CONFLUENCE INVESTMENT MANAGEMENT LLC

Est. AUM

$773.2M

13F long equity, this entity only

Positions

279

Period

Mar 2026 (Q1)

SEC EDGAR

View filings ↗

Mar 2026 (Q1)

#	Issuer	Class	Value	Shares	% Portfolio	Discretion
1	iShares MBS ETF	COM	$31.6M	332934	4.09%	SOLE
2	iShares iBonds Dec 2033 Term T	COM	$26.4M	1081896	3.41%	SOLE
3	General Dynamics Corp.	COM	$24.3M	70894	3.15%	SOLE
4	EOG Resources Inc.	COM	$24.0M	165675	3.10%	SOLE
5	Ecolab Inc.	COM	$23.8M	89454	3.08%	SOLE
6	iShares iBonds Dec 2034 Term T	COM	$23.6M	919178	3.05%	SOLE
7	Amphenol Corp.	COM	$23.5M	185611	3.03%	SOLE
8	Toro Co.	COM	$23.4M	250943	3.03%	SOLE
9	Expeditors International of Wa	COM	$23.0M	160703	2.98%	SOLE
10	New Jersey Resources Corp.	COM	$22.9M	416958	2.96%	SOLE
11	Donaldson Co. Inc.	COM	$22.6M	265723	2.92%	SOLE
12	ResMed Inc.	COM	$22.4M	99845	2.90%	SOLE
13	McDonald's Corp.	COM	$21.7M	69902	2.81%	SOLE
14	Sherwin-Williams Co.	COM	$21.3M	66450	2.75%	SOLE
15	A. O. Smith Corp.	COM	$21.0M	319075	2.72%	SOLE
16	iShares Barclays 10-20 Year Tr	COM	$20.7M	205868	2.68%	SOLE
17	iShares iBonds Dec 2035 Term T	COM	$20.4M	807886	2.64%	SOLE
18	iShares iBonds Dec 2032 Term T	COM	$18.4M	804094	2.38%	SOLE
19	Procter & Gamble Co.	COM	$17.8M	123362	2.30%	SOLE
20	Medtronic plc	COM	$17.8M	205401	2.30%	SOLE
21	Zoetis Inc.	COM	$16.8M	141863	2.17%	SOLE
22	iShares BB Rated Corporate Bon	COM	$16.3M	350424	2.11%	SOLE
23	NIKE Inc.	COM	$14.9M	282354	1.93%	SOLE
24	Becton Dickinson & Co.	COM	$14.7M	93498	1.90%	SOLE
25	iShares 1-5 Year Investment Gr	COM	$11.8M	225126	1.53%	SOLE
26	Dimensional National Municipal	COM	$9.8M	205362	1.27%	SOLE
27	Invesco BulletShares 2034 Muni	COM	$7.9M	327709	1.03%	SOLE
28	SPDR S&P 500 ETF	COM	$7.8M	11922	1.00%	SOLE
29	Invesco BulletShares 2031 Muni	COM	$6.5M	311374	0.84%	SOLE
30	Invesco Bulletshares 2033 Muni	COM	$6.0M	237863	0.78%	SOLE
31	VanEck Gold Miners ETF	COM	$5.8M	63691	0.76%	SOLE
32	Invesco BulletShares 2035 Muni	COM	$5.6M	223117	0.73%	SOLE
33	Invesco BulletShares 2032 Munc	COM	$5.3M	212666	0.68%	SOLE
34	Powershares Insured National M	COM	$4.8M	208781	0.62%	SOLE
35	Agnico Eagle Mines Ltd.	COM	$4.7M	23296	0.61%	SOLE
36	Main Street Capital Corp.	COM	$4.0M	75291	0.52%	DFND
37	iShares Russell 1000 Value ETF	COM	$3.9M	18099	0.50%	SOLE
38	Berkshire Hathaway Inc. - A	COM	$3.6M	5	0.46%	SOLE
39	iShares National Muni Bond ETF	COM	$3.4M	31662	0.43%	SOLE
40	Ares Capital Corp.	COM	$3.4M	186486	0.43%	DFND
41	Hercules Capital Inc.	COM	$3.3M	223807	0.43%	DFND
42	SPDR Nuveen S&P High Yield Mun	COM	$3.1M	124905	0.40%	SOLE
43	Golub Capital BDC Inc.	COM	$3.1M	244122	0.40%	DFND
44	VanEck Vectors Long Municipal	COM	$3.0M	169953	0.38%	SOLE
45	SPDR Nuveen Barclays Capital S	COM	$2.9M	61292	0.38%	SOLE
46	Taiwan Semiconductor Manufactu	COM	$2.9M	8597	0.38%	SOLE
47	Sixth Street Specialty Lending	COM	$2.8M	153935	0.37%	DFND
48	Blackstone Secured Lending Fun	COM	$2.7M	113827	0.35%	DFND
49	Invesco BulletShares 2030 Muni	COM	$2.7M	123052	0.35%	SOLE
50	iShares iBonds Dec 2028 Term M	COM	$2.5M	99101	0.33%	SOLE

1–50 of 279

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Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.