Confluence Investment Management LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 1, 2026), Confluence Investment Management LLC reported 283 stock positions worth $6.4 billion. Its top holding was iShares 0-3 Month Treasury B (SGOV) at 2.7% of the portfolio, followed by Analog Devices (ADI, 2.7%) and Lockheed Martin (LMT, 2.5%). Compared with Q4 2025, it opened 18 new positions, sold out of 31, added to 122 and reduced 137. The biggest buy was Dow (DOW, shares +18%) and the biggest sale iShares Russell 1000 Value E (IWD, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- ST. LOUIS, MO
- CIK
- 0001442056
- Portfolio Value
- $6.4B (Q1 2026)
- SEC Filing
- 0001442056-26-000004 ↗ filed Apr 1, 2026
Holdings Value
Holdings 283 stocks · $6.4B
| SGOV iShares 0-3 Month Treasury B | 2.74% | 1,753,514 | $176.5M | Reduce -16.1% |
| ADI Analog Devices Inc. | 2.67% | 540,640 | $172.0M | Reduce -7.7% |
| LMT Lockheed Martin Corp. | 2.53% | 269,640 | $163.0M | Reduce -5.5% |
| CVX Chevron Corp. | 2.48% | 772,243 | $159.8M | Reduce -3.6% |
| SNA Snap-on Inc. | 2.46% | 435,896 | $158.3M | Reduce -7.1% |
| CB Chubb Ltd. | 2.44% | 482,043 | $157.1M | Reduce -5.7% |
| HSY The Hershey Co. | 2.23% | 690,349 | $143.5M | Reduce -1.1% |
| WEC WEC Energy Group Inc. | 2.22% | 1,237,016 | $143.2M | Reduce -6.8% |
| LIN Linde PLC | 2.18% | 283,072 | $140.3M | Reduce -4.8% |
| ETR Entergy Corp. | 2.14% | 1,229,287 | $138.1M | Reduce -4.5% |
| FAST Fastenal Co. | 2.14% | 2,966,722 | $137.7M | Reduce -4.1% |
| SO The Southern Co. | 2.13% | 1,421,871 | $137.2M | Reduce -4.3% |
| MDLZ Mondelez International Inc. Class A | 1.89% | 2,112,856 | $121.8M | Add +21.3% |
| GILD Gilead Sciences Inc. | 1.86% | 861,023 | $120.0M | Reduce -5.4% |
| CSCO Cisco Systems Inc. | 1.86% | 1,540,946 | $119.6M | Reduce -4.8% |
| KMI Kinder Morgan Inc. | 1.82% | 3,489,006 | $117.0M | Reduce -4.1% |
| PGR Progressive Corp. | 1.79% | 580,259 | $115.0M | Reduce -2.9% |
| HON Honeywell International Inc. | 1.75% | 499,862 | $113.0M | Reduce -3.4% |
| AWK American Water Works Co. Inc. | 1.71% | 809,958 | $110.2M | Add +2.1% |
| CL Colgate-Palmolive Co. | 1.65% | 1,250,090 | $106.5M | Reduce -2.8% |
| HD Home Depot Inc. | 1.63% | 319,923 | $105.2M | Reduce -3.6% |
| DEO Diageo PLC-Sponsored ADR | 1.56% | 1,353,434 | $100.8M | Add +23.2% |
| CLX Clorox Company | 1.50% | 932,575 | $96.6M | Add +20.1% |
| NTRS Northern Trust Corp. | 1.47% | 680,260 | $94.9M | Reduce -38.3% |
| USB US Bancorp | 1.44% | 1,784,403 | $92.8M | Reduce -3.4% |
| FNF Fidelity National Financial | 1.41% | 1,957,007 | $90.8M | Reduce -4.1% |
| PAYX Paychex Inc. | 1.39% | 969,809 | $89.3M | Reduce -1.8% |
| BR Broadridge Financial Solutio | 1.35% | 534,393 | $86.8M | Reduce -4.0% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.35% | 963,167 | $86.8M | Add +2.1% |
| SPMB SS SPDR P Mort Back Bond ETF | 1.34% | 3,853,493 | $86.3M | Reduce -9.5% |
| NDSN Nordson Corp. | 1.27% | 308,267 | $82.0M | Reduce -6.2% |
| DOW Dow Inc. filed as DOW HLDGS INC | 1.21% | 1,870,348 | $77.9M | Add +17.7% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.15% | 1,113,400 | $73.8M | Reduce -5.8% |
| MA Mastercard Inc. Class A | 1.14% | 146,534 | $73.2M | Reduce -5.7% |
| SPDW Ste STR SPDR PT DW Eu ETF | 1.13% | 1,592,493 | $72.7M | Reduce -2.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.11% | 446,526 | $71.3M | Reduce -22.7% |
| SYK Stryker Corp. | 1.06% | 208,059 | $68.4M | Reduce -5.1% |
| ACN Accenture PLC Class A | 1.05% | 340,812 | $67.6M | Add +2.6% |
| APD Air Products & Chemicals Inc. | 0.98% | 217,487 | $63.2M | Add +14.3% |
| ARCC Ares Capital Corp. | 0.96% | 3,435,289 | $61.9M | Reduce -3.0% |
| SPGI S&P Global Inc. | 0.89% | 134,280 | $57.1M | Reduce -4.2% |
| MSFT Microsoft Corp. | 0.85% | 148,611 | $55.0M | Reduce -4.0% |
| ITW Illinois Tool Works | 0.84% | 207,159 | $53.9M | Reduce -4.0% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.80% | 528,353 | $51.7M | Add +3.0% |
| KEYS Keysight Technologies Inc. | 0.79% | 179,504 | $50.7M | Reduce -46.3% |
| MAS Masco Corp. | 0.78% | 828,604 | $50.0M | Reduce -4.0% |
| LOW Lowe's Cos Inc. | 0.77% | 210,064 | $49.6M | Reduce -6.1% |
| GOOG Alphabet Inc. Class C | 0.77% | 172,879 | $49.6M | Reduce -5.3% |
| GGG Graco Inc. | 0.77% | 585,714 | $49.6M | Reduce -6.0% |
| PAYC Paycom Software Inc. | 0.77% | 407,747 | $49.6M | Add +27.7% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.69% | 790,404 | $44.7M | Add +30.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.69% | 93,261 | $44.7M | Reduce -4.5% |
| TMO Thermo Fisher Scientific Inc. | 0.69% | 90,151 | $44.3M | Reduce -5.2% |
| NXPI NXP Semiconductors NV | 0.67% | 219,824 | $43.3M | Reduce -3.7% |
| ACGL Arch Capital Group Ltd. | 0.54% | 364,086 | $34.9M | Add +1.2% |
| MLM Martin Marietta Materials | 0.52% | 56,855 | $33.5M | Reduce -4.7% |
| BF.B Brown-Forman Corp. Class B | 0.51% | 1,237,621 | $32.7M | Add +3.6% |
| MBB iShares MBS ETF | 0.49% | 332,934 | $31.6M | Reduce -3.4% |
| GLDM SPDR Gold Minishares Trust | 0.48% | 332,974 | $30.9M | Reduce -12.6% |
| MORN Morningstar Inc. | 0.47% | 177,568 | $30.0M | Add +150.0% |
| CARR Carrier Global Corp. | 0.45% | 511,137 | $28.8M | Add +142.6% |
| SBUX Starbucks Corp. | 0.44% | 315,131 | $28.2M | Reduce -2.3% |
| IBTO iShares Ibonds Dec 2033 Tres | 0.41% | 1,081,896 | $26.4M | Add +69.8% |
| BRO Brown & Brown Inc. | 0.41% | 404,645 | $26.4M | Reduce -2.1% |
| BKNG Booking Holdings Inc. | 0.40% | 6,143 | $25.9M | Reduce -3.6% |
| STZ Constellation Brands Inc. Class A | 0.40% | 171,647 | $25.7M | Add +57.9% |
| IBTL iShares Ibonds Dec 2031 Term | 0.38% | 1,202,814 | $24.5M | Add +156.1% |
| GD General Dynamics Corp. | 0.38% | 70,894 | $24.3M | Reduce -7.3% |
| EOG EOG Resources Inc. | 0.37% | 165,675 | $24.0M | Add +1.2% |
| ECL Ecolab Inc. | 0.37% | 89,454 | $23.8M | Reduce -9.0% |
| IBTP iShares Ibonds Dec 2034 ETF | 0.37% | 919,178 | $23.6M | Add +28.4% |
| APH Amphenol Corp. Class A | 0.36% | 185,611 | $23.5M | Reduce -6.9% |
| TTC Toro Co. | 0.36% | 250,943 | $23.4M | Add +4.0% |
| EXPD Expeditors Intl Wash Inc. | 0.36% | 160,703 | $23.0M | Reduce -6.4% |
| NJR New Jersey Resources Corp. | 0.36% | 416,958 | $22.9M | Reduce -5.0% |
| DCI Donaldson Co. Inc. | 0.35% | 265,723 | $22.6M | Reduce -8.8% |
| RMD Resmed Inc. | 0.35% | 99,845 | $22.4M | Reduce -6.2% |
| RLI Rli Corp. | 0.34% | 382,149 | $21.8M | Add +1612.2% |
| MCD McDonald's Corp. | 0.34% | 69,902 | $21.7M | Reduce -5.3% |
| SHW The Sherwin-Williams Co. | 0.33% | 66,450 | $21.3M | Reduce -5.5% |
| AOS Smith (a.o.) Corp. | 0.33% | 319,075 | $21.0M | Add +8.4% |
| TLH iShares 10-20 Year Treasury | 0.32% | 205,868 | $20.7M | Reduce -15.1% |
| IBTQ iShares Ibonds Dec 2035 TT | 0.32% | 807,886 | $20.4M | Reduce -3.2% |
| IBTM iShares Ibnds Dec 2032 TT | 0.29% | 804,094 | $18.4M | Add +102.5% |
| PG The Procter & Gamble Co. | 0.28% | 123,362 | $17.8M | Reduce -3.9% |
| MDT Medtronic PLC | 0.28% | 205,401 | $17.8M | Reduce -4.5% |
| CRL Charles River Laboratories | 0.27% | 100,534 | $17.3M | Reduce -4.8% |
| ZTS Zoetis Inc. | 0.26% | 141,863 | $16.8M | Add +13.9% |
| HYBB iShares BB Rated Corp. Bond | 0.25% | 350,424 | $16.3M | Reduce -19.2% |
| DLTR Dollar Tree Inc. | 0.25% | 146,113 | $16.0M | Reduce -38.1% |
| IEUR iShares Core MSCI Europe ETF | 0.24% | 217,396 | $15.3M | Reduce -1.2% |
| NKE Nike Inc. Class B | 0.23% | 282,354 | $14.9M | Add +6.1% |
| IEI iShares 3-7 Year Treasury Bo | 0.23% | 125,466 | $14.9M | Reduce -0.1% |
| BDX Becton Dickinson and Co. | 0.23% | 93,498 | $14.7M | Add +24.8% |
| VVV Valvoline Inc. | 0.23% | 431,559 | $14.5M | Add +6.8% |
| TREX Trex Company Inc. filed as TREX INC | 0.22% | 390,641 | $14.2M | New |
| BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN | 0.22% | 638,637 | $14.0M | Add +10.2% |
| VNT Vontier Corp. | 0.21% | 384,294 | $13.6M | Reduce -8.1% |
| AVDV Avantis Intl S/C Value ETF | 0.19% | 120,837 | $12.1M | Reduce -2.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.18% | 123,156 | $11.9M | Reduce -1.9% |
Portfolio Sells Q4 2025 → Q1 2026
| IWD iShares Russell 1000 Value E | Reduce -96.8% | 0.06% | −1.73 |
| NTRS Northern Trust Corp. | Reduce -38.3% | 1.47% | −0.78 |
| BR Broadridge Financial Solutio | Reduce -4.0% | 1.35% | −0.51 |
| SGOV iShares 0-3 Month Treasury B | Reduce -16.1% | 2.74% | −0.40 |
| MKC McCormick & Co.-Non VTG SHRS | Sold out | 0.00% | −0.29 |
| PAYX Paychex Inc. | Reduce -1.8% | 1.39% | −0.27 |
| MSFT Microsoft Corp. | Reduce -4.0% | 0.85% | −0.27 |
| FNF Fidelity National Financial | Reduce -4.1% | 1.41% | −0.26 |
| PGR Progressive Corp. | Reduce -2.9% | 1.79% | −0.25 |
| KEYS Keysight Technologies Inc. | Reduce -46.3% | 0.79% | −0.23 |
| TJX TJX Companies Inc. | Reduce -22.7% | 1.11% | −0.22 |
| SPGI S&P Global Inc. | Reduce -4.2% | 0.89% | −0.21 |
| MA Mastercard Inc. Class A | Reduce -5.7% | 1.14% | −0.19 |
| DLTR Dollar Tree Inc. | Reduce -38.1% | 0.25% | −0.19 |
| MDYG SS SPDR S&P 400 MC GR ETF | Reduce -89.7% | 0.02% | −0.16 |
| REGL Prshrs S&P Mid 400 DVD Arist | Reduce -89.5% | 0.02% | −0.15 |
| IBTH iShares Ibonds Dec 2027 Term | Sold out | 0.00% | −0.15 |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | Sold out | 0.00% | −0.14 |
| TMO Thermo Fisher Scientific Inc. | Reduce -5.2% | 0.69% | −0.14 |
| IBDX iShares Ibonds Dec 2032 TC | Sold out | 0.00% | −0.11 |
| ARCC Ares Capital Corp. | Reduce -3.0% | 0.96% | −0.11 |
| BKNG Booking Holdings Inc. | Reduce -3.6% | 0.40% | −0.11 |
| WRB WR Berkley Corp. | Reduce -5.8% | 1.15% | −0.10 |
| SYK Stryker Corp. | Reduce -5.1% | 1.06% | −0.09 |
| SPMB SS SPDR P Mort Back Bond ETF | Reduce -9.5% | 1.34% | −0.09 |
| GOOG Alphabet Inc. Class C | Reduce -5.3% | 0.77% | −0.09 |
| IBDR iShares Ibonds Dec 2026 Term | Sold out | 0.00% | −0.09 |
| MDYV SS SPDR S&P 400 MC Val ETF | Reduce -89.8% | 0.01% | −0.09 |
| BSMR Invesco Bulletshares 2027 MB | Sold out | 0.00% | −0.09 |
| BRO Brown & Brown Inc. | Reduce -2.1% | 0.41% | −0.08 |
| UNF Unifirst Corp. | Sold out | 0.00% | −0.08 |
| HD Home Depot Inc. | Reduce -3.6% | 1.63% | −0.08 |
| NXPI NXP Semiconductors NV | Reduce -3.7% | 0.67% | −0.07 |
| BSMQ Invesco Bulletshares 2026 MB | Sold out | 0.00% | −0.06 |
| IWN iShares Russell 2000 Value E | Sold out | 0.00% | −0.06 |
| FG F&G Annuities & Life Inc. | Sold out | 0.00% | −0.06 |
| JBTM JBT Marel Corp. | Reduce -24.1% | 0.11% | −0.05 |
| HYBB iShares BB Rated Corp. Bond | Reduce -19.2% | 0.25% | −0.05 |
| TLH iShares 10-20 Year Treasury | Reduce -15.1% | 0.32% | −0.05 |
| CRL Charles River Laboratories | Reduce -4.8% | 0.27% | −0.05 |
| MAS Masco Corp. | Reduce -4.0% | 0.78% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.5% | 0.69% | −0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -24.2% | 0.12% | −0.04 |
| APH Amphenol Corp. Class A | Reduce -6.9% | 0.36% | −0.04 |
| LOW Lowe's Cos Inc. | Reduce -6.1% | 0.77% | −0.04 |
| DCI Donaldson Co. Inc. | Reduce -8.8% | 0.35% | −0.04 |
| MLM Martin Marietta Materials | Reduce -4.7% | 0.52% | −0.04 |
| RMD Resmed Inc. | Reduce -6.2% | 0.35% | −0.04 |
| TRIP Tripadvisor Inc. | Reduce -13.5% | 0.07% | −0.04 |
| USB US Bancorp | Reduce -3.4% | 1.44% | −0.04 |
Portfolio Buys Q4 2025 → Q1 2026
| DOW Dow Inc. | Add +17.7% | 1.21% | +0.65 |
| MDLZ Mondelez International Inc. Class A | Add +21.3% | 1.89% | +0.49 |
| CLX Clorox Company | Add +20.1% | 1.50% | +0.33 |
| RLI Rli Corp. | Add +1612.2% | 0.34% | +0.32 |
| CARR Carrier Global Corp. | Add +142.6% | 0.45% | +0.28 |
| APD Air Products & Chemicals Inc. | Add +14.3% | 0.98% | +0.28 |
| IBTL iShares Ibonds Dec 2031 Term | Add +156.1% | 0.38% | +0.24 |
| MORN Morningstar Inc. | Add +150.0% | 0.47% | +0.23 |
| TREX Trex Company Inc. | New | 0.22% | +0.22 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +30.9% | 0.69% | +0.18 |
| IBTO iShares Ibonds Dec 2033 Tres | Add +69.8% | 0.41% | +0.18 |
| STZ Constellation Brands Inc. Class A | Add +57.9% | 0.40% | +0.17 |
| AWK American Water Works Co. Inc. | Add +2.1% | 1.71% | +0.16 |
| IBTM iShares Ibnds Dec 2032 TT | Add +102.5% | 0.29% | +0.15 |
| DEO Diageo PLC-Sponsored ADR | Add +23.2% | 1.56% | +0.14 |
| PICK iShares MSCI Global Metals & | New | 0.13% | +0.13 |
| EOG EOG Resources Inc. | Add +1.2% | 0.37% | +0.11 |
| GDX Vaneck Gold Miners ETF | New | 0.09% | +0.09 |
| IBTP iShares Ibonds Dec 2034 ETF | Add +28.4% | 0.37% | +0.09 |
| BSMZ Inves Bltshrs 2035 MB ETF | New | 0.09% | +0.09 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +81.9% | 0.18% | +0.09 |
| TTC Toro Co. | Add +4.0% | 0.36% | +0.08 |
| BSMV Invesco Bulletshares 2031 MB | Add +101.6% | 0.10% | +0.05 |
| VVV Valvoline Inc. | Add +6.8% | 0.23% | +0.05 |
| BF.B Brown-Forman Corp. Class B | Add +3.6% | 0.51% | +0.04 |
| BSMW Invesco Bulletshares 2032 MB | Add +95.1% | 0.08% | +0.04 |
| BSMT Invesco Bulletshares 2029 MB | New | 0.04% | +0.04 |
| WDS Woodside Energy Group-ADR | New | 0.03% | +0.03 |
| AOS Smith (a.o.) Corp. | Add +8.4% | 0.33% | +0.03 |
| XLC SS Comm Select Sector SPDR | New | 0.03% | +0.03 |
| CVE Cenovus Energy Inc. | New | 0.03% | +0.03 |
| ACGL Arch Capital Group Ltd. | Add +1.2% | 0.54% | +0.03 |
| ZTS Zoetis Inc. | Add +13.9% | 0.26% | +0.03 |
| VIST Vista Energy Sab DE CV | Add +224.3% | 0.03% | +0.03 |
| SHEL Shell PLC-ADR | New | 0.02% | +0.02 |
| GDXJ Vaneck Junior Gold Miners | New | 0.02% | +0.02 |
| CNQ Canadian Natural Resources | New | 0.02% | +0.02 |
| AEM Agnico Eagle Mines Ltd. | Add +3.1% | 0.07% | +0.02 |
| LYSDY Lynas Rare Earths Ltd.-SP ADR | Add +127.4% | 0.02% | +0.02 |
| LNRCF Lunr Royalties Corp. | New | 0.01% | +0.01 |
| IIIV I3 Verticals Inc. Class A | Add +46.5% | 0.04% | +0.01 |
| BDX Becton Dickinson and Co. | Add +24.8% | 0.23% | +0.01 |
| FELE Franklin Electric Co. Inc. | New | 0.01% | +0.01 |
| BWIN Baldwin Insurance Group Inc./ | Add +10.2% | 0.22% | +0.01 |
| DSCSY Disco Corp.-Unsponsored ADR | Add +6.0% | 0.03% | +0.01 |
| XOM Exxon Mobil Corp. | Add +5.0% | 0.02% | +0.01 |
| GLNCY Glencore PLC -Unsp ADR | Add +1.1% | 0.03% | +0.01 |
| CNR Core Natural Resources Inc. | Add +5.7% | 0.04% | +0.01 |
| ASML ASML Holding NV-NY Reg SHS | Add +7.7% | 0.03% | +0.01 |
| MITSY Mitsui & Co. Ltd.-Spons ADR | Add +0.3% | 0.03% | +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 |