Confluence Investment Management

Confluence Investment Management as of Dec. 31, 2012

Portfolio Holdings for Confluence Investment Management

Confluence Investment Management holds 235 positions in its portfolio as reported in the December 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Ares Capital Corporation (ARCC) 2.6 $31M 1.8M 17.50
Vanguard REIT ETF (VNQ) 2.4 $28M 432k 65.80
Chevron Corporation (CVX) 2.0 $23M 216k 108.14
Johnson & Johnson (JNJ) 1.9 $23M 329k 70.10
Pepsi (PEP) 1.9 $22M 322k 68.43
SPDR Barclays Capital High Yield B 1.9 $22M 541k 40.71
Emerson Electric (EMR) 1.8 $21M 397k 52.96
Microsoft Corporation (MSFT) 1.7 $21M 769k 26.71
iShares iBoxx $ High Yid Corp Bond (HYG) 1.7 $21M 221k 93.35
Diageo (DEO) 1.7 $20M 171k 116.58
Golub Capital BDC (GBDC) 1.5 $18M 1.1M 15.98
McGraw-Hill Companies 1.5 $17M 317k 54.67
Gra (GGG) 1.3 $16M 308k 51.49
Franklin Street Properties (FSP) 1.3 $16M 1.3M 12.31
Rli (RLI) 1.3 $16M 243k 64.66
3M Company (MMM) 1.3 $16M 169k 92.85
Linear Technology Corporation 1.3 $16M 452k 34.30
Southern Company (SO) 1.3 $16M 362k 42.81
HNI Corporation (HNI) 1.3 $16M 516k 30.06
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.3 $15M 127k 120.99
GlaxoSmithKline 1.3 $15M 348k 43.47
Fidelity National Financial 1.3 $15M 634k 23.55
Praxair 1.3 $15M 137k 109.45
Plum Creek Timber 1.2 $15M 333k 44.37
Rayonier (RYN) 1.2 $15M 285k 51.83
Lockheed Martin Corporation (LMT) 1.2 $14M 156k 92.29
Martin Marietta Materials (MLM) 1.2 $14M 148k 94.28
Landauer 1.1 $14M 223k 61.21
Vectren Corporation 1.1 $13M 454k 29.40
Broadridge Financial Solutions (BR) 1.1 $13M 577k 22.88
Progressive Corporation (PGR) 1.1 $13M 621k 21.10
PennantPark Investment (PNNT) 1.1 $13M 1.2M 11.00
Pfizer (PFE) 1.1 $13M 499k 25.08
Annaly Capital Management 1.0 $12M 884k 14.04
Paychex (PAYX) 1.0 $12M 388k 31.10
Willis Group Holdings 1.0 $12M 353k 33.53
E.I. du Pont de Nemours & Company 1.0 $12M 265k 44.98
Medley Capital Corporation 0.9 $11M 724k 14.56
Exxon Mobil Corporation (XOM) 0.9 $10M 120k 86.55
Sigma-Aldrich Corporation 0.9 $11M 143k 73.58
Lowe's Companies (LOW) 0.9 $11M 295k 35.52
W.R. Berkley Corporation (WRB) 0.8 $9.9M 261k 37.74
American Express Company (AXP) 0.8 $9.8M 171k 57.48
Illinois Tool Works (ITW) 0.8 $9.8M 161k 60.81
Thermo Fisher Scientific (TMO) 0.8 $9.7M 152k 63.78
Discovery Communications 0.8 $9.7M 165k 58.50
Wal-Mart Stores (WMT) 0.8 $9.3M 136k 68.23
Home Depot (HD) 0.8 $9.3M 150k 61.85
THL Credit 0.8 $9.2M 623k 14.79
Waters Corporation (WAT) 0.8 $9.0M 104k 87.12
Google 0.8 $9.1M 13k 707.34
Markel Corporation (MKL) 0.7 $8.8M 20k 433.44
iShares Gold Trust 0.7 $8.4M 515k 16.28
MasterCard Incorporated (MA) 0.7 $8.3M 17k 491.30
Health Care SPDR (XLV) 0.7 $8.3M 209k 39.88
Solar Cap (SLRC) 0.7 $8.2M 341k 23.91
Berkshire Hathaway (BRK.B) 0.7 $7.9M 88k 89.70
Ipath Dow Jones-aig Commodity (DJP) 0.7 $7.9M 192k 41.35
iShares Dow Jones US Technology (IYW) 0.7 $7.9M 112k 70.72
Wells Fargo & Company (WFC) 0.7 $7.8M 227k 34.18
Energy Select Sector SPDR (XLE) 0.7 $7.8M 109k 71.42
Industrial SPDR (XLI) 0.7 $7.7M 202k 37.90
iShares Lehman MBS Bond Fund (MBB) 0.6 $7.7M 71k 107.98
Bed Bath & Beyond 0.6 $7.5M 135k 55.91
iShares Dow Jones US Financial (IYF) 0.6 $7.2M 119k 60.70
Cys Investments 0.6 $7.2M 610k 11.81
TJX Companies (TJX) 0.6 $7.1M 167k 42.45
Triangle Capital Corporation 0.6 $7.1M 279k 25.49
Beam 0.6 $7.0M 115k 61.09
Hercules Technology Growth Capital (HTGC) 0.6 $6.7M 602k 11.13
iShares Barclays Inter Crd Bd Fund ETF) (IGIB) 0.5 $6.3M 57k 111.28
MVC Capital 0.5 $6.2M 509k 12.15
Vanguard Intermediate Tm Cpte Bd ETF (VCIT) 0.5 $6.0M 68k 87.66
Consumer Discretionary SPDR (XLY) 0.5 $5.8M 123k 47.44
Leucadia National 0.5 $5.6M 235k 23.79
iShares Russell 2000 Value Index (IWN) 0.5 $5.6M 74k 75.51
New Mountain Finance Corp (NMFC) 0.5 $5.6M 373k 14.90
iShares Russell 2000 Growth Index (IWO) 0.5 $5.4M 56k 95.31
Halliburton Company (HAL) 0.4 $5.2M 150k 34.69
Horizon Technology Fin (HRZN) 0.4 $4.8M 322k 14.89
Vanguard Emerging Markets ETF (VWO) 0.4 $4.6M 104k 44.53
Apollo Investment 0.4 $4.5M 539k 8.36
Hatteras Financial 0.4 $4.2M 171k 24.81
Gladstone Capital Corporation 0.3 $4.0M 488k 8.16
Consumer Staples Select Sect. SPDR (XLP) 0.3 $4.0M 113k 34.90
Tcp Capital 0.3 $3.8M 256k 14.74
Brown & Brown (BRO) 0.3 $3.6M 143k 25.46
Medallion Financial (MFIN) 0.3 $3.6M 308k 11.74
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.3 $3.6M 34k 105.49
Blackrock Kelso Capital 0.3 $3.4M 340k 10.06
Compass Diversified Holdings (CODI) 0.3 $3.2M 216k 14.71
Pennantpark Floating Rate Capi (PFLT) 0.3 $3.2M 256k 12.69
Landstar System (LSTR) 0.3 $3.1M 59k 52.46
MCG Capital Corporation 0.3 $3.1M 672k 4.60
Ishares Utilities Sector Bond 0.2 $3.0M 58k 51.60
NGP Capital Resources Company 0.2 $2.9M 401k 7.22
ConocoPhillips (COP) 0.2 $2.8M 48k 57.99
Kcap Financial 0.2 $2.7M 298k 9.19
Stryker Corporation (SYK) 0.2 $2.6M 47k 54.81
SPDR Barclay Cp Intr Trm Cr Bd (SPIB) 0.2 $2.6M 75k 34.82
W.W. Grainger (GWW) 0.2 $2.5M 12k 202.34
Brown-Forman Corporation (BF.B) 0.2 $2.5M 39k 63.25
Deckers Outdoor Corporation (DECK) 0.2 $2.5M 62k 40.27
M&T Bank Corporation (MTB) 0.2 $2.4M 24k 98.47
Analog Devices (ADI) 0.2 $2.3M 55k 42.07
Novartis (NVS) 0.2 $2.3M 37k 63.31
Colgate-Palmolive Company (CL) 0.2 $2.3M 22k 104.52
Nextera Energy (NEE) 0.2 $2.4M 35k 69.20
McDonald's Corporation (MCD) 0.2 $2.2M 25k 88.22
T. Rowe Price (TROW) 0.2 $2.3M 35k 65.11
Automatic Data Processing (ADP) 0.2 $2.2M 39k 56.94
Nordstrom (JWN) 0.2 $2.3M 42k 53.51
International Business Machines (IBM) 0.2 $2.2M 12k 191.54
Procter & Gamble Company (PG) 0.2 $2.2M 33k 67.89
United Technologies Corporation 0.2 $2.2M 27k 82.01
Claymore Exchange-traded Fd gugg crp bd 2017 0.2 $2.3M 101k 22.82
SYSCO Corporation (SYY) 0.2 $2.1M 68k 31.67
General Mills (GIS) 0.2 $2.2M 54k 40.42
Nike (NKE) 0.2 $2.1M 41k 51.61
VCA Antech 0.2 $2.1M 101k 21.05
Clorox Company (CLX) 0.2 $2.2M 29k 73.23
Marathon Oil Corporation (MRO) 0.2 $2.1M 70k 30.65
Generac Holdings (GNRC) 0.2 $2.1M 62k 34.30
Main Street Capital Corporation (MAIN) 0.2 $2.2M 71k 30.51
Stellus Capital Investment (SCM) 0.2 $2.1M 131k 16.38
Cullen/Frost Bankers (CFR) 0.2 $2.0M 37k 54.26
MDU Resources (MDU) 0.2 $2.0M 94k 21.24
Becton, Dickinson and (BDX) 0.2 $2.1M 26k 78.17
Air Products & Chemicals (APD) 0.2 $2.0M 24k 84.03
General Dynamics Corporation (GD) 0.2 $2.1M 30k 69.28
Commerce Bancshares (CBSH) 0.2 $2.1M 59k 35.05
Piedmont Natural Gas Company 0.2 $2.1M 66k 31.32
Materials SPDR (XLB) 0.2 $2.0M 54k 37.54
SPDR Nuveen Barclays Capital Municpl Bnd 0.2 $2.0M 82k 24.24
Powershares Etf Tr Ii s^p smcp hc po 0.2 $2.0M 57k 35.34
iShares Dow Jones US Utilities (IDU) 0.2 $1.9M 22k 86.34
Gladstone Investment Corporation (GAIN) 0.2 $2.0M 281k 6.96
PowerShares S&P SllCp Egy Ptflio 0.2 $2.0M 58k 33.64
Vanguard Short Term Corporate Bond ETF (VCSH) 0.2 $1.9M 24k 80.32
Occidental Petroleum Corporation (OXY) 0.1 $1.8M 23k 76.61
TICC Capital 0.1 $1.8M 177k 10.12
New Jersey Resources Corporation (NJR) 0.1 $1.8M 46k 39.62
EnPro Industries (NPO) 0.1 $1.8M 44k 40.89
Nxp Semiconductors N V (NXPI) 0.1 $1.8M 69k 26.32
Solar Senior Capital 0.1 $1.8M 97k 18.66
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.1 $1.7M 70k 24.31
iShares MSCI Brazil Index (EWZ) 0.1 $1.5M 28k 55.94
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.1 $1.6M 15k 107.49
Full Circle Cap Corp 0.1 $1.5M 202k 7.43
Ofs Capital (OFS) 0.1 $1.6M 115k 13.69
Affiliated Managers (AMG) 0.1 $1.4M 11k 130.14
Ritchie Bros. Auctioneers Inco 0.1 $1.4M 67k 20.88
Zebra Technologies (ZBRA) 0.1 $1.4M 36k 39.32
Patterson Companies (PDCO) 0.1 $1.4M 42k 34.23
Source Capital (SOR) 0.1 $1.4M 28k 52.23
Gladstone Commercial Corporation (GOOD) 0.1 $1.2M 70k 17.95
American Capital 0.1 $1.3M 110k 12.00
Fidus Invt (FDUS) 0.1 $1.4M 82k 16.45
John Wiley & Sons (WLY) 0.1 $1.1M 29k 38.92
West Pharmaceutical Services (WST) 0.1 $1.2M 21k 54.76
Franklin Electric (FELE) 0.1 $1.1M 17k 62.02
Simpson Manufacturing (SSD) 0.1 $1.1M 33k 32.79
Haemonetics Corporation (HAE) 0.1 $1.0M 25k 40.83
Berkshire Hathaway (BRK.A) 0.1 $1.1M 8.00 134000.00
Fifth Street Finance 0.1 $1.1M 101k 10.42
Techne Corporation 0.1 $1.0M 15k 68.33
Sanderson Farms 0.1 $1.0M 22k 47.56
Hittite Microwave Corporation 0.1 $1.1M 18k 62.04
Cubic Corporation 0.1 $1.0M 21k 47.95
C&j Energy Services 0.1 $1.1M 51k 21.45
Weyerhaeuser Company (WY) 0.1 $907k 33k 27.83
Morningstar (MORN) 0.1 $1.0M 16k 62.80
iShares Silver Trust (SLV) 0.1 $984k 34k 29.38
Douglas Dynamics (PLOW) 0.1 $977k 68k 14.39
Heartland Express (HTLD) 0.1 $793k 61k 13.08
SPDR Gold Trust (GLD) 0.1 $815k 5.0k 161.96
Scotts Miracle-Gro Company (SMG) 0.1 $869k 20k 44.06
Franco-Nevada Corporation (FNV) 0.1 $814k 14k 57.17
Mueller Industries (MLI) 0.1 $764k 15k 50.03
Southwestern Energy Company 0.1 $722k 22k 33.40
Royal Gold (RGLD) 0.1 $677k 8.3k 81.38
Cimarex Energy 0.1 $757k 13k 57.76
Yamana Gold 0.1 $729k 42k 17.20
Vale (VALE) 0.1 $546k 26k 20.98
Peabody Energy Corporation 0.1 $555k 21k 26.62
BHP Billiton (BHP) 0.1 $568k 7.2k 78.36
Potlatch Corporation (PCH) 0.1 $595k 15k 39.14
New Gold Inc Cda (NGD) 0.1 $563k 51k 11.02
Silver Wheaton Corp 0.1 $614k 17k 36.08
First Majestic Silver Corp (AG) 0.1 $617k 31k 20.20
Inmet Mining Corp. 0.1 $634k 8.5k 74.63
BP (BP) 0.0 $525k 13k 41.63
Spdr S&p 500 Etf (SPY) 0.0 $447k 3.1k 142.54
Cameco Corporation (CCJ) 0.0 $503k 26k 19.71
Mohawk Industries (MHK) 0.0 $440k 4.9k 90.46
Murphy Oil Corporation (MUR) 0.0 $533k 8.9k 59.59
Pioneer Natural Resources 0.0 $463k 4.3k 106.66
Contango Oil & Gas Company 0.0 $425k 10k 42.40
Walter Energy 0.0 $486k 14k 35.88
First Quantum Minerals (FQVLF) 0.0 $521k 24k 22.03
Silver Standard Res 0.0 $519k 35k 14.88
Anglo American 0.0 $418k 27k 15.59
Mesabi Trust (MSB) 0.0 $522k 21k 25.44
Southern Copper Corporation (SCCO) 0.0 $496k 13k 37.83
Prospect Capital Corporation (PSEC) 0.0 $492k 45k 10.87
Allied Nevada Gold 0.0 $473k 16k 30.11
Eldorado Gold Corp 0.0 $515k 40k 12.88
Teck Resources Ltd cl b (TECK) 0.0 $512k 14k 36.36
iShares S&P 500 Growth Index (IVW) 0.0 $524k 6.9k 75.81
iShares S&P 500 Value Index (IVE) 0.0 $496k 7.5k 66.43
ETFS Physical Palladium Shares 0.0 $507k 7.3k 69.18
Manatuck Hill Mariner Offshore 0.0 $495k 3.4k 146.45
Fqf Tr quant neut ant 0.0 $438k 20k 21.72
Forward Air Corporation (FWRD) 0.0 $392k 11k 34.97
Varian Medical Systems 0.0 $390k 5.6k 70.27
Rubicon Minerals Corp 0.0 $409k 160k 2.55
iShares 2014 S&P AMT-Free Mun Ser ETF 0.0 $307k 5.9k 51.76
iShares 2013 S&P AMT-Free Mun Ser ETF (MUAB) 0.0 $305k 6.0k 50.69
iShares 2015 S&P AMT-Free Mun Ser ETF 0.0 $306k 5.8k 53.19
iShares 2016 S&P AMT-Free Mun Ser ETF 0.0 $308k 5.7k 53.63
Ishares Tr 2017 s^p amtfr 0.0 $309k 5.6k 55.27
Coca-Cola Company (KO) 0.0 $223k 6.1k 36.27
iShares Russell 1000 Value Index (IWD) 0.0 $200k 2.7k 72.81
iShares MSCI Japan Index 0.0 $203k 21k 9.73
Deltic Timber Corporation 0.0 $276k 3.9k 70.66
Market Vectors Gold Miners ETF 0.0 $216k 4.7k 46.31
Utilities SPDR (XLU) 0.0 $292k 8.4k 34.86
Barclays Bk Plc Ipsp croil etn 0.0 $203k 9.3k 21.76
iShares Dow Jones Select Dividend (DVY) 0.0 $226k 4.0k 57.11
Uranium Energy (UEC) 0.0 $284k 111k 2.56
Saratoga Investment (SAR) 0.0 $194k 13k 15.11
Vanguard Equity Income Admiral (VEIRX) 0.0 $218k 4.3k 50.58
Deutsche Bk Ag Ldn Brh ps agri ds etn 0.0 $147k 11k 13.07
Ares Coml Real Estate (ACRE) 0.0 $164k 10k 16.40
Golub Capital Inc. - 144a 0.0 $22k 22k 1.00