CONFLUENCE INVESTMENT MANAGEMENT LLC

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CIK 1442056

13F portfolio (2026-Q1)

$6.4B

Positions

283

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

283

Top 5

12.9%

Top 10

24.1%

Effective N

71.0

HHI

0.014

This quarter

18 new · 0 exit →

By sector

Industrials17.7%

Unclassified15.2%

Financials15.0%

Utilities10.4%

Materials9.6%

Information Technology9.2%

Consumer Discretionary7.6%

Consumer Staples6.6%

Other8.8%

By market cap

Large ($10–200B)65.2%

Unknown17.8%

Mega (>$200B)12.6%

Mid ($2–10B)3.8%

Small ($300M–2B)0.5%

Micro (<$300M)0.0%

By region

North America82.9%

Other15.3%

Europe1.7%

Asia-Pacific0.2%

Africa0.0%

Latin America0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	16.45%	117
Utilities	10.38%	6
Chemicals	8.43%	10
Insurance	8.34%	10
Machinery	7.51%	15
Specialty Retail	6.39%	8
Aerospace & Defense	4.66%	3
Commercial Services & Supplies	4.45%	7
Food Products	4.16%	5
Semiconductors & Semiconductor Equipment	3.76%	5
Technology Hardware & Equipment	3.59%	6
Oil, Gas & Consumable Fuels	3.28%	12
Banks	3.00%	9
Pharmaceuticals & Biotechnology	2.14%	4
Health Care Equipment & Supplies	2.01%	8
Beverages	1.97%	4
Capital Markets	1.84%	4
Software	1.70%	5
Professional Services	1.39%	1
Software & IT Services	0.84%	4
Hotels, Restaurants & Leisure	0.78%	4
Transportation Infrastructure	0.76%	2
Construction Materials	0.54%	2
Household Durables	0.38%	3
Paper & Forest Products	0.30%	3
Metals & Mining	0.29%	13
Life Sciences Tools & Services	0.27%	1
Entertainment	0.26%	2
Electrical Equipment & Components	0.04%	2
Coal & Consumable Fuels	0.04%	1
Road & Rail	0.02%	2
Equity Real Estate Investment Trusts (REITs)	0.01%	2
Automobiles & Components	0.01%	1
Airlines	0.00%	1
Food & Staples Retailing	0.00%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	SGOV	ISHARES TR	Unclassified	2.74%
2	ADI	ANALOG DEVICES INC	Information Technology	2.67%
3	LMT	LOCKHEED MARTIN CORP	Industrials	2.53%
4	CVX	CHEVRON CORP	Energy	2.48%
5	SNA	Snap-on Inc	Industrials	2.46%
6	CB	Chubb Ltd	Financials	2.44%
7	HSY	HERSHEY CO	Consumer Staples	2.23%
8	WEC	WEC ENERGY GROUP, INC.	Utilities	2.22%
9	LIN	LINDE PLC	Materials	2.18%
10	ETR	ENTERGY CORP /DE/	Utilities	2.14%

168/283 names classified · sector 84.8% of weight · industry 83.6% · mkt cap 82.2%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 52 quarters

IndustrialsPAYX, LMT, GGG, PII, SNA · other

FinancialsPGR, NTRS, CB, FNF, TROW · other

Information TechnologyMSFT, ADI, NXPI, CSCO, EMR · other

Consumer DiscretionaryFAST, TJX, HD, KSS, MAT · other

MaterialsCL, LIN, MLM, DOW, CLX · other

UtilitiesSO, KMI, ETR, BIPC, WEC · other

Consumer StaplesPEP, DEO, KHC, HSY, MDLZ · other

Health CareSYK, JNJ, PFE, GILD, CRL · other

Real EstateRYN, DLR, WY, IRM, SLG · other

EnergyCVX, SLB, XOM, HAL, EOG · other

Communication ServicesGOOG, GOOGL, DIS, MTN, WLY · other

UnclassifiedARCC, NSRGY, SGOV, DOWDUPONT INC, VNQ · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 84.8% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (119 classified)CONFLUENCE INVESTMENT MANAGEMENT LLC centroid (Mid Core)

IndustrialsFinancialsUtilitiesMaterialsInformation TechnologyConsumer DiscretionaryConsumer StaplesHealth CareEnergyCommunication ServicesReal Estate

Style box summary for CONFLUENCE INVESTMENT MANAGEMENT LLC: centroid Mid Core. Heaviest cells: Large Core 20.1%, Mid Core 19.9%, Large Value 13.7%.

Classified: 80.9% of book weight (119/283 names) · unclassified 19.1%: SGOV, DEO, SPMB, SPDW, ARCC, SPYG, SPYV, BRK.B, MBB, GLDM +154 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 283 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	SGOVISHARES TR	1,753,514	$177M	2.7%	TRIM −16%
2	ADIANALOG DEVICES INC	540,640	$172M	2.7%	TRIM −8%
3	LMTLOCKHEED MARTIN CORP	269,640	$163M	2.5%	TRIM −5%
4	CVXCHEVRON CORP NEW	772,243	$160M	2.5%	TRIM −4%
5	SNASNAP ON INC	435,896	$158M	2.5%	TRIM −7%
6	CBCHUBB LIMITED	482,043	$157M	2.4%	TRIM −6%
7	HSYHERSHEY CO	690,349	$144M	2.2%	HOLD
8	WECWEC ENERGY GROUP INC	1,237,016	$143M	2.2%	TRIM −7%
9	LINLINDE PLC	283,072	$140M	2.2%	TRIM −5%
10	ETRENTERGY CORP NEW	1,229,287	$138M	2.1%	TRIM −5%
11	FASTFASTENAL CO	2,966,722	$138M	2.1%	TRIM −4%
12	SOSOUTHERN CO	1,421,871	$137M	2.1%	TRIM −4%
13	MDLZMONDELEZ INTL INC	2,112,856	$122M	1.9%	ADD 21%
14	GILDGILEAD SCIENCES INC	861,023	$120M	1.9%	TRIM −5%
15	CSCOCISCO SYS INC	1,540,946	$120M	1.9%	TRIM −5%
16	KMIKINDER MORGAN INC DEL	3,489,006	$117M	1.8%	TRIM −4%
17	PGRPROGRESSIVE CORP	580,259	$115M	1.8%	TRIM −3%
18	HONHONEYWELL INTL INC	499,862	$113M	1.8%	TRIM −3%
19	AWKAMERICAN WTR WKS CO INC NEW	809,958	$110M	1.7%	ADD 2%
20	CLCOLGATE PALMOLIVE CO	1,250,090	$107M	1.7%	TRIM −3%
21	HDHOME DEPOT INC	319,923	$105M	1.6%	TRIM −4%
22	DEODIAGEO PLC	1,353,434	$101M	1.6%	ADD 23%
23	CLXCLOROX CO DEL	932,575	$97M	1.5%	ADD 20%
24	NTRSNORTHERN TR CORP	680,260	$95M	1.5%	TRIM −38%
25	USBUS BANCORP	1,784,403	$93M	1.4%	TRIM −3%
26	FNFFIDELITY NATL FINL INC	1,957,007	$91M	1.4%	TRIM −4%
27	PAYXPAYCHEX INC	969,809	$89M	1.4%	HOLD
28	BRBROADRIDGE FINL SOLUTIONS IN	534,393	$87M	1.3%	TRIM −4%
29	TROWPRICE T ROWE GROUP INC	963,167	$87M	1.3%	ADD 2%
30	SPMBSPDR SER TR	3,853,493	$86M	1.3%	TRIM −10%
31	NDSNNORDSON CORP	308,267	$82M	1.3%	TRIM −6%
32	DOWDOW HLDGS INC	1,870,348	$78M	1.2%	ADD 18%
33	WRBBERKLEY W R CORP	1,113,400	$74M	1.1%	TRIM −6%
34	MAMASTERCARD INCORPORATED	146,534	$73M	1.1%	TRIM −6%
35	SPDWSPDR INDEX SHS FDS	1,592,493	$73M	1.1%	TRIM −3%
36	TJXTJX COS INC NEW	446,526	$71M	1.1%	TRIM −23%
37	SYKSTRYKER CORPORATION	208,059	$68M	1.1%	TRIM −5%
38	ACNACCENTURE PLC IRELAND	340,812	$68M	1.0%	ADD 3%
39	APDAIR PRODS & CHEMS INC	217,487	$63M	1.0%	ADD 14%
40	ARCCARES CAPITAL CORP	3,435,289	$62M	1.0%	TRIM −3%
41	SPGIS&P GLOBAL INC	134,280	$57M	0.9%	TRIM −4%
42	MSFTMICROSOFT CORP	148,611	$55M	0.9%	TRIM −4%
43	ITWILLINOIS TOOL WKS INC	207,159	$54M	0.8%	TRIM −4%
44	SPYGSPDR SERIES TRUST STATE STREET SPD	528,353	$52M	0.8%	ADD 3%
45	KEYSKEYSIGHT TECHNOLOGIES INC	179,504	$51M	0.8%	TRIM −46%
46	MASMASCO CORP	828,604	$50M	0.8%	TRIM −4%
47	LOWLOWES COS INC	210,064	$50M	0.8%	TRIM −6%
48	GOOGALPHABET INC	172,879	$50M	0.8%	TRIM −5%
49	GGGGRACO INC	585,714	$50M	0.8%	TRIM −6%
50	PAYCPAYCOM SOFTWARE INC	407,747	$50M	0.8%	ADD 28%
51	SPYVSPDR SERIES TRUST	790,404	$45M	0.7%	ADD 31%
52	BRK.BBERKSHIRE HATHAWAY INC DEL	93,261	$45M	0.7%	TRIM −5%
53	TMOTHERMO FISHER SCIENTIFIC INC	90,151	$44M	0.7%	TRIM −5%
54	NXPINXP SEMICONDUCTORS N V	219,824	$43M	0.7%	TRIM −4%
55	ACGLARCH CAP GROUP LTD	364,086	$35M	0.5%	HOLD
56	MLMMARTIN MARIETTA MATLS INC	56,855	$33M	0.5%	TRIM −5%
57	BF.BBROWN FORMAN CORP	1,237,621	$33M	0.5%	ADD 4%
58	MBBISHARES TR	332,934	$32M	0.5%	TRIM −3%
59	GLDMWORLD GOLD TR	332,974	$31M	0.5%	TRIM −13%
60	MORNMORNINGSTAR INC	177,568	$30M	0.5%	ADD 150%
61	CARRCARRIER GLOBAL CORPORATION	511,137	$29M	0.4%	ADD 143%
62	SBUXSTARBUCKS CORP	315,131	$28M	0.4%	TRIM −2%
63	IBTOISHARES TR	1,081,896	$26M	0.4%	ADD 70%
64	BROBROWN & BROWN INC	404,645	$26M	0.4%	TRIM −2%
65	BKNGBOOKING HOLDINGS INC	6,143	$26M	0.4%	TRIM −4%
66	STZCONSTELLATION BRANDS INC	171,647	$26M	0.4%	ADD 58%
67	IBTLISHARES TR	1,202,814	$25M	0.4%	ADD 156%
68	GDGENERAL DYNAMICS CORP	70,894	$24M	0.4%	TRIM −7%
69	EOGEOG RES INC	165,675	$24M	0.4%	HOLD
70	ECLECOLAB INC	89,454	$24M	0.4%	TRIM −9%
71	IBTPISHARES TR	919,178	$24M	0.4%	ADD 28%
72	APHAMPHENOL CORP	185,611	$23M	0.4%	TRIM −7%
73	TTCTORO CO	250,943	$23M	0.4%	ADD 4%
74	EXPDEXPEDITORS INTL WASH INC	160,703	$23M	0.4%	TRIM −6%
75	NJRNEW JERSEY RES CORP	416,958	$23M	0.4%	TRIM −5%
76	DCIDONALDSON INC	265,723	$23M	0.4%	TRIM −9%
77	RMDRESMED INC	99,845	$22M	0.3%	TRIM −6%
78	RLIRLI CORP	382,149	$22M	0.3%	ADD 1612%
79	MCDMCDONALDS CORP	69,902	$22M	0.3%	TRIM −5%
80	SHWSHERWIN WILLIAMS CO	66,450	$21M	0.3%	TRIM −5%
81	AOSSMITH A O CORP	319,075	$21M	0.3%	ADD 8%
82	TLHISHARES TR	205,868	$21M	0.3%	TRIM −15%
83	IBTQISHARES TR	807,886	$20M	0.3%	TRIM −3%
84	IBTMISHARES TR	804,094	$18M	0.3%	ADD 102%
85	PGPROCTER AND GAMBLE CO	123,362	$18M	0.3%	TRIM −4%
86	MDTMEDTRONIC PLC	205,401	$18M	0.3%	TRIM −5%
87	CRLCHARLES RIV LABS INTL INC	100,534	$17M	0.3%	TRIM −5%
88	ZTSZOETIS INC	141,863	$17M	0.3%	ADD 14%
89	HYBBISHARES TR	350,424	$16M	0.3%	TRIM −19%
90	DLTRDOLLAR TREE INC	146,113	$16M	0.2%	TRIM −38%
91	IEURISHARES TR	217,396	$15M	0.2%	HOLD
92	NKENIKE INC	282,354	$15M	0.2%	ADD 6%
93	IEIISHARES TR	125,466	$15M	0.2%	HOLD
94	BDXBECTON DICKINSON & CO	93,498	$15M	0.2%	ADD 25%
95	VVVVALVOLINE INC	431,559	$15M	0.2%	ADD 7%
96	TREXTREX CO INC	390,641	$14M	0.2%	NEW
97	BWINTHE BALDWIN INSURANCE GRP IN	638,637	$14M	0.2%	ADD 10%
98	VNTVONTIER CORPORATION	384,294	$14M	0.2%	TRIM −8%
99	AVDVAMERICAN CENTY ETF TR	120,837	$12M	0.2%	TRIM −3%
100	DISDISNEY WALT CO	123,156	$12M	0.2%	HOLD
101	IGSBISHARES TR	225,126	$12M	0.2%	ADD 82%
102	CPRTCOPART INC	313,965	$10M	0.2%	ADD 11%
103	SDYSPDR SER TR	68,710	$10M	0.2%	HOLD
104	DFNMDIMENSIONAL ETF TRUST	205,362	$10M	0.2%	HOLD
105	SHLDGLOBAL X FDS	123,276	$9M	0.1%	TRIM −6%
106	PICKISHARES INC	143,972	$8M	0.1%	NEW
107	BSMYINVESCO EXCH TRD SLF IDX FD	327,709	$8M	0.1%	TRIM −11%
108	SPYSTATE STR SPDR S&P 500 ETF T	11,922	$8M	0.1%	TRIM −24%
109	JBTMJBT MAREL CORPORATION	55,124	$7M	0.1%	TRIM −24%
110	IBTKISHARES TR	353,634	$7M	0.1%	TRIM −3%
111	BSMVINVESCO EXCH TRD SLF IDX FD	311,374	$7M	0.1%	ADD 102%
112	BSSXINVESCO EXCH TRD SLF IDX FD	237,863	$6M	0.1%	TRIM −19%
113	GDXVANECK ETF TRUST GOLD MINERS ETF	63,691	$6M	0.1%	NEW
114	BSMZINVESCO EXCH TRD SLF IDX FD	223,117	$6M	0.1%	NEW
115	BSMWINVESCO EXCH TRD SLF IDX FD	212,666	$5M	0.1%	ADD 95%
116	MAINMAIN STR CAP CORP	90,958	$5M	0.1%	TRIM −6%
117	PZAINVESCO EXCH TRADED FD TR II	208,781	$5M	0.1%	TRIM −2%
118	MTNVAIL RESORTS INC	37,203	$5M	0.1%	TRIM −10%
119	AEMAGNICO EAGLE MINES LTD	23,296	$5M	0.1%	ADD 3%
120	TRIPTRIPADVISOR INC	410,791	$4M	0.1%	TRIM −14%
121	GBDCGOLUB CAP BDC INC	326,878	$4M	0.1%	TRIM −6%
122	HTGCHERCULES CAPITAL INC	273,343	$4M	0.1%	TRIM −6%
123	IBTJISHARES TR	183,271	$4M	0.1%	HOLD
124	CVCOCAVCO INDS INC DEL	7,990	$4M	0.1%	TRIM −23%
125	IWDISHARES TR	18,099	$4M	0.1%	TRIM −97%
126	TSLXSIXTH STREET SPECIALTY LENDI	207,790	$4M	0.1%	TRIM −8%
127	BRK.ABERKSHIRE HATHAWAY INC DEL	5	$4M	0.1%	HOLD
128	BXSLBLACKSTONE SECD LENDING FD	144,047	$3M	0.1%	TRIM −8%
129	MUBISHARES TR	31,662	$3M	0.1%	ADD 6%
130	CNMDCONMED CORP	93,530	$3M	0.1%	ADD 3%
131	HYMBSPDR SERIES TRUST	124,905	$3M	0.0%	HOLD
132	MLNVANECK ETF TRUST	169,953	$3M	0.0%	ADD 8%
133	SHMSPDR SERIES TRUST	61,292	$3M	0.0%	ADD 6%
134	TSMTAIWAN SEMICONDUCTOR MFG LTD	8,597	$3M	0.0%	HOLD
135	IIIVI3 VERTICALS INC	120,314	$3M	0.0%	ADD 47%
136	BSMUINVESCO EXCH TRD SLF IDX FD	123,052	$3M	0.0%	HOLD
137	BBDCBarings BDC, Inc.	307,872	$3M	0.0%	TRIM −10%
138	IBMQISHARES TR	99,101	$3M	0.0%	ADD 6%
139	OBDCBLUE OWL CAPITAL CORPORATION	224,365	$2M	0.0%	TRIM −5%
140	BSMTINVESCO EXCH TRD SLF IDX FD	104,378	$2M	0.0%	NEW
141	CNRCORE NATURAL RESOURCES INC	22,176	$2M	0.0%	ADD 6%
142	SDZNYSANDOZ GROUP AG SPONSORED ADS ISIN US7999261008	28,479	$2M	0.0%	HOLD
143	IBMRISHARES TR	86,709	$2M	0.0%	ADD 6%
144	NMFCNEW MTN FIN CORP	277,571	$2M	0.0%	TRIM −6%
145	CSWCCapital Southwest Corp.	95,339	$2M	0.0%	ADD 14%
146	WDSWOODSIDE ENERGY GROUP LTD	87,146	$2M	0.0%	NEW
147	VISTVISTA ENERGY S.A.B. DE C.V.	26,827	$2M	0.0%	ADD 224%
148	KNKNOWLES CORP	76,922	$2M	0.0%	TRIM −30%
149	ASMLASML HOLDING N V	1,440	$2M	0.0%	ADD 8%
150	MUFGMITSUBISHI UFJ FINANCIAL GRO	111,432	$2M	0.0%	ADD 7%
151	AERAERCAP HOLDINGS NV	13,613	$2M	0.0%	ADD 7%
152	MOVMOVADO GROUP INC	74,555	$2M	0.0%	TRIM −29%
153	XLCSELECT SECTOR SPDR TR	16,120	$2M	0.0%	NEW
154	GLNCYGLENCORE PLC ADR	117,159	$2M	0.0%	HOLD
155	DBSDYDBS GROUP HLDGS LTD SPONSORED	9,783	$2M	0.0%	ADD 8%
156	MITSYMITSUI & CO LTD ADR	2,253	$2M	0.0%	HOLD
157	DSCSYDISCO CORP	42,798	$2M	0.0%	ADD 6%
158	LUNMFLUNDIN MINING CORP	68,086	$2M	0.0%	HOLD
159	LFUSLITTELFUSE INC	4,991	$2M	0.0%	TRIM −31%
160	CVECENOVUS ENERGY INC	63,727	$2M	0.0%	NEW
161	NEMNEWMONT CORP	15,067	$2M	0.0%	HOLD
162	GTESGATES INDL CORP PLC	71,924	$2M	0.0%	TRIM −34%
163	SCCOSOUTHERN COPPER CORP	9,322	$2M	0.0%	HOLD
164	XOMEXXON MOBIL CORP	9,331	$2M	0.0%	ADD 5%
165	STCSTEWART INFORMATION SVCS COR	25,461	$2M	0.0%	TRIM −27%
166	AGIALAMOS GOLD INC NEW	35,226	$2M	0.0%	HOLD
167	BAESYBAE SYSTEMS PLC SPONSORED ADR	13,305	$2M	0.0%	ADD 4%
168	INGING GROEP N.V.	59,003	$2M	0.0%	ADD 8%
169	SHELSHELL PLC	16,435	$2M	0.0%	NEW
170	ZURVYZURICH INS GROUP LTD SPONSORED	42,950	$2M	0.0%	ADD 9%
171	ANFGFANTOFAGASTA PLC	34,178	$2M	0.0%	HOLD
172	SPBSPECTRUM BRANDS HLDGS INC NE	20,397	$2M	0.0%	TRIM −31%
173	FSKFS KKR CAP CORP	147,605	$2M	0.0%	TRIM −7%
174	GDXJVANECK ETF TRUST	12,491	$1M	0.0%	NEW
175	HKXCYHONG KONG EXCHANGES-UNSP ADR	29,563	$1M	0.0%	ADD 41%
176	RGLDROYAL GOLD INC	5,877	$1M	0.0%	HOLD
177	HGTYHAGERTY INC	140,841	$1M	0.0%	TRIM −28%
178	SAFRYSAFRAN S A SPON ADR	18,079	$1M	0.0%	ADD 8%
179	CNQCANADIAN NAT RES LTD	30,370	$1M	0.0%	NEW
180	RBCRBC BEARINGS INC	2,722	$1M	0.0%	TRIM −54%
181	FNVFRANCO NEV CORP	5,863	$1M	0.0%	ADD 3%
182	TKOMYTokio Marine Holdings Inc	30,534	$1M	0.0%	ADD 6%
183	TTNDYTECHTRONIC INDS LTD SPONSORED	21,543	$1M	0.0%	ADD 10%
184	WPMWHEATON PRECIOUS METALS CORP	10,617	$1M	0.0%	ADD 2%
185	CTRACOTERRA ENERGY INC	39,307	$1M	0.0%	ADD 8%
186	NGLOYANGLO AMERICAN PLC SPONS ADR	63,316	$1M	0.0%	ADD 2%
187	EQTEQT CORP	21,354	$1M	0.0%	ADD 6%
188	FCXFREEPORT MCMORAN INC	22,870	$1M	0.0%	ADD 3%
189	FQVLFFIRST QUANTUM MINERL F	56,146	$1M	0.0%	HOLD
190	LYSDYLYNAS RARE EARTHS LTD-SP ADR	99,106	$1M	0.0%	ADD 127%
191	MFICMIDCAP FINANCIAL INVSTMNT CO	117,182	$1M	0.0%	TRIM −5%
192	ITOCYITOCHU CORP ADR	101,904	$1M	0.0%	ADD 937%
193	CHGCYCHUGAI PHARMACEUTICALS CO LTD	47,100	$1M	0.0%	ADD 4%
194	BNPQYBNP Paribas SA	27,150	$1M	0.0%	ADD 11%
195	MDYGSPDR SERIES TRUST	13,458	$1M	0.0%	TRIM −90%
196	ASGTFAltus Group Ltd	36,516	$1M	0.0%	TRIM −22%
197	HAYWHAYWARD HLDGS INC	93,408	$1M	0.0%	TRIM −32%
198	REGLPROSHARES TR	14,360	$1M	0.0%	TRIM −89%
199	SONYSONY GROUP CORP	58,946	$1M	0.0%	ADD 18%
200	OCSLOAKTREE SPECIALTY LENDING CO	106,851	$1M	0.0%	TRIM −8%

showing the top 200 by weight

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

SGOVISHARES TR

1.4M

1.9M

2.4M

2.6M

2.1M

1.8M

$177M

ADIANALOG DEVICES INC

644K

630K

626K

614K

586K

541K

$172M

LMTLOCKHEED MARTIN CORP

308K

302K

300K

297K

285K

270K

$163M

CVXCHEVRON CORP NEW

745K

734K

846K

833K

801K

772K

$160M

SNASNAP ON INC

530K

510K

502K

492K

469K

436K

$158M

CBCHUBB LIMITED

576K

558K

548K

539K

511K

482K

$157M

HSYHERSHEY CO

682K

699K

764K

755K

698K

690K

$144M

WECWEC ENERGY GROUP INC

1.5M

1.4M

1.3M

1.2M

$143M

LINLINDE PLC

333K

322K

316K

310K

297K

283K

$140M

ETRENTERGY CORP NEW

1.6M

1.4M

1.3M

1.2M

$138M

FASTFASTENAL CO

1.7M

3.3M

3.2M

3.1M

3.0M

$138M

SOSOUTHERN CO

1.6M

1.5M

1.4M

$137M

MDLZMONDELEZ INTL INC

—

524K

2.2M

1.7M

2.1M

$122M

GILDGILEAD SCIENCES INC

1.2M

980K

970K

953K

910K

861K

$120M

CSCOCISCO SYS INC

1.8M

1.7M

1.6M

1.5M

$120M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

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Implied return what this book implies · modeled, not advice methodology →

Exposures · what this manager owns, by sector & size (2026-Q1)

By sector

By market cap

By region

By industry group GICS — finer than sector

Top holdings

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Contribution holdings-based, any period

Holdings· 283 positions (2026-Q1) · largest first · Δ vs 2025-Q4

Position trends· top 15 holdings · shares held over 6 quarters

Related· where to look next

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