CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2018 Filing

Filed April 4, 2018

Portfolio Value

$5.4B

Holdings

227

Report Date

Q1 2018

Filing Type

13F-HR

All Holdings (227 positions)

StockValue
DowDuPont Inc
$139.8M
JNJJohnson & Johnson
$137.4M
DEODiageo (Adr 1:4)
$132.3M
MSFTMicrosoft Corp.
$132.2M
PEPPepsico Inc.
$129.8M
FASTFastenal Co.
$127.0M
PIIPolaris Industries
$124.2M
NTRSNorthern Trust Corporation
$124.0M
PGRProgressive Corp.
$119.9M
PXGBXPraxair Inc.
$109.1M
PAYXPaychex Inc.
$108.6M
RYNRayonier Inc.
$108.4M
CLColgate-Palmolive Co.
$107.5M
BRBroadridge Financial Solutions
$107.5M
MMM3M Company
$105.6M
BKIEURBlack Knight Inc
$104.9M
CVXChevron Corp.
$104.6M
GGGGraco Inc.
$104.5M
CBChubb Limited
$104.2M
SOSouthern Company
$98.3M
FNFFidelity National Financial In
$97.2M
MLMMartin Marietta Materials Inc.
$92.9M
PFEPfizer Inc.
$87.4M
IRMIron Mountain
$87.3M
SYKStryker Corp.
$84.7M
ARCCAres Capital Corp.
$83.9M
WYWeyerhaeuser Co.
$82.4M
MKLMarkel Corp.
$79.2M
KMIKinder Morgan Inc.
$71.3M
KHCKraft Heinz Co.
$69.8M
CFRUYCompagnie Financiere Richemont
$69.0M
AXTAAxalta Coating Systems LTD
$68.3M
FQIDigital Realty Trust Inc.
$65.7M
GSKGlaxoSmithKline Plc (Adr 1:2)
$61.8M
Allergan Inc.
$61.3M
MAMastercard Inc. - A
$60.4M
AIGAmerican International Group I
$60.1M
GILDGilead Sciences, Inc.
$59.3M
TJXTJX Companies
$50.5M
AXPAmerican Express Company
$44.8M
SBUXStarbucks Corporation
$44.6M
ADIAnalog Devices Inc.
$43.7M
ITWIllinois Tool Works Inc.
$42.7M
MSMMSC Industrial Direct Co. Inc.
$41.5M
UTXZUnited Technologies Corp.
$41.1M
SLBSchlumberger Ltd.
$39.3M
BRK/BBerkshire Hathaway Inc. - B
$36.8M
TMOThermo Fisher Scientific Inc.
$34.8M
WRBW.R. Berkley Corp.
$34.7M
NXPINXP Semiconductors N.V.
$34.6M
Natus Medical Inc.
$33.4M
DISCKUSDDiscovery Communications Inc.
$30.6M
GOOGAlphabet Inc. - Class C
$29.5M
LOWLowe's Companies Inc.
$29.3M
IEFiShares 7-10 Year Treasury Bon
$27.9M
ORCLOracle Corporation
$26.8M
BROBrown & Brown Inc.
$24.5M
HDHome Depot Inc.
$21.1M
SEICSEI Investments Company
$20.5M
MTS Systems Corp.
$20.3M
MBBiShares MBS Bond ETF
$19.7M
IVWS&P 500 Growth Index - iShares
$19.2M
TROWT. Rowe Price Group Inc.
$19.0M
AQLTiShares Corporate ex Financial
$18.7M
MTBM&T Bank Corp.
$18.4M
LMTLockheed Martin Corp
$18.3M
BDXBecton Dickinson and Company
$18.2M
CBSHCommerce Bancshares Inc.
$18.2M
TLTBarclays 20 Plus Year Treasury
$18.0M
ACNAccenture PLC
$17.7M
GDGeneral Dynamics Corp.
$17.6M
MCDMcDonald's Corp.
$17.0M
Guggenheim BulletShares Invest
$16.9M
MDUMDU Resources Group Inc.
$16.4M
MDTMedtronic
$16.3M
DCIDonaldson Inc.
$16.1M
NJRNew Jersey Resources Corp.
$15.9M
APDAir Products & Chemicals Inc.
$15.8M
CLXThe Clorox Company
$15.7M
NKENike Inc. - B
$15.7M
CFRCullen Frost Bankers Inc.
$15.6M
SPIBSPDR Portfolio Intermediate Te
$15.0M
IBDRiShares Corporate iBonds ETF 2
$14.9M
EXPDExpeditors International of Wa
$14.8M
NSRGYNestle SA
$14.2M
NVSNNovartis AG - ADR
$13.7M
PGProcter & Gamble Company
$13.5M
MORNMorningstar Inc.
$13.5M
AQLTiShares Corporate Bond ETF 202
$13.1M
XOMExxon Mobil Corp.
$12.8M
IVES&P 500 Value Index - iShares
$12.4M
NMFCNew Mountain Finance Corp.
$12.1M
GBDCGolub Capital BDC Inc.
$12.0M
JWNUSDNordstrom Inc.
$12.0M
PDCOEURPatterson Companies Inc.
$10.7M
TCP Capital Corp.
$10.7M
IJKS&P MidCap 400 Growth Index Fu
$10.4M
SLRCSolar Capital Ltd.
$9.9M
HTGCHercules Technology Growth Cap
$9.8M
Colony Northstar Inc
$9.7M
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