CONFLUENCE INVESTMENT MANAGEMENT LLC
Securities ▲▼ | Shares | Value ($K) | ||||
|---|---|---|---|---|---|---|
Q4 2025 ▲▼ | Q1 2026 ▲▼ | Change ▲▼ | Q4 2025 ▲▼ | Q1 2026 ▲▼ | Change ▲▼ | |
| Dow Inc. | 1,589,613 | 1,870,348 | +280,735 | 37,165,154 | 77,899,987 | +40,734,833 |
| Chevron Corp. | 801,450 | 772,243 | -29,207 | 122,148,943 | 159,777,005 | +37,628,062 |
| Mondelez International Inc. | 0 | 2,112,856 | +2,112,856 | 0 | 121,785,025 | +121,785,025 |
| Lockheed Martin Corp. | 0 | 269,640 | +269,640 | 0 | 162,968,034 | +162,968,034 |
| RLI Corp. | 0 | 382,149 | +382,149 | 0 | 21,797,791 | +21,797,791 |
| Entergy Corp. | 1,287,734 | 1,229,287 | -58,447 | 119,025,286 | 138,122,664 | +19,097,378 |
| Clorox Co. | 776,196 | 932,575 | +156,379 | 78,263,808 | 96,642,765 | +18,378,957 |
| Carrier Global Corp. | 210,732 | 511,137 | +300,405 | 11,135,058 | 28,782,102 | +17,647,044 |
| Kinder Morgan Inc. | 0 | 3,489,006 | +3,489,006 | 0 | 116,986,371 | +116,986,371 |
| Hershey Co. | 0 | 690,349 | +690,349 | 0 | 143,516,523 | +143,516,523 |
| Air Products and Chemicals Inc | 190,299 | 217,487 | +27,188 | 47,007,663 | 63,177,853 | +16,170,190 |
| Morningstar Inc. | 0 | 177,568 | +177,568 | 0 | 30,017,821 | +30,017,821 |
| Trex Company Inc. | 0 | 390,641 | +390,641 | 0 | 14,227,145 | +14,227,145 |
| Linde plc | 0 | 283,072 | +283,072 | 0 | 140,335,595 | +140,335,595 |
| Fastenal Co. | 3,093,116 | 2,966,722 | -126,394 | 124,126,754 | 137,655,909 | +13,529,155 |
| Analog Devices Inc. | 585,879 | 540,640 | -45,239 | 158,890,380 | 171,999,165 | +13,108,785 |
| Honeywell International Inc. | 0 | 499,862 | +499,862 | 0 | 112,983,728 | +112,983,728 |
| Constellation Brands | 108,744 | 171,647 | +62,903 | 15,002,338 | 25,746,996 | +10,744,658 |
| iShares iBonds Dec 2033 Term T | 0 | 1,081,896 | +1,081,896 | 0 | 26,387,229 | +26,387,229 |
| SPDR Portfolio S&P 500 Value E | 0 | 790,404 | +790,404 | 0 | 44,721,069 | +44,721,069 |
| iShares iBonds Dec 2032 Term T | 0 | 804,094 | +804,094 | 0 | 18,438,196 | +18,438,196 |
| Gilead Sciences Inc. | 909,835 | 861,023 | -48,812 | 111,673,185 | 120,000,813 | +8,327,628 |
| iShares MSCI Global Metals & M | 0 | 143,972 | +143,972 | 0 | 8,147,375 | +8,147,375 |
| Southern Co. | 0 | 1,421,871 | +1,421,871 | 0 | 137,239,003 | +137,239,003 |
| EOG Resources Inc. | 163,772 | 165,675 | +1,903 | 17,197,669 | 23,951,634 | +6,753,965 |
| American Water Works Co. Inc. | 792,993 | 809,958 | +16,965 | 103,485,624 | 110,227,194 | +6,741,570 |
| Diageo plc | 1,098,320 | 1,353,434 | +255,114 | 94,752,104 | 100,763,191 | +6,011,087 |
| VanEck Gold Miners ETF | 0 | 63,691 | +63,691 | 0 | 5,844,923 | +5,844,923 |
| Invesco BulletShares 2035 Muni | 0 | 223,117 | +223,117 | 0 | 5,607,176 | +5,607,176 |
| iShares 1-5 Year Investment Gr | 0 | 225,126 | +225,126 | 0 | 11,832,623 | +11,832,623 |
| iShares iBonds Dec 2034 Term T | 0 | 919,178 | +919,178 | 0 | 23,558,521 | +23,558,521 |
| Colgate-Palmolive Co. | 1,286,644 | 1,250,090 | -36,554 | 101,670,581 | 106,545,167 | +4,874,586 |
| Toro Co. | 0 | 250,943 | +250,943 | 0 | 23,448,152 | +23,448,152 |
| Invesco BulletShares 2031 Muni | 0 | 311,374 | +311,374 | 0 | 6,501,583 | +6,501,583 |
| WEC Energy Group Inc. | 0 | 1,237,016 | +1,237,016 | 0 | 143,209,371 | +143,209,371 |
| Nordson Corp. | 0 | 308,267 | +308,267 | 0 | 82,017,605 | +82,017,605 |
| Valvoline Inc. | 0 | 431,559 | +431,559 | 0 | 14,534,907 | +14,534,907 |
| New Jersey Resources Corp. | 0 | 416,958 | +416,958 | 0 | 22,899,346 | +22,899,346 |
| Invesco BulletShares 2032 Munc | 0 | 212,666 | +212,666 | 0 | 5,285,558 | +5,285,558 |
| Invesco BulletShares 2029 Muni | 0 | 104,378 | +104,378 | 0 | 2,403,178 | +2,403,178 |
| Woodside Energy Group Ltd. | 0 | 87,146 | +87,146 | 0 | 2,081,046 | +2,081,046 |
| State Street Communication Ser | 0 | 16,120 | +16,120 | 0 | 1,787,063 | +1,787,063 |
| Cenovus Energy Inc. | 0 | 63,727 | +63,727 | 0 | 1,690,677 | +1,690,677 |
| Vista Energy S.A.B. de C.V. | 0 | 26,827 | +26,827 | 0 | 2,024,634 | +2,024,634 |
| Brown-Forman Corp. - B | 1,194,806 | 1,237,621 | +42,815 | 31,136,647 | 32,722,692 | +1,586,045 |
| Shell plc | 0 | 16,435 | +16,435 | 0 | 1,528,455 | +1,528,455 |
| VanEck Junior Gold Miners ETF | 0 | 12,491 | +12,491 | 0 | 1,499,419 | +1,499,419 |
| Canadian Natural Resources Ltd | 0 | 30,370 | +30,370 | 0 | 1,479,930 | +1,479,930 |
| A. O. Smith Corp. | 294,451 | 319,075 | +24,624 | 19,692,877 | 21,039,789 | +1,346,912 |
| Zoetis Inc. | 0 | 141,863 | +141,863 | 0 | 16,769,611 | +16,769,611 |
| Starbucks Corp. | 0 | 315,131 | +315,131 | 0 | 28,232,502 | +28,232,502 |
| Lynas Rare Earths Ltd. | 0 | 99,106 | +99,106 | 0 | 1,335,949 | +1,335,949 |
| LunR Royalties Corp. | 0 | 41,801 | +41,801 | 0 | 919,622 | +919,622 |
| Agnico Eagle Mines Ltd. | 22,589 | 23,296 | +707 | 3,829,525 | 4,728,637 | +899,112 |
| Illinois Tool Works Inc. | 0 | 207,159 | +207,159 | 0 | 53,921,447 | +53,921,447 |
| Franklin Electric Co. Inc. | 0 | 7,033 | +7,033 | 0 | 648,231 | +648,231 |
| i3 Verticals Inc. | 0 | 120,314 | +120,314 | 0 | 2,690,221 | +2,690,221 |
| Exxon Mobil Corp. | 8,884 | 9,331 | +447 | 1,069,118 | 1,583,122 | +514,004 |
| Glencore plc | 0 | 117,159 | +117,159 | 0 | 1,778,474 | +1,778,474 |
| Disco Corp. | 40,364 | 42,798 | +2,434 | 1,229,487 | 1,739,739 | +510,252 |
| ASML Holding N.V. | 1,337 | 1,440 | +103 | 1,430,403 | 1,901,995 | +471,592 |
| Core Natural Resources Inc. | 20,979 | 22,176 | +1,197 | 1,856,851 | 2,322,492 | +465,641 |
| Arch Capital Group Ltd. | 359,733 | 364,086 | +4,353 | 34,505,589 | 34,948,615 | +443,026 |
| Mitsui & Co. Ltd. | 0 | 2,253 | +2,253 | 0 | 1,746,773 | +1,746,773 |
| Coterra Energy Inc. | 36,515 | 39,307 | +2,792 | 961,075 | 1,381,248 | +420,173 |
| Hong Kong Exchanges and Cleari | 0 | 29,563 | +29,563 | 0 | 1,497,366 | +1,497,366 |
| SPDR S&P Dividend ETF | 0 | 68,710 | +68,710 | 0 | 10,027,537 | +10,027,537 |
| Avantis International Small Ca | 124,409 | 120,837 | -3,572 | 11,690,714 | 12,066,783 | +376,069 |
| Tokio Marine Holdings Inc. | 0 | 30,534 | +30,534 | 0 | 1,439,373 | +1,439,373 |
| Kayne Anderson BDC | 0 | 74,967 | +74,967 | 0 | 1,028,547 | +1,028,547 |
| BAE Systems plc | 12,792 | 13,305 | +513 | 1,188,121 | 1,550,032 | +361,911 |
| MSC Income Fund | 0 | 54,855 | +54,855 | 0 | 668,134 | +668,134 |
| Techtronic Industries Co. Ltd. | 0 | 21,543 | +21,543 | 0 | 1,433,040 | +1,433,040 |
| Komatsu Ltd. | 0 | 26,907 | +26,907 | 0 | 1,056,369 | +1,056,369 |
| Taiwan Semiconductor Manufactu | 0 | 8,597 | +8,597 | 0 | 2,905,356 | +2,905,356 |
| EQT Corp. | 20,116 | 21,354 | +1,238 | 1,078,218 | 1,358,969 | +280,751 |
| Franco-Nevada Corp. | 5,694 | 5,863 | +169 | 1,180,252 | 1,448,454 | +268,202 |
| Southern Copper Corp. | 0 | 9,322 | +9,322 | 0 | 1,603,998 | +1,603,998 |
| Capital Southwest Corp. | 83,810 | 95,339 | +11,529 | 1,856,391 | 2,108,899 | +252,508 |
| Denison Mines Corp. | 321,204 | 313,086 | -8,118 | 854,403 | 1,105,194 | +250,791 |
| Mitsubishi UFJ Financial | 0 | 111,432 | +111,432 | 0 | 1,891,001 | +1,891,001 |
| Alamos Gold Inc. | 34,673 | 35,226 | +553 | 1,337,684 | 1,565,091 | +227,407 |
| Freeport-McMoRan Inc. | 22,157 | 22,870 | +713 | 1,125,354 | 1,344,299 | +218,945 |
| NexGen Energy Ltd | 0 | 90,230 | +90,230 | 0 | 1,046,668 | +1,046,668 |
| Global X Defense Tech ETF | 0 | 123,276 | +123,276 | 0 | 8,732,872 | +8,732,872 |
| VanEck Vectors Long Municipal | 0 | 169,953 | +169,953 | 0 | 2,963,980 | +2,963,980 |
| Costco Wholesale Corp. | 0 | 210 | +210 | 0 | 209,250 | +209,250 |
| Lundin Mining Corp. | 0 | 68,086 | +68,086 | 0 | 1,696,022 | +1,696,022 |
| Royal Gold Inc. | 0 | 5,877 | +5,877 | 0 | 1,495,638 | +1,495,638 |
| Vale S.A. | 0 | 11,998 | +11,998 | 0 | 190,888 | +190,888 |
| Betterware de Mexico S.A.P.I. | 0 | 10,328 | +10,328 | 0 | 174,130 | +174,130 |
| Wheaton Precious Metals Corp. | 0 | 10,617 | +10,617 | 0 | 1,390,933 | +1,390,933 |
| Cameco Corp. | 8,909 | 9,022 | +113 | 815,084 | 979,879 | +164,795 |
| DBS Group Holdings Ltd. | 9,064 | 9,783 | +719 | 1,591,729 | 1,753,798 | +162,069 |
| Becton Dickinson & Co. | 74,940 | 93,498 | +18,558 | 14,543,529 | 14,700,755 | +157,226 |
| iShares National Muni Bond ETF | 0 | 31,662 | +31,662 | 0 | 3,360,921 | +3,360,921 |
| Curtiss-Wright Corp. | 1,160 | 1,160 | 0 | 639,473 | 790,099 | +150,626 |
| SPDR Nuveen Barclays Capital S | 0 | 61,292 | +61,292 | 0 | 2,931,596 | +2,931,596 |
| ESAB Corp. | 8,932 | 11,817 | +2,885 | 997,883 | 1,142,231 | +144,348 |
| iShares iBonds Dec 2028 Term M | 0 | 99,101 | +99,101 | 0 | 2,530,049 | +2,530,049 |