1y return+5.0%S&P 500 +20.9%
3y return+20.3%S&P 500 +68.5%
5y return+17.6%S&P 500 +74.5%
10y return+84.5%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $185 against $357 in the S&P 500.2
Confluence Investment Management LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| SGOViShares 0-3 Month Treasury Bon | $280.7M | 4.4% | +59.0% |
| SNASnap-on Inc. | $167.9M | 2.6% | −4.3% |
| Chubb Ltd.CUSIP H1467J104 | $157.0M | 2.5% | −4.4% |
| Linde plcCUSIP G54950103 | $140.5M | 2.2% | −4.4% |
| WECWEC Energy Group Inc. | $139.1M | 2.2% | −3.7% |
| FASTFastenal Co. | $135.9M | 2.1% | −4.6% |
| ETREntergy Corp. | $132.8M | 2.1% | −5.9% |
| LMTLockheed Martin Corp. | $131.7M | 2.1% | −4.1% |
| SOSouthern Co. | $131.2M | 2.0% | −3.6% |
| SWKStanley Black & Decker Inc. | $126.9M | 2.0% | New |
| CVXChevron Corp. | $123.1M | 1.9% | −3.8% |
| PGRProgressive Corp. | $121.8M | 1.9% | −3.9% |
| CLXClorox Co. | $119.1M | 1.9% | +33.8% |
| MDLZMondelez International Inc. | $118.2M | 1.8% | −3.2% |
| ADIAnalog Devices Inc. | $116.5M | 1.8% | −45.7% |
| HSYHershey Co. | $116.4M | 1.8% | −3.9% |
| NTRSNorthern Trust Corp. | $114.8M | 1.8% | −2.9% |
| CLColgate-Palmolive Co. | $110.9M | 1.7% | −3.3% |
| HDHome Depot Inc. | $109.8M | 1.7% | −2.7% |
| KMIKinder Morgan Inc. | $107.7M | 1.7% | −3.4% |
| TROWT. Rowe Price Group Inc. | $106.5M | 1.7% | −2.8% |
| GILDGilead Sciences Inc. | $105.2M | 1.6% | −3.3% |
| USBU.S. Bancorp | $104.8M | 1.6% | −2.8% |
| AWKAmerican Water Works Co. Inc. | $102.7M | 1.6% | −3.7% |
| CSCOCisco Systems Inc. | $98.9M | 1.5% | −45.4% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| ADIAnalog Devices Inc. | June 30, 2020 | +223.9% | $116.5M |
| TJXTJX Co. Inc. | June 30, 2020 | +199.6% | $61.6M |
| SNASnap-on Inc. | June 30, 2020 | +190.5% | $167.9M |
| PGRProgressive Corp. | June 30, 2020 | +172.7% | $121.8M |
| Chubb Ltd.CUSIP H1467J104 | June 30, 2020 | +169.1% | $157.0M |
| SPYGSPDR Portfolio S&P 500 Growth | June 30, 2020 | +164.9% | $68.3M |
| CSCOCisco Systems Inc. | June 30, 2020 | +151.8% | $98.9M |
| ETREntergy Corp. | June 30, 2020 | +144.9% | $132.8M |
| FASTFastenal Co. | June 30, 2020 | +124.2% | $135.9M |
| NTRSNorthern Trust Corp. | June 30, 2020 | +119.1% | $114.8M |
Sold off last quarter
- Honeywell International Inc.CUSIP 438516106 was $113.0M
- SBUXStarbucks Corp. was $28.2M
- HYBBiShares BB Rated Corporate Bon was $16.3M
- IEIiShares 3-7 Year Treasury Bond was $14.9M
- IGSBiShares 1-5 Year Investment Gr was $11.8M
- IBTJiShares iBonds Dec 2029 Term T was $4.0M
- XLCState Street Communication Ser was $1.8M
- Antofagasta plcCUSIP G0398N128 was $1.5M
- FSKFS KKR Capital Corp. was $1.5M
- CTRACoterra Energy Inc. was $1.4M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +2.1% | +14.8% |
| March 31, 2026 | +1.8% | −4.6% |
| December 31, 2025 | −1.9% | +2.4% |
| September 30, 2025 | +3.0% | +7.8% |
| June 30, 2025 | +0.9% | +10.5% |
| March 31, 2025 | +1.0% | −4.6% |
| December 31, 2024 | −2.9% | +2.1% |
| September 30, 2024 | +9.2% | +5.4% |
| June 30, 2024 | −4.0% | +4.0% |
| March 31, 2024 | +6.3% | +10.0% |
| December 31, 2023 | +9.1% | +11.2% |
| September 30, 2023 | −4.7% | −3.6% |
| June 30, 2023 | +2.8% | +8.3% |
| March 31, 2023 | +2.4% | +7.0% |
| December 31, 2022 | +9.2% | +7.1% |
| September 30, 2022 | −6.1% | −5.3% |
| June 30, 2022 | −12.2% | −16.5% |
| March 31, 2022 | −4.9% | −4.9% |
| December 31, 2021 | +10.3% | +10.7% |
| September 30, 2021 | −1.5% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Confluence Investment Management LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1442056&type=13F-HR&dateb=&owner=include&count=40CIK 1442056
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1442056/000144205626000006/Filed July 1, 2026 · accession 0001442056-26-000006