Confluence Investment Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 14, 2025), Confluence Investment Management LLC reported 294 stock positions worth $7.0 billion. Its top holding was iShares 0-3 Month Treasury B (SGOV) at 3.7% of the portfolio, followed by Snap-on (SNA, 2.4%) and WEC Energy (WEC, 2.3%). Compared with Q2 2025, it opened 24 new positions, sold out of 17, added to 81 and reduced 180. The biggest buy was Mondelez International Class A (MDLZ, shares +324%) and the biggest sale an exit from Oracle (ORCL).
- Most Recent 13F
- Q2 2026
- Location
- ST. LOUIS, MO
- CIK
- 0001442056
- Portfolio Value
- $7.0B (Q3 2025)
- SEC Filing
- 0001442056-25-000002 ↗ filed Oct 14, 2025
Holdings Value
Holdings 294 stocks · $7.0B
| SGOV iShares 0-3 Month Treasury B | 3.74% | 2,599,958 | $261.8M | Add +9.7% |
| SNA Snap-on Inc. | 2.43% | 492,183 | $170.6M | Reduce -1.9% |
| WEC WEC Energy Group Inc. | 2.27% | 1,390,656 | $159.4M | Reduce -2.0% |
| FAST Fastenal Co. | 2.25% | 3,214,964 | $157.7M | Reduce -2.0% |
| NTRS Northern Trust Corp. | 2.22% | 1,157,462 | $155.8M | Reduce -2.3% |
| CB Chubb Ltd. | 2.17% | 538,662 | $152.0M | Reduce -1.8% |
| ADI Analog Devices Inc. | 2.15% | 613,557 | $150.8M | Reduce -2.0% |
| LMT Lockheed Martin Corp. | 2.12% | 297,172 | $148.4M | Reduce -1.0% |
| LIN Linde PLC | 2.10% | 309,811 | $147.2M | Reduce -2.1% |
| SO The Southern Co. | 2.09% | 1,549,426 | $146.8M | Reduce -1.9% |
| HSY The Hershey Co. | 2.02% | 755,135 | $141.2M | Reduce -1.2% |
| HD Home Depot Inc. | 2.00% | 345,296 | $139.9M | Reduce -1.7% |
| BR Broadridge Financial Solutio | 1.98% | 583,912 | $139.1M | Reduce -2.3% |
| MDLZ Mondelez International Inc. Class A | 1.98% | 2,223,914 | $138.9M | Add +324.5% |
| PGR Progressive Corp. | 1.95% | 554,271 | $136.9M | Reduce -1.3% |
| PAYX Paychex Inc. | 1.86% | 1,027,260 | $130.2M | Reduce -1.7% |
| DEO Diageo PLC-Sponsored ADR | 1.86% | 1,363,504 | $130.1M | Add +0.9% |
| FNF Fidelity National Financial | 1.85% | 2,139,098 | $129.4M | Reduce -1.8% |
| CVX Chevron Corp. | 1.85% | 832,901 | $129.3M | Reduce -1.5% |
| ETR Entergy Corp. | 1.80% | 1,352,347 | $126.0M | Reduce -1.6% |
| AWK American Water Works Co. Inc. | 1.71% | 861,830 | $120.0M | Reduce -1.6% |
| CSCO Cisco Systems Inc. | 1.67% | 1,707,626 | $116.8M | Reduce -1.8% |
| CLX Clorox Company | 1.64% | 931,093 | $114.8M | Reduce -1.1% |
| KMI Kinder Morgan Inc. | 1.53% | 3,793,846 | $107.4M | Reduce -1.2% |
| GILD Gilead Sciences Inc. | 1.51% | 952,946 | $105.8M | Reduce -1.7% |
| CL Colgate-Palmolive Co. | 1.48% | 1,294,534 | $103.5M | Reduce -1.1% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.43% | 973,769 | $99.9M | Add +2.7% |
| SPMB SS SPDR P Mort Back Bond ETF | 1.35% | 4,222,219 | $94.7M | Reduce -10.7% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.35% | 1,231,537 | $94.4M | Reduce -2.6% |
| USB US Bancorp | 1.33% | 1,933,812 | $93.5M | Reduce -1.0% |
| MA Mastercard Inc. Class A | 1.31% | 161,975 | $92.1M | Reduce -2.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.24% | 603,340 | $87.2M | Reduce -2.2% |
| MSFT Microsoft Corp. | 1.20% | 161,782 | $83.8M | Reduce -2.1% |
| SYK Stryker Corp. | 1.19% | 226,373 | $83.7M | Reduce -2.7% |
| ARCC Ares Capital Corp. | 1.07% | 3,682,410 | $75.2M | Reduce -3.0% |
| NDSN Nordson Corp. | 1.07% | 330,517 | $75.0M | Reduce -1.7% |
| SPGI S&P Global Inc. | 1.01% | 144,877 | $70.5M | Reduce -2.2% |
| PAYC Paycom Software Inc. | 0.97% | 327,312 | $68.1M | Reduce -4.3% |
| GOOG Alphabet Inc. Class C | 0.96% | 277,189 | $67.5M | Reduce -1.8% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.90% | 1,474,350 | $63.1M | Add +15.5% |
| MAS Masco Corp. | 0.87% | 868,229 | $61.1M | Reduce -2.0% |
| ITW Illinois Tool Works | 0.83% | 222,916 | $58.1M | Reduce -2.1% |
| KEYS Keysight Technologies Inc. | 0.82% | 326,940 | $57.2M | Reduce -1.9% |
| UPS United Parcel Service Class B | 0.81% | 681,643 | $56.9M | Add +1.5% |
| LOW Lowe's Cos Inc. | 0.80% | 223,924 | $56.3M | Reduce -1.4% |
| GGG Graco Inc. | 0.79% | 654,019 | $55.6M | Reduce -2.4% |
| APD Air Products & Chemicals Inc. | 0.79% | 202,554 | $55.2M | Reduce -1.6% |
| ACN Accenture PLC Class A | 0.74% | 209,255 | $51.6M | Add +6611.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.72% | 100,876 | $50.7M | Reduce -1.1% |
| NXPI NXP Semiconductors NV | 0.68% | 210,735 | $48.0M | Reduce -1.1% |
| DOW Dow Inc. | 0.64% | 1,961,972 | $45.0M | Add +10.8% |
| WY Weyerhaeuser Co. | 0.62% | 1,764,467 | $43.7M | Reduce -7.9% |
| TMO Thermo Fisher Scientific Inc. | 0.58% | 83,223 | $40.4M | Reduce -0.3% |
| MLM Martin Marietta Materials | 0.55% | 61,391 | $38.7M | Reduce -1.7% |
| TLH iShares 10-20 Year Treasury | 0.53% | 363,054 | $37.4M | Reduce -35.4% |
| GLDM SPDR Gold Minishares Trust | 0.53% | 488,393 | $37.3M | Reduce -7.1% |
| BF.B Brown-Forman Corp. Class B | 0.52% | 1,349,118 | $36.5M | Reduce -2.4% |
| ACGL Arch Capital Group Ltd. | 0.50% | 389,020 | $35.3M | Reduce -1.9% |
| BKNG Booking Holdings Inc. | 0.50% | 6,519 | $35.2M | Reduce -22.9% |
| MBB iShares MBS ETF | 0.50% | 366,497 | $34.9M | Add +27.1% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.48% | 610,475 | $33.8M | Reduce -11.0% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.44% | 293,303 | $30.7M | Add +7.6% |
| RMD Resmed Inc. | 0.43% | 110,658 | $30.3M | Reduce -3.8% |
| SBUX Starbucks Corp. | 0.41% | 337,686 | $28.6M | Reduce -0.9% |
| BRO Brown & Brown Inc. | 0.40% | 298,360 | $28.0M | Reduce -0.5% |
| ECL Ecolab Inc. | 0.40% | 102,158 | $28.0M | Reduce -3.3% |
| GD General Dynamics Corp. | 0.39% | 79,726 | $27.2M | Reduce -3.1% |
| DLTR Dollar Tree Inc. | 0.37% | 273,626 | $25.8M | Reduce -4.0% |
| APH Amphenol Corp. Class A | 0.37% | 208,223 | $25.8M | Reduce -37.4% |
| SHW The Sherwin-Williams Co. | 0.36% | 72,791 | $25.2M | Reduce -2.9% |
| DCI Donaldson Co. Inc. | 0.35% | 303,816 | $24.9M | Reduce -2.8% |
| AOS Smith (a.o.) Corp. | 0.34% | 329,070 | $24.2M | Reduce -0.8% |
| MCD McDonald's Corp. | 0.33% | 76,265 | $23.2M | Reduce -2.5% |
| REGL Prshrs S&P Mid 400 DVD Arist | 0.33% | 269,556 | $23.0M | Reduce -10.2% |
| IBTQ iShares Ibonds Dec 2035 TT | 0.32% | 886,173 | $22.6M | New |
| MDYG SS SPDR S&P 400 MC GR ETF | 0.31% | 239,887 | $22.0M | Add +15.5% |
| EXPD Expeditors Intl Wash Inc. | 0.31% | 177,080 | $21.7M | Reduce -2.4% |
| MKC McCormick & Co.-Non VTG SHRS | 0.31% | 322,216 | $21.6M | New |
| NJR New Jersey Resources Corp. | 0.29% | 423,035 | $20.4M | Reduce -2.0% |
| PG The Procter & Gamble Co. | 0.29% | 131,007 | $20.1M | Reduce -2.0% |
| ZTS Zoetis Inc. | 0.28% | 133,711 | $19.6M | Reduce -2.4% |
| MDT Medtronic PLC | 0.28% | 204,759 | $19.5M | Reduce -2.2% |
| EOG EOG Resources Inc. | 0.28% | 172,674 | $19.4M | Reduce -4.8% |
| STZ Constellation Brands Inc. Class A | 0.28% | 143,543 | $19.3M | Add +0.0% |
| VNT Vontier Corp. | 0.27% | 449,691 | $18.9M | Reduce -2.0% |
| VVV Valvoline Inc. | 0.25% | 490,614 | $17.6M | Reduce -1.6% |
| TTC Toro Co. | 0.24% | 224,017 | $17.1M | Reduce -1.1% |
| NKE Nike Inc. Class B | 0.24% | 244,217 | $17.0M | Reduce -1.6% |
| IBTO iShares Ibonds Dec 2033 Tres | 0.24% | 676,864 | $16.7M | Reduce -2.6% |
| IBTP iShares Ibonds Dec 2034 ETF | 0.24% | 642,704 | $16.7M | Reduce -2.5% |
| MDYV SS SPDR S&P 400 MC Val ETF | 0.22% | 187,780 | $15.7M | Reduce -39.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.22% | 136,317 | $15.6M | Reduce -1.2% |
| CPRT Copart Inc. | 0.22% | 335,829 | $15.1M | New |
| BDX Becton Dickinson and Co. | 0.21% | 80,263 | $15.0M | Reduce -0.4% |
| CRL Charles River Laboratories | 0.21% | 95,963 | $15.0M | Reduce -1.3% |
| CARR Carrier Global Corp. | 0.20% | 234,214 | $14.0M | Reduce -0.9% |
| MORN Morningstar Inc. | 0.20% | 60,239 | $14.0M | Reduce -1.2% |
| IEI iShares 3-7 Year Treasury Bo | 0.19% | 112,903 | $13.5M | Reduce -54.7% |
| HYBB iShares BB Rated Corp. Bond | 0.18% | 270,829 | $12.8M | Add +239.3% |
| IEUR iShares Core MSCI Europe ETF | 0.18% | 180,698 | $12.3M | New |
Portfolio Sells Q2 2025 → Q3 2025
| ORCL Oracle Corp. | Sold out | 0.00% | −1.62 |
| PEP Pepsico Inc. | Sold out | 0.00% | −1.33 |
| PII Polaris Inc. | Sold out | 0.00% | −0.47 |
| PAYX Paychex Inc. | Reduce -1.7% | 1.86% | −0.29 |
| TLH iShares 10-20 Year Treasury | Reduce -35.4% | 0.53% | −0.27 |
| GTES Gates Industrial Corp. UK Ltd. | Reduce -86.7% | 0.05% | −0.27 |
| IEI iShares 3-7 Year Treasury Bo | Reduce -54.7% | 0.19% | −0.23 |
| FXF Invesco Currencyshares Swiss | Sold out | 0.00% | −0.23 |
| CL Colgate-Palmolive Co. | Reduce -1.1% | 1.48% | −0.20 |
| BKNG Booking Holdings Inc. | Reduce -22.9% | 0.50% | −0.19 |
| IUSV iShares Core S&P U.S. Value | Sold out | 0.00% | −0.17 |
| PGR Progressive Corp. | Reduce -1.3% | 1.95% | −0.16 |
| PAYC Paycom Software Inc. | Reduce -4.3% | 0.97% | −0.15 |
| IBDW iShares Ibonds Dec 2031 Corp. | Sold out | 0.00% | −0.14 |
| IBDX iShares Ibonds Dec 2032 TC | Sold out | 0.00% | −0.14 |
| IBTI iShares Ibonds Dec 2028 Term | Sold out | 0.00% | −0.14 |
| SPMB SS SPDR P Mort Back Bond ETF | Reduce -10.7% | 1.35% | −0.12 |
| MDYV SS SPDR S&P 400 MC Val ETF | Reduce -39.1% | 0.22% | −0.12 |
| XLP SS Consumer Staples Sel Sect | Sold out | 0.00% | −0.11 |
| IBDY iShares Ibonds Dec 2033 Corp. | Sold out | 0.00% | −0.11 |
| SYK Stryker Corp. | Reduce -2.7% | 1.19% | −0.11 |
| ARCC Ares Capital Corp. | Reduce -3.0% | 1.07% | −0.11 |
| SPGI S&P Global Inc. | Reduce -2.2% | 1.01% | −0.10 |
| APH Amphenol Corp. Class A | Reduce -37.4% | 0.37% | −0.10 |
| BWIN Baldwin Insurance Group Inc./ | Reduce -1.7% | 0.16% | −0.09 |
| CB Chubb Ltd. | Reduce -1.8% | 2.17% | −0.08 |
| WY Weyerhaeuser Co. | Reduce -7.9% | 0.62% | −0.07 |
| MORN Morningstar Inc. | Reduce -1.2% | 0.20% | −0.07 |
| BRO Brown & Brown Inc. | Reduce -0.5% | 0.40% | −0.07 |
| BR Broadridge Financial Solutio | Reduce -2.3% | 1.98% | −0.07 |
| KMI Kinder Morgan Inc. | Reduce -1.2% | 1.53% | −0.06 |
| IIIV I3 Verticals Inc. Class A | Reduce -61.0% | 0.05% | −0.05 |
| MUB iShares National Muni Bond E | Reduce -60.6% | 0.03% | −0.05 |
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −0.05 |
| CARR Carrier Global Corp. | Reduce -0.9% | 0.20% | −0.04 |
| CSCO Cisco Systems Inc. | Reduce -1.8% | 1.67% | −0.04 |
| BSMT Invesco Bulletshares 2029 MB | Reduce -52.8% | 0.04% | −0.04 |
| BSMP Invesco Bulletshares 2025 MB | Sold out | 0.00% | −0.04 |
| BSMU Invesco Bulletshares 2030 MB | Reduce -47.1% | 0.04% | −0.03 |
| SBUX Starbucks Corp. | Reduce -0.9% | 0.41% | −0.03 |
| APD Air Products & Chemicals Inc. | Reduce -1.6% | 0.79% | −0.03 |
| DLTR Dollar Tree Inc. | Reduce -4.0% | 0.37% | −0.03 |
| EOG EOG Resources Inc. | Reduce -4.8% | 0.28% | −0.03 |
| PZA Invesco National Amt-Free Mu | Reduce -30.3% | 0.07% | −0.03 |
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -11.0% | 0.48% | −0.03 |
| BSMW Invesco Bulletshares 2032 MB | Reduce -58.0% | 0.02% | −0.02 |
| FSK FS KKR Capital Corp. | Reduce -19.6% | 0.03% | −0.02 |
| ZTS Zoetis Inc. | Reduce -2.4% | 0.28% | −0.02 |
| BXSL Blackstone Secured Lending F | Reduce -15.8% | 0.06% | −0.02 |
| GBDC Golub Capital BDC Inc. | Reduce -18.5% | 0.07% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| MDLZ Mondelez International Inc. Class A | Add +324.5% | 1.98% | +1.48 |
| ACN Accenture PLC Class A | Add +6611.2% | 0.74% | +0.72 |
| SGOV iShares 0-3 Month Treasury B | Add +9.7% | 3.74% | +0.36 |
| IBTQ iShares Ibonds Dec 2035 TT | New | 0.32% | +0.32 |
| MKC McCormick & Co.-Non VTG SHRS | New | 0.31% | +0.31 |
| CPRT Copart Inc. | New | 0.22% | +0.22 |
| IEUR iShares Core MSCI Europe ETF | New | 0.18% | +0.18 |
| SPDW Ste STR SPDR PT DW Eu ETF | Add +15.5% | 0.90% | +0.17 |
| IBDT iShares Ibonds Dec 2028 ETF | New | 0.15% | +0.15 |
| TROW T Rowe Price Group Inc. | Add +2.7% | 1.43% | +0.13 |
| HYBB iShares BB Rated Corp. Bond | Add +239.3% | 0.18% | +0.13 |
| AVDV Avantis Intl S/C Value ETF | New | 0.12% | +0.12 |
| MTN Vail Resorts Inc. | New | 0.12% | +0.12 |
| MBB iShares MBS ETF | Add +27.1% | 0.50% | +0.12 |
| BSMY Invesco Bulletshares 2034 MB | Add +2611.1% | 0.12% | +0.11 |
| IGSB iShares 1-5Y Inv Grade Corp. | New | 0.09% | +0.09 |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | Add +155.7% | 0.14% | +0.09 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +7.6% | 0.44% | +0.07 |
| MDYG SS SPDR S&P 400 MC GR ETF | Add +15.5% | 0.31% | +0.06 |
| CVCO Cavco Industries Inc. | Add +62.6% | 0.10% | +0.06 |
| IWD iShares Russell 1000 Value E | Add +551.8% | 0.06% | +0.05 |
| DFNM Dimensional National Muni BD | Add +28.9% | 0.15% | +0.04 |
| HYMB SS SPDR N Ice HY Muni ETF | Add +159.6% | 0.04% | +0.02 |
| LFUS Littelfuse Inc. | New | 0.02% | +0.02 |
| AEM Agnico Eagle Mines Ltd. | Add +6.7% | 0.05% | +0.02 |
| DSCSY Disco Corp.-Unsponsored ADR | New | 0.02% | +0.02 |
| SE Sea Ltd.-ADR | New | 0.02% | +0.02 |
| FQVLF First Quantum Minerals Ltd. | New | 0.02% | +0.02 |
| HKXCY Hong Kong Exchanges-Unsp ADR | Add +460.2% | 0.02% | +0.01 |
| BSSX Invesco Bulletshares 2033 MB | Add +16.0% | 0.09% | +0.01 |
| NGLOY Anglo American PLC-Spons ADR | New | 0.01% | +0.01 |
| UFPI Ufp Industries Inc. | Add +84.6% | 0.03% | +0.01 |
| PPLT Abrdn Physical Platinum SHRS | Add +58.4% | 0.02% | +0.01 |
| UEC Uranium Energy Corp. | Add +5.8% | 0.01% | +0.01 |
| ANFGF Antofagasta PLC | Add +10.8% | 0.02% | +0.01 |
| LYSDY Lynas Rare Earths Ltd.-SP ADR | New | 0.01% | +0.01 |
| NEM Newmont Corp. | Add +8.5% | 0.02% | +0.01 |
| METC Ramaco Resources Inc. Class A | New | 0.01% | +0.01 |
| SCCO Southern Copper Corp. | Add +38.5% | 0.01% | +0.01 |
| CNR Core Natural Resources Inc. | Add +13.9% | 0.02% | +0.01 |
| BSMS Invesco Bulletshares 2028 MB | Add +12.8% | 0.04% | +0.01 |
| AGI Alamos Gold Inc. Class A | Add +11.1% | 0.01% | +0.00 |
| DNN Denison Mines Corp. | Add +8.3% | 0.01% | +0.00 |
| SLV iShares Silver Trust | Add +10.2% | 0.01% | +0.00 |
| TTNDY Techtronic Industries-SP ADR | Add +14.0% | 0.02% | +0.00 |
| ASML ASML Holding NV-NY Reg SHS | Add +9.2% | 0.02% | +0.00 |
| ING ING Groep N.V.-Sponsored ADR | Add +6.6% | 0.02% | +0.00 |
| MP MP Materials Corp. | New | 0.00% | +0.00 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Add +5.1% | 0.02% | +0.00 |
| EADSY Airbus SE - Unsp ADR | New | 0.00% | +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 |