Confluence Investment Management as of Dec. 31, 2011
Portfolio Holdings for Confluence Investment Management
Confluence Investment Management holds 221 positions in its portfolio as reported in the December 2011 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Ares Capital Corporation (ARCC) | 2.6 | $23M | 1.5M | 15.45 | |
| SPDR Barclays Capital High Yield B | 2.6 | $23M | 595k | 38.45 | |
| iShares iBoxx $ High Yid Corp Bond (HYG) | 2.3 | $21M | 233k | 89.43 | |
| Chevron Corporation (CVX) | 2.1 | $19M | 174k | 106.40 | |
| Diageo (DEO) | 2.0 | $18M | 201k | 87.42 | |
| Pepsi (PEP) | 1.9 | $17M | 253k | 66.35 | |
| Johnson & Johnson (JNJ) | 1.9 | $17M | 254k | 65.58 | |
| Microsoft Corporation (MSFT) | 1.8 | $16M | 624k | 25.96 | |
| Emerson Electric (EMR) | 1.6 | $14M | 299k | 46.59 | |
| Annaly Capital Management | 1.5 | $13M | 825k | 15.96 | |
| Ipath Dow Jones-aig Commodity (DJP) | 1.3 | $12M | 283k | 42.24 | |
| iShares IBoxx $ Invest Grade Corp Bd (LQD) | 1.3 | $12M | 102k | 113.76 | |
| McGraw-Hill Companies | 1.2 | $11M | 246k | 44.97 | |
| Southern Company (SO) | 1.2 | $11M | 240k | 46.29 | |
| GlaxoSmithKline | 1.2 | $11M | 238k | 45.63 | |
| Technology SPDR (XLK) | 1.2 | $11M | 428k | 25.45 | |
| Rayonier (RYN) | 1.2 | $11M | 240k | 44.63 | |
| Gra (GGG) | 1.2 | $11M | 257k | 40.89 | |
| Exxon Mobil Corporation (XOM) | 1.1 | $10M | 120k | 84.76 | |
| HNI Corporation (HNI) | 1.1 | $10M | 383k | 26.10 | |
| Paychex (PAYX) | 1.1 | $9.8M | 325k | 30.11 | |
| PennantPark Investment (PNNT) | 1.1 | $9.7M | 963k | 10.09 | |
| Blackrock Kelso Capital | 1.1 | $9.7M | 1.2M | 8.16 | |
| iShares Russell 2000 Growth Index (IWO) | 1.1 | $9.5M | 113k | 84.23 | |
| Vanguard REIT ETF (VNQ) | 1.1 | $9.6M | 165k | 58.00 | |
| Home Depot (HD) | 1.1 | $9.5M | 225k | 42.04 | |
| 3M Company (MMM) | 1.1 | $9.5M | 116k | 81.73 | |
| Fidelity National Financial | 1.1 | $9.4M | 590k | 15.93 | |
| Linear Technology Corporation | 1.0 | $9.2M | 305k | 30.03 | |
| Health Care SPDR (XLV) | 1.0 | $9.0M | 259k | 34.69 | |
| Energy Select Sector SPDR (XLE) | 1.0 | $9.0M | 130k | 69.13 | |
| Vectren Corporation | 1.0 | $9.0M | 299k | 30.23 | |
| Pfizer (PFE) | 1.0 | $8.9M | 413k | 21.64 | |
| W.R. Berkley Corporation (WRB) | 1.0 | $8.9M | 259k | 34.39 | |
| American Express Company (AXP) | 1.0 | $8.9M | 188k | 47.17 | |
| Lockheed Martin Corporation (LMT) | 1.0 | $8.8M | 109k | 80.90 | |
| Markel Corporation (MKL) | 1.0 | $8.8M | 21k | 414.66 | |
| 1.0 | $8.7M | 14k | 645.90 | ||
| Wal-Mart Stores (WMT) | 1.0 | $8.6M | 144k | 59.76 | |
| Willis Group Holdings | 0.9 | $8.5M | 218k | 38.80 | |
| Sigma-Aldrich Corporation | 0.9 | $8.5M | 136k | 62.46 | |
| Broadridge Financial Solutions (BR) | 0.9 | $8.3M | 366k | 22.55 | |
| Lowe's Companies (LOW) | 0.9 | $8.3M | 326k | 25.38 | |
| Consumer Staples Select Sect. SPDR (XLP) | 0.9 | $8.3M | 257k | 32.49 | |
| TJX Companies (TJX) | 0.9 | $8.3M | 128k | 64.55 | |
| E.I. du Pont de Nemours & Company | 0.9 | $8.0M | 174k | 45.78 | |
| Plum Creek Timber | 0.9 | $7.9M | 216k | 36.56 | |
| Progressive Corporation (PGR) | 0.9 | $7.8M | 402k | 19.51 | |
| Solar Cap (SLRC) | 0.9 | $7.9M | 358k | 22.09 | |
| Bed Bath & Beyond | 0.9 | $7.8M | 134k | 57.97 | |
| Illinois Tool Works (ITW) | 0.9 | $7.7M | 166k | 46.71 | |
| MVC Capital | 0.9 | $7.8M | 674k | 11.59 | |
| Martin Marietta Materials (MLM) | 0.8 | $7.4M | 99k | 75.41 | |
| Cys Investments | 0.8 | $7.4M | 560k | 13.14 | |
| Waters Corporation (WAT) | 0.8 | $7.2M | 97k | 74.05 | |
| Landauer | 0.8 | $7.2M | 139k | 51.50 | |
| Sherwin-Williams Company (SHW) | 0.8 | $7.0M | 79k | 89.27 | |
| Franklin Street Properties (FSP) | 0.8 | $6.9M | 689k | 9.95 | |
| Discovery Communications | 0.8 | $6.8M | 181k | 37.70 | |
| MasterCard Incorporated (MA) | 0.8 | $6.7M | 18k | 372.80 | |
| Berkshire Hathaway (BRK.B) | 0.8 | $6.7M | 87k | 76.30 | |
| Golub Capital BDC (GBDC) | 0.7 | $6.6M | 424k | 15.50 | |
| Beam | 0.7 | $6.4M | 125k | 51.23 | |
| Wells Fargo & Company (WFC) | 0.7 | $6.1M | 223k | 27.56 | |
| iShares Gold Trust | 0.7 | $6.2M | 407k | 15.23 | |
| Thermo Fisher Scientific (TMO) | 0.6 | $5.7M | 127k | 44.97 | |
| Financial Select Sector SPDR (XLF) | 0.6 | $5.3M | 405k | 13.00 | |
| Hercules Technology Growth Capital (HTGC) | 0.5 | $4.6M | 491k | 9.44 | |
| THL Credit | 0.5 | $4.6M | 379k | 12.21 | |
| Consumer Discretionary SPDR (XLY) | 0.5 | $4.6M | 117k | 39.02 | |
| Triangle Capital Corporation | 0.5 | $4.5M | 238k | 19.12 | |
| iShares Dow Jones US Utilities (IDU) | 0.5 | $4.4M | 50k | 88.31 | |
| Industrial SPDR (XLI) | 0.5 | $4.2M | 126k | 33.75 | |
| iShares Lehman MBS Bond Fund (MBB) | 0.5 | $4.2M | 38k | 108.07 | |
| Hatteras Financial | 0.5 | $4.1M | 156k | 26.37 | |
| Apollo Investment | 0.4 | $3.6M | 567k | 6.44 | |
| Vanguard Intermediate Tm Cpte Bd ETF (VCIT) | 0.4 | $3.6M | 43k | 82.36 | |
| Medley Capital Corporation | 0.4 | $3.6M | 345k | 10.40 | |
| Leucadia National | 0.4 | $3.5M | 153k | 22.74 | |
| Halliburton Company (HAL) | 0.4 | $3.5M | 102k | 34.51 | |
| Gladstone Capital Corporation | 0.4 | $3.5M | 453k | 7.63 | |
| iShares Lehman 7-10 Yr Treas. Bond (IEF) | 0.4 | $3.3M | 32k | 105.58 | |
| iShares Barclays Inter Crd Bd Fund ETF) (IGIB) | 0.4 | $3.3M | 31k | 107.18 | |
| iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) | 0.4 | $3.2M | 31k | 104.20 | |
| SPDR Barclay Cp Intr Trm Cr Bd (SPIB) | 0.3 | $2.9M | 89k | 33.21 | |
| Medallion Financial (MFIN) | 0.3 | $2.8M | 250k | 11.38 | |
| Horizon Technology Fin (HRZN) | 0.3 | $2.9M | 177k | 16.28 | |
| Rli (RLI) | 0.3 | $2.8M | 38k | 72.87 | |
| Barclays Bank Plc etn djubs grns37 (JJGTF) | 0.3 | $2.8M | 62k | 45.03 | |
| Brown & Brown (BRO) | 0.3 | $2.7M | 119k | 22.63 | |
| ConocoPhillips (COP) | 0.3 | $2.7M | 37k | 72.86 | |
| Landstar System (LSTR) | 0.3 | $2.6M | 55k | 47.92 | |
| Compass Diversified Holdings (CODI) | 0.3 | $2.7M | 216k | 12.39 | |
| Fifth Street Finance | 0.3 | $2.5M | 266k | 9.57 | |
| iShares Russell 2000 Value Index (IWN) | 0.3 | $2.5M | 38k | 65.65 | |
| Source Capital (SOR) | 0.3 | $2.5M | 53k | 46.99 | |
| NGP Capital Resources Company | 0.3 | $2.5M | 341k | 7.19 | |
| W.W. Grainger (GWW) | 0.2 | $2.2M | 12k | 187.18 | |
| McDonald's Corporation (MCD) | 0.2 | $1.9M | 19k | 100.33 | |
| Pennantpark Floating Rate Capi (PFLT) | 0.2 | $1.9M | 189k | 10.30 | |
| Brown-Forman Corporation (BF.B) | 0.2 | $1.8M | 23k | 80.51 | |
| Nordstrom (JWN) | 0.2 | $1.8M | 35k | 49.72 | |
| International Business Machines (IBM) | 0.2 | $1.8M | 9.8k | 183.91 | |
| VCA Antech | 0.2 | $1.8M | 90k | 19.75 | |
| Piedmont Natural Gas Company | 0.2 | $1.7M | 52k | 33.98 | |
| iShares Barclays 20+ Yr Treas.Bond (TLT) | 0.2 | $1.8M | 15k | 121.28 | |
| P.F. Chang's China Bistro | 0.2 | $1.7M | 56k | 30.92 | |
| T. Rowe Price (TROW) | 0.2 | $1.7M | 29k | 56.96 | |
| Automatic Data Processing (ADP) | 0.2 | $1.7M | 32k | 54.02 | |
| Colgate-Palmolive Company (CL) | 0.2 | $1.7M | 19k | 92.41 | |
| General Mills (GIS) | 0.2 | $1.7M | 42k | 40.42 | |
| Nextera Energy (NEE) | 0.2 | $1.7M | 28k | 60.87 | |
| Praxair | 0.2 | $1.7M | 16k | 106.89 | |
| White Mountains Insurance Gp (WTM) | 0.2 | $1.7M | 3.7k | 453.48 | |
| Commerce Bancshares (CBSH) | 0.2 | $1.7M | 44k | 38.12 | |
| New Jersey Resources Corporation (NJR) | 0.2 | $1.7M | 35k | 49.19 | |
| Kohlberg Capital (KCAP) | 0.2 | $1.7M | 263k | 6.31 | |
| Analog Devices (ADI) | 0.2 | $1.6M | 45k | 35.79 | |
| Occidental Petroleum Corporation (OXY) | 0.2 | $1.6M | 17k | 93.68 | |
| Procter & Gamble Company (PG) | 0.2 | $1.6M | 24k | 66.71 | |
| Marathon Oil Corporation (MRO) | 0.2 | $1.6M | 54k | 29.27 | |
| Materials SPDR (XLB) | 0.2 | $1.6M | 49k | 33.51 | |
| iShares Silver Trust (SLV) | 0.2 | $1.6M | 58k | 26.93 | |
| Cullen/Frost Bankers (CFR) | 0.2 | $1.5M | 29k | 52.91 | |
| SYSCO Corporation (SYY) | 0.2 | $1.5M | 52k | 29.33 | |
| MDU Resources (MDU) | 0.2 | $1.6M | 72k | 21.45 | |
| Air Products & Chemicals (APD) | 0.2 | $1.5M | 18k | 85.21 | |
| Novartis (NVS) | 0.2 | $1.5M | 27k | 57.17 | |
| Target Corporation (TGT) | 0.2 | $1.5M | 30k | 51.20 | |
| General Dynamics Corporation (GD) | 0.2 | $1.5M | 22k | 66.43 | |
| Clorox Company (CLX) | 0.2 | $1.5M | 23k | 66.57 | |
| Gladstone Investment Corporation (GAIN) | 0.2 | $1.5M | 212k | 7.27 | |
| M&T Bank Corporation (MTB) | 0.2 | $1.5M | 19k | 76.33 | |
| Becton, Dickinson and (BDX) | 0.2 | $1.4M | 19k | 74.73 | |
| United Technologies Corporation | 0.2 | $1.5M | 20k | 73.08 | |
| Gladstone Commercial Corporation (GOOD) | 0.2 | $1.4M | 79k | 17.55 | |
| MCG Capital Corporation | 0.2 | $1.5M | 368k | 3.99 | |
| Eaton Vance | 0.1 | $1.3M | 55k | 23.63 | |
| Owens & Minor (OMI) | 0.1 | $1.4M | 49k | 27.79 | |
| Affiliated Managers (AMG) | 0.1 | $1.3M | 13k | 95.94 | |
| Generac Holdings (GNRC) | 0.1 | $1.3M | 45k | 28.04 | |
| Nxp Semiconductors N V (NXPI) | 0.1 | $1.3M | 83k | 15.37 | |
| SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd | 0.1 | $1.2M | 51k | 24.35 | |
| SPDR Nuveen Barclays Capital Municpl Bnd | 0.1 | $1.3M | 53k | 23.74 | |
| New Mountain Finance Corp (NMFC) | 0.1 | $1.3M | 96k | 13.41 | |
| Vanguard Short Term Corporate Bond ETF (VCSH) | 0.1 | $1.2M | 15k | 77.89 | |
| Ritchie Bros. Auctioneers Inco | 0.1 | $1.0M | 47k | 22.07 | |
| Zebra Technologies (ZBRA) | 0.1 | $1.1M | 30k | 35.77 | |
| John Wiley & Sons (WLY) | 0.1 | $1.1M | 25k | 44.41 | |
| Patterson Companies (PDCO) | 0.1 | $1.1M | 37k | 29.52 | |
| TICC Capital | 0.1 | $1.0M | 119k | 8.65 | |
| iShares Russell 3000 Value Index (IUSV) | 0.1 | $1.0M | 12k | 83.15 | |
| iShares 10+ Year Credit Bond Fund ETF (IGLB) | 0.1 | $1.1M | 18k | 59.01 | |
| Forward Air Corporation (FWRD) | 0.1 | $980k | 31k | 32.04 | |
| SPDR Barclays Capital Mortgage Back ETF (SPMB) | 0.1 | $984k | 36k | 27.39 | |
| Newmont Mining Corporation (NEM) | 0.1 | $910k | 15k | 60.03 | |
| Simpson Manufacturing (SSD) | 0.1 | $927k | 28k | 33.67 | |
| SPDR Gold Trust (GLD) | 0.1 | $936k | 6.2k | 151.92 | |
| Sanderson Farms | 0.1 | $891k | 18k | 50.14 | |
| Full Circle Cap Corp | 0.1 | $887k | 127k | 6.99 | |
| Haemonetics Corporation (HAE) | 0.1 | $826k | 14k | 61.24 | |
| Techne Corporation | 0.1 | $777k | 11k | 68.30 | |
| Goldcorp | 0.1 | $796k | 18k | 44.23 | |
| BHP Billiton (BHP) | 0.1 | $767k | 11k | 70.66 | |
| Morningstar (MORN) | 0.1 | $804k | 14k | 59.48 | |
| Royal Gold (RGLD) | 0.1 | $768k | 11k | 67.40 | |
| Scotts Miracle-Gro Company (SMG) | 0.1 | $767k | 16k | 46.71 | |
| BP (BP) | 0.1 | $682k | 16k | 42.71 | |
| Heartland Express (HTLD) | 0.1 | $707k | 50k | 14.28 | |
| Potash Corp. Of Saskatchewan I | 0.1 | $671k | 16k | 41.25 | |
| Freeport-McMoRan Copper & Gold (FCX) | 0.1 | $706k | 19k | 36.80 | |
| Mueller Industries (MLI) | 0.1 | $750k | 20k | 38.42 | |
| West Pharmaceutical Services (WST) | 0.1 | $710k | 19k | 37.93 | |
| iShares S&P 500 Growth Index (IVW) | 0.1 | $736k | 11k | 67.39 | |
| Silver Wheaton Corp | 0.1 | $735k | 25k | 28.98 | |
| Yamana Gold | 0.1 | $730k | 50k | 14.70 | |
| Douglas Dynamics (PLOW) | 0.1 | $754k | 52k | 14.62 | |
| Main Street Capital Corporation (MAIN) | 0.1 | $700k | 33k | 21.24 | |
| Franco-Nevada Corporation (FNV) | 0.1 | $685k | 18k | 38.08 | |
| CurrencyShares Australian Dollar Trust | 0.1 | $691k | 6.7k | 102.61 | |
| European Goldfields (EGU) | 0.1 | $691k | 60k | 11.56 | |
| Barrick Gold Corp (GOLD) | 0.1 | $601k | 13k | 45.25 | |
| Sociedad Quimica y Minera (SQM) | 0.1 | $596k | 11k | 53.88 | |
| Imperial Oil (IMO) | 0.1 | $589k | 13k | 44.47 | |
| Contango Oil & Gas Company | 0.1 | $617k | 11k | 58.15 | |
| Plains Exploration & Production Company | 0.1 | $645k | 18k | 36.70 | |
| CF Industries Holdings (CF) | 0.1 | $656k | 4.5k | 145.07 | |
| Hibbett Sports (HIBB) | 0.1 | $655k | 15k | 45.18 | |
| First Majestic Silver Corp (AG) | 0.1 | $581k | 35k | 16.83 | |
| Inmet Mining Corp. | 0.1 | $588k | 9.1k | 64.27 | |
| Manatuck Hill Mariner Offshore | 0.1 | $593k | 3.8k | 157.55 | |
| Solar Senior Capital | 0.1 | $607k | 39k | 15.76 | |
| Murphy Oil Corporation (MUR) | 0.1 | $520k | 9.3k | 55.69 | |
| Talisman Energy Inc Com Stk | 0.1 | $525k | 41k | 12.76 | |
| McMoRan Exploration | 0.1 | $560k | 39k | 14.56 | |
| Silver Standard Res | 0.1 | $508k | 37k | 13.81 | |
| iShares S&P 500 Value Index (IVE) | 0.1 | $498k | 8.6k | 57.85 | |
| Enerplus Corp | 0.1 | $533k | 21k | 25.32 | |
| Ross Stores (ROST) | 0.1 | $461k | 9.7k | 47.48 | |
| Southwestern Energy Company | 0.1 | $488k | 15k | 31.94 | |
| Cliffs Natural Resources | 0.1 | $463k | 7.4k | 62.34 | |
| Anglo American | 0.1 | $487k | 27k | 18.16 | |
| Mesabi Trust (MSB) | 0.1 | $461k | 18k | 25.11 | |
| Peabody Energy Corporation | 0.0 | $364k | 11k | 33.08 | |
| Mohawk Industries (MHK) | 0.0 | $339k | 5.7k | 59.78 | |
| Berkshire Hathaway (BRK.A) | 0.0 | $344k | 3.00 | 114666.67 | |
| iShares Dow Jones Select Dividend (DVY) | 0.0 | $324k | 6.0k | 53.78 | |
| iShares FTSE/Xinhua China 25 Index (FXI) | 0.0 | $266k | 7.6k | 34.84 | |
| Tyco International Ltd S hs | 0.0 | $282k | 6.0k | 46.64 | |
| iShares S&P 500 Index (IVV) | 0.0 | $277k | 2.2k | 126.14 | |
| Berry Petroleum Company | 0.0 | $285k | 6.8k | 41.98 | |
| Quest Diagnostics Incorporated (DGX) | 0.0 | $304k | 5.2k | 58.00 | |
| Medical Action Industries | 0.0 | $309k | 59k | 5.23 | |
| Smith & Nephew (SNN) | 0.0 | $286k | 5.9k | 48.20 | |
| PowerShares DB US Dollar Index Bearish | 0.0 | $271k | 10k | 26.89 | |
| Barclays Bank Plc etf (COWTF) | 0.0 | $293k | 9.8k | 29.75 | |
| Claymore/Zacks Multi-Asset Inc Idx | 0.0 | $311k | 15k | 20.45 | |
| ProShares Short 20+ Year Treasury ETF (TBF) | 0.0 | $266k | 8.5k | 31.12 | |
| Northstar Realty Finance | 0.0 | $160k | 34k | 4.78 | |
| Saratoga Investment (SAR) | 0.0 | $159k | 13k | 12.39 | |
| Prospect Capital Corporation (PSEC) | 0.0 | $113k | 12k | 9.28 |
