CONFLUENCE INVESTMENT MANAGEMENT LLC

PrivateCIK: 1442056

Location

ST. LOUIS, MO

294

Positions

$5.97B

Total AUM (reported)

74.88M

Total Shares

Allocation by class

COM$5.97B100.0%

MFUND$18.7K0.0%

Portfolio Concentration

Top 3$502.29M8.4%

4–10$840.42M14.1%

11–25$1.53B25.6%

Rest$3.09B51.9%

Top 3 weight

8.4%

Top 10 weight

22.5%

Voting Authority Distribution

Total shares with voting rights: 74.88M

Sole

Full voting authority

71.10M

% of voting shares95.0%

Shared

Joint voting authority

2.34M

% of voting shares3.1%

None

No voting authority

1.44M

% of voting shares1.9%

Investment Discretion (by position count)

Sole293

Shared0

Other1

Dominant voting typeSole · 95.0% of voting shares

Institutional Holdings294

Rows:

iShares 0-3 Month Treasury Bon

SOLE

COM

Shares2.15M

TypeSH

Market value$216.72M

3.63%

Sole

2.14M

Shared

0.00

None

7.68K

Chevron Corp.

SOLE

COM

Shares707.30K

TypeSH

Market value$144.44M

2.42%

Sole

705K

Shared

0.00

None

2.30K

Chubb Ltd.

SOLE

COM

Shares433.93K

TypeSH

Market value$141.13M

2.37%

Sole

432.45K

Shared

0.00

None

1.47K

Zoetis Inc.

SOLE

COM

Shares1.86M

TypeSH

Market value$130.17M

2.18%

Sole

1.86M

Shared

0.00

None

5.55K

Lockheed Martin Corp.

SOLE

COM

Shares246.63K

TypeSH

Market value$125.60M

2.10%

Sole

245.91K

Shared

0.00

None

720.00

Linde plc

SOLE

COM

Shares258.36K

TypeSH

Market value$122.63M

2.05%

Sole

257.51K

Shared

0.00

None

851.00

Gilead Sciences Inc.

SOLE

COM

Shares791.30K

TypeSH

Market value$117.94M

1.98%

Sole

788.92K

Shared

0.00

None

2.37K

Stanley Black & Decker Inc.

SOLE

COM

Shares1.30M

TypeSH

Market value$115.39M

1.93%

Sole

1.30M

Shared

0.00

None

4.10K

WEC Energy Group Inc.

SOLE

COM

Shares1.14M

TypeSH

Market value$115.02M

1.93%

Sole

1.14M

Shared

0.00

None

3.58K

Mondelez International Inc.

SOLE

COM

Shares1.97M

TypeSH

Market value$113.67M

1.90%

Sole

1.96M

Shared

0.00

None

5.18K

Analog Devices Inc.

SOLE

COM

Shares282.27K

TypeSH

Market value$111.98M

1.88%

Sole

281.41K

Shared

0.00

None

856.00

Progressive Corp.

SOLE

COM

Shares537.47K

TypeSH

Market value$111.42M

1.87%

Sole

536.12K

Shared

0.00

None

1.35K

Entergy Corp.

SOLE

COM

Shares1.11M

TypeSH

Market value$110.60M

1.85%

Sole

1.11M

Shared

0.00

None

3.33K

Snap-on Inc.

SOLE

COM

Shares302.74K

TypeSH

Market value$110.00M

1.84%

Sole

301.82K

Shared

0.00

None

925.00

Southern Co.

SOLE

COM

Shares1.32M

TypeSH

Market value$109.01M

1.83%

Sole

1.31M

Shared

0.00

None

3.92K

Northern Trust Corp.

SOLE

COM

Shares629.51K

TypeSH

Market value$106.61M

1.79%

Sole

627.63K

Shared

0.00

None

1.88K

Colgate-Palmolive Co.

SOLE

COM

Shares1.16M

TypeSH

Market value$99.08M

1.66%

Sole

1.16M

Shared

0.00

None

3.48K

Hershey Co.

SOLE

COM

Shares624.89K

TypeSH

Market value$98.49M

1.65%

Sole

622.93K

Shared

0.00

None

1.96K

Kinder Morgan Inc.

SOLE

COM

Shares3.26M

TypeSH

Market value$98.40M

1.65%

Sole

3.25M

Shared

0.00

None

9.73K

Watsco Inc.

SOLE

COM

Shares320.43K

TypeSH

Market value$96.99M

1.63%

Sole

319.42K

Shared

0.00

None

1.01K

U.S. Bancorp

SOLE

COM

Shares1.68M

TypeSH

Market value$96.97M

1.62%

Sole

1.67M

Shared

0.00

None

4.94K

American Water Works Co. Inc.

SOLE

COM

Shares745.41K

TypeSH

Market value$96.51M

1.62%

Sole

743.07K

Shared

0.00

None

2.34K

NIKE Inc.

SOLE

COM

Shares2.72M

TypeSH

Market value$96.31M

1.61%

Sole

2.71M

Shared

0.00

None

8.40K

Clorox Co.

SOLE

COM

Shares1.17M

TypeSH

Market value$94.82M

1.59%

Sole

1.17M

Shared

0.00

None

3.65K

T. Rowe Price Group Inc.

SOLE

COM

Shares894.85K

TypeSH

Market value$93.11M

1.56%

Sole

892.07K

Shared

0.00

None

2.78K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
iShares 0-3 Month Treasury BonSOLE	COM	2.15M	SH	$216.72M 3.63%	2.14M	7.68K
Chevron Corp.SOLE	COM	707.30K	SH	$144.44M 2.42%	705K	2.30K
Chubb Ltd.SOLE	COM	433.93K	SH	$141.13M 2.37%	432.45K	1.47K
Zoetis Inc.SOLE	COM	1.86M	SH	$130.17M 2.18%	1.86M	5.55K
Lockheed Martin Corp.SOLE	COM	246.63K	SH	$125.60M 2.10%	245.91K	720.00
Linde plcSOLE	COM	258.36K	SH	$122.63M 2.05%	257.51K	851.00
Gilead Sciences Inc.SOLE	COM	791.30K	SH	$117.94M 1.98%	788.92K	2.37K
Stanley Black & Decker Inc.SOLE	COM	1.30M	SH	$115.39M 1.93%	1.30M	4.10K
WEC Energy Group Inc.SOLE	COM	1.14M	SH	$115.02M 1.93%	1.14M	3.58K
Mondelez International Inc.SOLE	COM	1.97M	SH	$113.67M 1.90%	1.96M	5.18K
Analog Devices Inc.SOLE	COM	282.27K	SH	$111.98M 1.88%	281.41K	856.00
Progressive Corp.SOLE	COM	537.47K	SH	$111.42M 1.87%	536.12K	1.35K
Entergy Corp.SOLE	COM	1.11M	SH	$110.60M 1.85%	1.11M	3.33K
Snap-on Inc.SOLE	COM	302.74K	SH	$110.00M 1.84%	301.82K	925.00
Southern Co.SOLE	COM	1.32M	SH	$109.01M 1.83%	1.31M	3.92K
Northern Trust Corp.SOLE	COM	629.51K	SH	$106.61M 1.79%	627.63K	1.88K
Colgate-Palmolive Co.SOLE	COM	1.16M	SH	$99.08M 1.66%	1.16M	3.48K
Hershey Co.SOLE	COM	624.89K	SH	$98.49M 1.65%	622.93K	1.96K
Kinder Morgan Inc.SOLE	COM	3.26M	SH	$98.40M 1.65%	3.25M	9.73K
Watsco Inc.SOLE	COM	320.43K	SH	$96.99M 1.63%	319.42K	1.01K
U.S. BancorpSOLE	COM	1.68M	SH	$96.97M 1.62%	1.67M	4.94K
American Water Works Co. Inc.SOLE	COM	745.41K	SH	$96.51M 1.62%	743.07K	2.34K
NIKE Inc.SOLE	COM	2.72M	SH	$96.31M 1.61%	2.71M	8.40K
Clorox Co.SOLE	COM	1.17M	SH	$94.82M 1.59%	1.17M	3.65K
T. Rowe Price Group Inc.SOLE	COM	894.85K	SH	$93.11M 1.56%	892.07K	2.78K

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