CONFLUENCE INVESTMENT MANAGEMENT LLC Q4 2016 Filing
Filed February 14, 2017
Portfolio Value
$4.1T
Holdings
235
Report Date
Q4 2016
Filing Type
13F-HR
All Holdings (235 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | JNJJohnson & Johnson | 912,580 | $105.1B | 2.55% | |
| 2 | PEPPepsico Inc | 979,165 | $102.5B | 2.49% | |
| 3 | NTRSNorthern Trust Corporation | 1,016,760 | $90.5B | 2.20% | |
| 4 | CVXChevron Corp. | 732,369 | $86.2B | 2.09% | |
| 5 | MSFTMicrosoft Corp. | 1,385,790 | $86.1B | 2.09% | |
| 6 | DEODiageo (Adr 1:4) | 816,463 | $84.9B | 2.06% | |
| 7 | PAYXPaychex Inc. | 1,389,753 | $84.6B | 2.05% | |
| 8 | CBChubb Limited | 625,850 | $82.7B | 2.01% | |
| 9 | MMM3M Company | 461,858 | $82.5B | 2.00% | |
| 10 | FASTFastenal Co. | 1,750,659 | $82.2B | 2.00% | |
| 11 | —Linear Technology Corp | 1,275,127 | $79.5B | 1.93% | |
| 12 | SOSouthern Company | 1,532,569 | $75.4B | 1.83% | |
| 13 | KHCKraft Heinz Co. | 855,921 | $74.7B | 1.81% | |
| 14 | ARCCAres Capital Corp. | 4,475,327 | $73.8B | 1.79% | |
| 15 | GGGGraco inc. | 873,825 | $72.6B | 1.76% | |
| 16 | PGRProgressive Corp. | 2,040,127 | $72.4B | 1.76% | |
| 17 | —Du Pont E.I. De Nemours & Com | 961,030 | $70.5B | 1.71% | |
| 18 | MLMMartin Marietta Materials Inc. | 318,383 | $70.5B | 1.71% | |
| 19 | PXGBXPraxair Inc. | 599,372 | $70.2B | 1.70% | |
| 20 | CLColgate-Palmolive Co. | 1,064,987 | $69.7B | 1.69% | |
| 21 | FNFFidelity National Financial In | 2,043,216 | $69.4B | 1.68% | |
| 22 | SYKStryker Corp. | 556,409 | $66.7B | 1.62% | |
| 23 | IRMIron Mountain | 2,005,197 | $65.1B | 1.58% | |
| 24 | WYWeyerhaeuser Co. | 2,147,067 | $64.6B | 1.57% | |
| 25 | RYNRayonier Inc. | 2,399,951 | $63.8B | 1.55% | |
| 26 | BRBroadridge Financial Solutions | 933,846 | $61.9B | 1.50% | |
| 27 | PFEPfizer Inc. | 1,869,907 | $60.7B | 1.47% | |
| 28 | GSKGlaxoSmithKline Plc (Adr 1:2) | 1,539,843 | $59.3B | 1.44% | |
| 29 | KMIKinder Morgan Inc. | 2,862,279 | $59.3B | 1.44% | |
| 30 | GEGeneral Electric Company | 1,815,270 | $57.4B | 1.39% | |
| 31 | CHRWC.H. Robinson Worldwide Inc. | 766,223 | $56.1B | 1.36% | |
| 32 | AIGAmerican International Group I | 854,451 | $55.8B | 1.35% | |
| 33 | KSSKohl's Corp. | 1,120,846 | $55.3B | 1.34% | |
| 34 | —Allergan Inc. | 248,118 | $52.1B | 1.26% | |
| 35 | MKLMarkel Corp. | 56,800 | $51.4B | 1.25% | |
| 36 | DISCKUSDDiscovery Communications Inc. | 1,764,268 | $47.2B | 1.15% | |
| 37 | MATMattel Inc | 1,656,417 | $45.6B | 1.11% | |
| 38 | NXPINXP Semiconductors | 464,970 | $45.6B | 1.11% | |
| 39 | LOWLowe's Companies Inc. | 629,241 | $44.8B | 1.09% | |
| 40 | CFRUYCompagnie Financiere Richemont | 6,476,656 | $42.5B | 1.03% | |
| 41 | MAMastercard Inc. - A | 404,457 | $41.8B | 1.01% | |
| 42 | AXPAmerican Express Company | 523,460 | $38.8B | 0.94% | |
| 43 | FQIDigital Realty Trust Inc. | 385,038 | $37.8B | 0.92% | |
| 44 | TJXTJX Companies | 494,741 | $37.2B | 0.90% | |
| 45 | ITWIllinois Tool Works Inc. | 263,199 | $32.2B | 0.78% | |
| 46 | WRBW.R. Berkley Corp | 469,247 | $31.2B | 0.76% | |
| 47 | UTXZUnited Technologies Corp. | 275,712 | $30.2B | 0.73% | |
| 48 | BRK/BBerkshire Hathaway Inc. - B | 181,983 | $29.7B | 0.72% | |
| 49 | IEFiShares 7-10 Year Treasury Bon | 261,588 | $27.4B | 0.67% | |
| 50 | TMOThermo Fisher Scientific Inc. | 184,971 | $26.1B | 0.63% | |
| 51 | SLBSchlumberger Ltd. | 306,545 | $25.7B | 0.62% | |
| 52 | —Advisory Board Company | 734,107 | $24.4B | 0.59% | |
| 53 | —Express Scripts Inc. | 328,349 | $22.6B | 0.55% | |
| 54 | BROBrown & Brown Inc. | 464,330 | $20.8B | 0.51% | |
| 55 | GOOGAlphabet Inc. Class- C | 26,134 | $20.2B | 0.49% | |
| 56 | DFINDonnelley Financial Solution | 816,626 | $18.8B | 0.46% | |
| 57 | MSMMSC Industrial Direct Co. Inc | 192,746 | $17.8B | 0.43% | |
| 58 | RMAXRE/Max Holdings | 313,515 | $17.6B | 0.43% | |
| 59 | —MTS Systems Corp. | 308,770 | $17.5B | 0.42% | |
| 60 | AQLTiShares Corporate ex Financial | 663,756 | $16.0B | 0.39% | |
| 61 | HDHome Depot Inc. | 111,218 | $14.9B | 0.36% | |
| 62 | CBSHCommerce Bancshares Inc. | 254,066 | $14.7B | 0.36% | |
| 63 | GBDCGolub Capital BDC Inc | 781,172 | $14.4B | 0.35% | |
| 64 | MDUMDU Resources Group Inc. | 486,220 | $14.0B | 0.34% | |
| 65 | MBBiShares MBS Bond ETF | 131,532 | $14.0B | 0.34% | |
| 66 | GDGeneral Dynamics Corp. | 80,591 | $13.9B | 0.34% | |
| 67 | MTBM&T Bank Corp. | 88,280 | $13.8B | 0.34% | |
| 68 | ADIAnalog Devices Inc. | 188,092 | $13.7B | 0.33% | |
| 69 | NMFCNew Mountain Finance Corp. | 931,841 | $13.1B | 0.32% | |
| 70 | DCIDonaldson Inc | 310,636 | $13.1B | 0.32% | |
| 71 | SPIBSPDR Interm. Term Corporate Bo | 378,235 | $12.8B | 0.31% | |
| 72 | —iShares Corporate ex Financial | 520,195 | $12.8B | 0.31% | |
| 73 | LMTLockheed Martin Corp | 50,450 | $12.6B | 0.31% | |
| 74 | —TCP Capital Corp | 742,062 | $12.5B | 0.30% | |
| 75 | BDXBecton Dickinson and Company | 74,905 | $12.4B | 0.30% | |
| 76 | NJRNew Jersey Resources Corp. | 344,312 | $12.2B | 0.30% | |
| 77 | XOMExxon Mobil Corp. | 134,971 | $12.2B | 0.30% | |
| 78 | MCDMcDonald's Corp. | 99,467 | $12.1B | 0.29% | |
| 79 | SBUXStarbucks Corporation | 216,861 | $12.0B | 0.29% | |
| 80 | SEICSEI Investments Company | 240,695 | $11.9B | 0.29% | |
| 81 | TLTBarclays 20 Year Treasury Bond | 97,509 | $11.6B | 0.28% | |
| 82 | CFRCullen Frost Bankers Inc. | 131,180 | $11.6B | 0.28% | |
| 83 | CLXThe Clorox Company | 96,190 | $11.5B | 0.28% | |
| 84 | APDAir Products & Chemicals Inc. | 79,938 | $11.5B | 0.28% | |
| 85 | PGProcter & Gamble Company | 134,386 | $11.3B | 0.27% | |
| 86 | AQLTiShares Corporate Bond ETF 202 | 428,721 | $11.2B | 0.27% | |
| 87 | EXPDExpeditors International of Wa | 211,629 | $11.2B | 0.27% | |
| 88 | TROWT. Rowe Price Group Inc. | 148,480 | $11.2B | 0.27% | |
| 89 | PIIPolaris Industries | 134,071 | $11.0B | 0.27% | |
| 90 | SLRCSolar Capital, LTD. | 527,738 | $11.0B | 0.27% | |
| 91 | OXYOccidental Petroleum Corp | 149,122 | $10.6B | 0.26% | |
| 92 | GWWW.W. Grainger Inc. | 45,428 | $10.6B | 0.26% | |
| 93 | HTGCHercules Technology Growth Cap | 727,777 | $10.3B | 0.25% | |
| 94 | MORNMorningstar Inc. | 139,273 | $10.2B | 0.25% | |
| 95 | NSRGYNestle SA | 141,069 | $10.1B | 0.25% | |
| 96 | MDTMedtronic | 139,821 | $10.0B | 0.24% | |
| 97 | —THL Credit | 943,835 | $9.4B | 0.23% | |
| 98 | NVSNNovartis AG - ADR | 128,163 | $9.3B | 0.23% | |
| 99 | JWNUSDNordstrom Inc. | 192,277 | $9.2B | 0.22% | |
| 100 | NKENike Inc. - B | 181,307 | $9.2B | 0.22% |
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