CONFLUENCE INVESTMENT MANAGEMENT LLC Q2 2024 Filing

Filed July 1, 2024

Portfolio Value

$6929.1T

Holdings

299

Report Date

Q2 2024

Filing Type

13F-HR

All Holdings (299 positions)

#StockSharesValue% PortfolioType
1
PGRProgressive Corp.
937,114$194.6T2.81%
2
CBChubb Ltd.
602,008$153.6T2.22%
3
ADIAnalog Devices Inc.
663,011$151.3T2.18%
4
PEPPepsiCo Inc.
914,967$150.9T2.18%
5
LINLinde plc
343,020$150.5T2.17%
6
LMTLockheed Martin Corp.
319,093$149.0T2.15%
7
SNASnap-on Inc.
552,769$144.5T2.09%
8
MSFTMicrosoft Corp.
322,314$144.1T2.08%
9
SGOViShares 0-3 Month Treasury Bon
1,349,177$135.9T1.96%
10
PAYXPaychex Inc.
1,136,272$134.7T1.94%
11
CLColgate-Palmolive Co.
1,378,957$133.8T1.93%
12
SOSouthern Co.
1,705,562$132.3T1.91%
13
HSYHershey Co.
717,831$132.0T1.90%
14
HDHome Depot Inc.
375,428$129.2T1.87%
15
BRBroadridge Financial Solutions
653,033$128.6T1.86%
16
WECWEC Energy Group Inc.
1,533,637$120.3T1.74%
17
CLXClorox Co.
881,597$120.3T1.74%
18
FNFFidelity National Financial In
2,389,519$118.1T1.70%
19
CVXChevron Corp.
753,184$117.8T1.70%
20
DEODiageo plc
931,740$117.5T1.70%
21
TROWT. Rowe Price Group Inc.
999,207$115.2T1.66%
22
FASTFastenal Co.
1,733,384$108.9T1.57%
23
NTRSNorthern Trust Corp.
1,157,594$97.2T1.40%
24
TJXTJX Cos. Inc.
870,796$95.9T1.38%
25
KMIKinder Morgan Inc.
4,547,002$90.3T1.30%
26
ETREntergy Corp.
832,015$89.0T1.28%
27
DOWDow Inc.
1,662,520$88.2T1.27%
28
UPSUnited Parcel Service Inc.
642,987$88.0T1.27%
29
CSCOCisco Systems Inc.
1,835,324$87.2T1.26%
30
SYKStryker Corp.
255,996$87.1T1.26%
31
SPGIS&P Global Inc.
187,449$83.6T1.21%
32
MAMastercard Inc.
187,839$82.9T1.20%
33
ORCLOracle Corp.
585,932$82.7T1.19%
34
GILDGilead Sciences Inc.
1,202,728$82.5T1.19%
35
PIIPolaris Inc.
1,032,635$80.9T1.17%
36
USBU.S. Bancorp
1,992,451$79.1T1.14%
37
ARCCAres Capital Corp.
3,772,574$78.6T1.13%
38
1939900DBrookfield Infrastructure Corp
2,311,580$77.8T1.12%
39
GOOGAlphabet Inc.
416,824$76.5T1.10%
40
WRBW. R. Berkley Corp.
923,442$72.6T1.05%
41
MASMasco Corp.
974,007$64.9T0.94%
42
BRK/BBerkshire Hathaway Inc. - B
159,192$64.8T0.93%
43
SPMBSPDR Portfolio Mortgage Backed
2,901,057$62.6T0.90%
44
RYNRayonier Inc.
2,123,497$61.8T0.89%
45
MKLMarkel Corp. Inc.
38,667$60.9T0.88%
46
NXPINXP Semiconductors N.V.
221,567$59.6T0.86%
47
WYWeyerhaeuser Co.
2,084,579$59.2T0.85%
48
GGGGraco Inc.
727,456$57.7T0.83%
49
ITWIllinois Tool Works Inc.
242,924$57.6T0.83%
50
LOWLowe's Cos. Inc.
246,783$54.4T0.79%
51
SBUXStarbucks Corp.
690,094$53.7T0.78%
52
BKNGBooking Holdings Inc.
12,475$49.4T0.71%
53
BROBrown & Brown Inc.
544,880$48.7T0.70%
54
TMOThermo Fisher Scientific Inc.
86,005$47.6T0.69%
55
KEYSKeysight Technologies Inc.
345,086$47.2T0.68%
56
XMHQInvesco S&P MidCap Quality ETF
470,257$45.6T0.66%
57
HYBBiShares BB Rated Corporate Bon
918,439$42.3T0.61%
58
DNBDun & Bradstreet Holdings Inc.
4,078,882$37.8T0.55%
59
NDSNNordson Corp.
156,486$36.3T0.52%
60
STZConstellation Brands
140,689$36.2T0.52%
61
MLMMartin Marietta Materials Inc.
65,254$35.4T0.51%
62
CALFPacer US Small Cap Cash Cows 1
811,571$35.4T0.51%
63
IBTHiShares iBonds Dec 2027 Term T
1,384,733$30.6T0.44%
64
SPDWSPDR Portfolio Developed World
822,215$28.8T0.42%
65
ECLEcolab Inc.
117,757$28.0T0.40%
66
GLDMSPDR Gold MiniShares Trust ETF
604,725$27.9T0.40%
67
GDGeneral Dynamics Corp.
88,756$25.8T0.37%
68
SHWSherwin-Williams Co.
83,975$25.1T0.36%
69
APHAmphenol Corp.
369,379$24.9T0.36%
70
RMEResMed Inc.
128,732$24.6T0.36%
71
EOGEOG Resources Inc.
193,181$24.3T0.35%
72
EXPDExpeditors International of Wa
192,247$24.0T0.35%
73
DCIDonaldson Co. Inc.
335,160$24.0T0.35%
74
APDAir Products and Chemicals Inc
91,881$23.7T0.34%
75
PGProcter & Gamble Co.
143,504$23.7T0.34%
76
VNTVontier Corp.
598,757$22.9T0.33%
77
AOSA. O. Smith Corp.
272,538$22.3T0.32%
78
PAYCPaycom Software Inc.
152,795$21.9T0.32%
79
IBDRiShares iBonds Dec 2026 Term C
909,541$21.7T0.31%
80
MCDMcDonald's Corp.
84,567$21.6T0.31%
81
TTCToro Co.
229,670$21.5T0.31%
82
SLYGSPDR S&P 600 Small Cap Growth
235,926$20.3T0.29%
83
CRLCharles River Laboratories Int
95,272$19.7T0.28%
84
NJRNew Jersey Resources Corp.
458,483$19.6T0.28%
85
IBTGiShares iBonds Dec 2026 Term T
864,059$19.6T0.28%
86
MORNMorningstar Inc.
64,975$19.2T0.28%
87
BDXBecton Dickinson and Co.
81,319$19.0T0.27%
88
AWCAmerican Water Works Co. Inc.
146,379$18.9T0.27%
89
NSRGYNestle S.A.
178,697$18.3T0.26%
90
IGSBiShares 1-5 Year Investment Gr
353,734$18.1T0.26%
91
SPDR Portfolio S&P 500 Value E
370,706$18.1T0.26%
92
SHYiShares 1-3 Year Treasury Bond
220,674$18.0T0.26%
93
MBBiShares MBS ETF
196,153$18.0T0.26%
94
GTESGates Industrial Corp. plc
1,120,093$17.7T0.26%
95
NKENIKE Inc.
228,972$17.3T0.25%
96
MDTMedtronic plc
214,646$16.9T0.24%
97
MDYVSPDR S&P 400 Mid Cap Value ETF
212,421$15.5T0.22%
98
MDYGSPDR S&P 400 Mid Cap Growth ET
183,821$15.5T0.22%
99
SPYSPDR S&P 500 ETF
27,671$15.1T0.22%
100
DLTRDollar Tree Inc.
128,640$13.7T0.20%
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