CONFLUENCE INVESTMENT MANAGEMENT LLC

Q1 2025 13F-HR Detailed Holdings

Location

St. Louis, MO

Holdings as of

3/31/2025

Date filed

4/1/2025

Form type

13F-HR

Num holdings

462

Total value ($000)

$6,944,798

Net value change ($000)

-264,072 (-3.7%)

New positions

Sold out positions

Turnover %

5.1%

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 Q4 2024

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)

SGOV	52,988	37.1%
ACGL	38,539	NEW
APD	34,693	132.1%
ZTS	22,997	NEW
TLH	17,306	226.1%
WEC	17,291	12.3%
IBTO	17,104	NEW
IBTP	16,972	NEW
FNF	15,587	12.2%
CVX	14,959	13.9%

Top Reduces (Value $000, Stocks/ETFs)

BIPC	-89,181	-100.0%
MSFT	-70,089	-52.7%
MKL	-57,503	-99.5%
PGR	-47,564	-22.8%
SBUX	-28,355	-45.7%
DEO	-25,389	-17.0%
SPDW	-25,144	-100.0%
TROW	-23,523	-21.1%
IBTH	-20,926	-66.5%
PII	-20,890	-35.6%

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.

Filter:

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