CONFLUENCE INVESTMENT MANAGEMENT LLC Q2 2021 Filing

Filed July 1, 2021

Portfolio Value

$7.5B

Holdings

302

Report Date

Q2 2021

Filing Type

13F-HR

All Holdings (302 positions)

#	Stock	Shares	Value	% Portfolio
1	PEPPepsico Incorporated	1,172,444	$173.7M	2.31%
2	DEODiageo PLC	874,881	$167.7M	2.23%
3	LINLinde PLC	572,650	$165.6M	2.20%
4	PAYXPaychex Incorporated	1,476,041	$158.4M	2.11%
5	SNASnap-on Incorporated	708,093	$158.2M	2.10%
6	MSFTMicrosoft Corporation	579,499	$157.0M	2.09%
7	PIIPolaris Industries	1,115,362	$152.8M	2.03%
8	FASTFastenal Company	2,890,862	$150.3M	2.00%
9	HDHome Depot Incorporated	457,581	$145.9M	1.94%
10	NSRGYNestle SA	1,137,072	$141.8M	1.89%
11	NTRSNorthern Trust Corporation	1,173,561	$135.7M	1.80%
12	ADIAnalog Devices Incorporated	785,439	$135.2M	1.80%
13	PGRProgressive Corporation	1,352,379	$132.8M	1.77%
14	BRBroadridge Financial Solutions	809,526	$130.8M	1.74%
15	LMTLockheed Martin Corporation	334,964	$126.7M	1.68%
16	CLColgate-Palmolive Company	1,492,715	$121.4M	1.61%
17	CBChubb Corporation	759,935	$120.8M	1.61%
18	SOSouthern Company	1,970,190	$119.2M	1.58%
19	MMM3M Company	593,378	$117.9M	1.57%
20	DOWDow Incorporated	1,695,058	$107.3M	1.43%
21	GGGGraco Incorporated	1,401,976	$106.1M	1.41%
22	USBUS Bancorp	1,861,231	$106.0M	1.41%
23	FNFFidelity National Financial In	2,431,045	$105.7M	1.40%
24	RYNRayonier Incorporated	2,922,978	$105.0M	1.40%
25	FQIDigital Realty Trust Incorpora	688,459	$103.6M	1.38%
26	CSCOCisco Systems Incorporated	1,891,089	$100.2M	1.33%
27	WYWeyerhaeuser Company	2,822,388	$97.1M	1.29%
28	SLG2EURSl Green Realty	1,213,396	$97.1M	1.29%
29	CVXChevron Corporation	906,825	$95.0M	1.26%
30	KMIKinder Morgan Incorporated	5,060,651	$92.3M	1.23%
31	SYKStryker Corporation	345,775	$89.8M	1.19%
32	SBUXStarbucks Corporation	800,344	$89.5M	1.19%
33	PFEPfizer Incorporated	2,199,670	$86.1M	1.14%
34	ORCLOracle Corporation	1,106,293	$86.1M	1.14%
35	ARCCAres Capital Corporation	4,285,310	$83.9M	1.12%
36	ETREntergy Corporation	838,482	$83.6M	1.11%
37	GILDGilead Sciences	1,213,815	$83.6M	1.11%
38	NXPINXP Semiconductors NV	404,968	$83.3M	1.11%
39	TJXTJX Companies	1,174,077	$79.2M	1.05%
40	1939900DBrookfield Infrastructure	1,035,903	$78.1M	1.04%
41	MAMastercard Incorporated	213,206	$77.8M	1.03%
42	ITWIllinois Tool Works Incorporat	329,391	$73.6M	0.98%
43	FBINFortune Brands Home & Security	693,802	$69.1M	0.92%
44	GOOGAlphabet Incorporated - C	27,475	$68.9M	0.92%
45	CRLCharles River Laboratories Int	185,381	$68.6M	0.91%
46	BAMBrookfield Asset Management In	1,249,271	$63.7M	0.85%
47	MKLMarkel Corporation	53,456	$63.4M	0.84%
48	RTXRaytheon Technologies Corporat	738,383	$63.0M	0.84%
49	—IHS Markit Limited	556,152	$62.7M	0.83%
50	LOWLowe's Companies Incorporated	322,539	$62.6M	0.83%
51	BRK/BBerkshire Hathaway Incorporate	208,422	$57.9M	0.77%
52	BKNGBooking Holdings Incorporated	24,480	$53.6M	0.71%
53	WRBWR Berkley Corporation	718,044	$53.4M	0.71%
54	TMOThermo Fisher Scientific Incor	105,363	$53.2M	0.71%
55	BROBrown & Brown Incorporated	937,858	$49.8M	0.66%
56	IEFiShares 7-10 Year Treasury Bon	424,458	$49.0M	0.65%
57	NDSNNordson Corporation	214,331	$47.0M	0.63%
58	AXTAAxalta Coating Systems Limited	1,455,437	$44.4M	0.59%
59	FTDRFrontdoor Incorporated	816,668	$40.7M	0.54%
60	TROWT Rowe Price Group Incorporate	197,784	$39.2M	0.52%
61	ACNAccenture PLC	130,215	$38.4M	0.51%
62	DNBDun & Bradstreet Holdings	1,787,724	$38.2M	0.51%
63	CERNCHFCerner Corporation	484,334	$37.9M	0.50%
64	NKENike Incorporated	236,785	$36.6M	0.49%
65	EXPDExpeditors International of Wa	282,935	$35.8M	0.48%
66	SPDWSPDR Portfolio Developed World	926,035	$34.1M	0.45%
67	PPGPPG Industries Incorporated	195,342	$33.2M	0.44%
68	APDAir Products & Chemicals Incor	111,879	$32.2M	0.43%
69	ROKRockwell Automation Incorporat	110,839	$31.7M	0.42%
70	CNNECannae Holdings Incorporated	920,747	$31.2M	0.41%
71	AWCAmerican Water Works Company	196,661	$30.3M	0.40%
72	MDTMedtronic	244,032	$30.3M	0.40%
73	CBSHCommerce Bancshares Incorporat	405,536	$30.2M	0.40%
74	SCHWCharles Schwab	405,942	$29.6M	0.39%
75	DCIDonaldson Incorporated	462,086	$29.4M	0.39%
76	MCDMcDonald's Corporation	126,876	$29.3M	0.39%
77	DLTRDollar Tree Incorporated	288,014	$28.7M	0.38%
78	FISFidelity National Information	197,087	$27.9M	0.37%
79	PGProcter & Gamble Company	206,545	$27.9M	0.37%
80	CFRCullen Frost Bankers Incorpora	241,125	$27.0M	0.36%
81	MORNMorningstar Incorporated	103,692	$26.7M	0.35%
82	MBBiShares MBS ETF	243,308	$26.3M	0.35%
83	CLXThe Clorox Company	140,743	$25.3M	0.34%
84	MTBM&T Bank Corporation	173,920	$25.3M	0.34%
85	—SPDR Portfolio S&P 500 Value E	634,735	$25.1M	0.33%
86	BDXBecton Dickinson and Company	102,382	$24.9M	0.33%
87	GDGeneral Dynamics Corporation	129,267	$24.3M	0.32%
88	NVSNNovartis AG ADR	265,378	$24.2M	0.32%
89	HCSGHealthcare Services Group	758,243	$23.9M	0.32%
90	NJRNew Jersey Resources Corporati	604,746	$23.9M	0.32%
91	SLYVSPDR S&P 600 Small Cap Value E	273,180	$23.4M	0.31%
92	GTESGates Industrial	1,230,989	$22.2M	0.30%
93	BWINBRP Group	792,531	$21.1M	0.28%
94	IAU*iShares Gold Trust ETF	600,099	$20.2M	0.27%
95	IBDViShares iBonds Dec 2030 Term C	741,374	$18.9M	0.25%
96	IBDRiShares iBonds Dec 2026 Term C	704,411	$18.7M	0.25%
97	HXGBYHexagon AB	1,233,396	$18.3M	0.24%
98	RMAXRE/MAX Holdings Incorporated	524,379	$17.5M	0.23%
99	BSMYInvesco BulletShares 2025 Corp	729,484	$16.3M	0.22%
100	MLNVanEck Vectors Long Municipal	737,297	$16.2M	0.21%

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