Data as of Q4 2025 (Dec 31, 2025)

CONFLUENCE INVESTMENT MANAGEMENT LLC

•CIK: 1442056•Filing: Q4 2025

Confluence Investment Management LLC, with $6.7 billion in assets under management, is known for its concentrated, high-conviction strategy, often taking significant positions in a small number of stocks. Recently, the fund has made notable moves by adding positions in IWD and BSMW, while significantly cutting TLT and IBMO, reflecting a shift towards growth-oriented sectors and away from long-term treasuries.

Total AUM
$6.7B
QoQ Performance
-4.8%
Positions
296
Top 10 Concentration
22.8%
Latest Filing
Q4 2025

Top Holdings Allocation

SGOV3.1%
SNA2.4%
CB2.4%
ADI2.4%
NTRS2.3%
WEC2.1%
LMT2.1%
PGR2.0%

📈 Biggest Buys

IWD
iShares Russell 1000 Value ETF
+2904.9%
1.8% of portfolio
HON
Honeywell International Inc.
NEW
1.5% of portfolio
ACN
Accenture plc
+58.8%
1.3% of portfolio
SPYG
SPDR Portfolio S&P 500 Growth
+74.9%
0.8% of portfolio
PGR
Progressive Corp.
+7.9%
2.0% of portfolio

📉 Biggest Sells

SGOV
iShares 0-3 Month Treasury Bon
-19.6%
3.1% of portfolio
GOOG
Alphabet Inc.
-34.1%
0.9% of portfolio
MDLZ
Mondelez International Inc.
-21.7%
1.4% of portfolio
DGED
Diageo plc
-19.4%
1.4% of portfolio
CLX
Clorox Co.
-16.6%
1.2% of portfolio

Sector Breakdown

Other71.6%
Technology6.0%
Financial4.6%
Consumer4.1%
Industrial3.6%
Materials3.4%
Healthcare2.8%
Utilities2.0%

🚪 Exited Positionssold since Q3 2025

UPS
United Parcel Service Inc.
SOLD
$56.9M
WY
Weyerhaeuser Co.
SOLD
$43.7M
IBDT
iShares iBonds Dec 2028 Term C
SOLD
$10.2M
BSMS
Invesco BulletShares 2028 Muni
SOLD
$3.0M
TLT
iShares 20Plus Year Treasury B
SOLD
$2.9M
+97 more exited positions

Changes from Q3 2025

NEW8 new positions
↑66 increased
↓125 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

📌 Top Holdings

SGOV3.1%
iShares 0-3 Month Treasury Bon
$209.9M
SNA2.4%
Snap-on Inc.
$161.7M
CB2.4%
Chubb Ltd.
$159.5M
ADI2.4%
Analog Devices Inc.
$158.9M
NTRS2.3%
Northern Trust Corp.
$150.7M

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