CONFLUENCE INVESTMENT MANAGEMENT LLC Q4 2019 Filing

Filed January 29, 2020

Portfolio Value

$6.8T

Holdings

283

Report Date

Q4 2019

Filing Type

13F-HR

All Holdings (283 positions)

#StockSharesValue% PortfolioType
1
NXPINXP Semiconductors N.V.
1,485,287$189.0B2.78%
2
MSFTMicrosoft Corp.
1,096,153$172.9B2.54%
3
PEPPepsico Inc.
1,226,196$167.6B2.46%
4
DEODiageo PLC
909,866$153.2B2.25%
5
LINLinde PLC
711,339$151.4B2.23%
6
SOSouthern Company
2,234,492$142.3B2.09%
7
PAYXPaychex Inc.
1,656,110$140.9B2.07%
8
NSRGYNestle SA
1,298,840$140.6B2.07%
9
LMTLockheed Martin Corp
352,077$137.1B2.02%
10
TIFEURTiffany & Co.
993,281$132.8B1.95%
11
NTRSNorthern Trust Corporation
1,248,674$132.7B1.95%
12
FASTFastenal Co.
3,585,764$132.5B1.95%
13
CBChubb Corp
810,281$126.1B1.86%
14
PIIPolaris Industries
1,214,843$123.5B1.82%
15
KMIKinder Morgan Inc.
5,630,670$119.2B1.75%
16
PGRProgressive Corp.
1,598,285$115.7B1.70%
17
CVXChevron Corp.
949,945$114.5B1.68%
18
BRBroadridge Financial Solutions
925,658$114.4B1.68%
19
ETREntergy Corporation
947,830$113.5B1.67%
20
CLColgate-Palmolive Co.
1,632,306$112.4B1.65%
21
SLG2EURSl Green Realty
1,221,994$112.3B1.65%
22
GGGGraco Inc.
2,122,864$110.4B1.62%
23
FNFFidelity National Financial In
2,396,536$108.7B1.60%
24
MMM3M Company
587,224$103.6B1.52%
25
USBUS Bancorp
1,728,623$102.5B1.51%
26
RYNRayonier Inc.
3,117,098$102.1B1.50%
27
FQIDigital Realty Trust Inc.
815,559$97.7B1.44%
28
DOWDow Inc
1,782,387$97.5B1.43%
29
ARCCAres Capital Corp.
5,065,844$94.5B1.39%
30
WYWeyerhaeuser Co.
3,095,783$93.5B1.38%
31
PFEPfizer Inc.
2,364,760$92.7B1.36%
32
ADIAnalog Devices Inc.
772,744$91.8B1.35%
33
GILDGilead Sciences
1,242,162$80.7B1.19%
34
BKIEURBlack Knight Inc
1,215,678$78.4B1.15%
35
TJXTJX Companies
1,096,957$67.0B0.99%
36
BRK/BBerkshire Hathaway Inc. - B
291,476$66.0B0.97%
37
SYKStryker Corp.
309,630$65.0B0.96%
38
MAMastercard Inc. - A
216,662$64.7B0.95%
39
MKLMarkel Corp.
54,519$62.3B0.92%
40
ITWIllinois Tool Works Inc.
330,341$59.3B0.87%
41
AXTAAxalta Coating Systems LTD
1,887,448$57.4B0.84%
42
SBUXStarbucks Corporation
649,623$57.1B0.84%
43
UTXZUnited Technologies Corp.
368,634$55.2B0.81%
44
FTDRFrontdoor Inc
1,137,617$53.9B0.79%
45
TMOThermo Fisher Scientific Inc.
147,726$48.0B0.71%
46
WRBW.R. Berkley Corp.
665,143$46.0B0.68%
47
BAMBrookfield Asset Management In
780,931$45.1B0.66%
48
BROBrown & Brown Inc.
1,100,851$43.5B0.64%
49
LOWLowe's Companies Inc.
362,453$43.4B0.64%
50
GOOGAlphabet Inc. - Class C
31,836$42.6B0.63%
51
IEFiShares 7-10 Year Treasury Bon
383,773$42.3B0.62%
52
CFRUYCompagnie Financiere Richemont
5,183,184$40.5B0.60%
53
ORCLOracle Corporation
630,534$33.4B0.49%
54
TLTBarclays 20 Plus Year Treasury
243,523$33.0B0.49%
55
CERNCHFCerner Corporation
447,809$32.9B0.48%
56
SPBSpectrum Brands Holdings Inc
475,750$30.6B0.45%
57
ACNAccenture PLC
144,615$30.5B0.45%
58
APDAir Products & Chemicals Inc.
120,396$28.3B0.42%
59
Allergan Inc.
147,923$28.3B0.42%
60
DALDelta Air Lines
482,834$28.2B0.42%
61
NKENike Inc. - B
275,050$27.9B0.41%
62
MDTMedtronic
245,168$27.8B0.41%
63
FISFidelity National Information
199,653$27.8B0.41%
64
NDSNNordson Corporation
170,043$27.7B0.41%
65
CBSHCommerce Bancshares Inc.
402,291$27.3B0.40%
66
HDHome Depot Inc.
124,502$27.2B0.40%
67
BDXBecton Dickinson and Company
99,717$27.1B0.40%
68
PGProcter & Gamble Company
211,975$26.5B0.39%
69
TROWT. Rowe Price Group Inc.
215,514$26.3B0.39%
70
PPGPPG Industries Inc.
195,216$26.1B0.38%
71
AXPAmerican Express Company
209,117$26.0B0.38%
72
DCIDonaldson Inc.
448,831$25.9B0.38%
73
AWCAmerican Water Works Co.
207,147$25.4B0.37%
74
SCHWCharles Schwab
531,128$25.3B0.37%
75
MCDMcDonald's Corp.
127,498$25.2B0.37%
76
MSMMSC Industrial Direct Co. Inc.
318,144$25.0B0.37%
77
SEICSEI Investments Company
373,854$24.5B0.36%
78
SNASnap-on Inc.
143,492$24.3B0.36%
79
DDDupont De Nemurs Inc
365,779$23.5B0.35%
80
NVSNNovartis AG - ADR
247,857$23.5B0.35%
81
AIGAmerican International Group I
452,129$23.2B0.34%
82
IVES&P 500 Value Index - iShares
175,848$22.9B0.34%
83
CLXThe Clorox Company
148,932$22.9B0.34%
84
CNNECannae Holdings Inc
612,597$22.8B0.34%
85
MTBM&T Bank Corp.
132,625$22.5B0.33%
86
EXPDExpeditors International of Wa
284,417$22.2B0.33%
87
NJRNew Jersey Resources Corp.
491,655$21.9B0.32%
88
CFRCullen Frost Bankers Inc.
210,318$20.6B0.30%
89
GDGeneral Dynamics Corp.
113,498$20.0B0.29%
90
CTVACorteva Inc
668,255$19.8B0.29%
91
RMAXRE/MAX Holdings Inc.
504,923$19.4B0.29%
92
MBBiShares MBS Bond ETF
170,235$18.4B0.27%
93
XOMExxon Mobil Corp.
258,333$18.0B0.27%
94
MORNMorningstar Inc.
116,321$17.6B0.26%
95
MLNVanEck Vectors Long Municipal
795,428$16.7B0.25%
96
SPIBSPDR Portfolio Intermediate Te
473,302$16.7B0.25%
97
IBDRiShares Corporate iBonds ETF 2
653,420$16.7B0.25%
98
IJJS&P MidCap 400 Value Index Fun
96,188$16.4B0.24%
99
IVWS&P 500 Growth Index - iShares
81,283$15.7B0.23%
100
IAUUSDiShares Gold Trust
1,062,616$15.4B0.23%
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