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Asset Manager ← All Institutions

CONFLUENCE INVESTMENT MANAGEMENT LLC

20 ALLEN AVENUE, SUITE 300, ST. LOUIS, MO 63119 • 314-743-5090

Q1 2026 · Filed 2026-04-01
Market Value
$6.3B
-4.2%
Holdings
292
+2
New Purchases
17
Added To
108
Closed
30
Reduced
131
Top 10 Concentration
24.6%
Turnover
16.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CVX 2.54% 1.86% +0.68% $160M
DOW 1.24% 0.56% +0.67% $78M
MDLZ 1.93% 1.43% +0.51% $122M
LMT 2.59% 2.10% +0.49% $163M
ETR 2.19% 1.81% +0.38% $138M
HSY 2.28% 1.93% +0.35% $144M
CLX 1.53% 1.19% +0.34% $97M
KMI 1.86% 1.52% +0.34% $117M
RLI 0.35% 0.02% +0.32% $22M
ADI 2.73% 2.41% +0.32% $172M
LIN 2.23% 1.93% +0.30% $140M
FAST 2.18% 1.89% +0.30% $138M
APD 1.00% 0.71% +0.29% $63M
HON 1.79% 1.53% +0.26% $113M
MORN 0.48% 0.23% +0.24% $30M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IWD 0.06% 1.82% -1.76% $4M
NTRS 1.51% 2.29% -0.78% $95M
BR 1.38% 1.89% -0.51% $87M
SGOV 2.80% 3.19% -0.39% $177M
MKC 0.00% 0.29% -0.29% $0
ACN 1.07% 1.35% -0.28% $68M
PAYX 1.42% 1.68% -0.27% $89M
MSFT 0.87% 1.14% -0.26% $55M
FNF 1.44% 1.69% -0.25% $91M
PGR 1.83% 2.07% -0.24% $115M
KEYS 0.80% 1.03% -0.23% $51M
TJX 1.13% 1.35% -0.22% $71M
SPGI 0.91% 1.11% -0.21% $57M
DLTR 0.25% 0.44% -0.19% $16M
MA 1.16% 1.35% -0.19% $73M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 29.6%
Industrials 16.9%
Technology 11.1%
Consumer Defensive 10.6%
Utilities 8.8%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 28 $814M 12.9%
Large Cap 151 $4.8B 77.0%
Mid Cap 57 $451M 7.2%
Small Cap 43 $95M 1.5%
Micro Cap 13 $91M 1.4%

Portfolio Analytics

Avg Market Cap
$121.8B
Median Market Cap
$22.2B
Avg P/E
26.9
Median P/E
20.1
Avg Dividend Yield
0.06%
Avg Beta
0.79
# Stocks
234
# ETFs / Funds
58

Top Holdings (292 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SGOV 2.80% 1,753,514 $177M $100.66 -$33M -337,728 -16.1%
2 ADI 2.73% 540,640 $172M $318.14 $13M -45,239 -7.7%
3 LMT 2.59% 269,640 $163M $604.39 $25M -15,588 -5.5%
4 CVX 2.54% 772,243 $160M $206.90 $38M -29,207 -3.6%
5 SNA 2.51% 435,896 $158M $363.22 -$3M -33,413 -7.1%
6 CB 2.49% 482,043 $157M $325.93 -$2M -28,978 -5.7%
7 HSY 2.28% 690,349 $144M $207.89 $17M -7,565 -1.1%
8 WEC 2.27% 1,237,016 $143M $115.77 $3M -90,404 -6.8%
9 LIN 2.23% 283,072 $140M $495.76 $14M -14,251 -4.8%
10 ETR 2.19% 1,229,287 $138M $112.36 $19M -58,447 -4.5%
11 FAST 2.18% 2,966,722 $138M $46.40 $14M -126,394 -4.1%
12 SO 2.18% 1,421,871 $137M $96.52 $8M -63,705 -4.3%
13 MDLZ 1.93% 2,112,856 $122M $57.64 $28M +370,805 +21.3%
14 GILD 1.90% 861,023 $120M $139.37 $8M -48,812 -5.4%
15 CSCO 1.90% 1,540,946 $120M $77.59 -$5M -77,155 -4.8%
16 KMI 1.86% 3,489,006 $117M $33.53 $17M -148,029 -4.1%
17 PGR 1.83% 580,259 $115M $198.24 -$21M -17,599 -2.9%
18 HON 1.79% 499,862 $113M $226.03 $12M -17,305 -3.4%
19 AWK 1.75% 809,958 $110M $136.09 $7M +16,965 +2.1%
20 CL 1.69% 1,250,090 $107M $85.23 $5M -36,554 -2.8%
21 HD 1.67% 319,923 $105M $328.89 -$9M -11,832 -3.6%
22 DEO 1.60% 1,353,434 $101M $74.45 $6M +255,114 +23.2%
23 CLX 1.53% 932,575 $97M $103.63 $18M +156,379 +20.1%
24 NTRS 1.51% 680,260 $95M $139.57 -$56M -422,843 -38.3%
25 USB 1.47% 1,784,403 $93M $52.01 -$6M -62,109 -3.4%
26 FNF 1.44% 1,957,007 $91M $46.38 -$21M -83,819 -4.1%
27 PAYX 1.42% 969,809 $89M $92.12 -$21M -17,450 -1.8%
28 BR 1.38% 534,393 $87M $162.48 -$37M -22,122 -4.0%
29 TROW 1.38% 963,167 $87M $90.14 -$10M +19,495 +2.1%
30 SPMB 1.37% 3,853,493 $86M $22.39 -$9M -406,525 -9.5%
31 NDSN 1.30% 308,267 $82M $266.06 $3M -20,402 -6.2%
32 DOW 1.24% 1,870,348 $78M $41.65 $41M +280,735 +17.7%
33 WRB 1.17% 1,113,400 $74M $66.28 -$9M -68,106 -5.8%
34 MA 1.16% 146,534 $73M $499.66 -$15M -8,865 -5.7%
35 SPDW 1.15% 1,592,493 $73M $45.65 -$14K -44,789 -2.7%
36 TJX 1.13% 446,526 $71M $159.70 -$17M -131,444 -22.7%
37 SYK 1.09% 208,059 $68M $328.59 -$9M -11,228 -5.1%
38 ACN 1.07% 340,812 $68M $198.29 -$22M +8,616 +2.6%
39 APD 1.00% 217,487 $63M $290.49 $16M +27,188 +14.3%
40 ARCC 0.98% 3,435,289 $62M $18.02 -$10M -107,483 -3.0%
41 SPGI 0.91% 134,280 $57M $425.34 -$16M -5,879 -4.2%
42 MSFT 0.87% 148,611 $55M $370.17 -$20M -6,107 -4.0%
43 ITW 0.86% 207,159 $54M $260.29 $743K -8,752 -4.0%
44 SPYG 0.82% 528,353 $52M $97.91 -$3M +15,508 +3.0%
45 KEYS 0.80% 179,504 $51M $282.37 -$17M -154,834 -46.3%
46 MAS 0.79% 828,604 $50M $60.37 -$5M -34,169 -4.0%
47 LOW 0.79% 210,064 $50M $236.28 -$4M -13,650 -6.1%
48 GOOG 0.79% 172,879 $50M $286.86 -$8M -9,679 -5.3%
49 GGG 0.79% 585,714 $50M $84.65 -$1M -37,255 -6.0%
50 PAYC 0.79% 407,747 $50M $121.54 -$1M +88,456 +27.7%
51 BRK-B 0.71% 93,261 $45M $479.20 -$4M -4,431 -4.5%
52 TMO 0.70% 90,151 $44M $491.53 -$11M -4,913 -5.2%
53 NXPI 0.69% 219,824 $43M $196.86 -$6M -8,396 -3.7%
54 ACGL 0.55% 364,086 $35M $95.99 $443K +4,353 +1.2%
55 MLM 0.53% 56,855 $33M $588.68 -$4M -2,803 -4.7%
56 BF-B 0.52% 1,237,621 $33M $26.44 $2M +42,815 +3.6%
57 MBB 0.50% 332,934 $32M $94.95 -$1M -11,756 -3.4%
58 GLDM 0.49% 332,974 $31M $92.69 -$2M -47,836 -12.6%
59 MORN 0.48% 177,568 $30M $169.05 $15M +106,535 +150.0%
60 SBUX 0.45% 315,131 $28M $89.59 $1M -7,324 -2.3%
61 IBTO 0.42% 1,081,896 $26M $24.39 $11M +444,647 +69.8%
62 BRO 0.42% 404,645 $26M $65.21 -$7M -8,674 -2.1%
63 BKNG 0.41% 6,143 $26M $4,210.39 -$8M -229 -3.6%
64 STZ 0.41% 171,647 $26M $150.00 $11M +62,903 +57.9%
65 GD 0.39% 70,894 $24M $343.22 -$1M -5,543 -7.2%
66 EOG 0.38% 165,675 $24M $144.57 $7M +1,903 +1.2%
67 ECL 0.38% 89,454 $24M $266.02 -$2M -8,842 -9.0%
68 IBTP 0.37% 919,178 $24M $25.63 $5M +203,003 +28.4%
69 APH 0.37% 185,611 $23M $126.35 -$3M -13,670 -6.9%
70 TTC 0.37% 250,943 $23M $93.44 $4M +9,634 +4.0%
71 EXPD 0.37% 160,703 $23M $143.23 -$3M -10,972 -6.4%
72 NJR 0.36% 416,958 $23M $54.92 $3M -21,727 -5.0%
73 DCI 0.36% 265,723 $23M $84.87 -$3M -25,659 -8.8%
74 RMD 0.36% 99,845 $22M $224.48 -$3M -6,551 -6.2%
75 RLI 0.35% 382,149 $22M $57.04 $20M +359,830 +1612.2%
76 MCD 0.34% 69,902 $22M $310.79 -$827K -3,886 -5.3%
77 SHW 0.34% 66,450 $21M $320.55 -$1M -3,862 -5.5%
78 AOS 0.33% 319,075 $21M $65.94 $1M +24,624 +8.4%
79 TLH 0.33% 205,868 $21M $100.72 -$4M -36,638 -15.1%
80 IBTQ 0.32% 807,886 $20M $25.30 -$817K -26,486 -3.2%
81 IBTM 0.29% 804,094 $18M $22.93 $9M +406,914 +102.5%
82 PG 0.28% 123,362 $18M $144.44 -$569K -4,945 -3.9%
83 MDT 0.28% 205,401 $18M $86.65 -$3M -9,716 -4.5%
84 CRL 0.28% 100,534 $17M $172.50 -$4M -5,092 -4.8%
85 ZTS 0.27% 141,863 $17M $118.21 $1M +17,308 +13.9%
86 HYBB 0.26% 350,424 $16M $46.49 -$4M -83,082 -19.2%
87 DLTR 0.25% 146,113 $16M $109.51 -$13M -89,910 -38.1%
88 IEUR 0.24% 217,396 $15M $70.27 -$347K -2,708 -1.2%
89 NKE 0.24% 282,354 $15M $52.82 -$2M +16,273 +6.1%
90 IEI 0.24% 125,466 $15M $118.60 -$116K -181 -0.1%
91 BDX 0.23% 93,498 $15M $157.23 $157K +18,558 +24.8%
92 VVV 0.23% 431,559 $15M $33.68 $3M +27,617 +6.8%
93 TREX 0.23% 390,641 $14M $36.42 +390,641 NEW
94 VNT 0.22% 384,294 $14M $35.47 -$2M -34,064 -8.1%
95 AVDV 0.19% 120,837 $12M $99.86 $376K -3,572 -2.9%
96 DIS 0.19% 123,156 $12M $96.38 -$2M -2,394 -1.9%
97 IGSB 0.19% 225,126 $12M $52.56 $5M +101,365 +81.9%
98 CPRT 0.17% 313,965 $10M $33.20 -$686K +30,197 +10.6%
99 SDY 0.16% 68,710 $10M $145.94 $378K -632 -0.9%
100 DFNM 0.16% 205,362 $10M $47.93 -$250K -4,161 -2.0%

New Positions

SymbolValue% Port
TREX $14M 0.23%
PICK $8M 0.13%
GDX $6M 0.09%
BSMZ $6M 0.09%
BSMT $2M 0.04%
WDS $2M 0.03%
XLC $2M 0.03%
CVE $2M 0.03%
SHEL $2M 0.02%
GDXJ $1M 0.02%
CNQ $1M 0.02%
FELE $648K 0.01%
COST $209K —%
VALE $191K —%
BWMX $174K —%

Sold Out Positions

SymbolValue% Port
AR —%
GSBD —%
AG —%
UNF —%
MP —%
PNNT —%
V —%
MKC —%
FG —%
HDB —%
CNNE —%
MMYT —%
BCIC —%
ICLR —%
PBDC —%
View SEC EDGAR Filings for CONFLUENCE INVESTMENT MANAGEMENT LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms