CONFLUENCE INVESTMENT MANAGEMENT LLC Q2 2017 Filing
Filed July 11, 2017
Portfolio Value
$4.9T
Holdings
238
Report Date
Q2 2017
Filing Type
13F-HR
All Holdings (238 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | JNJJohnson & Johnson | 1,008,691 | $133.4B | 2.71% | |
| 2 | PEPPepsico Inc. | 1,102,212 | $127.3B | 2.59% | |
| 3 | NTRSNorthern Trust Corporation | 1,158,059 | $112.6B | 2.29% | |
| 4 | DEODiageo (Adr 1:4) | 935,201 | $112.1B | 2.28% | |
| 5 | FASTFastenal Co. | 2,381,859 | $103.7B | 2.11% | |
| 6 | CBChubb Limited | 709,603 | $103.2B | 2.10% | |
| 7 | MMM3M Company | 493,947 | $102.8B | 2.09% | |
| 8 | PIIPolaris Industries | 1,106,651 | $102.1B | 2.07% | |
| 9 | FNFFidelity National Financial In | 2,261,334 | $101.4B | 2.06% | |
| 10 | MSFTMicrosoft Corp. | 1,470,676 | $101.4B | 2.06% | |
| 11 | CLColgate-Palmolive Co. | 1,308,539 | $97.0B | 1.97% | |
| 12 | GGGGraco Inc. | 877,877 | $95.9B | 1.95% | |
| 13 | PXGBXPraxair Inc. | 708,534 | $93.9B | 1.91% | |
| 14 | PAYXPaychex Inc. | 1,639,156 | $93.3B | 1.90% | |
| 15 | PGRProgressive Corp. | 2,098,000 | $92.5B | 1.88% | |
| 16 | CVXChevron Corp. | 843,717 | $88.0B | 1.79% | |
| 17 | SOSouthern Company | 1,796,597 | $86.0B | 1.75% | |
| 18 | GSKGlaxoSmithKline Plc (Adr 1:2) | 1,930,597 | $83.2B | 1.69% | |
| 19 | RYNRayonier Inc. | 2,844,858 | $81.8B | 1.66% | |
| 20 | —E.I. du Pont de Nemours & Comp | 999,516 | $80.7B | 1.64% | |
| 21 | ARCCAres Capital Corp. | 4,895,029 | $80.2B | 1.63% | |
| 22 | KHCKraft Heinz Co. | 929,413 | $79.6B | 1.62% | |
| 23 | IRMIron Mountain | 2,313,278 | $79.5B | 1.62% | |
| 24 | MLMMartin Marietta Materials Inc. | 350,902 | $78.1B | 1.59% | |
| 25 | KMIKinder Morgan Inc. | 4,066,726 | $77.9B | 1.58% | |
| 26 | WYWeyerhaeuser Co. | 2,325,512 | $77.9B | 1.58% | |
| 27 | SYKStryker Corp. | 558,416 | $77.5B | 1.57% | |
| 28 | GEGeneral Electric Company | 2,846,789 | $76.9B | 1.56% | |
| 29 | BRBroadridge Financial Solutions | 994,106 | $75.1B | 1.53% | |
| 30 | PFEPfizer Inc. | 2,235,438 | $75.1B | 1.53% | |
| 31 | —Allergan Inc. | 295,395 | $71.8B | 1.46% | |
| 32 | MKLMarkel Corp. | 67,637 | $66.0B | 1.34% | |
| 33 | AIGAmerican International Group I | 1,037,901 | $64.9B | 1.32% | |
| 34 | CFRUYCompagnie Financiere Richemont | 7,683,631 | $63.3B | 1.29% | |
| 35 | DISCKUSDDiscovery Communications Inc. | 2,223,807 | $56.1B | 1.14% | |
| 36 | NXPINXP Semiconductors N.V. | 451,368 | $49.4B | 1.00% | |
| 37 | MAMastercard Inc. - A | 388,622 | $47.2B | 0.96% | |
| 38 | KSSKohl's Corp. | 1,194,244 | $46.2B | 0.94% | |
| 39 | FQIDigital Realty Trust Inc. | 408,675 | $46.2B | 0.94% | |
| 40 | AXPAmerican Express Company | 540,389 | $45.5B | 0.93% | |
| 41 | —Advisory Board Company | 868,657 | $44.7B | 0.91% | |
| 42 | TJXTJX Companies | 587,035 | $42.4B | 0.86% | |
| 43 | SBUXStarbucks Corporation | 708,542 | $41.3B | 0.84% | |
| 44 | ITWIllinois Tool Works Inc. | 264,819 | $37.9B | 0.77% | |
| 45 | ADIAnalog Devices Inc. | 481,025 | $37.4B | 0.76% | |
| 46 | SLBSchlumberger Ltd. | 542,568 | $35.7B | 0.73% | |
| 47 | UTXZUnited Technologies Corp. | 278,018 | $33.9B | 0.69% | |
| 48 | TMOThermo Fisher Scientific Inc. | 191,081 | $33.3B | 0.68% | |
| 49 | WRBW.R. Berkley Corp. | 470,541 | $32.5B | 0.66% | |
| 50 | BRK/BBerkshire Hathaway Inc. - B | 188,804 | $32.0B | 0.65% | |
| 51 | IEFiShares 7-10 Year Treasury Bon | 286,532 | $30.5B | 0.62% | |
| 52 | CHRWC.H. Robinson Worldwide Inc. | 442,142 | $30.4B | 0.62% | |
| 53 | MSMMSC Industrial Direct Co. Inc. | 318,840 | $27.4B | 0.56% | |
| 54 | LOWLowe's Companies Inc. | 350,026 | $27.1B | 0.55% | |
| 55 | GOOGAlphabet Inc. - Class C | 28,892 | $26.3B | 0.53% | |
| 56 | AXTAAxalta Coating Systems LTD | 763,128 | $24.5B | 0.50% | |
| 57 | —Express Scripts Inc. | 372,228 | $23.8B | 0.48% | |
| 58 | BROBrown & Brown Inc. | 480,400 | $20.7B | 0.42% | |
| 59 | —MTS Systems Corp. | 357,111 | $18.5B | 0.38% | |
| 60 | MBBiShares MBS Bond ETF | 171,389 | $18.3B | 0.37% | |
| 61 | HDHome Depot Inc. | 118,684 | $18.2B | 0.37% | |
| 62 | AQLTiShares Corporate ex Financial | 732,890 | $18.0B | 0.37% | |
| 63 | —Natus Medical Inc. | 459,073 | $17.1B | 0.35% | |
| 64 | MDTMedtronic | 190,927 | $16.9B | 0.34% | |
| 65 | MCDMcDonald's Corp. | 107,849 | $16.5B | 0.34% | |
| 66 | BDXBecton Dickinson and Company | 81,655 | $15.9B | 0.32% | |
| 67 | CBSHCommerce Bancshares Inc. | 274,060 | $15.6B | 0.32% | |
| 68 | MTBM&T Bank Corp. | 94,694 | $15.3B | 0.31% | |
| 69 | DCIDonaldson Inc. | 335,466 | $15.3B | 0.31% | |
| 70 | GDGeneral Dynamics Corp. | 75,344 | $14.9B | 0.30% | |
| 71 | NJRNew Jersey Resources Corp. | 374,078 | $14.9B | 0.30% | |
| 72 | LMTLockheed Martin Corp | 52,550 | $14.6B | 0.30% | |
| 73 | MORNMorningstar Inc. | 186,138 | $14.6B | 0.30% | |
| 74 | CLXThe Clorox Company | 109,391 | $14.6B | 0.30% | |
| 75 | NSRGYNestle SA | 165,851 | $14.5B | 0.29% | |
| 76 | SEICSEI Investments Company | 268,543 | $14.4B | 0.29% | |
| 77 | SPIBSPDR Interm. Term Corporate Bo | 417,986 | $14.4B | 0.29% | |
| 78 | —iShares Corporate ex Financial | 576,327 | $14.2B | 0.29% | |
| 79 | MDUMDU Resources Group Inc. | 531,119 | $13.9B | 0.28% | |
| 80 | NMFCNew Mountain Finance Corp. | 928,014 | $13.5B | 0.27% | |
| 81 | PGProcter & Gamble Company | 153,005 | $13.3B | 0.27% | |
| 82 | GBDCGolub Capital BDC Inc. | 685,888 | $13.1B | 0.27% | |
| 83 | APDAir Products & Chemicals Inc. | 91,284 | $13.1B | 0.27% | |
| 84 | CFRCullen Frost Bankers Inc. | 138,214 | $13.0B | 0.26% | |
| 85 | —TCP Capital Corp. | 763,366 | $12.9B | 0.26% | |
| 86 | NVSNNovartis AG - ADR | 152,658 | $12.7B | 0.26% | |
| 87 | TROWT. Rowe Price Group Inc. | 171,624 | $12.7B | 0.26% | |
| 88 | NKENike Inc. - B | 214,429 | $12.7B | 0.26% | |
| 89 | AQLTiShares Corporate Bond ETF 202 | 472,896 | $12.6B | 0.26% | |
| 90 | EXPDExpeditors International of Wa | 216,380 | $12.2B | 0.25% | |
| 91 | XOMExxon Mobil Corp. | 151,383 | $12.2B | 0.25% | |
| 92 | RMAXRE/MAX Holdings Inc. | 209,380 | $11.7B | 0.24% | |
| 93 | —Guggenheim BulletShares Invest | 555,134 | $11.6B | 0.24% | |
| 94 | JWNUSDNordstrom Inc. | 235,527 | $11.3B | 0.23% | |
| 95 | PDCOEURPatterson Companies Inc. | 237,078 | $11.1B | 0.23% | |
| 96 | SLRCSolar Capital Ltd. | 499,080 | $10.9B | 0.22% | |
| 97 | —THL Credit, Inc. | 1,076,343 | $10.7B | 0.22% | |
| 98 | TLTBarclays 20 Plus Year Treasury Bon | 85,071 | $10.6B | 0.22% | |
| 99 | IYWDow Jones US Technology - iSha | 73,150 | $10.2B | 0.21% | |
| 100 | IJJS&P MidCap 400 Value Index Fun | 67,979 | $10.1B | 0.21% |
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