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Portfolio (Quarterly) Guide ↗

CONFLUENCE INVESTMENT MANAGEMENT LLC

· CIK 0001442056
13F Portfolio $6.4B AUM 422 positions Filed Jul 1, 2026 EDGAR ↗ ← All Funds
Q2 2026 Q1 2026 · All 29 New 103 Added 141 Reduced 22 Exited
Page 2 of 15  ·  290 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
21 TROW T. Rowe Price Group Inc. Financial Services 936,409.0 $106.5M 1.66% -27K -2.8% $113.69 -1.6%
22 GILD Gilead Sciences Inc. Healthcare 832,632.0 $105.2M 1.64% -28K -3.3% $126.34 +16.9%
23 USB U.S. Bancorp Financial Services 1,734,918.0 $104.8M 1.64% -49K -2.8% $60.40 +3.2%
24 AWK American Water Works Co. Inc. Utilities 780,309.0 $102.7M 1.60% -30K -3.7% $131.58 +4.3%
25 CSCO Cisco Systems Inc. Technology 841,787.0 $98.9M 1.54% -699K -45.4% $117.46 -5.3%
26 PAYX Paychex Inc. Industrials 952,424.0 $93.7M 1.46% -17K -1.8% $98.33 +27.2%
27 FNF Fidelity National Financial In Financial Services 1,908,912.0 $90.0M 1.41% -48K -2.5% $47.16 -0.7%
28 NDSN Nordson Corp. Industrials 281,120.0 $84.8M 1.32% -27K -8.8% $301.69 +11.2%
29 SPMB SPDR Portfolio Mortgage Backed 3,370,501.0 $75.2M 1.18% -483K -12.5% $22.31 -1.0%
30 SPDW SPDR Portfolio Developed World 1,482,773.0 $74.7M 1.17% -110K -6.9% $50.39 +3.6%
31 WRB W. R. Berkley Corp. Financial Services 1,031,752.0 $72.8M 1.14% -82K -7.3% $70.53 -2.4%
32 BR Broadridge Financial Solutions Technology 523,341.0 $71.7M 1.12% -11K -2.1% $136.95 +35.5%
33 MA Mastercard Inc. Financial Services 136,514.0 $70.1M 1.09% -10K -6.8% $513.60 +16.3%
34 SPYG SPDR Portfolio S&P 500 Growth 573,709.0 $68.3M 1.07% +45K +8.6% $118.99 +0.9%
35 SYK Stryker Corp. Healthcare 212,000.0 $66.7M 1.04% +4K +1.9% $314.84 +4.9%
36 SPDR Portfolio S&P 500 Value E 1,047,254.0 $63.7M 0.99% +257K +32.5% $60.79
37 MAS Masco Corp. Industrials 768,680.0 $62.5M 0.98% -60K -7.2% $81.37 -10.2%
38 DEO Diageo plc Consumer Defensive 776,936.0 $62.5M 0.98% -576K -42.6% $80.38 +17.7%
39 ARCC Ares Capital Corp. Financial Services 3,367,580.0 $62.4M 0.97% -68K -2.0% $18.53 +7.2%
40 TJX TJX Co. Inc. Consumer Cyclical 406,868.0 $61.6M 0.96% -40K -8.9% $151.50 -7.4%
Page 2 of 15  ·  290 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 20.8%
Consumer Defensive 11.6%
Technology 10.9%
Utilities 7.9%
Healthcare 7.0%
Basic Materials 6.8%
Consumer Cyclical 6.0%
Energy 5.6%
Communication Services 0.2%