Confluence Investment Management LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 1, 2024), Confluence Investment Management LLC reported 299 stock positions worth $6.9 billion. Its top holding was Progressive (PGR) at 2.8% of the portfolio, followed by Chubb (CB, 2.2%) and Analog Devices (ADI, 2.2%). Compared with Q1 2024, it opened 12 new positions, sold out of 9, added to 124 and reduced 154. The biggest buy was Hershey (HSY, shares +298%) and the biggest sale Nestle SA-Spons ADR (NSRGY, shares −83%).
- Most Recent 13F
- Q2 2026
- Location
- ST. LOUIS, MO
- CIK
- 0001442056
- Portfolio Value
- $6.9B (Q2 2024)
- SEC Filing
- 0001636661-24-000007 ↗ filed Jul 1, 2024
Holdings Value
Holdings 299 stocks · $6.9B
| PGR Progressive Corp. | 2.81% | 937,114 | $194.6M | Add +2.7% |
| CB Chubb Ltd. | 2.22% | 602,008 | $153.6M | Reduce -6.0% |
| ADI Analog Devices Inc. | 2.18% | 663,011 | $151.3M | Reduce -5.5% |
| PEP Pepsico Inc. | 2.18% | 914,967 | $150.9M | Reduce -3.7% |
| LIN Linde PLC | 2.17% | 343,020 | $150.5M | Reduce -7.2% |
| LMT Lockheed Martin Corp. | 2.15% | 319,093 | $149.0M | Reduce -4.1% |
| SNA Snap-on Inc. | 2.09% | 552,769 | $144.5M | Reduce -5.6% |
| MSFT Microsoft Corp. | 2.08% | 322,314 | $144.1M | Reduce -22.8% |
| SGOV iShares 0-3 Month Treasury B | 1.96% | 1,349,177 | $135.9M | Add +48.7% |
| PAYX Paychex Inc. | 1.94% | 1,136,272 | $134.7M | Reduce -4.8% |
| CL Colgate-Palmolive Co. | 1.93% | 1,378,957 | $133.8M | Reduce -4.9% |
| SO The Southern Co. | 1.91% | 1,705,562 | $132.3M | Reduce -4.7% |
| HSY The Hershey Co. | 1.90% | 717,831 | $132.0M | Add +297.9% |
| HD Home Depot Inc. | 1.87% | 375,428 | $129.2M | Reduce -4.3% |
| BR Broadridge Financial Solutio | 1.86% | 653,033 | $128.6M | Reduce -7.1% |
| WEC WEC Energy Group Inc. | 1.74% | 1,533,637 | $120.3M | Reduce -1.6% |
| CLX Clorox Company | 1.74% | 881,597 | $120.3M | Reduce -0.5% |
| FNF Fidelity National Financial | 1.70% | 2,389,519 | $118.1M | Reduce -6.3% |
| CVX Chevron Corp. | 1.70% | 753,184 | $117.8M | Reduce -3.9% |
| DEO Diageo PLC-Sponsored ADR | 1.70% | 931,740 | $117.5M | Add +10.4% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.66% | 999,207 | $115.2M | Reduce -6.6% |
| FAST Fastenal Co. | 1.57% | 1,733,384 | $108.9M | Reduce -31.6% |
| NTRS Northern Trust Corp. | 1.40% | 1,157,594 | $97.2M | Reduce -2.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.38% | 870,796 | $95.9M | Reduce -3.4% |
| KMI Kinder Morgan Inc. | 1.30% | 4,547,002 | $90.3M | Reduce -4.8% |
| ETR Entergy Corp. | 1.28% | 832,015 | $89.0M | Reduce -4.7% |
| DOW Dow Inc. | 1.27% | 1,662,520 | $88.2M | Reduce -4.8% |
| UPS United Parcel Service Class B | 1.27% | 642,987 | $88.0M | Reduce -4.6% |
| CSCO Cisco Systems Inc. | 1.26% | 1,835,324 | $87.2M | Reduce -4.1% |
| SYK Stryker Corp. | 1.26% | 255,996 | $87.1M | Reduce -1.9% |
| SPGI S&P Global Inc. | 1.21% | 187,449 | $83.6M | Reduce -1.3% |
| MA Mastercard Inc. Class A | 1.20% | 187,839 | $82.9M | Reduce -1.8% |
| ORCL Oracle Corp. | 1.19% | 585,932 | $82.7M | Reduce -1.0% |
| GILD Gilead Sciences Inc. | 1.19% | 1,202,728 | $82.5M | Reduce -3.5% |
| PII Polaris Inc. | 1.17% | 1,032,635 | $80.9M | Reduce -5.0% |
| USB US Bancorp | 1.14% | 1,992,451 | $79.1M | Reduce -3.4% |
| ARCC Ares Capital Corp. | 1.13% | 3,772,574 | $78.6M | Reduce -8.9% |
| BIPC Brookfield Infrastructure-A | 1.12% | 2,311,580 | $77.8M | Reduce -7.1% |
| GOOG Alphabet Inc. Class C | 1.10% | 416,824 | $76.5M | Reduce -4.8% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.05% | 923,442 | $72.6M | Reduce -1.3% |
| MAS Masco Corp. | 0.94% | 974,007 | $64.9M | Reduce -1.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.93% | 159,192 | $64.8M | Reduce -3.9% |
| SPMB SS SPDR P Mort Back Bond ETF | 0.90% | 2,901,057 | $62.6M | Add +12.4% |
| RYN Rayonier Inc. | 0.89% | 2,123,497 | $61.8M | Reduce -8.4% |
| MKL Markel Group Inc. | 0.88% | 38,667 | $60.9M | Reduce -3.5% |
| NXPI NXP Semiconductors NV | 0.86% | 221,567 | $59.6M | Reduce -2.2% |
| WY Weyerhaeuser Co. | 0.85% | 2,084,579 | $59.2M | Reduce -8.2% |
| GGG Graco Inc. | 0.83% | 727,456 | $57.7M | Reduce -4.1% |
| ITW Illinois Tool Works | 0.83% | 242,924 | $57.6M | Reduce -0.9% |
| LOW Lowe's Cos Inc. | 0.79% | 246,783 | $54.4M | Reduce -1.9% |
| SBUX Starbucks Corp. | 0.78% | 690,094 | $53.7M | Add +0.7% |
| BKNG Booking Holdings Inc. | 0.71% | 12,475 | $49.4M | Reduce -4.7% |
| BRO Brown & Brown Inc. | 0.71% | 552,705 | $49.4M | Reduce -2.5% |
| TMO Thermo Fisher Scientific Inc. | 0.69% | 86,005 | $47.6M | Reduce -1.4% |
| KEYS Keysight Technologies Inc. | 0.68% | 345,086 | $47.2M | Add +2.0% |
| XMHQ Invesco S&P Midcap Qual ETF | 0.66% | 470,257 | $45.6M | Reduce -0.5% |
| HYBB iShares BB Rated Corp. Bond | 0.61% | 918,439 | $42.3M | Add +13.9% |
| DNB Dun & Bradstreet Holdings Inc. | 0.55% | 4,078,882 | $37.8M | Add +37.7% |
| NDSN Nordson Corp. | 0.52% | 156,486 | $36.3M | Add +0.2% |
| STZ Constellation Brands Inc. Class A | 0.52% | 140,689 | $36.2M | Reduce -1.9% |
| MLM Martin Marietta Materials | 0.51% | 65,254 | $35.4M | Add +79.8% |
| CALF PCR US SM CP CSH CWS ETF-Usd | 0.51% | 811,571 | $35.4M | Add +2.9% |
| IBTH iShares Ibonds Dec 2027 Term | 0.44% | 1,384,733 | $30.6M | Reduce -0.1% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.42% | 822,215 | $28.8M | Add +819.4% |
| ECL Ecolab Inc. | 0.40% | 117,757 | $28.0M | Reduce -0.8% |
| GLDM SPDR Gold Minishares Trust | 0.40% | 604,725 | $27.9M | Reduce -1.8% |
| GD General Dynamics Corp. | 0.37% | 88,756 | $25.8M | Reduce -0.6% |
| SHW The Sherwin-Williams Co. | 0.36% | 83,975 | $25.1M | Reduce -0.2% |
| APH Amphenol Corp. Class A | 0.36% | 369,379 | $24.9M | Reduce -28.9% |
| RMD Resmed Inc. | 0.36% | 128,732 | $24.6M | Reduce -0.3% |
| EOG EOG Resources Inc. | 0.35% | 193,181 | $24.3M | Add +0.7% |
| EXPD Expeditors Intl Wash Inc. | 0.35% | 192,247 | $24.0M | Add +0.8% |
| DCI Donaldson Co. Inc. | 0.35% | 335,160 | $24.0M | Add +0.1% |
| APD Air Products & Chemicals Inc. | 0.34% | 91,881 | $23.7M | Add +14.3% |
| PG The Procter & Gamble Co. | 0.34% | 143,504 | $23.7M | Add +0.4% |
| VNT Vontier Corp. | 0.33% | 598,757 | $22.9M | Reduce -2.2% |
| AOS Smith (a.o.) Corp. | 0.32% | 272,538 | $22.3M | New |
| PAYC Paycom Software Inc. | 0.32% | 152,795 | $21.9M | New |
| IBDR iShares Ibonds Dec 2026 Term | 0.31% | 909,541 | $21.7M | Add +7.6% |
| MCD McDonald's Corp. | 0.31% | 84,567 | $21.6M | Add +1.2% |
| TTC Toro Co. | 0.31% | 229,670 | $21.5M | Add +1.7% |
| SLYG SS SPDR S&P 600 SC GR ETF | 0.29% | 235,926 | $20.3M | Reduce -2.7% |
| CRL Charles River Laboratories | 0.28% | 95,272 | $19.7M | Reduce -1.7% |
| NJR New Jersey Resources Corp. | 0.28% | 458,483 | $19.6M | Add +1.7% |
| IBTG iShares Ibonds Dec 2026 Term | 0.28% | 864,059 | $19.6M | Reduce -0.5% |
| MORN Morningstar Inc. | 0.28% | 64,975 | $19.2M | Reduce -4.5% |
| BDX Becton Dickinson and Co. | 0.27% | 81,319 | $19.0M | Add +1.9% |
| AWK American Water Works Co. Inc. | 0.27% | 146,379 | $18.9M | Add +2.3% |
| NSRGY Nestle SA-Spons ADR | 0.26% | 178,697 | $18.3M | Reduce -82.9% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.26% | 353,734 | $18.1M | Add +243.0% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.26% | 370,706 | $18.1M | Add +7.8% |
| SHY iShares 1-3 Year Treasury Bo | 0.26% | 220,674 | $18.0M | Reduce -29.6% |
| MBB iShares MBS ETF | 0.26% | 196,153 | $18.0M | Reduce -0.8% |
| GTES Gates Industrial Corp. UK Ltd. | 0.26% | 1,120,093 | $17.7M | Reduce -30.1% |
| NKE Nike Inc. Class B | 0.25% | 228,972 | $17.3M | Add +31.4% |
| MDT Medtronic PLC | 0.24% | 214,646 | $16.9M | Add +2.7% |
| MDYV SS SPDR S&P 400 MC Val ETF | 0.22% | 212,421 | $15.5M | Reduce -34.9% |
| MDYG SS SPDR S&P 400 MC GR ETF | 0.22% | 183,821 | $15.5M | Reduce -56.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.22% | 27,671 | $15.1M | Reduce -1.1% |
| DLTR Dollar Tree Inc. | 0.20% | 128,640 | $13.7M | Reduce -0.3% |
Portfolio Sells Q1 2024 → Q2 2024
| NSRGY Nestle SA-Spons ADR | Reduce -82.9% | 0.26% | −1.23 |
| FAST Fastenal Co. | Reduce -31.6% | 1.57% | −1.06 |
| BN Brookfield Corp. | Sold out | 0.00% | −0.74 |
| ROK Rockwell Automation Inc. | Sold out | 0.00% | −0.30 |
| PII Polaris Inc. | Reduce -5.0% | 1.17% | −0.30 |
| MSFT Microsoft Corp. | Reduce -22.8% | 2.08% | −0.28 |
| MDYG SS SPDR S&P 400 MC GR ETF | Reduce -56.9% | 0.22% | −0.28 |
| SNA Snap-on Inc. | Reduce -5.6% | 2.09% | −0.25 |
| CLVT Clarivate PLC | Sold out | 0.00% | −0.25 |
| WY Weyerhaeuser Co. | Reduce -8.2% | 0.85% | −0.24 |
| HD Home Depot Inc. | Reduce -4.3% | 1.87% | −0.16 |
| RYN Rayonier Inc. | Reduce -8.4% | 0.89% | −0.14 |
| LIN Linde PLC | Reduce -7.2% | 2.17% | −0.14 |
| GTES Gates Industrial Corp. UK Ltd. | Reduce -30.1% | 0.26% | −0.13 |
| GGG Graco Inc. | Reduce -4.1% | 0.83% | −0.12 |
| SPB Spectrum Brands Holdings Inc. | Reduce -69.0% | 0.06% | −0.12 |
| FNF Fidelity National Financial | Reduce -6.3% | 1.70% | −0.12 |
| MAS Masco Corp. | Reduce -1.7% | 0.94% | −0.11 |
| MDYV SS SPDR S&P 400 MC Val ETF | Reduce -34.9% | 0.22% | −0.11 |
| USB US Bancorp | Reduce -3.4% | 1.14% | −0.10 |
| TROW T Rowe Price Group Inc. | Reduce -6.6% | 1.66% | −0.09 |
| CLX Clorox Company | Reduce -0.5% | 1.74% | −0.09 |
| DOW Dow Inc. | Reduce -4.8% | 1.27% | −0.09 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -29.6% | 0.26% | −0.08 |
| BIPC Brookfield Infrastructure-A | Reduce -7.1% | 1.12% | −0.08 |
| BR Broadridge Financial Solutio | Reduce -7.1% | 1.86% | −0.08 |
| UPS United Parcel Service Class B | Reduce -4.6% | 1.27% | −0.08 |
| LOW Lowe's Cos Inc. | Reduce -1.9% | 0.79% | −0.08 |
| CRL Charles River Laboratories | Reduce -1.7% | 0.28% | −0.07 |
| JJSF J & J Snack Foods Corp. | Reduce -62.9% | 0.05% | −0.07 |
| WRB WR Berkley Corp. | Reduce -1.3% | 1.05% | −0.07 |
| PEP Pepsico Inc. | Reduce -3.7% | 2.18% | −0.06 |
| ITW Illinois Tool Works | Reduce -0.9% | 0.83% | −0.05 |
| APH Amphenol Corp. Class A | Reduce -28.9% | 0.36% | −0.04 |
| VNT Vontier Corp. | Reduce -2.2% | 0.33% | −0.04 |
| MA Mastercard Inc. Class A | Reduce -1.8% | 1.20% | −0.04 |
| OBDC Blue Owl Capital Corp. | Sold out | 0.00% | −0.04 |
| XMHQ Invesco S&P Midcap Qual ETF | Reduce -0.5% | 0.66% | −0.04 |
| GILD Gilead Sciences Inc. | Reduce -3.5% | 1.19% | −0.04 |
| AZEK The Azek Co. Inc. | Reduce -9.8% | 0.15% | −0.03 |
| DLTR Dollar Tree Inc. | Reduce -0.3% | 0.20% | −0.03 |
| SHW The Sherwin-Williams Co. | Reduce -0.2% | 0.36% | −0.03 |
| PAYX Paychex Inc. | Reduce -4.8% | 1.94% | −0.03 |
| PNNT Pennantpark Investment Corp. | Reduce -53.2% | 0.03% | −0.03 |
| CSCO Cisco Systems Inc. | Reduce -4.1% | 1.26% | −0.03 |
| TRIP Tripadvisor Inc. | Reduce -7.3% | 0.04% | −0.03 |
| ARCC Ares Capital Corp. | Reduce -8.9% | 1.13% | −0.02 |
| IEI iShares 3-7 Year Treasury Bo | Reduce -29.8% | 0.06% | −0.02 |
| NTRS Northern Trust Corp. | Reduce -2.6% | 1.40% | −0.02 |
| CB Chubb Ltd. | Reduce -6.0% | 2.22% | −0.02 |
Portfolio Buys Q1 2024 → Q2 2024
| HSY The Hershey Co. | Add +297.9% | 1.90% | +1.43 |
| SGOV iShares 0-3 Month Treasury B | Add +48.7% | 1.96% | +0.73 |
| SPDW Ste STR SPDR PT DW Eu ETF | Add +819.4% | 0.42% | +0.37 |
| AOS Smith (a.o.) Corp. | New | 0.32% | +0.32 |
| PAYC Paycom Software Inc. | New | 0.32% | +0.32 |
| PGR Progressive Corp. | Add +2.7% | 2.81% | +0.27 |
| MLM Martin Marietta Materials | Add +79.8% | 0.51% | +0.21 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +243.0% | 0.26% | +0.19 |
| SPMB SS SPDR P Mort Back Bond ETF | Add +12.4% | 0.90% | +0.15 |
| DNB Dun & Bradstreet Holdings Inc. | Add +37.7% | 0.55% | +0.15 |
| BWIN Baldwin Insurance Group Inc./ | Add +178.6% | 0.18% | +0.13 |
| LW Lamb Weston Holdings Inc. | New | 0.11% | +0.11 |
| JBTM JBT Marel Corp. | Add +248.1% | 0.15% | +0.11 |
| HYBB iShares BB Rated Corp. Bond | Add +13.9% | 0.61% | +0.11 |
| FLJP Franklin Ftse Japan ETF | Add +346.2% | 0.12% | +0.09 |
| APD Air Products & Chemicals Inc. | Add +14.3% | 0.34% | +0.08 |
| IIIV I3 Verticals Inc. Class A | Add +102.7% | 0.10% | +0.05 |
| CNMD Conmed Corp. | New | 0.05% | +0.05 |
| OBDE Blue Owl Capital Corp. III | New | 0.05% | +0.05 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +13.7% | 0.17% | +0.04 |
| IBDR iShares Ibonds Dec 2026 Term | Add +7.6% | 0.31% | +0.04 |
| BAM Brookfield Asset Mgmt-A | Add +382.6% | 0.05% | +0.04 |
| AWK American Water Works Co. Inc. | Add +2.3% | 0.27% | +0.04 |
| EXPD Expeditors Intl Wash Inc. | Add +0.8% | 0.35% | +0.03 |
| TTC Toro Co. | Add +1.7% | 0.31% | +0.03 |
| PG The Procter & Gamble Co. | Add +0.4% | 0.34% | +0.03 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +7.8% | 0.26% | +0.03 |
| NKE Nike Inc. Class B | Add +31.4% | 0.25% | +0.03 |
| IBDQ iShares Ibonds Dec 2025 Term | Add +43.0% | 0.08% | +0.03 |
| KDP Keurig Dr Pepper Inc. | Add +0.4% | 0.18% | +0.03 |
| URA Global X Uranium ETF | Add +9.2% | 0.18% | +0.03 |
| NJR New Jersey Resources Corp. | Add +1.7% | 0.28% | +0.02 |
| OCSL Oaktree Specialty Lending Co. | Add +220.5% | 0.03% | +0.02 |
| EOG EOG Resources Inc. | Add +0.7% | 0.35% | +0.02 |
| KBDC Kayne Anderson BDC Inc. | New | 0.02% | +0.02 |
| HTGC Hercules Capital Inc. | Add +0.8% | 0.11% | +0.02 |
| MAIN Main Street Capital Corp. | Add +0.9% | 0.10% | +0.01 |
| SHEL Shell PLC-ADR | Add +52.7% | 0.02% | +0.01 |
| BAESY Bae Systems PLC -Spon ADR | New | 0.01% | +0.01 |
| DCI Donaldson Co. Inc. | Add +0.1% | 0.35% | +0.01 |
| ITA iShares U.S. Aerospace & Def | Add +6.2% | 0.08% | +0.01 |
| PSBD Palmer Square Capital BDC Inc. | Add +70.5% | 0.02% | +0.01 |
| HYMB SS SPDR N Ice HY Muni ETF | Add +3.2% | 0.10% | +0.01 |
| HACK Amplify Cybersecurity ETF | Add +11.5% | 0.05% | +0.01 |
| BBDC Barings BDC Inc. | Add +1.6% | 0.07% | +0.01 |
| BDX Becton Dickinson and Co. | Add +1.9% | 0.27% | +0.01 |
| XLE SS Energy Select Sector | Add +13.1% | 0.06% | +0.01 |
| DEO Diageo PLC-Sponsored ADR | Add +10.4% | 1.70% | +0.01 |
| IWD iShares Russell 1000 Value E | New | 0.01% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.4% | 0.03% | +0.01 |
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 |