CONFLUENCE INVESTMENT MANAGEMENT LLC

CIK 0001442056 · Q2 2026

13F Equity AUM

$6.4B

-0.6% QoQ

Positions

290

+7 QoQ

AUM Rank

#712

Top 8%

Skill Alpha (FF)

-0.9%/yr^ns

No Clear Edge

Rank #4,099 · Top 49%

vs S&P -3.9%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 13.8%Top 10: 24.1%Top 20: 42.2%

SGOV4.4%

SNA2.6%

CB2.5%

LIN2.2%

WEC2.2%

FAST2.1%

ETR2.1%

LMT2.1%

SO2.0%

SWK2.0%

Others (280)75.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services33.4%

Industrials17.2%

Consumer Defensive9.2%

Technology8.6%

Utilities8.2%

Healthcare5.6%

Basic Materials5.5%

Consumer Cyclical4.8%

Other7.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 290Median: 0.03%Avg: 0.34%

0–0.5%

229(18.2%)

0.5–1%

26(19.5%)

1–3%

34(57.9%)

3–5%

1(4.4%)

5%+

0(0.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 290vs 20 funds

0%Low

290

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New29Increased109Decreased145Exited22

New Positions

SWK2.0%

+1.3M

Honeywell Internatio…0.8%

+241K

Honeywell Aerospace …0.8%

+241K

ATR0.3%

+161K

XLE0.2%

+231K

FND0.1%

+131K

RYAN0.1%

+189K

VPL0.1%

+60K

STVN0.1%

+335K

XONE0.1%

+60K

Increased

SGOV4.4%

+1.0M(+59%)

ZTS0.5%

+324K(+228%)

CLX1.9%

+315K(+34%)

SPDR Portfolio S&amp…1.0%

+257K(+33%)

IBTQ0.4%

+237K(+29%)

GLDM0.7%

+190K(+57%)

BKNG0.5%

+189K(+3071%)

SHLD0.3%

+140K(+113%)

TLH0.5%

+130K(+63%)

IIIV0.1%

+110K(+92%)

Decreased

CSCO1.5%

-699,159(-45%)

DGED1.0%

-576,498(-43%)

Baldwin Insurance Gr…0.0%

-561,016(-88%)

SPMB1.2%

-482,992(-13%)

ADI1.8%

-247,250(-46%)

FAST2.1%

-136,984(-5%)

KMI1.7%

-120,189(-3%)

MLN0.0%

-118,106(-69%)

KEYS0.3%

-114,905(-64%)

HYMB0.0%

-112,591(-90%)

Exited

-499,862

-315,131

-350,424

-125,466

-225,126

-183,271

-16,120

-147,605

-14,360

-70,478

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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