CONFLUENCE INVESTMENT MANAGEMENT LLC Q3 2020 Filing

Filed October 19, 2020

Portfolio Value

$6.2T

Holdings

293

Report Date

Q3 2020

Filing Type

13F-HR

All Holdings (293 positions)

#StockSharesValue% PortfolioType
1
PEPPepsico Inc.
1,171,533$162.4B2.64%
2
GGGGraco Inc.
2,526,027$155.0B2.52%
3
LINLinde PLC
645,252$153.7B2.50%
4
NSRGYNestle SA
1,201,692$143.3B2.33%
5
FASTFastenal Co.
3,175,385$143.2B2.33%
6
PGRProgressive Corp.
1,468,152$139.0B2.26%
7
MSFTMicrosoft Corp.
608,597$128.0B2.08%
8
PAYXPaychex Inc.
1,587,865$126.7B2.06%
9
LMTLockheed Martin Corp
326,910$125.3B2.04%
10
DEODiageo PLC
894,246$123.1B2.00%
11
CLColgate-Palmolive Co.
1,548,648$119.5B1.94%
12
SNASnap-on Inc.
795,404$117.0B1.90%
13
BRBroadridge Financial Solutions
867,658$114.5B1.86%
14
PIIPolaris Industries
1,189,814$112.2B1.83%
15
SOSouthern Company
2,035,706$110.4B1.79%
16
FQIDigital Realty Trust Inc.
729,000$107.0B1.74%
17
ADIAnalog Devices Inc.
851,542$99.4B1.62%
18
NTRSNorthern Trust Corporation
1,215,622$94.8B1.54%
19
MMM3M Company
588,590$94.3B1.53%
20
CBChubb Corp
790,061$91.7B1.49%
21
WYWeyerhaeuser Co.
3,038,648$86.7B1.41%
22
ETREntergy Corporation
858,222$84.6B1.37%
23
PFEPfizer Inc.
2,256,496$82.8B1.35%
24
DOWDow Inc
1,734,862$81.6B1.33%
25
FNFFidelity National Financial In
2,591,944$81.2B1.32%
26
TIFEURTiffany & Co.
693,618$80.4B1.31%
27
RYNRayonier Inc.
3,034,443$80.2B1.30%
28
GILDGilead Sciences
1,207,818$76.3B1.24%
29
MAMastercard Inc. - A
214,768$72.6B1.18%
30
SYKStryker Corp.
341,328$71.1B1.16%
31
CSCOCisco Systems, Inc.
1,797,566$70.8B1.15%
32
USBUS Bancorp
1,963,903$70.4B1.14%
33
SBUXStarbucks Corporation
796,193$68.4B1.11%
34
CVXChevron Corp.
933,862$67.2B1.09%
35
KMIKinder Morgan Inc.
5,305,036$65.4B1.06%
36
ORCLOracle Corporation
1,065,795$63.6B1.03%
37
ITWIllinois Tool Works Inc.
327,957$63.4B1.03%
38
TJXTJX Companies
1,132,614$63.0B1.02%
39
ARCCAres Capital Corp.
4,435,502$61.9B1.01%
40
BKIEURBlack Knight Inc
704,878$61.4B1.00%
41
LOWLowe's Companies Inc.
359,643$59.6B0.97%
42
BRK/BBerkshire Hathaway Inc. - B
274,154$58.4B0.95%
43
NXPINXP Semiconductors N.V.
461,854$57.6B0.94%
44
SLG2EURSl Green Realty
1,226,937$56.9B0.93%
45
MKLMarkel Corp.
50,186$48.9B0.79%
46
TMOThermo Fisher Scientific Inc.
103,752$45.8B0.74%
47
CRLCharles River Laboratories Int
199,229$45.1B0.73%
48
IEFiShares 7-10 Year Treasury Bon
362,994$44.2B0.72%
49
BROBrown & Brown Inc.
950,468$43.0B0.70%
50
WRBW.R. Berkley Corp.
681,434$41.7B0.68%
51
AXTAAxalta Coating Systems LTD
1,861,198$41.3B0.67%
52
NDSNNordson Corporation
214,037$41.1B0.67%
53
GOOGAlphabet Inc. - Class C
27,479$40.4B0.66%
54
BAMBrookfield Asset Management In
1,220,580$40.4B0.66%
55
RTXRaytheon Technologies Corp
675,523$38.9B0.63%
56
CNNECannae Holdings Inc
946,497$35.3B0.57%
57
FTDRFrontdoor Inc
895,530$34.8B0.57%
58
APDAir Products & Chemicals Inc.
114,646$34.1B0.56%
59
NKENike Inc. - B
266,610$33.5B0.54%
60
HDHome Depot Inc.
118,948$33.0B0.54%
61
CERNCHFCerner Corporation
454,332$32.8B0.53%
62
BKNGBooking Holdings Inc
19,026$32.5B0.53%
63
CFRUYCompagnie Financiere Richemont
4,888,688$32.5B0.53%
64
ACNAccenture PLC
137,776$31.1B0.51%
65
AWCAmerican Water Works Co.
200,014$29.0B0.47%
66
PGProcter & Gamble Company
206,148$28.7B0.47%
67
FISFidelity National Information
194,107$28.6B0.46%
68
MCDMcDonald's Corp.
126,377$27.7B0.45%
69
DLTRDollar Tree, Inc.
303,628$27.7B0.45%
70
IHS Markit Ltd
348,667$27.4B0.45%
71
CLXThe Clorox Company
130,114$27.3B0.44%
72
TROWT. Rowe Price Group Inc.
210,158$26.9B0.44%
73
EXPDExpeditors International of Wa
288,564$26.1B0.42%
74
MDTMedtronic
245,234$25.5B0.41%
75
PPGPPG Industries Inc.
200,877$24.5B0.40%
76
ROKRockwell Automation Inc.
110,919$24.5B0.40%
77
BDXBecton Dickinson and Company
98,049$22.8B0.37%
78
CBSHCommerce Bancshares Inc.
399,223$22.5B0.37%
79
SPYGSPDR S&P 500 Growth ETF
439,796$22.0B0.36%
80
NVSNNovartis AG - ADR
251,014$21.8B0.35%
81
DCIDonaldson Inc.
460,957$21.4B0.35%
82
SPDR S&P 500 Value
696,333$21.0B0.34%
83
SCHWCharles Schwab
550,157$19.9B0.32%
84
MBBiShares MBS Bond ETF
178,380$19.7B0.32%
85
SEICSEI Investments Company
384,696$19.5B0.32%
86
MORNMorningstar Inc.
114,805$18.4B0.30%
87
IAUUSDiShares Gold Trust
996,226$17.9B0.29%
88
MDYGDow Jones Mid Cap Growth ETF -
311,930$17.9B0.29%
89
IBDRiShares Corporate iBonds ETF 2
657,136$17.6B0.29%
90
IBDViShares iBonds Dec 2030 Term C
681,796$17.6B0.29%
91
MDYVSPDR S&P 400 Mid Cap Value
396,810$17.2B0.28%
92
AVNSAvanos Medical Inc.
512,377$17.0B0.28%
93
GDGeneral Dynamics Corp.
121,790$16.9B0.27%
94
RMAXRE/MAX Holdings Inc.
498,847$16.3B0.27%
95
BSMYInvesco BulletShares 2025
685,863$15.3B0.25%
96
CFRCullen Frost Bankers Inc.
236,734$15.1B0.25%
97
DNBDun & Bradstreet Holdings
577,204$14.8B0.24%
98
NJRNew Jersey Resources Corp.
542,062$14.6B0.24%
99
MLNVanEck Vectors Long Municipal
672,993$14.4B0.23%
100
MTBM&T Bank Corp.
148,326$13.7B0.22%
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