CONFLUENCE INVESTMENT MANAGEMENT LLC Q1 2022 Filing

Filed April 4, 2022

Portfolio Value

$7.1T

Holdings

310

Report Date

Q1 2022

Filing Type

13F-HR

All Holdings (310 positions)

#	Stock	Shares	Value	% Portfolio
1	DEODiageo PLC	870,807	$176.9B	2.47%
2	PAYXPaychex Incorporated	1,295,265	$176.8B	2.47%
3	PEPPepsico Incorporated	1,038,033	$173.7B	2.43%
4	FASTFastenal Company	2,809,731	$166.9B	2.33%
5	MSFTMicrosoft Corporation	521,547	$160.8B	2.25%
6	PGRProgressive Corporation	1,356,514	$154.6B	2.16%
7	CBChubb Corporation	697,304	$149.2B	2.09%
8	LMTLockheed Martin Corporation	326,015	$143.9B	2.01%
9	NSRGYNestle SA	1,056,876	$137.5B	1.92%
10	LINLinde PLC	425,621	$136.0B	1.90%
11	SOSouthern Company	1,856,708	$134.6B	1.88%
12	SNASnap-on Incorporated	654,912	$134.6B	1.88%
13	CVXChevron Corporation	812,077	$132.2B	1.85%
14	1939900DBrookfield Infrastructure	1,727,510	$130.3B	1.82%
15	NTRSNorthern Trust Corporation	1,095,102	$127.5B	1.78%
16	BRBroadridge Financial Solutions	801,068	$124.7B	1.74%
17	RYNRayonier Incorporated	2,924,049	$120.2B	1.68%
18	HDHome Depot Incorporated	400,630	$119.9B	1.68%
19	FNFFidelity National Financial In	2,390,167	$116.7B	1.63%
20	ADIAnalog Devices Incorporated	704,475	$116.4B	1.63%
21	PIIPolaris Industries	1,070,136	$112.7B	1.58%
22	DOWDow Incorporated	1,730,101	$110.2B	1.54%
23	SLGSL Green Realty	1,347,654	$109.4B	1.53%
24	CLColgate-Palmolive Company	1,431,913	$108.6B	1.52%
25	WYWeyerhaeuser Company	2,836,661	$107.5B	1.50%
26	CSCOCisco Systems Incorporated	1,901,521	$106.0B	1.48%
27	ETREntergy Corporation	869,985	$101.6B	1.42%
28	USBUS Bancorp	1,873,072	$99.6B	1.39%
29	FQIDigital Realty Trust Incorpora	698,018	$99.0B	1.38%
30	KMIKinder Morgan Incorporated	5,160,953	$97.6B	1.36%
31	ARCCAres Capital Corporation	4,344,333	$91.0B	1.27%
32	MMM3M Company	583,599	$86.9B	1.22%
33	SYKStryker Corporation	304,220	$81.3B	1.14%
34	ORCLOracle Corporation	955,034	$79.0B	1.11%
35	MKLMarkel Corporation	51,934	$76.6B	1.07%
36	GILDGilead Sciences	1,277,157	$75.9B	1.06%
37	GGGGraco Incorporated	1,077,451	$75.1B	1.05%
38	GOOGAlphabet Incorporated - C	26,608	$74.3B	1.04%
39	BRK/BBerkshire Hathaway Incorporate	210,095	$74.1B	1.04%
40	WRBWR Berkley Corporation	1,092,706	$72.8B	1.02%
41	NXPINXP Semiconductors NV	376,483	$69.7B	0.97%
42	BAMBrookfield Asset Management In	1,201,860	$68.0B	0.95%
43	SBUXStarbucks Corporation	727,976	$66.2B	0.93%
44	MAMastercard Incorporated	184,738	$66.0B	0.92%
45	TJXTJX Companies	1,063,371	$64.4B	0.90%
46	RTXRaytheon Technologies Corporat	640,127	$63.4B	0.89%
47	SPGIS&P Global Incorporated	153,392	$62.9B	0.88%
48	LOWLowe's Companies Incorporated	308,612	$62.4B	0.87%
49	TMOThermo Fisher Scientific Incor	102,467	$60.5B	0.85%
50	ITWIllinois Tool Works Incorporat	281,186	$58.9B	0.82%
51	CLVTClarivate	3,312,684	$55.5B	0.78%
52	BKNGBooking Holdings Incorporated	23,145	$54.4B	0.76%
53	BROBrown & Brown Incorporated	638,191	$46.1B	0.65%
54	FBINFortune Brands Home & Security	608,041	$45.2B	0.63%
55	DNBDun & Bradstreet Holdings	2,571,894	$45.1B	0.63%
56	CERNCHFCerner Corporation	432,219	$40.4B	0.57%
57	DLTRDollar Tree Incorporated	251,706	$40.3B	0.56%
58	IEFiShares 7-10 Year Treasury Bon	369,745	$39.7B	0.56%
59	SPDWSPDR Portfolio Developed World	1,078,791	$37.0B	0.52%
60	NDSNNordson Corporation	158,791	$36.1B	0.50%
61	SLYVSPDR S&P 600 Small Cap Value E	317,267	$26.4B	0.37%
62	FTDRFrontdoor Incorporated	849,560	$25.4B	0.35%
63	TLTiShares 20Plus Year Treasury B	190,162	$25.1B	0.35%
64	GTESGates Industrial	1,627,050	$24.5B	0.34%
65	MBBiShares MBS ETF	231,593	$23.6B	0.33%
66	HSYHershey Company	108,330	$23.5B	0.33%
67	SCHWCharles Schwab	262,558	$22.1B	0.31%
68	IBDViShares iBonds Dec 2030 Term C	951,836	$22.1B	0.31%
69	—SPDR Portfolio S&P 500 Value E	526,017	$22.0B	0.31%
70	CFRCullen Frost Bankers Incorpora	157,135	$21.7B	0.30%
71	AWCAmerican Water Works Company	127,752	$21.1B	0.30%
72	IBDRiShares iBonds Dec 2026 Term C	855,256	$21.1B	0.29%
73	GDGeneral Dynamics Corporation	86,690	$20.9B	0.29%
74	MORNMorningstar Incorporated	76,458	$20.9B	0.29%
75	PGProcter & Gamble Company	135,176	$20.7B	0.29%
76	MCDMcDonald's Corporation	83,144	$20.6B	0.29%
77	NKENike Incorporated	151,342	$20.4B	0.28%
78	CBSHCommerce Bancshares Incorporat	281,443	$20.1B	0.28%
79	—Leslie's Incorporated	1,040,694	$20.1B	0.28%
80	ROKRockwell Automation Incorporat	70,817	$19.8B	0.28%
81	MTBM&T Bank Corporation	115,453	$19.6B	0.27%
82	NJRNew Jersey Resources Corporati	425,080	$19.5B	0.27%
83	BDXBecton Dickinson and Company	72,487	$19.3B	0.27%
84	TROWT Rowe Price Group Incorporate	126,867	$19.2B	0.27%
85	MDTMedtronic	171,944	$19.1B	0.27%
86	EXPDExpeditors International of Wa	182,250	$18.8B	0.26%
87	APDAir Products & Chemicals Incor	74,393	$18.6B	0.26%
88	CNNECannae Holdings Incorporated	748,582	$17.9B	0.25%
89	PDBCInvesco Optimum Yield Diversif	1,013,460	$17.9B	0.25%
90	IAU*iShares Gold Trust ETF	476,565	$17.6B	0.25%
91	MDYVSPDR S&P 400 Mid Cap Value ETF	248,595	$17.5B	0.24%
92	AQLTiShares iBonds Dec 2025 Term T	709,584	$17.2B	0.24%
93	PPGPPG Industries Incorporated	129,370	$17.0B	0.24%
94	FISFidelity National Information	167,923	$16.9B	0.24%
95	RMAXRE/MAX Holdings Incorporated	597,740	$16.6B	0.23%
96	DCIDonaldson Incorporated	312,383	$16.2B	0.23%
97	NVSNNovartis AG ADR	182,602	$16.0B	0.22%
98	BWINBRP Group	593,851	$15.9B	0.22%
99	IBTGiShares iBonds Dec 2026 Term T	659,828	$15.8B	0.22%
100	CLXThe Clorox Company	108,523	$15.1B	0.21%

Page 1 of 4Next