CONFLUENCE INVESTMENT MANAGEMENT LLC Q4 2024 Filing

Filed January 2, 2025

Portfolio Value

$7208.9T

Holdings

299

Report Date

Q4 2024

Filing Type

13F-HR

All Holdings (299 positions)

#StockSharesValue% PortfolioType
1
PGRProgressive Corp.
869,434$208.3T2.89%
2
SNASnap-on Inc.
530,445$180.1T2.50%
3
CBChubb Ltd.
575,879$159.1T2.21%
4
PAYXPaychex Inc.
1,102,254$154.6T2.14%
5
LMTLockheed Martin Corp.
308,095$149.7T2.08%
6
DEODiageo plc
1,176,466$149.6T2.07%
7
BRBroadridge Financial Solutions
632,216$142.9T1.98%
8
SGOViShares 0-3 Month Treasury Bon
1,422,081$142.7T1.98%
9
HDHome Depot Inc.
363,615$141.4T1.96%
10
WECWEC Energy Group Inc.
1,489,994$140.1T1.94%
11
CLXClorox Co.
860,389$139.7T1.94%
12
LINLinde plc
333,202$139.5T1.94%
13
ADIAnalog Devices Inc.
643,987$136.8T1.90%
14
PEPPepsiCo Inc.
897,170$136.4T1.89%
15
SOSouthern Co.
1,648,438$135.7T1.88%
16
MSFTMicrosoft Corp.
315,443$133.0T1.84%
17
FNFFidelity National Financial In
2,282,039$128.1T1.78%
18
FASTFastenal Co.
1,698,663$122.2T1.69%
19
CLColgate-Palmolive Co.
1,340,946$121.9T1.69%
20
ETREntergy Corp.
1,607,273$121.9T1.69%
21
KMIKinder Morgan Inc.
4,390,944$120.3T1.67%
22
NTRSNorthern Trust Corp.
1,140,058$116.9T1.62%
23
HSYHershey Co.
682,029$115.5T1.60%
24
TROWT. Rowe Price Group Inc.
986,521$111.6T1.55%
25
GILDGilead Sciences Inc.
1,176,858$108.7T1.51%
26
CVXChevron Corp.
744,879$107.9T1.50%
27
CSCOCisco Systems Inc.
1,803,001$106.7T1.48%
28
MAMastercard Inc.
179,049$94.3T1.31%
29
USBU.S. Bancorp
1,959,428$93.7T1.30%
30
ORCLOracle Corp.
550,299$91.7T1.27%
31
BIPCBrookfield Infrastructure Corp
2,228,960$89.2T1.24%
32
SYKStryker Corp.
245,423$88.4T1.23%
33
SPMBSPDR Portfolio Mortgage Backed
3,926,847$84.6T1.17%
34
ARCCAres Capital Corp.
3,813,221$83.5T1.16%
35
WRBW. R. Berkley Corp.
1,336,426$78.2T1.08%
36
TJXTJX Co. Inc.
640,394$77.4T1.07%
37
SPGIS&P Global Inc.
153,039$76.2T1.06%
38
UPSUnited Parcel Service Inc.
602,472$76.0T1.05%
39
PAYCPaycom Software Inc.
361,757$74.1T1.03%
40
BRK/BBerkshire Hathaway Inc. - B
147,947$67.1T0.93%
41
AWCAmerican Water Works Co. Inc.
537,138$66.9T0.93%
42
MASMasco Corp.
921,174$66.8T0.93%
43
SBUXStarbucks Corp.
679,814$62.0T0.86%
44
DOWDow Inc.
1,525,919$61.2T0.85%
45
ITWIllinois Tool Works Inc.
235,501$59.7T0.83%
46
GGGGraco Inc.
705,427$59.5T0.82%
47
PIIPolaris Inc.
1,018,304$58.7T0.81%
48
MKLMarkel Corp. Inc.
33,473$57.8T0.80%
49
LOWLowe's Co. Inc.
232,548$57.4T0.80%
50
WYWeyerhaeuser Co.
2,004,292$56.4T0.78%
51
GOOGAlphabet Inc.
287,913$54.8T0.76%
52
KEYSKeysight Technologies Inc.
338,001$54.3T0.75%
53
XMHQInvesco S&P MidCap Quality ETF
543,291$53.5T0.74%
54
BROBrown & Brown Inc.
517,681$52.8T0.73%
55
DNBDun & Bradstreet Holdings Inc.
3,957,132$49.3T0.68%
56
MDYGSPDR S&P 400 Mid Cap Growth ET
548,721$47.7T0.66%
57
BKNGBooking Holdings Inc.
9,257$46.0T0.64%
58
NXPINXP Semiconductors N.V.
214,298$44.5T0.62%
59
TMOThermo Fisher Scientific Inc.
83,547$43.5T0.60%
60
HYBBiShares BB Rated Corporate Bon
738,106$34.0T0.47%
61
GLDMSPDR Gold MiniShares Trust ETF
627,966$32.6T0.45%
62
NDSNNordson Corp.
155,057$32.4T0.45%
63
MLMMartin Marietta Materials Inc.
62,668$32.4T0.45%
64
IBTHiShares iBonds Dec 2027 Term T
1,417,941$31.5T0.44%
65
RMEResMed Inc.
123,764$28.3T0.39%
66
STZConstellation Brands
124,582$27.5T0.38%
67
SHWSherwin-Williams Co.
80,190$27.3T0.38%
68
MBBiShares MBS ETF
293,979$27.0T0.37%
69
ECLEcolab Inc.
113,556$26.6T0.37%
70
APDAir Products and Chemicals Inc
90,515$26.3T0.36%
71
APHAmphenol Corp.
362,192$25.2T0.35%
72
SPDWSPDR Portfolio Developed World
736,703$25.1T0.35%
73
IUSViShares Core S&P US Value ETF
263,416$24.4T0.34%
74
MCDMcDonald's Corp.
83,110$24.1T0.33%
75
PGProcter & Gamble Co.
140,980$23.6T0.33%
76
EOGEOG Resources Inc.
190,560$23.4T0.32%
77
GDGeneral Dynamics Corp.
86,659$22.8T0.32%
78
DCIDonaldson Co. Inc.
328,449$22.1T0.31%
79
GTESGates Industrial Corp. plc
1,044,605$21.5T0.30%
80
MORNMorningstar Inc.
63,393$21.3T0.30%
81
DLTRDollar Tree Inc.
283,267$21.2T0.29%
82
NJRNew Jersey Resources Corp.
454,152$21.2T0.29%
83
EXPDExpeditors International of Wa
189,653$21.0T0.29%
84
MDYVSPDR S&P 400 Mid Cap Value ETF
251,986$20.2T0.28%
85
BF/BBrown-Forman Corp. - B
506,261$19.2T0.27%
86
SLYGSPDR S&P 600 Small Cap Growth
206,430$18.7T0.26%
87
NKENIKE Inc.
246,080$18.6T0.26%
88
BDXBecton Dickinson & Co.
81,098$18.4T0.26%
89
TTCToro Co.
229,631$18.4T0.26%
90
XSHQInvesco S&P Small Cap Quality
427,904$18.1T0.25%
91
AOSA. O. Smith Corp.
264,162$18.0T0.25%
92
SPYGSPDR Portfolio S&P 500 Growth
204,435$18.0T0.25%
93
MDTMedtronic plc
215,420$17.2T0.24%
94
CRLCharles River Laboratories Int
93,004$17.2T0.24%
95
BWINBaldwin Insurance Group Inc.
432,066$16.7T0.23%
96
IBDRiShares iBonds Dec 2026 Term C
671,822$16.2T0.22%
97
SPDR Portfolio S&P 500 Value E
281,066$14.4T0.20%
98
VNTVontier Corp.
388,952$14.2T0.20%
99
ZROZPIMCO 20 Plus Year Zero Coupon
206,281$14.2T0.20%
100
SPYSPDR S&P 500 ETF
23,125$13.6T0.19%
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