CONFLUENCE INVESTMENT MANAGEMENT LLC – Q3 2026 PF Holdings AUM: $6.49B NEWLY BOUGHT Top-25: #WSO #SPTI #VRSK #XAR #XSHQ #IBTJ #REGL #IBTI #HYBB #STM #BSMS #IEMG #ITM #SIMO #SKHY #EWT #EWY #V #ADYEY INCREASED Top-25: #ZTS #NKE #HONA #APH #CARR #IEUR #FND #RYAN #CPRT #IWD #VPL #MUB #MAIN #AEM #HTGC #GBDC #IIIV #TSLX #TSM #CNR #OBDC #BBDC #WDS #CSWC #SCCO NO-CHANGE Top-25: #BRK.A #AXP #CW #GLD #MMYT #AMP #IBMO #FSP REDUCED Top-25: #SGOV #CB #CVX #LMT #LIN #WEC #SWK #MDLZ #ETR #SO #SNA #PGR #NTRS #CLX #GILD #HSY #ADI #PAYX #CL #USB #KMI #AWK #TROW #HD #CSCO SOLD-OFF Top-15: #FAST #DOW #KEYS #SHLD #PPLT #GDX #GDXJ #KN #HLN #TRIN #BIDU #WCN #PAGS #ASAI #ELME Positive Returns (YTD): #KEYS:+81% #KN:+73% #FAST:+23% #TRIN:+16% #DOW:+13% #GDX:+1% Negative Returns: #PPLT:-92% #BIDU:-43% #WCN:-14% #HLN:-13% #SHLD:-9% #PAGS:-8% Note: - Newly bought + Increased + Reduced + Sold-Off – highest invested first - Descending order based on Q3 2026 net investment value - Returns are presented on a YTD basis