CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2021 Filing

Filed April 5, 2021

Portfolio Value

$7.1B

Holdings

300

Report Date

Q1 2021

Filing Type

13F-HR

All Holdings (300 positions)

#	Stock	Shares	Value	% Portfolio
1	SNASnap-on Incorporated	737,543	$170.2M	2.39%
2	LINLinde PLC	587,392	$164.6M	2.31%
3	PEPPepsico Incorporated	1,155,730	$163.5M	2.29%
4	PIIPolaris Industries	1,124,074	$150.1M	2.11%
5	FASTFastenal Company	2,910,362	$146.3M	2.05%
6	PAYXPaychex Incorporated	1,481,885	$145.3M	2.04%
7	DEODiageo PLC	875,316	$143.7M	2.02%
8	HDHome Depot Incorporated	457,545	$139.7M	1.96%
9	MSFTMicrosoft Corporation	580,278	$136.8M	1.92%
10	PGRProgressive Corporation	1,354,124	$129.5M	1.82%
11	NSRGYNestle SA	1,133,637	$126.4M	1.77%
12	BRBroadridge Financial Solutions	810,920	$124.2M	1.74%
13	ADIAnalog Devices Incorporated	799,295	$124.0M	1.74%
14	NTRSNorthern Trust Corporation	1,173,828	$123.4M	1.73%
15	LMTLockheed Martin Corporation	332,202	$122.7M	1.72%
16	SOSouthern Company	1,954,028	$121.5M	1.70%
17	CBChubb Corporation	754,361	$119.2M	1.67%
18	CLColgate-Palmolive Company	1,476,501	$116.4M	1.63%
19	MMM3M Company	574,857	$110.8M	1.55%
20	DOWDow Incorporated	1,704,830	$109.0M	1.53%
21	GGGGraco Incorporated	1,489,583	$106.7M	1.50%
22	USBUS Bancorp	1,869,767	$103.4M	1.45%
23	WYWeyerhaeuser Company	2,827,911	$100.7M	1.41%
24	FNFFidelity National Financial In	2,444,887	$99.4M	1.40%
25	CSCOCisco Systems Incorporated	1,881,897	$97.3M	1.37%
26	FQIDigital Realty Trust Incorpora	686,740	$96.7M	1.36%
27	CVXChevron Corporation	900,018	$94.3M	1.32%
28	RYNRayonier Incorporated	2,916,662	$94.1M	1.32%
29	NXPINXP Semiconductors NV	434,213	$87.4M	1.23%
30	SBUXStarbucks Corporation	797,297	$87.1M	1.22%
31	KMIKinder Morgan Incorporated	5,071,548	$84.4M	1.19%
32	SLG2EURSl Green Realty	1,205,213	$84.4M	1.18%
33	SYKStryker Corporation	343,929	$83.8M	1.18%
34	ETREntergy Corporation	828,678	$82.4M	1.16%
35	ARCCAres Capital Corporation	4,258,691	$79.7M	1.12%
36	PFEPfizer Incorporated	2,173,637	$78.8M	1.11%
37	ORCLOracle Corporation	1,103,794	$77.5M	1.09%
38	GILDGilead Sciences	1,190,829	$77.0M	1.08%
39	TJXTJX Companies	1,158,938	$76.7M	1.08%
40	MAMastercard Incorporated - A	212,506	$75.7M	1.06%
41	ITWIllinois Tool Works Incorporat	329,231	$72.9M	1.02%
42	LOWLowe's Companies Incorporated	343,961	$65.4M	0.92%
43	MKLMarkel Corporation	52,880	$60.3M	0.85%
44	GOOGAlphabet Incorporated - C	28,124	$58.2M	0.82%
45	BKNGBooking Holdings Incorporated	24,762	$57.7M	0.81%
46	CRLCharles River Laboratories Int	195,884	$56.8M	0.80%
47	1939900DBrookfield Infrastructure	740,792	$56.6M	0.79%
48	RTXRaytheon Technologies Corporat	729,478	$56.4M	0.79%
49	BAMBrookfield Asset Management In	1,249,917	$55.6M	0.78%
50	—IHS Markit Limited	563,337	$54.5M	0.77%
51	WRBWR Berkley Corporation	715,342	$53.9M	0.76%
52	BRK/BBerkshire Hathaway Incorporate	208,311	$53.2M	0.75%
53	TMOThermo Fisher Scientific Incor	104,828	$47.8M	0.67%
54	BKIEURBlack Knight Incorporated	638,876	$47.3M	0.66%
55	IEFiShares 7-10 Year Treasury Bon	411,005	$46.4M	0.65%
56	FTDRFrontdoor Incorporated	823,855	$44.3M	0.62%
57	BROBrown & Brown Incorporated	932,290	$42.6M	0.60%
58	AXTAAxalta Coating Systems Limited	1,427,858	$42.2M	0.59%
59	NDSNNordson Corporation	211,494	$42.0M	0.59%
60	CNNECannae Holdings Incorporated	915,602	$36.3M	0.51%
61	ACNAccenture PLC	130,355	$36.0M	0.51%
62	TROWT Rowe Price Group Incorporate	202,045	$34.7M	0.49%
63	SCHWCharles Schwab	528,276	$34.4M	0.48%
64	CERNCHFCerner Corporation	478,692	$34.4M	0.48%
65	DLTRDollar Tree Incorporated	289,817	$33.2M	0.47%
66	NKENike Incorporated - B	249,015	$33.1M	0.46%
67	DNBDun & Bradstreet Holdings	1,324,091	$31.5M	0.44%
68	APDAir Products & Chemicals Incor	111,068	$31.2M	0.44%
69	CBSHCommerce Bancshares Incorporat	402,401	$30.8M	0.43%
70	EXPDExpeditors International of Wa	283,518	$30.5M	0.43%
71	SPDWSPDR Portfolio Developed World	859,547	$30.4M	0.43%
72	PPGPPG Industries Incorporated	195,276	$29.3M	0.41%
73	AWCAmerican Water Works Company	194,213	$29.1M	0.41%
74	ROKRockwell Automation Incorporat	108,062	$28.7M	0.40%
75	MDTMedtronic	241,152	$28.5M	0.40%
76	MCDMcDonald's Corporation	125,232	$28.1M	0.39%
77	PGProcter & Gamble Company	203,132	$27.5M	0.39%
78	FISFidelity National Information	193,132	$27.2M	0.38%
79	DCIDonaldson Incorporated	454,680	$26.4M	0.37%
80	CFRCullen Frost Bankers Incorpora	238,078	$25.9M	0.36%
81	MBBiShares MBS ETF	236,309	$25.6M	0.36%
82	CLXThe Clorox Company	129,286	$24.9M	0.35%
83	MORNMorningstar Incorporated	107,244	$24.1M	0.34%
84	BDXBecton Dickinson and Company	98,883	$24.0M	0.34%
85	SEICSEI Investments Company	389,329	$23.7M	0.33%
86	MTBM&T Bank Corporation	151,911	$23.0M	0.32%
87	GDGeneral Dynamics Corporation	125,941	$22.9M	0.32%
88	—SPDR Portfolio S&P 500 Value E	595,380	$22.6M	0.32%
89	NJRNew Jersey Resources Corporati	560,677	$22.4M	0.31%
90	BWINBRP Group	805,939	$22.0M	0.31%
91	HCSGHealthcare Services Group	777,793	$21.8M	0.31%
92	NVSNNovartis AG ADR	250,831	$21.4M	0.30%
93	SLYVSPDR S&P 600 Small Cap Value E	253,081	$20.8M	0.29%
94	AVNSAvanos Medical Incorporated	466,994	$20.4M	0.29%
95	RMAXRE/MAX Holdings Incorporated	510,253	$20.1M	0.28%
96	IBDRiShares iBonds Dec 2026 Term C	687,728	$18.1M	0.25%
97	IBDViShares iBonds Dec 2030 Term C	720,678	$17.9M	0.25%
98	IAUUSDiShares Gold Trust ETF	1,083,087	$17.6M	0.25%
99	HXGBYHexagon AB	174,764	$16.1M	0.23%
100	BSMYInvesco BulletShares 2025 Corp	712,388	$15.8M	0.22%

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