CONFLUENCE INVESTMENT MANAGEMENT LLC Q4 2017 Filing

Filed January 8, 2018

Portfolio Value

$5.5B

Holdings

241

Report Date

Q4 2017

Filing Type

13F-HR

All Holdings (241 positions)

StockValue
JNJJohnson & Johnson
$142.1M
PEPPepsico Inc.
$138.4M
DEODiageo (Adr 1:4)
$137.3M
PIIPolaris Industries
$133.7M
FASTFastenal Co.
$131.9M
MSFTMicrosoft Corp.
$124.2M
PAYXPaychex Inc.
$118.2M
NTRSNorthern Trust Corporation
$115.7M
PXGBXPraxair Inc.
$115.5M
MMM3M Company
$114.2M
CVXChevron Corp.
$112.3M
PGRProgressive Corp.
$112.2M
DowDuPont Inc
$109.0M
CBChubb Limited
$108.9M
GGGGraco Inc.
$106.1M
CLColgate-Palmolive Co.
$101.9M
SOSouthern Company
$98.6M
MLMMartin Marietta Materials Inc.
$97.1M
RYNRayonier Inc.
$95.8M
IRMIron Mountain
$91.7M
BKIEURBlack Knight Inc
$90.7M
BRBroadridge Financial Solutions
$89.3M
FNFFidelity National Financial In
$87.7M
PFEPfizer Inc.
$87.1M
SYKStryker Corp.
$85.7M
KHCKraft Heinz Co.
$83.4M
WYWeyerhaeuser Co.
$82.6M
ARCCAres Capital Corp.
$80.9M
MKLMarkel Corp.
$80.0M
KMIKinder Morgan Inc.
$78.8M
AXTAAxalta Coating Systems LTD
$74.3M
CFRUYCompagnie Financiere Richemont
$72.1M
Colony Northstar Inc
$67.3M
AIGAmerican International Group I
$65.9M
GSKGlaxoSmithKline Plc (Adr 1:2)
$57.6M
MAMastercard Inc. - A
$57.0M
Allergan Inc.
$55.6M
AXPAmerican Express Company
$49.2M
GEGeneral Electric Company
$48.3M
FQIDigital Realty Trust Inc.
$47.5M
DISCKUSDDiscovery Communications Inc.
$46.6M
MSMMSC Industrial Direct Co. Inc.
$46.4M
TJXTJX Companies
$46.2M
ITWIllinois Tool Works Inc.
$45.4M
ADIAnalog Devices Inc.
$42.4M
SBUXStarbucks Corporation
$42.0M
NXPINXP Semiconductors N.V.
$41.4M
CHRWC.H. Robinson Worldwide Inc.
$39.7M
Natus Medical Inc.
$39.0M
UTXZUnited Technologies Corp.
$37.7M
BRK/BBerkshire Hathaway Inc. - B
$36.6M
SLBSchlumberger Ltd.
$36.4M
TMOThermo Fisher Scientific Inc.
$34.9M
WRBW.R. Berkley Corp.
$33.3M
IEFiShares 7-10 Year Treasury Bon
$33.2M
LOWLowe's Companies Inc.
$31.7M
GOOGAlphabet Inc. - Class C
$29.3M
BROBrown & Brown Inc.
$25.1M
HDHome Depot Inc.
$22.7M
MTS Systems Corp.
$20.3M
MBBiShares MBS Bond ETF
$19.9M
SEICSEI Investments Company
$19.9M
AQLTiShares Corporate ex Financial
$19.2M
TROWT. Rowe Price Group Inc.
$18.7M
MCDMcDonald's Corp.
$18.5M
BDXBecton Dickinson and Company
$18.0M
Guggenheim BulletShares Invest
$17.5M
ACNAccenture PLC
$17.5M
LMTLockheed Martin Corp
$17.4M
DCIDonaldson Inc.
$17.2M
CLXThe Clorox Company
$17.2M
MTBM&T Bank Corp.
$17.0M
CBSHCommerce Bancshares Inc.
$16.8M
TLTBarclays 20 Plus Year Treasury
$16.3M
MDTMedtronic
$16.2M
GDGeneral Dynamics Corp.
$16.0M
APDAir Products & Chemicals Inc.
$16.0M
IBDRiShares Corporate iBonds ETF 2
$15.6M
NJRNew Jersey Resources Corp.
$15.5M
SPIBSPDR Portfolio Intermediate Te
$15.4M
MDUMDU Resources Group Inc.
$15.2M
NSRGYNestle SA
$15.1M
PGProcter & Gamble Company
$15.0M
NKENike Inc. - B
$14.5M
EXPDExpeditors International of Wa
$14.5M
NVSNNovartis AG - ADR
$13.7M
XOMExxon Mobil Corp.
$13.7M
MORNMorningstar Inc.
$13.7M
AQLTiShares Corporate Bond ETF 202
$13.5M
CFRCullen Frost Bankers Inc.
$13.5M
NMFCNew Mountain Finance Corp.
$12.5M
GBDCGolub Capital BDC Inc.
$12.3M
JWNUSDNordstrom Inc.
$12.3M
TCP Capital Corp.
$11.4M
HTGCHercules Technology Growth Cap
$10.6M
SLRCSolar Capital Ltd.
$9.9M
MLNVanEck Vectors Long Municipal
$9.7M
iShares Corporate ex Financial
$9.6M
TFISPDR Nuveen Barclays Capital M
$9.4M
THL Credit, Inc.
$9.4M
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