CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2017 Filing

Filed April 6, 2017

Portfolio Value

$4.5T

Holdings

235

Report Date

Q1 2017

Filing Type

13F-HR

All Holdings (235 positions)

#	Stock	Shares	Value	% Portfolio
1	JNJJohnson & Johnson	970,170	$120.8B	2.70%
2	PEPPepsico Inc.	1,044,002	$116.8B	2.61%
3	DEODiageo (Adr 1:4)	882,583	$102.0B	2.28%
4	MSFTMicrosoft Corp.	1,442,904	$95.0B	2.12%
5	CLColgate-Palmolive Co.	1,271,035	$93.0B	2.08%
6	MMM3M Company	481,445	$92.1B	2.06%
7	CBChubb Limited	675,131	$92.0B	2.05%
8	NTRSNorthern Trust Corporation	1,029,300	$89.1B	1.99%
9	FASTFastenal Co.	1,726,699	$88.9B	1.98%
10	PAYXPaychex Inc.	1,464,720	$86.3B	1.92%
11	FNFFidelity National Financial In	2,196,717	$85.5B	1.91%
12	CVXChevron Corp.	788,540	$84.7B	1.89%
13	GGGGraco Inc.	891,060	$83.9B	1.87%
14	SOSouthern Company	1,681,743	$83.7B	1.87%
15	PGRProgressive Corp.	2,078,688	$81.4B	1.82%
16	KHCKraft Heinz Co.	893,078	$81.1B	1.81%
17	ARCCAres Capital Corp.	4,665,359	$81.1B	1.81%
18	PXGBXPraxair Inc.	666,303	$79.0B	1.76%
19	—E.I. du Pont de Nemours & Comp	982,340	$78.9B	1.76%
20	IRMIron Mountain	2,172,956	$77.5B	1.73%
21	WYWeyerhaeuser Co.	2,280,455	$77.5B	1.73%
22	GSKGlaxoSmithKline Plc (Adr 1:2)	1,790,184	$75.5B	1.68%
23	RYNRayonier Inc.	2,655,190	$75.2B	1.68%
24	MLMMartin Marietta Materials Inc.	343,805	$75.0B	1.67%
25	SYKStryker Corp.	556,997	$73.3B	1.64%
26	PFEPfizer Inc.	2,076,157	$71.0B	1.58%
27	KMIKinder Morgan Inc.	3,257,214	$70.8B	1.58%
28	BRBroadridge Financial Solutions	968,685	$65.8B	1.47%
29	—Allergan Inc.	266,337	$63.6B	1.42%
30	PIIPolaris Industries	730,568	$61.2B	1.37%
31	MKLMarkel Corp.	61,336	$59.9B	1.34%
32	AIGAmerican International Group I	922,992	$57.6B	1.29%
33	GEGeneral Electric Company	1,911,730	$57.0B	1.27%
34	DISCKUSDDiscovery Communications Inc.	1,960,436	$55.5B	1.24%
35	CFRUYCompagnie Financiere Richemont	6,915,674	$54.4B	1.21%
36	NXPINXP Semiconductors N.V.	491,979	$50.9B	1.14%
37	LOWLowe's Companies Inc.	577,638	$47.5B	1.06%
38	KSSKohl's Corp.	1,161,984	$46.3B	1.03%
39	MAMastercard Inc. - A	404,500	$45.5B	1.02%
40	FQIDigital Realty Trust Inc.	398,982	$42.4B	0.95%
41	AXPAmerican Express Company	527,909	$41.8B	0.93%
42	TJXTJX Companies	504,835	$39.9B	0.89%
43	ADIAnalog Devices Inc.	482,703	$39.6B	0.88%
44	—Advisory Board Company	784,882	$36.7B	0.82%
45	ITWIllinois Tool Works Inc.	263,152	$34.9B	0.78%
46	CHRWC.H. Robinson Worldwide Inc.	417,757	$32.3B	0.72%
47	WRBW.R. Berkley Corp.	453,419	$32.0B	0.71%
48	UTXZUnited Technologies Corp.	268,271	$30.1B	0.67%
49	BRK/BBerkshire Hathaway Inc. - B	178,624	$29.8B	0.66%
50	IEFiShares 7-10 Year Treasury Bon	274,517	$29.0B	0.65%
51	TMOThermo Fisher Scientific Inc.	183,757	$28.2B	0.63%
52	SBUXStarbucks Corporation	472,622	$27.6B	0.62%
53	SLBSchlumberger Ltd.	311,250	$24.3B	0.54%
54	GOOGAlphabet Inc. - Class C	27,711	$23.0B	0.51%
55	—Express Scripts Inc.	340,021	$22.4B	0.50%
56	MSMMSC Industrial Direct Co. Inc.	200,039	$20.6B	0.46%
57	BROBrown & Brown Inc.	474,018	$19.8B	0.44%
58	—MTS Systems Corp.	332,880	$18.3B	0.41%
59	MBBiShares MBS Bond ETF	164,060	$17.5B	0.39%
60	AQLTiShares Corporate ex Financial	709,660	$17.3B	0.39%
61	HDHome Depot Inc.	116,854	$17.2B	0.38%
62	MDTMedtronic	185,877	$15.0B	0.33%
63	CBSHCommerce Bancshares Inc.	266,126	$14.9B	0.33%
64	DCIDonaldson Inc.	327,359	$14.9B	0.33%
65	BDXBecton Dickinson and Company	79,474	$14.6B	0.33%
66	NJRNew Jersey Resources Corp.	366,187	$14.5B	0.32%
67	CLXThe Clorox Company	106,053	$14.3B	0.32%
68	MTBM&T Bank Corp.	91,995	$14.2B	0.32%
69	MDUMDU Resources Group Inc.	514,260	$14.1B	0.31%
70	GBDCGolub Capital BDC Inc.	705,872	$14.0B	0.31%
71	NMFCNew Mountain Finance Corp.	927,066	$13.8B	0.31%
72	SPIBSPDR Interm. Term Corporate Bo	404,648	$13.8B	0.31%
73	—iShares Corporate ex Financial	557,024	$13.7B	0.31%
74	MCDMcDonald's Corp.	105,813	$13.7B	0.31%
75	GDGeneral Dynamics Corp.	73,038	$13.7B	0.31%
76	DFINDonnelley Financial Solutions	706,988	$13.6B	0.30%
77	LMTLockheed Martin Corp	50,862	$13.6B	0.30%
78	RMAXRE/MAX Holdings Inc.	228,448	$13.6B	0.30%
79	PGProcter & Gamble Company	146,220	$13.1B	0.29%
80	SEICSEI Investments Company	257,799	$13.0B	0.29%
81	—TCP Capital Corp.	735,163	$12.8B	0.29%
82	MORNMorningstar Inc.	159,678	$12.6B	0.28%
83	NSRGYNestle SA	160,124	$12.3B	0.27%
84	CFRCullen Frost Bankers Inc.	135,952	$12.1B	0.27%
85	AQLTiShares Corporate Bond ETF 202	457,927	$12.1B	0.27%
86	EXPDExpeditors International of Wa	212,722	$12.0B	0.27%
87	XOMExxon Mobil Corp.	143,699	$11.8B	0.26%
88	APDAir Products & Chemicals Inc.	87,016	$11.8B	0.26%
89	SLRCSolar Capital Ltd.	510,206	$11.5B	0.26%
90	GWWW.W. Grainger Inc.	49,240	$11.5B	0.26%
91	NKENike Inc. - B	202,413	$11.3B	0.25%
92	TROWT. Rowe Price Group Inc.	162,924	$11.1B	0.25%
93	HTGCHercules Technology Growth Cap	722,927	$10.9B	0.24%
94	NVSNNovartis AG - ADR	144,940	$10.8B	0.24%
95	OXYOccidental Petroleum Corp.	169,470	$10.7B	0.24%
96	—Guggenheim BulletShares Invest	516,708	$10.6B	0.24%
97	—THL Credit, Inc.	1,049,235	$10.5B	0.23%
98	JWNUSDNordstrom Inc.	220,050	$10.2B	0.23%
99	TPVGTriplePoint Venture Growth BDC	727,813	$10.1B	0.23%
100	PDCOEURPatterson Companies Inc.	220,633	$10.0B	0.22%

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