CONFLUENCE INVESTMENT MANAGEMENT LLC Q3 2025 Filing
Filed October 14, 2025
Portfolio Value
$7.0T
Holdings
294
Report Date
Q3 2025
Filing Type
13F-HR
All Holdings (294 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | SGOViShares 0-3 Month Treasury Bon | 2,599,958 | $261.8B | 3.74% | |
| 2 | SNASnap-on Inc. | 492,183 | $170.6B | 2.43% | |
| 3 | WECWEC Energy Group Inc. | 1,390,656 | $159.4B | 2.27% | |
| 4 | FASTFastenal Co. | 3,214,964 | $157.7B | 2.25% | |
| 5 | NTRSNorthern Trust Corp. | 1,157,462 | $155.8B | 2.22% | |
| 6 | CBChubb Ltd. | 538,662 | $152.0B | 2.17% | |
| 7 | ADIAnalog Devices Inc. | 613,557 | $150.8B | 2.15% | |
| 8 | LMTLockheed Martin Corp. | 297,172 | $148.4B | 2.12% | |
| 9 | LINLinde plc | 309,811 | $147.2B | 2.10% | |
| 10 | SOSouthern Co. | 1,549,426 | $146.8B | 2.09% | |
| 11 | HSYHershey Co. | 755,135 | $141.2B | 2.02% | |
| 12 | HDHome Depot Inc. | 345,296 | $139.9B | 2.00% | |
| 13 | BRBroadridge Financial Solutions | 583,912 | $139.1B | 1.98% | |
| 14 | MDLZMondelez International Inc. | 2,223,914 | $138.9B | 1.98% | |
| 15 | PGRProgressive Corp. | 554,271 | $136.9B | 1.95% | |
| 16 | PAYXPaychex Inc. | 1,027,260 | $130.2B | 1.86% | |
| 17 | DEODiageo plc | 1,363,504 | $130.1B | 1.86% | |
| 18 | FNFFidelity National Financial In | 2,139,098 | $129.4B | 1.85% | |
| 19 | CVXChevron Corp. | 832,901 | $129.3B | 1.85% | |
| 20 | ETREntergy Corp. | 1,352,347 | $126.0B | 1.80% | |
| 21 | AWCAmerican Water Works Co. Inc. | 861,830 | $120.0B | 1.71% | |
| 22 | CSCOCisco Systems Inc. | 1,707,626 | $116.8B | 1.67% | |
| 23 | CLXClorox Co. | 931,093 | $114.8B | 1.64% | |
| 24 | KMIKinder Morgan Inc. | 3,793,846 | $107.4B | 1.53% | |
| 25 | GILDGilead Sciences Inc. | 952,946 | $105.8B | 1.51% | |
| 26 | CLColgate-Palmolive Co. | 1,294,534 | $103.5B | 1.48% | |
| 27 | TROWT. Rowe Price Group Inc. | 973,769 | $99.9B | 1.43% | |
| 28 | SPMBSPDR Portfolio Mortgage Backed | 4,222,219 | $94.7B | 1.35% | |
| 29 | WRBW. R. Berkley Corp. | 1,231,537 | $94.4B | 1.35% | |
| 30 | USBU.S. Bancorp | 1,933,812 | $93.5B | 1.33% | |
| 31 | MAMastercard Inc. | 161,975 | $92.1B | 1.31% | |
| 32 | TJXTJX Co. Inc. | 603,340 | $87.2B | 1.24% | |
| 33 | MSFTMicrosoft Corp. | 161,782 | $83.8B | 1.20% | |
| 34 | SYKStryker Corp. | 226,373 | $83.7B | 1.19% | |
| 35 | ARCCAres Capital Corp. | 3,682,410 | $75.2B | 1.07% | |
| 36 | NDSNNordson Corp. | 330,517 | $75.0B | 1.07% | |
| 37 | SPGIS&P Global Inc. | 144,580 | $70.4B | 1.00% | |
| 38 | PAYCPaycom Software Inc. | 327,312 | $68.1B | 0.97% | |
| 39 | GOOGAlphabet Inc. | 277,189 | $67.5B | 0.96% | |
| 40 | SPDWSPDR Portfolio Developed World | 1,474,350 | $63.1B | 0.90% | |
| 41 | MASMasco Corp. | 868,229 | $61.1B | 0.87% | |
| 42 | ITWIllinois Tool Works Inc. | 222,916 | $58.1B | 0.83% | |
| 43 | KEYSKeysight Technologies Inc. | 326,940 | $57.2B | 0.82% | |
| 44 | UPSUnited Parcel Service Inc. | 681,643 | $56.9B | 0.81% | |
| 45 | LOWLowe's Co. Inc. | 223,323 | $56.1B | 0.80% | |
| 46 | GGGGraco Inc. | 654,019 | $55.6B | 0.79% | |
| 47 | APDAir Products and Chemicals Inc | 202,554 | $55.2B | 0.79% | |
| 48 | ACNAccenture plc | 209,255 | $51.6B | 0.74% | |
| 49 | BRK/BBerkshire Hathaway Inc. - B | 100,876 | $50.7B | 0.72% | |
| 50 | NXPINXP Semiconductors N.V. | 210,735 | $48.0B | 0.68% | |
| 51 | DOWDow Inc. | 1,961,972 | $45.0B | 0.64% | |
| 52 | WYWeyerhaeuser Co. | 1,764,467 | $43.7B | 0.62% | |
| 53 | TMOThermo Fisher Scientific Inc. | 83,223 | $40.4B | 0.58% | |
| 54 | MLMMartin Marietta Materials Inc. | 61,391 | $38.7B | 0.55% | |
| 55 | TLHiShares Barclays 10-20 Year Tr | 363,054 | $37.4B | 0.53% | |
| 56 | GLDMSPDR Gold MiniShares Trust ETF | 488,393 | $37.3B | 0.53% | |
| 57 | BF/BBrown-Forman Corp. - B | 1,349,118 | $36.5B | 0.52% | |
| 58 | ACGLArch Capital Group Ltd. | 389,020 | $35.3B | 0.50% | |
| 59 | BKNGBooking Holdings Inc. | 6,519 | $35.2B | 0.50% | |
| 60 | MBBiShares MBS ETF | 366,497 | $34.9B | 0.50% | |
| 61 | —SPDR Portfolio S&P 500 Value E | 609,954 | $33.7B | 0.48% | |
| 62 | SPYGSPDR Portfolio S&P 500 Growth | 293,048 | $30.6B | 0.44% | |
| 63 | RMEResMed Inc. | 110,658 | $30.3B | 0.43% | |
| 64 | SBUXStarbucks Corp. | 337,686 | $28.6B | 0.41% | |
| 65 | ECLEcolab Inc. | 102,158 | $28.0B | 0.40% | |
| 66 | BROBrown & Brown Inc. | 297,603 | $27.9B | 0.40% | |
| 67 | GDGeneral Dynamics Corp. | 79,726 | $27.2B | 0.39% | |
| 68 | DLTRDollar Tree Inc. | 273,626 | $25.8B | 0.37% | |
| 69 | APHAmphenol Corp. | 208,223 | $25.8B | 0.37% | |
| 70 | SHWSherwin-Williams Co. | 72,791 | $25.2B | 0.36% | |
| 71 | DCIDonaldson Co. Inc. | 303,816 | $24.9B | 0.35% | |
| 72 | AOSA. O. Smith Corp. | 329,070 | $24.2B | 0.34% | |
| 73 | MCDMcDonald's Corp. | 76,265 | $23.2B | 0.33% | |
| 74 | REGLProShares S&P MidCap 400 Divid | 269,306 | $23.0B | 0.33% | |
| 75 | IBTQiShares iBonds Dec 2035 Term T | 886,173 | $22.6B | 0.32% | |
| 76 | MDYGSPDR S&P 400 Mid Cap Growth ET | 239,659 | $21.9B | 0.31% | |
| 77 | EXPDExpeditors International of Wa | 177,080 | $21.7B | 0.31% | |
| 78 | MCXMcCormick & Company Inc. | 322,216 | $21.6B | 0.31% | |
| 79 | NJRNew Jersey Resources Corp. | 423,035 | $20.4B | 0.29% | |
| 80 | PGProcter & Gamble Co. | 131,007 | $20.1B | 0.29% | |
| 81 | ZTSZoetis Inc. | 133,711 | $19.6B | 0.28% | |
| 82 | MDTMedtronic plc | 204,759 | $19.5B | 0.28% | |
| 83 | EOGEOG Resources Inc. | 172,674 | $19.4B | 0.28% | |
| 84 | STZConstellation Brands | 143,543 | $19.3B | 0.28% | |
| 85 | VNTVontier Corp. | 449,691 | $18.9B | 0.27% | |
| 86 | VVVValvoline Inc. | 490,614 | $17.6B | 0.25% | |
| 87 | TTCToro Co. | 224,017 | $17.1B | 0.24% | |
| 88 | NKENIKE Inc. | 244,217 | $17.0B | 0.24% | |
| 89 | IBTOiShares iBonds Dec 2033 Term T | 676,864 | $16.7B | 0.24% | |
| 90 | IBTPiShares iBonds Dec 2034 Term T | 642,704 | $16.7B | 0.24% | |
| 91 | MDYVSPDR S&P 400 Mid Cap Value ETF | 187,602 | $15.6B | 0.22% | |
| 92 | DISWalt Disney Co. | 136,317 | $15.6B | 0.22% | |
| 93 | CPRTCopart Inc. | 335,829 | $15.1B | 0.22% | |
| 94 | BDXBecton Dickinson & Co. | 80,263 | $15.0B | 0.21% | |
| 95 | CRLCharles River Laboratories Int | 95,963 | $15.0B | 0.21% | |
| 96 | CARRCarrier Global Corp. | 234,214 | $14.0B | 0.20% | |
| 97 | MORNMorningstar Inc. | 60,239 | $14.0B | 0.20% | |
| 98 | IEIiShares 3-7 Year Treasury Bond | 112,903 | $13.5B | 0.19% | |
| 99 | HYBBiShares BB Rated Corporate Bon | 270,829 | $12.8B | 0.18% | |
| 100 | IEURiShares Core MSCI Europe ETF | 180,698 | $12.3B | 0.18% |
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