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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 4 of 15  ·  290 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
61 ACGL Arch Capital Group Ltd. Financial Services 333,833.0 $32.4M 0.51% -30K -8.3% $97.06 +3.6%
62 Brown-Forman Corp. - B 1,152,060.0 $30.7M 0.48% -86K -6.9% $26.65
63 MLM Martin Marietta Materials Inc. Basic Materials 52,207.0 $30.1M 0.47% -5K -8.2% $576.70 -7.8%
64 MBB iShares MBS ETF 303,528.0 $28.7M 0.45% -29K -8.8% $94.52 -0.8%
65 IBTQ iShares iBonds Dec 2035 Term T 1,044,548.0 $26.2M 0.41% +237K +29.3% $25.09 -1.2%
66 MORN Morningstar Inc. Financial Services 166,257.0 $25.9M 0.41% -11K -6.4% $156.02 +37.8%
67 BRO Brown & Brown Inc. Financial Services 386,030.0 $24.8M 0.39% -19K -4.6% $64.15 +14.3%
68 IBTP iShares iBonds Dec 2034 Term T 965,101.0 $24.5M 0.38% +46K +5.0% $25.38 -1.0%
69 EXPD Expeditors International of Wa Industrials 148,269.0 $24.2M 0.38% -12K -7.7% $162.98 +16.0%
70 IBTO iShares iBonds Dec 2033 Term T 988,431.0 $23.9M 0.37% -93K -8.6% $24.13 -0.9%
71 GD General Dynamics Corp. Industrials 65,990.0 $23.4M 0.36% -5K -6.9% $354.24 +6.3%
72 ECL Ecolab Inc. Basic Materials 83,581.0 $23.3M 0.36% -6K -6.6% $278.61 +3.9%
73 TTC Toro Co. Industrials 233,646.0 $22.8M 0.36% -17K -6.9% $97.42 +2.2%
74 KEYS Keysight Technologies Inc. Technology 64,599.0 $22.6M 0.35% -115K -64.0% $350.07 -8.5%
75 DCI Donaldson Co. Inc. Industrials 247,292.0 $22.2M 0.35% -18K -6.9% $89.77 +3.8%
76 STZ Constellation Brands Consumer Defensive 159,566.0 $22.2M 0.35% -12K -7.0% $139.09 -2.9%
77 iShares iBonds Dec 2031 Term T 1,098,504.0 $22.2M 0.35% -104K -8.7% $20.19
78 NJR New Jersey Resources Corp. Utilities 387,609.0 $21.7M 0.34% -29K -7.0% $56.04 -4.0%
79 SHW Sherwin-Williams Co. Basic Materials 62,256.0 $21.4M 0.34% -4K -6.3% $344.32 +1.8%
80 RLI RLI Corp. Financial Services 360,253.0 $21.3M 0.33% -22K -5.7% $59.07 +9.9%
Page 4 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%