Confluence Investment Management

Confluence Investment Management as of March 31, 2014

Portfolio Holdings for Confluence Investment Management

Confluence Investment Management holds 252 positions in its portfolio as reported in the March 2014 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Johnson & Johnson (JNJ) 2.4 $48M 484k 98.23
Chevron Corporation (CVX) 2.2 $43M 363k 118.91
Pepsi (PEP) 2.2 $43M 518k 83.50
Ares Capital Corporation (ARCC) 2.1 $43M 2.4M 17.62
Emerson Electric (EMR) 2.0 $40M 591k 66.80
Microsoft Corporation (MSFT) 1.9 $38M 935k 40.99
Diageo (DEO) 1.9 $38M 307k 124.59
3M Company (MMM) 1.9 $37M 269k 135.66
Lockheed Martin Corporation (LMT) 1.8 $36M 222k 163.24
Rayonier (RYN) 1.8 $36M 780k 45.91
Praxair 1.7 $34M 257k 130.97
GlaxoSmithKline 1.7 $33M 612k 53.43
Martin Marietta Materials (MLM) 1.6 $32M 252k 128.35
Southern Company (SO) 1.6 $32M 725k 43.94
Linear Technology Corporation 1.6 $31M 642k 48.69
E.I. du Pont de Nemours & Company 1.6 $31M 456k 67.10
Kohl's Corporation (KSS) 1.5 $30M 528k 56.80
Pfizer (PFE) 1.5 $30M 923k 32.12
Kinder Morgan (KMI) 1.5 $30M 910k 32.49
Iron Mountain Incorporated 1.5 $29M 1.1M 27.57
Kraft Foods 1.5 $29M 513k 56.10
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.4 $28M 242k 116.94
Digital Realty Trust (DLR) 1.4 $28M 527k 53.08
Gra (GGG) 1.4 $28M 375k 74.74
Plum Creek Timber 1.4 $28M 660k 42.04
Broadridge Financial Solutions (BR) 1.4 $28M 741k 37.14
Pepco Holdings 1.4 $27M 1.3M 20.48
C.H. Robinson Worldwide (CHRW) 1.4 $27M 513k 52.39
Progressive Corporation (PGR) 1.4 $27M 1.1M 24.22
Golub Capital BDC (GBDC) 1.3 $26M 1.5M 17.84
Fidelity National Financial 1.3 $26M 836k 31.44
Northern Trust Corporation (NTRS) 1.1 $21M 320k 65.56
Nxp Semiconductors N V (NXPI) 1.0 $21M 349k 58.81
Willis Group Holdings 1.0 $19M 438k 44.13
Colgate-Palmolive Company (CL) 1.0 $19M 297k 64.87
American Express Company (AXP) 0.9 $18M 204k 90.03
Paychex (PAYX) 0.9 $18M 417k 42.60
iShares S&P MidCap 400 Value Index (IJJ) 0.9 $17M 143k 120.42
United Technologies Corporation 0.9 $17M 145k 116.84
iShares S&P MidCap 400 Growth (IJK) 0.8 $17M 110k 152.92
Illinois Tool Works (ITW) 0.8 $15M 189k 81.33
Markel Corporation (MKL) 0.8 $16M 26k 596.12
Express Scripts Holding 0.8 $15M 205k 75.09
Mattel (MAT) 0.7 $14M 359k 40.11
Expeditors International of Washington (EXPD) 0.7 $14M 359k 39.63
Waters Corporation (WAT) 0.7 $13M 122k 108.41
Sigma-Aldrich Corporation 0.7 $13M 140k 93.38
Google 0.7 $13M 12k 1114.53
Bed Bath & Beyond 0.6 $13M 184k 68.80
Berkshire Hathaway (BRK.B) 0.6 $12M 99k 124.97
Wells Fargo & Company (WFC) 0.6 $13M 251k 49.74
TJX Companies (TJX) 0.6 $12M 202k 60.65
Lowe's Companies (LOW) 0.6 $12M 252k 48.90
Discovery Communications 0.6 $12M 160k 77.06
Thermo Fisher Scientific (TMO) 0.6 $12M 100k 120.23
Halliburton Company (HAL) 0.6 $12M 203k 58.89
Vanguard REIT ETF (VNQ) 0.6 $11M 161k 70.62
SPDR DJ Wilshire REIT (RWR) 0.6 $11M 145k 78.03
W.R. Berkley Corporation (WRB) 0.6 $11M 263k 41.62
MasterCard Incorporated (MA) 0.5 $10M 136k 74.70
Brown & Brown (BRO) 0.5 $10M 329k 30.76
Medley Capital Corporation 0.5 $10M 739k 13.61
iShares 10+ Year Credit Bond Fund ETF (IGLB) 0.5 $9.7M 168k 58.12
PennantPark Investment (PNNT) 0.5 $9.4M 854k 11.05
THL Credit 0.5 $9.5M 690k 13.80
Solar Cap (SLRC) 0.5 $9.1M 416k 21.78
New Mountain Finance Corp (NMFC) 0.5 $9.1M 623k 14.55
Tcp Capital 0.5 $9.1M 550k 16.55
Stryker Corporation (SYK) 0.5 $8.9M 109k 81.47
iShares Dow Jones US Technology (IYW) 0.4 $8.2M 90k 91.06
iShares FTSE NAREIT Resi Plus Capp (REZ) 0.4 $8.1M 162k 50.05
Hercules Technology Growth Capital (HTGC) 0.4 $7.6M 539k 14.07
iShares Dow Jones US Financial (IYF) 0.3 $6.8M 83k 81.76
Exxon Mobil Corporation (XOM) 0.3 $6.4M 65k 97.68
iShares iBoxx $ High Yid Corp Bond (HYG) 0.3 $5.9M 62k 94.38
Consumer Discretionary SPDR (XLY) 0.3 $5.8M 90k 64.72
SPDR Barclays Capital High Yield B 0.3 $5.9M 143k 41.32
Vanguard Intermediate Tm Cpte Bd ETF (VCIT) 0.3 $5.7M 67k 84.99
Cys Investments 0.3 $5.8M 697k 8.26
Ishares Tr 2018 invtgr bd 0.3 $5.7M 57k 98.72
Triangle Capital Corporation 0.3 $5.5M 213k 25.89
SPDR Barclay Cp Intr Trm Cr Bd (SPIB) 0.3 $5.6M 164k 34.00
MDU Resources (MDU) 0.3 $5.3M 155k 34.31
ConocoPhillips (COP) 0.3 $5.4M 76k 70.35
Nextera Energy (NEE) 0.3 $5.3M 55k 95.61
General Dynamics Corporation (GD) 0.3 $5.3M 48k 108.92
Industrial SPDR (XLI) 0.3 $5.3M 101k 52.33
Commerce Bancshares (CBSH) 0.3 $5.2M 113k 46.42
Brown-Forman Corporation (BF.B) 0.3 $5.1M 57k 89.69
Analog Devices (ADI) 0.3 $5.1M 95k 53.14
Becton, Dickinson and (BDX) 0.3 $5.1M 44k 117.08
Novartis (NVS) 0.3 $5.1M 60k 85.03
Occidental Petroleum Corporation (OXY) 0.3 $5.0M 53k 95.28
Energy Select Sector SPDR (XLE) 0.3 $5.2M 59k 89.06
M&T Bank Corporation (MTB) 0.2 $4.9M 41k 121.31
Home Depot (HD) 0.2 $5.0M 63k 79.13
Cullen/Frost Bankers (CFR) 0.2 $5.0M 64k 77.53
T. Rowe Price (TROW) 0.2 $4.9M 60k 82.34
Air Products & Chemicals (APD) 0.2 $5.0M 42k 119.03
Procter & Gamble Company (PG) 0.2 $4.9M 61k 80.60
Ace Limited Cmn 0.2 $4.7M 48k 99.05
McDonald's Corporation (MCD) 0.2 $4.8M 49k 98.02
W.W. Grainger (GWW) 0.2 $4.7M 19k 252.66
Nordstrom (JWN) 0.2 $4.8M 77k 62.44
Nike (NKE) 0.2 $4.8M 65k 73.85
Marathon Oil Corporation (MRO) 0.2 $4.7M 132k 35.52
Donaldson Company (DCI) 0.2 $4.7M 111k 42.40
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.2 $4.8M 47k 101.73
Kcap Financial 0.2 $4.7M 540k 8.66
Clorox Company (CLX) 0.2 $4.6M 52k 88.02
Landstar System (LSTR) 0.2 $4.5M 76k 59.22
New Jersey Resources Corporation (NJR) 0.2 $4.6M 93k 49.80
Piedmont Natural Gas Company 0.2 $4.5M 128k 35.39
Apollo Investment 0.2 $4.5M 536k 8.31
International Business Machines (IBM) 0.2 $4.4M 23k 192.50
Stonecastle Finl (BANX) 0.2 $4.4M 179k 24.58
MVC Capital 0.2 $4.2M 310k 13.55
Triplepoint Venture Gr Bdc cs (TPVG) 0.2 $4.1M 253k 16.24
Annaly Capital Management 0.2 $4.0M 368k 10.97
Medallion Financial (MFIN) 0.2 $4.0M 300k 13.21
Horizon Technology Fin (HRZN) 0.2 $4.0M 321k 12.51
Health Care SPDR (XLV) 0.2 $3.8M 66k 58.48
iShares Gold Trust 0.2 $3.7M 294k 12.44
Hatteras Financial 0.2 $3.7M 194k 18.85
iShares MSCI ACWI Index Fund (ACWI) 0.2 $3.7M 64k 58.13
SPDR Nuveen Barclays Capital Municpl Bnd 0.2 $3.7M 160k 23.25
Compass Diversified Holdings (CODI) 0.2 $3.5M 187k 18.91
iShares Lehman MBS Bond Fund (MBB) 0.2 $3.5M 33k 106.14
Ofs Capital (OFS) 0.2 $3.5M 283k 12.51
Stellus Capital Investment (SCM) 0.2 $3.5M 242k 14.38
Ishares Tr 2020 invtgr bd 0.2 $3.5M 36k 97.27
Ishares Tr 2023 invtgr bd 0.2 $3.5M 37k 94.55
Ishares Corporate Bond Etf 202 0.2 $3.6M 35k 102.95
Pennantpark Floating Rate Capi (PFLT) 0.2 $3.4M 247k 13.82
Gladstone Capital Corporation (GLAD) 0.2 $3.2M 314k 10.08
Select Comfort 0.2 $3.1M 172k 18.08
Blackrock Kelso Capital 0.2 $3.1M 334k 9.17
iShares Barclays Inter Crd Bd Fund ETF) (IGIB) 0.2 $3.2M 29k 109.05
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.1 $2.9M 119k 24.26
Ritchie Bros. Auctioneers Inco 0.1 $2.7M 111k 24.13
Zebra Technologies (ZBRA) 0.1 $2.5M 36k 69.41
NGP Capital Resources Company 0.1 $2.6M 378k 6.76
Consumer Staples Select Sect. SPDR (XLP) 0.1 $2.6M 59k 43.06
Patterson Companies (PDCO) 0.1 $2.4M 58k 41.76
Landauer 0.1 $2.4M 52k 45.32
MCG Capital Corporation 0.1 $2.4M 628k 3.79
Gladstone Investment Corporation (GAIN) 0.1 $2.4M 285k 8.27
Main Street Capital Corporation (MAIN) 0.1 $2.5M 75k 32.86
Safeguard Scientifics 0.1 $2.2M 98k 22.18
Claymore Exchange-traded Fd gugg crp bd 2017 0.1 $2.2M 95k 22.81
Ishares Trust Barclays (GNMA) 0.1 $2.1M 43k 48.90
Ishares Trust Barclays (CMBS) 0.1 $2.1M 41k 51.13
Claymore Exchange Trd Fd Tr gug bull2019 e 0.1 $2.1M 102k 20.89
Claymore Exchange Trd Fd Tr gug bull2020 e 0.1 $2.1M 102k 20.88
Claymore Exchange Trd Fd Tr gug bull2018 e 0.1 $2.1M 101k 21.06
Ishares Tr 2016 invtgr bd 0.1 $2.1M 21k 100.20
Gugenheim Bulletshares 2022 Corp Bd 0.1 $2.2M 108k 20.43
Claymore Exchange Trd Fd Tr gugg bulsh 2021 0.1 $2.2M 108k 20.62
American Capital 0.1 $2.0M 128k 15.79
Materials SPDR (XLB) 0.1 $1.9M 41k 47.29
Vanguard European ETF (VGK) 0.1 $1.9M 32k 58.95
iShares Dow Jones US Utilities (IDU) 0.1 $1.8M 17k 104.20
Douglas Dynamics (PLOW) 0.1 $1.7M 98k 17.42
Solar Senior Capital 0.1 $1.9M 109k 17.11
C&j Energy Services 0.1 $1.8M 60k 29.16
Haemonetics Corporation (HAE) 0.1 $1.5M 46k 32.60
Forward Air Corporation (FWRD) 0.1 $1.6M 35k 46.12
VCA Antech 0.1 $1.6M 50k 32.23
Mueller Industries (MLI) 0.1 $1.5M 50k 29.99
Gladstone Commercial Corporation (GOOD) 0.1 $1.7M 96k 17.34
Techne Corporation 0.1 $1.5M 18k 85.36
Claymore Exchange-traded Fd gugg crp bd 2016 0.1 $1.5M 67k 22.37
Franklin Electric (FELE) 0.1 $1.5M 35k 42.52
Hittite Microwave Corporation 0.1 $1.4M 23k 63.03
Morningstar (MORN) 0.1 $1.5M 18k 79.04
West Pharmaceutical Services (WST) 0.1 $1.4M 32k 44.04
Cubic Corporation 0.1 $1.3M 25k 51.07
Onebeacon Insurance Group Ltd Cl-a 0.1 $1.5M 95k 15.46
Cu (CULP) 0.1 $1.5M 74k 19.74
Bank of Marin Ban (BMRC) 0.1 $1.5M 33k 45.06
Lance 0.1 $1.3M 47k 28.18
Guggenheim Bulletshar 0.1 $1.4M 65k 21.89
Thermon Group Holdings (THR) 0.1 $1.5M 63k 23.19
Vocera Communications 0.1 $1.5M 89k 16.33
re Max Hldgs Inc cl a (RMAX) 0.1 $1.4M 50k 28.83
Spdr S&p 500 Etf (SPY) 0.1 $1.2M 6.5k 187.04
Fifth Street Finance 0.1 $1.2M 124k 9.46
iShares Lehman 3-7 Yr Treasury Bond (IEI) 0.1 $1.2M 9.7k 120.70
Ishares Tr 2017 s^p amtfr 0.1 $1.2M 22k 55.15
Ishares S&p Amt-free Municipal 0.1 $1.2M 48k 25.39
Tpg Specialty Lnding Inc equity 0.1 $1.3M 77k 16.59
MSC Industrial Direct (MSM) 0.1 $1.0M 12k 86.55
Berkshire Hathaway (BRK.A) 0.1 $937k 5.00 187400.00
Varian Medical Systems 0.1 $1.1M 13k 83.99
TICC Capital 0.1 $1.0M 105k 9.78
Mohawk Industries (MHK) 0.0 $764k 5.6k 136.02
GrafTech International 0.0 $701k 64k 10.92
iShares S&P Natl AMTFr Mncpl Bd (MUB) 0.0 $827k 7.7k 107.07
iShares 2015 S&P AMT-Free Mun Ser ETF 0.0 $808k 15k 53.04
iShares 2016 S&P AMT-Free Mun Ser ETF 0.0 $810k 15k 53.59
Rli (RLI) 0.0 $685k 16k 44.24
Potash Corp. Of Saskatchewan I 0.0 $598k 17k 36.19
CF Industries Holdings (CF) 0.0 $558k 2.1k 260.63
Scotts Miracle-Gro Company (SMG) 0.0 $547k 8.9k 61.32
PIMCO Intermediate Mun Bond Strat Fund (MUNI) 0.0 $577k 11k 52.61
Monroe Cap (MRCC) 0.0 $515k 38k 13.54
Gulf Coast Ultra Deep Royalty (GULTU) 0.0 $530k 174k 3.05
American Cap Sr Floating 0.0 $553k 39k 14.04
Barrick Gold Corp (GOLD) 0.0 $305k 17k 17.84
Affiliated Managers (AMG) 0.0 $386k 1.9k 200.21
Range Resources (RRC) 0.0 $376k 4.5k 83.04
Continental Resources 0.0 $367k 3.0k 124.11
Hess (HES) 0.0 $361k 4.4k 82.93
Weyerhaeuser Company (WY) 0.0 $479k 16k 29.36
Statoil ASA 0.0 $421k 15k 28.25
Total (TTE) 0.0 $420k 6.4k 65.59
Freeport-McMoRan Copper & Gold (FCX) 0.0 $342k 10k 33.04
Murphy Oil Corporation (MUR) 0.0 $338k 5.4k 62.78
EOG Resources (EOG) 0.0 $385k 2.0k 196.23
Energy Xxi 0.0 $324k 14k 23.55
Pioneer Natural Resources (PXD) 0.0 $342k 1.8k 187.40
Whiting Petroleum Corporation 0.0 $368k 5.3k 69.32
Eni S.p.A. (E) 0.0 $364k 7.3k 50.20
BHP Billiton (BHP) 0.0 $377k 5.6k 67.84
Concho Resources 0.0 $389k 3.2k 122.52
Repsol YPF (REPYY) 0.0 $360k 14k 25.60
Royal Gold (RGLD) 0.0 $347k 5.5k 62.55
Cimarex Energy 0.0 $398k 3.3k 119.13
Potlatch Corporation (PCH) 0.0 $338k 8.7k 38.65
New Gold Inc Cda (NGD) 0.0 $304k 62k 4.89
iShares S&P 500 Growth Index (IVW) 0.0 $410k 4.1k 99.90
iShares S&P 500 Value Index (IVE) 0.0 $443k 5.1k 86.86
iShares Russell 2000 Value Index (IWN) 0.0 $449k 4.5k 100.83
iShares Russell 2000 Growth Index (IWO) 0.0 $434k 3.2k 136.14
Silver Wheaton Corp 0.0 $388k 17k 22.70
Yamana Gold 0.0 $328k 37k 8.77
iShares Barclays 20+ Yr Treas.Bond (TLT) 0.0 $443k 4.1k 109.17
Hallador Energy (HNRG) 0.0 $367k 43k 8.55
Franco-Nevada Corporation (FNV) 0.0 $323k 7.0k 45.93
Manatuck Hill Mariner Offshore 0.0 $464k 3.2k 145.82
Cm Fin 0.0 $312k 20k 15.60
Cabot Oil & Gas Corporation (CTRA) 0.0 $286k 8.4k 33.89
Coca-Cola Company (KO) 0.0 $253k 6.5k 38.66
Franklin Street Properties (FSP) 0.0 $139k 11k 12.64
Eldorado Gold Corp 0.0 $286k 51k 5.59
Saratoga Investment (SAR) 0.0 $230k 15k 15.40
iShares Dow Jones US Aerospace & Def.ETF (ITA) 0.0 $218k 2.0k 109.33
Proshares Tr pshs sh msci emr (EUM) 0.0 $201k 7.6k 26.40
Vanguard Equity Income Admiral (VEIRX) 0.0 $277k 4.4k 63.26
Ares Coml Real Estate (ACRE) 0.0 $268k 20k 13.40
Harvest Cap Cr 0.0 $295k 20k 14.75
Proshares Tr Ii ul djubsnatg 0.0 $225k 5.1k 43.78