CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2021 Filing

Filed April 5, 2021

Portfolio Value

$7.1T

Holdings

300

Report Date

Q1 2021

Filing Type

13F-HR

All Holdings (300 positions)

#StockSharesValue% PortfolioType
1
SNASnap-on Incorporated
737,543$170.2B2.39%
2
LINLinde PLC
587,392$164.6B2.31%
3
PEPPepsico Incorporated
1,155,730$163.5B2.29%
4
PIIPolaris Industries
1,124,074$150.1B2.11%
5
FASTFastenal Company
2,910,362$146.3B2.05%
6
PAYXPaychex Incorporated
1,481,885$145.3B2.04%
7
DEODiageo PLC
875,316$143.7B2.02%
8
HDHome Depot Incorporated
457,545$139.7B1.96%
9
MSFTMicrosoft Corporation
580,278$136.8B1.92%
10
PGRProgressive Corporation
1,354,124$129.5B1.82%
11
NSRGYNestle SA
1,133,637$126.4B1.77%
12
BRBroadridge Financial Solutions
810,920$124.2B1.74%
13
ADIAnalog Devices Incorporated
799,295$124.0B1.74%
14
NTRSNorthern Trust Corporation
1,173,828$123.4B1.73%
15
LMTLockheed Martin Corporation
332,202$122.7B1.72%
16
SOSouthern Company
1,954,028$121.5B1.70%
17
CBChubb Corporation
754,361$119.2B1.67%
18
CLColgate-Palmolive Company
1,476,501$116.4B1.63%
19
MMM3M Company
574,857$110.8B1.55%
20
DOWDow Incorporated
1,704,830$109.0B1.53%
21
GGGGraco Incorporated
1,489,583$106.7B1.50%
22
USBUS Bancorp
1,869,767$103.4B1.45%
23
WYWeyerhaeuser Company
2,827,911$100.7B1.41%
24
FNFFidelity National Financial In
2,444,887$99.4B1.40%
25
CSCOCisco Systems Incorporated
1,881,897$97.3B1.37%
26
FQIDigital Realty Trust Incorpora
686,740$96.7B1.36%
27
CVXChevron Corporation
900,018$94.3B1.32%
28
RYNRayonier Incorporated
2,916,662$94.1B1.32%
29
NXPINXP Semiconductors NV
434,213$87.4B1.23%
30
SBUXStarbucks Corporation
797,297$87.1B1.22%
31
KMIKinder Morgan Incorporated
5,071,548$84.4B1.19%
32
SLG2EURSl Green Realty
1,205,213$84.4B1.18%
33
SYKStryker Corporation
343,929$83.8B1.18%
34
ETREntergy Corporation
828,678$82.4B1.16%
35
ARCCAres Capital Corporation
4,258,691$79.7B1.12%
36
PFEPfizer Incorporated
2,173,637$78.8B1.11%
37
ORCLOracle Corporation
1,103,794$77.5B1.09%
38
GILDGilead Sciences
1,190,829$77.0B1.08%
39
TJXTJX Companies
1,158,938$76.7B1.08%
40
MAMastercard Incorporated - A
212,506$75.7B1.06%
41
ITWIllinois Tool Works Incorporat
329,231$72.9B1.02%
42
LOWLowe's Companies Incorporated
343,961$65.4B0.92%
43
MKLMarkel Corporation
52,880$60.3B0.85%
44
GOOGAlphabet Incorporated - C
28,124$58.2B0.82%
45
BKNGBooking Holdings Incorporated
24,762$57.7B0.81%
46
CRLCharles River Laboratories Int
195,884$56.8B0.80%
47
1939900DBrookfield Infrastructure
740,792$56.6B0.79%
48
RTXRaytheon Technologies Corporat
729,478$56.4B0.79%
49
BAMBrookfield Asset Management In
1,249,917$55.6B0.78%
50
IHS Markit Limited
563,337$54.5B0.77%
51
WRBWR Berkley Corporation
715,342$53.9B0.76%
52
BRK/BBerkshire Hathaway Incorporate
208,311$53.2B0.75%
53
TMOThermo Fisher Scientific Incor
104,828$47.8B0.67%
54
BKIEURBlack Knight Incorporated
638,876$47.3B0.66%
55
IEFiShares 7-10 Year Treasury Bon
411,005$46.4B0.65%
56
FTDRFrontdoor Incorporated
823,855$44.3B0.62%
57
BROBrown & Brown Incorporated
932,290$42.6B0.60%
58
AXTAAxalta Coating Systems Limited
1,427,858$42.2B0.59%
59
NDSNNordson Corporation
211,494$42.0B0.59%
60
CNNECannae Holdings Incorporated
915,602$36.3B0.51%
61
ACNAccenture PLC
130,355$36.0B0.51%
62
TROWT Rowe Price Group Incorporate
202,045$34.7B0.49%
63
SCHWCharles Schwab
528,276$34.4B0.48%
64
CERNCHFCerner Corporation
478,692$34.4B0.48%
65
DLTRDollar Tree Incorporated
289,817$33.2B0.47%
66
NKENike Incorporated - B
249,015$33.1B0.46%
67
DNBDun & Bradstreet Holdings
1,324,091$31.5B0.44%
68
APDAir Products & Chemicals Incor
111,068$31.2B0.44%
69
CBSHCommerce Bancshares Incorporat
402,401$30.8B0.43%
70
EXPDExpeditors International of Wa
283,518$30.5B0.43%
71
SPDWSPDR Portfolio Developed World
859,547$30.4B0.43%
72
PPGPPG Industries Incorporated
195,276$29.3B0.41%
73
AWCAmerican Water Works Company
194,213$29.1B0.41%
74
ROKRockwell Automation Incorporat
108,062$28.7B0.40%
75
MDTMedtronic
241,152$28.5B0.40%
76
MCDMcDonald's Corporation
125,232$28.1B0.39%
77
PGProcter & Gamble Company
203,132$27.5B0.39%
78
FISFidelity National Information
193,132$27.2B0.38%
79
DCIDonaldson Incorporated
454,680$26.4B0.37%
80
CFRCullen Frost Bankers Incorpora
238,078$25.9B0.36%
81
MBBiShares MBS ETF
236,309$25.6B0.36%
82
CLXThe Clorox Company
129,286$24.9B0.35%
83
MORNMorningstar Incorporated
107,244$24.1B0.34%
84
BDXBecton Dickinson and Company
98,883$24.0B0.34%
85
SEICSEI Investments Company
389,329$23.7B0.33%
86
MTBM&T Bank Corporation
151,911$23.0B0.32%
87
GDGeneral Dynamics Corporation
125,941$22.9B0.32%
88
SPDR Portfolio S&P 500 Value E
595,380$22.6B0.32%
89
NJRNew Jersey Resources Corporati
560,677$22.4B0.31%
90
BWINBRP Group
805,939$22.0B0.31%
91
HCSGHealthcare Services Group
777,793$21.8B0.31%
92
NVSNNovartis AG ADR
250,831$21.4B0.30%
93
SLYVSPDR S&P 600 Small Cap Value E
253,081$20.8B0.29%
94
AVNSAvanos Medical Incorporated
466,994$20.4B0.29%
95
RMAXRE/MAX Holdings Incorporated
510,253$20.1B0.28%
96
IBDRiShares iBonds Dec 2026 Term C
687,728$18.1B0.25%
97
IBDViShares iBonds Dec 2030 Term C
720,678$17.9B0.25%
98
IAUUSDiShares Gold Trust ETF
1,083,087$17.6B0.25%
99
HXGBYHexagon AB
174,764$16.1B0.23%
100
BSMYInvesco BulletShares 2025 Corp
712,388$15.8B0.22%
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