.05%	-56,911	Timeline
GTESGATES INDL CORP PLC	130,719	$3.24M	0.05%	-852,207	Timeline
STCSTEWART INFORMATION SVCS COR	44,131	$3.24M	0.05%	-4,132	Timeline
IIIVI3 VERTICALS INC	98,583	$3.2M	0.05%	-154,104	Timeline
BBDCBARINGS BDC INC	364,620	$3.19M	0.05%	-58,272	Timeline
NMFCNEW MTN FIN CORP	318,226	$3.07M	0.04%	-50,935	Timeline
HGTYHAGERTY INC	252,535	$3.04M	0.04%	-27,384	Timeline
BSMSINVESCO EXCH TRD SLF IDX FD	126,710	$2.97M	0.04%	+14,412	Timeline
TLTISHARES TR	32,942	$2.94M	0.04%	-13,155	Timeline
SHMSPDR SERIES TRUST	60,824	$2.93M	0.04%	-3,828	Timeline
RBCRBC BEARINGS INC	7,335	$2.86M	0.04%	-1,951	Timeline
ASGTFALTUS GROUP LTD	67,022	$2.86M	0.04%	-5,249	Timeline
BSMVINVESCO EXCH TRD SLF IDX FD	133,904	$2.81M	0.04%	-6,036	Timeline
BSMUINVESCO EXCH TRD SLF IDX FD	127,865	$2.8M	0.04%	-113,887	Timeline
MOVMOVADO GROUP INC	141,183	$2.68M	0.04%	-11,466	Timeline
HYMBSPDR SERIES TRUST	106,825	$2.66M	0.04%	+65,668	Timeline
HAYWHAYWARD HLDGS INC	165,784	$2.51M	0.04%	-17,803	Timeline
BSMQINVESCO EXCH TRD SLF IDX FD	105,266	$2.49M	0.04%	-5,572	Timeline
BSMTINVESCO EXCH TRD SLF IDX FD	107,260	$2.48M	0.04%	-120,026	Timeline
MUBISHARES TR	22,861	$2.43M	0.03%	-35,196	Timeline
TSMTAIWAN SEMICONDUCTOR MANUFAC	8,573	$2.39M	0.03%	-993	Timeline
FSKFS KKR CAP CORP	159,049	$2.37M	0.03%	-38,699	Timeline
IBMQISHARES TR	90,909	$2.33M	0.03%	-7,999	Timeline
UFPIUFP INDUSTRIES INC	23,414	$2.19M	0.03%	+10,728	Timeline
RLIRLI CORP	32,441	$2.12M	0.03%	-2,472	Timeline
HTOH2O AMERICA	42,917	$2.09M	0.03%	-4,892	Timeline
ENOVENOVIS CORPORATION	67,212	$2.04M	0.03%	-1,518	Timeline
FSPFRANKLIN STR PPTYS CORP	1,231,656	$1.97M	0.03%	0	Timeline
SPBSPECTRUM BRANDS HOLDINGS INC	37,126	$1.95M	0.03%	-2,152	Timeline
CSWCCAPITAL SOUTHWEST CORP	86,665	$1.89M	0.03%	-15,442	Timeline
IBMRISHARES TR	73,935	$1.89M	0.03%	-5,434	Timeline
UFPTUFP TECHNOLOGIES INC	9,305	$1.86M	0.03%	-719	Timeline
HAEHAEMONETICS CORP MASS	37,332	$1.82M	0.03%	-2,525	Timeline
CNNECANNAE HLDGS INC	96,854	$1.77M	0.03%	-7,730	Timeline
IBMOISHARES TR	68,076	$1.75M	0.02%	-4,772	Timeline
JJSFJ & J SNACK FOODS CORP	18,163	$1.75M	0.02%	-1,188	Timeline
JBSSSANFILIPPO JOHN B & SON INC	26,228	$1.69M	0.02%	-3,664	Timeline
SDZNYSANDOZ GROUP AG-ADR	27,975	$1.67M	0.02%	+1,285	Timeline
WGOWINNEBAGO INDS INC	49,876	$1.67M	0.02%	-942	Timeline
MUFGMITSUBISHI UFJ FINANCIAL GRO	101,117	$1.61M	0.02%	+4,900	Timeline
OCSLOAKTREE SPECIALTY LENDING	122,996	$1.61M	0.02%	-14,046	Timeline
MFICMIDCAP FINANCIAL INVSTMNT CO	131,701	$1.58M	0.02%	-33,454	Timeline
PPLTABRDN PLATINUM ETF TRUST	10,741	$1.53M	0.02%	+3,958	Timeline
AERAERCAP HOLDINGS NV	12,360	$1.5M	0.02%	+733	Timeline
EPCEDGEWELL PERSONAL CARE CO	72,115	$1.47M	0.02%	-2,094	Timeline
MRTNMARTEN TRANS LTD	136,385	$1.45M	0.02%	-6,168	Timeline
CNRCORE NATURAL RESOURCES INC	17,225	$1.44M	0.02%	+2,101	Timeline
SAFRYSAFRAN SA-UNSPON ADR	16,191	$1.43M	0.02%	+943	Timeline
BCSFBAIN CAP SPECIALTY FIN INC	97,707	$1.39M	0.02%	-23,223	Timeline
NTDOYNINTENDO CO LTD-UNSPONS ADR	65,201	$1.39M	0.02%	+9,121	Timeline
SONYSONY GROUP CORP	48,151	$1.39M	0.02%	+3,335	Timeline
DBSDYDBS GROUP HOLDINGS-SPON ADR	8,756	$1.39M	0.02%	+515	Timeline
GSBDGOLDMAN SACHS BDC INC	136,008	$1.38M	0.02%	-28,703	Timeline
INGING GROEP N.V.	52,501	$1.37M	0.02%	+3,268	Timeline
BAESYBAE SYSTEMS PLC -SPON ADR	12,215	$1.36M	0.02%	+802	Timeline
LFUSLITTELFUSE INC	5,265	$1.36M	0.02%	new	Timeline
SAPSAP SE	5,060	$1.35M	0.02%	+321	Timeline
ZURVYZURICH INSURANCE GROUP-ADR	37,777	$1.35M	0.02%	+2,256	Timeline
BSMWINVESCO EXCH TRD SLF IDX FD	52,186	$1.3M	0.02%	-72,166	Timeline
RNMBYRHEINMETALL AG-UNSP ADR	2,740	$1.28M	0.02%	-2,284	Timeline
DSCSYDISCO CORP-UNSPONSORED ADR	40,368	$1.27M	0.02%	new	Timeline
SESEA LTD	7,007	$1.25M	0.02%	new	Timeline
ASMLASML HLDG NV	1,287	$1.25M	0.02%	+108	Timeline
TTNDYTECHTRONIC INDUSTRIES-SP ADR	19,392	$1.24M	0.02%	+2,378	Timeline
HKXCYHong Kong Exchanges & Clearing	21,636	$1.23M	0.02%	+17,774	Timeline
WTWWILLIS TOWERS WATSON PLC LTD	3,492	$1.21M	0.02%	+104	Timeline
AOUTAMERICAN OUTDOOR BRANDS INC	136,997	$1.19M	0.02%	-19,078	Timeline
SHOPSHOPIFY INC	7,918	$1.18M	0.02%	-448	Timeline
NEMNEWMONT CORP	13,703	$1.16M	0.02%	+1,076	Timeline
TKOMYTOKIO MARINE HOLDINGS-ADR	27,405	$1.15M	0.02%	+1,903	Timeline
ANTOFAGASTA PLCANTOFAGASTA PLC	30,684	$1.15M	0.02%	+2,990
SLRCSLR INVESTMENT CORP	74,985	$1.15M	0.02%	-12,575	Timeline
MSDLMORGAN STANLEY DIRECT LENDIN	70,848	$1.14M	0.02%	-16,095	Timeline
FNVFRANCO NEV CORP	4,964	$1.11M	0.02%	-678	Timeline
FQVLFFIRST QUANTUM MINERALS LTD	47,892	$1.08M	0.02%	new	Timeline
ITOCYITOCHU CORP-UNSPONSORED ADR	9,381	$1.08M	0.02%	+745	Timeline
NCDLNUVEEN CHURCHILL DIRECT LEND	77,819	$1.07M	0.02%	-16,770	Timeline
BNPQYBNP PARIBAS-ADR	23,289	$1.06M	0.02%	+1,733	Timeline
AGIALAMOS GOLD INC	29,991	$1.05M	0.01%	+3,002	Timeline
SLVISHARES SILVER TR	24,673	$1.05M	0.01%	+2,286	Timeline
CCAPCRESCENT CAP BDC INC	71,455	$1.02M	0.01%	-4,606	Timeline
NGLOYANGLO AMERN PLC SPONSORED ADR	53,301	$1.01M	0.01%	new	Timeline
SCCOSOUTHERN COPPER CORP	8,287	$1.01M	0.01%	+2,305	Timeline
LRLCYL'OREAL-UNSPONSORED ADR	11,580	$1M	0.01%	+1,030	Timeline
RGLDROYAL GOLD INC	4,945	$992K	0.01%	+133	Timeline
UECURANIUM ENERGY CORP	74,048	$988K	0.01%	+4,074	Timeline
WPMWHEATON PRECIOUS METALS CORP	8,657	$968K	0.01%	-3,388	Timeline
CHGCYChugai Pharmaceutical Ltd Unsp	43,388	$959K	0.01%	+3,849	Timeline
MITSYMITSUI & CO LTD-SPONS ADR	1,909	$948K	0.01%	+203	Timeline
IBMPISHARES TR	36,318	$925K	0.01%	-3,499	Timeline
VMCVULCAN MATLS CO	2,970	$914K	0.01%	+288	Timeline
UNILEVER PLCUNILEVER PLC	15,169	$899K	0.01%	+1,436
GLNCYGLENCORE PLC -UNSP ADR	97,207	$894K	0.01%	-57,048	Timeline
TOTALENERGIES SE -SPON ADRTOTALENERGIES SE -SPON ADR	14,201	$848K	0.01%	+1,506
EXEEXPAND ENERGY CORPORATION	7,945	$844K	0.01%	+930	Timeline
HLNHALEON PLC	93,631	$840K	0.01%	+9,218	Timeline
ICLRICON PUB LTD CO	4,689	$821K	0.01%	+557	Timeline
AXPAMERICAN EXPRESS CO	2,400	$797K	0.01%	0	Timeline
DNNDENISON MINES CORP	289,028	$795K	0.01%	+22,148	Timeline
XOMEXXON MOBIL CORP	7,036	$793K	0.01%	+839	Timeline
WMMVYWALMART DE MEXICO-SPON ADR V	24,869	$767K	0.01%	+1,109	Timeline
KMTUYKOMATSU LTD -SPONS ADR	21,905	$757K	0.01%	+2,443	Timeline
ARANTERO RESOURCES CORP	22,410	$752K	0.01%	+2,833	Timeline
TRINTRINITY CAP INC	47,730	$739K	0.01%	-11,322	Timeline
RHHBYROCHE HOLDINGS LTD-SPONS ADR	17,526	$733K	0.01%	+2,301	Timeline
LVMUYLVMH MOET HENNESSY-UNSP ADR	5,733	$701K	0.01%	+849	Timeline
NXENEXGEN ENERGY LTD	77,550	$694K	0.01%	+7,901	Timeline
FCXFREEPORT MCMORAN INC	17,129	$672K	0.01%	+2,332	Timeline
KBDCKAYNE ANDERSON BDC INC	49,855	$664K	0.01%	-6,245	Timeline
NVONOVO-NORDISK A S	11,824	$656K	0.01%	+448	Timeline
CTRACOTERRA ENERGY INC	27,658	$654K	0.01%	+4,060	Timeline
GFIGOLD FIELDS LTD	15,364	$645K	0.01%	-673	Timeline
LUGDFLUNDIN GOLD INC (CANADA)	9,905	$641K	0.01%	+1,067	Timeline
CCJCAMECO CORP	7,644	$641K	0.01%	+699	Timeline
CWCURTISS WRIGHT CORP	1,160	$630K	0.01%	0	Timeline
LYSDYLYNAS RARE EARTHS LIMITED AMER	38,850	$433K	0.01%	new	Timeline
METCRAMACO RES INC	12,241	$406K	0.01%	new	Timeline
KBKB FINL GROUP INC	4,567	$379K	0.01%	-165	Timeline
BABAALIBABA GROUP HLDG LTD	2,018	$361K	0.01%	-73	Timeline
TCEHYTENCENT HOLDINGS LTD-UNS ADR	4,148	$353K	0.01%	-177	Timeline
MMYTMAKEMYTRIP LIMITED MAURITIUS	3,665	$343K	<0.01%	-1,804	Timeline
IBNICICI BK LTD	10,601	$320K	<0.01%	-338	Timeline
PSBDPALMER SQUARE CAPITAL BDC IN	25,763	$316K	<0.01%	+4,065	Timeline
ISHARESISHARES	11,583	$310K	<0.01%	0
BCICBCP INVESTMENT CORPORATION	26,528	$306K	<0.01%	+5,594	Timeline
MPMP MATERIALS CORP	4,460	$299K	<0.01%	new	Timeline
MELIMERCADOLIBRE INC	124	$290K	<0.01%	-66	Timeline
SHGSHINHAN FINANCIAL GROUP CO L	5,671	$286K	<0.01%	-198	Timeline
VISTVISTA ENERGY S.A.B. DE C.V.	8,271	$285K	<0.01%	-317	Timeline
EADSYAIRBUS SE - UNSP ADR	4,864	$283K	<0.01%	new	Timeline
GLDSPDR GOLD TR	795	$283K	<0.01%	0	Timeline
KOFCOCA-COLA FEMSA SAB DE CV	3,395	$282K	<0.01%	+772	Timeline
NBISNEBIUS GROUP N.V.	2,393	$269K	<0.01%	-2,837	Timeline
FMXFOMENTO ECONOMICO MEXICANO S	2,636	$260K	<0.01%	-78	Timeline
GBOOYGRUPO FIN BANORTE-SPON ADR	4,767	$239K	<0.01%	-147	Timeline
JBSJBS N.V.	15,930	$238K	<0.01%	+3,404	Timeline
AMPAMERIPRISE FINL INC	480	$236K	<0.01%	0	Timeline
HDBHDFC BANK LTD	6,899	$236K	<0.01%	+4,015	Timeline
ASXASE TECHNOLOGY HLDG CO LTD	21,200	$235K	<0.01%	+3,137	Timeline
YUMCYUM CHINA HLDGS INC	5,440	$233K	<0.01%	new	Timeline
ZTOZTO EXPRESS CAYMAN INC	12,150	$233K	<0.01%	new	Timeline
HTHTH WORLD GROUP LTD	5,944	$232K	<0.01%	new	Timeline
KMPRKEMPER CORP	4,470	$230K	<0.01%	0	Timeline
INFYINFOSYS LTD	14,139	$230K	<0.01%	new	Timeline
BAPCREDICORP LTD	862	$230K	<0.01%	-36	Timeline
BIDUBAIDU INC	1,740	$229K	<0.01%	new	Timeline
CPACOPA HOLDINGS SA	1,880	$223K	<0.01%	new	Timeline
JPMJPMORGAN CHASE & CO	685	$216K	<0.01%	-40	Timeline
NVDANVIDIA CORPORATION	1,139	$213K	<0.01%	new	Timeline
RDYDR REDDYS LABS LTD	14,760	$206K	<0.01%	-625	Timeline
COSTCOSTCO WHOLESALE CORPORATION	221	$205K	<0.01%	0	Timeline
VVISA INC	586	$200K	<0.01%	-4	Timeline
RWAYRUNWAY GROWTH FINANCE CORP	18,196	$185K	<0.01%	+2,038	Timeline
PNNTPENNANTPARK INVTS CORP	27,495	$184K	<0.01%	+2,872	Timeline
VLRSCONTROLADORA VUELA COMP DE A	24,695	$177K	<0.01%	-615	Timeline
MSIFMSC INCOME FUND INC	12,131	$159K	<0.01%	+1,529	Timeline
PTAIYPt Astra International TBK Uns	18,723	$132K	<0.01%	-872	Timeline
VALEVALE S A	11,090	$120K	<0.01%	-589	Timeline
ECECOPETROL S A	12,353	$114K	<0.01%	-594	Timeline
ARCOARCOS DORADOS HLDGS INC	14,072	$95K	<0.01%	-681	Timeline
ASAIYSENDAS DISTRIBUIDORA S A	10,872	$93.5K	<0.01%	-584	Timeline

Sold out in Q3 2025

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

Security	Shares before	Value before	Type
ORCLORACLE CORP	523,569	$114M	shares
PEPPEPSICO INC	711,253	$93.9M	shares
PIIPOLARIS INC	824,806	$33.5M	shares
FXFINVESCO CURRENCYSHARES SWISS	143,339	$16M	shares
IUSVISHARES TR	125,563	$11.9M	shares
IBDWISHARES TR	487,502	$10.3M	shares
IBDXISHARES TR	401,503	$10.2M	shares
IBTIISHARES TR	436,479	$9.76M	shares
XLPSELECT SECTOR SPDR TR	99,157	$8.03M	shares
IBDYISHARES TR	307,307	$7.96M	shares
AZEK CO INCAZEK CO INC	60,424	$3.28M	shares
INVESCOINVESCO	106,632	$2.62M	shares
SAPIENS INTERNATIONAL CORPSAPIENS INTERNATIONAL CORP	50,113	$1.47M	shares
CYBERARK SOFTWARE LTD/ISRAELCYBERARK SOFTWARE LTD/ISRAEL	3,337	$1.36M	shares
SHELSHELL PLC	13,989	$985K	shares
IAUISHARES GOLD TR	14,403	$898K	shares
IWNISHARES TR	5,615	$886K	shares

How Q3 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 0001442056-25-000002	base		2025-10-14	acceptance time not in the bulk data set	2026-10-07 03:02:25 UTC