CONFLUENCE INVESTMENT MANAGEMENT LLC

Q3 2025 13F-HR Detailed Holdings

Location

St. Louis, MO

Holdings as of

9/30/2025

Date filed

10/14/2025

Form type

13F-HR

Num holdings

456

Total value ($000)

$7,009,398

Net value change ($000)

-68,082 (-1.0%)

New positions

Sold out positions

Turnover %

6.3%

Sector allocation + QoQ delta (equities-only)

Holdings broken out by other managers reported in the original SEC filing. View aggregated holdings

You are on the SEC detailed breakdown page. Rows are shown as reported in the filing (including other manager, discretion, and voting authority fields), and are not merged like the standard holdings view. Switch to aggregated holdings.

Snapshot: Change Analysis

Compared to Q2 2025

Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.

Top Adds (Value $000, Stocks/ETFs)

MDLZ	103,594	293.2%
ACN	50,670	5436.7%
SGOV	23,177	9.7%
IBTQ	22,624	NEW
MKC	21,559	NEW
FAST	19,902	14.4%
GOOGL	17,417	34.8%
CPRT	15,102	NEW
SNA	14,490	9.3%
HSY	14,397	11.3%

Top Reduces (Value $000, Stocks/ETFs)

ORCL	-114,468	-100.0%
PEP	-93,914	-100.0%
PII	-33,528	-100.0%
PAYX	-21,736	-14.3%
TLH	-19,724	-34.5%
GTES	-19,393	-85.7%
IEI	-16,207	-54.6%
FXF	-16,025	-100.0%
CL	-15,503	-13.0%
BKNG	-13,756	-28.1%

Instrument mix + QoQ Δ (ex-options)

How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.

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Instrument:

Issuer Name	Ticker	Sector	Industry	Class	History	Value ($000)	%	Shares	Shares Δ	Shares Δ%	Value Δ ($000)	Value Δ%	Principal	Option Type	Discretion	Other Manager	Sole	Shared	None

Other Managers

Num	Name	File Number
1	First Trust Advisors LP	028-06487
2	Brown Miller Wealth Management LLC	028-20464