CONFLUENCE INVESTMENT MANAGEMENT LLC — 13F Holdings & Portfolio
CIK 1442056 · latest 13F-HR filed 2026-10-01
CONFLUENCE INVESTMENT MANAGEMENT LLC manages $5.97B in 13F-reported U.S. long-equity assets across 424 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are SGOV (3.62%), CVX (2.41%), CB (2.36%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 22 new positions and exited 18; 81 existing positions rose in reported value and 137 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Loading holdings…
AUM
$5.97B
Long-equity book
Holdings
424
Distinct positions
Period
2026-09-30
Filed 2026-10-01
Q/Q Activity
+22 / −18 / ↑81 / ↓137
vs 2026-06-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q3 26SGOV3.6% · -23%CVX2.4% · -5%CB2.4% · -6%ZTS2.2% · +300%LMT2.1% · -5%LIN2.1% · -5%GILD2.0% · -5%SWK1.9% · -3%WEC1.9% · -4%MDLZ1.9% · -4%ADI1.9% · -4%PGR1.9% · -4%ETR1.9% · -4%SNA1.8% · -27%SO1.8% · -4%NTRS1.8% · -5%CL1.7% · -4%HSY1.6% · -6%KMI1.6% · -3%WSO1.6% · newUSB1.6% · -3%AWK1.6% · -4%NKE1.6% · +874%CLX1.6% · -6%TROW1.6% · -4%PAYX1.5% · -4%CSCO1.5% · -2%HD1.4% · -4%NDSN1.4% · -9%BR1.4% · -3%PAYC1.2% · -12%FNF1.2% · -3%SPDW1.2% · -4%MSFT1.2% · -5%SPMB1.2% · -2%MA1.2% · -8%HONA1.1% · +77%WRB1.1% · -8%SPYV1.1% · -2%SPYG1.1% · -11%ARCC1.0% · -3%ACN1.0% · -3%TMO1.0% · -8%SYK0.9% · -8%APD0.9% · -7%SPGI0.9% · -7%TJX0.8% · -8%MAS0.8% · -8%HON0.8% · -7%ITW0.8% · -8%BRK.B0.7% · -7%CARR0.7% · +54%GOOG0.6% · -6%NXPI0.6% · -6%LOW0.6% · -6%BKNG0.5% · -6%ACGL0.5% · -6%MORN0.5% · -10%BF.B0.5% · -10%GGG0.5% · -36%
Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q2 26 → Q3 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 22.5%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Mar 25, 2026.
Assets Under Management
$6.72B
Discretionary
$6.72B
Employees
55
Accounts
14,862
Address
20 ALLEN AVENUE, STE 300
SAINT LOUIS, MO 63119
SAINT LOUIS, MO 63119
Phone
(314) 743-5090
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| DAHL, PATRICIA, ANNETTE Control | SVP AND CFO since Feb 2008 | 5–10% | Individual |
| FARMER, STEVEN, PATRICK Control | CHIEF COMPLIANCE OFFICER since Jul 2019 | Less than 5% | Individual |
| HANSEN, BRIAN, NEIL Control | PRESIDENT / MEMBER since Dec 2007 | 25–50% | Individual |
| KELLER, MARK, ALAN Control | CHIEF EXECUTIVE OFFICER AND CHIEF INVESTMENT OFFICER / MEMBER since May 2008 | 25–50% | Individual |
| OGRADY, WILLIAM, DANIEL Control | ADVISORY DIRECTOR - MARKET STRATEGY since Nov 2008 | Less than 5% | Individual |
| WINTER, DANIEL, THOMAS Control | SVP AND CIO - VALUE EQUITIES since May 2008 | 5–10% | Individual |
| DUGAN, THOMAS, WILLIAM | VP AND PORTFOLIO MANAGER since Dec 2011 | Less than 5% | Individual |
| HANZLIK, JOSEPH, JOHN | SVP AND EQUITY ANALYST since Dec 2007 | 5–10% | Individual |
| HAUSLADEN, DUSTIN, ANDREW | VP AND EQUITY ANALYST since Sep 2009 | Less than 5% | Individual |
| MIYAZAKI, DAVID, BRIAN | SVP AND PORTFOLIO MANAGER since May 2008 | 5–10% | Individual |
| STOLE, TORE, LARS | ADVISORY DIRECTOR - RESEARCH since Sep 2009 | Less than 5% | Individual |
| WOBBE, JOHN, M | VP, DIRECTOR OF RESEARCH AND EQUITY ANALYST since Dec 2011 | Less than 5% | Individual |
Ownership & leadership changes · 9 filings with changes since Mar 12, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Mar 25, 2026 filing
- ChangedOGRADY, WILLIAM, DANIEL · title EVP AND CHIEF MARKET STRATEGIST → ADVISORY DIRECTOR - MARKET STRATEGY
- ChangedSTOLE, TORE, LARS · title VP AND DIRECTOR OF RESEARCH (EMERITUS) → ADVISORY DIRECTOR - RESEARCH
Mar 21, 2022 filing
- No longer listedSTEIN, FREDERICK, CHRISTIAN · VP AND PORTFOLIO MANAGER · Less than 5% · listed since Sep 2009
- ChangedOGRADY, WILLIAM, DANIEL · ownership 5–10% → Less than 5%
Mar 9, 2020 filing
- ChangedSTOLE, TORE, LARS · title VP AND DIRECTOR OF RESEARCH → VP AND DIRECTOR OF RESEARCH (EMERITUS)
- ChangedWOBBE, JOHN, M · title VP, ASSOC. DIRECTOR OF RESEARCH AND EQUITY ANALYST → VP, DIRECTOR OF RESEARCH AND EQUITY ANALYST
Jul 12, 2019 filing
- No longer listedKOCHEVAR, ANNE, STEELE · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jan 2018
- AddedFARMER, STEVEN, PATRICK · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 27, 2019 filing
- ChangedDAHL, PATRICIA, ANNETTE · title SVP, CFO AND PORTFOLIO MANAGER → SVP AND CFO; now a control person
- ChangedHANZLIK, JOSEPH, JOHN · no longer a control person
- ChangedWINTER, DANIEL, THOMAS · title SVP AND PORTFOLIO MANAGER → SVP AND CIO - VALUE EQUITIES; now a control person
Mar 16, 2018 filing
- AddedKOCHEVAR, ANNE, STEELE · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ChangedHANZLIK, JOSEPH, JOHN · title SVP, CHIEF COMPLIANCE OFFICER AND EQUITY ANALYST → SVP AND EQUITY ANALYST
Mar 10, 2017 filing
- ChangedDAHL, PATRICIA, ANNETTE · title SVP AND PORTFOLIO MANAGER → SVP, CFO AND PORTFOLIO MANAGER
- ChangedDUGAN, THOMAS, WILLIAM · title AVP AND PORTFOLIO MANAGER → VP AND PORTFOLIO MANAGER
- ChangedHAUSLADEN, DUSTIN, ANDREW · title VP AND DIRECTOR OF BUSINESS DEVELOPMENT → VP AND EQUITY ANALYST
- ChangedWOBBE, JOHN, M · title AVP AND EQUITY ANALYST → VP, ASSOC. DIRECTOR OF RESEARCH AND EQUITY ANALYST
Feb 13, 2014 filing
- ChangedDUGAN, THOMAS, WILLIAM · title AVP AND EQUITY ANALYST → AVP AND PORTFOLIO MANAGER
- ChangedHANZLIK, JOSEPH, JOHN · title SVP, CHIEF FINANCIAL OFFICER, CHIEF COMPLIANCE OFFICER → SVP, CHIEF COMPLIANCE OFFICER AND EQUITY ANALYST
Jul 25, 2012 filing
- No longer listedBICKNELL FAMILY HOLDING CO., LLC · OWNER · 75% or more · indirect via MARINER HOLDINGS, LLC · control person · listed since Jun 2009
- No longer listedBICKNELL FAMILY MANAGEMENT COMPANY TRUST · OWNER · 75% or more · indirect via BICKNELL FAMILY HOLDING CO., LLC · control person · listed since Jun 2009
- No longer listedBICKNELL, MARTIN, CHRISTOPHER · MANAGER · General partner, trustee or manager · indirect via TORTOISE HOLDINGS, LLC · control person · listed since Sep 2009
- No longer listedBICKNELL, MARTIN, CHRISTOPHER · TRUSTEE · General partner, trustee or manager · indirect via BICKNELL FAMILY MANAGEMENT COMPANY TRUST · control person · listed since Jun 2009
- No longer listedBIRZER, HAROLD, KEVIN · MANAGER · General partner, trustee or manager · indirect via TORTOISE HOLDINGS, LLC · control person · listed since Sep 2009
- No longer listedFREEMAN, WILLIAM, ALLEN · TRUSTEE · General partner, trustee or manager · indirect via BICKNELL FAMILY MANAGEMENT COMPANY TRUST · control person · listed since Jun 2009
- No longer listedHENSON, GARY, PAUL · MANAGER · General partner, trustee or manager · indirect via TORTOISE HOLDINGS, LLC · control person · listed since Sep 2009
- No longer listedMARINER HOLDINGS, LLC · MEMBER · 50–75% · indirect via TORTOISE HOLDINGS, LLC · control person · listed since Sep 2009
- No longer listedTORTOISE CAPITAL ADVISORS, L.L.C. · MEMBER · 10–25% · control person · listed since May 2008
- No longer listedTORTOISE HOLDINGS, LLC · MEMBER · 75% or more · indirect via TORTOISE CAPITAL ADVISORS, L.L.C. · control person · listed since Sep 2009
- ChangedHANSEN, BRIAN, NEIL · ownership 10–25% → 25–50%
- ChangedKELLER, MARK, ALAN · ownership 10–25% → 25–50%
Mar 12, 2012 filing (earliest on record)
- ListedBICKNELL FAMILY HOLDING CO., LLC · OWNER · 75% or more · indirect via MARINER HOLDINGS, LLC · control person
- ListedBICKNELL FAMILY MANAGEMENT COMPANY TRUST · OWNER · 75% or more · indirect via BICKNELL FAMILY HOLDING CO., LLC · control person
- ListedBICKNELL, MARTIN, CHRISTOPHER · MANAGER · General partner, trustee or manager · indirect via TORTOISE HOLDINGS, LLC · control person
- ListedBICKNELL, MARTIN, CHRISTOPHER · TRUSTEE · General partner, trustee or manager · indirect via BICKNELL FAMILY MANAGEMENT COMPANY TRUST · control person
- ListedBIRZER, HAROLD, KEVIN · MANAGER · General partner, trustee or manager · indirect via TORTOISE HOLDINGS, LLC · control person
- ListedDAHL, PATRICIA, ANNETTE · SVP AND PORTFOLIO MANAGER · 5–10%
- ListedDUGAN, THOMAS, WILLIAM · AVP AND EQUITY ANALYST · Less than 5%
- ListedFREEMAN, WILLIAM, ALLEN · TRUSTEE · General partner, trustee or manager · indirect via BICKNELL FAMILY MANAGEMENT COMPANY TRUST · control person
- ListedHANSEN, BRIAN, NEIL · PRESIDENT / MEMBER · 10–25% · control person
- ListedHANZLIK, JOSEPH, JOHN · SVP, CHIEF FINANCIAL OFFICER, CHIEF COMPLIANCE OFFICER · 5–10% · control person
- ListedHAUSLADEN, DUSTIN, ANDREW · VP AND DIRECTOR OF BUSINESS DEVELOPMENT · Less than 5%
- ListedHENSON, GARY, PAUL · MANAGER · General partner, trustee or manager · indirect via TORTOISE HOLDINGS, LLC · control person
- ListedKELLER, MARK, ALAN · CHIEF EXECUTIVE OFFICER AND CHIEF INVESTMENT OFFICER / MEMBER · 10–25% · control person
- ListedMARINER HOLDINGS, LLC · MEMBER · 50–75% · indirect via TORTOISE HOLDINGS, LLC · control person
- ListedMIYAZAKI, DAVID, BRIAN · SVP AND PORTFOLIO MANAGER · 5–10%
- ListedOGRADY, WILLIAM, DANIEL · EVP AND CHIEF MARKET STRATEGIST · 5–10% · control person
- ListedSTEIN, FREDERICK, CHRISTIAN · VP AND PORTFOLIO MANAGER · Less than 5%
- ListedSTOLE, TORE, LARS · VP AND DIRECTOR OF RESEARCH · Less than 5%
- ListedTORTOISE CAPITAL ADVISORS, L.L.C. · MEMBER · 10–25% · control person
- ListedTORTOISE HOLDINGS, LLC · MEMBER · 75% or more · indirect via TORTOISE CAPITAL ADVISORS, L.L.C. · control person
- ListedWINTER, DANIEL, THOMAS · SVP AND PORTFOLIO MANAGER · 5–10%
- ListedWOBBE, JOHN, M · AVP AND EQUITY ANALYST · Less than 5%
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- Zoetis Inc.$96.7M +289.2%
- NIKE Inc.$84.8M +739.8%
- Paycom Software Inc.$24.9M +53.0%
- Chevron Corp.$21.3M +17.3%
- Accenture plc$18.4M +43.4%
Top Trims
- iShares 0-3 Month Treasury Bon-$64.0M -22.8%
- Snap-on Inc.-$57.9M -34.5%
- Diageo plc-$53.8M -86.2%
- Home Depot Inc.-$24.5M -22.3%
- Clorox Co.-$24.3M -20.4%
New Positions
- Watsco Inc.$97.0M
- State Street SPDR Portfolio In$18.9M
- Verisk Analytics Inc.$16.9M
- State Street SPDR S&P Aerospac$14.6M
- Adyen N.V.$10.0M
Exited Positions
- Fastenal Co.$135.9M
- Dow Inc.$50.6M
- Keysight Technologies Inc.$22.6M
- Global X Defense Tech ETF$15.7M
- VanEck Gold Miners ETF$5.3M
CONFLUENCE INVESTMENT MANAGEMENT LLC Holdings (2026-09-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | iShares 0-3 Month Treasury Bon | SGOV | 46436E718 | $215.9M | 3.62% | 2,144,426 | SH |
| 2 | Chevron Corp. | CVX | 166764100 | $143.9M | 2.41% | 704,669 | SH |
| 3 | Chubb Ltd. | CB | H1467J104 | $140.5M | 2.36% | 432,096 | SH |
| 4 | Zoetis Inc. | ZTS | 98978V103 | $129.7M | 2.17% | 1,857,460 | SH |
| 5 | Lockheed Martin Corp. | LMT | 539830109 | $125.1M | 2.10% | 245,667 | SH |
| 6 | Linde plc | LIN | G54950103 | $122.1M | 2.05% | 257,315 | SH |
| 7 | Gilead Sciences Inc. | GILD | 375558103 | $117.4M | 1.97% | 787,904 | SH |
| 8 | Stanley Black & Decker Inc. | SWK | 854502101 | $114.8M | 1.92% | 1,295,895 | SH |
| 9 | WEC Energy Group Inc. | WEC | 92939U106 | $114.6M | 1.92% | 1,136,785 | SH |
| 10 | Mondelez International Inc. | MDLZ | 609207105 | $113.2M | 1.90% | 1,958,436 | SH |
| 11 | Analog Devices Inc. | ADI | 032654105 | $111.6M | 1.87% | 281,223 | SH |
| 12 | Progressive Corp. | PGR | 743315103 | $111.0M | 1.86% | 535,257 | SH |
| 13 | Entergy Corp. | ETR | 29364G103 | $110.1M | 1.84% | 1,108,993 | SH |
| 14 | Snap-on Inc. | SNA | 833034101 | $109.6M | 1.84% | 301,664 | SH |
| 15 | Southern Co. | SO | 842587107 | $108.6M | 1.82% | 1,310,016 | SH |
| 16 | Northern Trust Corp. | NTRS | 665859104 | $106.1M | 1.78% | 626,700 | SH |
| 17 | Colgate-Palmolive Co. | CL | 194162103 | $98.7M | 1.65% | 1,157,352 | SH |
| 18 | Hershey Co. | HSY | 427866108 | $98.0M | 1.64% | 621,987 | SH |
| 19 | Kinder Morgan Inc. | KMI | 49456B101 | $98.0M | 1.64% | 3,248,934 | SH |
| 20 | U.S. Bancorp | USB | 902973304 | $96.6M | 1.62% | 1,671,702 | SH |
| 21 | Watsco Inc. | WSO | 942622200 | $96.5M | 1.62% | 318,956 | SH |
| 22 | American Water Works Co. Inc. | AWK | 030420103 | $96.1M | 1.61% | 742,480 | SH |
| 23 | NIKE Inc. | NKE | 654106103 | $95.9M | 1.61% | 2,709,625 | SH |
| 24 | Clorox Co. | CLX | 189054109 | $94.5M | 1.58% | 1,166,117 | SH |
| 25 | T. Rowe Price Group Inc. | TROW | 74144T108 | $92.8M | 1.55% | 891,683 | SH |
| 26 | Paychex Inc. | PAYX | 704326107 | $89.6M | 1.50% | 909,185 | SH |
| 27 | Cisco Systems Inc. | CSCO | 17275R102 | $87.9M | 1.47% | 816,957 | SH |
| 28 | Home Depot Inc. | HD | 437076102 | $84.9M | 1.42% | 298,549 | SH |
| 29 | Nordson Corp. | NDSN | 655663102 | $83.6M | 1.40% | 254,886 | SH |
| 30 | Broadridge Financial Solutions | BR | 11133T103 | $81.4M | 1.36% | 505,349 | SH |
| 31 | Paycom Software Inc. | PAYC | 70432V102 | $71.6M | 1.20% | 328,986 | SH |
| 32 | Fidelity National Financial In | FNF | 31620R303 | $71.5M | 1.20% | 1,848,868 | SH |
| 33 | SPDR Portfolio Developed World | SPDW | 78463X889 | $71.2M | 1.19% | 1,418,746 | SH |
| 34 | SPDR Portfolio Mortgage Backed | SPMB | 78464A383 | $69.8M | 1.17% | 3,301,336 | SH |
| 35 | Microsoft Corp. | MSFT | 594918104 | $69.5M | 1.16% | 135,509 | SH |
| 36 | Mastercard Inc. | MA | 57636Q104 | $68.8M | 1.15% | 124,737 | SH |
| 37 | Honeywell Aerospace Inc. | HONA | 43849R105 | $65.8M | 1.10% | 424,868 | SH |
| 38 | W. R. Berkley Corp. | WRB | 084423102 | $63.7M | 1.07% | 943,632 | SH |
| 39 | SPDR Portfolio S&P 500 Value E | SPYV | 78464A508 | $62.9M | 1.05% | 1,028,309 | SH |
| 40 | SPDR Portfolio S&P 500 Growth | SPYG | 78464A409 | $62.8M | 1.05% | 510,261 | SH |
| 41 | Accenture plc | ACN | G1151C101 | $60.7M | 1.02% | 331,161 | SH |
| 42 | Ares Capital Corp. | ARCC | 04010L103 | $58.9M | 0.99% | 3,081,348 | SH |
| 43 | Thermo Fisher Scientific Inc. | TMO | 883556102 | $57.7M | 0.97% | 85,450 | SH |
| 44 | Stryker Corp. | SYK | 863667101 | $53.9M | 0.90% | 195,578 | SH |
| 45 | Air Products and Chemicals Inc | APD | 009158106 | $52.4M | 0.88% | 188,175 | SH |
| 46 | S&P Global Inc. | SPGI | 78409V104 | $51.7M | 0.87% | 131,136 | SH |
| 47 | TJX Co. Inc. | TJX | 872540109 | $49.3M | 0.83% | 372,494 | SH |
| 48 | Masco Corp. | MAS | 574599106 | $47.6M | 0.80% | 706,071 | SH |
| 49 | Honeywell International Inc. | HON | 438516205 | $46.8M | 0.78% | 221,909 | SH |
| 50 | Illinois Tool Works Inc. | ITW | 452308109 | $45.8M | 0.77% | 177,864 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-09-30 | 2026-10-01 | $5.97B | 424 | 0001442056-26-000011 |
| 2026-06-30 | 2026-07-01 | $6.40B | 422 | 0001442056-26-000006 |
| 2026-03-31 | 2026-04-01 | $6.44B | 414 | 0001442056-26-000004 |
| 2025-12-31 | 2026-01-05 | $6.67B | 458 | 0001442056-26-000002 |
Filer Information
Address
20 ALLEN AVENUE, SUITE 300ST. LOUIS, MO 63119
Phone
(314) 743-5090
Filing Manager
CONFLUENCE INVESTMENT MANAGEMENT LLC
ST. LOUIS, MO
Signatory
Steven Farmer
Chief Compliance Officer