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Portfolio (Quarterly) Guide ↗

CONFLUENCE INVESTMENT MANAGEMENT LLC

· CIK 0001442056
13F Portfolio $6.7B AUM 458 positions Filed Jan 5, 2026 EDGAR ↗ ← All Funds
Q1 2026 Q4 2025 · All 296 New
Page 3 of 15  ·  296 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
41 ARCC Ares Capital Corp. Financial Services 3,542,772.0 $71.7M 1.07% NEW $20.23 -6.6%
42 KEYS Keysight Technologies Inc. Technology 334,338.0 $67.9M 1.02% NEW $203.19 +77.9%
43 GOOG Alphabet Inc. Communication Services 182,558.0 $57.3M 0.86% NEW $313.80 +26.6%
44 TMO Thermo Fisher Scientific Inc. Healthcare 95,064.0 $55.1M 0.82% NEW $579.45 -22.6%
45 MAS Masco Corp. Industrials 862,773.0 $54.8M 0.82% NEW $63.46 +7.6%
46 SPYG SPDR Portfolio S&P 500 Growth 512,845.0 $54.7M 0.82% NEW $106.70 +10.9%
47 LOW Lowe's Co. Inc. Consumer Cyclical 223,714.0 $54.0M 0.81% NEW $241.16 -7.3%
48 ITW Illinois Tool Works Inc. Industrials 215,911.0 $53.2M 0.80% NEW $246.30 +1.8%
49 GGG Graco Inc. Industrials 622,969.0 $51.1M 0.77% NEW $81.97 -6.6%
50 PAYC Paycom Software Inc. Technology 319,291.0 $50.9M 0.76% NEW $159.36 -16.2%
51 NXPI NXP Semiconductors N.V. Technology 228,220.0 $49.5M 0.74% NEW $217.06 +35.5%
52 Berkshire Hathaway Inc. - B 97,692.0 $49.1M 0.74% NEW $502.65
53 APD Air Products and Chemicals Inc Basic Materials 190,299.0 $47.0M 0.70% NEW $247.02 +19.6%
54 DOW Dow Inc. Basic Materials 1,589,613.0 $37.2M 0.56% NEW $23.38 +65.9%
55 MLM Martin Marietta Materials Inc. Basic Materials 59,658.0 $37.1M 0.56% NEW $622.66 -7.6%
56 ACGL Arch Capital Group Ltd. Financial Services 359,733.0 $34.5M 0.52% NEW $95.92 -2.0%
57 SPYV SPDR Portfolio S&P 500 Value E 603,839.0 $34.3M 0.51% NEW $56.81 +5.4%
58 BKNG Booking Holdings Inc. Consumer Cyclical 6,372.0 $34.1M 0.51% NEW $5355.41 -97.1%
59 BRO Brown & Brown Inc. Financial Services 413,319.0 $32.9M 0.49% NEW $79.70 -29.4%
60 MBB iShares MBS ETF 344,690.0 $32.8M 0.49% NEW $95.22 -1.7%
Page 3 of 15  ·  296 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Financial Services 23.1%
Industrials 18.9%
Technology 14.6%
Consumer Defensive 10.7%
Utilities 7.2%
Consumer Cyclical 7.0%
Healthcare 6.5%
Basic Materials 5.8%
Energy 4.8%
Communication Services 1.3%