CONFLUENCE INVESTMENT MANAGEMENT LLC Q3 2025 Filing

Filed October 14, 2025

Portfolio Value

$7.0T

Holdings

294

Report Date

Q3 2025

Filing Type

13F-HR

All Holdings (294 positions)

#StockSharesValue% PortfolioType
1
SGOViShares 0-3 Month Treasury Bon
2,599,958$261.8B3.74%
2
SNASnap-on Inc.
492,183$170.6B2.43%
3
WECWEC Energy Group Inc.
1,390,656$159.4B2.27%
4
FASTFastenal Co.
3,214,964$157.7B2.25%
5
NTRSNorthern Trust Corp.
1,157,462$155.8B2.22%
6
CBChubb Ltd.
538,662$152.0B2.17%
7
ADIAnalog Devices Inc.
613,557$150.8B2.15%
8
LMTLockheed Martin Corp.
297,172$148.4B2.12%
9
LINLinde plc
309,811$147.2B2.10%
10
SOSouthern Co.
1,549,426$146.8B2.09%
11
HSYHershey Co.
755,135$141.2B2.02%
12
HDHome Depot Inc.
345,296$139.9B2.00%
13
BRBroadridge Financial Solutions
583,912$139.1B1.98%
14
MDLZMondelez International Inc.
2,223,914$138.9B1.98%
15
PGRProgressive Corp.
554,271$136.9B1.95%
16
PAYXPaychex Inc.
1,027,260$130.2B1.86%
17
DEODiageo plc
1,363,504$130.1B1.86%
18
FNFFidelity National Financial In
2,139,098$129.4B1.85%
19
CVXChevron Corp.
832,901$129.3B1.85%
20
ETREntergy Corp.
1,352,347$126.0B1.80%
21
AWCAmerican Water Works Co. Inc.
861,830$120.0B1.71%
22
CSCOCisco Systems Inc.
1,707,626$116.8B1.67%
23
CLXClorox Co.
931,093$114.8B1.64%
24
KMIKinder Morgan Inc.
3,793,846$107.4B1.53%
25
GILDGilead Sciences Inc.
952,946$105.8B1.51%
26
CLColgate-Palmolive Co.
1,294,534$103.5B1.48%
27
TROWT. Rowe Price Group Inc.
973,769$99.9B1.43%
28
SPMBSPDR Portfolio Mortgage Backed
4,222,219$94.7B1.35%
29
WRBW. R. Berkley Corp.
1,231,537$94.4B1.35%
30
USBU.S. Bancorp
1,933,812$93.5B1.33%
31
MAMastercard Inc.
161,975$92.1B1.31%
32
TJXTJX Co. Inc.
603,340$87.2B1.24%
33
MSFTMicrosoft Corp.
161,782$83.8B1.20%
34
SYKStryker Corp.
226,373$83.7B1.19%
35
ARCCAres Capital Corp.
3,682,410$75.2B1.07%
36
NDSNNordson Corp.
330,517$75.0B1.07%
37
SPGIS&P Global Inc.
144,580$70.4B1.00%
38
PAYCPaycom Software Inc.
327,312$68.1B0.97%
39
GOOGAlphabet Inc.
277,189$67.5B0.96%
40
SPDWSPDR Portfolio Developed World
1,474,350$63.1B0.90%
41
MASMasco Corp.
868,229$61.1B0.87%
42
ITWIllinois Tool Works Inc.
222,916$58.1B0.83%
43
KEYSKeysight Technologies Inc.
326,940$57.2B0.82%
44
UPSUnited Parcel Service Inc.
681,643$56.9B0.81%
45
LOWLowe's Co. Inc.
223,323$56.1B0.80%
46
GGGGraco Inc.
654,019$55.6B0.79%
47
APDAir Products and Chemicals Inc
202,554$55.2B0.79%
48
ACNAccenture plc
209,255$51.6B0.74%
49
BRK/BBerkshire Hathaway Inc. - B
100,876$50.7B0.72%
50
NXPINXP Semiconductors N.V.
210,735$48.0B0.68%
51
DOWDow Inc.
1,961,972$45.0B0.64%
52
WYWeyerhaeuser Co.
1,764,467$43.7B0.62%
53
TMOThermo Fisher Scientific Inc.
83,223$40.4B0.58%
54
MLMMartin Marietta Materials Inc.
61,391$38.7B0.55%
55
TLHiShares Barclays 10-20 Year Tr
363,054$37.4B0.53%
56
GLDMSPDR Gold MiniShares Trust ETF
488,393$37.3B0.53%
57
BF/BBrown-Forman Corp. - B
1,349,118$36.5B0.52%
58
ACGLArch Capital Group Ltd.
389,020$35.3B0.50%
59
BKNGBooking Holdings Inc.
6,519$35.2B0.50%
60
MBBiShares MBS ETF
366,497$34.9B0.50%
61
SPDR Portfolio S&P 500 Value E
609,954$33.7B0.48%
62
SPYGSPDR Portfolio S&P 500 Growth
293,048$30.6B0.44%
63
RMEResMed Inc.
110,658$30.3B0.43%
64
SBUXStarbucks Corp.
337,686$28.6B0.41%
65
ECLEcolab Inc.
102,158$28.0B0.40%
66
BROBrown & Brown Inc.
297,603$27.9B0.40%
67
GDGeneral Dynamics Corp.
79,726$27.2B0.39%
68
DLTRDollar Tree Inc.
273,626$25.8B0.37%
69
APHAmphenol Corp.
208,223$25.8B0.37%
70
SHWSherwin-Williams Co.
72,791$25.2B0.36%
71
DCIDonaldson Co. Inc.
303,816$24.9B0.35%
72
AOSA. O. Smith Corp.
329,070$24.2B0.34%
73
MCDMcDonald's Corp.
76,265$23.2B0.33%
74
REGLProShares S&P MidCap 400 Divid
269,306$23.0B0.33%
75
IBTQiShares iBonds Dec 2035 Term T
886,173$22.6B0.32%
76
MDYGSPDR S&P 400 Mid Cap Growth ET
239,659$21.9B0.31%
77
EXPDExpeditors International of Wa
177,080$21.7B0.31%
78
MCXMcCormick & Company Inc.
322,216$21.6B0.31%
79
NJRNew Jersey Resources Corp.
423,035$20.4B0.29%
80
PGProcter & Gamble Co.
131,007$20.1B0.29%
81
ZTSZoetis Inc.
133,711$19.6B0.28%
82
MDTMedtronic plc
204,759$19.5B0.28%
83
EOGEOG Resources Inc.
172,674$19.4B0.28%
84
STZConstellation Brands
143,543$19.3B0.28%
85
VNTVontier Corp.
449,691$18.9B0.27%
86
VVVValvoline Inc.
490,614$17.6B0.25%
87
TTCToro Co.
224,017$17.1B0.24%
88
NKENIKE Inc.
244,217$17.0B0.24%
89
IBTOiShares iBonds Dec 2033 Term T
676,864$16.7B0.24%
90
IBTPiShares iBonds Dec 2034 Term T
642,704$16.7B0.24%
91
MDYVSPDR S&P 400 Mid Cap Value ETF
187,602$15.6B0.22%
92
DISWalt Disney Co.
136,317$15.6B0.22%
93
CPRTCopart Inc.
335,829$15.1B0.22%
94
BDXBecton Dickinson & Co.
80,263$15.0B0.21%
95
CRLCharles River Laboratories Int
95,963$15.0B0.21%
96
CARRCarrier Global Corp.
234,214$14.0B0.20%
97
MORNMorningstar Inc.
60,239$14.0B0.20%
98
IEIiShares 3-7 Year Treasury Bond
112,903$13.5B0.19%
99
HYBBiShares BB Rated Corporate Bon
270,829$12.8B0.18%
100
IEURiShares Core MSCI Europe ETF
180,698$12.3B0.18%
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