CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2016 Filing

Filed May 4, 2016

Portfolio Value

$3.3T

Holdings

231

Report Date

Q1 2016

Filing Type

13F-HR

All Holdings (231 positions)

#StockSharesValue% PortfolioType
1
PEPPepsico, Inc
818,040$83.8B2.51%
2
JNJJohnson & Johnson
772,909$83.6B2.50%
3
CVXChevron Corp.
726,849$69.3B2.08%
4
DEODiageo (Adr 1:4)
619,258$66.8B2.00%
5
MSFTMicrosoft Corp.
1,188,940$65.7B1.97%
6
GGGGraco inc.
763,672$64.1B1.92%
7
MMM3M Company
374,022$62.3B1.87%
8
SOSouthern Company
1,158,526$59.9B1.79%
9
CBChubb Corp
495,265$59.0B1.77%
10
PAYXPaychex, Inc.
1,090,478$58.9B1.76%
11
CLColgate-Palmolive Co.
825,200$58.3B1.75%
12
MLMMartin Marietta Materials Inc.
351,668$56.1B1.68%
13
SYKStryker Corp.
519,969$55.8B1.67%
14
Linear Technology Corp
1,250,598$55.7B1.67%
15
PGRProgressive Corp.
1,539,156$54.1B1.62%
16
KHCKraft Heinz Co.
687,195$54.0B1.62%
17
NTRSNorthern Trust Corporation
816,495$53.2B1.59%
18
ARCCAres Capital Corp.
3,563,580$52.9B1.58%
19
PXGBXPraxair Inc.
452,847$51.8B1.55%
20
GEGeneral Electric Company
1,629,263$51.8B1.55%
21
WYWeyerhaeuser Co.
1,654,040$51.2B1.53%
22
IRMIron Mountain
1,507,333$51.1B1.53%
23
FASTFastenol Co.
1,041,628$51.0B1.53%
24
FNFFidelity National Financial In
1,484,681$50.3B1.51%
25
BRBroadridge Financial Solutions
842,639$50.0B1.50%
26
CHRWC.H. Robinson Worldwide Inc.
649,380$48.2B1.44%
27
GSKGlaxoSmithKline Plc (Adr 1:2)
1,184,167$48.0B1.44%
28
MATMattel Inc
1,414,901$47.6B1.42%
29
MKLMarkel Corp.
53,249$47.5B1.42%
30
Du Pont E.I. De Nemours & Com
727,829$46.1B1.38%
31
KSSKohl's Corp.
984,808$45.9B1.37%
32
RYNRayonier Inc.
1,858,851$45.9B1.37%
33
FQIDigital Realty Trust Inc.
501,428$44.4B1.33%
34
PFEPfizer Inc.
1,432,245$42.5B1.27%
35
DISCKUSDDiscovery Communications, Inc.
1,517,403$41.0B1.23%
36
AIGAmerican International Group,
704,517$38.1B1.14%
37
TJXTJX Companies
476,658$37.3B1.12%
38
KMIKinder Morgan Inc.
2,015,214$36.0B1.08%
39
MAMastercard Inc. - A
366,865$34.7B1.04%
40
Express Scripts Inc.
502,409$34.5B1.03%
41
BROBrown & Brown Inc.
906,704$32.5B0.97%
42
EXPDExpeditors International of Wa
656,356$32.0B0.96%
43
LOWLowe's Companies Inc.
405,543$30.7B0.92%
44
ITWIllinois Tool Works Inc.
291,105$29.8B0.89%
45
BBBYEURBed Bath & Beyond Inc
577,696$28.7B0.86%
46
TLTBarclays 20+ Year Treasury Bon
215,346$28.1B0.84%
47
UTXZUnited Technologies Corp.
275,096$27.5B0.82%
48
AXPAmerican Express Company
435,110$26.7B0.80%
49
WRBW.R. Berkley Corp
471,393$26.5B0.79%
50
TMOThermo Fisher Scientific, Inc.
182,728$25.9B0.77%
51
BRK/BBerkshire Hathaway Inc. - B
176,523$25.0B0.75%
52
MORNMorningstar Inc.
276,426$24.4B0.73%
53
IJJS&P MidCap 400 Value Index Fun
175,514$21.8B0.65%
54
GOOGAlphabet Inc. Class- C
28,794$21.4B0.64%
55
MSMMSC Industrial Direct Co. Inc
273,252$20.9B0.62%
56
IJKS&P MidCap 400 Growth Index Fu
127,367$20.7B0.62%
57
WFCWells Fargo & Company
423,531$20.5B0.61%
58
CFRUYCompagnie Financiere Richemont
2,850,158$18.8B0.56%
59
HALHalliburton Co.
512,507$18.3B0.55%
60
IEFiShares 7-10 Year Treasury Bon
160,446$17.7B0.53%
61
VCLTVanguard Long Term Corporate B
193,320$17.3B0.52%
62
RMAXRE/Max Holdings
456,295$15.7B0.47%
63
GBDCGolub Capital BDC Inc
762,338$13.2B0.40%
64
IYWDow Jones US Technology - iSha
119,556$13.0B0.39%
65
HDHome Depot Inc.
96,152$12.8B0.38%
66
AQLTiShares Corporate ex Financial
110,815$10.9B0.33%
67
IGLBiShares 10+ Year Credit Bond E
180,885$10.7B0.32%
68
PIIPolaris Industries
107,666$10.6B0.32%
69
NJRNew Jersey Resources Corp.
285,035$10.4B0.31%
70
NMFCNew Mountain Finance Corp.
817,341$10.3B0.31%
71
Market Vectors Long Municipal
505,750$10.3B0.31%
72
MCDMcDonald's Corp.
81,503$10.2B0.31%
73
TCP Capital Corp
676,996$10.1B0.30%
74
IWPRussell Midcap Growth Index Fu
108,460$10.0B0.30%
75
CLXThe Clorox Company
79,189$10.0B0.30%
76
BDXBecton, Dickinson and Company
65,104$9.9B0.30%
77
LMTLockheed Martin Corp
44,189$9.8B0.29%
78
THL Credit
895,832$9.7B0.29%
79
XLYConsumer Discret Select Sector
118,805$9.4B0.28%
80
IWORussell 2000 Growth Index - iS
69,907$9.3B0.28%
81
APDAir Products & Chemicals Inc.
64,339$9.3B0.28%
82
CBSHCommerce Bancshares, Inc.
203,333$9.1B0.27%
83
IWNRussell 2000 Value Index - iSh
97,224$9.1B0.27%
84
ADIAnalog Devices, Inc.
152,449$9.0B0.27%
85
XOMExxon Mobil Corp.
107,572$9.0B0.27%
86
IJTS&P SmallCap 600 Growth Index
71,999$8.9B0.27%
87
MDUMDU Resources Group Inc.
458,792$8.9B0.27%
88
SLRCSolar Capital, LTD.
513,837$8.9B0.27%
89
PGProcter & Gamble Company
106,851$8.8B0.26%
90
GDGeneral Dynamics Corp.
66,837$8.8B0.26%
91
SPIBSPDR Interm. Term Corporate Bo
253,349$8.7B0.26%
92
Triangle Capital Corp
421,344$8.7B0.26%
93
iShares Corporate ex Financial
87,121$8.6B0.26%
94
OXYOccidental Petroleum Corp
124,859$8.5B0.26%
95
MDTMedtronic
112,943$8.5B0.25%
96
TROWT. Rowe Price Group, Inc.
115,208$8.5B0.25%
97
NSRGYNestle SA
112,399$8.4B0.25%
98
IJSS&P SmallCap 600 Value Index F
73,926$8.4B0.25%
99
SEICSEI Investments Company
192,564$8.3B0.25%
100
HTGCHercules Technology Growth Cap
688,985$8.3B0.25%
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