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Asset Manager ← All Institutions

CONFLUENCE INVESTMENT MANAGEMENT LLC

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

Q2 2025 · Filed 2025-07-01
Market Value
$7.0B
+1.7%
Holdings
294
-5
New Purchases
17
Added To
87
Closed
23
Reduced
157
Top 10 Concentration
22.9%
Turnover
13.6%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SPDW 0.74% 0.00% +0.74% $52M
AWK 1.75% 1.15% +0.59% $122M
NDSN 1.03% 0.45% +0.58% $72M
SGOV 3.42% 2.85% +0.57% $239M
NTRS 2.15% 1.60% +0.55% $150M
ORCL 1.64% 1.09% +0.55% $114M
MDLZ 0.51% 0.00% +0.51% $35M
TLH 0.82% 0.36% +0.45% $57M
REGL 0.35% 0.00% +0.35% $24M
IEI 0.43% 0.08% +0.34% $30M
ADI 2.13% 1.85% +0.28% $149M
BF-B 0.53% 0.26% +0.28% $37M
MSFT 1.18% 0.92% +0.26% $82M
FXF 0.23% 0.00% +0.23% $16M
SPMB 1.50% 1.34% +0.16% $104M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
XMHQ 0.00% 0.73% -0.73% $0
PEP 1.35% 1.96% -0.61% $94M
DNB 0.00% 0.52% -0.52% $0
HYBB 0.05% 0.51% -0.45% $4M
BRO 0.48% 0.89% -0.42% $33M
BRK-B 0.71% 1.12% -0.41% $50M
FNF 1.75% 2.09% -0.34% $122M
SNA 2.24% 2.50% -0.27% $156M
XSHQ 0.00% 0.26% -0.26% $0
MDYG 0.26% 0.51% -0.25% $18M
PAYX 2.18% 2.40% -0.22% $152M
DOW 0.67% 0.88% -0.21% $47M
PGR 2.15% 2.34% -0.20% $150M
CLX 1.62% 1.80% -0.18% $113M
CB 2.28% 2.46% -0.18% $159M

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 31 $1.1B 15.4%
Large Cap 142 $5.1B 73.0%
Mid Cap 58 $565M 8.1%
Small Cap 50 $201M 2.9%
Micro Cap 13 $46M 0.7%

Portfolio Analytics

Avg Market Cap
$106.5B
Median Market Cap
$20.1B
Avg P/E
27.2
Median P/E
20.7
Avg Dividend Yield
0.03%
Avg Beta
0.79
# Stocks
228
# ETFs / Funds
66

Top Holdings (294 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SGOV 3.42% 2,370,040 $239M $100.69 $43M +426,548 +21.9%
2 CB 2.28% 548,325 $159M $289.72 -$10M -9,806 -1.8%
3 SNA 2.24% 501,531 $156M $311.18 -$16M -8,332 -1.6%
4 PAYX 2.18% 1,044,626 $152M $145.46 -$12M -20,832 -2.0%
5 NTRS 2.15% 1,184,610 $150M $126.79 $41M +72,867 +6.5%
6 PGR 2.15% 561,616 $150M $266.86 -$11M -6,424 -1.1%
7 ADI 2.13% 625,895 $149M $238.02 $22M -3,728 -0.6%
8 LIN 2.13% 316,440 $148M $469.18 -$2M -6,011 -1.9%
9 WEC 2.12% 1,419,075 $148M $104.20 -$10M -25,322 -1.8%
10 BR 2.08% 597,545 $145M $243.03 -$3M -12,195 -2.0%
11 SO 2.08% 1,579,454 $145M $91.83 -$2M -24,280 -1.5%
12 LMT 1.99% 300,098 $139M $463.14 $4M -2,351 -0.8%
13 FAST 1.97% 3,280,009 $138M $42.00 $9M +1,619,507 +97.5%
14 DEO 1.95% 1,350,826 $136M $100.84 $12M +165,839 +14.0%
15 HD 1.84% 351,141 $129M $366.64 -$877K -2,538 -0.7%
16 HSY 1.82% 764,392 $127M $165.95 $7M +64,966 +9.3%
17 FNF 1.75% 2,179,039 $122M $56.06 -$22M -29,034 -1.3%
18 AWK 1.75% 875,483 $122M $139.11 $43M +340,314 +63.6%
19 CVX 1.74% 845,635 $121M $143.19 -$2M +111,302 +15.2%
20 CSCO 1.73% 1,738,945 $121M $69.38 $12M -18,354 -1.0%
21 CL 1.71% 1,308,999 $119M $90.90 -$5M -12,152 -0.9%
22 ORCL 1.64% 523,569 $114M $218.63 $40M -12,160 -2.3%
23 ETR 1.64% 1,375,000 $114M $83.12 -$5M -15,339 -1.1%
24 CLX 1.62% 941,510 $113M $120.07 -$11M +100,764 +12.0%
25 KMI 1.62% 3,841,416 $113M $29.40 $2M -39,547 -1.0%
26 GILD 1.54% 969,807 $108M $110.87 -$2M -10,169 -1.0%
27 SPMB 1.50% 4,727,616 $104M $22.10 $13M +566,093 +13.6%
28 PEP 1.35% 711,253 $94M $132.04 -$40M -184,995 -20.6%
29 MA 1.34% 166,645 $94M $561.94 -$1M -6,109 -3.5%
30 WRB 1.33% 1,264,289 $93M $73.47 $176K -38,566 -3.0%
31 SYK 1.32% 232,582 $92M $395.63 $4M -4,258 -1.8%
32 TROW 1.31% 948,453 $92M $96.50 $3M -9,889 -1.0%
33 USB 1.27% 1,952,975 $88M $45.25 $7M +33,808 +1.8%
34 ARCC 1.19% 3,796,791 $83M $21.96 -$286K +21,344 +0.6%
35 MSFT 1.18% 165,187 $82M $497.41 $19M -2,292 -1.4%
36 PAYC 1.13% 342,139 $79M $231.40 $2M -8,856 -2.5%
37 SPGI 1.12% 148,101 $78M $527.29 $2M -1,734 -1.2%
38 TJX 1.09% 617,159 $76M $123.49 -$104K -9,419 -1.5%
39 NDSN 1.03% 336,090 $72M $214.37 $41M +182,305 +118.5%
40 UPS 0.97% 671,771 $68M $100.94 -$2M +33,164 +5.2%
41 APD 0.83% 205,960 $58M $282.06 -$3M -694 -0.3%
42 GGG 0.83% 670,046 $58M $85.97 $548K -13,174 -1.9%
43 TLH 0.82% 562,156 $57M $101.60 $32M +321,566 +133.7%
44 MAS 0.82% 886,059 $57M $64.36 -$5M -7,954 -0.9%
45 ITW 0.81% 227,732 $56M $247.25 -$723K -2,218 -1.0%
46 KEYS 0.78% 333,369 $55M $163.86 $5M -827 -0.2%
47 SPDW 0.74% 1,276,782 $52M $40.49 +1,276,782 NEW
48 LOW 0.72% 227,133 $50M $221.87 -$3M -1,314 -0.6%
49 GOOG 0.72% 282,383 $50M $177.39 $6M -1,387 -0.5%
50 BRK-B 0.71% 101,968 $50M $485.77 -$27M -42,203 -29.3%
51 WY 0.71% 1,915,486 $49M $25.69 -$8M -46,950 -2.4%
52 BKNG 0.70% 8,456 $49M $5,789.29 $7M -629 -6.9%
53 DOW 0.67% 1,769,871 $47M $26.48 -$14M +32,916 +1.9%
54 NXPI 0.67% 212,998 $47M $218.49 $6M +368 +0.2%
55 BF-B 0.53% 1,381,966 $37M $26.91 $20M +864,640 +167.1%
56 ACGL 0.52% 396,398 $36M $91.05 -$2M -4,299 -1.1%
57 MDLZ 0.51% 523,934 $35M $67.44 +523,934 NEW
58 GLDM 0.49% 525,606 $34M $65.52 $5M +55,411 +11.8%
59 MLM 0.49% 62,458 $34M $548.96 $4M -10 -0.0%
60 TMO 0.49% 83,476 $34M $405.46 -$7M +523 +0.6%
61 PII 0.48% 824,806 $34M $40.65 -$4M -98,127 -10.6%
62 BRO 0.48% 299,805 $33M $110.87 -$28M -193,720 -39.2%
63 APH 0.47% 332,681 $33M $98.75 $10M -17,106 -4.9%
64 SBUX 0.45% 340,704 $31M $91.63 -$2M -2,630 -0.8%
65 IEI 0.43% 249,390 $30M $119.09 $24M +202,177 +428.2%
66 RMD 0.43% 115,063 $30M $258.00 $3M -3,532 -3.0%
67 ECL 0.41% 105,654 $28M $269.44 $866K -3,220 -3.0%
68 DLTR 0.40% 285,096 $28M $99.04 $6M -6,090 -2.1%
69 MBB 0.39% 288,361 $27M $93.89 -$179K -2,251 -0.8%
70 SPYG 0.37% 272,594 $26M $95.32 -$1M -63,633 -18.9%
71 SHW 0.37% 74,989 $26M $343.36 -$1M -1,923 -2.5%
72 MDYV 0.35% 308,171 $24M $79.43 $6M +64,311 +26.4%
73 REGL 0.35% 300,181 $24M $81.54 +300,181 NEW
74 GD 0.34% 82,310 $24M $291.66 $994K -2,114 -2.5%
75 STZ 0.33% 143,508 $23M $162.68 -$3M +2,135 +1.5%
76 MCD 0.33% 78,202 $23M $292.17 -$2M -2,012 -2.5%
77 GTES 0.32% 982,926 $23M $23.03 $4M -28,176 -2.8%
78 AOS 0.31% 331,666 $22M $65.57 $125K +847 +0.3%
79 EOG 0.31% 181,460 $22M $119.61 -$2M -2,886 -1.6%
80 DCI 0.31% 312,679 $22M $69.35 $303K -6,155 -1.9%
81 ZTS 0.31% 137,030 $21M $155.95 -$2M -2,645 -1.9%
82 PG 0.31% 133,731 $21M $159.32 -$2M -2,887 -2.1%
83 EXPD 0.30% 181,391 $21M $114.25 -$1M -3,216 -1.7%
84 NJR 0.28% 431,907 $19M $44.82 -$2M -8,796 -2.0%
85 MORN 0.27% 60,980 $19M $313.93 $521K -1,123 -1.8%
86 VVV 0.27% 498,862 $19M $37.87 $1M -7,343 -1.4%
87 MDT 0.26% 209,424 $18M $87.17 -$768K -2,276 -1.1%
88 MDYG 0.26% 207,668 $18M $86.87 -$17M -234,399 -53.0%
89 NKE 0.25% 248,154 $18M $71.04 $2M +1,224 +0.5%
90 DIS 0.25% 137,995 $17M $124.01 $3M -23 -0.0%
91 IBTO 0.24% 694,671 $17M $24.51 -$78K -6,308 -0.9%
92 IBTP 0.24% 659,143 $17M $25.71 -$29K -2,036 -0.3%
93 VNT 0.24% 458,954 $17M $36.90 $4M +69,745 +17.9%
94 FXF 0.23% 143,339 $16M $111.80 +143,339 NEW
95 TTC 0.23% 226,518 $16M $70.68 -$478K -129 -0.1%
96 CRL 0.21% 97,226 $15M $151.73 $223K +700 +0.7%
97 BDX 0.20% 80,614 $14M $172.25 -$4M +499 +0.6%
98 IUSV 0.17% 125,563 $12M $94.63 $5M +48,958 +63.9%
99 SPY 0.17% 19,222 $12M $617.85 -$10M -19,227 -50.0%
100 IBTJ 0.17% 531,810 $12M $21.92 $14K -3,026 -0.6%

New Positions

SymbolValue% Port
SPDW $52M 0.74%
MDLZ $35M 0.51%
REGL $24M 0.35%
FXF $16M 0.23%
SDY $10M 0.15%
XLP $8M 0.12%
UFPI $1M 0.02%
IWN $886K 0.01%
AGI $717K 0.01%
VMC $700K 0.01%
NXE $483K 0.01%
LUG.TO $466K 0.01%
YNDX $289K —%
GBOOY $225K —%
HKXCY $208K —%

Sold Out Positions

SymbolValue% Port
BWMX —%
SA —%
BX —%
BAC —%
MKL —%
YUMC —%
COP —%
FANG —%
HTHT —%
ZROZ —%
URA —%
HACK —%
SLYV —%
SLYG —%
XMHQ —%
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