Confluence Investment Management

Confluence Investment Management as of Sept. 30, 2011

Portfolio Holdings for Confluence Investment Management

Confluence Investment Management holds 237 positions in its portfolio as reported in the September 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Ares Capital Corporation (ARCC) 2.5 $20M 1.4M 13.77
Microsoft Corporation (MSFT) 2.0 $16M 637k 24.89
Johnson & Johnson (JNJ) 2.0 $16M 245k 63.69
Chevron Corporation (CVX) 2.0 $16M 169k 92.59
Pepsi (PEP) 1.9 $15M 243k 61.90
Diageo (DEO) 1.9 $15M 198k 75.93
Ipath Dow Jones-aig Commodity (DJP) 1.9 $15M 352k 41.74
Annaly Capital Management 1.7 $13M 794k 16.63
SPDR Barclays Capital High Yield B 1.6 $13M 344k 36.19
Emerson Electric (EMR) 1.5 $12M 287k 41.31
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.5 $12M 105k 112.31
iShares iBoxx $ High Yid Corp Bond (HYG) 1.3 $11M 128k 82.83
Southern Company (SO) 1.3 $10M 236k 42.37
McGraw-Hill Companies 1.2 $9.6M 235k 41.00
Technology SPDR (XLK) 1.2 $9.5M 404k 23.60
Blackrock Kelso Capital 1.2 $9.5M 1.3M 7.30
GlaxoSmithKline 1.2 $9.5M 230k 41.29
iShares Russell 2000 Growth Index (IWO) 1.1 $8.7M 119k 73.47
Vanguard REIT ETF (VNQ) 1.1 $8.6M 170k 50.87
Fidelity National Financial 1.1 $8.5M 558k 15.18
Health Care SPDR (XLV) 1.1 $8.4M 265k 31.73
Sigma-Aldrich Corporation 1.1 $8.3M 135k 61.79
American Express Company (AXP) 1.0 $8.2M 182k 44.90
Exxon Mobil Corporation (XOM) 1.0 $8.1M 111k 72.63
W.R. Berkley Corporation (WRB) 1.0 $8.1M 273k 29.69
Gra (GGG) 1.0 $8.1M 238k 34.14
PennantPark Investment (PNNT) 1.0 $8.1M 908k 8.92
Paychex (PAYX) 1.0 $8.0M 304k 26.37
Linear Technology Corporation 1.0 $7.9M 286k 27.65
3M Company (MMM) 1.0 $7.8M 108k 71.79
Energy Select Sector SPDR (XLE) 1.0 $7.8M 134k 58.51
Rayonier (RYN) 1.0 $7.8M 211k 36.79
Bed Bath & Beyond 1.0 $7.7M 135k 57.31
Vectren Corporation 1.0 $7.7M 283k 27.08
Markel Corporation (MKL) 1.0 $7.6M 21k 357.12
Wal-Mart Stores (WMT) 0.9 $7.5M 145k 51.90
Home Depot (HD) 0.9 $7.5M 229k 32.87
Thermo Fisher Scientific (TMO) 0.9 $7.5M 148k 50.64
Lockheed Martin Corporation (LMT) 0.9 $7.5M 103k 72.64
Broadridge Financial Solutions (BR) 0.9 $7.3M 363k 20.14
Waters Corporation (WAT) 0.9 $7.2M 96k 75.49
TJX Companies (TJX) 0.9 $7.3M 131k 55.47
Solar Cap (SLRC) 0.9 $7.3M 360k 20.13
Franklin Street Properties (FSP) 0.9 $7.2M 633k 11.31
Willis Group Holdings 0.9 $7.1M 206k 34.37
Google 0.9 $7.1M 14k 515.05
Pfizer (PFE) 0.9 $7.0M 397k 17.68
Plum Creek Timber 0.9 $7.0M 201k 34.71
MVC Capital 0.9 $6.9M 660k 10.47
Illinois Tool Works (ITW) 0.8 $6.7M 161k 41.60
Cys Investments 0.8 $6.7M 553k 12.09
E.I. du Pont de Nemours & Company 0.8 $6.5M 162k 39.97
Progressive Corporation (PGR) 0.8 $6.4M 362k 17.76
Lowe's Companies (LOW) 0.8 $6.4M 333k 19.34
Landauer 0.8 $6.3M 128k 49.54
Berkshire Hathaway (BRK.B) 0.8 $6.3M 88k 71.04
HNI Corporation (HNI) 0.8 $6.2M 326k 19.13
Golub Capital BDC (GBDC) 0.8 $6.2M 417k 14.85
Tyco International Ltd S hs 0.8 $6.1M 151k 40.75
Consumer Staples Select Sect. SPDR (XLP) 0.7 $5.9M 199k 29.66
Martin Marietta Materials (MLM) 0.7 $5.8M 91k 63.22
Sherwin-Williams Company (SHW) 0.7 $5.8M 78k 74.33
MasterCard Incorporated (MA) 0.7 $5.6M 18k 317.14
Financial Select Sector SPDR (XLF) 0.7 $5.5M 468k 11.81
Wells Fargo & Company (WFC) 0.7 $5.4M 224k 24.12
Industrial SPDR (XLI) 0.7 $5.4M 186k 29.22
Consumer Discretionary SPDR (XLY) 0.7 $5.4M 156k 34.86
Fortune Brands 0.6 $4.9M 91k 54.08
Leucadia National 0.6 $4.7M 207k 22.68
iShares Lehman MBS Bond Fund (MBB) 0.6 $4.6M 42k 108.19
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.5 $4.3M 41k 105.07
Hercules Technology Growth Capital (HTGC) 0.5 $4.0M 470k 8.52
Hatteras Financial 0.5 $3.9M 156k 25.16
Vulcan Materials Company (VMC) 0.5 $3.9M 142k 27.56
Apollo Investment 0.5 $3.9M 518k 7.51
THL Credit 0.5 $3.7M 338k 10.92
iShares Gold Trust 0.4 $3.3M 209k 15.83
Triangle Capital Corporation 0.4 $3.3M 219k 15.22
iShares MSCI ACWI Index Fund (ACWI) 0.4 $3.0M 76k 39.13
Medallion Financial (MFIN) 0.4 $3.0M 320k 9.30
iShares Barclays Inter Crd Bd Fund ETF) (IGIB) 0.4 $2.9M 27k 106.78
Source Capital (SOR) 0.4 $3.0M 71k 41.56
Vanguard Intermediate Tm Cpte Bd ETF (VCIT) 0.4 $2.9M 36k 80.97
Gladstone Capital Corporation (GLAD) 0.4 $2.9M 421k 6.86
Barclays Bk Plc Ipsp croil etn 0.4 $2.9M 145k 19.84
Compass Diversified Holdings (CODI) 0.3 $2.6M 216k 12.18
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.3 $2.5M 24k 103.96
SPDR Barclay Cp Intr Trm Cr Bd (SPIB) 0.3 $2.4M 74k 33.14
Rli (RLI) 0.3 $2.3M 37k 63.58
ConocoPhillips (COP) 0.3 $2.4M 37k 63.32
Landstar System (LSTR) 0.3 $2.4M 60k 39.56
Fifth Street Finance 0.3 $2.2M 239k 9.32
Horizon Technology Fin (HRZN) 0.3 $2.2M 151k 14.66
Brown & Brown (BRO) 0.3 $2.1M 119k 17.80
NGP Capital Resources Company 0.3 $2.2M 332k 6.54
iShares Russell 2000 Value Index (IWN) 0.3 $2.2M 38k 57.04
iShares Dow Jones US Utilities (IDU) 0.3 $2.1M 26k 81.75
iShares Barclays 20+ Yr Treas.Bond (TLT) 0.3 $2.1M 17k 120.79
Medley Capital Corporation 0.2 $2.0M 200k 10.08
iShares MSCI Emerging Markets Indx (EEM) 0.2 $1.9M 54k 35.09
Vanguard Emerging Markets ETF (VWO) 0.2 $1.8M 51k 35.82
White Mountains Insurance Gp (WTM) 0.2 $1.7M 4.2k 405.78
W.W. Grainger (GWW) 0.2 $1.7M 11k 149.58
International Business Machines (IBM) 0.2 $1.6M 9.3k 174.92
Materials SPDR (XLB) 0.2 $1.6M 56k 29.35
Pennantpark Floating Rate Capi (PFLT) 0.2 $1.7M 157k 10.55
McDonald's Corporation (MCD) 0.2 $1.6M 19k 87.81
Colgate-Palmolive Company (CL) 0.2 $1.6M 18k 88.67
iShares MSCI Japan Index 0.2 $1.6M 167k 9.46
Brown-Forman Corporation (BF.B) 0.2 $1.5M 21k 70.16
Nordstrom (JWN) 0.2 $1.5M 34k 45.69
General Mills (GIS) 0.2 $1.5M 39k 38.49
Kohlberg Capital (KCAP) 0.2 $1.5M 252k 5.85
Automatic Data Processing (ADP) 0.2 $1.4M 30k 47.16
Novartis (NVS) 0.2 $1.4M 25k 55.78
Nextera Energy (NEE) 0.2 $1.4M 26k 54.03
Praxair 0.2 $1.4M 15k 93.46
Procter & Gamble Company (PG) 0.2 $1.5M 23k 63.18
VCA Antech 0.2 $1.4M 89k 15.98
Clorox Company (CLX) 0.2 $1.4M 22k 66.31
New Jersey Resources Corporation (NJR) 0.2 $1.4M 33k 42.58
Piedmont Natural Gas Company 0.2 $1.4M 48k 28.89
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.2 $1.4M 58k 24.35
SPDR Nuveen Barclays Capital Municpl Bnd 0.2 $1.5M 62k 23.40
P.F. Chang's China Bistro 0.2 $1.3M 49k 27.24
Target Corporation (TGT) 0.2 $1.4M 28k 49.04
United Technologies Corporation 0.2 $1.3M 19k 70.38
Commerce Bancshares (CBSH) 0.2 $1.4M 39k 34.76
Owens & Minor (OMI) 0.2 $1.3M 46k 28.48
iShares MSCI Canada Index (EWC) 0.2 $1.4M 54k 25.49
iShares MSCI Australia Index Fund (EWA) 0.2 $1.4M 68k 20.06
SYSCO Corporation (SYY) 0.2 $1.2M 48k 25.90
T. Rowe Price (TROW) 0.2 $1.3M 27k 47.76
Analog Devices (ADI) 0.2 $1.3M 42k 31.26
MDU Resources (MDU) 0.2 $1.3M 68k 19.19
Becton, Dickinson and (BDX) 0.2 $1.3M 18k 73.33
Air Products & Chemicals (APD) 0.2 $1.3M 17k 76.36
Gladstone Investment Corporation (GAIN) 0.2 $1.2M 183k 6.80
M&T Bank Corporation (MTB) 0.1 $1.2M 18k 69.90
Cullen/Frost Bankers (CFR) 0.1 $1.2M 26k 45.85
John Wiley & Sons (WLY) 0.1 $1.2M 27k 44.42
General Dynamics Corporation (GD) 0.1 $1.2M 21k 56.90
ProShares Short S&P500 0.1 $1.2M 26k 46.10
Gladstone Commercial Corporation (GOOD) 0.1 $1.2M 77k 15.68
MCG Capital Corporation 0.1 $1.2M 304k 3.96
Nxp Semiconductors N V (NXPI) 0.1 $1.2M 84k 14.12
Affiliated Managers (AMG) 0.1 $1.1M 14k 78.07
Occidental Petroleum Corporation (OXY) 0.1 $1.1M 16k 71.53
Patterson Companies (PDCO) 0.1 $1.2M 40k 28.63
Eaton Vance 0.1 $1.1M 51k 22.26
iShares Silver Trust (SLV) 0.1 $1.1M 40k 28.92
Newmont Mining Corporation (NEM) 0.1 $1.0M 17k 62.96
Marathon Oil Corporation (MRO) 0.1 $1.1M 49k 21.58
SPDR Gold Trust (GLD) 0.1 $1.0M 6.6k 158.12
PowerShares DB US Dollar Index Bullish 0.1 $1.1M 48k 22.31
SPDR Barclays Capital Mortgage Back ETF (SPMB) 0.1 $1.0M 37k 27.86
iShares 10+ Year Credit Bond Fund ETF (IGLB) 0.1 $1.0M 18k 57.52
Ritchie Bros. Auctioneers Inco 0.1 $981k 49k 20.18
Zebra Technologies (ZBRA) 0.1 $984k 32k 30.94
Vanguard Short Term Corporate Bond ETF (VCSH) 0.1 $985k 13k 77.60
Forward Air Corporation (FWRD) 0.1 $840k 33k 25.45
Goldcorp 0.1 $886k 19k 45.66
Sanderson Farms 0.1 $893k 19k 47.48
Generac Holdings (GNRC) 0.1 $858k 46k 18.82
Haemonetics Corporation (HAE) 0.1 $755k 13k 58.51
BHP Billiton (BHP) 0.1 $774k 12k 66.40
Hibbett Sports (HIBB) 0.1 $830k 25k 33.90
Royal Gold (RGLD) 0.1 $823k 13k 64.07
iShares S&P 500 Growth Index (IVW) 0.1 $816k 13k 61.25
Silver Wheaton Corp 0.1 $794k 27k 29.44
Full Circle Cap Corp 0.1 $812k 115k 7.07
Barrick Gold Corp (GOLD) 0.1 $676k 15k 46.62
Simpson Manufacturing (SSD) 0.1 $690k 28k 24.93
Potash Corp. Of Saskatchewan I 0.1 $745k 17k 43.25
Techne Corporation 0.1 $729k 11k 68.05
Morningstar (MORN) 0.1 $732k 13k 56.42
Scotts Miracle-Gro Company (SMG) 0.1 $699k 16k 44.61
Northstar Realty Finance 0.1 $749k 227k 3.30
Yamana Gold 0.1 $747k 55k 13.66
Franco-Nevada Corporation (FNV) 0.1 $714k 20k 36.08
Barclays Bk Plc etn djubs copr37 (JJCTF) 0.1 $714k 18k 40.19
Heartland Express (HTLD) 0.1 $633k 47k 13.56
Freeport-McMoRan Copper & Gold (FCX) 0.1 $641k 21k 30.47
Contango Oil & Gas Company 0.1 $631k 12k 54.73
CF Industries Holdings (CF) 0.1 $613k 5.0k 123.36
TICC Capital 0.1 $606k 74k 8.17
West Pharmaceutical Services (WST) 0.1 $647k 17k 37.09
Bio-Reference Laboratories 0.1 $654k 36k 18.41
Barclays Bank Plc etn djubslead 38 0.1 $622k 13k 48.85
Manatuck Hill Mariner Offshore 0.1 $620k 3.8k 164.72
New Mountain Finance Corp (NMFC) 0.1 $639k 50k 12.70
Sociedad Quimica y Minera (SQM) 0.1 $580k 12k 47.81
Ross Stores (ROST) 0.1 $543k 6.9k 78.73
Southwestern Energy Company (SWN) 0.1 $554k 17k 33.34
Ambassadors 0.1 $567k 99k 5.73
Moly 0.1 $582k 18k 32.90
First Majestic Silver Corp (AG) 0.1 $564k 37k 15.20
Enerplus Corp (ERF) 0.1 $552k 23k 24.55
Deutsche Bk Ag London Brh ps cr oil sh etn (SZOXF) 0.1 $592k 11k 52.86
Imperial Oil (IMO) 0.1 $514k 14k 36.11
Plains Exploration & Production Company 0.1 $452k 20k 22.73
Medical Action Industries 0.1 $472k 93k 5.05
Silver Standard Res 0.1 $461k 25k 18.36
iShares S&P 500 Value Index (IVE) 0.1 $515k 10k 51.58
Douglas Dynamics (PLOW) 0.1 $513k 40k 12.79
European Goldfields (EGU) 0.1 $510k 64k 7.95
Mosaic (MOS) 0.1 $445k 9.1k 49.00
Peabody Energy Corporation 0.1 $385k 11k 33.92
Encana Corp 0.1 $410k 21k 19.21
Murphy Oil Corporation (MUR) 0.1 $433k 9.8k 44.11
Mueller Industries (MLI) 0.1 $400k 10k 38.63
CONSOL Energy 0.1 $413k 12k 33.90
Cliffs Natural Resources 0.1 $403k 7.9k 51.20
Quest Diagnostics Incorporated (DGX) 0.1 $369k 7.5k 49.36
Talisman Energy Inc Com Stk 0.1 $385k 31k 12.28
Cimarex Energy 0.1 $373k 6.7k 55.64
McMoRan Exploration 0.1 $407k 41k 9.93
Smith & Nephew (SNN) 0.1 $388k 8.7k 44.72
Mesabi Trust (MSB) 0.1 $400k 19k 20.85
Inmet Mining Corp. 0.1 $410k 9.6k 42.53
Mohawk Industries (MHK) 0.0 $352k 8.2k 42.87
Berkshire Hathaway (BRK.A) 0.0 $320k 3.00 106666.67
Walter Energy 0.0 $334k 5.6k 59.97
B&G Foods (BGS) 0.0 $295k 18k 16.66
Utilities SPDR (XLU) 0.0 $311k 9.3k 33.57
Barclays Bank Plc etf (COWTF) 0.0 $314k 10k 31.17
iShares Dow Jones Select Dividend (DVY) 0.0 $297k 6.2k 48.16
Main Street Capital Corporation (MAIN) 0.0 $351k 20k 17.75
Claymore/Zacks Multi-Asset Inc Idx 0.0 $291k 16k 18.70
Alpha Natural Resources 0.0 $253k 14k 17.68
Seabridge Gold (SA) 0.0 $255k 11k 22.47
Patriot Coal Corp 0.0 $259k 31k 8.45
Mag Silver Corp (MAG) 0.0 $243k 31k 7.85
Barclays Bk Plc Ipath Dow Jones Aig etf (JJATF) 0.0 $273k 5.2k 52.04
Solar Senior Capital 0.0 $214k 15k 14.27
Saratoga Investment (SAR) 0.0 $194k 12k 16.53
Prospect Capital Corporation (PSEC) 0.0 $102k 12k 8.38