CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2018 Filing

Filed April 4, 2018

Portfolio Value

$5.4T

Holdings

227

Report Date

Q1 2018

Filing Type

13F-HR

All Holdings (227 positions)

#StockSharesValue% PortfolioType
1
DowDuPont Inc
2,195,042$139.8B2.58%
2
JNJJohnson & Johnson
1,072,001$137.4B2.54%
3
DEODiageo (Adr 1:4)
977,254$132.3B2.45%
4
MSFTMicrosoft Corp.
1,448,508$132.2B2.44%
5
PEPPepsico Inc.
1,188,785$129.8B2.40%
6
FASTFastenal Co.
2,327,332$127.0B2.35%
7
PIIPolaris Industries
1,084,741$124.2B2.30%
8
NTRSNorthern Trust Corporation
1,202,654$124.0B2.29%
9
PGRProgressive Corp.
1,967,536$119.9B2.21%
10
PXGBXPraxair Inc.
756,068$109.1B2.02%
11
PAYXPaychex Inc.
1,763,765$108.6B2.01%
12
RYNRayonier Inc.
3,081,389$108.4B2.00%
13
CLColgate-Palmolive Co.
1,499,833$107.5B1.99%
14
BRBroadridge Financial Solutions
979,636$107.5B1.99%
15
MMM3M Company
481,060$105.6B1.95%
16
BKIEURBlack Knight Inc
2,227,505$104.9B1.94%
17
CVXChevron Corp.
917,040$104.6B1.93%
18
GGGGraco Inc.
2,285,279$104.5B1.93%
19
CBChubb Limited
761,787$104.2B1.93%
20
SOSouthern Company
2,202,197$98.3B1.82%
21
FNFFidelity National Financial In
2,429,040$97.2B1.80%
22
MLMMartin Marietta Materials Inc.
448,059$92.9B1.72%
23
PFEPfizer Inc.
2,462,817$87.4B1.61%
24
IRMIron Mountain
2,656,402$87.3B1.61%
25
SYKStryker Corp.
526,180$84.7B1.56%
26
ARCCAres Capital Corp.
5,284,950$83.9B1.55%
27
WYWeyerhaeuser Co.
2,353,076$82.4B1.52%
28
MKLMarkel Corp.
67,712$79.2B1.46%
29
KMIKinder Morgan Inc.
4,735,665$71.3B1.32%
30
KHCKraft Heinz Co.
1,121,206$69.8B1.29%
31
CFRUYCompagnie Financiere Richemont
7,700,489$69.0B1.27%
32
AXTAAxalta Coating Systems LTD
2,263,266$68.3B1.26%
33
FQIDigital Realty Trust Inc.
623,842$65.7B1.21%
34
GSKGlaxoSmithKline Plc (Adr 1:2)
1,582,073$61.8B1.14%
35
Allergan Inc.
364,224$61.3B1.13%
36
MAMastercard Inc. - A
344,668$60.4B1.12%
37
AIGAmerican International Group I
1,105,247$60.1B1.11%
38
GILDGilead Sciences, Inc.
786,729$59.3B1.10%
39
TJXTJX Companies
619,136$50.5B0.93%
40
AXPAmerican Express Company
480,283$44.8B0.83%
41
SBUXStarbucks Corporation
771,126$44.6B0.82%
42
ADIAnalog Devices Inc.
479,068$43.7B0.81%
43
ITWIllinois Tool Works Inc.
272,509$42.7B0.79%
44
MSMMSC Industrial Direct Co. Inc.
452,423$41.5B0.77%
45
UTXZUnited Technologies Corp.
326,923$41.1B0.76%
46
SLBSchlumberger Ltd.
606,244$39.3B0.73%
47
BRK/BBerkshire Hathaway Inc. - B
184,468$36.8B0.68%
48
TMOThermo Fisher Scientific Inc.
168,424$34.8B0.64%
49
WRBW.R. Berkley Corp.
477,786$34.7B0.64%
50
NXPINXP Semiconductors N.V.
296,102$34.6B0.64%
51
Natus Medical Inc.
993,351$33.4B0.62%
52
DISCKUSDDiscovery Communications Inc.
1,565,195$30.6B0.56%
53
GOOGAlphabet Inc. - Class C
28,566$29.5B0.54%
54
LOWLowe's Companies Inc.
333,578$29.3B0.54%
55
IEFiShares 7-10 Year Treasury Bon
270,758$27.9B0.52%
56
ORCLOracle Corporation
584,968$26.8B0.49%
57
BROBrown & Brown Inc.
964,145$24.5B0.45%
58
HDHome Depot Inc.
118,370$21.1B0.39%
59
SEICSEI Investments Company
273,006$20.5B0.38%
60
MTS Systems Corp.
392,276$20.3B0.37%
61
MBBiShares MBS Bond ETF
187,926$19.7B0.36%
62
IVWS&P 500 Growth Index - iShares
123,667$19.2B0.35%
63
TROWT. Rowe Price Group Inc.
176,011$19.0B0.35%
64
AQLTiShares Corporate ex Financial
785,164$18.7B0.34%
65
MTBM&T Bank Corp.
99,559$18.4B0.34%
66
LMTLockheed Martin Corp
54,242$18.3B0.34%
67
BDXBecton Dickinson and Company
84,119$18.2B0.34%
68
CBSHCommerce Bancshares Inc.
304,008$18.2B0.34%
69
TLTBarclays 20 Plus Year Treasury
147,919$18.0B0.33%
70
ACNAccenture PLC
115,262$17.7B0.33%
71
GDGeneral Dynamics Corp.
79,669$17.6B0.33%
72
MCDMcDonald's Corp.
108,575$17.0B0.31%
73
Guggenheim BulletShares Invest
831,363$16.9B0.31%
74
MDUMDU Resources Group Inc.
580,983$16.4B0.30%
75
MDTMedtronic
203,725$16.3B0.30%
76
DCIDonaldson Inc.
356,493$16.1B0.30%
77
NJRNew Jersey Resources Corp.
396,874$15.9B0.29%
78
APDAir Products & Chemicals Inc.
99,245$15.8B0.29%
79
CLXThe Clorox Company
118,027$15.7B0.29%
80
NKENike Inc. - B
236,447$15.7B0.29%
81
CFRCullen Frost Bankers Inc.
146,612$15.6B0.29%
82
SPIBSPDR Portfolio Intermediate Te
447,869$15.0B0.28%
83
IBDRiShares Corporate iBonds ETF 2
631,458$14.9B0.28%
84
EXPDExpeditors International of Wa
234,031$14.8B0.27%
85
NSRGYNestle SA
180,440$14.2B0.26%
86
NVSNNovartis AG - ADR
169,499$13.7B0.25%
87
PGProcter & Gamble Company
170,731$13.5B0.25%
88
MORNMorningstar Inc.
141,649$13.5B0.25%
89
AQLTiShares Corporate Bond ETF 202
506,102$13.1B0.24%
90
XOMExxon Mobil Corp.
171,371$12.8B0.24%
91
IVES&P 500 Value Index - iShares
113,480$12.4B0.23%
92
NMFCNew Mountain Finance Corp.
920,347$12.1B0.22%
93
GBDCGolub Capital BDC Inc.
672,413$12.0B0.22%
94
JWNUSDNordstrom Inc.
247,880$12.0B0.22%
95
PDCOEURPatterson Companies Inc.
481,938$10.7B0.20%
96
TCP Capital Corp.
749,673$10.7B0.20%
97
IJKS&P MidCap 400 Growth Index Fu
47,500$10.4B0.19%
98
SLRCSolar Capital Ltd.
489,310$9.9B0.18%
99
HTGCHercules Technology Growth Cap
806,630$9.8B0.18%
100
Colony Northstar Inc
1,718,491$9.7B0.18%
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