CONFLUENCE INVESTMENT MANAGEMENT LLC Q4 2022 Filing

Filed January 4, 2023

Portfolio Value

$6.5B

Holdings

305

Report Date

Q4 2022

Filing Type

13F-HR

All Holdings (305 positions)

#	Stock	Shares	Value	% Portfolio
1	PEPPepsiCo Inc.	1,032,149	$186.0M	2.88%
2	PGRProgressive Corp.	1,291,221	$167.0M	2.59%
3	LMTLockheed Martin Corp.	338,151	$164.0M	2.54%
4	DEODiageo plc	881,686	$157.0M	2.43%
5	CBChubb Ltd.	699,167	$154.0M	2.38%
6	SNASnap-on Inc.	655,676	$149.0M	2.31%
7	CVXChevron Corp.	820,638	$147.0M	2.28%
8	PAYXPaychex Inc.	1,279,791	$147.0M	2.28%
9	LINLinde plc	432,737	$141.0M	2.18%
10	ADIAnalog Devices Inc.	853,916	$140.0M	2.17%
11	SOSouthern Co.	1,882,833	$134.0M	2.07%
12	FASTFastenal Co.	2,850,345	$134.0M	2.07%
13	HDHome Depot Inc.	416,195	$131.0M	2.03%
14	MSFTMicrosoft Corp.	537,177	$128.0M	1.98%
15	NSRGYNestle S.A.	1,093,055	$126.0M	1.95%
16	TROWT. Rowe Price Group Inc.	1,110,166	$121.0M	1.87%
17	CLColgate-Palmolive Co.	1,497,399	$117.0M	1.81%
18	GILDGilead Sciences Inc.	1,345,997	$115.0M	1.78%
19	PIIPolaris Inc.	1,122,571	$113.0M	1.75%
20	BRBroadridge Financial Solutions	816,719	$109.0M	1.69%
21	FNFFidelity National Financial In	2,756,943	$103.0M	1.59%
22	NTRSNorthern Trust Corp.	1,160,092	$102.0M	1.58%
23	ETREntergy Corp.	899,484	$101.0M	1.56%
24	1939900DBrookfield Infrastructure Corp	2,589,701	$100.0M	1.55%
25	KMIKinder Morgan Inc.	5,536,461	$100.0M	1.55%
26	RYNRayonier Inc.	2,964,479	$97.3M	1.51%
27	CSCOCisco Systems Inc.	2,019,638	$96.0M	1.49%
28	WYWeyerhaeuser Co.	2,951,672	$91.0M	1.41%
29	DOWDow Inc.	1,773,946	$89.0M	1.38%
30	USBU.S. Bancorp	1,980,111	$86.0M	1.33%
31	TJXTJX Cos. Inc.	1,049,062	$83.0M	1.28%
32	ARCCAres Capital Corp.	4,528,922	$83.0M	1.28%
33	ORCLOracle Corp.	952,330	$77.0M	1.19%
34	MAMastercard Inc.	217,719	$75.0M	1.16%
35	FQIDigital Realty Trust Inc.	750,094	$75.0M	1.16%
36	SYKStryker Corp.	306,775	$75.0M	1.16%
37	SBUXStarbucks Corp.	736,967	$73.0M	1.13%
38	SPGIS&P Global Inc.	209,155	$70.0M	1.08%
39	SLGSL Green Realty Corp.	2,080,208	$70.0M	1.08%
40	GGGGraco Inc.	1,025,353	$68.0M	1.05%
41	RTXRaytheon Technologies Corp.	634,278	$64.0M	0.99%
42	ITWIllinois Tool Works Inc.	281,073	$61.0M	0.94%
43	BRK/BBerkshire Hathaway Inc. - B	198,537	$60.0M	0.93%
44	LOWLowe's Cos. Inc.	294,501	$58.0M	0.90%
45	NXPINXP Semiconductors N.V.	352,800	$55.0M	0.85%
46	SPMBSPDR Portfolio Mortgage Backed	2,496,970	$54.0M	0.84%
47	MASMasco Corp.	1,101,200	$51.0M	0.79%
48	WRBW. R. Berkley Corp.	646,010	$46.0M	0.71%
49	GOOGAlphabet Inc.	521,563	$46.0M	0.71%
50	SHYBarclays 1-3 Year Treasury Bon	523,551	$42.0M	0.65%
51	HYBBiShares BB Rated Corporate Bon	917,213	$40.0M	0.62%
52	MDYVSPDR S&P 400 Mid Cap Value ETF	621,493	$40.0M	0.62%
53	BNBrookfield Corp.	1,192,739	$37.0M	0.57%
54	NDSNNordson Corp.	159,159	$37.0M	0.57%
55	BROBrown & Brown Inc.	595,193	$33.0M	0.51%
56	IBTHiShares iBonds Dec 2027 Term T	1,399,777	$31.0M	0.48%
57	DNBDun & Bradstreet Holdings Inc.	2,441,760	$29.0M	0.45%
58	CLVTClarivate plc	3,157,935	$26.0M	0.40%
59	HSYHershey Co.	107,464	$24.0M	0.37%
60	APDAir Products and Chemicals Inc	76,743	$23.0M	0.36%
61	SCHWCharles Schwab Corp.	274,315	$22.0M	0.34%
62	MCDMcDonald's Corp.	84,627	$22.0M	0.34%
63	GDGeneral Dynamics Corp.	88,467	$21.0M	0.33%
64	CFRCullen/Frost Bankers Inc.	159,576	$21.0M	0.33%
65	NJRNew Jersey Resources Corp.	439,040	$21.0M	0.33%
66	PGProcter & Gamble Co.	140,561	$21.0M	0.33%
67	MDYGSPDR S&P 400 Mid Cap Growth ET	309,048	$20.0M	0.31%
68	IBHGiShares iBonds December 2030 T	1,040,289	$20.0M	0.31%
69	IBTGiShares iBonds Dec 2026 Term T	892,501	$20.0M	0.31%
70	AWCAmerican Water Works Co. Inc.	133,649	$20.0M	0.31%
71	CBSHCommerce Bancshares Inc.	303,571	$20.0M	0.31%
72	SHWSherwin-Williams Co.	84,792	$20.0M	0.31%
73	APHAmphenol Corp.	266,079	$20.0M	0.31%
74	IBDRiShares iBonds Dec 2026 Term C	845,908	$19.0M	0.29%
75	NKENIKE Inc.	163,947	$19.0M	0.29%
76	ROKRockwell Automation Inc.	75,900	$19.0M	0.29%
77	DCIDonaldson Co Inc.	333,125	$19.0M	0.29%
78	DLTRDollar Tree Inc.	137,835	$19.0M	0.29%
79	BDXBecton Dickinson and Co.	76,525	$19.0M	0.29%
80	EXPDExpeditors International of Wa	190,978	$19.0M	0.29%
81	MTBM&T Bank Corp.	118,427	$17.0M	0.26%
82	LESLLeslie's Inc.	1,421,426	$17.0M	0.26%
83	SLYVSPDR S&P 600 Small Cap Value E	222,159	$16.0M	0.25%
84	CLXClorox Co.	117,417	$16.0M	0.25%
85	GTESGates Industrial Corp. plc	1,435,696	$15.6M	0.24%
86	IUSViShares Core S&P US Value ETF	215,125	$15.0M	0.23%
87	MORNMorningstar Inc.	71,729	$14.8M	0.23%
88	MDTMedtronic plc	185,772	$14.0M	0.22%
89	IBTEiShares iBonds Dec 2024 Term T	545,228	$13.0M	0.20%
90	KDPKeurig Dr. Pepper Inc.	369,874	$13.0M	0.20%
91	FISFidelity National Information	185,265	$12.0M	0.19%
92	SPLGSPDR Portfolio S&P 500 Value E	309,274	$12.0M	0.19%
93	JJSFJ & J Snack Foods Corp.	79,867	$11.0M	0.17%
94	SPYSPDR S&P 500 ETF	29,916	$11.0M	0.17%
95	SPBSpectrum Brands Holdings Inc.	192,739	$11.0M	0.17%
96	DFNMDimensional National Municipal	237,073	$11.0M	0.17%
97	BKIEURBlack Knight Inc.	182,905	$11.0M	0.17%
98	BWINBRP Group Inc.	439,067	$10.9M	0.17%
99	RMAXRE/MAX Holdings Inc.	586,460	$10.3M	0.16%
100	TLHiShares Barclays 10-20 Year Tr	95,825	$10.0M	0.15%

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