Confluence Investment Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 2, 2025), Confluence Investment Management LLC reported 299 stock positions worth $7.2 billion. Its top holding was Progressive (PGR) at 2.9% of the portfolio, followed by Snap-on (SNA, 2.5%) and Chubb (CB, 2.2%). Compared with Q3 2024, it opened 17 new positions, sold out of 16, added to 118 and reduced 137. The biggest buy was American Water Works (AWK, shares +268%) and the biggest sale an exit from Rayonier (RYN).
- Most Recent 13F
- Q2 2026
- Location
- ST. LOUIS, MO
- CIK
- 0001442056
- Portfolio Value
- $7.2B (Q4 2024)
- SEC Filing
- 0001636661-25-000002 ↗ filed Jan 2, 2025
Holdings Value
Holdings 299 stocks · $7.2B
| PGR Progressive Corp. | 2.89% | 869,434 | $208.3M | Reduce -3.5% |
| SNA Snap-on Inc. | 2.50% | 530,445 | $180.1M | Reduce -2.6% |
| CB Chubb Ltd. | 2.21% | 575,879 | $159.1M | Reduce -2.0% |
| PAYX Paychex Inc. | 2.14% | 1,102,254 | $154.6M | Reduce -1.6% |
| LMT Lockheed Martin Corp. | 2.08% | 308,095 | $149.7M | Reduce -1.5% |
| DEO Diageo PLC-Sponsored ADR | 2.07% | 1,176,466 | $149.6M | Reduce -3.2% |
| BR Broadridge Financial Solutio | 1.98% | 632,216 | $142.9M | Reduce -1.6% |
| SGOV iShares 0-3 Month Treasury B | 1.98% | 1,422,081 | $142.7M | Add +31.6% |
| HD Home Depot Inc. | 1.96% | 363,615 | $141.4M | Reduce -1.8% |
| WEC WEC Energy Group Inc. | 1.94% | 1,489,994 | $140.1M | Reduce -1.4% |
| CLX Clorox Company | 1.94% | 860,389 | $139.7M | Reduce -1.2% |
| LIN Linde PLC | 1.94% | 333,202 | $139.5M | Reduce -1.4% |
| ADI Analog Devices Inc. | 1.90% | 643,987 | $136.8M | Reduce -1.1% |
| PEP Pepsico Inc. | 1.89% | 897,170 | $136.4M | Reduce -0.8% |
| SO The Southern Co. | 1.88% | 1,648,438 | $135.7M | Reduce -1.4% |
| MSFT Microsoft Corp. | 1.84% | 315,443 | $133.0M | Reduce -1.2% |
| FNF Fidelity National Financial | 1.78% | 2,282,039 | $128.1M | Reduce -2.2% |
| FAST Fastenal Co. | 1.69% | 1,698,663 | $122.2M | Reduce -1.0% |
| CL Colgate-Palmolive Co. | 1.69% | 1,340,946 | $121.9M | Reduce -0.9% |
| ETR Entergy Corp. | 1.69% | 1,607,273 | $121.9M | Reduce -2.0% |
| KMI Kinder Morgan Inc. | 1.67% | 4,390,944 | $120.3M | Reduce -2.1% |
| NTRS Northern Trust Corp. | 1.62% | 1,140,058 | $116.9M | Reduce -0.8% |
| HSY The Hershey Co. | 1.60% | 682,029 | $115.5M | Reduce -4.1% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.55% | 986,521 | $111.6M | Add +0.3% |
| GILD Gilead Sciences Inc. | 1.51% | 1,176,858 | $108.7M | Reduce -1.2% |
| CVX Chevron Corp. | 1.50% | 744,879 | $107.9M | Reduce -0.4% |
| CSCO Cisco Systems Inc. | 1.48% | 1,803,001 | $106.7M | Reduce -0.9% |
| MA Mastercard Inc. Class A | 1.31% | 179,049 | $94.3M | Reduce -3.1% |
| USB US Bancorp | 1.30% | 1,959,428 | $93.7M | Reduce -0.5% |
| ORCL Oracle Corp. | 1.27% | 550,299 | $91.7M | Reduce -4.2% |
| BIPC Brookfield Infrastructure-A | 1.24% | 2,228,960 | $89.2M | Reduce -2.0% |
| SYK Stryker Corp. | 1.23% | 245,423 | $88.4M | Reduce -2.6% |
| SPMB SS SPDR P Mort Back Bond ETF | 1.17% | 3,926,847 | $84.6M | Add +41.7% |
| ARCC Ares Capital Corp. | 1.16% | 3,813,221 | $83.5M | Reduce -0.6% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.08% | 1,336,426 | $78.2M | Reduce -2.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.07% | 640,394 | $77.4M | Reduce -1.6% |
| SPGI S&P Global Inc. | 1.06% | 153,039 | $76.2M | Reduce -1.6% |
| UPS United Parcel Service Class B | 1.05% | 602,472 | $76.0M | Reduce -1.8% |
| PAYC Paycom Software Inc. | 1.03% | 361,757 | $74.1M | Reduce -4.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.93% | 147,947 | $67.1M | Reduce -4.4% |
| AWK American Water Works Co. Inc. | 0.93% | 537,138 | $66.9M | Add +268.0% |
| MAS Masco Corp. | 0.93% | 921,174 | $66.8M | Reduce -2.8% |
| SBUX Starbucks Corp. | 0.86% | 679,814 | $62.0M | Reduce -1.3% |
| DOW Dow Inc. | 0.85% | 1,525,919 | $61.2M | Reduce -6.3% |
| ITW Illinois Tool Works | 0.83% | 235,501 | $59.7M | Reduce -1.9% |
| GGG Graco Inc. | 0.82% | 705,427 | $59.5M | Reduce -1.9% |
| PII Polaris Inc. | 0.81% | 1,018,304 | $58.7M | Reduce -2.0% |
| MKL Markel Group Inc. | 0.80% | 33,473 | $57.8M | Reduce -2.8% |
| LOW Lowe's Cos Inc. | 0.80% | 232,548 | $57.4M | Reduce -3.5% |
| WY Weyerhaeuser Co. | 0.78% | 2,004,292 | $56.4M | Reduce -2.3% |
| GOOG Alphabet Inc. Class C | 0.76% | 287,913 | $54.8M | Reduce -1.7% |
| KEYS Keysight Technologies Inc. | 0.75% | 338,001 | $54.3M | Reduce -1.5% |
| BRO Brown & Brown Inc. | 0.74% | 524,387 | $53.5M | Reduce -3.1% |
| XMHQ Invesco S&P Midcap Qual ETF | 0.74% | 543,291 | $53.5M | Add +4.8% |
| DNB Dun & Bradstreet Holdings Inc. | 0.68% | 3,957,132 | $49.3M | Reduce -2.6% |
| MDYG SS SPDR S&P 400 MC GR ETF | 0.66% | 548,721 | $47.7M | Add +12.4% |
| BKNG Booking Holdings Inc. | 0.64% | 9,257 | $46.0M | Reduce -4.8% |
| NXPI NXP Semiconductors NV | 0.62% | 214,298 | $44.5M | Reduce -1.8% |
| TMO Thermo Fisher Scientific Inc. | 0.60% | 83,547 | $43.5M | Reduce -1.2% |
| HYBB iShares BB Rated Corp. Bond | 0.47% | 738,106 | $34.0M | Reduce -3.1% |
| GLDM SPDR Gold Minishares Trust | 0.45% | 627,966 | $32.6M | Add +1.0% |
| NDSN Nordson Corp. | 0.45% | 155,057 | $32.4M | Reduce -0.8% |
| MLM Martin Marietta Materials | 0.45% | 62,668 | $32.4M | Reduce -2.4% |
| IBTH iShares Ibonds Dec 2027 Term | 0.44% | 1,417,941 | $31.5M | Add +4.6% |
| RMD Resmed Inc. | 0.39% | 123,764 | $28.3M | Reduce -2.4% |
| STZ Constellation Brands Inc. Class A | 0.38% | 124,582 | $27.5M | Reduce -10.0% |
| SHW The Sherwin-Williams Co. | 0.38% | 80,190 | $27.3M | Reduce -2.8% |
| MBB iShares MBS ETF | 0.37% | 293,979 | $27.0M | Add +54.7% |
| ECL Ecolab Inc. | 0.37% | 113,556 | $26.6M | Reduce -1.9% |
| APD Air Products & Chemicals Inc. | 0.36% | 90,515 | $26.3M | Reduce -1.5% |
| APH Amphenol Corp. Class A | 0.35% | 362,192 | $25.2M | Reduce -1.6% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.35% | 736,703 | $25.1M | Reduce -13.6% |
| IUSV iShares Core S&P U.S. Value | 0.34% | 263,416 | $24.4M | Add +270.8% |
| MCD McDonald's Corp. | 0.33% | 83,110 | $24.1M | Reduce -1.4% |
| PG The Procter & Gamble Co. | 0.33% | 140,980 | $23.6M | Reduce -1.2% |
| EOG EOG Resources Inc. | 0.32% | 190,560 | $23.4M | Reduce -1.0% |
| GD General Dynamics Corp. | 0.32% | 86,659 | $22.8M | Reduce -1.2% |
| DCI Donaldson Co. Inc. | 0.31% | 328,449 | $22.1M | Reduce -1.3% |
| GTES Gates Industrial Corp. UK Ltd. | 0.30% | 1,044,605 | $21.5M | Reduce -3.2% |
| MORN Morningstar Inc. | 0.30% | 63,393 | $21.3M | Reduce -1.6% |
| DLTR Dollar Tree Inc. | 0.29% | 283,267 | $21.2M | Reduce -5.2% |
| NJR New Jersey Resources Corp. | 0.29% | 454,152 | $21.2M | Reduce -1.0% |
| EXPD Expeditors Intl Wash Inc. | 0.29% | 189,653 | $21.0M | Reduce -0.9% |
| MDYV SS SPDR S&P 400 MC Val ETF | 0.28% | 251,986 | $20.2M | Add +14.6% |
| BF.B Brown-Forman Corp. Class B | 0.27% | 506,261 | $19.2M | Add +24.7% |
| SLYG SS SPDR S&P 600 SC GR ETF | 0.26% | 206,430 | $18.7M | Add +3.5% |
| NKE Nike Inc. Class B | 0.26% | 246,080 | $18.6M | Add +6.3% |
| BDX Becton Dickinson and Co. | 0.26% | 81,098 | $18.4M | Reduce -0.9% |
| TTC Toro Co. | 0.26% | 229,631 | $18.4M | Reduce -0.3% |
| XSHQ Invesco S&P Smallcap Quality | 0.25% | 427,904 | $18.1M | Add +2.4% |
| AOS Smith (a.o.) Corp. | 0.25% | 264,162 | $18.0M | Reduce -3.0% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.25% | 204,435 | $18.0M | Add +2.9% |
| MDT Medtronic PLC | 0.24% | 215,420 | $17.2M | Reduce -0.5% |
| CRL Charles River Laboratories | 0.24% | 93,004 | $17.2M | Reduce -2.1% |
| BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN | 0.23% | 432,066 | $16.7M | Reduce -1.5% |
| IBDR iShares Ibonds Dec 2026 Term | 0.22% | 671,822 | $16.2M | Add +1.6% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.20% | 281,066 | $14.4M | Add +3.0% |
| VNT Vontier Corp. | 0.20% | 388,952 | $14.2M | Reduce -0.6% |
| ZROZ PIMCO 25+ YR Zero CPN US Tif | 0.20% | 206,281 | $14.2M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.19% | 23,125 | $13.6M | Reduce -9.9% |
Portfolio Sells Q3 2024 → Q4 2024
| RYN Rayonier Inc. | Sold out | 0.00% | −0.90 |
| LMT Lockheed Martin Corp. | Reduce -1.5% | 2.08% | −0.37 |
| PII Polaris Inc. | Reduce -2.0% | 0.81% | −0.34 |
| DOW Dow Inc. | Reduce -6.3% | 0.85% | −0.34 |
| SHY iShares 1-3 Year Treasury Bo | Sold out | 0.00% | −0.26 |
| HSY The Hershey Co. | Reduce -4.1% | 1.60% | −0.22 |
| LIN Linde PLC | Reduce -1.4% | 1.94% | −0.22 |
| DEO Diageo PLC-Sponsored ADR | Reduce -3.2% | 2.07% | −0.21 |
| KDP Keurig Dr Pepper Inc. | Sold out | 0.00% | −0.19 |
| CL Colgate-Palmolive Co. | Reduce -0.9% | 1.69% | −0.19 |
| PGR Progressive Corp. | Reduce -3.5% | 2.89% | −0.17 |
| PEP Pepsico Inc. | Reduce -0.8% | 1.89% | −0.16 |
| FNF Fidelity National Financial | Reduce -2.2% | 1.78% | −0.16 |
| WY Weyerhaeuser Co. | Reduce -2.3% | 0.78% | −0.15 |
| MAS Masco Corp. | Reduce -2.8% | 0.93% | −0.14 |
| SO The Southern Co. | Reduce -1.4% | 1.88% | −0.13 |
| SPIB SS SPDR P Int C Corp. ETF | Sold out | 0.00% | −0.11 |
| ADI Analog Devices Inc. | Reduce -1.1% | 1.90% | −0.11 |
| XONE Bondbloxx BBG 1 Dur US Treas | Sold out | 0.00% | −0.10 |
| NDSN Nordson Corp. | Reduce -0.8% | 0.45% | −0.10 |
| TMO Thermo Fisher Scientific Inc. | Reduce -1.2% | 0.60% | −0.10 |
| STZ Constellation Brands Inc. Class A | Reduce -10.0% | 0.38% | −0.09 |
| BIPC Brookfield Infrastructure-A | Reduce -2.0% | 1.24% | −0.08 |
| NXPI NXP Semiconductors NV | Reduce -1.8% | 0.62% | −0.08 |
| SPDW Ste STR SPDR PT DW Eu ETF | Reduce -13.6% | 0.35% | −0.08 |
| AOS Smith (a.o.) Corp. | Reduce -3.0% | 0.25% | −0.08 |
| LOW Lowe's Cos Inc. | Reduce -3.5% | 0.80% | −0.08 |
| UPS United Parcel Service Class B | Reduce -1.8% | 1.05% | −0.06 |
| BWIN Baldwin Insurance Group Inc./ | Reduce -1.5% | 0.23% | −0.06 |
| CB Chubb Ltd. | Reduce -2.0% | 2.21% | −0.06 |
| KAI Kadant Inc. | Sold out | 0.00% | −0.06 |
| FLJP Franklin Ftse Japan ETF | Reduce -41.8% | 0.07% | −0.05 |
| PRFT Perficient Inc. | Sold out | 0.00% | −0.05 |
| EXPD Expeditors Intl Wash Inc. | Reduce -0.9% | 0.29% | −0.04 |
| HD Home Depot Inc. | Reduce -1.8% | 1.96% | −0.04 |
| SHW The Sherwin-Williams Co. | Reduce -2.8% | 0.38% | −0.04 |
| GD General Dynamics Corp. | Reduce -1.2% | 0.32% | −0.04 |
| MGPI MGP Ingredients Inc. | Sold out | 0.00% | −0.04 |
| SBUX Starbucks Corp. | Reduce -1.3% | 0.86% | −0.04 |
| ORCL Oracle Corp. | Reduce -4.2% | 1.27% | −0.04 |
| ECVT Ecovyst Inc. | Sold out | 0.00% | −0.03 |
| ECL Ecolab Inc. | Reduce -1.9% | 0.37% | −0.03 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -15.1% | 0.14% | −0.02 |
| MDT Medtronic PLC | Reduce -0.5% | 0.24% | −0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.4% | 0.93% | −0.02 |
| SHM SS SPDR N Ice St Muni ETF | Reduce -41.5% | 0.03% | −0.02 |
| RMD Resmed Inc. | Reduce -2.4% | 0.39% | −0.02 |
| DCI Donaldson Co. Inc. | Reduce -1.3% | 0.31% | −0.02 |
| IBTI iShares Ibonds Dec 2028 Term | Reduce -10.6% | 0.19% | −0.02 |
| GGG Graco Inc. | Reduce -1.9% | 0.82% | −0.02 |
Portfolio Buys Q3 2024 → Q4 2024
| AWK American Water Works Co. Inc. | Add +268.0% | 0.93% | +0.64 |
| SGOV iShares 0-3 Month Treasury B | Add +31.6% | 1.98% | +0.52 |
| SPMB SS SPDR P Mort Back Bond ETF | Add +41.7% | 1.17% | +0.34 |
| IUSV iShares Core S&P U.S. Value | Add +270.8% | 0.34% | +0.25 |
| ZROZ PIMCO 25+ YR Zero CPN US Tif | New | 0.20% | +0.20 |
| MBB iShares MBS ETF | Add +54.7% | 0.37% | +0.13 |
| VVV Valvoline Inc. | New | 0.13% | +0.13 |
| TROW T Rowe Price Group Inc. | Add +0.3% | 1.55% | +0.12 |
| MDYG SS SPDR S&P 400 MC GR ETF | Add +12.4% | 0.66% | +0.09 |
| IWD iShares Russell 1000 Value E | New | 0.07% | +0.07 |
| MLN Vaneck Long Muni ETF | New | 0.05% | +0.05 |
| ENOV Enovis Corp. | New | 0.05% | +0.05 |
| MDYV SS SPDR S&P 400 MC Val ETF | Add +14.6% | 0.28% | +0.05 |
| ASGTF Altus Group Ltd. | New | 0.04% | +0.04 |
| XMHQ Invesco S&P Midcap Qual ETF | Add +4.8% | 0.74% | +0.03 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +2.9% | 0.25% | +0.03 |
| IBTH iShares Ibonds Dec 2027 Term | Add +4.6% | 0.44% | +0.03 |
| MOV Movado Group Inc. | Add +60.6% | 0.05% | +0.02 |
| GLDM SPDR Gold Minishares Trust | Add +1.0% | 0.45% | +0.02 |
| MAIN Main Street Capital Corp. | Add +0.1% | 0.11% | +0.02 |
| IEI iShares 3-7 Year Treasury Bo | Add +31.9% | 0.07% | +0.02 |
| TRIP Tripadvisor Inc. | Add +43.6% | 0.05% | +0.02 |
| NLY Annaly Capital Management Inc. | New | 0.02% | +0.02 |
| RWAY Runway Growth Finance Corp. | New | 0.01% | +0.01 |
| BXSL Blackstone Secured Lending F | Add +0.3% | 0.09% | +0.01 |
| SLYG SS SPDR S&P 600 SC GR ETF | Add +3.5% | 0.26% | +0.01 |
| XSHQ Invesco S&P Smallcap Quality | Add +2.4% | 0.25% | +0.01 |
| IBDR iShares Ibonds Dec 2026 Term | Add +1.6% | 0.22% | +0.01 |
| HACK Amplify Cybersecurity ETF | Add +3.2% | 0.06% | +0.01 |
| SLV iShares Silver Trust | New | 0.01% | +0.01 |
| SPHY SS SPDR P High Yield ETF | Add +3.6% | 0.16% | +0.01 |
| AGG iShares Core U.S. Aggregate | New | 0.01% | +0.01 |
| HTGC Hercules Capital Inc. | Add +0.5% | 0.11% | +0.01 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +3.0% | 0.20% | +0.01 |
| XLE SS Energy Select Sector | Add +9.7% | 0.06% | +0.01 |
| TSLX Sixth Street Specialty Lendi | Add +0.5% | 0.07% | +0.01 |
| AGNC AGNC Investment Corp. | New | 0.01% | +0.01 |
| SLRC SLR Investment Corp. | Add +0.3% | 0.04% | +0.00 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.1% | 0.03% | +0.00 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.00% | +0.00 |
| AVMC Avantis US Mid Cap Eq ETF | New | 0.00% | +0.00 |
| GBDC Golub Capital BDC Inc. | Add +0.5% | 0.07% | +0.00 |
| YUMC Yum China Holdings Inc. | New | 0.00% | +0.00 |
| IBDU iShares Ibonds Dec 2029 Term | Add +3.3% | 0.08% | +0.00 |
| OBDE Blue Owl Capital Corp. III | Add +0.5% | 0.06% | +0.00 |
| PPLT Abrdn Physical Platinum SHRS | New | 0.00% | +0.00 |
| JPM JPMorgan Chase & Co. | New | 0.00% | +0.00 |
| AR Antero Resources Corp. | Add +6.4% | 0.01% | +0.00 |
| URA Global X Uranium ETF | Add +4.5% | 0.17% | +0.00 |
| KBDC Kayne Anderson BDC Inc. | Add +5.9% | 0.03% | +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 |