2026 Q1 Portfolio Activity
In 2026 Q1, CONFLUENCE INVESTMENT MANAGEMENT LLC maintained a portfolio of 314 distinct positions. The most significant new addition was Trex Company Inc., now representing 0.22% of the total fund value. They heavily accumulated shares in Dow Inc., increasing the position by 17.7%. The fund also reduced its exposure to iShares Russell 1000 Value ETF by 96.8%.
Position History
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Total Positions
314
Quarter
2026 Q1
Top Holding
SGOV (2.7%)
Top 10 Concentration
24.1%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 314
CONFLUENCE INVESTMENT MANAGEMENT LLC Full Holdings List — 2026 Q1
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
SGOV
iShares 0-3 Mon...
|
ETF | 2.74% | 3.15% |
#1
Prev: #1
|
3.6 |
—
|
-337,728 | -16.1% |
P
S
|
1,753,514 | $176,508,734 |
$94.42
+6.6%
|
2024 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | ||
|
ADI
Analog Devices ...
|
Technology | 2.67% | 2.38% |
#2
2
Prev: #4
|
3.1 |
—
|
-45,239 | -7.7% |
P
S
|
540,640 | $171,999,165 |
$86.06
+361.4%
|
2009 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | ||
|
LMT
Lockheed Martin...
|
Industrials | 2.53% | 2.07% |
#3
4
Prev: #7
|
2.5 |
—
|
-15,588 | -5.5% |
P
S
|
269,640 | $162,968,034 |
$169.23
+215.1%
|
2010 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | ||
|
CVX
Chevron Corp.
|
Energy | 2.48% | 1.83% |
#4
11
Prev: #15
|
2.0 |
—
|
-29,207 | -3.6% |
P
S
|
772,243 | $159,777,005 | 2008 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
SNA
Snap-on Inc.
|
Industrials | 2.46% | 2.42% |
#5
3
Prev: #2
|
2.0 |
—
|
-33,413 | -7.1% |
P
S
|
435,896 | $158,326,022 | 2008 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
CB
Chubb Ltd.
|
Financial Services | 2.44% | 2.39% |
#6
3
Prev: #3
|
1.5 |
—
|
-28,978 | -5.7% |
P
S
|
482,043 | $157,112,341 | 2015 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
HSY
Hershey Co.
|
Consumer Defensive | 2.23% | 1.90% |
#7
3
Prev: #10
|
1.4 |
—
|
-7,565 | -1.1% |
P
S
|
690,349 | $143,516,523 | 2022 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
WEC
WEC Energy Grou...
|
Utilities | 2.22% | 2.10% |
#8
2
Prev: #6
|
1.4 |
—
|
-90,404 | -6.8% |
P
S
|
1,237,016 | $143,209,371 | 2018 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
LIN
Linde plc
|
Basic Materials | 2.18% | 1.90% |
#9
2
Prev: #11
|
1.4 |
—
|
-14,251 | -4.8% |
P
S
|
283,072 | $140,335,595 | 2018 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
ETR
Entergy Corp.
|
Utilities | 2.14% | 1.78% |
#10
7
Prev: #17
|
1.4 |
—
|
-58,447 | -4.5% |
P
S
|
1,229,287 | $138,122,664 | 2019 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
FAST
Fastenal Co.
|
Industrials | 2.14% | 1.86% |
#11
3
Prev: #14
|
1.4 |
—
|
-126,394 | -4.1% |
P
S
|
2,966,722 | $137,655,909 | 2015 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
SO
Southern Co.
|
Utilities | 2.13% | 1.94% |
#12
3
Prev: #9
|
1.4 |
—
|
-63,705 | -4.3% |
P
S
|
1,421,871 | $137,239,003 | 2008 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
MDLZ
Mondelez Intern...
|
Consumer Defensive | 1.89% | 1.41% |
#13
17
Prev: #30
|
3.3 |
—
|
370,805 | 21.3% |
P
S
|
2,112,856 | $121,785,025 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
GILD
Gilead Sciences...
|
Healthcare | 1.86% | 1.67% |
#14
5
Prev: #19
|
1.2 |
—
|
-48,812 | -5.4% |
P
S
|
861,023 | $120,000,813 | 2014 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
CSCO
Cisco Systems I...
|
Technology | 1.86% | 1.87% |
#15
3
Prev: #12
|
1.2 |
—
|
-77,155 | -4.8% |
P
S
|
1,540,946 | $119,561,996 | 2018 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
KMI
Kinder Morgan I...
|
Energy | 1.82% | 1.50% |
#16
9
Prev: #25
|
1.2 |
—
|
-148,029 | -4.1% |
P
S
|
3,489,006 | $116,986,371 | 2013 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
PGR
Progressive Cor...
|
Financial Services | 1.79% | 2.04% |
#17
9
Prev: #8
|
1.2 |
—
|
-17,599 | -2.9% |
P
S
|
580,259 | $115,030,514 | 2011 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
HON
Honeywell Inter...
|
Industrials | 1.75% | 1.51% |
#18
6
Prev: #24
|
1.2 |
—
|
-17,305 | -3.3% |
P
S
|
499,862 | $112,983,728 | 2018 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
AWK
American Water ...
|
Utilities | 1.71% | 1.55% |
#19
3
Prev: #22
|
1.2 |
—
|
16,965 | 2.1% |
P
S
|
809,958 | $110,227,194 | 2019 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
CL
Colgate-Palmoli...
|
Consumer Defensive | 1.65% | 1.52% |
#20
3
Prev: #23
|
1.2 |
—
|
-36,554 | -2.8% |
P
S
|
1,250,090 | $106,545,167 | 2009 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
HD
Home Depot Inc.
|
Consumer Cyclical | 1.63% | 1.71% |
#21
3
Prev: #18
|
1.2 |
—
|
-11,832 | -3.6% |
P
S
|
319,923 | $105,219,329 | 2008 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
DEO
Diageo plc
|
Consumer Defensive | 1.56% | 1.42% |
#22
7
Prev: #29
|
3.1 |
—
|
255,114 | 23.2% |
P
S
|
1,353,434 | $100,763,191 | 2008 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
CLX
Clorox Co.
|
Consumer Defensive | 1.50% | 1.17% |
#23
13
Prev: #36
|
3.1 |
—
|
156,379 | 20.1% |
P
S
|
932,575 | $96,642,765 | 2009 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
NTRS
Northern Trust ...
|
Financial Services | 1.47% | 2.26% |
#24
19
Prev: #5
|
0.6 |
—
|
-422,843 | -38.3% |
P
S
|
680,260 | $94,943,881 | 2013 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
USB
U.S. Bancorp
|
Financial Services | 1.44% | 1.48% |
#25
1
Prev: #26
|
1.1 |
—
|
-62,109 | -3.4% |
P
S
|
1,784,403 | $92,806,795 | 2017 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
FNF
Fidelity Nation...
|
Financial Services | 1.41% | 1.67% |
#26
6
Prev: #20
|
1.1 |
—
|
-83,819 | -4.1% |
P
S
|
1,957,007 | $90,765,974 | 2014 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
PAYX
Paychex Inc.
|
Technology | 1.39% | 1.66% |
#27
6
Prev: #21
|
1.1 |
—
|
-17,450 | -1.8% |
P
S
|
969,809 | $89,338,783 | 2008 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
BR
Broadridge Fina...
|
Technology | 1.35% | 1.86% |
#28
15
Prev: #13
|
1.0 |
—
|
-22,122 | -4.0% |
P
S
|
534,393 | $86,828,152 | 2009 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
TROW
T. Rowe Price G...
|
Financial Services | 1.35% | 1.45% |
#29
2
Prev: #27
|
1.0 |
—
|
19,495 | 2.1% |
P
S
|
963,167 | $86,819,854 | 2011 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
SPMB
SPDR Portfolio ...
|
ETF | 1.34% | 1.43% |
#30
2
Prev: #28
|
1.0 |
—
|
-406,525 | -9.5% |
P
S
|
3,853,493 | $86,279,719 | 2011 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
NDSN
Nordson Corp.
|
Industrials | 1.27% | 1.18% |
#31
4
Prev: #35
|
1.0 |
—
|
-20,402 | -6.2% |
P
S
|
308,267 | $82,017,605 | 2018 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
DOW
Dow Inc.
|
Basic Materials | 1.21% | 0.56% |
#32
22
Prev: #54
|
2.5 |
—
|
280,735 | 17.7% |
P
S
|
1,870,348 | $77,899,987 | 2016 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
WRB
W. R. Berkley C...
|
Financial Services | 1.15% | 1.24% |
#33
1
Prev: #34
|
1.0 |
—
|
-68,106 | -5.8% |
P
S
|
1,113,400 | $73,796,134 | 2009 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
MA
Mastercard Inc.
|
Financial Services | 1.14% | 1.33% |
#34
1
Prev: #33
|
1.0 |
—
|
-8,865 | -5.7% |
P
S
|
146,534 | $73,216,992 | 2011 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
SPDW
SPDR Portfolio ...
|
ETF | 1.13% | 1.09% |
#35
5
Prev: #40
|
1.0 |
—
|
-44,789 | -2.7% |
P
S
|
1,592,493 | $72,697,305 | 2017 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
TJX
TJX Co. Inc.
|
Consumer Cyclical | 1.11% | 1.33% |
#36
4
Prev: #32
|
0.4 |
—
|
-131,444 | -22.7% |
P
S
|
446,526 | $71,310,208 | 2009 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
SYK
Stryker Corp.
|
Healthcare | 1.06% | 1.15% |
#37
Prev: #37
|
0.9 |
—
|
-11,228 | -5.1% |
P
S
|
208,059 | $68,366,170 | 2012 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
ACN
Accenture plc
|
Technology | 1.05% | 1.34% |
#38
7
Prev: #31
|
0.9 |
—
|
8,616 | 2.6% |
P
S
|
340,812 | $67,579,656 | 2017 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
APD
Air Products an...
|
Basic Materials | 0.98% | 0.70% |
#39
14
Prev: #53
|
2.4 |
—
|
27,188 | 14.3% |
P
S
|
217,487 | $63,177,853 | 2009 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
ARCC
Ares Capital Co...
|
Financial Services | 0.96% | 1.07% |
#40
1
Prev: #41
|
0.9 |
—
|
-107,483 | -3.0% |
P
S
|
3,435,289 | $61,903,907 | 2008 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
SPGI
S&P Global Inc.
|
Financial Services | 0.89% | 1.10% |
#41
2
Prev: #39
|
0.9 |
—
|
-5,879 | -4.2% |
P
S
|
134,280 | $57,114,432 | 2022 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
MSFT
Microsoft Corp.
|
Technology | 0.85% | 1.12% |
#42
4
Prev: #38
|
0.8 |
—
|
-6,107 | -3.9% |
P
S
|
148,611 | $55,011,330 | 2008 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
ITW
Illinois Tool W...
|
Industrials | 0.84% | 0.80% |
#43
5
Prev: #48
|
0.8 |
—
|
-8,752 | -4.1% |
P
S
|
207,159 | $53,921,447 | 2008 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
SPYG
SPDR Portfolio ...
|
Unknown | 0.80% | 0.82% |
#44
2
Prev: #46
|
0.8 |
—
|
15,508 | 3.0% |
P
S
|
528,353 | $51,730,993 | 2020 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
KEYS
Keysight Techno...
|
Technology | 0.79% | 1.02% |
#45
3
Prev: #42
|
0.3 |
—
|
-154,834 | -46.3% |
P
S
|
179,504 | $50,686,544 | 2023 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
MAS
Masco Corp.
|
Industrials | 0.78% | 0.82% |
#46
1
Prev: #45
|
0.8 |
—
|
-34,169 | -4.0% |
P
S
|
828,604 | $50,022,836 | 2022 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
LOW
Lowe's Co. Inc.
|
Consumer Cyclical | 0.77% | 0.81% |
#47
Prev: #47
|
0.8 |
—
|
-13,650 | -6.1% |
P
S
|
210,064 | $49,634,013 | 2008 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
GOOG
Alphabet Inc.
|
Communication Services | 0.77% | 0.86% |
#48
5
Prev: #43
|
0.8 |
—
|
-9,679 | -5.3% |
P
S
|
172,879 | $49,592,248 | 2011 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
GGG
Graco Inc.
|
Industrials | 0.77% | 0.77% |
#49
Prev: #49
|
0.8 |
—
|
-37,255 | -6.0% |
P
S
|
585,714 | $49,580,705 | 2009 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) | |||
|
PAYC
Paycom Software...
|
Technology | 0.77% | 0.76% |
#50
Prev: #50
|
2.8 |
—
|
88,456 | 27.7% |
P
S
|
407,747 | $49,557,568 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 (Est.) |
Showing 1-50 of 314 holdings