Confluence Investment Management LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 31, 2024), Confluence Investment Management LLC reported 298 stock positions worth $7.5 billion. Its top holding was Progressive (PGR) at 3.1% of the portfolio, followed by Lockheed Martin (LMT, 2.4%) and Diageo PLC-Sponsored ADR (DEO, 2.3%). Compared with Q2 2024, it opened 17 new positions, sold out of 18, added to 113 and reduced 158. The biggest buy was Diageo PLC-Sponsored ADR (DEO, shares +30%) and the biggest sale an exit from PCR US SM CP CSH CWS ETF-Usd (CALF).
- Most Recent 13F
- Q2 2026
- Location
- ST. LOUIS, MO
- CIK
- 0001442056
- Portfolio Value
- $7.5B (Q3 2024)
- SEC Filing
- 0001636661-24-000010 ↗ filed Oct 31, 2024
Holdings Value
Holdings 298 stocks · $7.5B
| PGR Progressive Corp. | 3.06% | 901,260 | $228.7M | Reduce -3.8% |
| LMT Lockheed Martin Corp. | 2.44% | 312,662 | $182.8M | Reduce -2.0% |
| DEO Diageo PLC-Sponsored ADR | 2.28% | 1,215,786 | $170.6M | Add +30.5% |
| CB Chubb Ltd. | 2.26% | 587,389 | $169.4M | Reduce -2.4% |
| LIN Linde PLC | 2.15% | 338,037 | $161.2M | Reduce -1.4% |
| SNA Snap-on Inc. | 2.11% | 544,910 | $157.9M | Reduce -1.4% |
| PEP Pepsico Inc. | 2.06% | 904,853 | $153.9M | Reduce -1.1% |
| SO The Southern Co. | 2.02% | 1,672,649 | $150.8M | Reduce -1.9% |
| PAYX Paychex Inc. | 2.01% | 1,120,528 | $150.4M | Reduce -1.4% |
| HD Home Depot Inc. | 2.00% | 370,178 | $150.0M | Reduce -1.4% |
| ADI Analog Devices Inc. | 2.00% | 651,446 | $149.9M | Reduce -1.7% |
| WEC WEC Energy Group Inc. | 1.94% | 1,510,382 | $145.3M | Reduce -1.5% |
| FNF Fidelity National Financial | 1.93% | 2,332,565 | $144.8M | Reduce -2.4% |
| CLX Clorox Company | 1.90% | 871,235 | $141.9M | Reduce -1.2% |
| CL Colgate-Palmolive Co. | 1.88% | 1,352,874 | $140.4M | Reduce -1.9% |
| BR Broadridge Financial Solutio | 1.85% | 642,390 | $138.1M | Reduce -1.6% |
| MSFT Microsoft Corp. | 1.84% | 319,220 | $137.4M | Reduce -1.0% |
| HSY The Hershey Co. | 1.82% | 711,075 | $136.4M | Reduce -0.9% |
| FAST Fastenal Co. | 1.64% | 1,716,128 | $122.6M | Reduce -1.0% |
| CVX Chevron Corp. | 1.47% | 747,900 | $110.1M | Reduce -0.7% |
| SGOV iShares 0-3 Month Treasury B | 1.45% | 1,080,467 | $108.8M | Reduce -19.9% |
| ETR Entergy Corp. | 1.44% | 819,906 | $107.9M | Reduce -1.5% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.43% | 983,989 | $107.2M | Reduce -1.5% |
| NTRS Northern Trust Corp. | 1.38% | 1,149,397 | $103.5M | Reduce -0.7% |
| GILD Gilead Sciences Inc. | 1.33% | 1,190,994 | $99.9M | Reduce -1.0% |
| KMI Kinder Morgan Inc. | 1.32% | 4,484,559 | $99.1M | Reduce -1.4% |
| BIPC Brookfield Infrastructure-A | 1.32% | 2,273,742 | $98.7M | Reduce -1.6% |
| ORCL Oracle Corp. | 1.31% | 574,303 | $97.9M | Reduce -2.0% |
| CSCO Cisco Systems Inc. | 1.29% | 1,819,420 | $96.8M | Reduce -0.9% |
| MA Mastercard Inc. Class A | 1.22% | 184,852 | $91.3M | Reduce -1.6% |
| SYK Stryker Corp. | 1.22% | 251,861 | $91.0M | Reduce -1.6% |
| USB US Bancorp | 1.20% | 1,969,374 | $90.1M | Reduce -1.2% |
| DOW Dow Inc. | 1.19% | 1,629,285 | $89.0M | Reduce -2.0% |
| PII Polaris Inc. | 1.16% | 1,039,359 | $86.5M | Add +0.7% |
| UPS United Parcel Service Class B | 1.12% | 613,787 | $83.7M | Reduce -4.5% |
| SPGI S&P Global Inc. | 1.07% | 155,509 | $80.3M | Reduce -17.0% |
| ARCC Ares Capital Corp. | 1.07% | 3,836,573 | $80.3M | Add +1.7% |
| MAS Masco Corp. | 1.06% | 947,865 | $79.6M | Reduce -2.7% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.03% | 1,363,295 | $77.3M | Reduce -1.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.02% | 650,928 | $76.5M | Reduce -25.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.95% | 154,742 | $71.2M | Reduce -2.8% |
| WY Weyerhaeuser Co. | 0.93% | 2,051,440 | $69.5M | Reduce -1.6% |
| RYN Rayonier Inc. | 0.90% | 2,087,364 | $67.2M | Reduce -1.7% |
| SBUX Starbucks Corp. | 0.90% | 688,549 | $67.1M | Reduce -0.2% |
| LOW Lowe's Cos Inc. | 0.87% | 240,957 | $65.3M | Reduce -2.4% |
| GGG Graco Inc. | 0.84% | 719,415 | $63.0M | Reduce -1.1% |
| PAYC Paycom Software Inc. | 0.84% | 377,876 | $62.9M | Add +147.3% |
| ITW Illinois Tool Works | 0.84% | 239,962 | $62.9M | Reduce -1.2% |
| SPMB SS SPDR P Mort Back Bond ETF | 0.83% | 2,771,898 | $62.5M | Reduce -4.5% |
| BRO Brown & Brown Inc. | 0.75% | 541,090 | $56.1M | Reduce -2.1% |
| KEYS Keysight Technologies Inc. | 0.73% | 343,251 | $54.6M | Reduce -0.5% |
| MKL Markel Group Inc. | 0.72% | 34,434 | $54.0M | Reduce -10.9% |
| XMHQ Invesco S&P Midcap Qual ETF | 0.71% | 518,323 | $53.2M | Add +10.2% |
| NXPI NXP Semiconductors NV | 0.70% | 218,122 | $52.4M | Reduce -1.6% |
| TMO Thermo Fisher Scientific Inc. | 0.70% | 84,593 | $52.3M | Reduce -1.6% |
| GOOG Alphabet Inc. Class C | 0.65% | 292,864 | $49.0M | Reduce -29.7% |
| DNB Dun & Bradstreet Holdings Inc. | 0.63% | 4,063,029 | $46.8M | Reduce -0.4% |
| MDYG SS SPDR S&P 400 MC GR ETF | 0.57% | 488,176 | $42.8M | Add +165.6% |
| NDSN Nordson Corp. | 0.55% | 156,384 | $41.1M | Reduce -0.1% |
| BKNG Booking Holdings Inc. | 0.55% | 9,728 | $41.0M | Reduce -22.0% |
| HYBB iShares BB Rated Corp. Bond | 0.48% | 762,116 | $36.1M | Reduce -17.0% |
| STZ Constellation Brands Inc. Class A | 0.48% | 138,370 | $35.7M | Reduce -1.6% |
| MLM Martin Marietta Materials | 0.46% | 64,209 | $34.6M | Reduce -1.6% |
| GLDM SPDR Gold Minishares Trust | 0.43% | 621,956 | $32.4M | Add +2.9% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.43% | 852,528 | $32.0M | Add +3.7% |
| SHW The Sherwin-Williams Co. | 0.42% | 82,478 | $31.5M | Reduce -1.8% |
| RMD Resmed Inc. | 0.41% | 126,864 | $31.0M | Reduce -1.4% |
| IBTH iShares Ibonds Dec 2027 Term | 0.41% | 1,355,971 | $30.7M | Reduce -2.1% |
| ECL Ecolab Inc. | 0.40% | 115,820 | $29.6M | Reduce -1.6% |
| APD Air Products & Chemicals Inc. | 0.37% | 91,883 | $27.4M | Add +0.0% |
| GD General Dynamics Corp. | 0.35% | 87,746 | $26.5M | Reduce -1.1% |
| MCD McDonald's Corp. | 0.34% | 84,325 | $25.7M | Reduce -0.3% |
| EXPD Expeditors Intl Wash Inc. | 0.34% | 191,370 | $25.1M | Reduce -0.5% |
| PG The Procter & Gamble Co. | 0.33% | 142,676 | $24.7M | Reduce -0.6% |
| DCI Donaldson Co. Inc. | 0.33% | 332,888 | $24.5M | Reduce -0.7% |
| AOS Smith (a.o.) Corp. | 0.33% | 272,218 | $24.5M | Reduce -0.1% |
| APH Amphenol Corp. Class A | 0.32% | 368,017 | $24.0M | Reduce -0.4% |
| EOG EOG Resources Inc. | 0.32% | 192,518 | $23.7M | Reduce -0.3% |
| BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN | 0.29% | 438,544 | $21.8M | Add +26.8% |
| NJR New Jersey Resources Corp. | 0.29% | 458,533 | $21.6M | Add +0.0% |
| AWK American Water Works Co. Inc. | 0.29% | 145,972 | $21.3M | Reduce -0.3% |
| DLTR Dollar Tree Inc. | 0.28% | 298,833 | $21.0M | Add +132.3% |
| MORN Morningstar Inc. | 0.27% | 64,432 | $20.6M | Reduce -0.8% |
| NKE Nike Inc. Class B | 0.27% | 231,488 | $20.5M | Add +1.1% |
| TTC Toro Co. | 0.27% | 230,379 | $20.0M | Add +0.3% |
| BF.B Brown-Forman Corp. Class B | 0.27% | 406,079 | $20.0M | New |
| BDX Becton Dickinson and Co. | 0.26% | 81,798 | $19.7M | Add +0.6% |
| MDT Medtronic PLC | 0.26% | 216,499 | $19.5M | Add +0.9% |
| SHY iShares 1-3 Year Treasury Bo | 0.26% | 230,857 | $19.2M | Add +4.6% |
| GTES Gates Industrial Corp. UK Ltd. | 0.25% | 1,078,928 | $18.9M | Reduce -3.7% |
| CRL Charles River Laboratories | 0.25% | 94,959 | $18.7M | Reduce -0.3% |
| SLYG SS SPDR S&P 600 SC GR ETF | 0.25% | 199,350 | $18.6M | Reduce -15.5% |
| MBB iShares MBS ETF | 0.24% | 190,066 | $18.2M | Reduce -3.1% |
| XSHQ Invesco S&P Smallcap Quality | 0.24% | 417,867 | $18.1M | New |
| MDYV SS SPDR S&P 400 MC Val ETF | 0.23% | 219,960 | $17.5M | Add +3.5% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.22% | 198,608 | $16.5M | Add +38.3% |
| IBDR iShares Ibonds Dec 2026 Term | 0.21% | 661,138 | $16.1M | Reduce -27.3% |
| IBTI iShares Ibonds Dec 2028 Term | 0.21% | 682,066 | $15.4M | Add +52.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.20% | 25,658 | $14.7M | Reduce -7.3% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.19% | 272,876 | $14.4M | Reduce -26.4% |
Portfolio Sells Q2 2024 → Q3 2024
| CALF PCR US SM CP CSH CWS ETF-Usd | Sold out | 0.00% | −0.51 |
| SGOV iShares 0-3 Month Treasury B | Reduce -19.9% | 1.45% | −0.51 |
| GOOG Alphabet Inc. Class C | Reduce -29.7% | 0.65% | −0.45 |
| TJX TJX Companies Inc. | Reduce -25.3% | 1.02% | −0.36 |
| IBTG iShares Ibonds Dec 2026 Term | Sold out | 0.00% | −0.28 |
| NSRGY Nestle SA-Spons ADR | Sold out | 0.00% | −0.26 |
| MSFT Microsoft Corp. | Reduce -1.0% | 1.84% | −0.24 |
| TROW T Rowe Price Group Inc. | Reduce -1.5% | 1.43% | −0.23 |
| CVX Chevron Corp. | Reduce -0.7% | 1.47% | −0.23 |
| ADI Analog Devices Inc. | Reduce -1.7% | 2.00% | −0.18 |
| BKNG Booking Holdings Inc. | Reduce -22.0% | 0.55% | −0.17 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.16 |
| NXPI NXP Semiconductors NV | Reduce -1.6% | 0.70% | −0.16 |
| MKL Markel Group Inc. | Reduce -10.9% | 0.72% | −0.16 |
| KMX Carmax Inc. | Sold out | 0.00% | −0.16 |
| VNT Vontier Corp. | Reduce -34.7% | 0.18% | −0.15 |
| UPS United Parcel Service Class B | Reduce -4.5% | 1.12% | −0.15 |
| SPGI S&P Global Inc. | Reduce -17.0% | 1.07% | −0.13 |
| HYBB iShares BB Rated Corp. Bond | Reduce -17.0% | 0.48% | −0.13 |
| PEP Pepsico Inc. | Reduce -1.1% | 2.06% | −0.12 |
| LW Lamb Weston Holdings Inc. | Sold out | 0.00% | −0.11 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -35.3% | 0.16% | −0.10 |
| IBDR iShares Ibonds Dec 2026 Term | Reduce -27.3% | 0.21% | −0.10 |
| DOW Dow Inc. | Reduce -2.0% | 1.19% | −0.08 |
| HSY The Hershey Co. | Reduce -0.9% | 1.82% | −0.08 |
| IBDQ iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.08 |
| SPMB SS SPDR P Mort Back Bond ETF | Reduce -4.5% | 0.83% | −0.07 |
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -26.4% | 0.19% | −0.07 |
| CL Colgate-Palmolive Co. | Reduce -1.9% | 1.88% | −0.05 |
| BSMO Invesco Bulletshares 2024 MB | Sold out | 0.00% | −0.05 |
| MLM Martin Marietta Materials | Reduce -1.6% | 0.46% | −0.05 |
| HYMB SS SPDR N Ice HY Muni ETF | Reduce -43.5% | 0.05% | −0.05 |
| STZ Constellation Brands Inc. Class A | Reduce -1.6% | 0.48% | −0.05 |
| SLYG SS SPDR S&P 600 SC GR ETF | Reduce -15.5% | 0.25% | −0.04 |
| SYK Stryker Corp. | Reduce -1.6% | 1.22% | −0.04 |
| APH Amphenol Corp. Class A | Reduce -0.4% | 0.32% | −0.04 |
| TCPC BlackRock TCP Capital Corp. | Reduce -87.0% | 0.00% | −0.04 |
| DFNM Dimensional National Muni BD | Reduce -19.0% | 0.12% | −0.04 |
| NLY Annaly Capital Management Inc. | Sold out | 0.00% | −0.04 |
| EOG EOG Resources Inc. | Reduce -0.3% | 0.32% | −0.03 |
| CRL Charles River Laboratories | Reduce -0.3% | 0.25% | −0.03 |
| IBTH iShares Ibonds Dec 2027 Term | Reduce -2.1% | 0.41% | −0.03 |
| ALNT Allient Inc. | Sold out | 0.00% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -7.3% | 0.20% | −0.02 |
| NTRS Northern Trust Corp. | Reduce -0.7% | 1.38% | −0.02 |
| UFPT Ufp Technologies Inc. | Reduce -35.6% | 0.05% | −0.02 |
| DCI Donaldson Co. Inc. | Reduce -0.7% | 0.33% | −0.02 |
| LIN Linde PLC | Reduce -1.4% | 2.15% | −0.02 |
| GD General Dynamics Corp. | Reduce -1.1% | 0.35% | −0.02 |
| MBB iShares MBS ETF | Reduce -3.1% | 0.24% | −0.02 |
Portfolio Buys Q2 2024 → Q3 2024
| DEO Diageo PLC-Sponsored ADR | Add +30.5% | 2.28% | +0.59 |
| PAYC Paycom Software Inc. | Add +147.3% | 0.84% | +0.53 |
| MDYG SS SPDR S&P 400 MC GR ETF | Add +165.6% | 0.57% | +0.35 |
| BF.B Brown-Forman Corp. Class B | New | 0.27% | +0.27 |
| XSHQ Invesco S&P Smallcap Quality | New | 0.24% | +0.24 |
| SPHY SS SPDR P High Yield ETF | New | 0.15% | +0.15 |
| IBDX iShares Ibonds Dec 2032 TC | New | 0.14% | +0.14 |
| IBDW iShares Ibonds Dec 2031 Corp. | New | 0.14% | +0.14 |
| BWIN Baldwin Insurance Group Inc./ | Add +26.8% | 0.29% | +0.11 |
| LULU Lululemon Athletica Inc. | New | 0.11% | +0.11 |
| XONE Bondbloxx BBG 1 Dur US Treas | New | 0.10% | +0.10 |
| CNMD Conmed Corp. | Add +188.9% | 0.14% | +0.09 |
| IUSV iShares Core S&P U.S. Value | Add +1154.8% | 0.09% | +0.08 |
| DLTR Dollar Tree Inc. | Add +132.3% | 0.28% | +0.08 |
| IBDU iShares Ibonds Dec 2029 Term | New | 0.08% | +0.08 |
| BSMU Invesco Bulletshares 2030 MB | Add +1979.2% | 0.08% | +0.07 |
| IBTI iShares Ibonds Dec 2028 Term | Add +52.8% | 0.21% | +0.06 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +38.3% | 0.22% | +0.05 |
| XMHQ Invesco S&P Midcap Qual ETF | Add +10.2% | 0.71% | +0.05 |
| HYD Vaneck High Yield Muni ETF | New | 0.05% | +0.05 |
| GLDM SPDR Gold Minishares Trust | Add +2.9% | 0.43% | +0.03 |
| NKE Nike Inc. Class B | Add +1.1% | 0.27% | +0.02 |
| APD Air Products & Chemicals Inc. | Add +0.0% | 0.37% | +0.02 |
| MDT Medtronic PLC | Add +0.9% | 0.26% | +0.02 |
| TTNDY Techtronic Industries-SP ADR | New | 0.02% | +0.02 |
| MFIC Midcap Financial Investment | New | 0.02% | +0.02 |
| TKOMY Tokio Marine Holdings-ADR | New | 0.01% | +0.01 |
| SPDW Ste STR SPDR PT DW Eu ETF | Add +3.7% | 0.43% | +0.01 |
| UL Unilever PLC | New | 0.01% | +0.01 |
| MDYV SS SPDR S&P 400 MC Val ETF | Add +3.5% | 0.23% | +0.01 |
| OBDE Blue Owl Capital Corp. III | Add +32.5% | 0.06% | +0.01 |
| SAFRY Safran SA-Unspon ADR | Add +264.6% | 0.01% | +0.01 |
| KDP Keurig Dr Pepper Inc. | Add +0.5% | 0.19% | +0.01 |
| IBMQ iShares Ibonds Dec 2028 Muni | Add +204.3% | 0.01% | +0.01 |
| IWN iShares Russell 2000 Value E | New | 0.01% | +0.01 |
| MSDL Morgan Stanley Direct Lendin | New | 0.01% | +0.01 |
| NJR New Jersey Resources Corp. | Add +0.0% | 0.29% | +0.01 |
| ITA iShares U.S. Aerospace & Def | Add +2.6% | 0.08% | +0.01 |
| AEM Agnico Eagle Mines Ltd. | Add +3.7% | 0.02% | +0.00 |
| FLJP Franklin Ftse Japan ETF | Add +4.6% | 0.12% | +0.00 |
| ZTO Zto Express Cayman Inc.-ADR | New | 0.00% | +0.00 |
| BABA Alibaba Group Holding-SP ADR | New | 0.00% | +0.00 |
| PSBD Palmer Square Capital BDC Inc. | Add +22.1% | 0.02% | +0.00 |
| KBDC Kayne Anderson BDC Inc. | Add +15.3% | 0.02% | +0.00 |
| NEM Newmont Corp. | Add +6.0% | 0.01% | +0.00 |
| SA Seabridge Gold Inc. | Add +5.5% | 0.01% | +0.00 |
| HACK Amplify Cybersecurity ETF | Add +5.0% | 0.05% | +0.00 |
| B Barrick Gold Corp. | Add +6.2% | 0.01% | +0.00 |
| WPM Wheaton Precious Metals Corp. | Add +4.7% | 0.01% | +0.00 |
| IAU iShares Gold Trust | Add +5.0% | 0.01% | +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 |