Confluence Investment Management LLC Top Holdings and 13F Report (2024)

About Confluence Investment Management LLC

Investment Activity

Confluence Investment Management LLC has $6.93 billion in total holdings as of June 30, 2024.
Confluence Investment Management LLC owns shares of 302 different stocks, but just 60 companies or ETFs make up 80% of its holdings.
Approximately 5.95% of the portfolio was purchased this quarter.
About 7.96% of the portfolio was sold this quarter.
This quarter, Confluence Investment Management LLC has purchased 299 new stocks and bought additional shares in 128 stocks.
Confluence Investment Management LLC sold shares of 151 stocks and completely divested from 9 stocks this quarter.

Largest Holdings

Progressive: $194,648,004
Chubb: $153,560,241
Analog Devices: $151,338,962
PepsiCo: $150,905,557
Linde plc: $150,520,711

Largest New Holdings this Quarter

A. O. Smith: $22,288,153 Holding
Paycom Software: $21,855,797 Holding
Lamb Weston: $7,937,152 Holding
CONMED: $3,525,685 Holding
Blue Owl Capital Corp III: $3,490,390 Holding

Largest Purchases this Quarter

Hershey: 537,419 shares (about $98.79M)
Brown & Brown: 533,341 shares (about $47.69M)
iShares 0-3 Month Treasury Bond ETF: 441,877 shares (about $44.50M)
SPDR Portfolio Developed World ex-US ETF: 732,781 shares (about $25.71M)
A. O. Smith: 272,538 shares (about $22.29M)

Largest Sales this Quarter

Nestlé: 867,439 shares (about $88.87M)
Fastenal: 800,439 shares (about $50.30M)
Microsoft: 95,341 shares (about $42.61M)
SPDR S&P 400 Mid CapGrowth ETF: 242,178 shares (about $20.36M)
Linde plc: 26,568 shares (about $11.66M)

Sector Allocation Over Time

Selling

Neutral

Buying

Latest 13F Holdings and Changes Since Previous Quarterly Filing

Issuer Name	Holdings Value	Approximate Purchase/Sale	Change in Shares	Shares Held	% of Portfolio	Sector
PGR Progressive	$194,648,004	$5,194,205 ▲	2.7%	937,114	2.8%	Finance
CB Chubb	$153,560,241	$9,778,749 ▼	-6.0%	602,008	2.2%	Finance
ADI Analog Devices	$151,338,962	$8,843,025 ▼	-5.5%	663,011	2.2%	Computer and Technology
PEP PepsiCo	$150,905,557	$5,762,161 ▼	-3.7%	914,967	2.2%	Consumer Staples
Linde plc	$150,520,711	$11,658,312 ▼	-7.2%	343,020	2.2%	COM
LMT Lockheed Martin	$149,048,525	$6,424,501 ▼	-4.1%	319,093	2.2%	Aerospace
SNA Snap-on	$144,488,202	$8,568,359 ▼	-5.6%	552,769	2.1%	Consumer Discretionary
MSFT Microsoft	$144,058,306	$42,612,679 ▼	-22.8%	322,314	2.1%	Computer and Technology
SGOV iShares 0-3 Month Treasury Bond ETF	$135,875,620	$44,501,434 ▲	48.7%	1,349,177	2.0%	ETF
PAYX Paychex	$134,716,418	$6,838,541 ▼	-4.8%	1,136,272	1.9%	Business Services
CL Colgate-Palmolive	$133,813,997	$6,947,676 ▼	-4.9%	1,378,957	1.9%	Consumer Staples
SO Southern	$132,300,443	$6,548,071 ▼	-4.7%	1,705,562	1.9%	Utilities
HSY Hershey	$131,958,926	$98,793,775 ▲	297.9%	717,831	1.9%	Consumer Staples
HD Home Depot	$129,237,310	$5,841,752 ▼	-4.3%	375,428	1.9%	Retail/Wholesale
BR Broadridge Financial Solutions	$128,647,499	$9,859,653 ▼	-7.1%	653,033	1.9%	Business Services
WEC WEC Energy Group	$120,329,123	$1,913,011 ▼	-1.6%	1,533,637	1.7%	Utilities
CLX Clorox	$120,311,524	$578,360 ▼	-0.5%	881,597	1.7%	Consumer Staples
FNF Fidelity National Financial	$118,090,034	$7,877,202 ▼	-6.3%	2,389,519	1.7%	Finance
CVX Chevron	$117,813,085	$4,832,911 ▼	-3.9%	753,184	1.7%	Oils/Energy
DEO Diageo	$117,473,802	$11,115,089 ▲	10.5%	931,740	1.7%	Consumer Staples
TROW T. Rowe Price Group	$115,218,518	$8,098,218 ▼	-6.6%	999,207	1.7%	Finance
FAST Fastenal	$108,925,858	$50,299,590 ▼	-31.6%	1,733,384	1.6%	Retail/Wholesale
NTRS Northern Trust	$97,214,756	$2,580,370 ▼	-2.6%	1,157,594	1.4%	Finance
TJX TJX Companies	$95,874,589	$3,374,783 ▼	-3.4%	870,796	1.4%	Retail/Wholesale
KMI Kinder Morgan	$90,348,921	$4,587,903 ▼	-4.8%	4,547,002	1.3%	Oils/Energy
ETR Entergy	$89,025,646	$4,383,792 ▼	-4.7%	832,015	1.3%	Utilities
DOW DOW	$88,196,665	$4,437,419 ▼	-4.8%	1,662,520	1.3%	Basic Materials
UPS United Parcel Service	$87,992,715	$4,243,168 ▼	-4.6%	642,987	1.3%	Transportation
CSCO Cisco Systems	$87,196,221	$3,700,933 ▼	-4.1%	1,835,324	1.3%	Computer and Technology
SYK Stryker	$87,102,528	$1,669,605 ▼	-1.9%	255,996	1.3%	Medical
SPGI S&P Global	$83,602,404	$1,077,538 ▼	-1.3%	187,449	1.2%	Business Services
MA Mastercard	$82,866,892	$1,530,381 ▼	-1.8%	187,839	1.2%	Business Services
ORCL Oracle	$82,733,579	$848,047 ▼	-1.0%	585,932	1.2%	Computer and Technology
GILD Gilead Sciences	$82,519,196	$2,968,481 ▼	-3.5%	1,202,728	1.2%	Medical
PII Polaris	$80,865,633	$4,303,525 ▼	-5.1%	1,032,635	1.2%	Auto/Tires/Trucks
USB U.S. Bancorp	$79,100,302	$2,779,357 ▼	-3.4%	1,992,451	1.1%	Finance
ARCC Ares Capital	$78,620,439	$7,689,543 ▼	-8.9%	3,772,574	1.1%	Finance
BIPC Brookfield Infrastructure	$77,807,798	$5,977,714 ▼	-7.1%	2,311,580	1.1%	Utilities
GOOG Alphabet	$76,453,876	$3,891,073 ▼	-4.8%	416,824	1.1%	Computer and Technology
WRB W. R. Berkley	$72,564,111	$921,194 ▼	-1.3%	923,442	1.0%	Finance
MAS Masco	$64,937,054	$1,141,857 ▼	-1.7%	974,007	0.9%	Construction
BRK.B Berkshire Hathaway	$64,759,509	$2,600,681 ▼	-3.9%	159,192	0.9%	Finance
SPMB SPDR Portfolio Mortgage Backed Bond ETF	$62,575,800	$6,901,818 ▲	12.4%	2,901,057	0.9%	ETF
RYN Rayonier	$61,772,536	$5,638,021 ▼	-8.4%	2,123,497	0.9%	Construction
MKL Markel Group	$60,926,675	$2,180,736 ▼	-3.5%	38,667	0.9%	Multi-Sector Conglomerates
NXPI NXP Semiconductors	$59,621,486	$1,316,389 ▼	-2.2%	221,567	0.9%	Computer and Technology
WY Weyerhaeuser	$59,181,212	$5,257,233 ▼	-8.2%	2,084,579	0.9%	Construction
GGG Graco	$57,672,748	$2,462,597 ▼	-4.1%	727,456	0.8%	Industrial Products
ITW Illinois Tool Works	$57,563,381	$496,906 ▼	-0.9%	242,924	0.8%	Industrial Products
LOW Lowe's Companies	$54,405,771	$1,076,726 ▼	-1.9%	246,783	0.8%	Retail/Wholesale
SBUX Starbucks	$53,723,800	$377,339 ▲	0.7%	690,094	0.8%	Retail/Wholesale
BKNG Booking	$49,419,754	$2,460,094 ▼	-4.7%	12,475	0.7%	Retail/Wholesale
BRO Brown & Brown	$48,717,730	$47,686,028 ▲	4,622.1%	544,880	0.7%	Finance
TMO Thermo Fisher Scientific	$47,560,511	$662,490 ▼	-1.4%	86,005	0.7%	Medical
KEYS Keysight Technologies	$47,190,510	$937,558 ▲	2.0%	345,086	0.7%	Computer and Technology
XMHQ Invesco S&P MidCap Quality ETF	$45,629,013	$238,014 ▼	-0.5%	470,257	0.7%	ETF
HYBB iShares BB Rated Corporate Bond ETF	$42,266,563	$5,143,840 ▲	13.9%	918,439	0.6%	ETF
DNB Dun & Bradstreet	$37,770,445	$10,344,595 ▲	37.7%	4,078,882	0.5%	Business Services
NDSN Nordson	$36,295,438	$56,825 ▲	0.2%	156,486	0.5%	Industrial Products
STZ Constellation Brands	$36,196,551	$704,692 ▼	-1.9%	140,689	0.5%	Consumer Staples
MLM Martin Marietta Materials	$35,354,701	$15,690,565 ▲	79.8%	65,254	0.5%	Construction
CALF Pacer US Small Cap Cash Cows 100 ETF	$35,352,033	$997,916 ▲	2.9%	811,571	0.5%	ETF
IBTH iShares iBonds Dec 2027 Term Treasury ETF	$30,567,977	$46,909 ▼	-0.2%	1,384,733	0.4%	Manufacturing
SPDW SPDR Portfolio Developed World ex-US ETF	$28,843,319	$25,705,972 ▲	819.4%	822,215	0.4%	ETF
ECL Ecolab	$28,026,182	$233,716 ▼	-0.8%	117,757	0.4%	Basic Materials
GLDM SPDR Gold MiniShares Trust	$27,871,775	$501,367 ▼	-1.8%	604,725	0.4%	Finance
GD General Dynamics	$25,751,546	$150,292 ▼	-0.6%	88,756	0.4%	Aerospace
SHW Sherwin-Williams	$25,060,574	$56,702 ▼	-0.2%	83,975	0.4%	Construction
APH Amphenol	$24,885,062	$7,373,579 ▲	42.1%	369,379	0.4%	Computer and Technology
RMD ResMed	$24,641,954	$82,119 ▼	-0.3%	128,732	0.4%	Medical
EOG EOG Resources	$24,315,741	$157,967 ▲	0.7%	193,181	0.4%	Oils/Energy
EXPD Expeditors International of Washington	$23,990,484	$199,040 ▲	0.8%	192,247	0.3%	Transportation
DCI Donaldson	$23,984,021	$11,450 ▲	0.0%	335,160	0.3%	Industrial Products
APD Air Products and Chemicals	$23,709,967	$2,960,359 ▲	14.3%	91,881	0.3%	Basic Materials
PG Procter & Gamble	$23,666,651	$97,633 ▲	0.4%	143,504	0.3%	Consumer Staples
VNT Vontier	$22,872,519	$514,439 ▼	-2.2%	598,757	0.3%	Business Services
AOS A. O. Smith	$22,288,153	$22,288,153 ▲	New Holding	272,538	0.3%	Industrial Products
PAYC Paycom Software	$21,855,797	$21,855,797 ▲	New Holding	152,795	0.3%	Computer and Technology
IBDR iShares iBonds Dec 2026 Term Corporate ETF	$21,665,270	$1,525,671 ▲	7.6%	909,541	0.3%	ETF
MCD McDonald's	$21,551,111	$256,625 ▲	1.2%	84,567	0.3%	Retail/Wholesale
TTC Toro	$21,476,472	$364,409 ▲	1.7%	229,670	0.3%	Consumer Discretionary
SLYG SPDR S&P 600 Small Cap Growth ETF	$20,256,579	$558,862 ▼	-2.7%	235,926	0.3%	ETF
CRL Charles River Laboratories International	$19,681,290	$348,087 ▼	-1.7%	95,272	0.3%	Medical
NJR New Jersey Resources	$19,595,569	$334,911 ▲	1.7%	458,483	0.3%	Utilities
IBTG iShares iBonds Dec 2026 Term Treasury ETF	$19,575,090	$88,580 ▼	-0.5%	864,059	0.3%	Manufacturing
MORN Morningstar	$19,222,996	$910,929 ▼	-4.5%	64,975	0.3%	Business Services
BDX Becton, Dickinson and Company	$19,005,171	$355,241 ▲	1.9%	81,319	0.3%	Medical
AWK American Water Works	$18,906,364	$422,484 ▲	2.3%	146,379	0.3%	Utilities
NSRGY Nestlé	$18,307,559	$88,869,375 ▼	-82.9%	178,697	0.3%	Consumer Staples
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF	$18,125,330	$12,841,256 ▲	243.0%	353,734	0.3%	Manufacturing
SPYV SPDR Portfolio S&P 500 Value ETF	$18,068,223	$1,313,349 ▲	7.8%	370,706	0.3%	ETF
SHY iShares 1-3 Year Treasury Bond ETF	$18,018,032	$7,567,077 ▼	-29.6%	220,674	0.3%	Manufacturing
MBB iShares MBS ETF	$18,008,821	$142,030 ▼	-0.8%	196,153	0.3%	ETF
GTES Gates Industrial	$17,708,670	$7,635,945 ▼	-30.1%	1,120,093	0.3%	Construction
NKE NIKE	$17,257,650	$4,120,636 ▲	31.4%	228,972	0.2%	Consumer Discretionary
MDT Medtronic	$16,894,813	$444,319 ▲	2.7%	214,646	0.2%	Medical
MDYV SPDR S&P 400 Mid Cap Value ETF	$15,493,991	$8,291,675 ▼	-34.9%	212,421	0.2%	ETF
MDYG SPDR S&P 400 Mid CapGrowth ETF	$15,451,966	$20,357,447 ▼	-56.8%	183,821	0.2%	ETF
SPY SPDR S&P 500 ETF Trust	$15,059,175	$165,988 ▼	-1.1%	27,671	0.2%	Finance
DLTR Dollar Tree	$13,734,946	$41,854 ▼	-0.3%	128,640	0.2%	Retail/Wholesale