CONFLUENCE INVESTMENT MANAGEMENT LLC Q4 2025 Filing
Filed January 5, 2026
Portfolio Value
$6.7B
Holdings
296
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (296 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | SGOViShares 0-3 Month Treasury Bon | 2,091,242 | $209.9M | 3.15% | |
| 2 | SNASnap-on Inc. | 469,309 | $161.7M | 2.42% | |
| 3 | CBChubb Ltd. | 511,021 | $159.5M | 2.39% | |
| 4 | ADIAnalog Devices Inc. | 585,879 | $158.9M | 2.38% | |
| 5 | NTRSNorthern Trust Corp. | 1,103,103 | $150.7M | 2.26% | |
| 6 | WECWEC Energy Group Inc. | 1,327,420 | $140.0M | 2.10% | |
| 7 | LMTLockheed Martin Corp. | 285,228 | $138.0M | 2.07% | |
| 8 | PGRProgressive Corp. | 597,858 | $136.1M | 2.04% | |
| 9 | SOSouthern Co. | 1,485,576 | $129.5M | 1.94% | |
| 10 | HSYHershey Co. | 697,914 | $127.0M | 1.90% | |
| 11 | LINLinde plc | 297,323 | $126.8M | 1.90% | |
| 12 | CSCOCisco Systems Inc. | 1,618,101 | $124.6M | 1.87% | |
| 13 | BRBroadridge Financial Solutions | 556,515 | $124.2M | 1.86% | |
| 14 | FASTFastenal Co. | 3,093,116 | $124.1M | 1.86% | |
| 15 | CVXChevron Corp. | 801,450 | $122.1M | 1.83% | |
| 16 | IWDiShares Russell 1000 Value ETF | 568,609 | $119.6M | 1.79% | |
| 17 | ETREntergy Corp. | 1,287,734 | $119.0M | 1.78% | |
| 18 | HDHome Depot Inc. | 331,755 | $114.2M | 1.71% | |
| 19 | GILDGilead Sciences Inc. | 909,835 | $111.7M | 1.67% | |
| 20 | FNFFidelity National Financial In | 2,040,826 | $111.4M | 1.67% | |
| 21 | PAYXPaychex Inc. | 987,259 | $110.7M | 1.66% | |
| 22 | AWCAmerican Water Works Co. Inc. | 792,993 | $103.5M | 1.55% | |
| 23 | CLColgate-Palmolive Co. | 1,286,644 | $101.7M | 1.52% | |
| 24 | HONHoneywell International Inc. | 517,167 | $100.9M | 1.51% | |
| 25 | KMIKinder Morgan Inc. | 3,637,035 | $100.0M | 1.50% | |
| 26 | USBU.S. Bancorp | 1,846,512 | $98.5M | 1.48% | |
| 27 | TROWT. Rowe Price Group Inc. | 943,672 | $96.6M | 1.45% | |
| 28 | SPMBSPDR Portfolio Mortgage Backed | 4,260,018 | $95.5M | 1.43% | |
| 29 | DEODiageo plc | 1,098,320 | $94.8M | 1.42% | |
| 30 | MDLZMondelez International Inc. | 1,742,051 | $93.8M | 1.41% | |
| 31 | ACNAccenture plc | 332,196 | $89.1M | 1.34% | |
| 32 | TJXTJX Co. Inc. | 577,970 | $88.8M | 1.33% | |
| 33 | MAMastercard Inc. | 155,399 | $88.7M | 1.33% | |
| 34 | WRBW. R. Berkley Corp. | 1,181,506 | $82.8M | 1.24% | |
| 35 | NDSNNordson Corp. | 328,669 | $79.0M | 1.18% | |
| 36 | CLXClorox Co. | 776,196 | $78.3M | 1.17% | |
| 37 | SYKStryker Corp. | 219,287 | $77.1M | 1.15% | |
| 38 | MSFTMicrosoft Corp. | 154,718 | $74.8M | 1.12% | |
| 39 | SPGIS&P Global Inc. | 139,805 | $73.1M | 1.09% | |
| 40 | SPDWSPDR Portfolio Developed World | 1,637,282 | $72.7M | 1.09% | |
| 41 | ARCCAres Capital Corp. | 3,542,772 | $71.7M | 1.07% | |
| 42 | KEYSKeysight Technologies Inc. | 334,338 | $67.9M | 1.02% | |
| 43 | GOOGAlphabet Inc. | 182,558 | $57.3M | 0.86% | |
| 44 | TMOThermo Fisher Scientific Inc. | 95,064 | $55.1M | 0.83% | |
| 45 | MASMasco Corp. | 862,773 | $54.8M | 0.82% | |
| 46 | SPYGSPDR Portfolio S&P 500 Growth | 512,335 | $54.7M | 0.82% | |
| 47 | LOWLowe's Co. Inc. | 222,975 | $53.8M | 0.81% | |
| 48 | ITWIllinois Tool Works Inc. | 215,911 | $53.2M | 0.80% | |
| 49 | GGGGraco Inc. | 622,969 | $51.1M | 0.77% | |
| 50 | PAYCPaycom Software Inc. | 319,291 | $50.9M | 0.76% | |
| 51 | NXPINXP Semiconductors N.V. | 228,220 | $49.5M | 0.74% | |
| 52 | BRK/BBerkshire Hathaway Inc. - B | 97,692 | $49.1M | 0.74% | |
| 53 | APDAir Products and Chemicals Inc | 190,299 | $47.0M | 0.70% | |
| 54 | DOWDow Inc. | 1,589,613 | $37.2M | 0.56% | |
| 55 | MLMMartin Marietta Materials Inc. | 59,658 | $37.1M | 0.56% | |
| 56 | ACGLArch Capital Group Ltd. | 359,733 | $34.5M | 0.52% | |
| 57 | —SPDR Portfolio S&P 500 Value E | 603,305 | $34.3M | 0.51% | |
| 58 | BKNGBooking Holdings Inc. | 6,372 | $34.1M | 0.51% | |
| 59 | BROBrown & Brown Inc. | 412,019 | $32.8M | 0.49% | |
| 60 | MBBiShares MBS ETF | 344,690 | $32.8M | 0.49% | |
| 61 | GLDMSPDR Gold MiniShares Trust ETF | 380,810 | $32.5M | 0.49% | |
| 62 | BF/BBrown-Forman Corp. - B | 1,194,806 | $31.1M | 0.47% | |
| 63 | DLTRDollar Tree Inc. | 236,023 | $29.0M | 0.44% | |
| 64 | SBUXStarbucks Corp. | 322,455 | $27.2M | 0.41% | |
| 65 | APHAmphenol Corp. | 199,281 | $26.9M | 0.40% | |
| 66 | DCIDonaldson Co. Inc. | 291,382 | $25.8M | 0.39% | |
| 67 | ECLEcolab Inc. | 98,296 | $25.8M | 0.39% | |
| 68 | GDGeneral Dynamics Corp. | 76,437 | $25.7M | 0.39% | |
| 69 | RMEResMed Inc. | 106,396 | $25.6M | 0.38% | |
| 70 | EXPDExpeditors International of Wa | 171,675 | $25.6M | 0.38% | |
| 71 | TLHiShares Barclays 10-20 Year Tr | 242,506 | $24.7M | 0.37% | |
| 72 | SHWSherwin-Williams Co. | 70,312 | $22.8M | 0.34% | |
| 73 | MCDMcDonald's Corp. | 73,788 | $22.6M | 0.34% | |
| 74 | IBTQiShares iBonds Dec 2035 Term T | 834,372 | $21.3M | 0.32% | |
| 75 | CRLCharles River Laboratories Int | 105,626 | $21.1M | 0.32% | |
| 76 | MDTMedtronic plc | 215,117 | $20.7M | 0.31% | |
| 77 | HYBBiShares BB Rated Corporate Bon | 433,506 | $20.4M | 0.31% | |
| 78 | NJRNew Jersey Resources Corp. | 438,685 | $20.2M | 0.30% | |
| 79 | AOSA. O. Smith Corp. | 294,451 | $19.7M | 0.30% | |
| 80 | MCXMcCormick & Company Inc. | 281,411 | $19.2M | 0.29% | |
| 81 | TTCToro Co. | 241,309 | $19.0M | 0.28% | |
| 82 | IBTPiShares iBonds Dec 2034 Term T | 716,175 | $18.5M | 0.28% | |
| 83 | PGProcter & Gamble Co. | 128,307 | $18.4M | 0.28% | |
| 84 | EOGEOG Resources Inc. | 163,772 | $17.2M | 0.26% | |
| 85 | NKENIKE Inc. | 266,081 | $17.0M | 0.25% | |
| 86 | ZTSZoetis Inc. | 124,555 | $15.7M | 0.23% | |
| 87 | IBTOiShares iBonds Dec 2033 Term T | 637,249 | $15.6M | 0.23% | |
| 88 | IEURiShares Core MSCI Europe ETF | 220,104 | $15.6M | 0.23% | |
| 89 | VNTVontier Corp. | 418,358 | $15.6M | 0.23% | |
| 90 | MORNMorningstar Inc. | 71,033 | $15.4M | 0.23% | |
| 91 | STZConstellation Brands | 108,744 | $15.0M | 0.22% | |
| 92 | IEIiShares 3-7 Year Treasury Bond | 125,647 | $15.0M | 0.22% | |
| 93 | BDXBecton Dickinson & Co. | 74,940 | $14.5M | 0.22% | |
| 94 | DISWalt Disney Co. | 125,550 | $14.3M | 0.21% | |
| 95 | BWINBaldwin Insurance Group Inc. | 579,503 | $13.9M | 0.21% | |
| 96 | MDYGSPDR S&P 400 Mid Cap Growth ET | 130,880 | $12.1M | 0.18% | |
| 97 | VVVValvoline Inc. | 403,942 | $11.7M | 0.18% | |
| 98 | AVDVAvantis International Small Ca | 124,409 | $11.7M | 0.18% | |
| 99 | REGLProShares S&P MidCap 400 Divid | 136,230 | $11.5M | 0.17% | |
| 100 | CARRCarrier Global Corp. | 210,732 | $11.1M | 0.17% |
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