Confluence Investment Management

Confluence Investment Management as of June 30, 2012

Portfolio Holdings for Confluence Investment Management

Confluence Investment Management holds 230 positions in its portfolio as reported in the June 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Ares Capital Corporation (ARCC) 2.5 $26M 1.7M 15.96
SPDR Barclays Capital High Yield B 2.4 $25M 637k 39.46
Vanguard REIT ETF (VNQ) 2.3 $24M 359k 65.43
iShares iBoxx $ High Yid Corp Bond (HYG) 2.2 $23M 248k 91.29
Microsoft Corporation (MSFT) 2.0 $21M 680k 30.59
Chevron Corporation (CVX) 2.0 $21M 195k 105.50
Johnson & Johnson (JNJ) 1.9 $20M 293k 67.56
Diageo (DEO) 1.9 $19M 188k 103.07
Pepsi (PEP) 1.8 $19M 268k 70.66
Annaly Capital Management 1.6 $16M 964k 16.78
Emerson Electric (EMR) 1.6 $16M 347k 46.58
Gra (GGG) 1.4 $15M 319k 46.08
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.3 $14M 116k 117.59
GlaxoSmithKline 1.3 $13M 290k 45.57
McGraw-Hill Companies 1.2 $13M 289k 45.00
Rayonier (RYN) 1.2 $13M 290k 44.90
3M Company (MMM) 1.2 $13M 144k 89.60
Praxair 1.2 $13M 116k 108.73
Paychex (PAYX) 1.2 $12M 393k 31.41
HNI Corporation (HNI) 1.2 $12M 481k 25.75
Linear Technology Corporation 1.1 $12M 383k 31.33
Plum Creek Timber 1.1 $12M 294k 39.70
Lockheed Martin Corporation (LMT) 1.1 $12M 132k 87.08
Pfizer (PFE) 1.1 $12M 498k 23.00
Home Depot (HD) 1.1 $11M 210k 52.99
American Express Company (AXP) 1.1 $11M 187k 58.21
E.I. du Pont de Nemours & Company 1.1 $11M 216k 50.57
Vectren Corporation 1.1 $11M 370k 29.52
Southern Company (SO) 1.0 $11M 234k 46.30
Markel Corporation (MKL) 1.0 $11M 25k 441.71
PennantPark Investment (PNNT) 1.0 $11M 1.0M 10.35
Progressive Corporation (PGR) 1.0 $11M 503k 20.83
Exxon Mobil Corporation (XOM) 1.0 $11M 122k 85.57
Fidelity National Financial 1.0 $11M 544k 19.26
Sigma-Aldrich Corporation 1.0 $10M 141k 73.93
Landauer 1.0 $10M 181k 57.33
Willis Group Holdings 1.0 $10M 283k 36.49
Wal-Mart Stores (WMT) 1.0 $10M 146k 69.72
Franklin Street Properties (FSP) 1.0 $10M 958k 10.58
Broadridge Financial Solutions (BR) 0.9 $9.9M 466k 21.27
Martin Marietta Materials (MLM) 0.9 $9.9M 126k 78.82
W.R. Berkley Corporation (WRB) 0.9 $9.8M 252k 38.92
Illinois Tool Works (ITW) 0.9 $9.2M 173k 52.89
Discovery Communications 0.9 $9.1M 182k 50.09
Lowe's Companies (LOW) 0.9 $9.1M 320k 28.44
Golub Capital BDC (GBDC) 0.8 $8.4M 555k 15.09
Bed Bath & Beyond 0.8 $8.2M 132k 61.80
iShares Dow Jones US Financial (IYF) 0.8 $8.2M 148k 55.28
Waters Corporation (WAT) 0.8 $8.1M 102k 79.47
Thermo Fisher Scientific (TMO) 0.8 $8.0M 155k 51.91
MasterCard Incorporated (MA) 0.8 $7.9M 18k 430.09
Cys Investments 0.8 $7.9M 575k 13.77
Google 0.7 $7.7M 13k 580.06
Wells Fargo & Company (WFC) 0.7 $7.6M 228k 33.44
MVC Capital 0.7 $7.6M 588k 12.95
Berkshire Hathaway (BRK.B) 0.7 $7.5M 89k 83.33
Beam 0.7 $7.4M 119k 62.49
Health Care SPDR (XLV) 0.7 $7.4M 196k 38.00
iShares Gold Trust 0.7 $7.3M 467k 15.56
Medley Capital Corporation 0.7 $7.2M 601k 12.04
iShares Lehman MBS Bond Fund (MBB) 0.7 $7.0M 65k 108.44
iShares Dow Jones US Technology (IYW) 0.7 $7.1M 100k 71.23
Energy Select Sector SPDR (XLE) 0.7 $7.0M 105k 66.37
THL Credit 0.7 $7.0M 521k 13.47
TJX Companies (TJX) 0.7 $6.8M 159k 42.93
Ipath Dow Jones-aig Commodity (DJP) 0.7 $6.8M 169k 40.18
Hercules Technology Growth Capital (HTGC) 0.6 $6.5M 571k 11.34
Blackrock Kelso Capital 0.6 $6.4M 656k 9.76
iShares Barclays Inter Crd Bd Fund ETF) (IGIB) 0.6 $6.3M 58k 109.33
Solar Cap (SLRC) 0.6 $6.2M 280k 22.26
Triangle Capital Corporation 0.6 $6.0M 262k 22.78
Leucadia National 0.5 $5.2M 245k 21.27
Consumer Discretionary SPDR (XLY) 0.5 $5.2M 119k 43.78
Vanguard Intermediate Tm Cpte Bd ETF (VCIT) 0.5 $5.2M 61k 85.21
Industrial SPDR (XLI) 0.5 $5.1M 142k 35.67
Halliburton Company (HAL) 0.4 $4.6M 161k 28.39
Hatteras Financial 0.4 $4.5M 156k 28.60
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.4 $4.5M 43k 104.71
Horizon Technology Fin (HRZN) 0.4 $4.0M 240k 16.49
Apollo Investment 0.4 $3.8M 498k 7.67
iShares Russell 2000 Value Index (IWN) 0.4 $3.9M 55k 70.39
iShares Russell 2000 Growth Index (IWO) 0.4 $3.9M 42k 91.46
Brown & Brown (BRO) 0.4 $3.7M 136k 27.27
Gladstone Capital Corporation (GLAD) 0.3 $3.7M 463k 7.89
Vanguard Emerging Markets ETF (VWO) 0.3 $3.6M 91k 39.93
Tcp Capital 0.3 $3.4M 236k 14.46
Medallion Financial (MFIN) 0.3 $3.1M 293k 10.62
Consumer Staples Select Sect. SPDR (XLP) 0.3 $3.1M 90k 34.77
Rli (RLI) 0.3 $3.0M 44k 68.21
Compass Diversified Holdings (CODI) 0.3 $3.0M 216k 13.96
Landstar System (LSTR) 0.3 $2.9M 56k 51.72
MCG Capital Corporation 0.2 $2.6M 560k 4.58
NGP Capital Resources Company 0.2 $2.5M 352k 7.08
Brown-Forman Corporation (BF.B) 0.2 $2.4M 25k 96.87
ConocoPhillips (COP) 0.2 $2.4M 43k 55.88
Stryker Corporation (SYK) 0.2 $2.4M 43k 55.09
SPDR Barclay Cp Intr Trm Cr Bd (SPIB) 0.2 $2.3M 69k 34.13
W.W. Grainger (GWW) 0.2 $2.3M 12k 191.25
Pennantpark Floating Rate Capi (PFLT) 0.2 $2.3M 191k 11.90
Colgate-Palmolive Company (CL) 0.2 $2.2M 21k 104.12
Nextera Energy (NEE) 0.2 $2.2M 32k 68.81
New Mountain Finance Corp (NMFC) 0.2 $2.2M 152k 14.19
T. Rowe Price (TROW) 0.2 $2.1M 33k 62.96
International Business Machines (IBM) 0.2 $2.1M 11k 195.62
VCA Antech 0.2 $2.1M 95k 21.98
Source Capital (SOR) 0.2 $2.1M 42k 49.26
Claymore Exchange-traded Fd gugg crp bd 2017 0.2 $2.0M 92k 22.15
Powershares Etf Tr Ii s^p smcp fin p 0.2 $2.1M 71k 29.71
Ishares Utilities Sector Bond 0.2 $2.1M 41k 51.34
McDonald's Corporation (MCD) 0.2 $1.9M 22k 88.52
Automatic Data Processing (ADP) 0.2 $2.0M 36k 55.67
Nordstrom (JWN) 0.2 $2.0M 40k 49.70
Analog Devices (ADI) 0.2 $1.9M 51k 37.67
Clorox Company (CLX) 0.2 $2.0M 27k 72.46
Fifth Street Finance 0.2 $2.0M 201k 9.98
Commerce Bancshares (CBSH) 0.2 $1.9M 51k 37.90
Piedmont Natural Gas Company 0.2 $1.9M 60k 32.20
Kcap Financial 0.2 $2.0M 274k 7.26
M&T Bank Corporation (MTB) 0.2 $1.9M 23k 82.59
Cullen/Frost Bankers (CFR) 0.2 $1.9M 33k 57.50
SYSCO Corporation (SYY) 0.2 $1.9M 62k 29.81
MDU Resources (MDU) 0.2 $1.8M 86k 21.61
General Mills (GIS) 0.2 $1.9M 48k 38.54
Eaton Vance 0.2 $1.9M 70k 26.95
iShares Dow Jones US Utilities (IDU) 0.2 $1.9M 21k 90.06
Powershares Etf Tr Ii s^p smcp hc po 0.2 $1.9M 53k 35.77
Sherwin-Williams Company (SHW) 0.2 $1.8M 13k 132.38
Becton, Dickinson and (BDX) 0.2 $1.8M 23k 74.74
Air Products & Chemicals (APD) 0.2 $1.7M 21k 80.72
Novartis (NVS) 0.2 $1.8M 32k 55.90
Procter & Gamble Company (PG) 0.2 $1.8M 29k 61.26
United Technologies Corporation 0.2 $1.8M 24k 75.55
General Dynamics Corporation (GD) 0.2 $1.7M 26k 65.94
New Jersey Resources Corporation (NJR) 0.2 $1.8M 41k 43.61
Materials SPDR (XLB) 0.2 $1.7M 49k 35.29
Nxp Semiconductors N V (NXPI) 0.2 $1.8M 77k 23.23
Occidental Petroleum Corporation (OXY) 0.2 $1.7M 20k 85.77
Marathon Oil Corporation (MRO) 0.2 $1.6M 63k 25.57
Gladstone Investment Corporation (GAIN) 0.2 $1.6M 222k 7.39
Vanguard Short Term Corporate Bond ETF (VCSH) 0.2 $1.7M 21k 79.16
Affiliated Managers (AMG) 0.1 $1.5M 14k 109.47
Nike (NKE) 0.1 $1.6M 18k 87.77
EnPro Industries (NPO) 0.1 $1.6M 42k 37.37
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.1 $1.5M 14k 107.94
Patterson Companies (PDCO) 0.1 $1.4M 41k 34.46
Gladstone Commercial Corporation (GOOD) 0.1 $1.5M 90k 16.66
iShares MSCI Brazil Index (EWZ) 0.1 $1.4M 28k 51.69
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.1 $1.4M 59k 24.42
PowerShares S&P SllCp Egy Ptflio 0.1 $1.4M 45k 31.72
SPDR Nuveen Barclays Capital Municpl Bnd 0.1 $1.5M 60k 24.13
John Wiley & Sons (WLY) 0.1 $1.4M 29k 48.98
TICC Capital 0.1 $1.3M 131k 9.69
Main Street Capital Corporation (MAIN) 0.1 $1.3M 53k 24.21
Full Circle Cap Corp 0.1 $1.2M 161k 7.65
Ritchie Bros. Auctioneers Inco 0.1 $1.2M 55k 21.26
Zebra Technologies (ZBRA) 0.1 $1.2M 34k 34.36
Haemonetics Corporation (HAE) 0.1 $1.2M 16k 74.13
American Capital 0.1 $1.1M 112k 10.06
West Pharmaceutical Services (WST) 0.1 $1.1M 22k 50.48
Franklin Electric (FELE) 0.1 $1.0M 20k 51.13
Simpson Manufacturing (SSD) 0.1 $998k 34k 29.50
Berkshire Hathaway (BRK.A) 0.1 $1.0M 8.00 125000.00
Techne Corporation 0.1 $1.0M 14k 74.21
Sanderson Farms 0.1 $989k 22k 45.82
Morningstar (MORN) 0.1 $996k 17k 57.84
Cubic Corporation 0.1 $1.0M 21k 48.08
Hittite Microwave Corporation 0.1 $938k 18k 51.09
Generac Holdings (GNRC) 0.1 $943k 52k 18.05
Douglas Dynamics (PLOW) 0.1 $940k 66k 14.25
Heartland Express (HTLD) 0.1 $877k 61k 14.31
Scotts Miracle-Gro Company (SMG) 0.1 $829k 20k 41.13
iShares Silver Trust (SLV) 0.1 $850k 32k 26.64
Solar Senior Capital 0.1 $828k 49k 16.90
Cameco Corporation (CCJ) 0.1 $746k 34k 21.94
Weyerhaeuser Company (WY) 0.1 $719k 32k 22.37
Mueller Industries (MLI) 0.1 $766k 18k 42.58
SPDR Gold Trust (GLD) 0.1 $720k 4.6k 155.11
iShares Barclays 20+ Yr Treas.Bond (TLT) 0.1 $690k 5.5k 125.18
Newmont Mining Corporation (NEM) 0.1 $675k 14k 48.54
Potash Corp. Of Saskatchewan I 0.1 $651k 15k 43.71
Goldcorp 0.1 $615k 16k 37.61
BHP Billiton (BHP) 0.1 $652k 10k 65.33
Royal Gold (RGLD) 0.1 $673k 8.6k 78.36
Yamana Gold 0.1 $658k 43k 15.39
Franco-Nevada Corporation (FNV) 0.1 $655k 15k 45.19
Sociedad Quimica y Minera (SQM) 0.1 $544k 9.8k 55.66
Imperial Oil (IMO) 0.1 $493k 12k 41.73
Contango Oil & Gas Company 0.1 $557k 9.4k 59.20
Plains Exploration & Production Company 0.1 $540k 15k 35.18
Potlatch Corporation (PCH) 0.1 $477k 15k 31.93
Eldorado Gold Corp 0.1 $476k 39k 12.32
New Gold Inc Cda (NGD) 0.1 $476k 50k 9.51
Barclays Bk Plc Ipsp croil etn 0.1 $526k 25k 20.71
Manatuck Hill Mariner Offshore 0.1 $559k 3.6k 156.10
BP (BP) 0.0 $460k 11k 40.55
Barrick Gold Corp (GOLD) 0.0 $422k 11k 37.57
Mohawk Industries (MHK) 0.0 $386k 5.5k 69.81
Murphy Oil Corporation (MUR) 0.0 $426k 8.5k 50.25
Energy Xxi 0.0 $452k 14k 31.29
Berry Petroleum Company 0.0 $400k 10k 39.68
Silver Standard Res 0.0 $375k 33k 11.25
Anglo American 0.0 $402k 24k 16.53
Allied Nevada Gold 0.0 $429k 15k 28.40
iShares S&P 500 Growth Index (IVW) 0.0 $446k 6.1k 73.54
iShares S&P 500 Value Index (IVE) 0.0 $456k 7.3k 62.32
Silver Wheaton Corp 0.0 $446k 17k 26.86
Rubicon Minerals Corp 0.0 $464k 153k 3.04
First Majestic Silver Corp (AG) 0.0 $442k 31k 14.43
Peabody Energy Corporation 0.0 $260k 11k 24.52
Spdr S&p 500 Etf (SPY) 0.0 $279k 2.1k 135.90
Forward Air Corporation (FWRD) 0.0 $317k 9.8k 32.23
White Mountains Insurance Gp (WTM) 0.0 $358k 687.00 521.11
Pioneer Natural Resources (PXD) 0.0 $361k 4.1k 88.24
Varian Medical Systems 0.0 $335k 5.5k 60.70
Cliffs Natural Resources 0.0 $337k 6.8k 49.35
CurrencyShares Canadian Dollar Trust 0.0 $331k 3.4k 97.81
Inmet Mining Corp. 0.0 $337k 8.3k 40.78
iShares MSCI Japan Index 0.0 $228k 24k 9.42
Deltic Timber Corporation 0.0 $229k 3.8k 60.89
Prospect Capital Corporation (PSEC) 0.0 $236k 21k 11.38
Market Vectors Gold Miners ETF 0.0 $212k 4.7k 44.82
PowerShares DB US Dollar Index Bullish 0.0 $216k 9.6k 22.42
Barclays Bank Plc etf (COWTF) 0.0 $218k 7.6k 28.86
iShares Dow Jones Select Dividend (DVY) 0.0 $258k 4.6k 56.22
CurrencyShares Australian Dollar Trust 0.0 $226k 2.2k 102.73
Saratoga Investment (SAR) 0.0 $218k 13k 16.98
CurrencyShares Japanese Yen Trust 0.0 $222k 1.8k 122.92
Fidus Invt (FDUS) 0.0 $202k 13k 15.14
Ares Coml Real Estate (ACRE) 0.0 $175k 10k 17.50
Global X Fds glb x uranium 0.0 $83k 11k 7.44