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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 4 of 15  ·  296 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
61 GLDM SPDR Gold MiniShares Trust ETF Financial Services 380,810.0 $32.5M 0.49% NEW $85.37 +5.4%
62 Brown-Forman Corp. - B 1,194,806.0 $31.1M 0.47% NEW $26.06
63 DLTR Dollar Tree Inc. Consumer Defensive 236,023.0 $29.0M 0.43% NEW $123.01 -26.9%
64 SBUX Starbucks Corp. Consumer Cyclical 322,455.0 $27.2M 0.41% NEW $84.21 +26.4%
65 APH Amphenol Corp. Technology 199,281.0 $26.9M 0.40% NEW $135.14 -7.5%
66 DCI Donaldson Co. Inc. Industrials 291,382.0 $25.8M 0.39% NEW $88.66 -5.4%
67 ECL Ecolab Inc. Basic Materials 98,296.0 $25.8M 0.39% NEW $262.52 -5.2%
68 GD General Dynamics Corp. Industrials 76,437.0 $25.7M 0.39% NEW $336.66 +1.2%
69 RMD ResMed Inc. Healthcare 106,396.0 $25.6M 0.38% NEW $240.87 -15.9%
70 EXPD Expeditors International of Wa Industrials 171,675.0 $25.6M 0.38% NEW $149.01 +3.1%
71 TLH iShares Barclays 10-20 Year Tr 242,506.0 $24.7M 0.37% NEW $101.67 -3.8%
72 SHW Sherwin-Williams Co. Basic Materials 70,312.0 $22.8M 0.34% NEW $324.03 -4.6%
73 MCD McDonald's Corp. Consumer Cyclical 73,788.0 $22.6M 0.34% NEW $305.63 -10.0%
74 IBTQ iShares iBonds Dec 2035 Term T 834,372.0 $21.3M 0.32% NEW $25.48 -2.8%
75 CRL Charles River Laboratories Int Healthcare 105,626.0 $21.1M 0.32% NEW $199.48 -20.2%
76 MDT Medtronic plc Healthcare 215,117.0 $20.7M 0.31% NEW $96.06 -19.9%
77 HYBB iShares BB Rated Corporate Bon 433,506.0 $20.4M 0.31% NEW $47.13 -1.5%
78 NJR New Jersey Resources Corp. Utilities 438,685.0 $20.2M 0.30% NEW $46.12 +25.3%
79 AOS A. O. Smith Corp. Industrials 294,451.0 $19.7M 0.29% NEW $66.88 -16.3%
80 MKC McCormick & Company Inc. Consumer Defensive 281,411.0 $19.2M 0.29% NEW $68.11 -31.7%
Page 4 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%