Confluence Investment Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 1, 2025), Confluence Investment Management LLC reported 294 stock positions worth $6.9 billion. Its top holding was iShares 0-3 Month Treasury B (SGOV) at 2.8% of the portfolio, followed by Snap-on (SNA, 2.5%) and Chubb (CB, 2.4%). Compared with Q4 2024, it opened 23 new positions, sold out of 28, added to 97 and reduced 166. The biggest buy was iShares 0-3 Month Treasury B (SGOV, shares +37%) and the biggest sale an exit from Brookfield Infrastructure-A (BIPC).
- Most Recent 13F
- Q2 2026
- Location
- ST. LOUIS, MO
- CIK
- 0001442056
- Portfolio Value
- $6.9B (Q1 2025)
- SEC Filing
- 0001636661-25-000004 ↗ filed Apr 1, 2025
Holdings Value
Holdings 294 stocks · $6.9B
| SGOV iShares 0-3 Month Treasury B | 2.82% | 1,943,492 | $195.7M | Add +36.7% |
| SNA Snap-on Inc. | 2.47% | 509,863 | $171.8M | Reduce -3.9% |
| CB Chubb Ltd. | 2.43% | 558,131 | $168.6M | Reduce -3.1% |
| PAYX Paychex Inc. | 2.37% | 1,065,458 | $164.4M | Reduce -3.3% |
| PGR Progressive Corp. | 2.31% | 568,040 | $160.8M | Reduce -34.7% |
| WEC WEC Energy Group Inc. | 2.27% | 1,444,397 | $157.4M | Reduce -3.1% |
| LIN Linde PLC | 2.16% | 322,451 | $150.1M | Reduce -3.2% |
| BR Broadridge Financial Solutio | 2.13% | 609,740 | $147.8M | Reduce -3.6% |
| SO The Southern Co. | 2.12% | 1,603,734 | $147.5M | Reduce -2.7% |
| FNF Fidelity National Financial | 2.07% | 2,208,073 | $143.7M | Reduce -3.2% |
| LMT Lockheed Martin Corp. | 1.95% | 302,449 | $135.1M | Reduce -1.8% |
| PEP Pepsico Inc. | 1.94% | 896,248 | $134.4M | Reduce -0.1% |
| HD Home Depot Inc. | 1.87% | 353,679 | $129.6M | Reduce -2.7% |
| FAST Fastenal Co. | 1.85% | 1,660,502 | $128.8M | Reduce -2.3% |
| ADI Analog Devices Inc. | 1.83% | 629,623 | $127.0M | Reduce -2.2% |
| DEO Diageo PLC-Sponsored ADR | 1.79% | 1,184,987 | $124.2M | Add +0.7% |
| CLX Clorox Company | 1.78% | 840,746 | $123.8M | Reduce -2.3% |
| CL Colgate-Palmolive Co. | 1.78% | 1,321,151 | $123.8M | Reduce -1.5% |
| CVX Chevron Corp. | 1.77% | 734,333 | $122.8M | Reduce -1.4% |
| HSY The Hershey Co. | 1.72% | 699,426 | $119.6M | Add +2.5% |
| ETR Entergy Corp. | 1.71% | 1,390,339 | $118.9M | Reduce -13.5% |
| KMI Kinder Morgan Inc. | 1.59% | 3,880,963 | $110.7M | Reduce -11.6% |
| GILD Gilead Sciences Inc. | 1.58% | 979,976 | $109.8M | Reduce -16.7% |
| NTRS Northern Trust Corp. | 1.58% | 1,111,743 | $109.7M | Reduce -2.5% |
| CSCO Cisco Systems Inc. | 1.56% | 1,757,299 | $108.4M | Reduce -2.5% |
| MA Mastercard Inc. Class A | 1.36% | 172,754 | $94.7M | Reduce -3.5% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.33% | 1,302,855 | $92.7M | Reduce -2.5% |
| SPMB SS SPDR P Mort Back Bond ETF | 1.32% | 4,161,523 | $91.8M | Add +6.0% |
| SYK Stryker Corp. | 1.27% | 236,840 | $88.2M | Reduce -3.5% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.27% | 958,342 | $88.0M | Reduce -2.9% |
| ARCC Ares Capital Corp. | 1.20% | 3,775,447 | $83.7M | Reduce -1.0% |
| USB US Bancorp | 1.17% | 1,919,167 | $81.0M | Reduce -2.0% |
| AWK American Water Works Co. Inc. | 1.14% | 535,169 | $78.9M | Reduce -0.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.11% | 144,171 | $76.8M | Reduce -2.5% |
| PAYC Paycom Software Inc. | 1.10% | 350,995 | $76.7M | Reduce -3.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.10% | 626,578 | $76.3M | Reduce -2.2% |
| SPGI S&P Global Inc. | 1.10% | 149,835 | $76.1M | Reduce -2.1% |
| ORCL Oracle Corp. | 1.08% | 535,729 | $74.9M | Reduce -2.6% |
| UPS United Parcel Service Class B | 1.01% | 638,607 | $70.2M | Add +6.0% |
| MSFT Microsoft Corp. | 0.91% | 167,479 | $62.9M | Reduce -46.9% |
| MAS Masco Corp. | 0.90% | 894,013 | $62.2M | Reduce -3.0% |
| BRO Brown & Brown Inc. | 0.88% | 493,525 | $61.4M | Reduce -5.9% |
| APD Air Products & Chemicals Inc. | 0.88% | 206,654 | $60.9M | Add +128.3% |
| DOW Dow Inc. | 0.87% | 1,736,955 | $60.7M | Add +13.8% |
| WY Weyerhaeuser Co. | 0.83% | 1,962,436 | $57.5M | Reduce -2.1% |
| GGG Graco Inc. | 0.82% | 683,220 | $57.1M | Reduce -3.1% |
| ITW Illinois Tool Works | 0.82% | 229,950 | $57.0M | Reduce -2.4% |
| LOW Lowe's Cos Inc. | 0.77% | 228,447 | $53.3M | Reduce -1.8% |
| XMHQ Invesco S&P Midcap Qual ETF | 0.72% | 548,049 | $50.2M | Add +0.9% |
| KEYS Keysight Technologies Inc. | 0.72% | 334,196 | $50.1M | Reduce -1.1% |
| GOOG Alphabet Inc. Class C | 0.64% | 283,770 | $44.3M | Reduce -1.4% |
| BKNG Booking Holdings Inc. | 0.60% | 9,085 | $41.9M | Reduce -1.9% |
| TMO Thermo Fisher Scientific Inc. | 0.59% | 82,953 | $41.3M | Reduce -0.7% |
| NXPI NXP Semiconductors NV | 0.58% | 212,630 | $40.4M | Reduce -0.8% |
| ACGL Arch Capital Group Ltd. | 0.55% | 400,697 | $38.5M | New |
| PII Polaris Inc. | 0.54% | 922,933 | $37.8M | Reduce -9.4% |
| DNB Dun & Bradstreet Holdings Inc. | 0.51% | 3,986,188 | $35.6M | Add +0.7% |
| MDYG SS SPDR S&P 400 MC GR ETF | 0.51% | 442,067 | $35.1M | Reduce -19.4% |
| HYBB iShares BB Rated Corp. Bond | 0.50% | 752,841 | $34.8M | Add +2.0% |
| SBUX Starbucks Corp. | 0.48% | 343,334 | $33.7M | Reduce -49.5% |
| NDSN Nordson Corp. | 0.45% | 153,785 | $31.0M | Reduce -0.8% |
| MLM Martin Marietta Materials | 0.43% | 62,468 | $29.9M | Reduce -0.3% |
| GLDM SPDR Gold Minishares Trust | 0.42% | 470,195 | $29.1M | Reduce -25.1% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.41% | 561,531 | $28.7M | Add +99.8% |
| ECL Ecolab Inc. | 0.40% | 108,874 | $27.6M | Reduce -4.1% |
| MBB iShares MBS ETF | 0.39% | 290,612 | $27.3M | Reduce -1.1% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.39% | 336,227 | $27.0M | Add +64.5% |
| SHW The Sherwin-Williams Co. | 0.39% | 76,912 | $26.9M | Reduce -4.1% |
| RMD Resmed Inc. | 0.38% | 118,595 | $26.5M | Reduce -4.2% |
| STZ Constellation Brands Inc. Class A | 0.37% | 141,373 | $25.9M | Add +13.5% |
| MCD McDonald's Corp. | 0.36% | 80,214 | $25.1M | Reduce -3.5% |
| TLH iShares 10-20 Year Treasury | 0.36% | 240,590 | $25.0M | Add +212.8% |
| EOG EOG Resources Inc. | 0.34% | 184,346 | $23.6M | Reduce -3.3% |
| PG The Procter & Gamble Co. | 0.34% | 136,618 | $23.3M | Reduce -3.1% |
| GD General Dynamics Corp. | 0.33% | 84,424 | $23.0M | Reduce -2.6% |
| ZTS Zoetis Inc. | 0.33% | 139,675 | $23.0M | New |
| APH Amphenol Corp. Class A | 0.33% | 349,787 | $22.9M | Reduce -3.4% |
| EXPD Expeditors Intl Wash Inc. | 0.32% | 184,607 | $22.2M | Reduce -2.7% |
| DLTR Dollar Tree Inc. | 0.31% | 291,186 | $21.9M | Add +2.8% |
| AOS Smith (a.o.) Corp. | 0.31% | 330,819 | $21.6M | Add +25.2% |
| NJR New Jersey Resources Corp. | 0.31% | 440,703 | $21.6M | Reduce -3.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.31% | 38,449 | $21.5M | Add +66.3% |
| DCI Donaldson Co. Inc. | 0.31% | 318,834 | $21.4M | Reduce -2.9% |
| MDT Medtronic PLC | 0.27% | 211,700 | $19.0M | Reduce -1.7% |
| BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN | 0.27% | 423,042 | $18.9M | Reduce -2.1% |
| MDYV SS SPDR S&P 400 MC Val ETF | 0.27% | 243,860 | $18.8M | Reduce -3.2% |
| MORN Morningstar Inc. | 0.27% | 62,103 | $18.6M | Reduce -2.0% |
| GTES Gates Industrial Corp. UK Ltd. | 0.27% | 1,011,102 | $18.6M | Reduce -3.2% |
| BDX Becton Dickinson and Co. | 0.26% | 80,115 | $18.4M | Reduce -1.2% |
| XSHQ Invesco S&P Smallcap Quality | 0.26% | 459,211 | $18.1M | Add +7.3% |
| VVV Valvoline Inc. | 0.25% | 506,205 | $17.6M | Add +101.4% |
| BF.B Brown-Forman Corp. Class B | 0.25% | 517,326 | $17.6M | Add +2.2% |
| IBTO iShares Ibonds Dec 2033 Tres | 0.25% | 700,979 | $17.1M | New |
| IBTP iShares Ibonds Dec 2034 ETF | 0.24% | 661,179 | $17.0M | New |
| TTC Toro Co. | 0.24% | 226,647 | $16.5M | Reduce -1.3% |
| NKE Nike Inc. Class B | 0.23% | 246,930 | $15.7M | Add +0.3% |
| CRL Charles River Laboratories | 0.21% | 96,526 | $14.5M | Add +3.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.20% | 138,018 | $13.6M | New |
| VNT Vontier Corp. | 0.18% | 389,209 | $12.8M | Add +0.1% |
| JBTM JBT Marel Corp. | 0.18% | 100,807 | $12.3M | Reduce -4.6% |
Portfolio Sells Q4 2024 → Q1 2025
| BIPC Brookfield Infrastructure-A | Sold out | 0.00% | −1.24 |
| MSFT Microsoft Corp. | Reduce -46.9% | 0.91% | −0.94 |
| MKL Markel Group Inc. | Reduce -99.5% | 0.00% | −0.80 |
| PGR Progressive Corp. | Reduce -34.7% | 2.31% | −0.57 |
| SBUX Starbucks Corp. | Reduce -49.5% | 0.48% | −0.38 |
| SPDW Ste STR SPDR PT DW Eu ETF | Sold out | 0.00% | −0.35 |
| IBTH iShares Ibonds Dec 2027 Term | Reduce -66.8% | 0.15% | −0.28 |
| TROW T Rowe Price Group Inc. | Reduce -2.9% | 1.27% | −0.28 |
| PII Polaris Inc. | Reduce -9.4% | 0.54% | −0.27 |
| IUSV iShares Core S&P U.S. Value | Reduce -70.9% | 0.10% | −0.24 |
| IBDR iShares Ibonds Dec 2026 Term | Sold out | 0.00% | −0.22 |
| ORCL Oracle Corp. | Reduce -2.6% | 1.08% | −0.19 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −0.16 |
| CLX Clorox Company | Reduce -2.3% | 1.78% | −0.16 |
| MDYG SS SPDR S&P 400 MC GR ETF | Reduce -19.4% | 0.51% | −0.16 |
| IGSB iShares 1-5Y Inv Grade Corp. | Sold out | 0.00% | −0.14 |
| USB US Bancorp | Reduce -2.0% | 1.17% | −0.13 |
| LMT Lockheed Martin Corp. | Reduce -1.8% | 1.95% | −0.13 |
| GOOG Alphabet Inc. Class C | Reduce -1.4% | 0.64% | −0.12 |
| SLYG SS SPDR S&P 600 SC GR ETF | Reduce -38.6% | 0.15% | −0.11 |
| HD Home Depot Inc. | Reduce -2.7% | 1.87% | −0.10 |
| ITA iShares U.S. Aerospace & Def | Sold out | 0.00% | −0.08 |
| IBDU iShares Ibonds Dec 2029 Term | Sold out | 0.00% | −0.08 |
| KMI Kinder Morgan Inc. | Reduce -11.6% | 1.59% | −0.07 |
| ADI Analog Devices Inc. | Reduce -2.2% | 1.83% | −0.07 |
| FLJP Franklin Ftse Japan ETF | Sold out | 0.00% | −0.07 |
| ZROZ PIMCO 25+ YR Zero CPN US Tif | Reduce -39.3% | 0.13% | −0.07 |
| BAM Brookfield Asset Mgmt-A | Sold out | 0.00% | −0.06 |
| OBDE Blue Owl Capital Corp. III | Sold out | 0.00% | −0.06 |
| IWD iShares Russell 1000 Value E | Reduce -85.4% | 0.01% | −0.06 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.06 |
| BXSL Blackstone Secured Lending F | Reduce -61.0% | 0.04% | −0.05 |
| BSMS Invesco Bulletshares 2028 MB | Reduce -56.7% | 0.04% | −0.05 |
| AZEK The Azek Co. Inc. | Reduce -34.2% | 0.11% | −0.05 |
| IBTI iShares Ibonds Dec 2028 Term | Reduce -28.1% | 0.14% | −0.04 |
| NTRS Northern Trust Corp. | Reduce -2.5% | 1.58% | −0.04 |
| SIVR Abrdn Physical Silver Shares | Sold out | 0.00% | −0.04 |
| NXPI NXP Semiconductors NV | Reduce -0.8% | 0.58% | −0.04 |
| BKNG Booking Holdings Inc. | Reduce -1.9% | 0.60% | −0.04 |
| GLDM SPDR Gold Minishares Trust | Reduce -25.1% | 0.42% | −0.03 |
| CLB Core Laboratories Inc. | Sold out | 0.00% | −0.03 |
| KEYS Keysight Technologies Inc. | Reduce -1.1% | 0.72% | −0.03 |
| MAS Masco Corp. | Reduce -3.0% | 0.90% | −0.03 |
| BSMQ Invesco Bulletshares 2026 MB | Reduce -47.0% | 0.04% | −0.03 |
| BSMV Invesco Bulletshares 2031 MB | Reduce -44.0% | 0.04% | −0.03 |
| BSMP Invesco Bulletshares 2025 MB | Reduce -46.5% | 0.04% | −0.03 |
| GTES Gates Industrial Corp. UK Ltd. | Reduce -3.2% | 0.27% | −0.03 |
| LOW Lowe's Cos Inc. | Reduce -1.8% | 0.77% | −0.03 |
| MORN Morningstar Inc. | Reduce -2.0% | 0.27% | −0.03 |
| HCSG Healthcare Services Group | Sold out | 0.00% | −0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| SGOV iShares 0-3 Month Treasury B | Add +36.7% | 2.82% | +0.84 |
| ACGL Arch Capital Group Ltd. | New | 0.55% | +0.55 |
| APD Air Products & Chemicals Inc. | Add +128.3% | 0.88% | +0.51 |
| ZTS Zoetis Inc. | New | 0.33% | +0.33 |
| TLH iShares 10-20 Year Treasury | Add +212.8% | 0.36% | +0.25 |
| IBTO iShares Ibonds Dec 2033 Tres | New | 0.25% | +0.25 |
| IBTP iShares Ibonds Dec 2034 ETF | New | 0.24% | +0.24 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +99.8% | 0.41% | +0.21 |
| DIS The Walt Disney Co. | New | 0.20% | +0.20 |
| SPMB SS SPDR P Mort Back Bond ETF | Add +6.0% | 1.32% | +0.15 |
| SHLD Global X Defense Tech ETF | New | 0.15% | +0.15 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +64.5% | 0.39% | +0.14 |
| VVV Valvoline Inc. | Add +101.4% | 0.25% | +0.13 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +66.3% | 0.31% | +0.12 |
| HSY The Hershey Co. | Add +2.5% | 1.72% | +0.12 |
| SLYV SS SPDR S&P 600 SC Val ETF | New | 0.10% | +0.10 |
| IBTL iShares Ibonds Dec 2031 Term | New | 0.09% | +0.09 |
| IBDV iShares Ibonds Dec 2030 Corp. | New | 0.09% | +0.09 |
| TRIP Tripadvisor Inc. | Add +174.4% | 0.13% | +0.08 |
| BSSX Invesco Bulletshares 2033 MB | Add +1765.3% | 0.08% | +0.08 |
| OBDC Blue Owl Capital Corp. | New | 0.06% | +0.06 |
| AZN Astrazeneca PLC-Spons ADR | New | 0.06% | +0.06 |
| AOS Smith (a.o.) Corp. | Add +25.2% | 0.31% | +0.06 |
| IBTJ iShares Ibonds Dec 2029 Term | Add +48.2% | 0.17% | +0.06 |
| HACK Amplify Cybersecurity ETF | Add +93.0% | 0.12% | +0.06 |
| BSMT Invesco Bulletshares 2029 MB | Add +113.1% | 0.08% | +0.04 |
| BSMW Invesco Bulletshares 2032 MB | Add +940.7% | 0.04% | +0.04 |
| FSK FS KKR Capital Corp. | Add +250.2% | 0.06% | +0.04 |
| HAE Haemonetics Corp. | New | 0.04% | +0.04 |
| KN Knowles Corp. | New | 0.04% | +0.04 |
| TLT iShares 20+ Year Treasury BD | New | 0.04% | +0.04 |
| HYBB iShares BB Rated Corp. Bond | Add +2.0% | 0.50% | +0.03 |
| DOW Dow Inc. | Add +13.8% | 0.87% | +0.02 |
| DLTR Dollar Tree Inc. | Add +2.8% | 0.31% | +0.02 |
| RLI Rli Corp. | New | 0.02% | +0.02 |
| BSMR Invesco Bulletshares 2027 MB | Add +13.9% | 0.09% | +0.01 |
| MUB iShares National Muni Bond E | Add +75.4% | 0.03% | +0.01 |
| MLN Vaneck Long Muni ETF | Add +22.3% | 0.06% | +0.01 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.01% | +0.01 |
| XSHQ Invesco S&P Smallcap Quality | Add +7.3% | 0.26% | +0.01 |
| CNR Core Natural Resources Inc. | New | 0.01% | +0.01 |
| IBTM iShares Ibnds Dec 2032 TT | Add +0.1% | 0.14% | +0.01 |
| SPHY SS SPDR P High Yield ETF | Add +1.9% | 0.17% | +0.01 |
| HTO H2O America | Add +7.9% | 0.04% | +0.01 |
| TSLX Sixth Street Specialty Lendi | Add +0.1% | 0.08% | +0.01 |
| IEI iShares 3-7 Year Treasury Bo | Add +1.9% | 0.08% | +0.01 |
| BAESY Bae Systems PLC -Spon ADR | Add +19.3% | 0.01% | +0.01 |
| SHEL Shell PLC-ADR | Add +3.6% | 0.02% | +0.00 |
| BSMY Invesco Bulletshares 2034 MB | New | 0.00% | +0.00 |
| BNPQY BNP Paribas-ADR | Add +8.6% | 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 |