CONFLUENCE INVESTMENT MANAGEMENT LLC

PrivateCIK: 1442056

Location

ST. LOUIS, MO

290

Positions

$6.40B

Total AUM (reported)

77.14M

Total Shares

Allocation by class

COM$6.40B100.0%

Portfolio Concentration

Top 3$605.53M9.5%

4–10$938.19M14.7%

11–25$1.68B26.2%

Rest$3.18B49.7%

Top 3 weight

9.5%

Top 10 weight

24.1%

Voting Authority Distribution

Total shares with voting rights: 77.14M

Sole

Full voting authority

73.47M

% of voting shares95.2%

Shared

Joint voting authority

2.23M

% of voting shares2.9%

None

No voting authority

1.45M

% of voting shares1.9%

Investment Discretion (by position count)

Sole289

Shared0

Other1

Dominant voting typeSole · 95.2% of voting shares

Institutional Holdings290

Rows:

iShares 0-3 Month Treasury Bon

SOLE

COM

Shares2.79M

TypeSH

Market value$280.67M

4.39%

Sole

2.78M

Shared

0.00

None

8.37K

Snap-on Inc.

SOLE

COM

Shares417.13K

TypeSH

Market value$167.85M

2.62%

Sole

415.87K

Shared

0.00

None

1.26K

Chubb Ltd.

SOLE

COM

Shares460.77K

TypeSH

Market value$157.00M

2.45%

Sole

459.28K

Shared

0.00

None

1.49K

Linde plc

SOLE

COM

Shares270.73K

TypeSH

Market value$140.49M

2.20%

Sole

269.87K

Shared

0.00

None

857.00

WEC Energy Group Inc.

SOLE

COM

Shares1.19M

TypeSH

Market value$139.11M

2.17%

Sole

1.19M

Shared

0.00

None

3.60K

Fastenal Co.

SOLE

COM

Shares2.83M

TypeSH

Market value$135.91M

2.12%

Sole

2.82M

Shared

0.00

None

7.51K

Entergy Corp.

SOLE

COM

Shares1.16M

TypeSH

Market value$132.85M

2.08%

Sole

1.15M

Shared

0.00

None

3.36K

Lockheed Martin Corp.

SOLE

COM

Shares258.58K

TypeSH

Market value$131.73M

2.06%

Sole

257.85K

Shared

0.00

None

729.00

Southern Co.

SOLE

COM

Shares1.37M

TypeSH

Market value$131.18M

2.05%

Sole

1.37M

Shared

0.00

None

3.95K

Stanley Black & Decker Inc.

SOLE

COM

Shares1.35M

TypeSH

Market value$126.91M

1.98%

Sole

1.34M

Shared

0.00

None

4.12K

Chevron Corp.

SOLE

COM

Shares742.86K

TypeSH

Market value$123.14M

1.92%

Sole

740.52K

Shared

0.00

None

2.34K

Progressive Corp.

SOLE

COM

Shares557.41K

TypeSH

Market value$121.77M

1.90%

Sole

556.04K

Shared

0.00

None

1.36K

Clorox Co.

SOLE

COM

Shares1.25M

TypeSH

Market value$119.08M

1.86%

Sole

1.24M

Shared

0.00

None

3.67K

Mondelez International Inc.

SOLE

COM

Shares2.04M

TypeSH

Market value$118.24M

1.85%

Sole

2.04M

Shared

0.00

None

5.18K

Analog Devices Inc.

SOLE

COM

Shares293.39K

TypeSH

Market value$116.53M

1.82%

Sole

292.53K

Shared

0.00

None

860.00

Hershey Co.

SOLE

COM

Shares663.24K

TypeSH

Market value$116.37M

1.82%

Sole

661.26K

Shared

0.00

None

1.98K

Northern Trust Corp.

SOLE

COM

Shares660.42K

TypeSH

Market value$114.81M

1.79%

Sole

658.52K

Shared

0.00

None

1.89K

Colgate-Palmolive Co.

SOLE

COM

Shares1.21M

TypeSH

Market value$110.88M

1.73%

Sole

1.21M

Shared

0.00

None

3.50K

Home Depot Inc.

SOLE

COM

Shares311.26K

TypeSH

Market value$109.78M

1.72%

Sole

310.39K

Shared

0.00

None

875.00

Kinder Morgan Inc.

SOLE

COM

Shares3.37M

TypeSH

Market value$107.70M

1.68%

Sole

3.36M

Shared

0.00

None

9.73K

T. Rowe Price Group Inc.

SOLE

COM

Shares936.41K

TypeSH

Market value$106.46M

1.66%

Sole

933.61K

Shared

0.00

None

2.80K

Gilead Sciences Inc.

SOLE

COM

Shares832.63K

TypeSH

Market value$105.19M

1.64%

Sole

830.20K

Shared

0.00

None

2.43K

U.S. Bancorp

SOLE

COM

Shares1.73M

TypeSH

Market value$104.79M

1.64%

Sole

1.73M

Shared

0.00

None

4.94K

American Water Works Co. Inc.

SOLE

COM

Shares780.31K

TypeSH

Market value$102.67M

1.60%

Sole

777.96K

Shared

0.00

None

2.35K

Cisco Systems Inc.

SOLE

COM

Shares841.79K

TypeSH

Market value$98.88M

1.54%

Sole

839.36K

Shared

0.00

None

2.42K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
iShares 0-3 Month Treasury BonSOLE	COM	2.79M	SH	$280.67M 4.39%	2.78M	8.37K
Snap-on Inc.SOLE	COM	417.13K	SH	$167.85M 2.62%	415.87K	1.26K
Chubb Ltd.SOLE	COM	460.77K	SH	$157.00M 2.45%	459.28K	1.49K
Linde plcSOLE	COM	270.73K	SH	$140.49M 2.20%	269.87K	857.00
WEC Energy Group Inc.SOLE	COM	1.19M	SH	$139.11M 2.17%	1.19M	3.60K
Fastenal Co.SOLE	COM	2.83M	SH	$135.91M 2.12%	2.82M	7.51K
Entergy Corp.SOLE	COM	1.16M	SH	$132.85M 2.08%	1.15M	3.36K
Lockheed Martin Corp.SOLE	COM	258.58K	SH	$131.73M 2.06%	257.85K	729.00
Southern Co.SOLE	COM	1.37M	SH	$131.18M 2.05%	1.37M	3.95K
Stanley Black & Decker Inc.SOLE	COM	1.35M	SH	$126.91M 1.98%	1.34M	4.12K
Chevron Corp.SOLE	COM	742.86K	SH	$123.14M 1.92%	740.52K	2.34K
Progressive Corp.SOLE	COM	557.41K	SH	$121.77M 1.90%	556.04K	1.36K
Clorox Co.SOLE	COM	1.25M	SH	$119.08M 1.86%	1.24M	3.67K
Mondelez International Inc.SOLE	COM	2.04M	SH	$118.24M 1.85%	2.04M	5.18K
Analog Devices Inc.SOLE	COM	293.39K	SH	$116.53M 1.82%	292.53K	860.00
Hershey Co.SOLE	COM	663.24K	SH	$116.37M 1.82%	661.26K	1.98K
Northern Trust Corp.SOLE	COM	660.42K	SH	$114.81M 1.79%	658.52K	1.89K
Colgate-Palmolive Co.SOLE	COM	1.21M	SH	$110.88M 1.73%	1.21M	3.50K
Home Depot Inc.SOLE	COM	311.26K	SH	$109.78M 1.72%	310.39K	875.00
Kinder Morgan Inc.SOLE	COM	3.37M	SH	$107.70M 1.68%	3.36M	9.73K
T. Rowe Price Group Inc.SOLE	COM	936.41K	SH	$106.46M 1.66%	933.61K	2.80K
Gilead Sciences Inc.SOLE	COM	832.63K	SH	$105.19M 1.64%	830.20K	2.43K
U.S. BancorpSOLE	COM	1.73M	SH	$104.79M 1.64%	1.73M	4.94K
American Water Works Co. Inc.SOLE	COM	780.31K	SH	$102.67M 1.60%	777.96K	2.35K
Cisco Systems Inc.SOLE	COM	841.79K	SH	$98.88M 1.54%	839.36K	2.42K

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