Confluence Investment Management

Confluence Investment Management as of Sept. 30, 2012

Portfolio Holdings for Confluence Investment Management

Confluence Investment Management holds 237 positions in its portfolio as reported in the September 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Ares Capital Corporation (ARCC) 2.5 $29M 1.7M 17.14
Vanguard REIT ETF (VNQ) 2.2 $25M 386k 64.97
Chevron Corporation (CVX) 2.1 $24M 207k 116.56
SPDR Barclays Capital High Yield B 2.0 $23M 569k 40.21
Johnson & Johnson (JNJ) 1.9 $22M 315k 68.91
Microsoft Corporation (MSFT) 1.9 $22M 725k 29.76
Diageo (DEO) 1.8 $21M 183k 112.73
iShares iBoxx $ High Yid Corp Bond (HYG) 1.8 $21M 223k 92.30
Pepsi (PEP) 1.6 $19M 268k 70.77
Emerson Electric (EMR) 1.6 $18M 377k 48.27
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.4 $16M 134k 121.77
Golub Capital BDC (GBDC) 1.4 $16M 1.0M 15.90
McGraw-Hill Companies 1.4 $16M 297k 54.59
Gra (GGG) 1.4 $16M 315k 50.28
Rli (RLI) 1.3 $15M 231k 66.66
Fidelity National Financial 1.3 $15M 704k 21.39
GlaxoSmithKline 1.3 $15M 317k 46.24
Rayonier (RYN) 1.2 $14M 294k 49.01
Annaly Capital Management 1.2 $14M 850k 16.84
Plum Creek Timber 1.2 $14M 315k 43.84
Praxair 1.2 $14M 130k 103.88
3M Company (MMM) 1.2 $13M 144k 92.42
Linear Technology Corporation 1.2 $13M 421k 31.82
HNI Corporation (HNI) 1.2 $13M 524k 25.51
Paychex (PAYX) 1.1 $13M 394k 33.29
Lockheed Martin Corporation (LMT) 1.1 $13M 137k 93.38
Pfizer (PFE) 1.1 $13M 506k 24.85
Broadridge Financial Solutions (BR) 1.1 $12M 520k 23.33
E.I. du Pont de Nemours & Company 1.0 $12M 239k 50.27
Landauer 1.0 $12M 201k 59.72
Progressive Corporation (PGR) 1.0 $12M 565k 20.74
Vectren Corporation 1.0 $12M 410k 28.60
Willis Group Holdings 1.0 $12M 317k 36.92
Martin Marietta Materials (MLM) 1.0 $12M 139k 82.87
Franklin Street Properties (FSP) 1.0 $12M 1.0M 11.07
Markel Corporation (MKL) 1.0 $11M 25k 458.49
PennantPark Investment (PNNT) 1.0 $12M 1.1M 10.61
Exxon Mobil Corporation (XOM) 1.0 $11M 122k 91.45
iShares Dow Jones US Technology (IYW) 0.9 $11M 143k 75.87
Wal-Mart Stores (WMT) 0.9 $11M 145k 73.80
Southern Company (SO) 0.9 $11M 233k 46.09
Illinois Tool Works (ITW) 0.9 $10M 175k 59.47
American Express Company (AXP) 0.9 $10M 181k 56.86
Sigma-Aldrich Corporation 0.9 $10M 143k 71.97
Discovery Communications 0.9 $10M 181k 56.04
Lowe's Companies (LOW) 0.9 $10M 330k 30.24
Google 0.9 $10M 13k 754.53
W.R. Berkley Corporation (WRB) 0.8 $9.7M 258k 37.49
Thermo Fisher Scientific (TMO) 0.8 $9.4M 160k 58.83
Home Depot (HD) 0.8 $9.3M 154k 60.37
Medley Capital Corporation 0.8 $9.3M 658k 14.07
iShares Gold Trust 0.8 $8.9M 515k 17.27
Waters Corporation (WAT) 0.8 $8.8M 105k 83.33
Ipath Dow Jones-aig Commodity (DJP) 0.8 $8.6M 196k 44.21
MasterCard Incorporated (MA) 0.7 $8.5M 19k 451.48
Bed Bath & Beyond 0.7 $8.6M 136k 63.00
Berkshire Hathaway (BRK.B) 0.7 $8.4M 95k 88.20
Health Care SPDR (XLV) 0.7 $8.4M 211k 40.12
Wells Fargo & Company (WFC) 0.7 $8.2M 236k 34.53
Cys Investments 0.7 $8.1M 575k 14.09
MVC Capital 0.7 $8.0M 622k 12.80
THL Credit 0.7 $8.0M 568k 14.03
iShares Lehman MBS Bond Fund (MBB) 0.7 $7.8M 72k 109.16
Energy Select Sector SPDR (XLE) 0.7 $7.7M 105k 73.44
Industrial SPDR (XLI) 0.6 $7.4M 202k 36.53
TJX Companies (TJX) 0.6 $7.1M 158k 44.79
iShares Barclays Inter Crd Bd Fund ETF) (IGIB) 0.6 $7.0M 63k 111.44
Solar Cap (SLRC) 0.6 $6.9M 300k 22.92
Triangle Capital Corporation 0.6 $6.9M 267k 25.66
Beam 0.6 $6.8M 118k 57.54
Hercules Technology Growth Capital (HTGC) 0.6 $6.7M 612k 11.01
Vanguard Intermediate Tm Cpte Bd ETF (VCIT) 0.5 $6.2M 71k 87.67
Leucadia National 0.5 $5.9M 260k 22.75
Halliburton Company (HAL) 0.5 $5.7M 170k 33.69
Consumer Discretionary SPDR (XLY) 0.5 $5.7M 123k 46.79
iShares Dow Jones US Financial (IYF) 0.5 $5.5M 95k 58.31
iShares Russell 2000 Value Index (IWN) 0.5 $5.5M 74k 73.94
iShares Russell 2000 Growth Index (IWO) 0.5 $5.4M 57k 95.60
Horizon Technology Fin (HRZN) 0.4 $4.5M 281k 16.16
Hatteras Financial 0.4 $4.4M 156k 28.19
New Mountain Finance Corp (NMFC) 0.4 $4.4M 297k 14.82
Vanguard Emerging Markets ETF (VWO) 0.4 $4.1M 99k 41.72
Gladstone Capital Corporation 0.3 $4.1M 464k 8.75
Consumer Staples Select Sect. SPDR (XLP) 0.3 $4.1M 113k 35.82
Apollo Investment 0.3 $3.9M 500k 7.88
Tcp Capital 0.3 $3.9M 247k 15.96
Brown & Brown (BRO) 0.3 $3.7M 142k 26.07
Medallion Financial (MFIN) 0.3 $3.6M 305k 11.81
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.3 $3.6M 34k 105.76
Compass Diversified Holdings (CODI) 0.3 $3.2M 216k 14.78
Blackrock Kelso Capital 0.3 $3.2M 326k 9.72
Ishares Utilities Sector Bond 0.3 $3.0M 57k 52.22
Landstar System (LSTR) 0.2 $2.8M 58k 47.29
SPDR Barclay Cp Intr Trm Cr Bd (SPIB) 0.2 $2.7M 79k 34.88
Pennantpark Floating Rate Capi (PFLT) 0.2 $2.8M 220k 12.67
ConocoPhillips (COP) 0.2 $2.6M 46k 57.19
NGP Capital Resources Company 0.2 $2.7M 361k 7.46
MCG Capital Corporation 0.2 $2.7M 578k 4.61
W.W. Grainger (GWW) 0.2 $2.6M 12k 208.37
Brown-Forman Corporation (BF.B) 0.2 $2.5M 39k 65.25
Stryker Corporation (SYK) 0.2 $2.5M 45k 55.67
Kcap Financial 0.2 $2.5M 274k 9.26
Colgate-Palmolive Company (CL) 0.2 $2.4M 22k 107.23
International Business Machines (IBM) 0.2 $2.4M 11k 207.48
Nextera Energy (NEE) 0.2 $2.4M 34k 70.34
Claymore Exchange-traded Fd gugg crp bd 2017 0.2 $2.4M 106k 22.88
M&T Bank Corporation (MTB) 0.2 $2.3M 24k 95.18
Automatic Data Processing (ADP) 0.2 $2.3M 38k 58.66
Nordstrom (JWN) 0.2 $2.3M 42k 55.18
McDonald's Corporation (MCD) 0.2 $2.2M 24k 91.77
T. Rowe Price (TROW) 0.2 $2.2M 35k 63.30
Analog Devices (ADI) 0.2 $2.1M 55k 39.18
Novartis (NVS) 0.2 $2.2M 36k 61.26
Procter & Gamble Company (PG) 0.2 $2.2M 31k 69.35
Eaton Vance 0.2 $2.1M 74k 28.96
Commerce Bancshares (CBSH) 0.2 $2.2M 54k 40.34
Deckers Outdoor Corporation (DECK) 0.2 $2.2M 60k 36.64
Cullen/Frost Bankers (CFR) 0.2 $2.0M 35k 57.43
SYSCO Corporation (SYY) 0.2 $2.1M 67k 31.28
General Mills (GIS) 0.2 $2.1M 52k 39.85
United Technologies Corporation 0.2 $2.0M 26k 78.27
Clorox Company (CLX) 0.2 $2.1M 29k 72.05
Marathon Oil Corporation (MRO) 0.2 $2.0M 68k 29.57
New Jersey Resources Corporation (NJR) 0.2 $2.0M 44k 45.71
Piedmont Natural Gas Company 0.2 $2.1M 64k 32.49
Powershares Etf Tr Ii s^p smcp hc po 0.2 $2.1M 56k 36.71
MDU Resources (MDU) 0.2 $2.0M 91k 22.04
Becton, Dickinson and (BDX) 0.2 $2.0M 25k 78.57
Air Products & Chemicals (APD) 0.2 $1.9M 23k 82.70
VCA Antech 0.2 $2.0M 99k 19.72
General Dynamics Corporation (GD) 0.2 $1.9M 29k 66.11
Materials SPDR (XLB) 0.2 $2.0M 54k 36.81
iShares Dow Jones US Utilities (IDU) 0.2 $2.0M 22k 89.51
Gladstone Investment Corporation (GAIN) 0.2 $1.9M 249k 7.82
Vanguard Short Term Corporate Bond ETF (VCSH) 0.2 $2.0M 25k 80.31
Nike (NKE) 0.2 $1.9M 20k 94.90
Occidental Petroleum Corporation (OXY) 0.2 $1.9M 22k 86.08
SPDR Nuveen Barclays Capital Municpl Bnd 0.2 $1.8M 75k 24.58
Gladstone Commercial Corporation (GOOD) 0.1 $1.7M 92k 18.26
EnPro Industries (NPO) 0.1 $1.6M 44k 36.00
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.1 $1.6M 14k 108.47
Nxp Semiconductors N V (NXPI) 0.1 $1.7M 67k 25.02
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.1 $1.6M 65k 24.50
Main Street Capital Corporation (MAIN) 0.1 $1.6M 55k 29.51
PowerShares S&P SllCp Egy Ptflio 0.1 $1.6M 48k 34.35
Patterson Companies (PDCO) 0.1 $1.5M 43k 34.24
TICC Capital 0.1 $1.5M 145k 10.40
Source Capital (SOR) 0.1 $1.5M 28k 52.08
Full Circle Cap Corp 0.1 $1.4M 178k 8.11
Affiliated Managers (AMG) 0.1 $1.4M 11k 122.98
Zebra Technologies (ZBRA) 0.1 $1.4M 36k 37.48
John Wiley & Sons (WLY) 0.1 $1.4M 30k 45.95
iShares MSCI Brazil Index (EWZ) 0.1 $1.4M 26k 54.07
Solar Senior Capital 0.1 $1.3M 74k 17.91
Ritchie Bros. Auctioneers Inco 0.1 $1.3M 68k 19.23
Fifth Street Finance 0.1 $1.3M 114k 10.98
American Capital 0.1 $1.3M 116k 11.35
West Pharmaceutical Services (WST) 0.1 $1.2M 23k 53.05
Generac Holdings (GNRC) 0.1 $1.2M 54k 22.88
Fidus Invt (FDUS) 0.1 $1.3M 79k 16.70
Franklin Electric (FELE) 0.1 $1.2M 20k 60.47
Morningstar (MORN) 0.1 $1.1M 18k 62.65
Cubic Corporation 0.1 $1.1M 22k 50.04
Simpson Manufacturing (SSD) 0.1 $1.0M 36k 28.63
Haemonetics Corporation (HAE) 0.1 $1.1M 14k 80.19
Berkshire Hathaway (BRK.A) 0.1 $1.1M 8.00 132750.00
Techne Corporation 0.1 $1.1M 15k 71.97
Sanderson Farms 0.1 $1.0M 23k 44.37
Hittite Microwave Corporation 0.1 $1.1M 19k 55.48
iShares Silver Trust (SLV) 0.1 $1.1M 33k 33.48
Douglas Dynamics (PLOW) 0.1 $1.0M 69k 14.80
Heartland Express (HTLD) 0.1 $880k 66k 13.36
Scotts Miracle-Gro Company (SMG) 0.1 $930k 21k 43.47
Newmont Mining Corporation (NEM) 0.1 $825k 15k 56.02
Weyerhaeuser Company (WY) 0.1 $850k 33k 26.13
Mueller Industries (MLI) 0.1 $815k 18k 45.47
SPDR Gold Trust (GLD) 0.1 $826k 4.8k 171.87
Royal Gold (RGLD) 0.1 $827k 8.3k 99.88
Yamana Gold 0.1 $818k 43k 19.11
Franco-Nevada Corporation (FNV) 0.1 $856k 15k 58.92
Cameco Corporation (CCJ) 0.1 $666k 34k 19.44
Southwestern Energy Company 0.1 $731k 21k 34.77
Cimarex Energy 0.1 $748k 13k 58.56
Silver Wheaton Corp 0.1 $668k 17k 39.70
First Majestic Silver Corp (AG) 0.1 $717k 31k 23.17
BP (BP) 0.1 $533k 13k 42.33
Imperial Oil (IMO) 0.1 $550k 12k 46.03
Contango Oil & Gas Company 0.1 $533k 11k 49.16
Plains Exploration & Production Company 0.1 $580k 16k 37.47
Silver Standard Res 0.1 $544k 34k 16.02
Potlatch Corporation (PCH) 0.1 $565k 15k 37.39
Allied Nevada Gold 0.1 $600k 15k 39.09
Eldorado Gold Corp 0.1 $597k 39k 15.23
New Gold Inc Cda (NGD) 0.1 $617k 51k 12.22
iShares S&P 500 Value Index (IVE) 0.1 $523k 7.9k 65.80
Rubicon Minerals Corp 0.1 $578k 154k 3.74
Barclays Bk Plc Ipsp croil etn 0.1 $553k 25k 22.32
Manatuck Hill Mariner Offshore 0.1 $533k 3.6k 148.84
Barrick Gold Corp (GOLD) 0.0 $473k 11k 41.76
Peabody Energy Corporation 0.0 $460k 21k 22.30
Spdr S&p 500 Etf (SPY) 0.0 $432k 3.0k 143.86
Ultra Petroleum 0.0 $456k 21k 21.98
Murphy Oil Corporation (MUR) 0.0 $468k 8.7k 53.69
Energy Xxi 0.0 $513k 15k 34.94
Pioneer Natural Resources 0.0 $438k 4.2k 104.46
BHP Billiton (BHP) 0.0 $490k 7.1k 68.65
Berry Petroleum Company 0.0 $421k 10k 40.58
iShares S&P 500 Growth Index (IVW) 0.0 $508k 6.5k 77.88
Inmet Mining Corp. 0.0 $405k 8.5k 47.48
Fqf Tr quant neut ant 0.0 $408k 18k 23.02
Mohawk Industries (MHK) 0.0 $397k 5.0k 80.04
Forward Air Corporation (FWRD) 0.0 $339k 11k 30.40
Schlumberger (SLB) 0.0 $322k 4.5k 72.36
White Mountains Insurance Gp (WTM) 0.0 $350k 681.00 513.95
Varian Medical Systems 0.0 $333k 5.5k 60.26
Anglo American 0.0 $369k 25k 14.64
Tyco International Ltd S hs 0.0 $242k 4.3k 56.15
Cliffs Natural Resources 0.0 $267k 6.8k 39.17
iShares MSCI Japan Index 0.0 $217k 24k 9.18
Deltic Timber Corporation 0.0 $250k 3.8k 65.24
Prospect Capital Corporation (PSEC) 0.0 $239k 21k 11.52
Market Vectors Gold Miners ETF 0.0 $248k 4.6k 53.74
Barclays Bank Plc etf (COWTF) 0.0 $201k 7.4k 27.19
iShares Dow Jones Select Dividend (DVY) 0.0 $258k 4.5k 57.68
Uranium Energy (UEC) 0.0 $282k 108k 2.61
Saratoga Investment (SAR) 0.0 $235k 13k 18.31
CurrencyShares Japanese Yen Trust 0.0 $222k 1.8k 125.92
iShares 2014 S&P AMT-Free Mun Ser ETF 0.0 $241k 4.7k 51.67
iShares 2013 S&P AMT-Free Mun Ser ETF (MUAB) 0.0 $240k 4.7k 50.75
iShares 2015 S&P AMT-Free Mun Ser ETF 0.0 $241k 4.5k 53.20
iShares 2016 S&P AMT-Free Mun Ser ETF 0.0 $243k 4.5k 53.75
Deutsche Bk Ag Ldn Brh ps agri ds etn 0.0 $184k 13k 14.12
Ishares Tr 2017 s^p amtfr 0.0 $246k 4.4k 55.76
Vanguard Equity Income Admiral (VEIRX) 0.0 $219k 4.3k 50.92
Global X Fds glb x uranium 0.0 $84k 11k 7.65
Ares Coml Real Estate (ACRE) 0.0 $171k 10k 17.10
Golub Capital Inc. - 144a 0.0 $22k 22k 1.00