CONFLUENCE INVESTMENT MANAGEMENT LLC Q4 2016 Filing

Filed February 14, 2017

Portfolio Value

$4.1B

Holdings

235

Report Date

Q4 2016

Filing Type

13F-HR

All Holdings (235 positions)

StockValue
JNJJohnson & Johnson
$105.1M
PEPPepsico Inc
$102.5M
NTRSNorthern Trust Corporation
$90.5M
CVXChevron Corp.
$86.2M
MSFTMicrosoft Corp.
$86.1M
DEODiageo (Adr 1:4)
$84.9M
PAYXPaychex Inc.
$84.6M
CBChubb Limited
$82.7M
MMM3M Company
$82.5M
FASTFastenal Co.
$82.2M
Linear Technology Corp
$79.5M
SOSouthern Company
$75.4M
KHCKraft Heinz Co.
$74.7M
ARCCAres Capital Corp.
$73.8M
GGGGraco inc.
$72.6M
PGRProgressive Corp.
$72.4M
Du Pont E.I. De Nemours & Com
$70.5M
MLMMartin Marietta Materials Inc.
$70.5M
PXGBXPraxair Inc.
$70.2M
CLColgate-Palmolive Co.
$69.7M
FNFFidelity National Financial In
$69.4M
SYKStryker Corp.
$66.7M
IRMIron Mountain
$65.1M
WYWeyerhaeuser Co.
$64.6M
RYNRayonier Inc.
$63.8M
BRBroadridge Financial Solutions
$61.9M
PFEPfizer Inc.
$60.7M
GSKGlaxoSmithKline Plc (Adr 1:2)
$59.3M
KMIKinder Morgan Inc.
$59.3M
GEGeneral Electric Company
$57.4M
CHRWC.H. Robinson Worldwide Inc.
$56.1M
AIGAmerican International Group I
$55.8M
KSSKohl's Corp.
$55.3M
Allergan Inc.
$52.1M
MKLMarkel Corp.
$51.4M
DISCKUSDDiscovery Communications Inc.
$47.2M
MATMattel Inc
$45.6M
NXPINXP Semiconductors
$45.6M
LOWLowe's Companies Inc.
$44.8M
CFRUYCompagnie Financiere Richemont
$42.5M
MAMastercard Inc. - A
$41.8M
AXPAmerican Express Company
$38.8M
FQIDigital Realty Trust Inc.
$37.8M
TJXTJX Companies
$37.2M
ITWIllinois Tool Works Inc.
$32.2M
WRBW.R. Berkley Corp
$31.2M
UTXZUnited Technologies Corp.
$30.2M
BRK/BBerkshire Hathaway Inc. - B
$29.7M
IEFiShares 7-10 Year Treasury Bon
$27.4M
TMOThermo Fisher Scientific Inc.
$26.1M
SLBSchlumberger Ltd.
$25.7M
Advisory Board Company
$24.4M
Express Scripts Inc.
$22.6M
BROBrown & Brown Inc.
$20.8M
GOOGAlphabet Inc. Class- C
$20.2M
DFINDonnelley Financial Solution
$18.8M
MSMMSC Industrial Direct Co. Inc
$17.8M
RMAXRE/Max Holdings
$17.6M
MTS Systems Corp.
$17.5M
AQLTiShares Corporate ex Financial
$16.0M
HDHome Depot Inc.
$14.9M
CBSHCommerce Bancshares Inc.
$14.7M
GBDCGolub Capital BDC Inc
$14.4M
MDUMDU Resources Group Inc.
$14.0M
MBBiShares MBS Bond ETF
$14.0M
GDGeneral Dynamics Corp.
$13.9M
MTBM&T Bank Corp.
$13.8M
ADIAnalog Devices Inc.
$13.7M
NMFCNew Mountain Finance Corp.
$13.1M
DCIDonaldson Inc
$13.1M
SPIBSPDR Interm. Term Corporate Bo
$12.8M
iShares Corporate ex Financial
$12.8M
LMTLockheed Martin Corp
$12.6M
TCP Capital Corp
$12.5M
BDXBecton Dickinson and Company
$12.4M
NJRNew Jersey Resources Corp.
$12.2M
XOMExxon Mobil Corp.
$12.2M
MCDMcDonald's Corp.
$12.1M
SBUXStarbucks Corporation
$12.0M
SEICSEI Investments Company
$11.9M
TLTBarclays 20 Year Treasury Bond
$11.6M
CFRCullen Frost Bankers Inc.
$11.6M
CLXThe Clorox Company
$11.5M
APDAir Products & Chemicals Inc.
$11.5M
PGProcter & Gamble Company
$11.3M
AQLTiShares Corporate Bond ETF 202
$11.2M
EXPDExpeditors International of Wa
$11.2M
TROWT. Rowe Price Group Inc.
$11.2M
PIIPolaris Industries
$11.0M
SLRCSolar Capital, LTD.
$11.0M
OXYOccidental Petroleum Corp
$10.6M
GWWW.W. Grainger Inc.
$10.6M
HTGCHercules Technology Growth Cap
$10.3M
MORNMorningstar Inc.
$10.2M
NSRGYNestle SA
$10.1M
MDTMedtronic
$10.0M
THL Credit
$9.4M
NVSNNovartis AG - ADR
$9.3M
JWNUSDNordstrom Inc.
$9.2M
NKENike Inc. - B
$9.2M
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