CONFLUENCE INVESTMENT MANAGEMENT LLC

Q2 2025 13F-HR Detailed Holdings

Location

St. Louis, MO

Holdings as of

6/30/2025

Date filed

7/1/2025

Form type

13F-HR

Num holdings

451

Total value ($000)

$7,077,480

Net value change ($000)

+132,682 (1.9%)

New positions

Sold out positions

Turnover %

5.0%

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 Q1 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)

SPDW	51,697	NEW
SGOV	42,988	22.0%
AWK	42,840	54.3%
NDSN	41,026	132.2%
NTRS	40,524	36.9%
ORCL	39,568	52.8%
MDLZ	35,334	NEW
TLH	32,154	128.8%
REGL	24,475	NEW
IEI	24,122	432.4%

Top Reduces (Value $000, Stocks/ETFs)

XMHQ	-50,163	-100.0%
PEP	-40,469	-30.1%
DNB	-35,637	-100.0%
HYBB	-31,037	-89.2%
BRO	-28,156	-45.9%
BRK-B	-27,250	-35.5%
FNF	-21,544	-15.0%
XSHQ	-18,148	-100.0%
MDYG	-17,087	-48.6%
SNA	-15,763	-9.2%

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