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)

#	Stock	Shares	Value	% Portfolio
1	PEPPepsico, Inc	818,040	$83.8B	2.51%
2	JNJJohnson & Johnson	772,909	$83.6B	2.50%
3	CVXChevron Corp.	726,849	$69.3B	2.08%
4	DEODiageo (Adr 1:4)	619,258	$66.8B	2.00%
5	MSFTMicrosoft Corp.	1,188,940	$65.7B	1.97%
6	GGGGraco inc.	763,672	$64.1B	1.92%
7	MMM3M Company	374,022	$62.3B	1.87%
8	SOSouthern Company	1,158,526	$59.9B	1.79%
9	CBChubb Corp	495,265	$59.0B	1.77%
10	PAYXPaychex, Inc.	1,090,478	$58.9B	1.76%
11	CLColgate-Palmolive Co.	825,200	$58.3B	1.75%
12	MLMMartin Marietta Materials Inc.	351,668	$56.1B	1.68%
13	SYKStryker Corp.	519,969	$55.8B	1.67%
14	—Linear Technology Corp	1,250,598	$55.7B	1.67%
15	PGRProgressive Corp.	1,539,156	$54.1B	1.62%
16	KHCKraft Heinz Co.	687,195	$54.0B	1.62%
17	NTRSNorthern Trust Corporation	816,495	$53.2B	1.59%
18	ARCCAres Capital Corp.	3,563,580	$52.9B	1.58%
19	PXGBXPraxair Inc.	452,847	$51.8B	1.55%
20	GEGeneral Electric Company	1,629,263	$51.8B	1.55%
21	WYWeyerhaeuser Co.	1,654,040	$51.2B	1.53%
22	IRMIron Mountain	1,507,333	$51.1B	1.53%
23	FASTFastenol Co.	1,041,628	$51.0B	1.53%
24	FNFFidelity National Financial In	1,484,681	$50.3B	1.51%
25	BRBroadridge Financial Solutions	842,639	$50.0B	1.50%
26	CHRWC.H. Robinson Worldwide Inc.	649,380	$48.2B	1.44%
27	GSKGlaxoSmithKline Plc (Adr 1:2)	1,184,167	$48.0B	1.44%
28	MATMattel Inc	1,414,901	$47.6B	1.42%
29	MKLMarkel Corp.	53,249	$47.5B	1.42%
30	—Du Pont E.I. De Nemours & Com	727,829	$46.1B	1.38%
31	KSSKohl's Corp.	984,808	$45.9B	1.37%
32	RYNRayonier Inc.	1,858,851	$45.9B	1.37%
33	FQIDigital Realty Trust Inc.	501,428	$44.4B	1.33%
34	PFEPfizer Inc.	1,432,245	$42.5B	1.27%
35	DISCKUSDDiscovery Communications, Inc.	1,517,403	$41.0B	1.23%
36	AIGAmerican International Group,	704,517	$38.1B	1.14%
37	TJXTJX Companies	476,658	$37.3B	1.12%
38	KMIKinder Morgan Inc.	2,015,214	$36.0B	1.08%
39	MAMastercard Inc. - A	366,865	$34.7B	1.04%
40	—Express Scripts Inc.	502,409	$34.5B	1.03%
41	BROBrown & Brown Inc.	906,704	$32.5B	0.97%
42	EXPDExpeditors International of Wa	656,356	$32.0B	0.96%
43	LOWLowe's Companies Inc.	405,543	$30.7B	0.92%
44	ITWIllinois Tool Works Inc.	291,105	$29.8B	0.89%
45	BBBYEURBed Bath & Beyond Inc	577,696	$28.7B	0.86%
46	TLTBarclays 20+ Year Treasury Bon	215,346	$28.1B	0.84%
47	UTXZUnited Technologies Corp.	275,096	$27.5B	0.82%
48	AXPAmerican Express Company	435,110	$26.7B	0.80%
49	WRBW.R. Berkley Corp	471,393	$26.5B	0.79%
50	TMOThermo Fisher Scientific, Inc.	182,728	$25.9B	0.77%
51	BRK/BBerkshire Hathaway Inc. - B	176,523	$25.0B	0.75%
52	MORNMorningstar Inc.	276,426	$24.4B	0.73%
53	IJJS&P MidCap 400 Value Index Fun	175,514	$21.8B	0.65%
54	GOOGAlphabet Inc. Class- C	28,794	$21.4B	0.64%
55	MSMMSC Industrial Direct Co. Inc	273,252	$20.9B	0.62%
56	IJKS&P MidCap 400 Growth Index Fu	127,367	$20.7B	0.62%
57	WFCWells Fargo & Company	423,531	$20.5B	0.61%
58	CFRUYCompagnie Financiere Richemont	2,850,158	$18.8B	0.56%
59	HALHalliburton Co.	512,507	$18.3B	0.55%
60	IEFiShares 7-10 Year Treasury Bon	160,446	$17.7B	0.53%
61	VCLTVanguard Long Term Corporate B	193,320	$17.3B	0.52%
62	RMAXRE/Max Holdings	456,295	$15.7B	0.47%
63	GBDCGolub Capital BDC Inc	762,338	$13.2B	0.40%
64	IYWDow Jones US Technology - iSha	119,556	$13.0B	0.39%
65	HDHome Depot Inc.	96,152	$12.8B	0.38%
66	AQLTiShares Corporate ex Financial	110,815	$10.9B	0.33%
67	IGLBiShares 10+ Year Credit Bond E	180,885	$10.7B	0.32%
68	PIIPolaris Industries	107,666	$10.6B	0.32%
69	NJRNew Jersey Resources Corp.	285,035	$10.4B	0.31%
70	NMFCNew Mountain Finance Corp.	817,341	$10.3B	0.31%
71	—Market Vectors Long Municipal	505,750	$10.3B	0.31%
72	MCDMcDonald's Corp.	81,503	$10.2B	0.31%
73	—TCP Capital Corp	676,996	$10.1B	0.30%
74	IWPRussell Midcap Growth Index Fu	108,460	$10.0B	0.30%
75	CLXThe Clorox Company	79,189	$10.0B	0.30%
76	BDXBecton, Dickinson and Company	65,104	$9.9B	0.30%
77	LMTLockheed Martin Corp	44,189	$9.8B	0.29%
78	—THL Credit	895,832	$9.7B	0.29%
79	XLYConsumer Discret Select Sector	118,805	$9.4B	0.28%
80	IWORussell 2000 Growth Index - iS	69,907	$9.3B	0.28%
81	APDAir Products & Chemicals Inc.	64,339	$9.3B	0.28%
82	CBSHCommerce Bancshares, Inc.	203,333	$9.1B	0.27%
83	IWNRussell 2000 Value Index - iSh	97,224	$9.1B	0.27%
84	ADIAnalog Devices, Inc.	152,449	$9.0B	0.27%
85	XOMExxon Mobil Corp.	107,572	$9.0B	0.27%
86	IJTS&P SmallCap 600 Growth Index	71,999	$8.9B	0.27%
87	MDUMDU Resources Group Inc.	458,792	$8.9B	0.27%
88	SLRCSolar Capital, LTD.	513,837	$8.9B	0.27%
89	PGProcter & Gamble Company	106,851	$8.8B	0.26%
90	GDGeneral Dynamics Corp.	66,837	$8.8B	0.26%
91	SPIBSPDR Interm. Term Corporate Bo	253,349	$8.7B	0.26%
92	—Triangle Capital Corp	421,344	$8.7B	0.26%
93	—iShares Corporate ex Financial	87,121	$8.6B	0.26%
94	OXYOccidental Petroleum Corp	124,859	$8.5B	0.26%
95	MDTMedtronic	112,943	$8.5B	0.25%
96	TROWT. Rowe Price Group, Inc.	115,208	$8.5B	0.25%
97	NSRGYNestle SA	112,399	$8.4B	0.25%
98	IJSS&P SmallCap 600 Value Index F	73,926	$8.4B	0.25%
99	SEICSEI Investments Company	192,564	$8.3B	0.25%
100	HTGCHercules Technology Growth Cap	688,985	$8.3B	0.25%

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