CONFLUENCE INVESTMENT MANAGEMENT LLC Q4 2025 Filing

Filed January 5, 2026

Portfolio Value

$6.7B

Holdings

296

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (296 positions)

StockValue
SGOViShares 0-3 Month Treasury Bon
$209.9B
SNASnap-on Inc.
$161.7B
CBChubb Ltd.
$159.5B
ADIAnalog Devices Inc.
$158.9B
NTRSNorthern Trust Corp.
$150.7B
WECWEC Energy Group Inc.
$140.0B
LMTLockheed Martin Corp.
$138.0B
PGRProgressive Corp.
$136.1B
SOSouthern Co.
$129.5B
HSYHershey Co.
$127.0B
LINLinde plc
$126.8B
CSCOCisco Systems Inc.
$124.6B
BRBroadridge Financial Solutions
$124.2B
FASTFastenal Co.
$124.1B
CVXChevron Corp.
$122.1B
IWDiShares Russell 1000 Value ETF
$119.6B
ETREntergy Corp.
$119.0B
HDHome Depot Inc.
$114.2B
GILDGilead Sciences Inc.
$111.7B
FNFFidelity National Financial In
$111.4B
PAYXPaychex Inc.
$110.7B
AWCAmerican Water Works Co. Inc.
$103.5B
CLColgate-Palmolive Co.
$101.7B
HONHoneywell International Inc.
$100.9B
KMIKinder Morgan Inc.
$100.0B
USBU.S. Bancorp
$98.5B
TROWT. Rowe Price Group Inc.
$96.6B
SPMBSPDR Portfolio Mortgage Backed
$95.5B
DEODiageo plc
$94.8B
MDLZMondelez International Inc.
$93.8B
ACNAccenture plc
$89.1B
TJXTJX Co. Inc.
$88.8B
MAMastercard Inc.
$88.7B
WRBW. R. Berkley Corp.
$82.8B
NDSNNordson Corp.
$79.0B
CLXClorox Co.
$78.3B
SYKStryker Corp.
$77.1B
MSFTMicrosoft Corp.
$74.8B
SPGIS&P Global Inc.
$73.1B
SPDWSPDR Portfolio Developed World
$72.7B
ARCCAres Capital Corp.
$71.7B
KEYSKeysight Technologies Inc.
$67.9B
GOOGAlphabet Inc.
$57.3B
TMOThermo Fisher Scientific Inc.
$55.1B
MASMasco Corp.
$54.8B
SPYGSPDR Portfolio S&P 500 Growth
$54.7B
LOWLowe's Co. Inc.
$53.8B
ITWIllinois Tool Works Inc.
$53.2B
GGGGraco Inc.
$51.1B
PAYCPaycom Software Inc.
$50.9B
NXPINXP Semiconductors N.V.
$49.5B
BRK/BBerkshire Hathaway Inc. - B
$49.1B
APDAir Products and Chemicals Inc
$47.0B
DOWDow Inc.
$37.2B
MLMMartin Marietta Materials Inc.
$37.1B
ACGLArch Capital Group Ltd.
$34.5B
SPDR Portfolio S&P 500 Value E
$34.3B
BKNGBooking Holdings Inc.
$34.1B
BROBrown & Brown Inc.
$32.8B
MBBiShares MBS ETF
$32.8B
GLDMSPDR Gold MiniShares Trust ETF
$32.5B
BF/BBrown-Forman Corp. - B
$31.1B
DLTRDollar Tree Inc.
$29.0B
SBUXStarbucks Corp.
$27.2B
APHAmphenol Corp.
$26.9B
DCIDonaldson Co. Inc.
$25.8B
ECLEcolab Inc.
$25.8B
GDGeneral Dynamics Corp.
$25.7B
RMEResMed Inc.
$25.6B
EXPDExpeditors International of Wa
$25.6B
TLHiShares Barclays 10-20 Year Tr
$24.7B
SHWSherwin-Williams Co.
$22.8B
MCDMcDonald's Corp.
$22.6B
IBTQiShares iBonds Dec 2035 Term T
$21.3B
CRLCharles River Laboratories Int
$21.1B
MDTMedtronic plc
$20.7B
HYBBiShares BB Rated Corporate Bon
$20.4B
NJRNew Jersey Resources Corp.
$20.2B
AOSA. O. Smith Corp.
$19.7B
MCXMcCormick & Company Inc.
$19.2B
TTCToro Co.
$19.0B
IBTPiShares iBonds Dec 2034 Term T
$18.5B
PGProcter & Gamble Co.
$18.4B
EOGEOG Resources Inc.
$17.2B
NKENIKE Inc.
$17.0B
ZTSZoetis Inc.
$15.7B
IBTOiShares iBonds Dec 2033 Term T
$15.6B
IEURiShares Core MSCI Europe ETF
$15.6B
VNTVontier Corp.
$15.6B
MORNMorningstar Inc.
$15.4B
STZConstellation Brands
$15.0B
IEIiShares 3-7 Year Treasury Bond
$15.0B
BDXBecton Dickinson & Co.
$14.5B
DISWalt Disney Co.
$14.3B
BWINBaldwin Insurance Group Inc.
$13.9B
MDYGSPDR S&P 400 Mid Cap Growth ET
$12.1B
VVVValvoline Inc.
$11.7B
AVDVAvantis International Small Ca
$11.7B
REGLProShares S&P MidCap 400 Divid
$11.5B
CARRCarrier Global Corp.
$11.1B
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