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
101
GWWW.W. Grainger, Inc.
35,352$8.3B0.25%
102
NKENike Inc. - B
134,095$8.2B0.25%
103
GOOGLAlphabet Inc. Class - A
10,634$8.1B0.24%
104
DCIDonaldson Inc
251,187$8.0B0.24%
105
JWNUSDNordstrom Inc.
138,760$7.9B0.24%
106
MTBM&T Bank Corp.
69,429$7.7B0.23%
107
AQLTiShares Corporate Bond ETF 202
72,201$7.6B0.23%
108
VBKSmall Cap Growth - Vanguard ET
58,891$7.0B0.21%
109
NVSNNovartis AG - ADR
95,250$6.9B0.21%
110
TPVGTriplepoint Venture Growth BDC
646,757$6.8B0.20%
111
XLFIConsumer Staples Select Sector
124,404$6.6B0.20%
112
MBBiShares MBS Bond ETF
58,997$6.5B0.19%
113
Piedmont Natural Gas Co. Inc.
107,157$6.4B0.19%
114
Onebeacon Insurance Group Ltd
491,275$6.3B0.19%
115
CFRCullen Frost Bankers, Inc.
112,798$6.2B0.19%
116
REZiShares Residential Real Estat
89,746$5.9B0.18%
117
CYS Investments Inc
699,326$5.7B0.17%
118
PNNTPennantPark Investment Corp.
916,053$5.6B0.17%
119
iShares Corporate ex Financial
54,643$5.4B0.16%
120
TSLXUSDTPG Specialty Lending Inc Com
330,728$5.3B0.16%
121
IYFDow Jones US Financial Sector
61,168$5.2B0.15%
122
American Capital Ltd.
333,261$5.1B0.15%
123
VNQREIT Index - Vanguard
60,236$5.0B0.15%
124
XLIIndustrial Select Sector - SPD
90,178$5.0B0.15%
125
PDCOEURPatterson Companies, Inc.
106,131$4.9B0.15%
126
TFISPDR Nuveen Barclays Capital M
97,637$4.8B0.14%
127
OFSOFS Capital Corp.
364,262$4.7B0.14%
128
IGIBiShares Interm. Term Corporate
40,632$4.5B0.13%
129
LSTRLandstar System Inc.
64,877$4.2B0.13%
130
MAINMain Street Capital Corp.
126,823$4.0B0.12%
131
SCMStellus Capital Investment
387,238$4.0B0.12%
132
IDUDow Jones US Utilities - iShar
30,910$3.8B0.11%
133
XLVHealth Care Select Sector - SP
56,317$3.8B0.11%
134
FSICUSDFS Investment Corp.
407,917$3.7B0.11%
135
MCCUSDMedley Capital Corp.
556,921$3.7B0.11%
136
Guggenheim BulletShares Corpor
160,918$3.3B0.10%
137
Guggenheim BulletShares Invest
157,027$3.3B0.10%
138
GSBDGoldman Sachs BDC Inc.
167,979$3.3B0.10%
139
Guggenheim BulletShares Invest
155,577$3.3B0.10%
140
Guggenheim BulletShares Corpor
153,035$3.3B0.10%
141
Guggenheim BulletShares Corpor
154,264$3.3B0.10%
142
NLYEURAnnaly Capital Management Inc.
317,337$3.3B0.10%
143
Guggenheim BulletShares Corpor
152,603$3.2B0.10%
144
IEIBarclays 3-7 Year Treasury Bon
25,078$3.2B0.09%
145
iShares iBonds Dec 2022 AMT-F
121,084$3.2B0.09%
146
Apollo Investment Corp.
551,627$3.1B0.09%
147
LQDiShares iBoxx Corporate Bond E
25,170$3.0B0.09%
148
FEI Company
32,099$2.9B0.09%
149
Hatteras Financial Corp.
195,652$2.8B0.08%
150
VCA Antech Inc.
47,823$2.8B0.08%
151
BKCCUSDBlackRock Kelso Capital Corp.
287,976$2.7B0.08%
152
VAREURVarian Medical Systems Inc.
30,768$2.5B0.07%
153
Black Knight Financial Service
76,468$2.4B0.07%
154
HLTHilton Worldwide Holdings Inc
103,677$2.3B0.07%
155
JBTJohn Bean Technologies Corp.
40,673$2.3B0.07%
156
PTBPotbelly Corp
164,683$2.2B0.07%
157
NATLNational Interstate Corporatio
73,722$2.2B0.07%
158
Alcentra Capital Corporation
188,538$2.2B0.07%
159
VCITVanguard Interm. Term Corporat
25,027$2.2B0.07%
160
CODICompass Diversified Holdings
138,200$2.2B0.06%
161
MUBiShares National AMT-Free Muni
19,066$2.1B0.06%
162
Snyders-Lance Inc
66,857$2.1B0.06%
163
iShares iBonds Sep 2020 Amt Fr
81,520$2.1B0.06%
164
iShares iBonds Dec 2021 AMT-Fr
81,092$2.1B0.06%
165
TECHTechne Corp.
21,996$2.1B0.06%
166
HRZNHorizon Technology
179,012$2.1B0.06%
167
HAEHaemonetics Corporation
57,014$2.0B0.06%
168
BMRCBank of Marin (CA)
40,350$2.0B0.06%
169
FWRDUSDForward Air Corp.
42,836$1.9B0.06%
170
SPYS&P 500 - SPDR
9,435$1.9B0.06%
171
MTS Systems Corp.
31,706$1.9B0.06%
172
MLIMueller Industries Inc.
64,241$1.9B0.06%
173
FELEFranklin Electric Co. Inc.
57,553$1.9B0.06%
174
GOODGladstone Commercial Corp.
111,918$1.8B0.05%
175
PFLTPennantPark Floating Rate Capi
151,138$1.8B0.05%
176
EXPOExponent Inc.
33,569$1.7B0.05%
177
Halyard Health Inc
58,968$1.7B0.05%
178
CM Finance Inc
195,922$1.6B0.05%
179
THRThermon Group Holdings Inc
92,155$1.6B0.05%
180
Raven Industries Inc
99,794$1.6B0.05%
181
Advisory Board Co
47,520$1.5B0.05%
182
iShares iBonds Sep 2019 Amt Fr
57,423$1.5B0.04%
183
TICC Capital Corp.
299,305$1.4B0.04%
184
IAUUSDGold Trust - iShares
108,883$1.3B0.04%
185
KCAP Financial Inc
340,472$1.2B0.04%
186
Capstead Mortgage Corp.
110,489$1.1B0.03%
187
CULPCulp Inc.
40,934$1.1B0.03%
188
BRK-BBerkshire Hathaway Inc. - Clas
5$1.1B0.03%
189
Natus Medical Inc
26,747$1.0B0.03%
190
GAINGladstone Investment Corp.
142,533$1.0B0.03%
191
Tumi Holdings, Inc.
36,077$968.0M0.03%
192
MFINMedallion Financial Corp
83,353$769.0M0.02%
193
GLADUSDGladstone Capital Corporation
99,045$738.0M0.02%
194
RBCRBC Bearings Incorporated
9,025$661.0M0.02%
195
FSPFranklin Street Properties Cor
60,000$637.0M0.02%
196
CCChemours
81,179$568.0M0.02%
197
IVES&P 500 Value Index - iShares
4,517$406.0M0.01%
198
Manatuck Hill Mariner Offshore
2,813$374.0M0.01%
199
FNYFirst Trust Mid Cap Growth Alp
12,343$356.0M0.01%
200
FNVFranco-Nevada Corp.
5,636$346.0M0.01%
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