Confluence Investment Management LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 1, 2024), Confluence Investment Management LLC reported 296 stock positions worth $7.4 billion. Its top holding was Fastenal (FAST) at 2.6% of the portfolio, followed by Progressive (PGR, 2.5%) and Microsoft (MSFT, 2.4%). Compared with Q4 2023, it opened 27 new positions, sold out of 25, added to 93 and reduced 169. The biggest buy was WEC Energy (WEC, shares +630%) and the biggest sale an exit from Digital Realty Trust (DLR).
- Most Recent 13F
- Q2 2026
- Location
- ST. LOUIS, MO
- CIK
- 0001442056
- Portfolio Value
- $7.4B (Q1 2024)
- SEC Filing
- 0001636661-24-000005 ↗ filed Apr 1, 2024
Holdings Value
Holdings 296 stocks · $7.4B
| FAST Fastenal Co. | 2.63% | 2,533,823 | $195.5M | Reduce -2.9% |
| PGR Progressive Corp. | 2.54% | 912,107 | $188.6M | Reduce -20.7% |
| MSFT Microsoft Corp. | 2.36% | 417,655 | $175.7M | Reduce -4.2% |
| SNA Snap-on Inc. | 2.33% | 585,549 | $173.5M | Reduce -3.2% |
| LIN Linde PLC | 2.31% | 369,588 | $171.6M | Reduce -5.5% |
| PEP Pepsico Inc. | 2.24% | 949,904 | $166.2M | Reduce -1.2% |
| CB Chubb Ltd. | 2.23% | 640,344 | $165.9M | Reduce -3.0% |
| LMT Lockheed Martin Corp. | 2.04% | 332,847 | $151.4M | Reduce -1.6% |
| HD Home Depot Inc. | 2.02% | 392,398 | $150.5M | Reduce -2.2% |
| PAYX Paychex Inc. | 1.97% | 1,193,952 | $146.6M | Reduce -1.8% |
| BR Broadridge Financial Solutio | 1.94% | 703,082 | $144.0M | Reduce -6.1% |
| ADI Analog Devices Inc. | 1.87% | 701,752 | $138.8M | Reduce -1.7% |
| CLX Clorox Company | 1.82% | 885,835 | $135.6M | Reduce -1.5% |
| FNF Fidelity National Financial | 1.82% | 2,548,912 | $135.3M | Reduce -2.8% |
| CL Colgate-Palmolive Co. | 1.76% | 1,450,553 | $130.6M | Reduce -1.7% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.75% | 1,069,437 | $130.4M | Add +4.6% |
| SO The Southern Co. | 1.73% | 1,789,977 | $128.4M | Reduce -1.5% |
| WEC WEC Energy Group Inc. | 1.72% | 1,558,019 | $127.9M | Add +629.8% |
| DEO Diageo PLC-Sponsored ADR | 1.69% | 843,581 | $125.5M | Add +0.8% |
| CVX Chevron Corp. | 1.66% | 784,081 | $123.7M | Reduce -1.0% |
| NSRGY Nestle SA-Spons ADR | 1.49% | 1,046,136 | $111.1M | Reduce -0.7% |
| PII Polaris Inc. | 1.46% | 1,087,590 | $108.9M | Add +1.2% |
| NTRS Northern Trust Corp. | 1.42% | 1,188,320 | $105.7M | Add +1.7% |
| DOW Dow Inc. | 1.36% | 1,746,166 | $101.2M | Add +0.2% |
| UPS United Parcel Service Class B | 1.35% | 673,993 | $100.2M | Add +109.9% |
| CSCO Cisco Systems Inc. | 1.28% | 1,913,222 | $95.5M | Reduce -1.2% |
| SYK Stryker Corp. | 1.26% | 260,903 | $93.4M | Reduce -4.0% |
| ETR Entergy Corp. | 1.24% | 872,985 | $92.3M | Reduce -1.0% |
| USB US Bancorp | 1.24% | 2,062,460 | $92.2M | Add +4.2% |
| MA Mastercard Inc. Class A | 1.24% | 191,308 | $92.1M | Reduce -2.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.23% | 901,448 | $91.4M | Reduce -3.0% |
| SGOV iShares 0-3 Month Treasury B | 1.23% | 907,300 | $91.4M | Reduce -8.6% |
| GILD Gilead Sciences Inc. | 1.23% | 1,245,994 | $91.3M | Reduce -1.6% |
| BIPC Brookfield Infrastructure-A | 1.21% | 2,489,171 | $89.7M | Add +8.3% |
| KMI Kinder Morgan Inc. | 1.18% | 4,777,898 | $87.6M | Reduce -0.4% |
| ARCC Ares Capital Corp. | 1.16% | 4,141,554 | $86.2M | Reduce -1.9% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.11% | 935,165 | $82.7M | Reduce -1.9% |
| WY Weyerhaeuser Co. | 1.10% | 2,269,758 | $81.5M | Reduce -2.3% |
| SPGI S&P Global Inc. | 1.09% | 189,865 | $80.8M | Reduce -1.8% |
| MAS Masco Corp. | 1.05% | 991,134 | $78.2M | Reduce -3.4% |
| RYN Rayonier Inc. | 1.04% | 2,317,310 | $77.0M | Reduce -2.4% |
| ORCL Oracle Corp. | 1.00% | 591,938 | $74.4M | Reduce -0.7% |
| GGG Graco Inc. | 0.95% | 758,518 | $70.9M | Reduce -2.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.94% | 165,585 | $69.6M | Reduce -2.0% |
| GOOG Alphabet Inc. Class C | 0.90% | 438,038 | $66.7M | Reduce -3.0% |
| ITW Illinois Tool Works | 0.88% | 245,021 | $65.7M | Reduce -1.4% |
| LOW Lowe's Cos Inc. | 0.86% | 251,667 | $64.1M | Reduce -1.8% |
| SBUX Starbucks Corp. | 0.84% | 685,247 | $62.6M | Add +0.2% |
| MKL Markel Group Inc. | 0.82% | 40,051 | $60.9M | Reduce -1.1% |
| NXPI NXP Semiconductors NV | 0.75% | 226,459 | $56.1M | Reduce -2.9% |
| SPMB SS SPDR P Mort Back Bond ETF | 0.75% | 2,581,084 | $56.1M | Add +16.9% |
| BN Brookfield Corp. | 0.74% | 1,317,556 | $55.2M | Reduce -1.0% |
| KEYS Keysight Technologies Inc. | 0.71% | 338,230 | $52.9M | Add +5.7% |
| XMHQ Invesco S&P Midcap Qual ETF | 0.70% | 472,710 | $52.0M | Reduce -5.1% |
| TMO Thermo Fisher Scientific Inc. | 0.68% | 87,203 | $50.7M | Reduce -0.4% |
| BRO Brown & Brown Inc. | 0.67% | 566,579 | $49.6M | Reduce -4.3% |
| BKNG Booking Holdings Inc. | 0.64% | 13,096 | $47.5M | Reduce -4.3% |
| NDSN Nordson Corp. | 0.58% | 156,241 | $42.9M | Reduce -1.6% |
| STZ Constellation Brands Inc. Class A | 0.52% | 143,428 | $39.0M | New |
| CALF PCR US SM CP CSH CWS ETF-Usd | 0.52% | 788,662 | $38.8M | Add +17.0% |
| HYBB iShares BB Rated Corp. Bond | 0.50% | 806,665 | $37.3M | Add +39.5% |
| MDYG SS SPDR S&P 400 MC GR ETF | 0.50% | 425,999 | $37.2M | Reduce -1.3% |
| HSY The Hershey Co. | 0.47% | 180,412 | $35.1M | Add +9.5% |
| IBTH iShares Ibonds Dec 2027 Term | 0.41% | 1,386,858 | $30.7M | Add +1.8% |
| APH Amphenol Corp. Class A | 0.40% | 259,930 | $30.0M | Reduce -3.9% |
| DNB Dun & Bradstreet Holdings Inc. | 0.40% | 2,961,755 | $29.7M | Add +21.3% |
| SHW The Sherwin-Williams Co. | 0.39% | 84,165 | $29.2M | Reduce -2.9% |
| GTES Gates Industrial Corp. UK Ltd. | 0.38% | 1,603,075 | $28.4M | Add +0.3% |
| VNT Vontier Corp. | 0.37% | 612,224 | $27.8M | Reduce -1.5% |
| ECL Ecolab Inc. | 0.37% | 118,739 | $27.4M | Reduce -2.2% |
| GLDM SPDR Gold Minishares Trust | 0.36% | 615,603 | $27.1M | Add +77.4% |
| CRL Charles River Laboratories | 0.35% | 96,957 | $26.3M | Reduce -0.3% |
| SHY iShares 1-3 Year Treasury Bo | 0.34% | 313,351 | $25.6M | New |
| RMD Resmed Inc. | 0.34% | 129,161 | $25.6M | New |
| GD General Dynamics Corp. | 0.34% | 89,274 | $25.2M | Reduce -2.2% |
| DCI Donaldson Co. Inc. | 0.34% | 335,000 | $25.0M | Reduce -1.7% |
| MDYV SS SPDR S&P 400 MC Val ETF | 0.33% | 326,099 | $24.8M | Reduce -1.6% |
| EOG EOG Resources Inc. | 0.33% | 191,926 | $24.5M | Reduce -0.8% |
| MCD McDonald's Corp. | 0.32% | 83,560 | $23.6M | Reduce -1.6% |
| PG The Procter & Gamble Co. | 0.31% | 142,912 | $23.2M | Reduce -1.1% |
| EXPD Expeditors Intl Wash Inc. | 0.31% | 190,652 | $23.2M | Reduce -1.4% |
| MLM Martin Marietta Materials | 0.30% | 36,294 | $22.3M | Reduce -0.6% |
| ROK Rockwell Automation Inc. | 0.30% | 76,265 | $22.2M | Reduce -0.7% |
| SLYG SS SPDR S&P 600 SC GR ETF | 0.28% | 242,435 | $21.1M | Add +20.3% |
| MORN Morningstar Inc. | 0.28% | 68,054 | $21.0M | Reduce -4.7% |
| TTC Toro Co. | 0.28% | 225,773 | $20.7M | Reduce -0.9% |
| IBDR iShares Ibonds Dec 2026 Term | 0.27% | 845,491 | $20.2M | Add +0.4% |
| BDX Becton Dickinson and Co. | 0.27% | 79,799 | $19.7M | Add +0.8% |
| IBTG iShares Ibonds Dec 2026 Term | 0.27% | 867,969 | $19.7M | Add +0.7% |
| APD Air Products & Chemicals Inc. | 0.26% | 80,409 | $19.5M | Add +2.2% |
| NJR New Jersey Resources Corp. | 0.26% | 450,647 | $19.3M | Add +0.6% |
| CLVT Clarivate PLC | 0.25% | 2,475,002 | $18.4M | Reduce -18.1% |
| MBB iShares MBS ETF | 0.25% | 197,700 | $18.3M | New |
| MDT Medtronic PLC | 0.24% | 209,001 | $18.2M | Add +2.6% |
| AWK American Water Works Co. Inc. | 0.24% | 143,108 | $17.5M | Add +2.6% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.23% | 343,760 | $17.2M | Add +19.0% |
| DLTR Dollar Tree Inc. | 0.23% | 129,032 | $17.2M | Add +0.3% |
| NKE Nike Inc. Class B | 0.22% | 174,300 | $16.4M | Add +1.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.20% | 27,976 | $14.6M | Reduce -5.5% |
| AZEK The Azek Co. Inc. | 0.19% | 274,672 | $13.8M | Reduce -11.1% |
Portfolio Sells Q4 2023 → Q1 2024
| DLR Digital Realty Trust Inc. | Sold out | 0.00% | −1.41 |
| IUSV iShares Core S&P U.S. Value | Sold out | 0.00% | −0.45 |
| XONE Bondbloxx BBG 1 Dur US Treas | Sold out | 0.00% | −0.31 |
| TLH iShares 10-20 Year Treasury | Reduce -69.6% | 0.11% | −0.29 |
| BR Broadridge Financial Solutio | Reduce -6.1% | 1.94% | −0.24 |
| NSRGY Nestle SA-Spons ADR | Reduce -0.7% | 1.49% | −0.23 |
| GILD Gilead Sciences Inc. | Reduce -1.6% | 1.23% | −0.22 |
| IBTE iShares Ibonds Dec 2024 Term | Sold out | 0.00% | −0.20 |
| SGOV iShares 0-3 Month Treasury B | Reduce -8.6% | 1.23% | −0.18 |
| PDBC Invesco Optimum Yield Divers | Sold out | 0.00% | −0.17 |
| CLVT Clarivate PLC | Reduce -18.1% | 0.25% | −0.15 |
| ADI Analog Devices Inc. | Reduce -1.7% | 1.87% | −0.14 |
| SNA Snap-on Inc. | Reduce -3.2% | 2.33% | −0.14 |
| LMT Lockheed Martin Corp. | Reduce -1.6% | 2.04% | −0.13 |
| IWD iShares Russell 1000 Value E | Sold out | 0.00% | −0.13 |
| IBDP iShares Ibonds Dec 2024 Term | Sold out | 0.00% | −0.12 |
| VCLT Vanguard Long-Term Corp. Bond | Sold out | 0.00% | −0.12 |
| BSCP Invesco Bulletshares 2025 CB | Sold out | 0.00% | −0.12 |
| SPGI S&P Global Inc. | Reduce -1.8% | 1.09% | −0.12 |
| IBTF iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.11 |
| CSCO Cisco Systems Inc. | Reduce -1.2% | 1.28% | −0.10 |
| RYN Rayonier Inc. | Reduce -2.4% | 1.04% | −0.09 |
| PAYX Paychex Inc. | Reduce -1.8% | 1.97% | −0.08 |
| SO The Southern Co. | Reduce -1.5% | 1.73% | −0.07 |
| PEP Pepsico Inc. | Reduce -1.2% | 2.24% | −0.07 |
| FNF Fidelity National Financial | Reduce -2.8% | 1.82% | −0.07 |
| XME SS SPDR S&P Metals Mining | Sold out | 0.00% | −0.07 |
| IBMM iShares Ibonds Dec 2024 Term | Reduce -84.3% | 0.01% | −0.07 |
| MLN Vaneck Long Muni ETF | Sold out | 0.00% | −0.06 |
| XLI SS Industrial Select Sector | Sold out | 0.00% | −0.06 |
| PGR Progressive Corp. | Reduce -20.7% | 2.54% | −0.05 |
| BKNG Booking Holdings Inc. | Reduce -4.3% | 0.64% | −0.05 |
| WY Weyerhaeuser Co. | Reduce -2.3% | 1.10% | −0.05 |
| BSMO Invesco Bulletshares 2024 MB | Reduce -44.6% | 0.05% | −0.04 |
| MCD McDonald's Corp. | Reduce -1.6% | 0.32% | −0.04 |
| ROK Rockwell Automation Inc. | Reduce -0.7% | 0.30% | −0.04 |
| EXPD Expeditors Intl Wash Inc. | Reduce -1.4% | 0.31% | −0.04 |
| ITW Illinois Tool Works | Reduce -1.4% | 0.88% | −0.04 |
| ARCC Ares Capital Corp. | Reduce -1.9% | 1.16% | −0.04 |
| JJSF J & J Snack Foods Corp. | Reduce -5.1% | 0.12% | −0.03 |
| TTC Toro Co. | Reduce -0.9% | 0.28% | −0.03 |
| IWN iShares Russell 2000 Value E | Sold out | 0.00% | −0.03 |
| NWN Northwest Natural Holding Co. | Sold out | 0.00% | −0.03 |
| ETR Entergy Corp. | Reduce -1.0% | 1.24% | −0.02 |
| IBMN iShares Ibonds Dec 2025 Term | Reduce -62.5% | 0.01% | −0.02 |
| RBC RBC Bearings Inc. | Reduce -15.1% | 0.06% | −0.02 |
| KMI Kinder Morgan Inc. | Reduce -0.4% | 1.18% | −0.02 |
| NDSN Nordson Corp. | Reduce -1.6% | 0.58% | −0.02 |
| AGNC AGNC Investment Corp. | Reduce -49.5% | 0.01% | −0.02 |
| MGPI MGP Ingredients Inc. | Reduce -11.5% | 0.04% | −0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| WEC WEC Energy Group Inc. | Add +629.8% | 1.72% | +1.47 |
| UPS United Parcel Service Class B | Add +109.9% | 1.35% | +0.63 |
| STZ Constellation Brands Inc. Class A | New | 0.52% | +0.52 |
| SHY iShares 1-3 Year Treasury Bo | New | 0.34% | +0.34 |
| RMD Resmed Inc. | New | 0.34% | +0.34 |
| MBB iShares MBS ETF | New | 0.25% | +0.25 |
| TROW T Rowe Price Group Inc. | Add +4.6% | 1.75% | +0.20 |
| GLDM SPDR Gold Minishares Trust | Add +77.4% | 0.36% | +0.16 |
| HYBB iShares BB Rated Corp. Bond | Add +39.5% | 0.50% | +0.13 |
| IBDY iShares Ibonds Dec 2033 Corp. | New | 0.11% | +0.11 |
| GTES Gates Industrial Corp. UK Ltd. | Add +0.3% | 0.38% | +0.08 |
| IGSB iShares 1-5Y Inv Grade Corp. | New | 0.07% | +0.07 |
| SPMB SS SPDR P Mort Back Bond ETF | Add +16.9% | 0.75% | +0.07 |
| IEI iShares 3-7 Year Treasury Bo | Add +604.0% | 0.08% | +0.06 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Add +17.0% | 0.52% | +0.06 |
| BIPC Brookfield Infrastructure-A | Add +8.3% | 1.21% | +0.06 |
| SHM SS SPDR N Ice St Muni ETF | New | 0.05% | +0.05 |
| SLYG SS SPDR S&P 600 SC GR ETF | Add +20.3% | 0.28% | +0.05 |
| HACK Amplify Cybersecurity ETF | New | 0.04% | +0.04 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +19.0% | 0.23% | +0.04 |
| BSMT Invesco Bulletshares 2029 MB | New | 0.04% | +0.04 |
| HSY The Hershey Co. | Add +9.5% | 0.47% | +0.04 |
| SIVR Abrdn Physical Silver Shares | New | 0.03% | +0.03 |
| SPNS Sapiens International Corp. | Add +156.7% | 0.05% | +0.03 |
| USB US Bancorp | Add +4.2% | 1.24% | +0.03 |
| MUB iShares National Muni Bond E | New | 0.03% | +0.03 |
| HYMB SS SPDR N Ice HY Muni ETF | Add +49.5% | 0.09% | +0.03 |
| NTRS Northern Trust Corp. | Add +1.7% | 1.42% | +0.03 |
| NCDL Nuveen Churchill Direct Lend | New | 0.03% | +0.03 |
| PII Polaris Inc. | Add +1.2% | 1.46% | +0.02 |
| KMX Carmax Inc. | Add +5.3% | 0.17% | +0.02 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +11.6% | 0.12% | +0.02 |
| IBMO iShares Ibonds Dec 2026 Term | Add +468.0% | 0.02% | +0.02 |
| PSBD Palmer Square Capital BDC Inc. | New | 0.01% | +0.01 |
| BCSF Bain Capital Specialty Finan | Add +74.3% | 0.02% | +0.01 |
| CHGCY Chugai Pharmaceutic-Unsp ADR | New | 0.01% | +0.01 |
| DOW Dow Inc. | Add +0.2% | 1.36% | +0.01 |
| ITOCY Itochu Corp.-Unsponsored ADR | New | 0.01% | +0.01 |
| MDT Medtronic PLC | Add +2.6% | 0.24% | +0.01 |
| RNMBY Rheinmetall AG-Unsp ADR | Add +4.7% | 0.02% | +0.01 |
| ECVT Ecovyst Inc. | Add +5.6% | 0.05% | +0.01 |
| IBMP iShares Ibonds Dec 2027 Term | Add +147.1% | 0.01% | +0.01 |
| NLY Annaly Capital Management Inc. | Add +22.6% | 0.04% | +0.01 |
| HCSG Healthcare Services Group | Add +6.4% | 0.03% | +0.01 |
| XLE SS Energy Select Sector | Add +3.0% | 0.05% | +0.00 |
| BSSX Invesco Bulletshares 2033 MB | New | 0.00% | +0.00 |
| SHG Shinhan Financial Group-ADR | New | 0.00% | +0.00 |
| TTNDY Techtronic Industries-SP ADR | New | 0.00% | +0.00 |
| NMFC New Mountain Finance Corp. | Add +10.3% | 0.07% | +0.00 |
| BWMX Betterware DE Mexico Sapi DE | New | 0.00% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 290 | $6.4B | SGOV, SNA, CB, LIN, WEC |
| Q1 2026 | 283 | $6.4B | SGOV, ADI, LMT, CVX, SNA |
| Q4 2025 | 296 | $6.7B | SGOV, SNA, CB, ADI, NTRS |
| Q3 2025 | 294 | $7.0B | SGOV, SNA, WEC, FAST, NTRS |
| Q2 2025 | 287 | $7.1B | SGOV, CB, SNA, PAYX, NTRS |
| Q1 2025 | 294 | $6.9B | SGOV, SNA, CB, PAYX, PGR |
| Q4 2024 | 299 | $7.2B | PGR, SNA, CB, PAYX, LMT |
| Q3 2024 | 298 | $7.5B | PGR, LMT, DEO, CB, LIN |
| Q2 2024 | 299 | $6.9B | PGR, CB, ADI, PEP, LIN |
| Q1 2024 | 296 | $7.4B | FAST, PGR, MSFT, SNA, LIN |