CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2017 Filing

Filed April 6, 2017

Portfolio Value

$4.5B

Holdings

235

Report Date

Q1 2017

Filing Type

13F-HR

All Holdings (235 positions)

StockValue
JNJJohnson & Johnson
$120.8M
PEPPepsico Inc.
$116.8M
DEODiageo (Adr 1:4)
$102.0M
MSFTMicrosoft Corp.
$95.0M
CLColgate-Palmolive Co.
$93.0M
MMM3M Company
$92.1M
CBChubb Limited
$92.0M
NTRSNorthern Trust Corporation
$89.1M
FASTFastenal Co.
$88.9M
PAYXPaychex Inc.
$86.3M
FNFFidelity National Financial In
$85.5M
CVXChevron Corp.
$84.7M
GGGGraco Inc.
$83.9M
SOSouthern Company
$83.7M
PGRProgressive Corp.
$81.4M
KHCKraft Heinz Co.
$81.1M
ARCCAres Capital Corp.
$81.1M
PXGBXPraxair Inc.
$79.0M
E.I. du Pont de Nemours & Comp
$78.9M
IRMIron Mountain
$77.5M
WYWeyerhaeuser Co.
$77.5M
GSKGlaxoSmithKline Plc (Adr 1:2)
$75.5M
RYNRayonier Inc.
$75.2M
MLMMartin Marietta Materials Inc.
$75.0M
SYKStryker Corp.
$73.3M
PFEPfizer Inc.
$71.0M
KMIKinder Morgan Inc.
$70.8M
BRBroadridge Financial Solutions
$65.8M
Allergan Inc.
$63.6M
PIIPolaris Industries
$61.2M
MKLMarkel Corp.
$59.9M
AIGAmerican International Group I
$57.6M
GEGeneral Electric Company
$57.0M
DISCKUSDDiscovery Communications Inc.
$55.5M
CFRUYCompagnie Financiere Richemont
$54.4M
NXPINXP Semiconductors N.V.
$50.9M
LOWLowe's Companies Inc.
$47.5M
KSSKohl's Corp.
$46.3M
MAMastercard Inc. - A
$45.5M
FQIDigital Realty Trust Inc.
$42.4M
AXPAmerican Express Company
$41.8M
TJXTJX Companies
$39.9M
ADIAnalog Devices Inc.
$39.6M
Advisory Board Company
$36.7M
ITWIllinois Tool Works Inc.
$34.9M
CHRWC.H. Robinson Worldwide Inc.
$32.3M
WRBW.R. Berkley Corp.
$32.0M
UTXZUnited Technologies Corp.
$30.1M
BRK/BBerkshire Hathaway Inc. - B
$29.8M
IEFiShares 7-10 Year Treasury Bon
$29.0M
TMOThermo Fisher Scientific Inc.
$28.2M
SBUXStarbucks Corporation
$27.6M
SLBSchlumberger Ltd.
$24.3M
GOOGAlphabet Inc. - Class C
$23.0M
Express Scripts Inc.
$22.4M
MSMMSC Industrial Direct Co. Inc.
$20.6M
BROBrown & Brown Inc.
$19.8M
MTS Systems Corp.
$18.3M
MBBiShares MBS Bond ETF
$17.5M
AQLTiShares Corporate ex Financial
$17.3M
HDHome Depot Inc.
$17.2M
MDTMedtronic
$15.0M
CBSHCommerce Bancshares Inc.
$14.9M
DCIDonaldson Inc.
$14.9M
BDXBecton Dickinson and Company
$14.6M
NJRNew Jersey Resources Corp.
$14.5M
CLXThe Clorox Company
$14.3M
MTBM&T Bank Corp.
$14.2M
MDUMDU Resources Group Inc.
$14.1M
GBDCGolub Capital BDC Inc.
$14.0M
NMFCNew Mountain Finance Corp.
$13.8M
SPIBSPDR Interm. Term Corporate Bo
$13.8M
iShares Corporate ex Financial
$13.7M
MCDMcDonald's Corp.
$13.7M
GDGeneral Dynamics Corp.
$13.7M
DFINDonnelley Financial Solutions
$13.6M
LMTLockheed Martin Corp
$13.6M
RMAXRE/MAX Holdings Inc.
$13.6M
PGProcter & Gamble Company
$13.1M
SEICSEI Investments Company
$13.0M
TCP Capital Corp.
$12.8M
MORNMorningstar Inc.
$12.6M
NSRGYNestle SA
$12.3M
CFRCullen Frost Bankers Inc.
$12.1M
AQLTiShares Corporate Bond ETF 202
$12.1M
EXPDExpeditors International of Wa
$12.0M
XOMExxon Mobil Corp.
$11.8M
APDAir Products & Chemicals Inc.
$11.8M
SLRCSolar Capital Ltd.
$11.5M
GWWW.W. Grainger Inc.
$11.5M
NKENike Inc. - B
$11.3M
TROWT. Rowe Price Group Inc.
$11.1M
HTGCHercules Technology Growth Cap
$10.9M
NVSNNovartis AG - ADR
$10.8M
OXYOccidental Petroleum Corp.
$10.7M
Guggenheim BulletShares Invest
$10.6M
THL Credit, Inc.
$10.5M
JWNUSDNordstrom Inc.
$10.2M
TPVGTriplePoint Venture Growth BDC
$10.1M
PDCOEURPatterson Companies Inc.
$10.0M
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