CONFLUENCE INVESTMENT MANAGEMENT LLC Q4 2021 Filing

Filed January 4, 2022

Portfolio Value

$7.5B

Holdings

306

Report Date

Q4 2021

Filing Type

13F-HR

All Holdings (306 positions)

#	Stock	Shares	Value	% Portfolio
1	DEODiageo PLC	871,604	$191.9M	2.55%
2	FASTFastenal Company	2,825,961	$181.0M	2.40%
3	PEPPepsico Incorporated	1,036,845	$180.1M	2.39%
4	PAYXPaychex Incorporated	1,310,501	$178.9M	2.38%
5	MSFTMicrosoft Corporation	527,388	$177.4M	2.36%
6	HDHome Depot Incorporated	409,402	$169.9M	2.26%
7	NSRGYNestle SA	1,053,547	$147.9M	1.96%
8	LINLinde PLC	423,555	$146.7M	1.95%
9	BRBroadridge Financial Solutions	795,994	$145.5M	1.93%
10	SNASnap-on Incorporated	651,418	$140.3M	1.86%
11	PGRProgressive Corporation	1,358,846	$139.5M	1.85%
12	CBChubb Corporation	699,101	$135.1M	1.79%
13	NTRSNorthern Trust Corporation	1,086,784	$130.0M	1.73%
14	PFEPfizer Incorporated	2,188,864	$129.3M	1.72%
15	SOSouthern Company	1,841,027	$126.3M	1.68%
16	FNFFidelity National Financial In	2,402,409	$125.4M	1.66%
17	ADIAnalog Devices Incorporated	702,049	$123.4M	1.64%
18	FQIDigital Realty Trust Incorpora	689,267	$121.9M	1.62%
19	CLColgate-Palmolive Company	1,411,242	$120.4M	1.60%
20	CSCOCisco Systems Incorporated	1,892,556	$119.9M	1.59%
21	RYNRayonier Incorporated	2,923,663	$118.0M	1.57%
22	WYWeyerhaeuser Company	2,832,151	$116.6M	1.55%
23	1939900DBrookfield Infrastructure	1,695,530	$115.7M	1.54%
24	PIIPolaris Industries	1,038,525	$114.1M	1.52%
25	LMTLockheed Martin Corporation	317,283	$112.8M	1.50%
26	USBUS Bancorp	1,861,020	$104.5M	1.39%
27	MMM3M Company	560,237	$99.5M	1.32%
28	CVXChevron Corporation	831,277	$97.5M	1.30%
29	ETREntergy Corporation	857,956	$96.6M	1.28%
30	DOWDow Incorporated	1,701,002	$96.5M	1.28%
31	SLG2EURSl Green Realty	1,331,849	$95.5M	1.27%
32	ARCCAres Capital Corporation	4,314,049	$91.4M	1.21%
33	GGGGraco Incorporated	1,121,548	$90.4M	1.20%
34	GILDGilead Sciences	1,239,435	$90.0M	1.19%
35	NXPINXP Semiconductors NV	382,914	$87.2M	1.16%
36	SBUXStarbucks Corporation	709,553	$83.0M	1.10%
37	ORCLOracle Corporation	944,246	$82.3M	1.09%
38	LOWLowe's Companies Incorporated	312,292	$80.7M	1.07%
39	SYKStryker Corporation	301,842	$80.7M	1.07%
40	KMIKinder Morgan Incorporated	5,040,864	$79.9M	1.06%
41	TJXTJX Companies	1,051,944	$79.9M	1.06%
42	GOOGAlphabet Incorporated - C	26,786	$77.5M	1.03%
43	BAMBrookfield Asset Management In	1,217,629	$73.5M	0.98%
44	—IHS Markit Limited	543,243	$72.2M	0.96%
45	ITWIllinois Tool Works Incorporat	279,631	$69.0M	0.92%
46	TMOThermo Fisher Scientific Incor	102,982	$68.7M	0.91%
47	MAMastercard Incorporated	182,892	$65.7M	0.87%
48	MKLMarkel Corporation	52,174	$64.4M	0.85%
49	FBINFortune Brands Home & Security	594,524	$63.6M	0.84%
50	BRK/BBerkshire Hathaway Incorporate	211,143	$63.1M	0.84%
51	WRBWR Berkley Corporation	731,236	$60.2M	0.80%
52	BKNGBooking Holdings Incorporated	23,526	$56.4M	0.75%
53	RTXRaytheon Technologies Corporat	639,606	$55.0M	0.73%
54	IEFiShares 7-10 Year Treasury Bon	432,123	$49.7M	0.66%
55	AXTAAxalta Coating Systems Limited	1,498,305	$49.6M	0.66%
56	BROBrown & Brown Incorporated	693,334	$48.7M	0.65%
57	CERNCHFCerner Corporation	499,448	$46.4M	0.62%
58	MBBiShares MBS ETF	384,176	$41.3M	0.55%
59	NDSNNordson Corporation	157,190	$40.1M	0.53%
60	SPDWSPDR Portfolio Developed World	1,062,229	$38.8M	0.51%
61	DLTRDollar Tree Incorporated	261,851	$36.8M	0.49%
62	DNBDun & Bradstreet Holdings	1,716,366	$35.2M	0.47%
63	ACNAccenture PLC	81,849	$33.9M	0.45%
64	CNNECannae Holdings Incorporated	909,683	$32.0M	0.42%
65	FTDRFrontdoor Incorporated	848,951	$31.1M	0.41%
66	—SPDR Portfolio S&P 500 Value E	725,833	$30.5M	0.40%
67	MORNMorningstar Incorporated	76,324	$26.1M	0.35%
68	SLYVSPDR S&P 600 Small Cap Value E	307,413	$26.0M	0.35%
69	GTESGates Industrial	1,633,480	$26.0M	0.35%
70	NKENike Incorporated	148,813	$24.8M	0.33%
71	ROKRockwell Automation Incorporat	70,118	$24.5M	0.32%
72	TROWT Rowe Price Group Incorporate	124,228	$24.4M	0.32%
73	EXPDExpeditors International of Wa	180,271	$24.2M	0.32%
74	AWCAmerican Water Works Company	125,886	$23.8M	0.32%
75	IBDViShares iBonds Dec 2030 Term C	927,298	$23.3M	0.31%
76	IAU*iShares Gold Trust ETF	663,024	$23.1M	0.31%
77	APDAir Products & Chemicals Incor	72,844	$22.2M	0.29%
78	MCDMcDonald's Corporation	82,363	$22.1M	0.29%
79	SCHWCharles Schwab	262,500	$22.1M	0.29%
80	BWINBRP Group	610,845	$22.1M	0.29%
81	PGProcter & Gamble Company	134,722	$22.0M	0.29%
82	PPGPPG Industries Incorporated	126,649	$21.8M	0.29%
83	CFRCullen Frost Bankers Incorpora	156,961	$19.8M	0.26%
84	CBSHCommerce Bancshares Incorporat	277,567	$19.1M	0.25%
85	IBDRiShares iBonds Dec 2026 Term C	718,441	$18.7M	0.25%
86	DCIDonaldson Incorporated	303,813	$18.0M	0.24%
87	GDGeneral Dynamics Corporation	85,649	$17.9M	0.24%
88	MTBM&T Bank Corporation	114,366	$17.6M	0.23%
89	RMAXRE/MAX Holdings Incorporated	575,114	$17.5M	0.23%
90	BDXBecton Dickinson and Company	68,019	$17.1M	0.23%
91	SPYGSPDR Portfolio S&P 500 Growth	233,205	$16.9M	0.22%
92	MDTMedtronic	162,109	$16.8M	0.22%
93	MLNVanEck Vectors Long Municipal	771,419	$16.7M	0.22%
94	NJRNew Jersey Resources Corporati	406,138	$16.7M	0.22%
95	CLXThe Clorox Company	94,764	$16.5M	0.22%
96	NVSNNovartis AG ADR	181,928	$15.9M	0.21%
97	MDYVSPDR S&P 400 Mid Cap Value ETF	205,176	$14.6M	0.19%
98	BKIEURBlack Knight Incorporated	175,582	$14.6M	0.19%
99	SLYGSPDR S&P 600 Small Cap Growth	154,360	$14.3M	0.19%
100	FISFidelity National Information	130,563	$14.3M	0.19%

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