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Asset Manager ← All Institutions

CONFLUENCE INVESTMENT MANAGEMENT LLC

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

Q4 2025 · Filed 2026-01-05
Market Value
$6.6B
-4.9%
Holdings
290
-2
New Purchases
15
Added To
91
Closed
15
Reduced
142
Top 10 Concentration
23.0%
Turnover
10.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IWD 1.82% 0.06% +1.76% $120M
HON 1.53% 0.00% +1.53% $101M
ACN 1.35% 0.75% +0.61% $89M
SPYG 0.83% 0.44% +0.39% $55M
TMO 0.84% 0.58% +0.25% $55M
ADI 2.41% 2.18% +0.24% $159M
CB 2.42% 2.20% +0.23% $159M
KEYS 1.03% 0.83% +0.21% $68M
CSCO 1.89% 1.69% +0.21% $125M
SPDW 1.11% 0.91% +0.19% $73M
GILD 1.70% 1.53% +0.17% $112M
USB 1.50% 1.35% +0.15% $99M
HYBB 0.31% 0.19% +0.13% $20M
NDSN 1.20% 1.08% +0.12% $79M
IBDX 0.12% 0.00% +0.12% $8M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
UPS 0.00% 0.82% -0.82% $0
WY 0.00% 0.63% -0.63% $0
SGOV 3.19% 3.78% -0.59% $210M
MDLZ 1.43% 2.01% -0.58% $94M
CLX 1.19% 1.66% -0.47% $78M
DEO 1.44% 1.88% -0.44% $95M
FAST 1.89% 2.28% -0.39% $124M
HD 1.73% 2.02% -0.29% $114M
PAYC 0.77% 0.98% -0.21% $51M
LIN 1.93% 2.13% -0.20% $127M
PAYX 1.68% 1.88% -0.20% $111M
FNF 1.69% 1.87% -0.18% $111M
WEC 2.13% 2.30% -0.18% $140M
TLH 0.37% 0.54% -0.17% $25M
AWK 1.57% 1.73% -0.16% $103M

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 $827M 12.6%
Large Cap 149 $5.1B 77.3%
Mid Cap 55 $470M 7.1%
Small Cap 45 $111M 1.7%
Micro Cap 13 $85M 1.3%

Portfolio Analytics

Avg Market Cap
$122.4B
Median Market Cap
$21.3B
Avg P/E
27.3
Median P/E
20.7
Avg Dividend Yield
0.03%
Avg Beta
0.79
# Stocks
234
# ETFs / Funds
56

Top Holdings (290 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SGOV 3.19% 2,091,242 $210M $100.38 -$52M -508,716 -19.6%
2 SNA 2.46% 469,309 $162M $344.60 -$9M -22,874 -4.7%
3 CB 2.42% 511,021 $159M $312.12 $7M -27,641 -5.1%
4 ADI 2.41% 585,879 $159M $271.20 $8M -27,678 -4.5%
5 NTRS 2.29% 1,103,103 $151M $136.59 -$5M -54,359 -4.7%
6 WEC 2.13% 1,327,420 $140M $105.46 -$19M -63,236 -4.5%
7 LMT 2.10% 285,228 $138M $483.67 -$10M -11,944 -4.0%
8 PGR 2.07% 597,858 $136M $227.72 -$733K +43,587 +7.9%
9 SO 1.97% 1,485,576 $130M $87.20 -$17M -63,850 -4.1%
10 HSY 1.93% 697,914 $127M $181.98 -$14M -57,221 -7.6%
11 LIN 1.93% 297,323 $127M $426.39 -$20M -12,488 -4.0%
12 CSCO 1.89% 1,618,101 $125M $77.03 $8M -89,525 -5.2%
13 BR 1.89% 556,515 $124M $223.17 -$15M -27,397 -4.7%
14 FAST 1.89% 3,093,116 $124M $40.13 -$34M -121,848 -3.8%
15 CVX 1.86% 801,450 $122M $152.41 -$7M -31,451 -3.8%
16 IWD 1.82% 568,609 $120M $210.34 $116M +549,686 +2904.9%
17 ETR 1.81% 1,287,734 $119M $92.43 -$7M -64,613 -4.8%
18 HD 1.73% 331,755 $114M $344.10 -$26M -13,541 -3.9%
19 GILD 1.70% 909,835 $112M $122.74 $6M -43,111 -4.5%
20 FNF 1.69% 2,040,826 $111M $54.59 -$18M -98,272 -4.6%
21 PAYX 1.68% 987,259 $111M $112.18 -$19M -40,001 -3.9%
22 AWK 1.57% 792,993 $103M $130.50 -$16M -68,837 -8.0%
23 CL 1.55% 1,286,644 $102M $79.02 -$2M -7,890 -0.6%
24 HON 1.53% 517,167 $101M $195.09 +517,167 NEW
25 KMI 1.52% 3,637,035 $100M $27.49 -$7M -156,811 -4.1%
26 USB 1.50% 1,846,512 $99M $53.36 $5M -87,300 -4.5%
27 TROW 1.47% 943,672 $97M $102.38 -$3M -30,097 -3.1%
28 SPMB 1.45% 4,260,018 $95M $22.42 $742K +37,799 +0.9%
29 DEO 1.44% 1,098,320 $95M $86.27 -$35M -265,184 -19.4%
30 MDLZ 1.43% 1,742,051 $94M $53.83 -$45M -481,863 -21.7%
31 ACN 1.35% 332,196 $89M $268.30 $38M +122,941 +58.8%
32 TJX 1.35% 577,970 $89M $153.61 $2M -25,370 -4.2%
33 MA 1.35% 155,399 $89M $570.88 -$3M -6,576 -4.1%
34 WRB 1.26% 1,181,506 $83M $70.12 -$12M -50,031 -4.1%
35 NDSN 1.20% 328,669 $79M $240.43 $4M -1,848 -0.6%
36 CLX 1.19% 776,196 $78M $100.83 -$37M -154,897 -16.6%
37 SYK 1.17% 219,287 $77M $351.47 -$7M -7,086 -3.1%
38 MSFT 1.14% 154,718 $75M $483.62 -$9M -7,064 -4.4%
39 SPGI 1.11% 140,159 $73M $522.59 $3M -4,718 -3.3%
40 SPDW 1.11% 1,637,282 $73M $44.41 $10M +162,932 +11.1%
41 ARCC 1.09% 3,542,772 $72M $20.23 -$3M -139,638 -3.8%
42 KEYS 1.03% 334,338 $68M $203.19 $11M +7,398 +2.3%
43 GOOG 0.87% 182,558 $57M $313.80 -$10M -94,631 -34.1%
44 TMO 0.84% 95,064 $55M $579.45 $15M +11,841 +14.2%
45 MAS 0.83% 862,773 $55M $63.46 -$6M -5,456 -0.6%
46 SPYG 0.83% 512,845 $55M $106.70 $24M +219,542 +74.8%
47 LOW 0.82% 223,714 $54M $241.16 -$2M -210 -0.1%
48 ITW 0.81% 215,911 $53M $246.30 -$5M -7,005 -3.1%
49 GGG 0.78% 622,969 $51M $81.97 -$5M -31,050 -4.8%
50 PAYC 0.77% 319,291 $51M $159.36 -$17M -8,021 -2.5%
51 NXPI 0.75% 228,220 $50M $217.06 $2M +17,485 +8.3%
52 BRK-B 0.75% 97,692 $49M $502.65 -$2M -3,184 -3.2%
53 APD 0.71% 190,299 $47M $247.02 -$8M -12,255 -6.0%
54 DOW 0.56% 1,589,613 $37M $23.38 -$8M -372,359 -19.0%
55 MLM 0.56% 59,658 $37M $622.66 -$2M -1,733 -2.8%
56 ACGL 0.52% 359,733 $35M $95.92 -$790K -29,287 -7.5%
57 BKNG 0.52% 6,372 $34M $5,355.41 -$1M -147 -2.2%
58 BRO 0.50% 413,319 $33M $79.70 $5M +114,959 +38.5%
59 MBB 0.50% 344,690 $33M $95.22 -$2M -21,807 -6.0%
60 GLDM 0.49% 380,810 $33M $85.37 -$5M -107,583 -22.0%
61 BF-B 0.47% 1,194,806 $31M $26.06 -$5M -154,312 -11.4%
62 DLTR 0.44% 236,023 $29M $123.01 $3M -37,603 -13.7%
63 SBUX 0.41% 322,455 $27M $84.21 -$1M -15,231 -4.5%
64 APH 0.41% 199,281 $27M $135.14 $1M -8,942 -4.3%
65 DCI 0.39% 291,382 $26M $88.66 $967K -12,434 -4.1%
66 ECL 0.39% 98,296 $26M $262.52 -$2M -3,862 -3.8%
67 GD 0.39% 76,437 $26M $336.66 -$1M -3,289 -4.1%
68 RMD 0.39% 106,396 $26M $240.87 -$5M -4,262 -3.9%
69 EXPD 0.39% 171,675 $26M $149.01 $4M -5,405 -3.0%
70 TLH 0.37% 242,506 $25M $101.67 -$13M -120,548 -33.2%
71 SHW 0.35% 70,312 $23M $324.03 -$2M -2,479 -3.4%
72 MCD 0.34% 73,788 $23M $305.63 -$624K -2,477 -3.2%
73 IBTQ 0.32% 834,372 $21M $25.48 -$1M -51,801 -5.8%
74 CRL 0.32% 105,626 $21M $199.48 $6M +9,663 +10.1%
75 MDT 0.31% 215,117 $21M $96.06 $1M +10,358 +5.1%
76 HYBB 0.31% 433,506 $20M $47.13 $8M +162,677 +60.1%
77 NJR 0.31% 438,685 $20M $46.12 -$137K +15,650 +3.7%
78 AOS 0.30% 294,451 $20M $66.88 -$4M -34,619 -10.5%
79 MKC 0.29% 281,411 $19M $68.11 -$2M -40,805 -12.7%
80 TTC 0.29% 241,309 $19M $78.72 $2M +17,292 +7.7%
81 IBTP 0.28% 716,175 $18M $25.81 $2M +73,471 +11.4%
82 PG 0.28% 128,307 $18M $143.31 -$2M -2,700 -2.1%
83 EOG 0.26% 163,772 $17M $105.01 -$2M -8,902 -5.2%
84 NKE 0.26% 266,081 $17M $63.71 -$77K +21,864 +8.9%
85 ZTS 0.24% 124,555 $16M $125.82 -$4M -9,156 -6.8%
86 IBTO 0.24% 637,249 $16M $24.56 -$1M -39,615 -5.8%
87 IEUR 0.24% 220,104 $16M $70.98 $3M +39,406 +21.8%
88 VNT 0.24% 418,358 $16M $37.18 -$3M -31,333 -7.0%
89 MORN 0.23% 71,033 $15M $217.31 $1M +10,794 +17.9%
90 STZ 0.23% 108,744 $15M $137.96 -$4M -34,799 -24.2%
91 IEI 0.23% 125,647 $15M $119.35 $2M +12,744 +11.3%
92 BDX 0.22% 74,940 $15M $194.07 -$479K -5,323 -6.6%
93 DIS 0.22% 125,550 $14M $113.77 -$1M -10,767 -7.9%
94 MDYG 0.18% 131,018 $12M $92.43 -$10M -108,869 -45.4%
95 VVV 0.18% 403,942 $12M $29.06 -$6M -86,672 -17.7%
96 AVDV 0.18% 124,409 $12M $93.97 $3M +26,156 +26.6%
97 REGL 0.17% 136,371 $11M $84.22 -$12M -133,185 -49.4%
98 CPRT 0.17% 283,768 $11M $39.15 -$4M -52,061 -15.5%
99 JBTM 0.17% 72,591 $11M $150.67 -$1M -13,089 -15.3%
100 SPY 0.16% 15,723 $11M $681.90 -$685K -1,399 -8.2%

New Positions

SymbolValue% Port
HON $101M 1.53%
IBDX $8M 0.12%
IBDR $6M 0.09%
UNF $5M 0.08%
IWN $4M 0.06%
FG $4M 0.06%
AG $2M 0.02%
LUN.TO $1M 0.02%
EQT $1M 0.02%
ESAB $998K 0.02%
TOTB.DE $986K 0.01%
PBDC $846K 0.01%
SBSW $709K 0.01%
IEFA $283K —%
AVLC $272K —%

Sold Out Positions

SymbolValue% Port
WY —%
EPC —%
UPS —%
KMPR —%
UL —%
VALE —%
TTE —%
COST —%
AOUT —%
HTO —%
BSMS —%
IBDT —%
BSMT —%
ASAI —%
IBMN —%
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