CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2023 Filing

Filed April 4, 2023

Portfolio Value

$6.8B

Holdings

301

Report Date

Q1 2023

Filing Type

13F-HR

All Holdings (301 positions)

#	Stock	Shares	Value	% Portfolio
1	PEPPepsiCo Inc.	1,014,649	$184.0M	2.71%
2	PGRProgressive Corp.	1,243,812	$177.0M	2.61%
3	ADIAnalog Devices Inc.	844,823	$166.0M	2.45%
4	SNASnap-on Inc.	648,022	$159.0M	2.34%
5	LMTLockheed Martin Corp.	335,853	$158.0M	2.33%
6	DEODiageo plc	870,332	$157.0M	2.31%
7	MSFTMicrosoft Corp.	539,630	$155.0M	2.28%
8	LINLinde plc	429,058	$152.0M	2.24%
9	FASTFastenal Co.	2,791,824	$150.0M	2.21%
10	PAYXPaychex Inc.	1,274,673	$146.0M	2.15%
11	CBChubb Ltd.	691,291	$134.0M	1.97%
12	NSRGYNestle S.A.	1,092,870	$133.0M	1.96%
13	CVXChevron Corp.	816,466	$133.0M	1.96%
14	SOSouthern Co.	1,883,081	$131.0M	1.93%
15	TROWT. Rowe Price Group Inc.	1,117,707	$126.0M	1.86%
16	PIIPolaris Inc.	1,125,550	$124.0M	1.83%
17	HDHome Depot Inc.	416,167	$122.0M	1.80%
18	BRBroadridge Financial Solutions	816,945	$119.0M	1.75%
19	1939900DBrookfield Infrastructure Corp	2,603,628	$119.0M	1.75%
20	CLColgate-Palmolive Co.	1,506,001	$113.0M	1.66%
21	GILDGilead Sciences Inc.	1,329,854	$110.0M	1.62%
22	CSCOCisco Systems Inc.	2,022,651	$105.0M	1.55%
23	NTRSNorthern Trust Corp.	1,177,323	$103.0M	1.52%
24	DOWDow Inc.	1,808,851	$99.0M	1.46%
25	RYNRayonier Inc.	2,954,162	$97.3M	1.43%
26	KMIKinder Morgan Inc.	5,596,640	$97.0M	1.43%
27	ETREntergy Corp.	899,209	$96.0M	1.41%
28	FNFFidelity National Financial In	2,745,533	$95.0M	1.40%
29	WYWeyerhaeuser Co.	2,965,093	$89.0M	1.31%
30	ORCLOracle Corp.	919,059	$85.0M	1.25%
31	SYKStryker Corp.	290,070	$82.0M	1.21%
32	ARCCAres Capital Corp.	4,499,066	$81.0M	1.19%
33	TJXTJX Cos. Inc.	1,003,465	$78.0M	1.15%
34	MAMastercard Inc.	212,363	$77.0M	1.13%
35	FQIDigital Realty Trust Inc.	766,181	$75.0M	1.10%
36	SBUXStarbucks Corp.	718,864	$74.0M	1.09%
37	GGGGraco Inc.	1,007,818	$73.0M	1.08%
38	USBU.S. Bancorp	2,041,334	$73.0M	1.08%
39	SPGIS&P Global Inc.	204,444	$70.0M	1.03%
40	ITWIllinois Tool Works Inc.	265,968	$64.0M	0.94%
41	NXPINXP Semiconductors N.V.	335,433	$62.0M	0.91%
42	RTXRaytheon Technologies Corp.	610,677	$59.0M	0.87%
43	BRK/BBerkshire Hathaway Inc. - B	189,026	$57.0M	0.84%
44	LOWLowe's Cos. Inc.	278,320	$55.0M	0.81%
45	MASMasco Corp.	1,089,403	$54.0M	0.80%
46	SPMBSPDR Portfolio Mortgage Backed	2,364,736	$52.0M	0.77%
47	GOOGAlphabet Inc.	508,064	$52.0M	0.77%
48	SPDWSPDR Portfolio Developed World	1,482,911	$47.0M	0.69%
49	BNBrookfield Corp.	1,414,458	$46.0M	0.68%
50	MDYVSPDR S&P 400 Mid Cap Value ETF	652,179	$43.0M	0.63%
51	WRBW. R. Berkley Corp.	629,980	$39.0M	0.57%
52	KEYSKeysight Technologies Inc.	228,519	$36.0M	0.53%
53	NDSNNordson Corp.	160,468	$35.0M	0.52%
54	BROBrown & Brown Inc.	607,234	$34.0M	0.50%
55	CLVTClarivate plc	3,569,839	$33.0M	0.49%
56	DNBDun & Bradstreet Holdings Inc.	2,774,457	$32.0M	0.47%
57	IBTHiShares iBonds Dec 2027 Term T	1,437,738	$32.0M	0.47%
58	HSYHershey Co.	107,773	$27.0M	0.40%
59	HYBBiShares BB Rated Corporate Bon	591,201	$26.0M	0.38%
60	SHYBarclays 1-3 Year Treasury Bon	308,073	$25.0M	0.37%
61	MDYGSPDR S&P 400 Mid Cap Growth ET	351,275	$24.0M	0.35%
62	GLDMSPDR Gold MiniShares Trust ETF	623,882	$24.0M	0.35%
63	MCDMcDonald's Corp.	85,504	$23.0M	0.34%
64	NJRNew Jersey Resources Corp.	442,704	$23.0M	0.34%
65	APDAir Products and Chemicals Inc	77,460	$22.0M	0.32%
66	CALFPacer US Small Cap Cash Cows 1	582,652	$22.0M	0.32%
67	ROKRockwell Automation Inc.	76,891	$22.0M	0.32%
68	DCIDonaldson Co Inc.	337,726	$22.0M	0.32%
69	APHAmphenol Corp.	270,973	$22.0M	0.32%
70	IBDRiShares iBonds Dec 2026 Term C	888,950	$21.0M	0.31%
71	PGProcter & Gamble Co.	143,414	$21.0M	0.31%
72	IBTGiShares iBonds Dec 2026 Term T	919,171	$21.0M	0.31%
73	WECWEC Energy Group Inc.	223,283	$21.0M	0.31%
74	EXPDExpeditors International of Wa	194,321	$21.0M	0.31%
75	NKENIKE Inc.	167,379	$20.0M	0.29%
76	GDGeneral Dynamics Corp.	90,080	$20.0M	0.29%
77	AWCAmerican Water Works Co. Inc.	136,800	$20.0M	0.29%
78	GTESGates Industrial Corp. plc	1,492,256	$19.9M	0.29%
79	BDXBecton Dickinson and Co.	78,540	$19.0M	0.28%
80	SHWSherwin-Williams Co.	86,833	$19.0M	0.28%
81	CLXClorox Co.	121,733	$19.0M	0.28%
82	DLTRDollar Tree Inc.	133,831	$19.0M	0.28%
83	CBSHCommerce Bancshares Inc.	311,371	$18.0M	0.27%
84	IBHGiShares iBonds December 2030 T	856,766	$17.0M	0.25%
85	—Leslie's Inc.	1,623,060	$17.0M	0.25%
86	MDTMedtronic plc	199,540	$16.0M	0.24%
87	MORNMorningstar Inc.	72,945	$14.7M	0.22%
88	MTBM&T Bank Corp.	123,385	$14.0M	0.21%
89	KDPKeurig Dr. Pepper Inc.	371,758	$13.0M	0.19%
90	SPBSpectrum Brands Holdings Inc.	209,589	$13.0M	0.19%
91	SPYSPDR S&P 500 ETF	31,317	$12.0M	0.18%
92	IBTEiShares iBonds Dec 2024 Term T	525,572	$12.0M	0.18%
93	RMAXRE/MAX Holdings Inc.	634,258	$11.3M	0.17%
94	TLHiShares Barclays 10-20 Year Tr	97,710	$11.0M	0.16%
95	—SPDR Portfolio S&P 500 Value E	291,734	$11.0M	0.16%
96	EOGEOG Resources Inc.	99,294	$11.0M	0.16%
97	JJSFJ & J Snack Foods Corp.	74,780	$11.0M	0.16%
98	DDDuPont de Nemours Inc.	155,169	$11.0M	0.16%
99	SLYGSPDR S&P 600 Small Cap Growth	157,045	$11.0M	0.16%
100	AZEKAzek Co. Inc.	475,801	$11.0M	0.16%

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