CONFLUENCE INVESTMENT MANAGEMENT LLC Q2 2025 Filing
Filed July 1, 2025
Portfolio Value
$7.1T
Holdings
287
Report Date
Q2 2025
Filing Type
13F-HR
All Holdings (287 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | SGOViShares 0-3 Month Treasury Bon | 2,370,040 | $238.6B | 3.37% | |
| 2 | CBChubb Ltd. | 548,325 | $158.9B | 2.24% | |
| 3 | SNASnap-on Inc. | 501,531 | $156.1B | 2.21% | |
| 4 | PAYXPaychex Inc. | 1,044,626 | $152.0B | 2.15% | |
| 5 | NTRSNorthern Trust Corp. | 1,184,610 | $150.2B | 2.12% | |
| 6 | PGRProgressive Corp. | 561,616 | $149.9B | 2.12% | |
| 7 | ADIAnalog Devices Inc. | 625,895 | $149.0B | 2.10% | |
| 8 | LINLinde plc | 316,440 | $148.5B | 2.10% | |
| 9 | WECWEC Energy Group Inc. | 1,419,075 | $147.9B | 2.09% | |
| 10 | BRBroadridge Financial Solutions | 597,545 | $145.2B | 2.05% | |
| 11 | SOSouthern Co. | 1,579,454 | $145.0B | 2.05% | |
| 12 | LMTLockheed Martin Corp. | 300,098 | $139.0B | 1.96% | |
| 13 | FASTFastenal Co. | 3,280,009 | $137.8B | 1.95% | |
| 14 | DEODiageo plc | 1,350,826 | $136.2B | 1.92% | |
| 15 | HDHome Depot Inc. | 351,141 | $128.7B | 1.82% | |
| 16 | HSYHershey Co. | 764,392 | $126.9B | 1.79% | |
| 17 | FNFFidelity National Financial In | 2,179,039 | $122.2B | 1.73% | |
| 18 | AWCAmerican Water Works Co. Inc. | 875,483 | $121.8B | 1.72% | |
| 19 | CVXChevron Corp. | 845,635 | $121.1B | 1.71% | |
| 20 | CSCOCisco Systems Inc. | 1,738,945 | $120.6B | 1.70% | |
| 21 | CLColgate-Palmolive Co. | 1,308,999 | $119.0B | 1.68% | |
| 22 | ORCLOracle Corp. | 523,569 | $114.5B | 1.62% | |
| 23 | ETREntergy Corp. | 1,375,000 | $114.3B | 1.61% | |
| 24 | CLXClorox Co. | 941,510 | $113.0B | 1.60% | |
| 25 | KMIKinder Morgan Inc. | 3,841,416 | $112.9B | 1.60% | |
| 26 | GILDGilead Sciences Inc. | 969,807 | $107.5B | 1.52% | |
| 27 | SPMBSPDR Portfolio Mortgage Backed | 4,727,616 | $104.5B | 1.48% | |
| 28 | PEPPepsiCo Inc. | 711,253 | $93.9B | 1.33% | |
| 29 | MAMastercard Inc. | 166,645 | $93.6B | 1.32% | |
| 30 | WRBW. R. Berkley Corp. | 1,264,289 | $92.9B | 1.31% | |
| 31 | SYKStryker Corp. | 232,582 | $92.0B | 1.30% | |
| 32 | TROWT. Rowe Price Group Inc. | 948,453 | $91.5B | 1.29% | |
| 33 | USBU.S. Bancorp | 1,952,975 | $88.4B | 1.25% | |
| 34 | ARCCAres Capital Corp. | 3,796,791 | $83.4B | 1.18% | |
| 35 | MSFTMicrosoft Corp. | 165,187 | $82.2B | 1.16% | |
| 36 | PAYCPaycom Software Inc. | 342,139 | $79.2B | 1.12% | |
| 37 | SPGIS&P Global Inc. | 147,808 | $77.9B | 1.10% | |
| 38 | TJXTJX Co. Inc. | 617,159 | $76.2B | 1.08% | |
| 39 | NDSNNordson Corp. | 336,090 | $72.0B | 1.02% | |
| 40 | UPSUnited Parcel Service Inc. | 671,771 | $67.8B | 0.96% | |
| 41 | APDAir Products and Chemicals Inc | 205,960 | $58.1B | 0.82% | |
| 42 | GGGGraco Inc. | 670,046 | $57.6B | 0.81% | |
| 43 | TLHiShares Barclays 10-20 Year Tr | 562,156 | $57.1B | 0.81% | |
| 44 | MASMasco Corp. | 886,059 | $57.0B | 0.81% | |
| 45 | ITWIllinois Tool Works Inc. | 227,732 | $56.3B | 0.80% | |
| 46 | KEYSKeysight Technologies Inc. | 333,369 | $54.6B | 0.77% | |
| 47 | SPDWSPDR Portfolio Developed World | 1,276,782 | $51.7B | 0.73% | |
| 48 | LOWLowe's Co. Inc. | 226,548 | $50.3B | 0.71% | |
| 49 | GOOGAlphabet Inc. | 282,383 | $50.1B | 0.71% | |
| 50 | BRK/BBerkshire Hathaway Inc. - B | 101,968 | $49.5B | 0.70% | |
| 51 | WYWeyerhaeuser Co. | 1,915,486 | $49.2B | 0.70% | |
| 52 | BKNGBooking Holdings Inc. | 8,456 | $49.0B | 0.69% | |
| 53 | DOWDow Inc. | 1,769,871 | $46.9B | 0.66% | |
| 54 | NXPINXP Semiconductors N.V. | 212,998 | $46.5B | 0.66% | |
| 55 | BF/BBrown-Forman Corp. - B | 1,381,966 | $37.2B | 0.53% | |
| 56 | ACGLArch Capital Group Ltd. | 396,398 | $36.1B | 0.51% | |
| 57 | —SPDR Portfolio S&P 500 Value E | 685,307 | $35.9B | 0.51% | |
| 58 | MDLZMondelez International Inc. | 523,934 | $35.3B | 0.50% | |
| 59 | GLDMSPDR Gold MiniShares Trust ETF | 525,606 | $34.4B | 0.49% | |
| 60 | MLMMartin Marietta Materials Inc. | 62,458 | $34.3B | 0.48% | |
| 61 | TMOThermo Fisher Scientific Inc. | 83,476 | $33.8B | 0.48% | |
| 62 | PIIPolaris Inc. | 824,806 | $33.5B | 0.47% | |
| 63 | BROBrown & Brown Inc. | 299,127 | $33.2B | 0.47% | |
| 64 | APHAmphenol Corp. | 332,681 | $32.9B | 0.46% | |
| 65 | SBUXStarbucks Corp. | 340,704 | $31.2B | 0.44% | |
| 66 | IEIiShares 3-7 Year Treasury Bond | 249,390 | $29.7B | 0.42% | |
| 67 | RMEResMed Inc. | 115,063 | $29.7B | 0.42% | |
| 68 | ECLEcolab Inc. | 105,654 | $28.5B | 0.40% | |
| 69 | DLTRDollar Tree Inc. | 285,096 | $28.2B | 0.40% | |
| 70 | MBBiShares MBS ETF | 288,361 | $27.1B | 0.38% | |
| 71 | SPYGSPDR Portfolio S&P 500 Growth | 272,384 | $26.0B | 0.37% | |
| 72 | SHWSherwin-Williams Co. | 74,989 | $25.7B | 0.36% | |
| 73 | MDYVSPDR S&P 400 Mid Cap Value ETF | 307,913 | $24.5B | 0.35% | |
| 74 | REGLProShares S&P MidCap 400 Divid | 299,931 | $24.5B | 0.35% | |
| 75 | GDGeneral Dynamics Corp. | 82,310 | $24.0B | 0.34% | |
| 76 | STZConstellation Brands | 143,508 | $23.3B | 0.33% | |
| 77 | MCDMcDonald's Corp. | 78,202 | $22.8B | 0.32% | |
| 78 | GTESGates Industrial Corp. plc | 982,926 | $22.6B | 0.32% | |
| 79 | AOSA. O. Smith Corp. | 331,666 | $21.7B | 0.31% | |
| 80 | EOGEOG Resources Inc. | 181,460 | $21.7B | 0.31% | |
| 81 | DCIDonaldson Co. Inc. | 312,679 | $21.7B | 0.31% | |
| 82 | ZTSZoetis Inc. | 137,030 | $21.4B | 0.30% | |
| 83 | PGProcter & Gamble Co. | 133,731 | $21.3B | 0.30% | |
| 84 | EXPDExpeditors International of Wa | 181,391 | $20.7B | 0.29% | |
| 85 | NJRNew Jersey Resources Corp. | 431,907 | $19.4B | 0.27% | |
| 86 | MORNMorningstar Inc. | 60,980 | $19.1B | 0.27% | |
| 87 | VVVValvoline Inc. | 498,862 | $18.9B | 0.27% | |
| 88 | MDTMedtronic plc | 209,424 | $18.3B | 0.26% | |
| 89 | MDYGSPDR S&P 400 Mid Cap Growth ET | 207,494 | $18.0B | 0.25% | |
| 90 | BWINBaldwin Insurance Group Inc. | 413,228 | $17.7B | 0.25% | |
| 91 | NKENIKE Inc. | 248,154 | $17.6B | 0.25% | |
| 92 | CARRCarrier Global Corp. | 236,283 | $17.3B | 0.24% | |
| 93 | DISWalt Disney Co. | 137,995 | $17.1B | 0.24% | |
| 94 | IBTOiShares iBonds Dec 2033 Term T | 694,671 | $17.0B | 0.24% | |
| 95 | IBTPiShares iBonds Dec 2034 Term T | 659,143 | $16.9B | 0.24% | |
| 96 | VNTVontier Corp. | 458,954 | $16.9B | 0.24% | |
| 97 | FXFInvesco CurrencyShares Swiss F | 143,339 | $16.0B | 0.23% | |
| 98 | TTCToro Co. | 226,518 | $16.0B | 0.23% | |
| 99 | CRLCharles River Laboratories Int | 97,226 | $14.8B | 0.21% | |
| 100 | BDXBecton Dickinson & Co. | 80,614 | $13.9B | 0.20% |
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