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)

#StockSharesValue% PortfolioType
1
SGOViShares 0-3 Month Treasury Bon
2,091,242$209.9M3.15%
2
SNASnap-on Inc.
469,309$161.7M2.42%
3
CBChubb Ltd.
511,021$159.5M2.39%
4
ADIAnalog Devices Inc.
585,879$158.9M2.38%
5
NTRSNorthern Trust Corp.
1,103,103$150.7M2.26%
6
WECWEC Energy Group Inc.
1,327,420$140.0M2.10%
7
LMTLockheed Martin Corp.
285,228$138.0M2.07%
8
PGRProgressive Corp.
597,858$136.1M2.04%
9
SOSouthern Co.
1,485,576$129.5M1.94%
10
HSYHershey Co.
697,914$127.0M1.90%
11
LINLinde plc
297,323$126.8M1.90%
12
CSCOCisco Systems Inc.
1,618,101$124.6M1.87%
13
BRBroadridge Financial Solutions
556,515$124.2M1.86%
14
FASTFastenal Co.
3,093,116$124.1M1.86%
15
CVXChevron Corp.
801,450$122.1M1.83%
16
IWDiShares Russell 1000 Value ETF
568,609$119.6M1.79%
17
ETREntergy Corp.
1,287,734$119.0M1.78%
18
HDHome Depot Inc.
331,755$114.2M1.71%
19
GILDGilead Sciences Inc.
909,835$111.7M1.67%
20
FNFFidelity National Financial In
2,040,826$111.4M1.67%
21
PAYXPaychex Inc.
987,259$110.7M1.66%
22
AWCAmerican Water Works Co. Inc.
792,993$103.5M1.55%
23
CLColgate-Palmolive Co.
1,286,644$101.7M1.52%
24
HONHoneywell International Inc.
517,167$100.9M1.51%
25
KMIKinder Morgan Inc.
3,637,035$100.0M1.50%
26
USBU.S. Bancorp
1,846,512$98.5M1.48%
27
TROWT. Rowe Price Group Inc.
943,672$96.6M1.45%
28
SPMBSPDR Portfolio Mortgage Backed
4,260,018$95.5M1.43%
29
DEODiageo plc
1,098,320$94.8M1.42%
30
MDLZMondelez International Inc.
1,742,051$93.8M1.41%
31
ACNAccenture plc
332,196$89.1M1.34%
32
TJXTJX Co. Inc.
577,970$88.8M1.33%
33
MAMastercard Inc.
155,399$88.7M1.33%
34
WRBW. R. Berkley Corp.
1,181,506$82.8M1.24%
35
NDSNNordson Corp.
328,669$79.0M1.18%
36
CLXClorox Co.
776,196$78.3M1.17%
37
SYKStryker Corp.
219,287$77.1M1.15%
38
MSFTMicrosoft Corp.
154,718$74.8M1.12%
39
SPGIS&P Global Inc.
139,805$73.1M1.09%
40
SPDWSPDR Portfolio Developed World
1,637,282$72.7M1.09%
41
ARCCAres Capital Corp.
3,542,772$71.7M1.07%
42
KEYSKeysight Technologies Inc.
334,338$67.9M1.02%
43
GOOGAlphabet Inc.
182,558$57.3M0.86%
44
TMOThermo Fisher Scientific Inc.
95,064$55.1M0.83%
45
MASMasco Corp.
862,773$54.8M0.82%
46
SPYGSPDR Portfolio S&P 500 Growth
512,335$54.7M0.82%
47
LOWLowe's Co. Inc.
222,975$53.8M0.81%
48
ITWIllinois Tool Works Inc.
215,911$53.2M0.80%
49
GGGGraco Inc.
622,969$51.1M0.77%
50
PAYCPaycom Software Inc.
319,291$50.9M0.76%
51
NXPINXP Semiconductors N.V.
228,220$49.5M0.74%
52
BRK/BBerkshire Hathaway Inc. - B
97,692$49.1M0.74%
53
APDAir Products and Chemicals Inc
190,299$47.0M0.70%
54
DOWDow Inc.
1,589,613$37.2M0.56%
55
MLMMartin Marietta Materials Inc.
59,658$37.1M0.56%
56
ACGLArch Capital Group Ltd.
359,733$34.5M0.52%
57
SPDR Portfolio S&P 500 Value E
603,305$34.3M0.51%
58
BKNGBooking Holdings Inc.
6,372$34.1M0.51%
59
BROBrown & Brown Inc.
412,019$32.8M0.49%
60
MBBiShares MBS ETF
344,690$32.8M0.49%
61
GLDMSPDR Gold MiniShares Trust ETF
380,810$32.5M0.49%
62
BF/BBrown-Forman Corp. - B
1,194,806$31.1M0.47%
63
DLTRDollar Tree Inc.
236,023$29.0M0.44%
64
SBUXStarbucks Corp.
322,455$27.2M0.41%
65
APHAmphenol Corp.
199,281$26.9M0.40%
66
DCIDonaldson Co. Inc.
291,382$25.8M0.39%
67
ECLEcolab Inc.
98,296$25.8M0.39%
68
GDGeneral Dynamics Corp.
76,437$25.7M0.39%
69
RMEResMed Inc.
106,396$25.6M0.38%
70
EXPDExpeditors International of Wa
171,675$25.6M0.38%
71
TLHiShares Barclays 10-20 Year Tr
242,506$24.7M0.37%
72
SHWSherwin-Williams Co.
70,312$22.8M0.34%
73
MCDMcDonald's Corp.
73,788$22.6M0.34%
74
IBTQiShares iBonds Dec 2035 Term T
834,372$21.3M0.32%
75
CRLCharles River Laboratories Int
105,626$21.1M0.32%
76
MDTMedtronic plc
215,117$20.7M0.31%
77
HYBBiShares BB Rated Corporate Bon
433,506$20.4M0.31%
78
NJRNew Jersey Resources Corp.
438,685$20.2M0.30%
79
AOSA. O. Smith Corp.
294,451$19.7M0.30%
80
MCXMcCormick & Company Inc.
281,411$19.2M0.29%
81
TTCToro Co.
241,309$19.0M0.28%
82
IBTPiShares iBonds Dec 2034 Term T
716,175$18.5M0.28%
83
PGProcter & Gamble Co.
128,307$18.4M0.28%
84
EOGEOG Resources Inc.
163,772$17.2M0.26%
85
NKENIKE Inc.
266,081$17.0M0.25%
86
ZTSZoetis Inc.
124,555$15.7M0.23%
87
IBTOiShares iBonds Dec 2033 Term T
637,249$15.6M0.23%
88
IEURiShares Core MSCI Europe ETF
220,104$15.6M0.23%
89
VNTVontier Corp.
418,358$15.6M0.23%
90
MORNMorningstar Inc.
71,033$15.4M0.23%
91
STZConstellation Brands
108,744$15.0M0.22%
92
IEIiShares 3-7 Year Treasury Bond
125,647$15.0M0.22%
93
BDXBecton Dickinson & Co.
74,940$14.5M0.22%
94
DISWalt Disney Co.
125,550$14.3M0.21%
95
BWINBaldwin Insurance Group Inc.
579,503$13.9M0.21%
96
MDYGSPDR S&P 400 Mid Cap Growth ET
130,880$12.1M0.18%
97
VVVValvoline Inc.
403,942$11.7M0.18%
98
AVDVAvantis International Small Ca
124,409$11.7M0.18%
99
REGLProShares S&P MidCap 400 Divid
136,230$11.5M0.17%
100
CARRCarrier Global Corp.
210,732$11.1M0.17%
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