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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 3 of 15  ·  290 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
41 APD Air Products and Chemicals Inc Basic Materials 202,897.0 $59.5M 0.93% -15K -6.7% $293.18 +3.9%
42 SPGI S&P Global Inc. Financial Services 141,607.0 $57.7M 0.90% +7K +5.5% $407.26 +6.4%
43 Honeywell International Inc. 240,572.0 $53.9M 0.84% NEW $223.90
44 MSFT Microsoft Corp. Technology 142,894.0 $53.3M 0.83% -6K -3.9% $373.02 +31.2%
45 Honeywell Aerospace Inc. 241,062.0 $53.3M 0.83% NEW $221.08
46 ITW Illinois Tool Works Inc. Industrials 193,034.0 $52.2M 0.82% -14K -6.8% $270.47 +4.0%
47 DOW Dow Inc. Basic Materials 1,850,660.0 $50.6M 0.79% -20K -1.1% $27.36 +12.3%
48 PAYC Paycom Software Inc. Technology 374,387.0 $47.1M 0.73% -33K -8.2% $125.68 +84.8%
49 TMO Thermo Fisher Scientific Inc. Healthcare 92,781.0 $46.5M 0.73% +3K +2.9% $501.36 +25.1%
50 Berkshire Hathaway Inc. - B 86,570.0 $43.3M 0.68% -7K -7.2% $500.39
51 ACN Accenture plc Technology 341,854.0 $42.5M 0.67% $124.44 +49.8%
52 NXPI NXP Semiconductors N.V. Technology 151,365.0 $42.5M 0.67% -68K -31.1% $281.03 -20.1%
53 LOW Lowe's Co. Inc. Consumer Cyclical 192,874.0 $42.5M 0.66% -17K -8.2% $220.49 -2.2%
54 GGG Graco Inc. Industrials 549,102.0 $41.5M 0.65% -37K -6.2% $75.61 +4.9%
55 GLDM SPDR Gold MiniShares Trust ETF Financial Services 522,617.0 $41.5M 0.65% +190K +57.0% $79.42 +15.6%
56 GOOG Alphabet Inc. 115,450.0 $40.8M 0.64% -57K -33.2% $353.33
57 BKNG Booking Holdings Inc. Consumer Cyclical 194,765.0 $34.7M 0.54% +189K +3070.5% $178.24 +19.6%
58 Carrier Global Corp. 472,778.0 $34.7M 0.54% -38K -7.5% $73.35
59 TLH iShares Barclays 10-20 Year Tr 335,581.0 $33.7M 0.53% +130K +63.0% $100.35 -2.5%
60 ZTS Zoetis Inc. Healthcare 465,449.0 $33.4M 0.52% +324K +228.1% $71.86 +6.6%
Page 3 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%