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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 5 of 15  ·  296 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
81 TTC Toro Co. Industrials 241,309.0 $19.0M 0.28% NEW $78.72 +13.6%
82 IBTP iShares iBonds Dec 2034 Term T 716,175.0 $18.5M 0.28% NEW $25.81 -2.7%
83 PG Procter & Gamble Co. Consumer Defensive 128,307.0 $18.4M 0.28% NEW $143.31 -0.4%
84 EOG EOG Resources Inc. Energy 163,772.0 $17.2M 0.26% NEW $105.01 +29.5%
85 NKE NIKE Inc. Consumer Cyclical 266,081.0 $17.0M 0.25% NEW $63.71 -34.0%
86 ZTS Zoetis Inc. Healthcare 124,555.0 $15.7M 0.23% NEW $125.82 -40.0%
87 IBTO iShares iBonds Dec 2033 Term T 637,249.0 $15.6M 0.23% NEW $24.56 -2.6%
88 IEUR iShares Core MSCI Europe ETF 220,104.0 $15.6M 0.23% NEW $70.98 +3.2%
89 VNT Vontier Corp. Technology 418,358.0 $15.6M 0.23% NEW $37.18 -22.8%
90 MORN Morningstar Inc. Financial Services 71,033.0 $15.4M 0.23% NEW $217.31 -23.6%
91 STZ Constellation Brands Consumer Defensive 108,744.0 $15.0M 0.23% NEW $137.96 +1.9%
92 IEI iShares 3-7 Year Treasury Bond 125,647.0 $15.0M 0.23% NEW $119.35 -2.0%
93 BDX Becton Dickinson & Co. Healthcare 74,940.0 $14.5M 0.22% NEW $194.07 -26.1%
94 DIS Walt Disney Co. Communication Services 125,550.0 $14.3M 0.21% NEW $113.77 -7.3%
95 Baldwin Insurance Group Inc. 579,503.0 $13.9M 0.21% NEW $24.03
96 MDYG SPDR S&P 400 Mid Cap Growth ET 131,018.0 $12.1M 0.18% NEW $92.43 +13.8%
97 VVV Valvoline Inc. Energy 403,942.0 $11.7M 0.18% NEW $29.06 +11.4%
98 AVDV Avantis International Small Ca 124,409.0 $11.7M 0.17% NEW $93.97 +14.7%
99 REGL ProShares S&P MidCap 400 Divid 136,371.0 $11.5M 0.17% NEW $84.22 +3.4%
100 CARR Carrier Global Corp. Industrials 210,732.0 $11.1M 0.17% NEW $52.84 +22.4%
Page 5 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%