CONFLUENCE INVESTMENT MANAGEMENT LLC
Filing Date
Global Rank
#623
/ 8,592
▲ 11
Top Industry
Utilities - Regulated Electric
7.6%
3Y Alpha vs SPY
-11.0%
Period ended 3 months ago
Filed Apr 1, 2026 · 3mo
25 quarters · since Mar 2020
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+32.4%
SPY
+76.8%
Annualised alpha
-11.1%
Max drawdown
−14.3%
Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.
Portfolio Concentration
201 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
3.1%
+0.2 pts
Top 5
14.7%
+0.9 pts
Top 10
27.4%
+1.9 pts
HHI
173
Diversified+5
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Financial Services | 20.3% | $1,122,191,604 |
| Industrials | 18.0% | $994,485,647 |
| Technology | 14.2% | $786,242,029 |
| Consumer Defensive | 11.5% | $634,564,569 |
| Utilities | 10.0% | $551,697,532 |
| Basic Materials | 6.9% | $378,307,253 |
| Consumer Cyclical | 6.3% | $349,877,072 |
| Healthcare | 6.0% | $329,903,351 |
| Energy | 5.8% | $321,692,913 |
| Unclassified | 0.7% | $39,895,230 |
| Communication Services | 0.2% | $12,324,049 |
| Real Estate | 0.0% | $857,319 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| MDLZ | Mondelez International, Inc. | +370,805 | 2,112,856 | $121,785,019 | |
| RLI | Rli Corp | +359,830 | 382,149 | $21,797,778 | |
| CARR | CARRIER GLOBAL Corp | +300,405 | 511,137 | $28,782,123 | |
| DOW | Dow Inc. | +280,735 | 1,870,348 | $77,899,994 | |
| DEO | Diageo PLC | +255,114 | 1,353,434 | $100,763,160 | |
| CLX | Clorox Co /De/ | +156,379 | 932,575 | $96,642,746 | |
| MORN | Morningstar, Inc. | +106,535 | 177,568 | $30,017,869 | |
| PAYC | Paycom Software, Inc. | +88,456 | 407,747 | $49,557,569 | |
| STZ | Constellation Brands, Inc. | +62,903 | 171,647 | $25,747,050 | |
| BWIN | Baldwin Insurance Group, Inc. | +59,134 | 638,637 | $14,011,695 | |
| IIIV | i3 Verticals, Inc. | +38,219 | 120,314 | $2,690,220 | |
| CPRT | Copart Inc | +30,197 | 313,965 | $10,423,637 | |
| MSIF | Msc Income Fund, Inc. | +29,698 | 54,855 | $668,133 | |
| KBDC | Kayne Anderson BDC, Inc. | +28,557 | 74,967 | $1,028,547 | |
| VVV | Valvoline Inc | +27,617 | 431,559 | $14,534,906 | |
| APD | Air Products & Chemicals, Inc. | +27,188 | 217,487 | $63,177,798 | |
| AOS | Smith A O Corp | +24,624 | 319,075 | $21,039,805 | |
| TROW | Price T Rowe Group Inc | +19,495 | 963,167 | $86,819,872 | |
| BDX | Becton Dickinson & Co | +18,558 | 93,498 | $14,700,690 | |
| VIST | Vista Energy, S.A.B. de C.V. | +18,556 | 26,827 | $2,024,633 | |
| ZTS | Zoetis Inc. | +17,308 | 141,863 | $16,769,625 | |
| AWK | American Water Works Company, Inc. | +16,965 | 809,958 | $110,227,183 | |
| NKE | NIKE, Inc. | +16,273 | 282,354 | $14,913,938 | |
| CSWC | Capital Southwest Corp | +11,529 | 95,339 | $2,108,898 | |
| TTC | Toro Co | +9,634 | 250,943 | $23,448,113 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| NTRS | Northern Trust Corp | −422,843 | 680,260 | $94,943,887 | |
| KEYS | Keysight Technologies, Inc. | −154,834 | 179,504 | $50,686,544 | |
| KMI | Kinder Morgan, Inc. | −148,029 | 3,489,006 | $116,986,370 | |
| TJX | Tjx Companies Inc /De/ | −131,444 | 446,526 | $71,310,202 | |
| FAST | Fastenal Co | −126,394 | 2,966,722 | $137,655,900 | |
| ARCC | Ares Capital Corp | −107,483 | 3,435,289 | $61,903,906 | |
| WEC | Wec Energy Group, Inc. | −90,404 | 1,237,016 | $143,209,341 | |
| DLTR | Dollar Tree, Inc. | −89,910 | 146,113 | $16,000,833 | |
| FNF | Fidelity National Financial, Inc. | −83,819 | 1,957,007 | $90,765,984 | |
| CSCO | Cisco Systems, Inc. | −77,155 | 1,540,946 | $119,561,999 | |
| WRB | Berkley W R Corp | −68,106 | 1,113,400 | $73,796,151 | |
| TRIP | TripAdvisor, Inc. | −64,219 | 410,791 | $4,379,032 | |
| SO | Southern Co | −63,705 | 1,421,871 | $137,238,988 | |
| USB | US Bancorp De | −62,109 | 1,784,403 | $92,806,799 | |
| ETR | Entergy Corp /De/ | −58,447 | 1,229,287 | $138,122,687 | |
| HGTY | Hagerty, Inc. | −56,079 | 140,841 | $1,483,055 | |
| GILD | Gilead Sciences, Inc. | −48,812 | 861,023 | $120,000,775 | |
| GLDM | World Gold Trust | −47,836 | 332,974 | $30,863,359 | |
| ADI | Analog Devices Inc | −45,239 | 540,640 | $171,999,209 | |
| HAYW | Hayward Holdings, Inc. | −43,231 | 93,408 | $1,249,798 | |
| CCAP | Crescent Capital BDC, Inc. | −38,397 | 32,223 | $391,509 | |
| GGG | Graco Inc | −37,255 | 585,714 | $49,580,690 | |
| GTES | Gates Industrial Corp plc | −36,807 | 71,924 | $1,626,201 | |
| CL | Colgate Palmolive Co | −36,554 | 1,250,090 | $106,545,169 | |
| MAS | Masco Corp /De/ | −34,169 | 828,604 | $50,022,823 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
11 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| TREX | Trex Co Inc | 390,641 | $14,227,144 | |
| WDS | Woodside Energy Group Ltd | 87,146 | $2,081,046 | |
| CVE | Cenovus Energy Inc. | 63,727 | $1,690,677 | |
| SHEL | Shell plc | 16,435 | $1,528,455 | |
| CNQ | Canadian Natural Resources Ltd | 30,370 | $1,479,930 | |
| FELE | Franklin Electric Co Inc | 7,033 | $648,231 | |
| COST | Costco Wholesale Corp /New | 210 | $209,250 | |
| VALE | Vale S.A. | 11,998 | $190,888 | |
| BWMX | Betterware De Mexico, S.A.P.I. De C.V | 10,328 | $174,130 | |
| ASAIY | Sendas Distributor S.A. | 13,574 | $123,116 | |
| ELME | Elme Communities | 22,103 | $44,427 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
21 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| MKC | Mccormick & Co Inc | 281,411 | $19,166,903 | |
| UNF | Unifirst Corp | 28,020 | $5,405,057 | |
| FG | F&G Annuities & Life, Inc. | 121,300 | $3,742,104 | |
| BBDC | Barings BDC, Inc. | 343,248 | $3,151,016 | |
| SLV | iShares Silver Trust | 27,504 | $1,771,807 | |
| AG | First Majestic Silver Corp | 90,903 | $1,514,443 | |
| CNNE | Cannae Holdings, Inc. | 70,250 | $1,105,031 | |
| AR | ANTERO RESOURCES Corp | 28,627 | $986,486 | |
| TTE | TotalEnergies SE | 15,067 | $985,683 | |
| ICLR | Icon PLC | 5,022 | $915,108 | |
| SBSW | Sibanye Stillwater Ltd | 49,766 | $709,165 | |
| GSBD | Goldman Sachs BDC, Inc. | 75,821 | $703,618 | |
| MMYT | MakeMyTrip Ltd | 3,665 | $300,969 | |
| WTW | Willis Towers Watson PLC | 911 | $299,354 | |
| BCIC | BCP Investment Corp | 24,018 | $284,132 | |
| MP | MP Materials Corp. / DE | 5,437 | $274,677 | |
| METC | Ramaco Resources, Inc. | 14,332 | $257,976 | |
| HDB | Hdfc Bank Ltd | 6,899 | $252,089 | |
| NVDA | Nvidia Corp | 1,139 | $212,423 | |
| V | Visa Inc. | 573 | $200,956 | |
| PNNT | Pennantpark Investment Corp | 27,848 | $165,974 | |
| No positions match the current search. | ||||
201 positions ·
$5,522,038,568 total
· as of Mar 31, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Utilities
Showing 1–50
of 201 positions by value
· page 1 of 5
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| ADI |
Analog Devices Inc
Technology
|
Reduced | 540,640 | $171,999,209 | 3.11% | |
| LMT |
Lockheed Martin Corp
Industrials
|
Reduced | 269,640 | $162,967,718 | 2.95% | |
| CVX |
Chevron Corp
Energy
|
Reduced | 772,243 | $159,777,076 | 2.89% | |
| SNA |
Snap-on Inc
Industrials
|
Reduced | 435,896 | $158,326,144 | 2.87% | |
| CB |
Chubb Ltd
Financial Services
|
Reduced | 482,043 | $157,112,274 | 2.85% | |
| HSY |
Hershey Co
Consumer Defensive
|
Reduced | 690,349 | $143,516,652 | 2.60% | |
| WEC |
Wec Energy Group, Inc.
Utilities
|
Reduced | 1,237,016 | $143,209,341 | 2.59% | |
| LIN |
Linde PLC
Basic Materials
|
Reduced | 283,072 | $140,335,774 | 2.54% | |
| ETR |
Entergy Corp /De/
Utilities
|
Reduced | 1,229,287 | $138,122,687 | 2.50% | |
| FAST |
Fastenal Co
Industrials
|
Reduced | 2,966,722 | $137,655,900 | 2.49% | |
| SO |
Southern Co
Utilities
|
Reduced | 1,421,871 | $137,238,988 | 2.49% | |
| MDLZ |
Mondelez International, Inc.
Consumer Defensive
|
Added | 2,112,856 | $121,785,019 | 2.21% | |
| GILD |
Gilead Sciences, Inc.
Healthcare
|
Reduced | 861,023 | $120,000,775 | 2.17% | |
| CSCO |
Cisco Systems, Inc.
Technology
|
Reduced | 1,540,946 | $119,561,999 | 2.17% | |
| KMI |
Kinder Morgan, Inc.
Energy
|
Reduced | 3,489,006 | $116,986,370 | 2.12% | |
| PGR |
Progressive Corp/Oh/
Financial Services
|
Reduced | 580,259 | $115,030,543 | 2.08% | |
| HON |
Honeywell International Inc
Industrials
|
Reduced | 499,862 | $112,983,807 | 2.05% | |
| AWK |
American Water Works Company, Inc.
Utilities
|
Added | 809,958 | $110,227,183 | 2.00% | |
| CL |
Colgate Palmolive Co
Consumer Defensive
|
Reduced | 1,250,090 | $106,545,169 | 1.93% | |
| HD |
Home Depot, Inc.
Consumer Cyclical
|
Reduced | 319,923 | $105,219,474 | 1.91% | |
| DEO |
Diageo PLC
Consumer Defensive
|
Added | 1,353,434 | $100,763,160 | 1.82% | |
| CLX |
Clorox Co /De/
Consumer Defensive
|
Added | 932,575 | $96,642,746 | 1.75% | |
| NTRS |
Northern Trust Corp
Financial Services
|
Reduced | 680,260 | $94,943,887 | 1.72% | |
| USB |
US Bancorp De
Financial Services
|
Reduced | 1,784,403 | $92,806,799 | 1.68% | |
| FNF |
Fidelity National Financial, Inc.
Financial Services
|
Reduced | 1,957,007 | $90,765,984 | 1.64% | |
| PAYX |
Paychex Inc
Technology
|
Reduced | 969,809 | $89,338,804 | 1.62% | |
| BR |
Broadridge Financial Solutions, Inc.
Technology
|
Reduced | 534,393 | $86,828,174 | 1.57% | |
| TROW |
Price T Rowe Group Inc
Financial Services
|
Added | 963,167 | $86,819,872 | 1.57% | |
| NDSN |
Nordson Corp
Industrials
|
Reduced | 308,267 | $82,017,517 | 1.49% | |
| DOW |
Dow Inc.
Basic Materials
|
Added | 1,870,348 | $77,899,994 | 1.41% | |
| WRB |
Berkley W R Corp
Financial Services
|
Reduced | 1,113,400 | $73,796,151 | 1.34% | |
| MA |
Mastercard Inc
Financial Services
|
Reduced | 146,534 | $73,217,178 | 1.33% | |
| TJX |
Tjx Companies Inc /De/
Consumer Cyclical
|
Reduced | 446,526 | $71,310,202 | 1.29% | |
| SYK |
Stryker Corp
Healthcare
|
Reduced | 208,059 | $68,366,105 | 1.24% | |
| ACN |
Accenture plc
Technology
|
Added | 340,812 | $67,579,611 | 1.22% | |
| APD |
Air Products & Chemicals, Inc.
Basic Materials
|
Added | 217,487 | $63,177,798 | 1.14% | |
| ARCC |
Ares Capital Corp
Financial Services
|
Reduced | 3,435,289 | $61,903,906 | 1.12% | |
| SPGI |
S&P Global Inc.
Financial Services
|
Reduced | 134,280 | $57,114,654 | 1.03% | |
| MSFT |
Microsoft Corp
Technology
|
Reduced | 148,611 | $55,011,333 | 1.00% | |
| ITW |
Illinois Tool Works Inc
Industrials
|
Reduced | 207,159 | $53,921,415 | 0.98% | |
| KEYS |
Keysight Technologies, Inc.
Technology
|
Reduced | 179,504 | $50,686,544 | 0.92% | |
| MAS |
Masco Corp /De/
Industrials
|
Reduced | 828,604 | $50,022,823 | 0.91% | |
| LOW |
Lowes Companies Inc
Consumer Cyclical
|
Reduced | 210,064 | $49,633,921 | 0.90% | |
| GGG |
Graco Inc
Industrials
|
Reduced | 585,714 | $49,580,690 | 0.90% | |
| PAYC |
Paycom Software, Inc.
Technology
|
Added | 407,747 | $49,557,569 | 0.90% | |
| BRK-B |
Berkshire Hathaway Inc
Financial Services
|
Reduced | 93,261 | $44,690,671 | 0.81% | |
| TMO |
Thermo Fisher Scientific Inc.
Healthcare
|
Reduced | 90,151 | $44,311,920 | 0.80% | |
| NXPI |
NXP Semiconductors N.V.
Technology
|
Reduced | 219,824 | $43,274,551 | 0.78% | |
| ACGL |
Arch Capital Group Ltd.
Financial Services
|
Added | 364,086 | $34,948,615 | 0.63% | |
| MLM |
Martin Marietta Materials Inc
Basic Materials
|
Reduced | 56,855 | $33,469,401 | 0.61% |