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Confluence Investment Management LLC

13F for the quarter to June 30, 2026, filed July 1, 2026 · SEC CIK 1442056

Reported value
$6.4bn
81% in companies we cover
Positions we cover
176
Largest SNA 2.6%
Copy, a year
+12.7%
S&P 500 +14.1%
Copy Sharpe ratio
0.61
S&P 500 0.65

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$48.6k
CopyS&P 500 $10,000 copying Confluence Investment Management LLC's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −34.0% (S&P 500 −31.8%); beta 0.87; alpha +0.3% a year (t = 0.17); last 12 months +18.4% against +12.1%.

Reported value by quarter

Confluence Investment Management LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $2B $4B $6B $8B Reported value, 2013-06-30: $1.5B Reported value, 2013-09-30: $1.6B Reported value, 2013-12-31: $1.8B Reported value, 2014-03-31: $2B Reported value, 2014-06-30: $2.2B Reported value, 2014-09-30: $2.2B Reported value, 2014-12-31: $2.5B Reported value, 2015-03-31: $2.6B Reported value, 2015-06-30: $2.7B Reported value, 2015-09-30: $2.7B Reported value, 2015-12-31: $3.1B Reported value, 2016-03-31: $3.3B Reported value, 2016-06-30: $3.6B Reported value, 2016-09-30: $3.8B Reported value, 2016-12-31: $4.1B Reported value, 2017-03-31: $4.5B Reported value, 2017-06-30: $4.9B Reported value, 2017-09-30: $5.2B Reported value, 2017-12-31: $5.5B Reported value, 2018-03-31: $5.4B Reported value, 2018-06-30: $5.7B Reported value, 2018-09-30: $5.9B Reported value, 2018-12-31: $5.3B Reported value, 2019-03-31: $5.9B Reported value, 2019-06-30: $6.3B Reported value, 2019-09-30: $6.4B Reported value, 2019-12-31: $6.3B Reported value, 2020-03-31: $5.3B Reported value, 2020-06-30: $6B Reported value, 2020-09-30: $6.2B Reported value, 2020-12-31: $6.7B Reported value, 2021-03-31: $7.1B Reported value, 2021-06-30: $7.5B Reported value, 2021-09-30: $7.1B Reported value, 2021-12-31: $7.5B Reported value, 2022-03-31: $7.1B Reported value, 2022-06-30: $6.4B Reported value, 2022-09-30: $6B Reported value, 2022-12-31: $6.7B Reported value, 2023-03-31: $6.8B Reported value, 2023-06-30: $6.9B Reported value, 2023-09-30: $6.5B Reported value, 2023-12-31: $7.1B Reported value, 2024-03-31: $7.4B Reported value, 2024-06-30: $6.9B Reported value, 2024-09-30: $7.5B Reported value, 2024-12-31: $7.2B Reported value, 2025-03-31: $6.9B Reported value, 2025-06-30: $7.1B Reported value, 2025-09-30: $7B Reported value, 2025-12-31: $6.7B Reported value, 2026-03-31: $6.4B Reported value, 2026-06-30: $6.4B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $6.4B
View chart data
Period Reported value
2013-06-30 $1.5B
2013-09-30 $1.6B
2013-12-31 $1.8B
2014-03-31 $2B
2014-06-30 $2.2B
2014-09-30 $2.2B
2014-12-31 $2.5B
2015-03-31 $2.6B
2015-06-30 $2.7B
2015-09-30 $2.7B
2015-12-31 $3.1B
2016-03-31 $3.3B
2016-06-30 $3.6B
2016-09-30 $3.8B
2016-12-31 $4.1B
2017-03-31 $4.5B
2017-06-30 $4.9B
2017-09-30 $5.2B
2017-12-31 $5.5B
2018-03-31 $5.4B
2018-06-30 $5.7B
2018-09-30 $5.9B
2018-12-31 $5.3B
2019-03-31 $5.9B
2019-06-30 $6.3B
2019-09-30 $6.4B
2019-12-31 $6.3B
2020-03-31 $5.3B
2020-06-30 $6B
2020-09-30 $6.2B
2020-12-31 $6.7B
2021-03-31 $7.1B
2021-06-30 $7.5B
2021-09-30 $7.1B
2021-12-31 $7.5B
2022-03-31 $7.1B
2022-06-30 $6.4B
2022-09-30 $6B
2022-12-31 $6.7B
2023-03-31 $6.8B
2023-06-30 $6.9B
2023-09-30 $6.5B
2023-12-31 $7.1B
2024-03-31 $7.4B
2024-06-30 $6.9B
2024-09-30 $7.5B
2024-12-31 $7.2B
2025-03-31 $6.9B
2025-06-30 $7.1B
2025-09-30 $7B
2025-12-31 $6.7B
2026-03-31 $6.4B
2026-06-30 $6.4B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
SNASnap-on2.62%$167.9m417.1K−4.3% Reduced
CBChubb Limited2.45%$157.0m460.8K−4.4% Reduced
LINLinde plc2.19%$140.5m270.7K−4.4% Reduced
WECWEC Energy Group2.17%$139.1m1.19M−3.7% Reduced
FASTFastenal2.12%$135.9m2.83M−4.6% Reduced
ETREntergy2.08%$132.8m1.16M−5.9% Reduced
LMTLockheed Martin2.06%$131.7m258.6K−4.1% Reduced
SOSouthern Company2.05%$131.2m1.37M−3.6% Reduced
SWKStanley Black & Decker1.98%$126.9m1.35MNew
CVXChevron Corporation1.92%$123.1m742.9K−3.8% Reduced
PGRProgressive Corporation1.90%$121.8m557.4K−3.9% Reduced
CLXClorox1.86%$119.1m1.25M+33.8% Added
MDLZMondelez International1.85%$118.2m2.04M−3.2% Reduced
ADIAnalog Devices1.82%$116.5m293.4K−45.7% Reduced
HSYThe Hershey Company1.82%$116.4m663.2K−3.9% Reduced
NTRSNorthern Trust1.79%$114.8m660.4K−2.9% Reduced
CLColgate-Palmolive1.73%$110.9m1.21M−3.3% Reduced
HDThe Home Depot1.72%$109.8m311.3K−2.7% Reduced
KMIKinder Morgan1.68%$107.7m3.37M−3.4% Reduced
TROWT. Rowe Price1.66%$106.5m936.4K−2.8% Reduced
GILDGilead Sciences1.64%$105.2m832.6K−3.3% Reduced
USBU.S. Bancorp1.64%$104.8m1.73M−2.8% Reduced
AWKAmerican Water Works1.60%$102.7m780.3K−3.7% Reduced
CSCOCisco1.54%$98.9m841.8K−45.4% Reduced
PAYXPaychex1.46%$93.7m952.4K−1.8% Reduced
FNFFidelity National Financial, Inc.1.41%$90.0m1.91M−2.5% Reduced
NDSNNordson Corporation1.32%$84.8m281.1K−8.8% Reduced
WRBW. R. Berkley Corporation1.14%$72.8m1.03M−7.3% Reduced
BRBroadridge Financial Solutions1.12%$71.7m523.3K−2.1% Reduced
MAMastercard1.09%$70.1m136.5K−6.8% Reduced
SYKStryker Corporation1.04%$66.7m212.0K+1.9% Added
MASMasco0.98%$62.5m768.7K−7.2% Reduced
ARCCAres Capital Corp0.97%$62.4m3.37M−2.0% Reduced
TJXTJX Companies0.96%$61.6m406.9K−8.9% Reduced
APDAir Products0.93%$59.5m202.9K−6.7% Reduced
SPGIS&P Global0.90%$57.7m141.6K+5.5% Added
HONHoneywell Technologies0.84%$53.9m240.6KNew
MSFTMicrosoft Corporation0.83%$53.3m142.9K−3.8% Reduced
HONAHoneywell Aerospace0.83%$53.3m241.1KNew
ITWIllinois Tool Works0.82%$52.2m193.0K−6.8% Reduced
DOWDow Inc.0.79%$50.6m1.85M−1.1% Reduced
PAYCPaycom Software, Inc.0.73%$47.1m374.4K−8.2% Reduced
TMOThermo Fisher Scientific0.73%$46.5m92.8K+2.9% Added
ACNAccenture0.67%$42.5m341.9K+0.3%
NXPINXP Semiconductors0.67%$42.5m151.4K−31.1% Reduced
LOWLowe's0.66%$42.5m192.9K−8.2% Reduced
GGGGraco Inc0.65%$41.5m549.1K−6.3% Reduced
BKNGBooking Holdings0.54%$34.7m194.8K+3070.5% Added
ZTSZoetis0.52%$33.4m465.4K+228.1% Added
ACGLArch Capital Group0.51%$32.4m333.8K−8.3% Reduced
MLMMartin Marietta Materials0.47%$30.1m52.2K−8.2% Reduced
MORNMorningstar, Inc.0.41%$25.9m166.3K−6.4% Reduced
BROBrown & Brown0.39%$24.8m386.0K−4.6% Reduced
EXPDExpeditors International0.38%$24.2m148.3K−7.7% Reduced
GDGeneral Dynamics0.36%$23.4m66.0K−6.9% Reduced
ECLEcolab0.36%$23.3m83.6K−6.6% Reduced
TTCToro Co0.36%$22.8m233.6K−6.9% Reduced
KEYSKeysight Technologies0.35%$22.6m64.6K−64.0% Reduced
DCIDonaldson Co Inc0.35%$22.2m247.3K−6.9% Reduced
STZConstellation Brands0.35%$22.2m159.6K−7.0% Reduced
NJRNEW Jersey Resources Corp0.34%$21.7m387.6K−7.0% Reduced
SHWSherwin-Williams0.34%$21.4m62.3K−6.3% Reduced
RLIRLI Corp0.33%$21.3m360.3K−5.7% Reduced
APHAmphenol0.33%$21.0m119.0K−35.9% Reduced
CRLCharles River Laboratories0.33%$20.8m91.6K−8.9% Reduced
ATRAptargroup, Inc.0.32%$20.1m160.9KNew
EOGEOG Resources0.31%$20.0m154.4K−6.8% Reduced
AOSA. O. Smith0.31%$19.6m312.0K−2.2% Reduced
RMDResMed|0.29%$18.3m94.1K−5.8% Reduced
MCDMcDonald's0.28%$17.8m65.9K−5.8% Reduced
TREXTrex Co Inc0.28%$17.7m354.3K−9.3% Reduced
PGProcter & Gamble0.27%$17.1m116.8K−5.3% Reduced
DLTRDollar Tree0.25%$16.2m134.1K−8.2% Reduced
VVVValvoline Inc0.24%$15.7m396.1K−8.2% Reduced
MDTMedtronic0.24%$15.3m195.2K−4.9% Reduced
BDXBecton Dickinson0.21%$13.6m89.9K−3.8% Reduced
NKENike, Inc.0.18%$11.5m279.4K−1.1% Reduced
DISThe Walt Disney Company0.17%$10.9m113.0K−8.2% Reduced
VNTVontier Corp0.17%$10.6m365.6K−4.9% Reduced
CPRTCopart0.13%$8.3m292.9K−6.7% Reduced
FNDFloor & Decor Holdings, Inc.0.12%$7.8m131.3KNew
JBTMJBT Marel Corp0.11%$7.2m49.9K−9.4% Reduced
RYANRyan Specialty Holdings, Inc.0.11%$7.1m189.0KNew
STVNStevanato Group S.p.a.0.10%$6.1m335.5KNew
TRIPTripadvisor, Inc.0.08%$5.2m376.9K−8.3% Reduced
IIIVI3 Verticals, Inc.0.08%$4.9m230.5K+91.6% Added
MAINMain Street Capital Corp0.08%$4.9m93.5K+2.8% Added
MTNVail Resorts Inc0.07%$4.6m34.1K−8.4% Reduced
CVCOCavco Industries, Inc.0.07%$4.5m7.3K−8.5% Reduced
HTGCHercules Capital, Inc.0.07%$4.4m276.2K+1.0% Added
GBDCGolub Capital BDC, Inc.0.07%$4.2m327.5K+0.2%
TSMTaiwan Semiconductor Manufacturing Co LTD0.06%$3.6m7.6K−11.3% Reduced
TSLXSixth Street Specialty Lending, Inc.0.06%$3.6m212.0K+2.0% Added
AEMAgnico Eagle Mines LTD0.06%$3.5m22.7K−2.4% Reduced
BXSLBlackstone Secured Lending Fund0.05%$3.5m146.6K+1.8% Added
ASMLAsml Holding NV0.04%$2.9m1.4K−0.1%
OBDCBlue Owl Capital Corp0.04%$2.9m263.3K+17.4% Added
CSWCCapital Southwest Corp0.04%$2.3m95.4K0.0%
NMFCNew Mountain Finance Corp0.03%$2.0m277.6K0.0%
AERAercap Holdings N.V.0.03%$1.9m13.1K−3.7% Reduced
CNRCore Natural Resources, Inc.0.03%$1.9m23.6K+6.2% Added
SCCOSouthern Copper Corp/0.03%$1.7m9.7K+3.8% Added
CVECenovus Energy Inc.0.03%$1.6m64.6K+1.3% Added
HGTYHagerty, Inc.0.03%$1.6m132.1K−6.2% Reduced
STCStewart Information Services Corp0.02%$1.6m23.7K−6.9% Reduced
HAYWHayward Holdings, Inc.0.02%$1.5m88.3K−5.4% Reduced
UFPIUFP Industries Inc0.02%$1.5m16.3K+26.0% Added
HAEHaemonetics Corp0.02%$1.5m19.5K−5.7% Reduced
KNKnowles Corp0.02%$1.5m35.0K−54.5% Reduced
NEMNewmont0.02%$1.5m15.5K+3.1% Added
ESABESAB Corp0.02%$1.5m14.7K+24.5% Added
MOVMovado Group Inc0.02%$1.3m34.2K−54.2% Reduced
SHELShell plc0.02%$1.3m17.2K+4.7% Added
CFCF Industries0.02%$1.3m12.1KNew
CCJCameco Corp0.02%$1.3m12.9K+42.5% Added
MRTNMarten Transport LTD0.02%$1.3m75.3K−6.6% Reduced
OXYOccidental Petroleum0.02%$1.3m26.6KNew
UFPTUFP Technologies Inc0.02%$1.3m4.9K−4.8% Reduced
FNVFranco Nevada Corp0.02%$1.3m6.2K+5.2% Added
LFUSLittelfuse Inc0.02%$1.3m2.8K−43.7% Reduced
CRHCRH plc0.02%$1.3m11.8KNew
OCSLOaktree Specialty Lending Corp0.02%$1.3m105.9K−0.9% Reduced
CNQCanadian Natural Resources Ltd0.02%$1.3m32.0K+5.3% Added
WPMWheaton Precious Metals Corp.0.02%$1.3m11.2K+5.3% Added
VMCVulcan Materials Company0.02%$1.2m4.2K+7.2% Added
RGLDRoyal Gold Inc0.02%$1.2m6.2K+4.8% Added
JBSSSanfilippo John B & SON Inc0.02%$1.2m14.2K−5.5% Reduced
EQTEQT Corporation0.02%$1.2m22.7K+6.5% Added
DVNDevon Energy0.02%$1.2m28.9KNew
MFICMidcap Financial Investment Corp0.02%$1.2m118.6K+1.2% Added
AGIAlamos Gold Inc0.02%$1.1m36.9K+4.8% Added
BCSFBain Capital Specialty Finance, Inc.0.02%$1.1m87.6K+1.1% Added
EXEExpand Energy0.02%$1.0m11.4K+8.3% Added
MSDLMorgan Stanley Direct Lending Fund0.02%$1.0m67.5K+0.3%
ULUnilever PLC0.02%$1.0m16.8K+9.3% Added
KBDCKayne Anderson BDC, Inc.0.02%$1.0m74.8K−0.2%
SHOPShopify Inc.0.02%$1.0m8.8K−5.2% Reduced
HLNHaleon plc0.01%$991,387106.3K+1.8% Added
CNMDConmed Corp0.01%$983,68530.1K−67.9% Reduced
ASXASE Technology Holding Co., Ltd.0.01%$924,41920.5K−4.9% Reduced
CWCurtiss Wright Corp0.01%$879,0021.2K0.0%
TRINTrinity Capital Inc.0.01%$867,71948.5K+16.0% Added
NCDLNuveen Churchill Direct Lending Corp.0.01%$855,82568.9K+0.2%
SAPSAP SE0.01%$835,5845.4K0.0%
NVONovo Nordisk A S0.01%$833,43717.4K+10.8% Added
AXPAmerican Express0.01%$811,8002.4K0.0%
JJSFJ&J Snack Foods Corp0.01%$805,58311.0K−3.7% Reduced
BABAAlibaba Group Holding Ltd0.01%$798,3628.3K+8.2% Added
SLRCSLR Investment Corp.0.01%$789,86663.9K−0.2%
BMIBadger Meter Inc0.01%$784,9305.3KNew
CompanyBought (value)Shares
SWKStanley Black & Decker$126.9m1.35M
HONHoneywell Technologies$53.9m240.6K
HONAHoneywell Aerospace$53.3m241.1K
BKNGBooking Holdings$33.6m188.6K
CLXClorox$30.1m315.1K
ZTSZoetis$23.3m323.6K
ATRAptargroup, Inc.$20.1m160.9K
FNDFloor & Decor Holdings, Inc.$7.8m131.3K
RYANRyan Specialty Holdings, Inc.$7.1m189.0K
STVNStevanato Group S.p.a.$6.1m335.5K
SPGIS&P Global$3.0m7.3K
IIIVI3 Verticals, Inc.$2.4m110.2K
TMOThermo Fisher Scientific$1.3m2.6K
CFCF Industries$1.3m12.1K
OXYOccidental Petroleum$1.3m26.6K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
ADIAnalog Devices−$98.2m−247.3K
CSCOCisco−$82.1m−699.2K
KEYSKeysight Technologies−$40.2m−114.9K
SBUXStarbucks−$28.2m−315.1K
NXPINXP Semiconductors−$19.2m−68.5K
APHAmphenol−$11.7m−66.6K
ETREntergy−$8.3m−72.7K
NDSNNordson Corporation−$8.2m−27.1K
SNASnap-on−$7.6m−18.8K
CBChubb Limited−$7.2m−21.3K
FASTFastenal−$6.6m−137.0K
LINLinde plc−$6.4m−12.3K
TJXTJX Companies−$6.0m−39.7K
WRBW. R. Berkley Corporation−$5.8m−81.6K
LMTLockheed Martin−$5.6m−11.1K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
SBUXStarbucks$28.2m315.1K
FSKFS KKR Capital Corp$1.5m147.6K
FCXFreeport-McMoRan$1.3m22.9K
DNNDenison Mines Corp.$1.1m313.1K
NXENexgen Energy Ltd.$1.0m90.2K
UECUranium Energy Corp$1.0m76.8K
ENOVEnovis Corp$908,54439.9K
WGOWinnebago Industries Inc$823,88526.6K
COSTCostco$209,250210
  • Industrials23.9%
  • Financials21.6%
  • Utilities10.2%
  • Consumer Staples10.2%
  • Technology9.2%
  • Materials7.0%
  • Health Care6.4%
  • Consumer Discretionary6.1%
  • Energy5.1%
  • Communication Services0.3%
  • Real Estate0.0%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+12.7%+14.1%0.610.65−34.0%0.87
2018 onwardsJanuary 5, 2018 to November 2, 2026+11.9%+13.9%0.460.53−34.0%0.86
Last three yearsNovember 3, 2023 to November 2, 2026+19.0%+21.8%0.920.81−11.6%0.45
Last yearNovember 7, 2025 to November 2, 2026+18.9%+14.2%1.380.84−6.9%0.24

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.