— Know what they know.
Not Investment Advice
Asset Manager ← All Institutions

CONFLUENCE INVESTMENT MANAGEMENT LLC

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

Q3 2025 · Filed 2025-10-14
Market Value
$6.9B
-0.8%
Holdings
292
-2
New Purchases
21
Added To
77
Closed
17
Reduced
168
Top 10 Concentration
23.8%
Turnover
13.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MDLZ 2.01% 0.51% +1.50% $139M
ACN 0.75% 0.01% +0.73% $52M
SGOV 3.78% 3.42% +0.36% $262M
IBTQ 0.33% 0.00% +0.33% $23M
MKC 0.31% 0.00% +0.31% $22M
FAST 2.28% 1.97% +0.30% $158M
GOOG 0.98% 0.72% +0.26% $68M
SNA 2.46% 2.24% +0.23% $171M
HSY 2.04% 1.82% +0.22% $141M
CPRT 0.22% 0.00% +0.22% $15M
WEC 2.30% 2.12% +0.18% $159M
ETR 1.82% 1.64% +0.18% $126M
IEUR 0.18% 0.00% +0.18% $12M
HD 2.02% 1.84% +0.18% $140M
SPDW 0.91% 0.74% +0.17% $63M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ORCL 0.00% 1.64% -1.64% $0
PEP 0.00% 1.35% -1.35% $0
PII 0.00% 0.48% -0.48% $0
PAYX 1.88% 2.18% -0.30% $130M
TLH 0.54% 0.82% -0.28% $37M
GTES 0.05% 0.32% -0.28% $3M
IEI 0.19% 0.43% -0.23% $13M
FXF 0.00% 0.23% -0.23% $0
CL 1.50% 1.71% -0.21% $103M
BKNG 0.51% 0.70% -0.19% $35M
IUSV 0.00% 0.17% -0.17% $0
PGR 1.98% 2.15% -0.17% $137M
PAYC 0.98% 1.13% -0.15% $68M
UPS 0.82% 0.97% -0.15% $57M
IBDW 0.00% 0.15% -0.15% $0

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 $899M 13.0%
Large Cap 148 $5.3B 76.5%
Mid Cap 53 $511M 7.4%
Small Cap 47 $143M 2.1%
Micro Cap 13 $77M 1.1%

Portfolio Analytics

Avg Market Cap
$123.4B
Median Market Cap
$20.7B
Avg P/E
27.9
Median P/E
20.7
Avg Dividend Yield
0.03%
Avg Beta
0.78
# Stocks
232
# ETFs / Funds
60

Top Holdings (292 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SGOV 3.78% 2,599,958 $262M $100.70 $23M +229,918 +9.7%
2 SNA 2.46% 492,183 $171M $346.53 $14M -9,348 -1.9%
3 WEC 2.30% 1,390,656 $159M $114.59 $11M -28,419 -2.0%
4 FAST 2.28% 3,214,964 $158M $49.04 $20M -65,045 -2.0%
5 NTRS 2.25% 1,157,462 $156M $134.60 $6M -27,148 -2.3%
6 CB 2.20% 538,662 $152M $282.25 -$7M -9,663 -1.8%
7 ADI 2.18% 613,557 $151M $245.70 $2M -12,338 -2.0%
8 LMT 2.14% 297,172 $148M $499.21 $9M -2,926 -1.0%
9 LIN 2.13% 309,811 $147M $475.00 -$1M -6,629 -2.1%
10 SO 2.12% 1,549,426 $147M $94.77 $2M -30,028 -1.9%
11 HSY 2.04% 755,135 $141M $187.05 $14M -9,257 -1.2%
12 HD 2.02% 345,296 $140M $405.19 $11M -5,845 -1.7%
13 BR 2.01% 583,912 $139M $238.17 -$6M -13,633 -2.3%
14 MDLZ 2.01% 2,223,914 $139M $62.47 $104M +1,699,980 +324.5%
15 PGR 1.98% 554,271 $137M $246.95 -$13M -7,345 -1.3%
16 PAYX 1.88% 1,027,260 $130M $126.76 -$22M -17,366 -1.7%
17 DEO 1.88% 1,363,504 $130M $95.43 -$6M +12,678 +0.9%
18 FNF 1.87% 2,139,098 $129M $60.49 $7M -39,941 -1.8%
19 CVX 1.87% 832,901 $129M $155.29 $8M -12,734 -1.5%
20 ETR 1.82% 1,352,347 $126M $93.19 $12M -22,653 -1.6%
21 AWK 1.73% 861,830 $120M $139.19 -$2M -13,653 -1.6%
22 CSCO 1.69% 1,707,626 $117M $68.42 -$4M -31,319 -1.8%
23 CLX 1.66% 931,093 $115M $123.30 $2M -10,417 -1.1%
24 KMI 1.55% 3,793,846 $107M $28.31 -$6M -47,570 -1.2%
25 GILD 1.53% 952,946 $106M $111.00 -$2M -16,861 -1.7%
26 CL 1.50% 1,294,534 $103M $79.94 -$16M -14,465 -1.1%
27 TROW 1.44% 973,769 $100M $102.64 $8M +25,316 +2.7%
28 SPMB 1.37% 4,222,219 $95M $22.44 -$10M -505,397 -10.7%
29 WRB 1.36% 1,231,537 $94M $76.62 $1M -32,752 -2.6%
30 USB 1.35% 1,933,812 $93M $48.33 $5M -19,163 -1.0%
31 MA 1.33% 161,975 $92M $568.81 -$2M -4,670 -2.8%
32 TJX 1.26% 603,340 $87M $144.54 $11M -13,819 -2.2%
33 MSFT 1.21% 161,782 $84M $517.95 $2M -3,405 -2.1%
34 SYK 1.21% 226,373 $84M $369.67 -$8M -6,209 -2.7%
35 ARCC 1.09% 3,682,410 $75M $20.41 -$8M -114,381 -3.0%
36 NDSN 1.08% 330,517 $75M $226.95 $3M -5,573 -1.7%
37 SPGI 1.02% 144,877 $71M $486.71 -$8M -3,224 -2.2%
38 PAYC 0.98% 327,312 $68M $208.14 -$11M -14,827 -4.3%
39 GOOG 0.98% 277,189 $68M $243.55 $17M -5,194 -1.8%
40 SPDW 0.91% 1,474,350 $63M $42.79 $11M +197,568 +15.5%
41 MAS 0.88% 868,229 $61M $70.39 $4M -17,830 -2.0%
42 ITW 0.84% 222,916 $58M $260.76 $2M -4,816 -2.1%
43 KEYS 0.83% 326,940 $57M $174.92 $3M -6,429 -1.9%
44 UPS 0.82% 681,643 $57M $83.53 -$11M +9,872 +1.5%
45 LOW 0.81% 223,924 $56M $251.31 $6M -3,209 -1.4%
46 GGG 0.80% 654,019 $56M $84.96 -$2M -16,027 -2.4%
47 APD 0.80% 202,554 $55M $272.72 -$3M -3,406 -1.6%
48 ACN 0.75% 209,255 $52M $246.60 $51M +206,137 +6611.2%
49 BRK-B 0.73% 100,876 $51M $502.74 $1M -1,092 -1.1%
50 NXPI 0.69% 210,735 $48M $227.73 $1M -2,263 -1.1%
51 DOW 0.65% 1,961,972 $45M $22.93 -$2M +192,101 +10.8%
52 WY 0.63% 1,764,467 $44M $24.79 -$5M -151,019 -7.9%
53 TMO 0.58% 83,223 $40M $485.02 $7M -253 -0.3%
54 MLM 0.56% 61,391 $39M $630.28 $4M -1,067 -1.7%
55 TLH 0.54% 363,054 $37M $102.99 -$20M -199,102 -35.4%
56 GLDM 0.54% 488,393 $37M $76.45 $3M -37,213 -7.1%
57 BF-B 0.53% 1,349,118 $37M $27.08 -$655K -32,848 -2.4%
58 ACGL 0.51% 389,020 $35M $90.73 -$796K -7,378 -1.9%
59 BKNG 0.51% 6,519 $35M $5,399.33 -$14M -1,937 -22.9%
60 MBB 0.50% 366,497 $35M $95.15 $8M +78,136 +27.1%
61 SPYG 0.44% 293,303 $31M $104.51 $5M +20,709 +7.6%
62 RMD 0.44% 110,658 $30M $273.73 $604K -4,405 -3.8%
63 SBUX 0.41% 337,686 $29M $84.60 -$3M -3,018 -0.9%
64 BRO 0.40% 298,360 $28M $93.79 -$5M -1,445 -0.5%
65 ECL 0.40% 102,158 $28M $273.86 -$490K -3,496 -3.3%
66 GD 0.39% 79,726 $27M $341.00 $3M -2,584 -3.1%
67 DLTR 0.37% 273,626 $26M $94.37 -$2M -11,470 -4.0%
68 APH 0.37% 208,223 $26M $123.75 -$7M -124,458 -37.4%
69 SHW 0.36% 72,791 $25M $346.26 -$544K -2,198 -2.9%
70 DCI 0.36% 303,816 $25M $81.85 $3M -8,863 -2.8%
71 AOS 0.35% 329,070 $24M $73.41 $2M -2,596 -0.8%
72 MCD 0.33% 76,265 $23M $303.89 $328K -1,937 -2.5%
73 REGL 0.33% 269,556 $23M $85.34 -$1M -30,625 -10.2%
74 IBTQ 0.33% 886,173 $23M $25.53 +886,173 NEW
75 MDYG 0.32% 239,887 $22M $91.56 $4M +32,219 +15.5%
76 EXPD 0.31% 177,080 $22M $122.59 $984K -4,311 -2.4%
77 MKC 0.31% 322,216 $22M $66.91 +322,216 NEW
78 NJR 0.29% 423,035 $20M $48.15 $1M -8,872 -2.0%
79 PG 0.29% 131,007 $20M $153.65 -$1M -2,724 -2.0%
80 ZTS 0.28% 133,711 $20M $146.32 -$2M -3,319 -2.4%
81 MDT 0.28% 204,759 $20M $95.24 $1M -4,665 -2.2%
82 EOG 0.28% 172,674 $19M $112.12 -$2M -8,786 -4.8%
83 STZ 0.28% 143,543 $19M $134.67 -$4M +35 +0.0%
84 VNT 0.27% 449,691 $19M $41.97 $2M -9,263 -2.0%
85 VVV 0.25% 490,614 $18M $35.91 -$1M -8,248 -1.6%
86 TTC 0.25% 224,017 $17M $76.20 $1M -2,501 -1.1%
87 NKE 0.25% 244,217 $17M $69.73 -$600K -3,937 -1.6%
88 IBTO 0.24% 676,864 $17M $24.65 -$342K -17,807 -2.6%
89 IBTP 0.24% 642,704 $17M $25.91 -$291K -16,439 -2.5%
90 MDYV 0.23% 187,780 $16M $83.41 -$9M -120,391 -39.1%
91 DIS 0.23% 136,317 $16M $114.50 -$2M -1,678 -1.2%
92 CPRT 0.22% 335,829 $15M $44.97 +335,829 NEW
93 BDX 0.22% 80,263 $15M $187.17 $1M -351 -0.4%
94 CRL 0.22% 95,963 $15M $156.46 $262K -1,263 -1.3%
95 MORN 0.20% 60,239 $14M $232.01 -$5M -741 -1.2%
96 IEI 0.19% 112,903 $13M $119.51 -$16M -136,487 -54.7%
97 HYBB 0.19% 270,829 $13M $47.31 $9M +191,003 +239.3%
98 IEUR 0.18% 180,698 $12M $68.12 +180,698 NEW
99 JBTM 0.17% 85,680 $12M $140.45 $642K -9,050 -9.6%
100 IBTJ 0.17% 521,000 $11M $21.95 -$219K -10,810 -2.0%

New Positions

SymbolValue% Port
IBTQ $23M 0.33%
MKC $22M 0.31%
CPRT $15M 0.22%
IEUR $12M 0.18%
IBDT $10M 0.15%
AVDV $9M 0.13%
MTN $8M 0.12%
IGSB $6M 0.09%
LFUS $1M 0.02%
DSCSY $1M 0.02%
FQVLF $1M 0.02%
LYSDY $433K 0.01%
MP $299K —%
EADSY $283K —%
YUMC $233K —%

Sold Out Positions

SymbolValue% Port
IBDW —%
PII —%
IUSV —%
PEP —%
IAU —%
IWN —%
IBTI —%
XLP —%
SHEL —%
ORCL —%
IBDX —%
FXF —%
IBDY —%
CYBR —%
AZEK —%
View SEC EDGAR Filings for CONFLUENCE INVESTMENT MANAGEMENT LLC →

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

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