Confluence Investment Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 5, 2026), Confluence Investment Management LLC reported 296 stock positions worth $6.7 billion. Its top holding was iShares 0-3 Month Treasury B (SGOV) at 3.1% of the portfolio, followed by Snap-on (SNA, 2.4%) and Chubb (CB, 2.4%). Compared with Q3 2025, it opened 15 new positions, sold out of 13, added to 101 and reduced 149. The biggest buy was iShares Russell 1000 Value E (IWD, shares +2905%) and the biggest sale an exit from United Parcel Service Class B (UPS).
- Most Recent 13F
- Q2 2026
- Location
- ST. LOUIS, MO
- CIK
- 0001442056
- Portfolio Value
- $6.7B (Q4 2025)
- SEC Filing
- 0001442056-26-000002 ↗ filed Jan 5, 2026
Holdings Value
Holdings 296 stocks · $6.7B
| SGOV iShares 0-3 Month Treasury B | 3.15% | 2,091,242 | $209.9M | Reduce -19.6% |
| SNA Snap-on Inc. | 2.42% | 469,309 | $161.7M | Reduce -4.7% |
| CB Chubb Ltd. | 2.39% | 511,021 | $159.5M | Reduce -5.1% |
| ADI Analog Devices Inc. | 2.38% | 585,879 | $158.9M | Reduce -4.5% |
| NTRS Northern Trust Corp. | 2.26% | 1,103,103 | $150.7M | Reduce -4.7% |
| WEC WEC Energy Group Inc. | 2.10% | 1,327,420 | $140.0M | Reduce -4.5% |
| LMT Lockheed Martin Corp. | 2.07% | 285,228 | $138.0M | Reduce -4.0% |
| PGR Progressive Corp. | 2.04% | 597,858 | $136.1M | Add +7.9% |
| SO The Southern Co. | 1.94% | 1,485,576 | $129.5M | Reduce -4.1% |
| HSY The Hershey Co. | 1.90% | 697,914 | $127.0M | Reduce -7.6% |
| LIN Linde PLC | 1.90% | 297,323 | $126.8M | Reduce -4.0% |
| CSCO Cisco Systems Inc. | 1.87% | 1,618,101 | $124.6M | Reduce -5.2% |
| BR Broadridge Financial Solutio | 1.86% | 556,515 | $124.2M | Reduce -4.7% |
| FAST Fastenal Co. | 1.86% | 3,093,116 | $124.1M | Reduce -3.8% |
| CVX Chevron Corp. | 1.83% | 801,450 | $122.1M | Reduce -3.8% |
| IWD iShares Russell 1000 Value E | 1.79% | 568,609 | $119.6M | Add +2904.9% |
| ETR Entergy Corp. | 1.78% | 1,287,734 | $119.0M | Reduce -4.8% |
| HD Home Depot Inc. | 1.71% | 331,755 | $114.2M | Reduce -3.9% |
| GILD Gilead Sciences Inc. | 1.67% | 909,835 | $111.7M | Reduce -4.5% |
| FNF Fidelity National Financial | 1.67% | 2,040,826 | $111.4M | Reduce -4.6% |
| PAYX Paychex Inc. | 1.66% | 987,259 | $110.8M | Reduce -3.9% |
| AWK American Water Works Co. Inc. | 1.55% | 792,993 | $103.5M | Reduce -8.0% |
| CL Colgate-Palmolive Co. | 1.52% | 1,286,644 | $101.7M | Reduce -0.6% |
| HON Honeywell International Inc. | 1.51% | 517,167 | $100.9M | New |
| KMI Kinder Morgan Inc. | 1.50% | 3,637,035 | $100.0M | Reduce -4.1% |
| USB US Bancorp | 1.48% | 1,846,512 | $98.5M | Reduce -4.5% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.45% | 943,672 | $96.6M | Reduce -3.1% |
| SPMB SS SPDR P Mort Back Bond ETF | 1.43% | 4,260,018 | $95.5M | Add +0.9% |
| DEO Diageo PLC-Sponsored ADR | 1.42% | 1,098,320 | $94.8M | Reduce -19.4% |
| MDLZ Mondelez International Inc. Class A | 1.41% | 1,742,051 | $93.8M | Reduce -21.7% |
| ACN Accenture PLC Class A | 1.34% | 332,196 | $89.1M | Add +58.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.33% | 577,970 | $88.8M | Reduce -4.2% |
| MA Mastercard Inc. Class A | 1.33% | 155,399 | $88.7M | Reduce -4.1% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.24% | 1,181,506 | $82.8M | Reduce -4.1% |
| NDSN Nordson Corp. | 1.18% | 328,669 | $79.0M | Reduce -0.6% |
| CLX Clorox Company | 1.17% | 776,196 | $78.3M | Reduce -16.6% |
| SYK Stryker Corp. | 1.15% | 219,287 | $77.1M | Reduce -3.1% |
| MSFT Microsoft Corp. | 1.12% | 154,718 | $74.8M | Reduce -4.4% |
| SPGI S&P Global Inc. | 1.10% | 140,159 | $73.2M | Reduce -3.3% |
| SPDW Ste STR SPDR PT DW Eu ETF | 1.09% | 1,637,282 | $72.7M | Add +11.1% |
| ARCC Ares Capital Corp. | 1.07% | 3,542,772 | $71.7M | Reduce -3.8% |
| KEYS Keysight Technologies Inc. | 1.02% | 334,338 | $67.9M | Add +2.3% |
| GOOG Alphabet Inc. Class C | 0.86% | 182,558 | $57.3M | Reduce -34.1% |
| TMO Thermo Fisher Scientific Inc. | 0.83% | 95,064 | $55.1M | Add +14.2% |
| MAS Masco Corp. | 0.82% | 862,773 | $54.8M | Reduce -0.6% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.82% | 512,845 | $54.7M | Add +74.8% |
| LOW Lowe's Cos Inc. | 0.81% | 223,714 | $54.0M | Reduce -0.1% |
| ITW Illinois Tool Works | 0.80% | 215,911 | $53.2M | Reduce -3.1% |
| GGG Graco Inc. | 0.77% | 622,969 | $51.1M | Reduce -4.8% |
| PAYC Paycom Software Inc. | 0.76% | 319,291 | $50.9M | Reduce -2.5% |
| NXPI NXP Semiconductors NV | 0.74% | 228,220 | $49.5M | Add +8.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.74% | 97,692 | $49.1M | Reduce -3.2% |
| APD Air Products & Chemicals Inc. | 0.70% | 190,299 | $47.0M | Reduce -6.0% |
| DOW Dow Inc. | 0.56% | 1,589,613 | $37.2M | Reduce -19.0% |
| MLM Martin Marietta Materials | 0.56% | 59,658 | $37.1M | Reduce -2.8% |
| ACGL Arch Capital Group Ltd. | 0.52% | 359,733 | $34.5M | Reduce -7.5% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.51% | 603,839 | $34.3M | Reduce -1.1% |
| BKNG Booking Holdings Inc. | 0.51% | 6,372 | $34.1M | Reduce -2.3% |
| BRO Brown & Brown Inc. | 0.49% | 413,319 | $32.9M | Add +38.5% |
| MBB iShares MBS ETF | 0.49% | 344,690 | $32.8M | Reduce -6.0% |
| GLDM SPDR Gold Minishares Trust | 0.49% | 380,810 | $32.5M | Reduce -22.0% |
| BF.B Brown-Forman Corp. Class B | 0.47% | 1,194,806 | $31.1M | Reduce -11.4% |
| DLTR Dollar Tree Inc. | 0.43% | 236,023 | $29.0M | Reduce -13.7% |
| SBUX Starbucks Corp. | 0.41% | 322,455 | $27.2M | Reduce -4.5% |
| APH Amphenol Corp. Class A | 0.40% | 199,281 | $26.9M | Reduce -4.3% |
| DCI Donaldson Co. Inc. | 0.39% | 291,382 | $25.8M | Reduce -4.1% |
| ECL Ecolab Inc. | 0.39% | 98,296 | $25.8M | Reduce -3.8% |
| GD General Dynamics Corp. | 0.39% | 76,437 | $25.7M | Reduce -4.1% |
| RMD Resmed Inc. | 0.38% | 106,396 | $25.6M | Reduce -3.9% |
| EXPD Expeditors Intl Wash Inc. | 0.38% | 171,675 | $25.6M | Reduce -3.0% |
| TLH iShares 10-20 Year Treasury | 0.37% | 242,506 | $24.7M | Reduce -33.2% |
| SHW The Sherwin-Williams Co. | 0.34% | 70,312 | $22.8M | Reduce -3.4% |
| MCD McDonald's Corp. | 0.34% | 73,788 | $22.6M | Reduce -3.3% |
| IBTQ iShares Ibonds Dec 2035 TT | 0.32% | 834,372 | $21.3M | Reduce -5.8% |
| CRL Charles River Laboratories | 0.32% | 105,626 | $21.1M | Add +10.1% |
| MDT Medtronic PLC | 0.31% | 215,117 | $20.7M | Add +5.1% |
| HYBB iShares BB Rated Corp. Bond | 0.31% | 433,506 | $20.4M | Add +60.1% |
| NJR New Jersey Resources Corp. | 0.30% | 438,685 | $20.2M | Add +3.7% |
| AOS Smith (a.o.) Corp. | 0.30% | 294,451 | $19.7M | Reduce -10.5% |
| MKC McCormick & Co.-Non VTG SHRS | 0.29% | 281,411 | $19.2M | Reduce -12.7% |
| TTC Toro Co. | 0.28% | 241,309 | $19.0M | Add +7.7% |
| IBTP iShares Ibonds Dec 2034 ETF | 0.28% | 716,175 | $18.5M | Add +11.4% |
| PG The Procter & Gamble Co. | 0.28% | 128,307 | $18.4M | Reduce -2.1% |
| EOG EOG Resources Inc. | 0.26% | 163,772 | $17.2M | Reduce -5.2% |
| NKE Nike Inc. Class B | 0.25% | 266,081 | $17.0M | Add +8.9% |
| ZTS Zoetis Inc. | 0.23% | 124,555 | $15.7M | Reduce -6.8% |
| IBTO iShares Ibonds Dec 2033 Tres | 0.23% | 637,249 | $15.6M | Reduce -5.8% |
| IEUR iShares Core MSCI Europe ETF | 0.23% | 220,104 | $15.6M | Add +21.8% |
| VNT Vontier Corp. | 0.23% | 418,358 | $15.6M | Reduce -7.0% |
| MORN Morningstar Inc. | 0.23% | 71,033 | $15.4M | Add +17.9% |
| STZ Constellation Brands Inc. Class A | 0.22% | 108,744 | $15.0M | Reduce -24.2% |
| IEI iShares 3-7 Year Treasury Bo | 0.22% | 125,647 | $15.0M | Add +11.3% |
| BDX Becton Dickinson and Co. | 0.22% | 74,940 | $14.5M | Reduce -6.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.21% | 125,550 | $14.3M | Reduce -7.9% |
| BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN | 0.21% | 579,503 | $13.9M | Add +42.7% |
| MDYG SS SPDR S&P 400 MC GR ETF | 0.18% | 131,018 | $12.1M | Reduce -45.4% |
| VVV Valvoline Inc. | 0.18% | 403,942 | $11.7M | Reduce -17.7% |
| AVDV Avantis Intl S/C Value ETF | 0.18% | 124,409 | $11.7M | Add +26.6% |
| REGL Prshrs S&P Mid 400 DVD Arist | 0.17% | 136,371 | $11.5M | Reduce -49.4% |
| CARR Carrier Global Corp. | 0.17% | 210,732 | $11.1M | Reduce -10.0% |
Portfolio Sells Q3 2025 → Q4 2025
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.81 |
| WY Weyerhaeuser Co. | Sold out | 0.00% | −0.62 |
| SGOV iShares 0-3 Month Treasury B | Reduce -19.6% | 3.15% | −0.59 |
| MDLZ Mondelez International Inc. Class A | Reduce -21.7% | 1.41% | −0.58 |
| CLX Clorox Company | Reduce -16.6% | 1.17% | −0.47 |
| DEO Diageo PLC-Sponsored ADR | Reduce -19.4% | 1.42% | −0.44 |
| FAST Fastenal Co. | Reduce -3.8% | 1.86% | −0.39 |
| HD Home Depot Inc. | Reduce -3.9% | 1.71% | −0.29 |
| PAYC Paycom Software Inc. | Reduce -2.5% | 0.76% | −0.21 |
| LIN Linde PLC | Reduce -4.0% | 1.90% | −0.20 |
| PAYX Paychex Inc. | Reduce -3.9% | 1.66% | −0.20 |
| FNF Fidelity National Financial | Reduce -4.6% | 1.67% | −0.18 |
| WEC WEC Energy Group Inc. | Reduce -4.5% | 2.10% | −0.18 |
| TLH iShares 10-20 Year Treasury | Reduce -33.2% | 0.37% | −0.16 |
| AWK American Water Works Co. Inc. | Reduce -8.0% | 1.55% | −0.16 |
| REGL Prshrs S&P Mid 400 DVD Arist | Reduce -49.4% | 0.17% | −0.16 |
| SO The Southern Co. | Reduce -4.1% | 1.94% | −0.15 |
| IBDT iShares Ibonds Dec 2028 ETF | Sold out | 0.00% | −0.15 |
| MDYG SS SPDR S&P 400 MC GR ETF | Reduce -45.4% | 0.18% | −0.13 |
| MDYV SS SPDR S&P 400 MC Val ETF | Reduce -58.6% | 0.10% | −0.12 |
| BR Broadridge Financial Solutio | Reduce -4.7% | 1.86% | −0.12 |
| HSY The Hershey Co. | Reduce -7.6% | 1.90% | −0.11 |
| WRB WR Berkley Corp. | Reduce -4.1% | 1.24% | −0.10 |
| GOOG Alphabet Inc. Class C | Reduce -34.1% | 0.86% | −0.10 |
| IBTJ iShares Ibonds Dec 2029 Term | Reduce -65.3% | 0.06% | −0.10 |
| DOW Dow Inc. | Reduce -19.0% | 0.56% | −0.08 |
| APD Air Products & Chemicals Inc. | Reduce -6.0% | 0.70% | −0.08 |
| VVV Valvoline Inc. | Reduce -17.7% | 0.18% | −0.08 |
| MSFT Microsoft Corp. | Reduce -4.4% | 1.12% | −0.07 |
| BF.B Brown-Forman Corp. Class B | Reduce -11.4% | 0.47% | −0.05 |
| MAS Masco Corp. | Reduce -0.6% | 0.82% | −0.05 |
| STZ Constellation Brands Inc. Class A | Reduce -24.2% | 0.22% | −0.05 |
| AOS Smith (a.o.) Corp. | Reduce -10.5% | 0.30% | −0.05 |
| LMT Lockheed Martin Corp. | Reduce -4.0% | 2.07% | −0.05 |
| CPRT Copart Inc. | Reduce -15.5% | 0.17% | −0.05 |
| RMD Resmed Inc. | Reduce -3.9% | 0.38% | −0.05 |
| GLDM SPDR Gold Minishares Trust | Reduce -22.0% | 0.49% | −0.05 |
| ZTS Zoetis Inc. | Reduce -6.8% | 0.23% | −0.04 |
| BSMS Invesco Bulletshares 2028 MB | Sold out | 0.00% | −0.04 |
| SYK Stryker Corp. | Reduce -3.1% | 1.15% | −0.04 |
| TLT iShares 20+ Year Treasury BD | Reduce -92.7% | 0.00% | −0.04 |
| TRIP Tripadvisor Inc. | Reduce -21.5% | 0.10% | −0.04 |
| VNT Vontier Corp. | Reduce -7.0% | 0.23% | −0.04 |
| BSMT Invesco Bulletshares 2029 MB | Sold out | 0.00% | −0.04 |
| KMI Kinder Morgan Inc. | Reduce -4.1% | 1.50% | −0.03 |
| MTN Vail Resorts Inc. | Reduce -24.2% | 0.08% | −0.03 |
| CARR Carrier Global Corp. | Reduce -10.0% | 0.17% | −0.03 |
| ITW Illinois Tool Works | Reduce -3.1% | 0.80% | −0.03 |
| HTO H2O America | Sold out | 0.00% | −0.03 |
| GGG Graco Inc. | Reduce -4.8% | 0.77% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| IWD iShares Russell 1000 Value E | Add +2904.9% | 1.79% | +1.74 |
| HON Honeywell International Inc. | New | 1.51% | +1.51 |
| ACN Accenture PLC Class A | Add +58.8% | 1.34% | +0.60 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +74.8% | 0.82% | +0.38 |
| TMO Thermo Fisher Scientific Inc. | Add +14.2% | 0.83% | +0.25 |
| KEYS Keysight Technologies Inc. | Add +2.3% | 1.02% | +0.20 |
| SPDW Ste STR SPDR PT DW Eu ETF | Add +11.1% | 1.09% | +0.19 |
| HYBB iShares BB Rated Corp. Bond | Add +60.1% | 0.31% | +0.12 |
| IBDX iShares Ibonds Dec 2032 TC | New | 0.11% | +0.11 |
| CRL Charles River Laboratories | Add +10.1% | 0.32% | +0.10 |
| BRO Brown & Brown Inc. | Add +38.5% | 0.49% | +0.09 |
| IBDR iShares Ibonds Dec 2026 Term | New | 0.09% | +0.09 |
| PGR Progressive Corp. | Add +7.9% | 2.04% | +0.09 |
| UNF Unifirst Corp. | New | 0.08% | +0.08 |
| SPMB SS SPDR P Mort Back Bond ETF | Add +0.9% | 1.43% | +0.08 |
| IEUR iShares Core MSCI Europe ETF | Add +21.8% | 0.23% | +0.06 |
| IWN iShares Russell 2000 Value E | New | 0.06% | +0.06 |
| NXPI NXP Semiconductors NV | Add +8.3% | 0.74% | +0.06 |
| IBTL iShares Ibonds Dec 2031 Term | Add +58.1% | 0.14% | +0.06 |
| FG F&G Annuities & Life Inc. | New | 0.06% | +0.06 |
| AVDV Avantis Intl S/C Value ETF | Add +26.6% | 0.18% | +0.05 |
| BWIN Baldwin Insurance Group Inc./ | Add +42.7% | 0.21% | +0.05 |
| TTC Toro Co. | Add +7.7% | 0.28% | +0.04 |
| IBTP iShares Ibonds Dec 2034 ETF | Add +11.4% | 0.28% | +0.04 |
| IEI iShares 3-7 Year Treasury Bo | Add +11.3% | 0.22% | +0.03 |
| MORN Morningstar Inc. | Add +17.9% | 0.23% | +0.03 |
| MDT Medtronic PLC | Add +5.1% | 0.31% | +0.03 |
| BSSX Invesco Bulletshares 2033 MB | Add +18.3% | 0.11% | +0.02 |
| AG First Majestic Silver Corp. | New | 0.02% | +0.02 |
| BSMQ Invesco Bulletshares 2026 MB | Add +55.6% | 0.06% | +0.02 |
| BSMW Invesco Bulletshares 2032 MB | Add +108.9% | 0.04% | +0.02 |
| LUNMF Lundin Mining Corp. | New | 0.02% | +0.02 |
| BSMY Invesco Bulletshares 2034 MB | Add +7.4% | 0.13% | +0.02 |
| EQT Eqt Corp. | New | 0.02% | +0.02 |
| ESAB Esab Corp. | New | 0.01% | +0.01 |
| PPLT Abrdn Physical Platinum SHRS | Add +18.7% | 0.04% | +0.01 |
| MUB iShares National Muni Bond E | Add +30.9% | 0.05% | +0.01 |
| PBDC Putnam BDC Income ETF | New | 0.01% | +0.01 |
| NJR New Jersey Resources Corp. | Add +3.7% | 0.30% | +0.01 |
| BABA Alibaba Group Holding-SP ADR | Add +283.6% | 0.02% | +0.01 |
| SLV iShares Silver Trust | Add +11.5% | 0.03% | +0.01 |
| NKE Nike Inc. Class B | Add +8.9% | 0.25% | +0.01 |
| SBSW Sibanye-Stillwater Ltd.-ADR | New | 0.01% | +0.01 |
| SDY SS SPDR S&P Dividend ETF | Add +2.3% | 0.14% | +0.01 |
| HYMB SS SPDR N Ice HY Muni ETF | Add +17.5% | 0.05% | +0.01 |
| BSMV Invesco Bulletshares 2031 MB | Add +15.3% | 0.05% | +0.01 |
| LFUS Littelfuse Inc. | Add +37.1% | 0.03% | +0.01 |
| SDZNY Sandoz Group AG-ADR | Add +2.5% | 0.03% | +0.01 |
| CNR Core Natural Resources Inc. | Add +21.8% | 0.03% | +0.01 |
| FCX Freeport-McMoran Inc. | Add +29.4% | 0.02% | +0.01 |
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 |