CONFLUENCE INVESTMENT MANAGEMENT LLC Q3 2016 Filing

Filed November 4, 2016

Portfolio Value

$3.8T

Holdings

223

Report Date

Q3 2016

Filing Type

13F-HR

All Holdings (223 positions)

#StockSharesValue% PortfolioType
1
JNJJohnson & Johnson
879,567$103.9B2.71%
2
PEPPepsico Inc
945,153$102.8B2.68%
3
DEODiageo (Adr 1:4)
696,497$80.8B2.11%
4
Linear Technology Corp
1,327,121$78.7B2.05%
5
MSFTMicrosoft Corp.
1,357,465$78.2B2.04%
6
CBChubb Limited
585,800$73.6B1.92%
7
CVXChevron Corp.
686,504$70.7B1.84%
8
MMM3M Company
398,000$70.1B1.83%
9
PAYXPaychex Inc.
1,172,621$67.9B1.77%
10
CLColgate-Palmolive Co.
906,573$67.2B1.75%
11
NTRSNorthern Trust Corporation
983,792$66.9B1.75%
12
PXGBXPraxair Inc.
552,254$66.7B1.74%
13
SOSouthern Company
1,298,232$66.6B1.74%
14
KHCKraft Heinz Co.
730,481$65.4B1.71%
15
ARCCAres Capital Corp.
4,202,302$65.1B1.70%
16
FNFFidelity National Financial In
1,752,709$64.7B1.69%
17
SYKStryker Corp.
554,834$64.6B1.69%
18
FASTFastenal Co.
1,512,450$63.2B1.65%
19
WYWeyerhaeuser Co.
1,966,361$62.8B1.64%
20
GGGGraco inc.
847,313$62.7B1.64%
21
IRMIron Mountain
1,655,817$62.1B1.62%
22
PGRProgressive Corp.
1,965,218$61.9B1.62%
23
KMIKinder Morgan Inc.
2,629,320$60.8B1.59%
24
GSKGlaxoSmithKline Plc (Adr 1:2)
1,403,683$60.5B1.58%
25
RYNRayonier Inc.
2,232,979$59.3B1.55%
26
BRBroadridge Financial Solutions
866,497$58.7B1.53%
27
PFEPfizer Inc.
1,718,169$58.2B1.52%
28
MLMMartin Marietta Materials Inc.
324,630$58.1B1.52%
29
Du Pont E.I. De Nemours & Com
828,283$55.5B1.45%
30
KSSKohl's Corp.
1,255,979$54.9B1.43%
31
MKLMarkel Corp.
56,410$52.4B1.37%
32
CHRWC.H. Robinson Worldwide Inc.
741,147$52.2B1.36%
33
GEGeneral Electric Company
1,756,216$52.0B1.36%
34
AIGAmerican International Group I
862,523$51.2B1.34%
35
NXPINXP Semiconductors
468,349$47.8B1.25%
36
DISCKUSDDiscovery Communications Inc.
1,753,680$46.1B1.20%
37
LOWLowe's Companies Inc.
599,427$43.3B1.13%
38
MAMastercard Inc. - A
422,974$43.0B1.12%
39
CFRUYCompagnie Financiere Richemont
6,427,806$39.3B1.02%
40
TJXTJX Companies
522,257$39.1B1.02%
41
MATMattel Inc
1,245,649$37.7B0.98%
42
ITWIllinois Tool Works Inc.
284,436$34.1B0.89%
43
AXPAmerican Express Company
515,658$33.0B0.86%
44
FQIDigital Realty Trust Inc.
328,643$31.9B0.83%
45
TMOThermo Fisher Scientific Inc.
199,252$31.7B0.83%
46
BBBYEURBed Bath & Beyond Inc
723,309$31.2B0.81%
47
UTXZUnited Technologies Corp.
297,159$30.2B0.79%
48
WRBW.R. Berkley Corp
510,925$29.5B0.77%
49
BRK/BBerkshire Hathaway Inc. - B
198,826$28.7B0.75%
50
Advisory Board Company
629,940$28.2B0.74%
51
Allergan Inc.
114,238$26.3B0.69%
52
TLTBarclays 20+ Year Treasury Bon
188,819$26.0B0.68%
53
SLBSchlumberger Ltd.
325,726$25.6B0.67%
54
GOOGAlphabet Inc. Class- C
32,497$25.3B0.66%
55
Express Scripts Inc.
347,304$24.5B0.64%
56
BROBrown & Brown Inc.
632,010$23.8B0.62%
57
IEFiShares 7-10 Year Treasury Bon
199,751$22.3B0.58%
58
RMAXRE/Max Holdings
449,345$19.7B0.51%
59
MSMMSC Industrial Direct Co. Inc
264,050$19.4B0.51%
60
GBDCGolub Capital BDC Inc
785,122$14.6B0.38%
61
AQLTiShares Corporate ex Financial
570,001$14.4B0.37%
62
HDHome Depot Inc.
104,697$13.5B0.35%
63
MTS Systems Corp.
290,242$13.4B0.35%
64
BDXBecton Dickinson and Company
70,337$12.6B0.33%
65
TCP Capital Corp
745,512$12.2B0.32%
66
MORNMorningstar Inc.
153,995$12.2B0.32%
67
GDGeneral Dynamics Corp.
76,038$11.8B0.31%
68
MDUMDU Resources Group Inc.
462,822$11.8B0.31%
69
EXPDExpeditors International of Wa
228,448$11.8B0.31%
70
NMFCNew Mountain Finance Corp.
831,327$11.4B0.30%
71
ADIAnalog Devices Inc.
177,184$11.4B0.30%
72
SPIBSPDR Interm. Term Corporate Bo
326,734$11.4B0.30%
73
LMTLockheed Martin Corp
47,439$11.4B0.30%
74
CBSHCommerce Bancshares Inc.
230,354$11.3B0.30%
75
MDTMedtronic
130,965$11.3B0.30%
76
iShares Corporate ex Financial
452,253$11.2B0.29%
77
SBUXStarbucks Corporation
205,149$11.1B0.29%
78
PGProcter & Gamble Company
123,449$11.1B0.29%
79
CLXThe Clorox Company
88,344$11.1B0.29%
80
APDAir Products & Chemicals Inc.
73,479$11.0B0.29%
81
XOMExxon Mobil Corp.
125,284$10.9B0.29%
82
DCIDonaldson Inc
291,467$10.9B0.28%
83
SLRCSolar Capital, LTD.
527,713$10.8B0.28%
84
MLNVanEck Vectors Long Municipal
516,423$10.7B0.28%
85
MCDMcDonald's Corp.
91,749$10.6B0.28%
86
NJRNew Jersey Resources Corp.
318,935$10.5B0.27%
87
NSRGYNestle SA
131,696$10.4B0.27%
88
OXYOccidental Petroleum Corp
142,574$10.4B0.27%
89
SEICSEI Investments Company
221,796$10.1B0.26%
90
AQLTiShares Corporate Bond ETF 202
370,189$10.1B0.26%
91
THL Credit
1,039,700$9.9B0.26%
92
HTGCHercules Technology Growth Cap
723,872$9.8B0.26%
93
MTBM&T Bank Corp.
82,595$9.6B0.25%
94
PIIPolaris Industries
123,152$9.5B0.25%
95
GWWW.W. Grainger Inc.
41,737$9.4B0.24%
96
JWNUSDNordstrom Inc.
178,118$9.2B0.24%
97
NVSNNovartis AG - ADR
115,487$9.1B0.24%
98
Triangle Capital Corp
459,588$9.1B0.24%
99
TROWT. Rowe Price Group Inc.
135,496$9.0B0.24%
100
CFRCullen Frost Bankers Inc.
125,246$9.0B0.24%
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