CONFLUENCE INVESTMENT MANAGEMENT LLC Q2 2022 Filing

Filed July 12, 2022

Portfolio Value

$6.4B

Holdings

310

Report Date

Q2 2022

Filing Type

13F-HR

All Holdings (310 positions)

#	Stock	Shares	Value	% Portfolio
1	PEPPepsico Incorporated	1,043,843	$174.0M	2.71%
2	PGRProgressive Corporation	1,351,949	$157.2M	2.45%
3	DEODiageo PLC	876,066	$152.5M	2.38%
4	PAYXPaychex Incorporated	1,285,261	$146.4M	2.28%
5	LMTLockheed Martin Corporation	327,065	$140.6M	2.19%
6	FASTFastenal Company	2,810,144	$140.3M	2.19%
7	CBChubb Corporation	698,529	$137.3M	2.14%
8	MSFTMicrosoft Corporation	520,739	$133.7M	2.08%
9	SOSouthern Company	1,865,810	$133.1M	2.07%
10	SNASnap-on Incorporated	659,919	$130.0M	2.03%
11	NSRGYNestle SA	1,069,011	$124.4M	1.94%
12	LINLinde PLC	428,692	$123.3M	1.92%
13	CVXChevron Corporation	816,334	$118.2M	1.84%
14	CLColgate-Palmolive Company	1,458,355	$116.9M	1.82%
15	BRBroadridge Financial Solutions	811,925	$115.7M	1.80%
16	HDHome Depot Incorporated	407,616	$111.8M	1.74%
17	1939900DBrookfield Infrastructure	2,600,892	$110.5M	1.72%
18	RYNRayonier Incorporated	2,928,903	$109.5M	1.71%
19	PIIPolaris Industries	1,093,474	$108.6M	1.69%
20	NTRSNorthern Trust Corporation	1,115,214	$107.6M	1.68%
21	ADIAnalog Devices Incorporated	709,267	$103.6M	1.61%
22	ETREntergy Corporation	881,730	$99.3M	1.55%
23	SLGSL Green Realty	2,079,154	$96.0M	1.50%
24	WYWeyerhaeuser Company	2,861,975	$94.8M	1.48%
25	FQIDigital Realty Trust Incorpora	711,692	$92.4M	1.44%
26	FNFFidelity National Financial In	2,437,733	$90.1M	1.40%
27	DOWDow Incorporated	1,743,696	$90.0M	1.40%
28	KMIKinder Morgan Incorporated	5,284,206	$88.6M	1.38%
29	USBUS Bancorp	1,912,104	$88.0M	1.37%
30	TROWT Rowe Price Group Incorporate	739,529	$84.0M	1.31%
31	CSCOCisco Systems Incorporated	1,936,580	$82.6M	1.29%
32	GILDGilead Sciences	1,309,711	$81.0M	1.26%
33	ARCCAres Capital Corporation	4,422,979	$79.3M	1.24%
34	WRBWR Berkley Corporation	1,060,247	$72.4M	1.13%
35	SPGIS&P Global Incorporated	211,343	$71.2M	1.11%
36	ORCLOracle Corporation	961,994	$67.2M	1.05%
37	MKLMarkel Corporation	50,647	$65.5M	1.02%
38	GGGGraco Incorporated	1,062,482	$63.1M	0.98%
39	RTXRaytheon Technologies Corporat	641,643	$61.7M	0.96%
40	SYKStryker Corporation	305,234	$60.7M	0.95%
41	TJXTJX Companies	1,070,100	$59.8M	0.93%
42	MAMastercard Incorporated	185,150	$58.4M	0.91%
43	GOOGAlphabet Incorporated - C	26,702	$58.4M	0.91%
44	MMM3M Company	439,496	$56.9M	0.89%
45	SBUXStarbucks Corporation	740,733	$56.6M	0.88%
46	BRK/BBerkshire Hathaway Incorporate	206,515	$56.4M	0.88%
47	TMOThermo Fisher Scientific Incor	102,010	$55.4M	0.86%
48	NXPINXP Semiconductors NV	370,370	$54.8M	0.85%
49	BAMBrookfield Asset Management In	1,200,311	$53.4M	0.83%
50	LOWLowe's Companies Incorporated	304,661	$53.2M	0.83%
51	ITWIllinois Tool Works Incorporat	282,523	$51.5M	0.80%
52	CLVTClarivate	3,345,373	$46.4M	0.72%
53	FBINFortune Brands Home & Security	685,877	$41.1M	0.64%
54	DNBDun & Bradstreet Holdings	2,596,458	$39.0M	0.61%
55	IEFiShares 7-10 Year Treasury Bon	359,584	$36.8M	0.57%
56	BROBrown & Brown Incorporated	597,735	$34.9M	0.54%
57	NDSNNordson Corporation	159,455	$32.3M	0.50%
58	BKNGBooking Holdings Incorporated	17,687	$30.9M	0.48%
59	SPDWSPDR Portfolio Developed World	927,175	$26.7M	0.42%
60	DLTRDollar Tree Incorporated	154,177	$24.0M	0.37%
61	HSYHershey Company	107,977	$23.2M	0.36%
62	—Leslie's Incorporated	1,523,846	$23.1M	0.36%
63	SLYVSPDR S&P 600 Small Cap Value E	311,112	$22.5M	0.35%
64	PDBCInvesco Optimum Yield Diversif	1,242,848	$22.4M	0.35%
65	MBBiShares MBS ETF	224,563	$21.9M	0.34%
66	TLTiShares 20Plus Year Treasury B	187,560	$21.5M	0.34%
67	—SPDR Portfolio S&P 500 Value E	576,411	$21.2M	0.33%
68	MCDMcDonald's Corporation	83,764	$20.7M	0.32%
69	IBDRiShares iBonds Dec 2026 Term C	848,208	$20.2M	0.31%
70	PGProcter & Gamble Company	136,390	$19.6M	0.31%
71	AWCAmerican Water Works Company	129,536	$19.3M	0.30%
72	GDGeneral Dynamics Corporation	87,074	$19.3M	0.30%
73	NJRNew Jersey Resources Corporati	429,076	$19.1M	0.30%
74	CBSHCommerce Bancshares Incorporat	285,559	$18.7M	0.29%
75	MTBM&T Bank Corporation	116,522	$18.6M	0.29%
76	CFRCullen Frost Bankers Incorpora	158,388	$18.4M	0.29%
77	APDAir Products & Chemicals Incor	75,558	$18.2M	0.28%
78	BDXBecton Dickinson and Company	73,567	$18.1M	0.28%
79	EXPDExpeditors International of Wa	185,277	$18.1M	0.28%
80	MORNMorningstar Incorporated	74,059	$17.9M	0.28%
81	IBHGiShares iBonds December 2030 T	849,954	$17.7M	0.28%
82	GTESGates Industrial	1,577,846	$17.1M	0.27%
83	IAU*iShares Gold Trust ETF	495,243	$17.0M	0.26%
84	SCHWCharles Schwab	267,335	$16.9M	0.26%
85	IBDViShares iBonds Dec 2030 Term C	763,414	$16.3M	0.25%
86	DXJJapan Total Divend Fund - Wisd	255,685	$16.0M	0.25%
87	IBTGiShares iBonds Dec 2026 Term T	671,884	$15.8M	0.25%
88	NKENike Incorporated	154,739	$15.8M	0.25%
89	CLXThe Clorox Company	112,158	$15.8M	0.25%
90	FISFidelity National Information	172,321	$15.8M	0.25%
91	MDTMedtronic	175,878	$15.8M	0.25%
92	NVSNNovartis AG ADR	186,547	$15.8M	0.25%
93	DCIDonaldson Incorporated	320,667	$15.4M	0.24%
94	PPGPPG Industries Incorporated	132,899	$15.2M	0.24%
95	RMAXRE/MAX Holdings Incorporated	596,277	$14.6M	0.23%
96	ROKRockwell Automation Incorporat	72,998	$14.5M	0.23%
97	HYBBiShares BB Rated Corporate Bon	318,693	$14.1M	0.22%
98	JJSFJ & J Snack Foods Corporation	97,095	$13.6M	0.21%
99	KDPKeurig Dr Pepper Incorporated	381,705	$13.5M	0.21%
100	BWINBRP Group	559,206	$13.5M	0.21%

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