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Latest CONFLUENCE INVESTMENT MANAGEMENT LLC Stock Portfolio

$7.44Billion

Equity Portfolio Value

Last Reported on: 01 Apr, 2024

About CONFLUENCE INVESTMENT MANAGEMENT LLC and it’s 13F Hedge Fund Stock Holdings

CONFLUENCE INVESTMENT MANAGEMENT LLC is a hedge fund based in Saint Louis, MO. On 09-Mar-2023, the fund reported that it had an AUM (Regulated Assets under Management) of $6.9 Billions. In it's latest 13F Holdings report, CONFLUENCE INVESTMENT MANAGEMENT LLC reported an equity portfolio of $6.5 Billions as of 30 Sep, 2023.

The top stock holdings of CONFLUENCE INVESTMENT MANAGEMENT LLC are PGR, PEP, MSFT. The fund has invested 2.7% of it's portfolio in PROGRESSIVE CORP. and 2.6% of portfolio in PEPSICO INC.

The fund managers got completely rid off BARCLAYS 1-3 YEAR TREASURY BON (AGG), LESLIE'S INC. (LESL) and BLACK KNIGHT INC. (BKI) stocks. They significantly reduced their stock positions in ISHARES IBONDS DEC 2026 TERM M (BGRN), BRP GROUP INC. (BRP) and POSCO HOLDINGS INC.. CONFLUENCE INVESTMENT MANAGEMENT LLC opened new stock positions in BONDBLOXX BLOOMBERG ONE YEAR T (XHYC), TORO CO. (TTC) and FRANKLIN FTSE JAPAN ETF (BUYZ). The fund showed a lot of confidence in some stocks as they added substantially to ISHARES IBONDS DEC 2024 TERM M (BGRN), AGNC INVESTMENT CORP. (AGNC) and W. R. BERKLEY CORP. (WRB).

New Buys

Ticker	$ Bought
FASTENAL CO.	195,459,000
PROGRESSIVE CORP.	188,642,000
MICROSOFT CORP.	175,716,000
SNAP-ON INC.	173,451,000
LINDE PLC	171,607,000
PEPSICO INC.	166,243,000
CHUBB LTD.	165,932,000
LOCKHEED MARTIN CORP.	151,402,000

New stocks bought by CONFLUENCE INVESTMENT MANAGEMENT LLC

Additions

No additions were made to existing positions by CONFLUENCE INVESTMENT MANAGEMENT LLC

Reductions

None of the existing positions were reduced by CONFLUENCE INVESTMENT MANAGEMENT LLC

Sold off

None of the stocks were completely sold off by CONFLUENCE INVESTMENT MANAGEMENT LLC

Current Stock Holdings of CONFLUENCE INVESTMENT MANAGEMENT LLC

Last Reported on: 01 Apr, 2024

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type
AA	ALCOA CORP.	0.00	10,401	351,450	NEW
AAXJ	ISHARES MBS ETF	0.25	197,700	18,271,400	NEW
AAXJ	ISHARES BARCLAYS 10-20 YEAR TR	0.11	79,329	8,331,960	NEW
AAXJ	ISHARES 3-7 YEAR TREASURY BOND	0.08	48,858	5,658,240	NEW
AAXJ	ISHARES 1-5 YEAR INVESTMENT GR	0.07	103,124	5,288,200	NEW
AAXJ	ISHARES US AEROSPACE & DEFENSE	0.07	37,144	4,900,450	NEW
AAXJ	ISHARES NATIONAL MUNI BOND ETF	0.03	19,761	2,126,280	NEW
ACN	ACCENTURE PLC	0.01	3,144	1,089,740	NEW
ACTX	GLOBAL X URANIUM ETF	0.15	383,760	11,063,800	NEW
ACWF	ISHARES IBONDS DEC 2025 TERM C	0.05	150,343	3,730,010	NEW
ADI	ANALOG DEVICES INC.	1.87	701,752	138,800,000	NEW
AEM	AGNICO EAGLE MINES LTD.	0.01	18,816	1,122,380	NEW
AER	AERCAP HOLDINGS N.V.	0.01	11,308	982,778	NEW
AFTY	PACER US SMALL CAP CASH COWS 1	0.52	788,662	38,770,600	NEW
AGG	ISHARES 1-3 YEAR TREASURY BOND	0.34	313,351	25,625,800	NEW
AGNC	AGNC INVESTMENT CORP.	0.01	106,958	1,058,880	NEW
AGT	ISHARES IBONDS DEC 2026 TERM C	0.27	845,491	20,165,000	NEW
AMLX	AMPLIFY CYBER SECURITY ETF	0.04	49,152	3,151,140	NEW
AMOT	ALLIENT INC.	0.04	93,781	3,346,110	NEW
AMP	AMERIPRISE FINANCIAL INC.	0.00	480	210,451	NEW
AOUT	AMERICAN OUTDOOR BRANDS INC.	0.03	262,902	2,313,540	NEW
APD	AIR PRODUCTS AND CHEMICALS INC	0.26	80,409	19,480,600	NEW
APH	AMPHENOL CORP.	0.40	259,930	29,982,900	NEW
AR	ANTERO RESOURCES CORP.	0.01	17,883	518,607	NEW
ARCO	ARCOS DORADOS HOLDINGS INC.	0.00	17,263	191,965	NEW
ASAI	SENDAS DISTRIBUIDORA S.A.	0.00	11,598	171,418	NEW
AWK	AMERICAN WATER WORKS CO. INC.	0.23	143,108	17,489,200	NEW
AXP	AMERICAN EXPRESS CO.	0.01	2,405	547,594	NEW
AZEK	AZEK CO. INC.	0.19	274,672	13,794,100	NEW
BAC	BANK OF AMERICA CORP.	0.01	10,789	409,119	NEW
BAM	BROOKFIELD ASSET MANAGEMENT	0.01	18,628	782,749	NEW
BBDC	BARINGS BDC INC.	0.06	501,683	4,665,650	NEW
BCSF	BAIN CAPITAL SPECIALTY FINANCE	0.03	117,336	1,839,830	NEW
BDX	BECTON DICKINSON AND CO.	0.27	79,799	19,746,200	NEW
BGRN	ISHARES BB RATED CORPORATE BON	0.50	806,665	37,308,300	NEW
BGRN	ISHARES IBONDS DEC 2027 TERM C	0.06	170,586	4,059,960	NEW
BGRN	ISHARES IBONDS DEC 2026 TERM M	0.02	69,218	1,754,680	NEW
BGRN	ISHARES IBONDS DEC 2024 TERM M	0.01	35,005	908,380	NEW
BGRN	ISHARES IBONDS DEC 2027 TERM M	0.01	30,934	778,609	NEW
BGRN	ISHARES IBONDS DEC 2025 TERM M	0.01	29,090	769,721	NEW
BGRN	ISHARES IBONDS DEC 2028 TERM M	0.00	12,189	308,016	NEW
BHP	BHP BILLITON LTD.	0.01	7,224	416,753	NEW
BIL	SPDR PORTFOLIO MORTGAGE BACKED	0.75	2,581,080	56,061,100	NEW
BIL	SPDR S&P 400 MID CAP GROWTH ET	0.50	425,999	37,185,400	NEW
BIL	SPDR S&P 400 MID CAP VALUE ETF	0.33	326,099	24,783,500	NEW
BIL	SPDR S&P 600 SMALL CAP GROWTH	0.28	242,435	21,147,600	NEW
BIL	SPDR PORTFOLIO S&P 500 VALUE E	0.23	343,760	17,222,400	NEW
BIL	SPDR PORTFOLIO S&P 500 GROWTH	0.12	126,245	9,234,790	NEW
BIL	SPDR PORTFOLIO INTERMEDIATE TE	0.11	246,764	8,066,720	NEW
BIL	SPDR NUVEEN S&P HIGH YIELD MUN	0.09	265,304	6,815,660	NEW
BIL	SPDR NUVEEN BARCLAYS CAPITAL S	0.05	75,554	3,584,280	NEW
BIPC	BROOKFIELD INFRASTRUCTURE CORP	1.21	2,489,170	89,709,700	NEW
BKNG	BOOKING HOLDINGS INC.	0.64	13,096	47,510,700	NEW
BR	BROADRIDGE FINANCIAL SOLUTIONS	1.94	703,082	144,033,000	NEW
BRO	BROWN &AMP; BROWN INC.	0.67	566,579	49,598,300	NEW
BRP	BRP GROUP INC.	0.05	124,121	3,592,060	NEW
BSAE	INVESCO BULLETSHARES 2028 MUNI	0.09	287,790	6,757,310	NEW
BSAE	INVESCO BULLETSHARES 2027 MUNI	0.08	259,568	6,140,080	NEW
BSAE	INVESCO BULLETSHARES 2031 MUNI	0.08	285,757	6,089,480	NEW
BSAE	INVESCO BULLETSHARES 2026 MUNI	0.07	235,096	5,540,060	NEW
BSAE	INVESCO BULLETSHARES 2025 MUNI	0.07	226,441	5,511,570	NEW
BSAE	INVESCO BULLETSHARES 2024 MUNI	0.05	142,489	3,530,880	NEW
BSAE	INVESCO BULLETSHARES 2029 MUNI	0.04	125,525	2,917,200	NEW
BSAE	INVESCO BULLETSHARES 2030 MUNI	0.00	14,073	311,295	NEW
BUYZ	FRANKLIN FTSE JAPAN ETF	0.03	64,144	1,990,390	NEW
BWMX	BETTERWARE DE MEXICO SAPI DE C	0.00	11,170	223,177	NEW
BX	BLACKSTONE GROUP LP	0.02	11,000	1,445,070	NEW
CAE	CAE INC.	0.01	24,241	500,334	NEW
CB	CHUBB LTD.	2.23	640,344	165,932,000	NEW
CCAP	CRESCENT CAPITAL BDC INC.	0.02	69,515	1,199,830	NEW
CCJ	CAMECO CORP.	0.01	21,704	940,217	NEW
CHK	CHESAPEAKE ENERGY CORP.	0.01	7,014	623,054	NEW
CL	COLGATE-PALMOLIVE CO.	1.76	1,450,550	130,622,000	NEW
CLB	CORE LABORATORIES N.V.	0.03	146,048	2,494,500	NEW
CLVT	CLARIVATE PLC	0.25	2,475,000	18,389,300	NEW
CLX	CLOROX CO.	1.82	885,835	135,630,000	NEW
CNNE	CANNAE HOLDINGS INC.	0.04	135,447	3,012,350	NEW
COP	CONOCOPHILLIPS	0.01	5,121	651,801	NEW
CRL	CHARLES RIVER LABORATORIES INT	0.35	96,957	26,270,500	NEW
CSCO	CISCO SYSTEMS INC.	1.28	1,913,220	95,488,900	NEW
CSD	INVESCO S&P MIDCAP QUALITY ETF	0.70	472,710	52,021,700	NEW
CSWC	CAPITAL SOUTHWEST CORP.	0.03	95,774	2,390,520	NEW
CTRA	COTERRA ENERGY INC.	0.01	19,185	534,878	NEW
CVCO	CAVCO INDUSTRIES INC.	0.06	11,726	4,679,380	NEW
CVX	CHEVRON CORP.	1.66	784,081	123,681,000	NEW
CW	CURTISS-WRIGHT CORP.	0.00	1,160	296,890	NEW
CWI	SPDR PORTFOLIO DEVELOPED WORLD	0.04	89,434	3,205,330	NEW
CYBR	CYBERARK SOFTWARE LTD.	0.02	5,544	1,472,650	NEW
DCI	DONALDSON CO. INC.	0.34	335,000	25,017,800	NEW
DD	DUPONT DE NEMOURS INC.	0.15	144,925	11,111,400	NEW
DEO	DIAGEO PLC	1.69	843,581	125,474,000	NEW
DFAC	DIMENSIONAL NATIONAL MUNICIPAL	0.15	230,287	11,074,500	NEW
DLTR	DOLLAR TREE INC.	0.23	129,032	17,180,700	NEW
DMXF	ISHARES 0-3 MONTH TREASURY BON	1.23	907,300	91,374,100	NEW
DMXF	ISHARES IBONDS DEC 2027 TERM T	0.41	1,386,860	30,732,800	NEW
DMXF	ISHARES IBONDS DEC 2026 TERM T	0.26	867,969	19,711,600	NEW
DMXF	ISHARES IBONDS DEC 2028 TERM T	0.13	448,617	9,840,410	NEW
DMXF	ISHARES IBONDS DEC 2032 TERM T	0.13	431,101	9,773,070	NEW
DMXF	ISHARES IBONDS DEC 2033 TERM C	0.11	321,458	8,190,750	NEW
DMXF	ISHARES IBONDS DEC 2030 TERM T	0.11	408,958	7,941,960	NEW
DMXF	ISHARES IBONDS DEC 2029 TERM T	0.11	366,684	7,883,700	NEW
DMXF	ISHARES IBONDS DEC 2029 TERM M	0.00	12,886	325,307	NEW
DNB	DUN & BRADSTREET HOLDINGS INC.	0.40	2,961,760	29,736,000	NEW
DNN	DENISON MINES CORP.	0.01	246,945	481,543	NEW
DOW	DOW INC.	1.36	1,746,170	101,155,000	NEW
EC	ECOPETROL S.A.	0.00	15,362	181,886	NEW
ECL	ECOLAB INC.	0.37	118,739	27,416,900	NEW
ECVT	ECOVYST INC.	0.05	321,122	3,580,510	NEW
EOG	EOG RESOURCES INC.	0.33	191,926	24,535,800	NEW
EPC	EDGEWELL PERSONAL CARE CO.	0.05	93,400	3,608,980	NEW
ETR	ENTERGY CORP.	1.24	872,985	92,257,100	NEW
EXPD	EXPEDITORS INTERNATIONAL OF WA	0.31	190,652	23,177,500	NEW
FANG	DIAMONDBACK ENERGY INC.	0.01	3,609	715,196	NEW
FAST	FASTENAL CO.	2.63	2,533,820	195,459,000	NEW
FCX	FREEPORT-MCMORAN INC.	0.01	12,118	569,788	NEW
FMX	FOMENTO ECONOMICO MEXICANO S.A	0.00	3,077	400,869	NEW
FNF	FIDELITY NATIONAL FINANCIAL IN	1.82	2,548,910	135,347,000	NEW
FNV	FRANCO-NEVADA CORP.	0.01	4,512	537,650	NEW
FSK	FS KKR CAPITAL CORP.	0.01	50,454	962,158	NEW
FSP	FRANKLIN STREET PROPERTIES COR	0.04	1,231,660	2,795,860	NEW
GBDC	GOLUB CAPITAL BDC INC.	0.07	331,284	5,509,250	NEW
GD	GENERAL DYNAMICS CORP.	0.34	89,274	25,219,000	NEW
GFI	GOLD FIELDS LTD.	0.00	19,531	310,348	NEW
GGG	GRACO INC.	0.95	758,518	70,891,100	NEW
GILD	GILEAD SCIENCES INC.	1.23	1,245,990	91,269,100	NEW
GLDM	SPDR GOLD MINISHARES TRUST ETF	0.36	615,603	27,117,300	NEW
GOLD	BARRICK GOLD CORP.	0.01	25,117	417,947	NEW
GOOG	ALPHABET INC.	0.90	438,038	66,695,700	NEW
GOOG	ALPHABET INC.	0.01	2,843	429,094	NEW
GSBD	GOLDMAN SACHS BDC INC.	0.04	185,987	2,786,080	NEW
GTES	GATES INDUSTRIAL CORP. PLC	0.38	1,603,080	28,390,500	NEW
HAYW	HAYWARD HOLDINGS INC.	0.05	235,521	3,605,830	NEW
HCSG	HEALTHCARE SERVICES GROUP INC.	0.03	180,984	2,258,680	NEW
HD	HOME DEPOT INC.	2.02	392,398	150,524,000	NEW
HES	HESS CORP.	0.01	3,413	520,960	NEW
HGTY	HAGERTY INC.	0.05	379,551	3,472,890	NEW
HLN	HALEON PLC	0.01	82,071	696,783	NEW
HSY	HERSHEY CO.	0.47	180,412	35,090,200	NEW
HTGC	HERCULES CAPITAL INC.	0.09	376,673	6,949,620	NEW
IAU	ISHARES GOLD TRUST ETF	0.01	13,300	558,733	NEW
IBN	ICICI BANK LTD.	0.00	10,793	285,043	NEW
ICLR	ICON PLC	0.02	3,851	1,293,740	NEW
IIGD	INVESCO BULLETSHARES 2032 MUNC	0.00	13,011	331,976	NEW
IIGD	INVESCO BULLETSHARES 2033 MUNI	0.00	12,404	325,481	NEW
IIIV	I3 VERTICALS INC.	0.05	151,202	3,461,010	NEW
INFY	INFOSYS LTD.	0.00	10,541	188,997	NEW
ING	ING GROEP N.V.	0.01	48,934	806,922	NEW
ITW	ILLINOIS TOOL WORKS INC.	0.88	245,021	65,746,600	NEW
JBSS	JOHN B SANFILIPPO & SON INC.	0.05	33,554	3,554,040	NEW
JBT	JOHN BEAN TECHNOLOGIES CORP.	0.05	32,281	3,385,900	NEW
JJSF	J &AMP; J SNACK FOODS CORP.	0.12	61,630	8,909,200	NEW
KAI	KADANT INC.	0.06	14,085	4,621,230	NEW
KB	KB FINANCIAL GROUP INC.	0.00	5,515	287,145	NEW
KDP	KEURIG DR. PEPPER INC.	0.15	370,876	11,374,800	NEW
KEYS	KEYSIGHT TECHNOLOGIES INC.	0.71	338,230	52,892,400	NEW
KMI	KINDER MORGAN INC.	1.18	4,777,900	87,626,600	NEW
KMPR	KEMPER CORP.	0.00	4,470	276,782	NEW
KMX	CARMAX INC.	0.17	146,324	12,746,300	NEW
KOF	COCA-COLA FEMSA SAB DE CV	0.00	2,937	285,476	NEW
LIN	LINDE PLC	2.31	369,588	171,607,000	NEW
LMT	LOCKHEED MARTIN CORP.	2.04	332,847	151,402,000	NEW
LOW	LOWE'S COS. INC.	0.86	251,667	64,107,200	NEW
MA	MASTERCARD INC.	1.24	191,308	92,128,300	NEW
MAIN	MAIN STREET CAPITAL CORP.	0.08	129,143	6,109,760	NEW
MAS	MASCO CORP.	1.05	991,134	78,180,600	NEW
MCD	MCDONALD'S CORP.	0.32	83,560	23,559,700	NEW
MDT	MEDTRONIC PLC	0.24	209,001	18,214,400	NEW
MELI	MERCADOLIBRE INC.	0.00	229	346,239	NEW
MGPI	MGP INGREDIENTS INC.	0.04	35,128	3,025,580	NEW
MKL	MARKEL CORP. INC.	0.82	40,051	60,937,400	NEW
MLM	MARTIN MARIETTA MATERIALS INC.	0.30	36,294	22,282,300	NEW
MMYT	MAKEMYTRIP LTD.	0.01	7,060	501,613	NEW
MORN	MORNINGSTAR INC.	0.28	68,054	20,985,800	NEW
MOS	MOSAIC CO.	0.00	10,848	352,126	NEW
MOV	MOVADO GROUP INC.	0.04	116,905	3,265,160	NEW
MRTN	MARTEN TRANSPORT LTD.	0.04	161,692	2,988,080	NEW
MSFT	MICROSOFT CORP.	2.36	417,655	175,716,000	NEW
MTRN	MATERION CORP.	0.01	3,513	462,838	NEW
MUFG	MITSUBISHI UFJ FINANCIAL	0.01	92,156	942,756	NEW
NDSN	NORDSON CORP.	0.58	156,241	42,894,500	NEW
NEM	NEWMONT MINING CORP.	0.00	10,050	360,182	NEW
NJR	NEW JERSEY RESOURCES CORP.	0.26	450,647	19,337,200	NEW
NKE	NIKE INC.	0.22	174,300	16,380,700	NEW
NLY	ANNALY CAPITAL MANAGEMENT INC.	0.04	135,648	2,670,910	NEW
NMFC	NEW MOUNTAIN FINANCE CORP.	0.07	414,282	5,248,950	NEW
NTRS	NORTHERN TRUST CORP.	1.42	1,188,320	105,665,000	NEW
NVDA	NVIDIA CORP.	0.00	308	278,562	NEW
NVO	NOVO NORDISK A.S.	0.02	10,844	1,392,370	NEW
NXPI	NXP SEMICONDUCTORS N.V.	0.76	226,459	56,109,700	NEW
OCSL	OAKTREE SPECIALTY LENDING CORP	0.01	37,532	737,879	NEW
OFS	OFS CAPITAL CORP.	0.01	98,000	973,140	NEW
ORCL	ORACLE CORP.	1.00	591,938	74,353,300	NEW
PAGS	PAGSEGURO DIGITAL LTD.	0.00	10,440	149,083	NEW
PAYX	PAYCHEX INC.	1.97	1,193,950	146,617,000	NEW
PEP	PEPSICO INC.	2.24	949,904	166,243,000	NEW
PG	PROCTER & GAMBLE CO.	0.31	142,912	23,187,500	NEW
PGR	PROGRESSIVE CORP.	2.54	912,107	188,642,000	NEW
PII	POLARIS INC.	1.46	1,087,590	108,890,000	NEW
PKX	POSCO HOLDINGS INC.	0.01	6,235	488,914	NEW
PNNT	PENNANTPARK INVESTMENT CORP.	0.06	641,310	4,412,210	NEW
PRFT	PERFICIENT INC.	0.04	51,267	2,885,820	NEW
PXD	PIONEER NATURAL RESOURCES CO.	0.01	2,195	576,176	NEW
RDY	DR REDDY'S LABORATORIES LTD.	0.00	3,730	273,595	NEW
RGLD	ROYAL GOLD INC.	0.01	4,281	521,469	NEW
RIO	RIO TINTO PLC	0.01	16,469	1,049,730	NEW
RMD	RESMED INC.	0.34	129,161	25,577,800	NEW
ROK	ROCKWELL AUTOMATION INC.	0.30	76,265	22,218,300	NEW
ROLL	RBC BEARINGS INC.	0.06	16,479	4,455,100	NEW
RYN	RAYONIER INC.	1.04	2,317,310	77,027,400	NEW
SA	SEABRIDGE GOLD INC.	0.01	37,377	565,140	NEW
SAP	SAP S.E.	0.01	4,569	891,092	NEW
SBUX	STARBUCKS CORP.	0.84	685,247	62,624,700	NEW
SCCO	SOUTHERN COPPER CORP.	0.01	7,342	782,070	NEW
SHEL	SHELL PLC	0.01	14,803	992,393	NEW
SHG	SHINHAN FINANCIAL GROUP CO. LT	0.00	6,908	245,165	NEW
SHOP	SHOPIFY INC.	0.01	9,058	699,006	NEW
SHW	SHERWIN-WILLIAMS CO.	0.39	84,165	29,232,900	NEW
SIVR	ABRDN PHYSICAL SILVER SHARES E	0.03	100,782	2,399,620	NEW
SJW	SJW GROUP	0.04	56,588	3,202,330	NEW
SLRC	SLR INVESTMENT CORP.	0.04	183,802	2,821,360	NEW
SNA	SNAP-ON INC.	2.33	585,549	173,451,000	NEW
SO	SOUTHERN CO.	1.73	1,789,980	128,413,000	NEW
SONY	SONY GROUP CORP.	0.01	8,293	711,042	NEW
SPB	SPECTRUM BRANDS HOLDINGS INC.	0.17	143,958	12,813,700	NEW
SPGI	S&P GLOBAL INC.	1.09	189,865	80,778,200	NEW
SPHD	POWERSHARES INSURED NATIONAL M	0.12	361,255	8,608,710	NEW
SPNS	SAPIENS INTERNATIONAL CORP NV	0.05	118,375	3,806,940	NEW
SPY	SPDR S&P 500 ETF	0.20	27,976	14,633,400	NEW
SQM	SOCIEDAD QUIMICA Y MINERA DE C	0.00	5,293	260,204	NEW
STC	STEWART INFORMATION SERVICES C	0.07	75,576	4,917,010	NEW
STZ	CONSTELLATION BRANDS	0.52	143,428	38,978,000	NEW
SWN	SOUTHWESTERN ENERGY CO.	0.01	87,087	660,119	NEW
SYK	STRYKER CORP.	1.26	260,903	93,369,300	NEW
TCPC	BLACKROCK TCP CAPITAL CORP.	0.06	399,998	4,171,980	NEW
TJX	TJX COS. INC.	1.23	901,448	91,424,800	NEW
TMO	THERMO FISHER SCIENTIFIC INC.	0.68	87,203	50,683,500	NEW
TRIN	TRINITY CAPITAL INC.	0.01	56,893	835,189	NEW
TRIP	TRIPADVISOR INC.	0.07	187,772	5,218,180	NEW
TROW	T. ROWE PRICE GROUP INC.	1.75	1,069,440	130,386,000	NEW
TSLX	SIXTH STREET SPECIALTY LENDING	0.07	243,228	5,212,380	NEW
TSM	TAIWAN SEMICONDUCTOR MANUFACTU	0.02	10,554	1,435,870	NEW
TTC	TORO CO.	0.28	225,773	20,687,600	NEW
TTE	TOTALENERGIES S.E.	0.01	12,088	832,017	NEW
UEC	URANIUM ENERGY CORP.	0.01	80,504	543,402	NEW
UFPT	UFP TECHNOLOGIES INC.	0.06	19,024	4,797,850	NEW
UPS	UNITED PARCEL SERVICE INC.	1.35	673,993	100,176,000	NEW
USB	U.S. BANCORP	1.24	2,062,460	92,192,000	NEW
VALE	VALE S.A.	0.00	13,317	162,334	NEW
VIST	VISTA ENERGY S.A.B. DE C.V.	0.01	10,339	427,828	NEW
VLRS	CONTROLADORA VUELA CIA DE AVIA	0.00	28,464	211,203	NEW
VNT	VONTIER CORP.	0.37	612,224	27,770,500	NEW
WDS	WOODSIDE ENERGY GROUP LTD.	0.01	23,939	478,062	NEW
WEC	WEC ENERGY GROUP INC.	1.72	1,558,020	127,945,000	NEW
WGO	WINNEBAGO INDUSTRIES INC.	0.05	54,073	4,001,370	NEW
WPM	WHEATON PRECIOUS METALS CORP.	0.01	11,282	531,721	NEW
WRB	W. R. BERKLEY CORP.	1.11	935,165	82,706,000	NEW
WTW	WILLIS TOWERS WATSON PLC	0.01	3,307	909,425	NEW
WY	WEYERHAEUSER CO.	1.10	2,269,760	81,507,000	NEW
XLB	SPDR ENERGY SELECT SECTOR ETF	0.05	39,024	3,684,210	NEW
XOM	EXXON MOBIL CORP.	0.01	4,880	567,251	NEW
	NESTLE S.A.	1.49	1,046,140	111,100,000	NEW
	ARES CAPITAL CORP.	1.16	4,141,550	86,227,200	NEW
	BERKSHIRE HATHAWAY INC. - B	0.94	165,585	69,632,000	NEW
	BROOKFIELD CORP.	0.74	1,317,560	55,166,100	NEW
	BLACKSTONE SECURED LENDING FUN	0.08	188,309	5,865,820	NEW
	BERKSHIRE HATHAWAY INC. - A	0.04	5.00	3,172,200	NEW
	BLUE OWL CAPITAL CORP.	0.04	198,966	3,060,100	NEW
	NUVEEN CHURCHILL DIRECT LENDIN	0.03	103,017	1,860,490	NEW
	RHEINMETALL AG	0.02	10,795	1,215,560	NEW
	PORTMAN RIDGE FINANCE CORP.	0.01	58,604	1,112,300	NEW
	L'OREAL S.A.	0.01	10,154	962,599	NEW
	WAL-MART DE MEXICO S.A.B. DE C	0.01	23,366	950,996	NEW
	ZURICH INSURANCE GROUP A.G.	0.01	17,462	946,964	NEW
	PALMER SQUARE CAPITAL BDC INC.	0.01	50,000	814,500	NEW
	LVMH MOET HENNESSY LOUIS VUITT	0.01	4,319	781,869	NEW
	DBS GROUP HOLDINGS LTD.	0.01	7,300	778,034	NEW
	SANDOZ GROUP	0.01	25,227	759,333	NEW
	NINTENDO CO. LTD.	0.01	54,961	746,920	NEW
	DSV A.S.	0.01	9,147	742,791	NEW
	CHUGAI PHARMS CO LTD	0.01	38,730	740,905	NEW
	MITSUI & CO. LTD.	0.01	776	727,865	NEW
	ITOCHU CORP.	0.01	8,387	717,592	NEW
	BNP PARIBAS S.A.	0.01	20,036	716,087	NEW
	SMC CORP.	0.01	22,294	628,245	NEW
	ANTOFAGASTA PLC ADR	0.01	23,775	607,451	NEW
	KOMATSU LTD.	0.01	18,137	536,311	NEW
	GLENCORE PLC	0.01	38,401	420,491	NEW
	ROCHE HOLDING A.G.	0.00	12,463	397,819	NEW
	GRUPO FINANCIERO BANORTE S.A.B	0.00	5,639	302,814	NEW
	LOCALIZA RENT A CAR S.A.	0.00	22,473	255,518	NEW
	TECHTRONIC INDUSTRIES CO. LTD.	0.00	3,462	235,364	NEW
	SAFRAN S.A.	0.00	3,661	207,396	NEW
	TENCENT HOLDINGS LTD.	0.00	5,310	207,249	NEW
	PT ASTRA INTERNATIONAL TBK	0.00	22,744	149,478	NEW
	JBS S.A.	0.00	15,598	132,583	NEW
	PING AN INSURANCE GROUP CO. OF	0.00	13,287	113,205	NEW