CONFLUENCE INVESTMENT MANAGEMENT LLC Q3 2021 Filing

Filed October 4, 2021

Portfolio Value

$7.1B

Holdings

299

Report Date

Q3 2021

Filing Type

13F-HR

All Holdings (299 positions)

#	Stock	Shares	Value	% Portfolio
1	DEODiageo PLC	871,356	$168.2M	2.36%
2	PEPPepsico Incorporated	1,065,583	$160.3M	2.25%
3	PAYXPaychex Incorporated	1,389,407	$156.2M	2.19%
4	MSFTMicrosoft Corporation	553,377	$156.0M	2.19%
5	FASTFastenal Company	2,851,888	$147.2M	2.07%
6	HDHome Depot Incorporated	436,000	$143.1M	2.01%
7	SNASnap-on Incorporated	677,992	$141.7M	1.99%
8	BRBroadridge Financial Solutions	801,041	$133.5M	1.87%
9	NSRGYNestle SA	1,096,284	$131.8M	1.85%
10	LINLinde PLC	447,200	$131.2M	1.84%
11	PIIPolaris Industries	1,073,266	$128.4M	1.80%
12	CBChubb Corporation	730,365	$126.7M	1.78%
13	ADIAnalog Devices Incorporated	744,942	$124.8M	1.75%
14	PGRProgressive Corporation	1,354,360	$122.4M	1.72%
15	NTRSNorthern Trust Corporation	1,130,060	$121.8M	1.71%
16	SOSouthern Company	1,902,760	$117.9M	1.65%
17	LMTLockheed Martin Corporation	326,281	$112.6M	1.58%
18	USBUS Bancorp	1,858,280	$110.5M	1.55%
19	CLColgate-Palmolive Company	1,450,127	$109.6M	1.54%
20	FNFFidelity National Financial In	2,416,072	$109.5M	1.54%
21	RYNRayonier Incorporated	2,919,242	$104.2M	1.46%
22	1939900DBrookfield Infrastructure	1,718,221	$102.9M	1.44%
23	CSCOCisco Systems Incorporated	1,887,180	$102.7M	1.44%
24	MMM3M Company	573,787	$100.7M	1.41%
25	WYWeyerhaeuser Company	2,829,119	$100.6M	1.41%
26	FQIDigital Realty Trust Incorpora	688,039	$99.4M	1.39%
27	DOWDow Incorporated	1,696,491	$97.7M	1.37%
28	SLG2EURSl Green Realty	1,337,436	$94.7M	1.33%
29	PFEPfizer Incorporated	2,198,856	$94.6M	1.33%
30	ORCLOracle Corporation	1,024,193	$89.2M	1.25%
31	CVXChevron Corporation	872,110	$88.5M	1.24%
32	GGGGraco Incorporated	1,256,426	$87.9M	1.23%
33	ARCCAres Capital Corporation	4,300,388	$87.4M	1.23%
34	GILDGilead Sciences	1,224,499	$85.5M	1.20%
35	SYKStryker Corporation	322,673	$85.1M	1.19%
36	KMIKinder Morgan Incorporated	5,058,371	$84.6M	1.19%
37	ETREntergy Corporation	846,240	$84.0M	1.18%
38	SBUXStarbucks Corporation	749,631	$82.7M	1.16%
39	NXPINXP Semiconductors NV	392,098	$76.8M	1.08%
40	TJXTJX Companies	1,103,653	$72.8M	1.02%
41	GOOGAlphabet Incorporated - C	27,146	$72.4M	1.02%
42	MAMastercard Incorporated	197,169	$68.6M	0.96%
43	BAMBrookfield Asset Management In	1,231,100	$65.9M	0.92%
44	LOWLowe's Companies Incorporated	319,908	$64.9M	0.91%
45	—IHS Markit Limited	548,186	$63.9M	0.90%
46	MKLMarkel Corporation	52,638	$62.9M	0.88%
47	ITWIllinois Tool Works Incorporat	303,677	$62.7M	0.88%
48	TMOThermo Fisher Scientific Incor	104,205	$59.5M	0.84%
49	RTXRaytheon Technologies Corporat	686,809	$59.0M	0.83%
50	FBINFortune Brands Home & Security	639,341	$57.2M	0.80%
51	BKNGBooking Holdings Incorporated	23,954	$56.9M	0.80%
52	BRK/BBerkshire Hathaway Incorporate	207,780	$56.7M	0.80%
53	WRBWR Berkley Corporation	718,031	$52.5M	0.74%
54	CRLCharles River Laboratories Int	125,409	$51.8M	0.73%
55	IEFiShares 7-10 Year Treasury Bon	426,301	$49.1M	0.69%
56	BROBrown & Brown Incorporated	821,265	$45.5M	0.64%
57	NDSNNordson Corporation	186,919	$44.5M	0.62%
58	MBBiShares MBS ETF	406,576	$44.0M	0.62%
59	AXTAAxalta Coating Systems Limited	1,467,664	$42.8M	0.60%
60	SPDWSPDR Portfolio Developed World	1,016,479	$36.8M	0.52%
61	CERNCHFCerner Corporation	487,804	$34.4M	0.48%
62	ACNAccenture PLC	107,108	$34.3M	0.48%
63	FTDRFrontdoor Incorporated	791,280	$33.2M	0.47%
64	TROWT Rowe Price Group Incorporate	161,038	$31.7M	0.44%
65	DNBDun & Bradstreet Holdings	1,783,165	$30.0M	0.42%
66	CNNECannae Holdings Incorporated	906,867	$28.2M	0.40%
67	NKENike Incorporated	192,003	$27.9M	0.39%
68	EXPDExpeditors International of Wa	232,237	$27.7M	0.39%
69	AWCAmerican Water Works Company	161,485	$27.3M	0.38%
70	—SPDR Portfolio S&P 500 Value E	686,482	$26.8M	0.38%
71	ROKRockwell Automation Incorporat	90,405	$26.6M	0.37%
72	DLTRDollar Tree Incorporated	276,679	$26.5M	0.37%
73	MDTMedtronic	203,927	$25.6M	0.36%
74	MCDMcDonald's Corporation	105,243	$25.4M	0.36%
75	BWINBRP Group	747,490	$24.9M	0.35%
76	SCHWCharles Schwab	336,587	$24.5M	0.34%
77	SLYVSPDR S&P 600 Small Cap Value E	295,374	$24.2M	0.34%
78	PGProcter & Gamble Company	171,272	$23.9M	0.34%
79	APDAir Products & Chemicals Incor	93,008	$23.8M	0.33%
80	CFRCullen Frost Bankers Incorpora	199,503	$23.7M	0.33%
81	CBSHCommerce Bancshares Incorporat	337,811	$23.5M	0.33%
82	PPGPPG Industries Incorporated	161,505	$23.1M	0.32%
83	DCIDonaldson Incorporated	382,731	$22.0M	0.31%
84	MTBM&T Bank Corporation	144,618	$21.6M	0.30%
85	BDXBecton Dickinson and Company	85,777	$21.1M	0.30%
86	GDGeneral Dynamics Corporation	107,326	$21.0M	0.30%
87	IAU*iShares Gold Trust ETF	625,895	$20.9M	0.29%
88	FISFidelity National Information	165,682	$20.2M	0.28%
89	MORNMorningstar Incorporated	76,669	$19.9M	0.28%
90	GTESGates Industrial	1,208,021	$19.7M	0.28%
91	CLXThe Clorox Company	118,504	$19.6M	0.28%
92	IBDViShares iBonds Dec 2030 Term C	744,280	$18.8M	0.26%
93	IBDRiShares iBonds Dec 2026 Term C	708,368	$18.8M	0.26%
94	NVSNNovartis AG ADR	224,239	$18.3M	0.26%
95	HCSGHealthcare Services Group	714,020	$17.8M	0.25%
96	NJRNew Jersey Resources Corporati	506,471	$17.6M	0.25%
97	RMAXRE/MAX Holdings Incorporated	535,100	$16.7M	0.23%
98	MLNVanEck Vectors Long Municipal	750,963	$16.2M	0.23%
99	VNTVontier Corporation	449,870	$15.1M	0.21%
100	SPYGSPDR Portfolio S&P 500 Growth	224,089	$14.3M	0.20%

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