CONFLUENCE INVESTMENT MANAGEMENT LLC Q4 2017 Filing
Filed January 8, 2018
Portfolio Value
$5.5B
Holdings
241
Report Date
Q4 2017
Filing Type
13F-HR
All Holdings (241 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | JNJJohnson & Johnson | 1,017,060 | $142.1B | 2594.95% | |
| 2 | PEPPepsico Inc. | 1,154,250 | $138.4B | 2527.64% | |
| 3 | DEODiageo (Adr 1:4) | 939,893 | $137.3B | 2506.37% | |
| 4 | PIIPolaris Industries | 1,078,274 | $133.7B | 2441.39% | |
| 5 | FASTFastenal Co. | 2,412,655 | $131.9B | 2409.49% | |
| 6 | MSFTMicrosoft Corp. | 1,451,623 | $124.2B | 2267.50% | |
| 7 | PAYXPaychex Inc. | 1,735,799 | $118.2B | 2157.95% | |
| 8 | NTRSNorthern Trust Corporation | 1,158,408 | $115.7B | 2113.03% | |
| 9 | PXGBXPraxair Inc. | 747,005 | $115.5B | 2110.00% | |
| 10 | MMM3M Company | 485,303 | $114.2B | 2085.87% | |
| 11 | CVXChevron Corp. | 897,131 | $112.3B | 2050.92% | |
| 12 | PGRProgressive Corp. | 1,992,387 | $112.2B | 2049.08% | |
| 13 | —DowDuPont Inc | 1,530,544 | $109.0B | 1990.53% | |
| 14 | CBChubb Limited | 744,952 | $108.9B | 1987.88% | |
| 15 | GGGGraco Inc. | 2,347,351 | $106.1B | 1938.34% | |
| 16 | CLColgate-Palmolive Co. | 1,349,974 | $101.9B | 1859.98% | |
| 17 | SOSouthern Company | 2,050,249 | $98.6B | 1800.45% | |
| 18 | MLMMartin Marietta Materials Inc. | 439,487 | $97.1B | 1773.94% | |
| 19 | RYNRayonier Inc. | 3,029,777 | $95.8B | 1749.98% | |
| 20 | IRMIron Mountain | 2,431,402 | $91.7B | 1675.20% | |
| 21 | BKIEURBlack Knight Inc | 2,053,282 | $90.7B | 1655.39% | |
| 22 | BRBroadridge Financial Solutions | 986,328 | $89.3B | 1631.47% | |
| 23 | FNFFidelity National Financial In | 2,234,732 | $87.7B | 1601.32% | |
| 24 | PFEPfizer Inc. | 2,403,747 | $87.1B | 1589.87% | |
| 25 | SYKStryker Corp. | 553,175 | $85.7B | 1564.12% | |
| 26 | KHCKraft Heinz Co. | 1,072,154 | $83.4B | 1522.43% | |
| 27 | WYWeyerhaeuser Co. | 2,343,260 | $82.6B | 1508.77% | |
| 28 | ARCCAres Capital Corp. | 5,144,529 | $80.9B | 1476.80% | |
| 29 | MKLMarkel Corp. | 70,253 | $80.0B | 1461.37% | |
| 30 | KMIKinder Morgan Inc. | 4,361,675 | $78.8B | 1439.23% | |
| 31 | AXTAAxalta Coating Systems LTD | 2,294,824 | $74.3B | 1356.07% | |
| 32 | CFRUYCompagnie Financiere Richemont | 7,952,415 | $72.1B | 1315.83% | |
| 33 | —Colony Northstar Inc | 5,901,611 | $67.3B | 1229.64% | |
| 34 | AIGAmerican International Group I | 1,106,608 | $65.9B | 1203.98% | |
| 35 | GSKGlaxoSmithKline Plc (Adr 1:2) | 1,625,293 | $57.6B | 1052.72% | |
| 36 | MAMastercard Inc. - A | 376,357 | $57.0B | 1040.23% | |
| 37 | —Allergan Inc. | 340,131 | $55.6B | 1016.02% | |
| 38 | AXPAmerican Express Company | 495,399 | $49.2B | 898.40% | |
| 39 | GEGeneral Electric Company | 2,769,790 | $48.3B | 882.61% | |
| 40 | FQIDigital Realty Trust Inc. | 417,129 | $47.5B | 867.59% | |
| 41 | DISCKUSDDiscovery Communications Inc. | 2,199,277 | $46.6B | 850.21% | |
| 42 | MSMMSC Industrial Direct Co. Inc. | 480,203 | $46.4B | 847.60% | |
| 43 | TJXTJX Companies | 604,212 | $46.2B | 843.62% | |
| 44 | ITWIllinois Tool Works Inc. | 272,261 | $45.4B | 829.54% | |
| 45 | ADIAnalog Devices Inc. | 476,489 | $42.4B | 774.66% | |
| 46 | SBUXStarbucks Corporation | 732,138 | $42.0B | 767.82% | |
| 47 | NXPINXP Semiconductors N.V. | 353,619 | $41.4B | 756.09% | |
| 48 | CHRWC.H. Robinson Worldwide Inc. | 446,018 | $39.7B | 725.62% | |
| 49 | —Natus Medical Inc. | 1,022,092 | $39.0B | 712.98% | |
| 50 | UTXZUnited Technologies Corp. | 295,779 | $37.7B | 689.02% | |
| 51 | BRK/BBerkshire Hathaway Inc. - B | 184,840 | $36.6B | 669.06% | |
| 52 | SLBSchlumberger Ltd. | 540,669 | $36.4B | 665.36% | |
| 53 | TMOThermo Fisher Scientific Inc. | 183,968 | $34.9B | 637.89% | |
| 54 | WRBW.R. Berkley Corp. | 464,713 | $33.3B | 608.03% | |
| 55 | IEFiShares 7-10 Year Treasury Bon | 314,650 | $33.2B | 606.59% | |
| 56 | LOWLowe's Companies Inc. | 341,266 | $31.7B | 579.18% | |
| 57 | GOOGAlphabet Inc. - Class C | 27,996 | $29.3B | 534.95% | |
| 58 | BROBrown & Brown Inc. | 487,996 | $25.1B | 458.57% | |
| 59 | HDHome Depot Inc. | 119,643 | $22.7B | 414.08% | |
| 60 | —MTS Systems Corp. | 377,380 | $20.3B | 370.08% | |
| 61 | MBBiShares MBS Bond ETF | 187,090 | $19.9B | 364.16% | |
| 62 | SEICSEI Investments Company | 277,012 | $19.9B | 363.50% | |
| 63 | AQLTiShares Corporate ex Financial | 789,997 | $19.2B | 350.13% | |
| 64 | TROWT. Rowe Price Group Inc. | 178,042 | $18.7B | 341.15% | |
| 65 | MCDMcDonald's Corp. | 107,543 | $18.5B | 338.01% | |
| 66 | BDXBecton Dickinson and Company | 84,160 | $18.0B | 328.97% | |
| 67 | —Guggenheim BulletShares Invest | 838,263 | $17.5B | 319.77% | |
| 68 | ACNAccenture PLC | 114,217 | $17.5B | 319.29% | |
| 69 | LMTLockheed Martin Corp | 54,059 | $17.4B | 316.94% | |
| 70 | DCIDonaldson Inc. | 350,661 | $17.2B | 313.45% | |
| 71 | CLXThe Clorox Company | 115,366 | $17.2B | 313.36% | |
| 72 | MTBM&T Bank Corp. | 99,170 | $17.0B | 309.65% | |
| 73 | CBSHCommerce Bancshares Inc. | 300,985 | $16.8B | 306.91% | |
| 74 | TLTBarclays 20 Plus Year Treasury | 128,155 | $16.3B | 296.89% | |
| 75 | MDTMedtronic | 200,406 | $16.2B | 295.52% | |
| 76 | GDGeneral Dynamics Corp. | 78,856 | $16.0B | 292.96% | |
| 77 | APDAir Products & Chemicals Inc. | 97,580 | $16.0B | 292.38% | |
| 78 | IBDRiShares Corporate iBonds ETF 2 | 635,019 | $15.6B | 284.56% | |
| 79 | NJRNew Jersey Resources Corp. | 384,752 | $15.5B | 282.44% | |
| 80 | SPIBSPDR Portfolio Intermediate Te | 451,494 | $15.4B | 282.13% | |
| 81 | MDUMDU Resources Group Inc. | 564,020 | $15.2B | 276.85% | |
| 82 | NSRGYNestle SA | 175,721 | $15.1B | 275.94% | |
| 83 | PGProcter & Gamble Company | 163,550 | $15.0B | 274.41% | |
| 84 | NKENike Inc. - B | 232,394 | $14.5B | 265.44% | |
| 85 | EXPDExpeditors International of Wa | 224,565 | $14.5B | 265.28% | |
| 86 | NVSNNovartis AG - ADR | 163,650 | $13.7B | 250.91% | |
| 87 | XOMExxon Mobil Corp. | 163,701 | $13.7B | 250.03% | |
| 88 | MORNMorningstar Inc. | 141,134 | $13.7B | 249.90% | |
| 89 | AQLTiShares Corporate Bond ETF 202 | 510,118 | $13.5B | 246.43% | |
| 90 | CFRCullen Frost Bankers Inc. | 142,297 | $13.5B | 245.94% | |
| 91 | NMFCNew Mountain Finance Corp. | 919,431 | $12.5B | 227.49% | |
| 92 | GBDCGolub Capital BDC Inc. | 678,086 | $12.3B | 225.36% | |
| 93 | JWNUSDNordstrom Inc. | 259,171 | $12.3B | 224.24% | |
| 94 | —TCP Capital Corp. | 748,788 | $11.4B | 208.92% | |
| 95 | HTGCHercules Technology Growth Cap | 806,620 | $10.6B | 193.26% | |
| 96 | SLRCSolar Capital Ltd. | 489,450 | $9.9B | 180.64% | |
| 97 | MLNVanEck Vectors Long Municipal | 476,184 | $9.7B | 176.78% | |
| 98 | —iShares Corporate ex Financial | 391,747 | $9.6B | 175.41% | |
| 99 | TFISPDR Nuveen Barclays Capital M | 192,808 | $9.4B | 172.42% | |
| 100 | —THL Credit, Inc. | 1,035,978 | $9.4B | 171.21% |
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