# CONFLUENCE INVESTMENT MANAGEMENT LLC

> Institutional holdings reported to the SEC as of Q3 2026 on Form 13F. CIK 1442056. Source: https://holderbook.com/funds/1442056-confluence-investment-management-llc/

- Reported value: $6.0B
- Positions: 294
- Weight of the ten largest: 22.5%
- Filed: 2026-10-01

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [SGOV](https://holderbook.com/stocks/SGOV/) | $216.7M | 2,152,535 | 3.6% | 12 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $144.4M | 707,297 | 2.4% | 32 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $141.1M | 433,925 | 2.4% | 32 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $130.2M | 1,864,087 | 2.2% | 7 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $125.6M | 246,632 | 2.1% | 32 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $122.6M | 258,362 | 2.1% | 15 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $117.9M | 791,297 | 2.0% | 32 |
| STANLEY BLACK & DECKER INC | [SWK](https://holderbook.com/stocks/SWK/) | $115.4M | 1,302,499 | 1.9% | 2 |
| WEC ENERGY GROUP INC | [WEC](https://holderbook.com/stocks/WEC/) | $115.0M | 1,141,313 | 1.9% | 15 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $113.7M | 1,965,985 | 1.9% | 6 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $112.0M | 282,267 | 1.9% | 32 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $111.4M | 537,474 | 1.9% | 32 |
| ENTERGY CORP NEW | [ETR](https://holderbook.com/stocks/ETR/) | $110.6M | 1,114,210 | 1.9% | 31 |
| SNAP ON INC | [SNA](https://holderbook.com/stocks/SNA/) | $110.0M | 302,742 | 1.8% | 27 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $109.0M | 1,315,100 | 1.8% | 32 |
| NORTHERN TR CORP | [NTRS](https://holderbook.com/stocks/NTRS/) | $106.6M | 629,512 | 1.8% | 32 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $99.1M | 1,161,221 | 1.7% | 32 |
| HERSHEY CO | [HSY](https://holderbook.com/stocks/HSY/) | $98.5M | 624,895 | 1.7% | 19 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $98.4M | 3,263,650 | 1.6% | 32 |
| WATSCO INC | [WSO](https://holderbook.com/stocks/WSO/) | $97.0M | 320,431 | 1.6% | 1 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $97.0M | 1,678,810 | 1.6% | 31 |
| AMERICAN WTR WKS CO INC NEW | [AWK](https://holderbook.com/stocks/AWK/) | $96.5M | 745,410 | 1.6% | 31 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $96.3M | 2,720,616 | 1.6% | 32 |
| CLOROX CO DEL | [CLX](https://holderbook.com/stocks/CLX/) | $94.8M | 1,170,417 | 1.6% | 32 |
| PRICE T ROWE GROUP INC | [TROW](https://holderbook.com/stocks/TROW/) | $93.1M | 894,846 | 1.6% | 32 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $89.9M | 912,572 | 1.5% | 32 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $88.3M | 820,548 | 1.5% | 26 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $85.3M | 299,681 | 1.4% | 32 |
| NORDSON CORP | [NDSN](https://holderbook.com/stocks/NDSN/) | $83.8M | 255,613 | 1.4% | 32 |
| BROADRIDGE FINL SOLUTIONS IN | [BR](https://holderbook.com/stocks/BR/) | $81.8M | 508,021 | 1.4% | 32 |
| PAYCOM SOFTWARE INC | [PAYC](https://holderbook.com/stocks/PAYC/) | $72.0M | 330,788 | 1.2% | 10 |
| FIDELITY NATL FINL INC | [FNF](https://holderbook.com/stocks/FNF/) | $71.8M | 1,857,255 | 1.2% | 32 |
| SPDR INDEX SHS FDS | [SPDW](https://holderbook.com/stocks/SPDW/) | $71.3M | 1,419,786 | 1.2% | 6 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $69.8M | 136,113 | 1.2% | 32 |
| SPDR SERIES TRUST | [SPMB](https://holderbook.com/stocks/SPMB/) | $69.8M | 3,301,336 | 1.2% | 16 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $69.0M | 125,090 | 1.2% | 32 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $66.1M | 426,663 | 1.1% | 2 |
| BERKLEY W R CORP | [WRB](https://holderbook.com/stocks/WRB/) | $63.9M | 946,290 | 1.1% | 32 |
| SPDR SERIES TRUST | [SPYV](https://holderbook.com/stocks/SPYV/) | $62.9M | 1,029,031 | 1.1% | 27 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $62.9M | 510,696 | 1.1% | 27 |
| ARES CAPITAL CORP | [ARCC](https://holderbook.com/stocks/ARCC/) | $62.6M | 3,275,333 | 1.0% | 32 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $61.0M | 332,607 | 1.0% | 32 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $57.9M | 85,793 | 1.0% | 32 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $54.0M | 196,130 | 0.9% | 32 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $52.4M | 188,435 | 0.9% | 32 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $51.9M | 131,526 | 0.9% | 19 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $49.4M | 373,592 | 0.8% | 32 |
| MASCO CORP | [MAS](https://holderbook.com/stocks/MAS/) | $47.7M | 707,047 | 0.8% | 17 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $47.0M | 222,870 | 0.8% | 2 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $45.8M | 178,095 | 0.8% | 32 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $40.2M | 80,732 | 0.7% | 32 |
| CARRIER GLOBAL CORPORATION | [CARR](https://holderbook.com/stocks/CARR/) | $40.0M | 729,501 | 0.7% | 6 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $36.9M | 108,432 | 0.6% | 32 |
| NXP SEMICONDUCTORS N V | [NXPI](https://holderbook.com/stocks/NXPI/) | $33.9M | 142,811 | 0.6% | 32 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $33.5M | 181,855 | 0.6% | 32 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $29.7M | 182,278 | 0.5% | 27 |
| ARCH CAP GROUP LTD | [ACGL](https://holderbook.com/stocks/ACGL/) | $29.1M | 315,201 | 0.5% | 7 |
| MORNINGSTAR INC | [MORN](https://holderbook.com/stocks/MORN/) | $28.4M | 149,383 | 0.5% | 32 |
| BROWN FORMAN CORP | [BFB](https://holderbook.com/stocks/BFB/) | $27.2M | 1,038,997 | 0.5% | 9 |
| GRACO INC | [GGG](https://holderbook.com/stocks/GGG/) | $27.1M | 352,592 | 0.5% | 32 |
| WORLD GOLD TR | [GLDM](https://holderbook.com/stocks/GLDM/) | $27.0M | 329,014 | 0.5% | 15 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $26.0M | 290,234 | 0.4% | 11 |
| CHARLES RIV LABS INTL INC | [CRL](https://holderbook.com/stocks/CRL/) | $24.3M | 82,373 | 0.4% | 14 |
| ISHARES TR | [IBTQ](https://holderbook.com/stocks/IBTQ/) | $24.1M | 1,019,464 | 0.4% | 5 |
| MARTIN MARIETTA MATLS INC | [MLM](https://holderbook.com/stocks/MLM/) | $23.6M | 49,097 | 0.4% | 12 |
| EXPEDITORS INTL WASH INC | [EXPD](https://holderbook.com/stocks/EXPD/) | $23.4M | 126,831 | 0.4% | 32 |
| ISHARES TR | [IBTP](https://holderbook.com/stocks/IBTP/) | $22.5M | 938,069 | 0.4% | 7 |
| BROWN & BROWN INC | [BRO](https://holderbook.com/stocks/BRO/) | $21.4M | 351,677 | 0.4% | 32 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $20.5M | 74,834 | 0.3% | 14 |
| ISHARES TR | [IEUR](https://holderbook.com/stocks/IEUR/) | $20.3M | 275,800 | 0.3% | 5 |
| TORO CO | [TTC](https://holderbook.com/stocks/TTC/) | $20.1M | 208,521 | 0.3% | 13 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $19.4M | 58,398 | 0.3% | 32 |
| DONALDSON INC | [DCI](https://holderbook.com/stocks/DCI/) | $19.2M | 220,992 | 0.3% | 32 |
| EOG RES INC | [EOG](https://holderbook.com/stocks/EOG/) | $18.9M | 137,056 | 0.3% | 23 |
| SPDR SERIES TRUST | [SPTI](https://holderbook.com/stocks/SPTI/) | $18.9M | 692,007 | 0.3% | 1 |
| RESMED INC | [RMD](https://holderbook.com/stocks/RMD/) | $18.7M | 84,518 | 0.3% | 11 |
| SPDR SERIES TRUST | [SDY](https://holderbook.com/stocks/SDY/) | $18.6M | 126,841 | 0.3% | 6 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $18.0M | 55,762 | 0.3% | 16 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $18.0M | 213,527 | 0.3% | 17 |
| RLI CORP | [RLI](https://holderbook.com/stocks/RLI/) | $17.6M | 317,546 | 0.3% | 7 |
| NEW JERSEY RES CORP | [NJR](https://holderbook.com/stocks/NJR/) | $17.5M | 346,554 | 0.3% | 32 |
| APTARGROUP INC | [ATR](https://holderbook.com/stocks/ATR/) | $17.5M | 144,239 | 0.3% | 2 |
| CONSTELLATION BRANDS INC | [STZ](https://holderbook.com/stocks/STZ/) | $17.2M | 151,797 | 0.3% | 11 |
| VERISK ANALYTICS INC | [VRSK](https://holderbook.com/stocks/VRSK/) | $16.9M | 100,427 | 0.3% | 1 |
| ISHARES TR | [IBTL](https://holderbook.com/stocks/IBTL/) | $16.4M | 841,069 | 0.3% | 7 |
| ISHARES TR | [IBTO](https://holderbook.com/stocks/IBTO/) | $16.2M | 705,787 | 0.3% | 7 |
| SMITH A O CORP | [AOS](https://holderbook.com/stocks/AOS/) | $16.0M | 284,138 | 0.3% | 10 |
| ISHARES TR | [IBTM](https://holderbook.com/stocks/IBTM/) | $15.3M | 703,031 | 0.3% | 14 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $15.3M | 105,136 | 0.3% | 32 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $15.0M | 174,010 | 0.3% | 32 |
| SPDR SERIES TRUST | [XAR](https://holderbook.com/stocks/XAR/) | $14.6M | 63,282 | 0.2% | 1 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $14.3M | 80,145 | 0.2% | 32 |
| DOLLAR TREE INC | [DLTR](https://holderbook.com/stocks/DLTR/) | $14.2M | 124,357 | 0.2% | 27 |
| TREX INC | [TREX](https://holderbook.com/stocks/TREX/) | $13.9M | 319,424 | 0.2% | 3 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $13.7M | 59,362 | 0.2% | 32 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $13.7M | 222,142 | 0.2% | 2 |
| AMERICAN CENTY ETF TR | [AVDV](https://holderbook.com/stocks/AVDV/) | $13.1M | 119,821 | 0.2% | 5 |
| FLOOR & DECOR HLDGS INC | [FND](https://holderbook.com/stocks/FND/) | $11.8M | 258,061 | 0.2% | 2 |
| COPART INC | [CPRT](https://holderbook.com/stocks/CPRT/) | $11.5M | 422,532 | 0.2% | 5 |
| RYAN SPECIALTY HOLDINGS INC | [RYAN](https://holderbook.com/stocks/RYAN/) | $11.5M | 311,140 | 0.2% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +2.9% | +14.8% | -11.9% | 100% |
| Q1 2026 | +1.8% | -4.6% | +6.4% | 100% |
| Q4 2025 | -1.9% | +2.4% | -4.3% | 100% |
| Q3 2025 | +3.0% | +7.8% | -4.8% | 100% |
| Q2 2025 | +0.9% | +10.5% | -9.6% | 100% |
| Q1 2025 | +1.0% | -4.6% | +5.5% | 100% |
| Q4 2024 | -3.0% | +2.1% | -5.1% | 100% |
| Q3 2024 | +9.6% | +5.4% | +4.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2026 | $6.0B | 294 |
| Q2 2026 | $6.4B | 290 |
| Q1 2026 | $6.4B | 283 |
| Q4 2025 | $6.7B | 296 |
| Q3 2025 | $7.0B | 294 |
| Q2 2025 | $7.1B | 287 |
| Q1 2025 | $6.9B | 294 |
| Q4 2024 | $7.2B | 299 |
| Q3 2024 | $7.5B | 298 |
| Q2 2024 | $6.9B | 299 |
| Q1 2024 | $7.4B | 296 |
| Q4 2023 | $7.1B | 294 |