Institutional Manager · CIK 0001442056

CONFLUENCE INVESTMENT MANAGEMENT LLC

ST. LOUIS, MO · File #028-13334

Latest AUM

$6.67B

Positions

458

Top-10 Concentration

29.8%

Filings

Portfolio Value Over Time

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	SPDR Portfolio Mortgage Backed	78464A383	-4,221,898	-$94.6M	-$108,386
ADD	iShares Barclays 10-20 Year Tr	464288653	+242,416	+$24.6M	-$119
REDUCE	iShares 3-7 Year Treasury Bond	464288661	-112,863	-$13.5M	-$18,065
EXITED	iShares iBonds Dec 2028 Term C	46435U515	-399,602	-$10.2M	$0
ADD	iShares BB Rated Corporate Bon	46435U473	+162,677	+$7.7M	-$48,749
NEW	iShares iBonds Dec 2032 Term C	46436E312	+298,135	+$7.6M	$0
REDUCE	iShares iBonds Dec 2029 Term T	46436E825	-340,468	-$7.5M	-$5,182
NEW	iShares iBonds Dec 2026 Term C	46435GAA0	+243,126	+$5.9M	$0
ADD	iShares iBonds Dec 2031 Term T	46436e460	+172,520	+$3.5M	-$13,373
EXITED	Invesco BulletShares 2028 Muni	46138J486	-126,710	-$3.0M	$0

Sector Allocation

11.2%$750.5M

11.0%$735.4M

10.9%$727.9M

5.3%$355.1M

4.6%$304.4M

4.3%$289.8M

Consumer Discretionary

3.6%$243.0M

Materials

3.4%$227.1M

Energy

2.5%$169.9M

Communication Services

0.0%$517,835

Filing History

Jan 5, 202613F HOLDINGS REPORTQ/E Dec 2025458 pos · $6.67B
Oct 14, 202513F HOLDINGS REPORTQ/E Sep 2025456 pos · $7.01B
Jul 1, 202513F HOLDINGS REPORTQ/E Jun 2025451 pos · $7.08B
Apr 1, 202513F HOLDINGS REPORTQ/E Mar 2025462 pos · $6.94B
Jan 2, 202513F HOLDINGS REPORTQ/E Dec 2024359 pos · $7.21B
Nov 5, 202413F HOLDINGS REPORTQ/E Sep 2024352 pos · $7.07B
Oct 31, 202413F HOLDINGS REPORTQ/E Sep 2024357 pos · $7.48B
Jul 1, 202413F HOLDINGS REPORTQ/E Jun 2024358 pos · $6.93B
Apr 1, 202413F HOLDINGS REPORTQ/E Mar 2024353 pos · $7.44B
Oct 10, 202313F HOLDINGS REPORTQ/E Dec 2023349 pos · $6.46B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	iShares 0-3 Month Treasury Bon	46436E718	2,085,234	$209.3M	4.14%
2	Snap-on Inc.	SNA	467,697	$161.2M	3.19%
3	Chubb Ltd.	CB	509,139	$158.9M	3.14%
4	Analog Devices Inc.	ADI	583,917	$158.4M	3.13%
5	Northern Trust Corp.	NTRSO	1,099,530	$150.2M	2.97%
6	WEC Energy Group Inc.	WEC	1,322,730	$139.5M	2.76%
7	Lockheed Martin Corp.	LMT	284,235	$137.5M	2.72%
8	Progressive Corp.	743315103	595,654	$135.6M	2.68%
9	Southern Co.	SOMN	1,480,469	$129.1M	2.55%
10	Hershey Co.	HSY	694,999	$126.5M	2.50%
11	Linde plc	LIN	296,274	$126.3M	2.50%
12	Cisco Systems Inc.	CSCO	1,611,483	$124.1M	2.45%
13	Fastenal Co.	FAST	3,082,500	$123.7M	2.45%
14	Broadridge Financial Solutions	11133T103	553,907	$123.6M	2.44%
15	Chevron Corp.	CVX	798,822	$121.7M	2.41%
16	Entergy Corp.	ENO	1,282,435	$118.5M	2.34%
17	iShares Russell 1000 Value ETF	464287598	562,840	$118.4M	2.34%
18	Home Depot Inc.	HD	330,623	$113.8M	2.25%
19	Gilead Sciences Inc.	GILD	906,378	$111.2M	2.20%
20	Fidelity National Financial In	FNF	2,032,439	$111.0M	2.19%