CONFLUENCE INVESTMENT MANAGEMENT LLC

PrivateCIK: 1442056

Location

ST. LOUIS, MO

283

Positions

$6.44B

Total AUM (reported)

78.68M

Total Shares

Allocation by class

COM$6.44B100.0%

Portfolio Concentration

Top 3$511.48M7.9%

4–10$1.04B16.2%

11–25$1.69B26.2%

Rest$3.20B49.7%

Top 3 weight

7.9%

Top 10 weight

24.1%

Voting Authority Distribution

Total shares with voting rights: 78.68M

Sole

Full voting authority

75.08M

% of voting shares95.4%

Shared

Joint voting authority

2.20M

% of voting shares2.8%

None

No voting authority

1.40M

% of voting shares1.8%

Investment Discretion (by position count)

Sole283

Shared0

Other0

Dominant voting typeSole · 95.4% of voting shares

Institutional Holdings283

Rows:

iShares 0-3 Month Treasury Bon

SOLE

COM

Shares1.75M

TypeSH

Market value$176.51M

2.74%

Sole

1.75M

Shared

0.00

None

5.35K

Analog Devices Inc.

SOLE

COM

Shares540.64K

TypeSH

Market value$172.00M

2.67%

Sole

539.10K

Shared

0.00

None

1.54K

Lockheed Martin Corp.

SOLE

COM

Shares269.64K

TypeSH

Market value$162.97M

2.53%

Sole

268.91K

Shared

0.00

None

732.00

Chevron Corp.

SOLE

COM

Shares772.24K

TypeSH

Market value$159.78M

2.48%

Sole

769.90K

Shared

0.00

None

2.34K

Snap-on Inc.

SOLE

COM

Shares435.90K

TypeSH

Market value$158.33M

2.46%

Sole

434.63K

Shared

0.00

None

1.26K

Chubb Ltd.

SOLE

COM

Shares482.04K

TypeSH

Market value$157.11M

2.44%

Sole

480.55K

Shared

0.00

None

1.49K

Hershey Co.

SOLE

COM

Shares690.35K

TypeSH

Market value$143.52M

2.23%

Sole

688.36K

Shared

0.00

None

1.99K

WEC Energy Group Inc.

SOLE

COM

Shares1.24M

TypeSH

Market value$143.21M

2.22%

Sole

1.23M

Shared

0.00

None

3.60K

Linde plc

SOLE

COM

Shares283.07K

TypeSH

Market value$140.34M

2.18%

Sole

282.21K

Shared

0.00

None

861.00

Entergy Corp.

SOLE

COM

Shares1.23M

TypeSH

Market value$138.12M

2.14%

Sole

1.23M

Shared

0.00

None

3.38K

Fastenal Co.

SOLE

COM

Shares2.97M

TypeSH

Market value$137.66M

2.14%

Sole

2.96M

Shared

0.00

None

7.51K

Southern Co.

SOLE

COM

Shares1.42M

TypeSH

Market value$137.24M

2.13%

Sole

1.42M

Shared

0.00

None

3.95K

Mondelez International Inc.

SOLE

COM

Shares2.11M

TypeSH

Market value$121.79M

1.89%

Sole

2.11M

Shared

0.00

None

5.18K

Gilead Sciences Inc.

SOLE

COM

Shares861.02K

TypeSH

Market value$120.00M

1.86%

Sole

858.59K

Shared

0.00

None

2.43K

Cisco Systems Inc.

SOLE

COM

Shares1.54M

TypeSH

Market value$119.56M

1.86%

Sole

1.54M

Shared

0.00

None

4.20K

Kinder Morgan Inc.

SOLE

COM

Shares3.49M

TypeSH

Market value$116.99M

1.82%

Sole

3.48M

Shared

0.00

None

9.73K

Progressive Corp.

SOLE

COM

Shares580.26K

TypeSH

Market value$115.03M

1.79%

Sole

578.90K

Shared

0.00

None

1.36K

Honeywell International Inc.

SOLE

COM

Shares499.86K

TypeSH

Market value$112.98M

1.75%

Sole

498.39K

Shared

0.00

None

1.47K

American Water Works Co. Inc.

SOLE

COM

Shares809.96K

TypeSH

Market value$110.23M

1.71%

Sole

807.61K

Shared

0.00

None

2.35K

Colgate-Palmolive Co.

SOLE

COM

Shares1.25M

TypeSH

Market value$106.55M

1.65%

Sole

1.25M

Shared

0.00

None

3.50K

Home Depot Inc.

SOLE

COM

Shares319.92K

TypeSH

Market value$105.22M

1.63%

Sole

319.05K

Shared

0.00

None

875.00

Diageo plc

SOLE

COM

Shares1.35M

TypeSH

Market value$100.76M

1.56%

Sole

1.35M

Shared

0.00

None

3.72K

Clorox Co.

SOLE

COM

Shares932.58K

TypeSH

Market value$96.64M

1.50%

Sole

929.76K

Shared

0.00

None

2.81K

Northern Trust Corp.

SOLE

COM

Shares680.26K

TypeSH

Market value$94.94M

1.47%

Sole

678.37K

Shared

0.00

None

1.89K

U.S. Bancorp

SOLE

COM

Shares1.78M

TypeSH

Market value$92.81M

1.44%

Sole

1.78M

Shared

0.00

None

4.94K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
iShares 0-3 Month Treasury BonSOLE	COM	1.75M	SH	$176.51M 2.74%	1.75M	5.35K
Analog Devices Inc.SOLE	COM	540.64K	SH	$172.00M 2.67%	539.10K	1.54K
Lockheed Martin Corp.SOLE	COM	269.64K	SH	$162.97M 2.53%	268.91K	732.00
Chevron Corp.SOLE	COM	772.24K	SH	$159.78M 2.48%	769.90K	2.34K
Snap-on Inc.SOLE	COM	435.90K	SH	$158.33M 2.46%	434.63K	1.26K
Chubb Ltd.SOLE	COM	482.04K	SH	$157.11M 2.44%	480.55K	1.49K
Hershey Co.SOLE	COM	690.35K	SH	$143.52M 2.23%	688.36K	1.99K
WEC Energy Group Inc.SOLE	COM	1.24M	SH	$143.21M 2.22%	1.23M	3.60K
Linde plcSOLE	COM	283.07K	SH	$140.34M 2.18%	282.21K	861.00
Entergy Corp.SOLE	COM	1.23M	SH	$138.12M 2.14%	1.23M	3.38K
Fastenal Co.SOLE	COM	2.97M	SH	$137.66M 2.14%	2.96M	7.51K
Southern Co.SOLE	COM	1.42M	SH	$137.24M 2.13%	1.42M	3.95K
Mondelez International Inc.SOLE	COM	2.11M	SH	$121.79M 1.89%	2.11M	5.18K
Gilead Sciences Inc.SOLE	COM	861.02K	SH	$120.00M 1.86%	858.59K	2.43K
Cisco Systems Inc.SOLE	COM	1.54M	SH	$119.56M 1.86%	1.54M	4.20K
Kinder Morgan Inc.SOLE	COM	3.49M	SH	$116.99M 1.82%	3.48M	9.73K
Progressive Corp.SOLE	COM	580.26K	SH	$115.03M 1.79%	578.90K	1.36K
Honeywell International Inc.SOLE	COM	499.86K	SH	$112.98M 1.75%	498.39K	1.47K
American Water Works Co. Inc.SOLE	COM	809.96K	SH	$110.23M 1.71%	807.61K	2.35K
Colgate-Palmolive Co.SOLE	COM	1.25M	SH	$106.55M 1.65%	1.25M	3.50K
Home Depot Inc.SOLE	COM	319.92K	SH	$105.22M 1.63%	319.05K	875.00
Diageo plcSOLE	COM	1.35M	SH	$100.76M 1.56%	1.35M	3.72K
Clorox Co.SOLE	COM	932.58K	SH	$96.64M 1.50%	929.76K	2.81K
Northern Trust Corp.SOLE	COM	680.26K	SH	$94.94M 1.47%	678.37K	1.89K
U.S. BancorpSOLE	COM	1.78M	SH	$92.81M 1.44%	1.78M	4.94K

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