CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2024 Filing

Filed April 1, 2024

Portfolio Value

$7.4B

Holdings

296

Report Date

Q1 2024

Filing Type

13F-HR

All Holdings (296 positions)

#	Stock	Shares	Value	% Portfolio
1	FASTFastenal Co.	2,533,823	$195.0M	2.62%
2	PGRProgressive Corp.	912,107	$188.0M	2.53%
3	MSFTMicrosoft Corp.	417,655	$175.0M	2.35%
4	SNASnap-on Inc.	585,549	$173.0M	2.33%
5	LINLinde plc	369,588	$171.0M	2.30%
6	PEPPepsiCo Inc.	949,904	$166.0M	2.23%
7	CBChubb Ltd.	640,344	$165.0M	2.22%
8	LMTLockheed Martin Corp.	332,847	$151.0M	2.03%
9	HDHome Depot Inc.	392,398	$150.0M	2.02%
10	PAYXPaychex Inc.	1,193,952	$146.0M	1.96%
11	BRBroadridge Financial Solutions	703,082	$144.0M	1.94%
12	ADIAnalog Devices Inc.	701,752	$138.0M	1.86%
13	FNFFidelity National Financial In	2,548,912	$135.0M	1.82%
14	CLXClorox Co.	885,835	$135.0M	1.82%
15	TROWT. Rowe Price Group Inc.	1,069,437	$130.0M	1.75%
16	CLColgate-Palmolive Co.	1,450,553	$130.0M	1.75%
17	SOSouthern Co.	1,789,977	$128.0M	1.72%
18	WECWEC Energy Group Inc.	1,558,019	$127.0M	1.71%
19	DEODiageo plc	843,581	$125.0M	1.68%
20	CVXChevron Corp.	784,081	$123.0M	1.65%
21	NSRGYNestle S.A.	1,046,136	$111.0M	1.49%
22	PIIPolaris Inc.	1,087,590	$108.0M	1.45%
23	NTRSNorthern Trust Corp.	1,188,320	$105.0M	1.41%
24	DOWDow Inc.	1,746,166	$101.0M	1.36%
25	UPSUnited Parcel Service Inc.	673,993	$100.0M	1.34%
26	CSCOCisco Systems Inc.	1,913,222	$95.0M	1.28%
27	SYKStryker Corp.	260,903	$93.0M	1.25%
28	USBU.S. Bancorp	2,062,460	$92.0M	1.24%
29	ETREntergy Corp.	872,985	$92.0M	1.24%
30	MAMastercard Inc.	191,308	$92.0M	1.24%
31	TJXTJX Cos. Inc.	901,448	$91.0M	1.22%
32	GILDGilead Sciences Inc.	1,245,994	$91.0M	1.22%
33	SGOViShares 0-3 Month Treasury Bon	907,300	$91.0M	1.22%
34	1939900DBrookfield Infrastructure Corp	2,489,171	$89.0M	1.20%
35	KMIKinder Morgan Inc.	4,777,898	$87.0M	1.17%
36	ARCCAres Capital Corp.	4,141,554	$86.0M	1.16%
37	WRBW. R. Berkley Corp.	935,165	$82.0M	1.10%
38	WYWeyerhaeuser Co.	2,269,758	$81.0M	1.09%
39	SPGIS&P Global Inc.	189,865	$80.0M	1.08%
40	MASMasco Corp.	991,134	$78.0M	1.05%
41	RYNRayonier Inc.	2,317,310	$77.0M	1.04%
42	ORCLOracle Corp.	591,938	$74.0M	1.00%
43	GGGGraco Inc.	758,518	$70.0M	0.94%
44	BRK/BBerkshire Hathaway Inc. - B	165,585	$68.0M	0.91%
45	GOOGAlphabet Inc.	438,038	$66.0M	0.89%
46	ITWIllinois Tool Works Inc.	245,021	$65.0M	0.87%
47	LOWLowe's Cos. Inc.	251,667	$64.0M	0.86%
48	SBUXStarbucks Corp.	685,247	$62.0M	0.83%
49	NXPINXP Semiconductors N.V.	226,459	$56.0M	0.75%
50	SPMBSPDR Portfolio Mortgage Backed	2,581,084	$56.0M	0.75%
51	BNBrookfield Corp.	1,317,556	$55.0M	0.74%
52	XMHQInvesco S&P MidCap Quality ETF	472,710	$52.0M	0.70%
53	KEYSKeysight Technologies Inc.	338,230	$52.0M	0.70%
54	BROBrown & Brown Inc.	555,040	$48.0M	0.65%
55	NDSNNordson Corp.	156,241	$42.0M	0.56%
56	CALFPacer US Small Cap Cash Cows 1	788,662	$38.0M	0.51%
57	STZConstellation Brands	143,428	$38.0M	0.51%
58	MDYGSPDR S&P 400 Mid Cap Growth ET	425,999	$37.0M	0.50%
59	HYBBiShares BB Rated Corporate Bon	806,665	$37.0M	0.50%
60	HSYHershey Co.	180,412	$35.0M	0.47%
61	IBTHiShares iBonds Dec 2027 Term T	1,386,858	$30.0M	0.40%
62	DNBDun & Bradstreet Holdings Inc.	2,961,755	$29.0M	0.39%
63	APHAmphenol Corp.	259,930	$29.0M	0.39%
64	SHWSherwin-Williams Co.	84,165	$29.0M	0.39%
65	GTESGates Industrial Corp. plc	1,603,075	$28.0M	0.38%
66	GLDMSPDR Gold MiniShares Trust ETF	615,603	$27.0M	0.36%
67	ECLEcolab Inc.	118,739	$27.0M	0.36%
68	VNTVontier Corp.	612,224	$27.0M	0.36%
69	CRLCharles River Laboratories Int	96,957	$26.0M	0.35%
70	DCIDonaldson Co. Inc.	335,000	$25.0M	0.34%
71	SHYiShares 1-3 Year Treasury Bond	313,351	$25.0M	0.34%
72	RMEResMed Inc.	129,161	$25.0M	0.34%
73	GDGeneral Dynamics Corp.	89,274	$25.0M	0.34%
74	EOGEOG Resources Inc.	191,926	$24.0M	0.32%
75	MDYVSPDR S&P 400 Mid Cap Value ETF	326,099	$24.0M	0.32%
76	PGProcter & Gamble Co.	142,912	$23.0M	0.31%
77	EXPDExpeditors International of Wa	190,652	$23.0M	0.31%
78	MCDMcDonald's Corp.	83,560	$23.0M	0.31%
79	ROKRockwell Automation Inc.	76,265	$22.0M	0.30%
80	SLYGSPDR S&P 600 Small Cap Growth	242,435	$21.0M	0.28%
81	MORNMorningstar Inc.	68,054	$20.9M	0.28%
82	IBDRiShares iBonds Dec 2026 Term C	845,491	$20.0M	0.27%
83	TTCToro Co.	225,773	$20.0M	0.27%
84	APDAir Products and Chemicals Inc	80,409	$19.0M	0.26%
85	NJRNew Jersey Resources Corp.	450,647	$19.0M	0.26%
86	BDXBecton Dickinson and Co.	79,799	$19.0M	0.26%
87	IBTGiShares iBonds Dec 2026 Term T	867,969	$19.0M	0.26%
88	CLVTClarivate plc	2,475,002	$18.0M	0.24%
89	MDTMedtronic plc	209,001	$18.0M	0.24%
90	MBBiShares MBS ETF	197,700	$18.0M	0.24%
91	DLTRDollar Tree Inc.	129,032	$17.0M	0.23%
92	AWCAmerican Water Works Co. Inc.	143,108	$17.0M	0.23%
93	—SPDR Portfolio S&P 500 Value E	343,760	$17.0M	0.23%
94	NKENIKE Inc.	174,300	$16.0M	0.22%
95	AZEKAzek Co. Inc.	274,672	$12.9M	0.17%
96	SPBSpectrum Brands Holdings Inc.	143,958	$12.8M	0.17%
97	KMXCarMax Inc.	146,324	$12.0M	0.16%
98	KDPKeurig Dr. Pepper Inc.	370,876	$11.0M	0.15%
99	DFNMDimensional National Municipal	230,287	$11.0M	0.15%
100	URAGlobal X Uranium ETF	383,760	$11.0M	0.15%

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