Confluence Investment Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 1, 2025), Confluence Investment Management LLC reported 287 stock positions worth $7.1 billion. Its top holding was iShares 0-3 Month Treasury B (SGOV) at 3.4% of the portfolio, followed by Chubb (CB, 2.2%) and Snap-on (SNA, 2.2%). Compared with Q1 2025, it opened 19 new positions, sold out of 26, added to 90 and reduced 168. The biggest buy was a new position in Ste STR SPDR PT DW Eu ETF (SPDW) and the biggest sale an exit from Invesco S&P Midcap Qual ETF (XMHQ).
- Most Recent 13F
- Q2 2026
- Location
- ST. LOUIS, MO
- CIK
- 0001442056
- Portfolio Value
- $7.1B (Q2 2025)
- SEC Filing
- 0001636661-25-000005 ↗ filed Jul 1, 2025
Holdings Value
Holdings 287 stocks · $7.1B
| SGOV iShares 0-3 Month Treasury B | 3.37% | 2,370,040 | $238.6M | Add +21.9% |
| CB Chubb Ltd. | 2.24% | 548,325 | $158.9M | Reduce -1.8% |
| SNA Snap-on Inc. | 2.21% | 501,531 | $156.1M | Reduce -1.6% |
| PAYX Paychex Inc. | 2.15% | 1,044,626 | $152.0M | Reduce -2.0% |
| NTRS Northern Trust Corp. | 2.12% | 1,184,610 | $150.2M | Add +6.5% |
| PGR Progressive Corp. | 2.12% | 561,616 | $149.9M | Reduce -1.1% |
| ADI Analog Devices Inc. | 2.10% | 625,895 | $149.0M | Reduce -0.6% |
| LIN Linde PLC | 2.10% | 316,440 | $148.5M | Reduce -1.9% |
| WEC WEC Energy Group Inc. | 2.09% | 1,419,075 | $147.9M | Reduce -1.8% |
| BR Broadridge Financial Solutio | 2.05% | 597,545 | $145.2M | Reduce -2.0% |
| SO The Southern Co. | 2.05% | 1,579,454 | $145.0M | Reduce -1.5% |
| LMT Lockheed Martin Corp. | 1.96% | 300,098 | $139.0M | Reduce -0.8% |
| FAST Fastenal Co. | 1.95% | 3,280,009 | $137.8M | Reduce -1.2% |
| DEO Diageo PLC-Sponsored ADR | 1.92% | 1,350,826 | $136.2M | Add +14.0% |
| HD Home Depot Inc. | 1.82% | 351,141 | $128.7M | Reduce -0.7% |
| HSY The Hershey Co. | 1.79% | 764,392 | $126.9M | Add +9.3% |
| FNF Fidelity National Financial | 1.73% | 2,179,039 | $122.2M | Reduce -1.3% |
| AWK American Water Works Co. Inc. | 1.72% | 875,483 | $121.8M | Add +63.6% |
| CVX Chevron Corp. | 1.71% | 845,635 | $121.1M | Add +15.2% |
| CSCO Cisco Systems Inc. | 1.70% | 1,738,945 | $120.6M | Reduce -1.0% |
| CL Colgate-Palmolive Co. | 1.68% | 1,308,999 | $119.0M | Reduce -0.9% |
| ORCL Oracle Corp. | 1.62% | 523,569 | $114.5M | Reduce -2.3% |
| ETR Entergy Corp. | 1.61% | 1,375,000 | $114.3M | Reduce -1.1% |
| CLX Clorox Company | 1.60% | 941,510 | $113.0M | Add +12.0% |
| KMI Kinder Morgan Inc. | 1.60% | 3,841,416 | $112.9M | Reduce -1.0% |
| GILD Gilead Sciences Inc. | 1.52% | 969,807 | $107.5M | Reduce -1.0% |
| SPMB SS SPDR P Mort Back Bond ETF | 1.48% | 4,727,616 | $104.5M | Add +13.6% |
| PEP Pepsico Inc. | 1.33% | 711,253 | $93.9M | Reduce -20.6% |
| MA Mastercard Inc. Class A | 1.32% | 166,645 | $93.6M | Reduce -3.5% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.31% | 1,264,289 | $92.9M | Reduce -3.0% |
| SYK Stryker Corp. | 1.30% | 232,582 | $92.0M | Reduce -1.8% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.29% | 948,453 | $91.5M | Reduce -1.0% |
| USB US Bancorp | 1.25% | 1,952,975 | $88.4M | Add +1.8% |
| ARCC Ares Capital Corp. | 1.18% | 3,796,791 | $83.4M | Add +0.6% |
| MSFT Microsoft Corp. | 1.16% | 165,187 | $82.2M | Reduce -1.4% |
| PAYC Paycom Software Inc. | 1.12% | 342,139 | $79.2M | Reduce -2.5% |
| SPGI S&P Global Inc. | 1.10% | 148,101 | $78.1M | Reduce -1.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.08% | 617,159 | $76.2M | Reduce -1.5% |
| NDSN Nordson Corp. | 1.02% | 336,090 | $72.0M | Add +118.5% |
| UPS United Parcel Service Class B | 0.96% | 671,771 | $67.8M | Add +5.2% |
| APD Air Products & Chemicals Inc. | 0.82% | 205,960 | $58.1M | Reduce -0.3% |
| GGG Graco Inc. | 0.81% | 670,046 | $57.6M | Reduce -1.9% |
| TLH iShares 10-20 Year Treasury | 0.81% | 562,156 | $57.1M | Add +133.7% |
| MAS Masco Corp. | 0.81% | 886,059 | $57.0M | Reduce -0.9% |
| ITW Illinois Tool Works | 0.80% | 227,732 | $56.3M | Reduce -1.0% |
| KEYS Keysight Technologies Inc. | 0.77% | 333,369 | $54.6M | Reduce -0.3% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.73% | 1,276,782 | $51.7M | New |
| LOW Lowe's Cos Inc. | 0.71% | 227,133 | $50.4M | Reduce -0.6% |
| GOOG Alphabet Inc. Class C | 0.71% | 282,383 | $50.1M | Reduce -0.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.70% | 101,968 | $49.5M | Reduce -29.3% |
| WY Weyerhaeuser Co. | 0.70% | 1,915,486 | $49.2M | Reduce -2.4% |
| BKNG Booking Holdings Inc. | 0.69% | 8,456 | $49.0M | Reduce -6.9% |
| DOW Dow Inc. | 0.66% | 1,769,871 | $46.9M | Add +1.9% |
| NXPI NXP Semiconductors NV | 0.66% | 212,998 | $46.5M | Add +0.2% |
| BF.B Brown-Forman Corp. Class B | 0.53% | 1,381,966 | $37.2M | Add +167.1% |
| ACGL Arch Capital Group Ltd. | 0.51% | 396,398 | $36.1M | Reduce -1.1% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.51% | 685,828 | $35.9M | Add +22.1% |
| MDLZ Mondelez International Inc. Class A | 0.50% | 523,934 | $35.3M | New |
| GLDM SPDR Gold Minishares Trust | 0.49% | 525,606 | $34.4M | Add +11.8% |
| MLM Martin Marietta Materials | 0.48% | 62,458 | $34.3M | Reduce -0.0% |
| TMO Thermo Fisher Scientific Inc. | 0.48% | 83,476 | $33.8M | Add +0.6% |
| PII Polaris Inc. | 0.47% | 824,806 | $33.5M | Reduce -10.6% |
| BRO Brown & Brown Inc. | 0.47% | 299,805 | $33.2M | Reduce -39.3% |
| APH Amphenol Corp. Class A | 0.46% | 332,681 | $32.9M | Reduce -4.9% |
| SBUX Starbucks Corp. | 0.44% | 340,704 | $31.2M | Reduce -0.8% |
| IEI iShares 3-7 Year Treasury Bo | 0.42% | 249,390 | $29.7M | Add +428.2% |
| RMD Resmed Inc. | 0.42% | 115,063 | $29.7M | Reduce -3.0% |
| ECL Ecolab Inc. | 0.40% | 105,654 | $28.5M | Reduce -3.0% |
| DLTR Dollar Tree Inc. | 0.40% | 285,096 | $28.2M | Reduce -2.1% |
| MBB iShares MBS ETF | 0.38% | 288,361 | $27.1M | Reduce -0.8% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.37% | 272,594 | $26.0M | Reduce -18.9% |
| SHW The Sherwin-Williams Co. | 0.36% | 74,989 | $25.7M | Reduce -2.5% |
| MDYV SS SPDR S&P 400 MC Val ETF | 0.35% | 308,171 | $24.5M | Add +26.4% |
| REGL Prshrs S&P Mid 400 DVD Arist | 0.35% | 300,181 | $24.5M | New |
| GD General Dynamics Corp. | 0.34% | 82,310 | $24.0M | Reduce -2.5% |
| STZ Constellation Brands Inc. Class A | 0.33% | 143,508 | $23.3M | Add +1.5% |
| MCD McDonald's Corp. | 0.32% | 78,202 | $22.8M | Reduce -2.5% |
| GTES Gates Industrial Corp. UK Ltd. | 0.32% | 982,926 | $22.6M | Reduce -2.8% |
| AOS Smith (a.o.) Corp. | 0.31% | 331,666 | $21.7M | Add +0.3% |
| EOG EOG Resources Inc. | 0.31% | 181,460 | $21.7M | Reduce -1.6% |
| DCI Donaldson Co. Inc. | 0.31% | 312,679 | $21.7M | Reduce -1.9% |
| ZTS Zoetis Inc. | 0.30% | 137,030 | $21.4M | Reduce -1.9% |
| PG The Procter & Gamble Co. | 0.30% | 133,731 | $21.3M | Reduce -2.1% |
| EXPD Expeditors Intl Wash Inc. | 0.29% | 181,391 | $20.7M | Reduce -1.7% |
| NJR New Jersey Resources Corp. | 0.27% | 431,907 | $19.4M | Reduce -2.0% |
| MORN Morningstar Inc. | 0.27% | 60,980 | $19.1M | Reduce -1.8% |
| VVV Valvoline Inc. | 0.27% | 498,862 | $18.9M | Reduce -1.4% |
| MDT Medtronic PLC | 0.26% | 209,424 | $18.3M | Reduce -1.1% |
| MDYG SS SPDR S&P 400 MC GR ETF | 0.25% | 207,668 | $18.0M | Reduce -53.0% |
| BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN | 0.25% | 413,228 | $17.7M | Reduce -2.3% |
| NKE Nike Inc. Class B | 0.25% | 248,154 | $17.6M | Add +0.5% |
| CARR Carrier Global Corp. | 0.24% | 236,283 | $17.3M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.24% | 137,995 | $17.1M | Reduce -0.0% |
| IBTO iShares Ibonds Dec 2033 Tres | 0.24% | 694,671 | $17.0M | Reduce -0.9% |
| IBTP iShares Ibonds Dec 2034 ETF | 0.24% | 659,143 | $16.9M | Reduce -0.3% |
| VNT Vontier Corp. | 0.24% | 458,954 | $16.9M | Add +17.9% |
| FXF Invesco Currencyshares Swiss | 0.23% | 143,339 | $16.0M | New |
| TTC Toro Co. | 0.23% | 226,518 | $16.0M | Reduce -0.1% |
| CRL Charles River Laboratories | 0.21% | 97,226 | $14.8M | Add +0.7% |
| BDX Becton Dickinson and Co. | 0.20% | 80,614 | $13.9M | Add +0.6% |
Portfolio Sells Q1 2025 → Q2 2025
| XMHQ Invesco S&P Midcap Qual ETF | Sold out | 0.00% | −0.72 |
| PEP Pepsico Inc. | Reduce -20.6% | 1.33% | −0.61 |
| DNB Dun & Bradstreet Holdings Inc. | Sold out | 0.00% | −0.51 |
| HYBB iShares BB Rated Corp. Bond | Reduce -89.4% | 0.05% | −0.45 |
| BRO Brown & Brown Inc. | Reduce -39.3% | 0.47% | −0.41 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -29.3% | 0.70% | −0.41 |
| FNF Fidelity National Financial | Reduce -1.3% | 1.73% | −0.34 |
| SNA Snap-on Inc. | Reduce -1.6% | 2.21% | −0.27 |
| XSHQ Invesco S&P Smallcap Quality | Sold out | 0.00% | −0.26 |
| MDYG SS SPDR S&P 400 MC GR ETF | Reduce -53.0% | 0.25% | −0.25 |
| PAYX Paychex Inc. | Reduce -2.0% | 2.15% | −0.22 |
| PGR Progressive Corp. | Reduce -1.1% | 2.12% | −0.20 |
| CB Chubb Ltd. | Reduce -1.8% | 2.24% | −0.18 |
| WEC WEC Energy Group Inc. | Reduce -1.8% | 2.09% | −0.18 |
| SPHY SS SPDR P High Yield ETF | Sold out | 0.00% | −0.17 |
| URA Global X Uranium ETF | Sold out | 0.00% | −0.17 |
| SLYG SS SPDR S&P 600 SC GR ETF | Sold out | 0.00% | −0.15 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -50.0% | 0.17% | −0.14 |
| WY Weyerhaeuser Co. | Reduce -2.4% | 0.70% | −0.13 |
| ZROZ PIMCO 25+ YR Zero CPN US Tif | Sold out | 0.00% | −0.13 |
| HACK Amplify Cybersecurity ETF | Sold out | 0.00% | −0.12 |
| CL Colgate-Palmolive Co. | Reduce -0.9% | 1.68% | −0.10 |
| SLYV SS SPDR S&P 600 SC Val ETF | Sold out | 0.00% | −0.10 |
| ETR Entergy Corp. | Reduce -1.1% | 1.61% | −0.10 |
| MAS Masco Corp. | Reduce -0.9% | 0.81% | −0.09 |
| IBDV iShares Ibonds Dec 2030 Corp. | Sold out | 0.00% | −0.09 |
| BR Broadridge Financial Solutio | Reduce -2.0% | 2.05% | −0.08 |
| SO The Southern Co. | Reduce -1.5% | 2.05% | −0.07 |
| PII Polaris Inc. | Reduce -10.6% | 0.47% | −0.07 |
| LIN Linde PLC | Reduce -1.9% | 2.10% | −0.06 |
| GILD Gilead Sciences Inc. | Reduce -1.0% | 1.52% | −0.06 |
| AZN Astrazeneca PLC-Spons ADR | Sold out | 0.00% | −0.06 |
| AZEK The Azek Co. Inc. | Reduce -60.2% | 0.05% | −0.06 |
| APD Air Products & Chemicals Inc. | Reduce -0.3% | 0.82% | −0.06 |
| LOW Lowe's Cos Inc. | Reduce -0.6% | 0.71% | −0.06 |
| HYD Vaneck High Yield Muni ETF | Sold out | 0.00% | −0.05 |
| HD Home Depot Inc. | Reduce -0.7% | 1.82% | −0.05 |
| ACGL Arch Capital Group Ltd. | Reduce -1.1% | 0.51% | −0.04 |
| SBUX Starbucks Corp. | Reduce -0.8% | 0.44% | −0.04 |
| MA Mastercard Inc. Class A | Reduce -3.5% | 1.32% | −0.04 |
| HYMB SS SPDR N Ice HY Muni ETF | Reduce -71.7% | 0.01% | −0.04 |
| MCD McDonald's Corp. | Reduce -2.5% | 0.32% | −0.04 |
| NJR New Jersey Resources Corp. | Reduce -2.0% | 0.27% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -2.1% | 0.30% | −0.03 |
| EOG EOG Resources Inc. | Reduce -1.6% | 0.31% | −0.03 |
| ZTS Zoetis Inc. | Reduce -1.9% | 0.30% | −0.03 |
| EXPD Expeditors Intl Wash Inc. | Reduce -1.7% | 0.29% | −0.03 |
| ITW Illinois Tool Works | Reduce -1.0% | 0.80% | −0.03 |
| SLRC SLR Investment Corp. | Reduce -53.3% | 0.02% | −0.03 |
| CNMD Conmed Corp. | Reduce -6.0% | 0.09% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| SPDW Ste STR SPDR PT DW Eu ETF | New | 0.73% | +0.73 |
| AWK American Water Works Co. Inc. | Add +63.6% | 1.72% | +0.58 |
| NDSN Nordson Corp. | Add +118.5% | 1.02% | +0.57 |
| SGOV iShares 0-3 Month Treasury B | Add +21.9% | 3.37% | +0.55 |
| NTRS Northern Trust Corp. | Add +6.5% | 2.12% | +0.54 |
| MDLZ Mondelez International Inc. Class A | New | 0.50% | +0.50 |
| TLH iShares 10-20 Year Treasury | Add +133.7% | 0.81% | +0.45 |
| REGL Prshrs S&P Mid 400 DVD Arist | New | 0.35% | +0.35 |
| IEI iShares 3-7 Year Treasury Bo | Add +428.2% | 0.42% | +0.34 |
| BF.B Brown-Forman Corp. Class B | Add +167.1% | 0.53% | +0.27 |
| CARR Carrier Global Corp. | New | 0.24% | +0.24 |
| FXF Invesco Currencyshares Swiss | New | 0.23% | +0.23 |
| SPMB SS SPDR P Mort Back Bond ETF | Add +13.6% | 1.48% | +0.15 |
| SDY SS SPDR S&P Dividend ETF | New | 0.14% | +0.14 |
| DEO Diageo PLC-Sponsored ADR | Add +14.0% | 1.92% | +0.14 |
| XLP SS Consumer Staples Sel Sect | New | 0.11% | +0.11 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +22.1% | 0.51% | +0.09 |
| USB US Bancorp | Add +1.8% | 1.25% | +0.08 |
| NXPI NXP Semiconductors NV | Add +0.2% | 0.66% | +0.08 |
| MDYV SS SPDR S&P 400 MC Val ETF | Add +26.4% | 0.35% | +0.08 |
| HSY The Hershey Co. | Add +9.3% | 1.79% | +0.07 |
| GLDM SPDR Gold Minishares Trust | Add +11.8% | 0.49% | +0.07 |
| IUSV iShares Core S&P U.S. Value | Add +63.9% | 0.17% | +0.07 |
| MUB iShares National Muni Bond E | Add +215.3% | 0.09% | +0.06 |
| VNT Vontier Corp. | Add +17.9% | 0.24% | +0.06 |
| BXSL Blackstone Secured Lending F | Add +147.1% | 0.08% | +0.05 |
| IBMR iShares Ibonds Dec 2029 M BD | Add +544.1% | 0.03% | +0.02 |
| IBMQ iShares Ibonds Dec 2028 Muni | Add +200.3% | 0.04% | +0.02 |
| NKE Nike Inc. Class B | Add +0.5% | 0.25% | +0.02 |
| TLT iShares 20+ Year Treasury BD | Add +66.6% | 0.06% | +0.02 |
| RLI Rli Corp. | Add +150.3% | 0.04% | +0.02 |
| UFPI Ufp Industries Inc. | New | 0.02% | +0.02 |
| GBDC Golub Capital BDC Inc. | Add +29.0% | 0.09% | +0.02 |
| TSLX Sixth Street Specialty Lendi | Add +14.6% | 0.10% | +0.02 |
| MSDL Morgan Stanley Direct Lendin | Add +223.0% | 0.02% | +0.02 |
| MFIC Midcap Financial Investment | Add +84.0% | 0.03% | +0.01 |
| IWN iShares Russell 2000 Value E | New | 0.01% | +0.01 |
| GLNCY Glencore PLC -Unsp ADR | Add +199.3% | 0.02% | +0.01 |
| SHM SS SPDR N Ice St Muni ETF | Add +34.6% | 0.04% | +0.01 |
| AGI Alamos Gold Inc. Class A | New | 0.01% | +0.01 |
| VMC Vulcan Materials Co. | New | 0.01% | +0.01 |
| RNMBY Rheinmetall AG-Unsp ADR | Add +1.2% | 0.03% | +0.01 |
| PPLT Abrdn Physical Platinum SHRS | Add +175.2% | 0.01% | +0.01 |
| NXE Nexgen Energy Ltd. | New | 0.01% | +0.01 |
| LUGDF Lundin Gold Inc. | New | 0.01% | +0.01 |
| NTDOY Nintendo Co. Ltd.-Unspons ADR | Add +1.5% | 0.02% | +0.01 |
| SDZNY Sandoz Group AG-ADR | Add +4.9% | 0.02% | +0.01 |
| CNR Core Natural Resources Inc. | Add +71.0% | 0.01% | +0.01 |
| NBIS Nebius Group NV | New | 0.00% | +0.00 |
| BAESY Bae Systems PLC -Spon ADR | Add +3.9% | 0.02% | +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 |