Confluence Investment Management

Confluence Investment Management as of March 31, 2013

Portfolio Holdings for Confluence Investment Management

Confluence Investment Management holds 230 positions in its portfolio as reported in the March 2013 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Vanguard REIT ETF (VNQ) 2.6 $35M 498k 70.53
Ares Capital Corporation (ARCC) 2.4 $33M 1.8M 18.10
Johnson & Johnson (JNJ) 2.2 $30M 363k 81.53
Chevron Corporation (CVX) 2.0 $27M 228k 118.82
Pepsi (PEP) 1.9 $27M 338k 79.11
Microsoft Corporation (MSFT) 1.8 $25M 869k 28.61
Emerson Electric (EMR) 1.6 $22M 394k 55.87
SPDR Barclays Capital High Yield B 1.6 $22M 522k 41.11
Diageo (DEO) 1.5 $21M 164k 125.84
Golub Capital BDC (GBDC) 1.5 $21M 1.2M 16.51
iShares iBoxx $ High Yid Corp Bond (HYG) 1.5 $20M 213k 94.35
Lockheed Martin Corporation (LMT) 1.4 $20M 203k 96.52
Southern Company (SO) 1.4 $19M 413k 46.92
Praxair 1.4 $19M 171k 111.54
McGraw-Hill Companies 1.4 $19M 364k 52.08
GlaxoSmithKline 1.4 $19M 400k 46.91
Pfizer (PFE) 1.3 $18M 637k 28.86
Kraft Foods 1.3 $18M 349k 51.53
3M Company (MMM) 1.3 $18M 167k 106.31
Franklin Street Properties (FSP) 1.3 $18M 1.2M 14.62
Gra (GGG) 1.3 $18M 303k 58.03
Rli (RLI) 1.3 $17M 242k 71.85
Linear Technology Corporation 1.3 $17M 449k 38.37
Kinder Morgan (KMI) 1.3 $17M 446k 38.68
Kohl's Corporation (KSS) 1.2 $17M 365k 46.13
Broadridge Financial Solutions (BR) 1.2 $17M 669k 24.84
Plum Creek Timber 1.2 $17M 317k 52.20
Progressive Corporation (PGR) 1.2 $16M 651k 25.27
Rayonier (RYN) 1.1 $16M 262k 59.67
Willis Group Holdings 1.1 $15M 387k 39.49
Vectren Corporation 1.1 $15M 430k 35.42
Martin Marietta Materials (MLM) 1.1 $15M 144k 102.02
C.H. Robinson Worldwide (CHRW) 1.1 $15M 246k 59.46
Landauer 1.1 $15M 257k 56.38
Paychex (PAYX) 1.0 $14M 388k 35.06
E.I. du Pont de Nemours & Company 0.9 $13M 263k 49.16
Fidelity National Financial 0.9 $13M 507k 25.23
PennantPark Investment (PNNT) 0.9 $12M 1.1M 11.29
Thermo Fisher Scientific (TMO) 0.9 $12M 158k 76.49
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.9 $12M 113k 105.54
iShares Dow Jones US Financial (IYF) 0.9 $12M 175k 67.86
Berkley W R Corp 0.9 $12M 265k 44.37
American Express 0.8 $12M 172k 67.46
Exxon Mobil Corporation (XOM) 0.8 $11M 127k 90.11
iShares Dow Jones US Technology (IYW) 0.8 $11M 155k 73.31
Medley Capital Corporation 0.8 $11M 707k 15.85
Sigma-Aldrich Corporation 0.8 $11M 143k 77.65
Illinois Tool Works (ITW) 0.8 $11M 183k 60.94
Discovery Communications 0.8 $11M 160k 69.54
Markel Corporation (MKL) 0.8 $11M 21k 503.48
iShares IBoxx $ Invest Grade Corp Bd (LQD) 0.8 $11M 89k 119.90
Google 0.8 $10M 13k 794.20
THL Credit 0.7 $10M 674k 14.98
Waters Corporation (WAT) 0.7 $10M 106k 93.91
Lowe's Companies (LOW) 0.7 $9.6M 254k 37.92
Berkshire Hath-cl B 0.7 $9.6M 92k 104.20
TJX Companies (TJX) 0.7 $9.4M 202k 46.75
Home Depot (HD) 0.7 $9.3M 133k 69.78
MasterCard Incorporated (MA) 0.7 $9.1M 17k 541.14
Bed Bath & Beyond 0.7 $9.2M 143k 64.42
Express Scripts Holding 0.7 $9.0M 157k 57.62
Energy Select Sector SPDR (XLE) 0.7 $8.9M 112k 79.31
Annaly C 0.7 $8.9M 563k 15.89
Solar Cap (SLRC) 0.6 $8.7M 371k 23.49
Wells Fargo & Company (WFC) 0.6 $8.7M 234k 36.99
Industrial SPDR (XLI) 0.6 $8.4M 200k 41.76
Health Care SPDR (XLV) 0.6 $8.2M 178k 46.01
Hercules Technology Growth Capital (HTGC) 0.6 $8.2M 666k 12.25
iShares Lehman MBS Bond Fund (MBB) 0.6 $7.9M 73k 107.95
Ipath Dow Jones-aig Commodity (DJP) 0.6 $7.9M 193k 40.62
Expeditors International of Washington (EXPD) 0.6 $7.6M 214k 35.73
iShares Gold Trust 0.6 $7.7M 498k 15.52
Triangle Capital Corporation 0.5 $7.4M 264k 27.99
Cys Investments 0.5 $7.4M 630k 11.74
Halliburton Company (HAL) 0.5 $7.3M 180k 40.41
Vanguard Intermediate Tm Cpte Bd ETF (VCIT) 0.5 $6.8M 78k 87.37
New Mountain Finance Corp (NMFC) 0.5 $6.7M 457k 14.62
iShares Russell 2000 Value Index (IWN) 0.4 $5.6M 67k 83.81
iShares Russell 2000 Growth Index (IWO) 0.4 $5.7M 53k 107.64
Consumer Discretionary SPDR (XLY) 0.4 $5.2M 99k 53.00
iShares Barclays Inter Crd Bd Fund ETF) (IGIB) 0.4 $5.2M 46k 111.14
Stryker Corporation (SYK) 0.4 $4.9M 75k 65.25
MVC Capital 0.3 $4.7M 370k 12.83
Horizon Technology Fin (HRZN) 0.3 $4.8M 326k 14.61
Brown & Brown (BRO) 0.3 $4.7M 147k 32.04
Apollo Investment 0.3 $4.6M 555k 8.36
Hatteras Financial 0.3 $4.7M 171k 27.43
Consumer Staples Select Sect. SPDR (XLP) 0.3 $4.6M 117k 39.77
Gladstone Capital Corporation 0.3 $4.5M 488k 9.20
Vanguard Emerging Markets ETF (VWO) 0.3 $4.5M 105k 42.90
Medallion Financial (MFIN) 0.3 $4.4M 335k 13.22
Tcp Capital 0.3 $4.4M 277k 15.96
Pennantpark Floating Rate Capi (PFLT) 0.3 $4.0M 286k 13.96
Kcap Financial 0.3 $3.9M 357k 10.91
Deckers Outdoor Corporation (DECK) 0.3 $3.6M 65k 55.70
Compass Diversified Holdings (CODI) 0.2 $3.4M 216k 15.87
MCG Capital Corporation 0.2 $3.5M 725k 4.78
Landstar System (LSTR) 0.2 $3.1M 54k 57.09
SPDR Barclay Cp Intr Trm Cr Bd (SPIB) 0.2 $3.0M 85k 34.72
Wal-Mart Stores (WMT) 0.2 $2.9M 39k 74.83
W.W. Grainger (GWW) 0.2 $2.9M 13k 225.00
Brown-Forman Corporation (BF.B) 0.2 $2.9M 40k 71.39
Colgate-Palmolive Company (CL) 0.2 $2.8M 24k 118.05
ConocoPhillips (COP) 0.2 $2.9M 49k 60.10
General Mills (GIS) 0.2 $2.8M 57k 49.31
Nextera Energy (NEE) 0.2 $2.9M 37k 77.67
NGP Capital Resources Company 0.2 $2.9M 409k 7.11
Blackrock Kelso Capital Corp 0.2 $2.8M 284k 10.00
Stellus Capital Investment (SCM) 0.2 $2.9M 197k 14.82
McDonald's Corporation (MCD) 0.2 $2.7M 27k 99.68
T. Rowe Price (TROW) 0.2 $2.8M 37k 74.87
Novartis (NVS) 0.2 $2.8M 39k 71.24
Procter & Gamble Company (PG) 0.2 $2.8M 36k 77.07
United Technologies Corporation 0.2 $2.7M 29k 93.44
Clorox Company (CLX) 0.2 $2.8M 31k 88.53
ANALOG DEVICES INC COM Stk 0.2 $2.7M 58k 46.48
BECTON DICKINSON & CO Com Stk 0.2 $2.7M 28k 95.60
D Automatic Data Proce Ssing Inc Common Stock 0 0.2 $2.7M 42k 65.03
Solar Senior Capital 0.2 $2.8M 144k 19.20
M&T Bank Corporation (MTB) 0.2 $2.6M 25k 103.18
International Business Machines (IBM) 0.2 $2.6M 12k 213.34
Nike (NKE) 0.2 $2.6M 44k 59.00
Commerce Bancshares (CBSH) 0.2 $2.6M 63k 40.83
Claymore Exchange-traded Fd gugg crp bd 2017 0.2 $2.6M 114k 22.91
Cullen/Frost Bankers (CFR) 0.2 $2.4M 39k 62.54
Nordstrom (JWN) 0.2 $2.5M 45k 55.23
MDU Resources (MDU) 0.2 $2.5M 101k 24.99
Marathon Oil Corporation (MRO) 0.2 $2.5M 74k 33.72
iShares Lehman 1-3 Year Treas.Bond (SHY) 0.2 $2.5M 30k 84.47
Fidus Invt (FDUS) 0.2 $2.5M 131k 19.15
General Dynamics Corporation (GD) 0.2 $2.3M 32k 70.51
Donaldson Company (DCI) 0.2 $2.3M 65k 36.19
Piedmont Natural Gas Company 0.2 $2.3M 71k 32.88
iShares Dow Jones US Utilities (IDU) 0.2 $2.3M 24k 97.09
Main Street Capital Corporation (MAIN) 0.2 $2.3M 72k 32.09
American Capital 0.2 $2.2M 149k 14.60
New Jersey Resources Corporation (NJR) 0.2 $2.2M 50k 44.85
Materials SPDR (XLB) 0.2 $2.1M 55k 39.18
Nxp Semiconductors N V (NXPI) 0.2 $2.2M 73k 30.29
Vanguard Short Term Corporate Bond ETF (VCSH) 0.2 $2.2M 27k 80.33
Air Prod & Chem 0.2 $2.3M 26k 87.13
Leucadia National 0.1 $2.0M 73k 27.43
TICC Capital 0.1 $2.0M 202k 9.94
Gladstone Investment Corporation (GAIN) 0.1 $2.1M 290k 7.31
SPDR Nuveen Barclays Capital Municpl Bnd 0.1 $2.0M 84k 24.05
Occidental Petroleum Corporation (OXY) 0.1 $2.0M 25k 78.36
Ofs Capital (OFS) 0.1 $1.9M 136k 14.00
Zebra Technologies (ZBRA) 0.1 $1.6M 35k 47.12
Patterson Companies (PDCO) 0.1 $1.7M 44k 38.03
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.1 $1.7M 70k 24.35
Full Circle Cap Corp 0.1 $1.6M 209k 7.65
Ritchie Bros. Auctioneers Inco 0.1 $1.5M 70k 21.70
iShares MSCI Brazil Index (EWZ) 0.1 $1.5M 28k 54.49
Affiliated Managers 0.1 $1.5M 10k 153.55
Forward Air Corporation (FWRD) 0.1 $1.3M 34k 37.29
West Pharmaceutical Services (WST) 0.1 $1.3M 20k 64.93
Franklin Electric (FELE) 0.1 $1.1M 32k 33.58
Haemonetics Corporation (HAE) 0.1 $1.2M 28k 41.67
VCA Antech 0.1 $1.1M 46k 23.50
Fifth Street Finance 0.1 $1.1M 101k 11.02
Gladstone Commercial Corporation (GOOD) 0.1 $1.1M 56k 19.47
Techne Corporation 0.1 $1.0M 15k 67.87
Sanderson Farms 0.1 $1.1M 20k 54.64
Morningstar (MORN) 0.1 $1.0M 15k 69.90
C&j Energy Services 0.1 $1.1M 48k 22.91
Weyerhaeuser Company (WY) 0.1 $949k 30k 31.39
Hittite Microwave Corporation 0.1 $992k 16k 60.55
Cimarex Energy 0.1 $896k 12k 75.41
Cubic Corporation 0.1 $925k 22k 42.70
Generac Holdings (GNRC) 0.1 $932k 26k 35.35
Douglas Dynamics (PLOW) 0.1 $946k 69k 13.81
Heartland Express (HTLD) 0.1 $770k 58k 13.34
John Wiley & Sons (WLY) 0.1 $871k 22k 38.96
Berkshire Hathaway Inc-cl A cl a 0 0.1 $781k 5.00 156200.00
Mueller Industries (MLI) 0.1 $760k 14k 53.27
Scotts Miracle-Gro Company (SMG) 0.1 $831k 19k 43.25
iShares Silver Trust (SLV) 0.1 $848k 31k 27.44
Spdr S&p 500 Etf (SPY) 0.1 $621k 4.0k 156.70
Southwestern Energy Company 0.1 $734k 20k 37.24
SPDR Gold Trust (GLD) 0.1 $665k 4.3k 154.54
GrafTech International 0.1 $625k 81k 7.68
Potlatch Corporation (PCH) 0.1 $625k 14k 45.82
Cameco Corporation (CCJ) 0.0 $482k 23k 20.78
Mohawk Industries (MHK) 0.0 $529k 4.7k 113.03
Bp Plc-spons 0.0 $502k 12k 42.33
Murphy Oil Corporation (MUR) 0.0 $512k 8.0k 63.76
Pioneer Natural Resources 0.0 $493k 4.0k 124.34
Varian Medical Systems 0.0 $498k 6.9k 71.99
Royal Gold (RGLD) 0.0 $538k 7.6k 71.08
Prospect Capital Corporation (PSEC) 0.0 $496k 46k 10.90
iShares S&P 500 Growth Index (IVW) 0.0 $548k 6.7k 82.39
iShares S&P 500 Value Index (IVE) 0.0 $567k 7.7k 73.84
Silver Wheaton Corp 0.0 $491k 16k 31.35
Yamana Gold 0.0 $587k 38k 15.34
Franco-Nevada Corporation (FNV) 0.0 $587k 13k 45.63
ETFS Physical Palladium Shares 0.0 $505k 6.7k 75.76
Inmet Mining Corp. 0.0 $493k 7.4k 66.61
Manatuck Hill Mariner Offshore 0.0 $488k 3.4k 144.38
Peabody Energy Corporation 0.0 $404k 19k 21.17
Contango Oil & Gas Company 0.0 $408k 10k 40.08
Walter Energy 0.0 $355k 13k 28.48
Mesabi Trust (MSB) 0.0 $426k 19k 22.76
Southern Copper Corporation (SCCO) 0.0 $450k 12k 37.60
Eldorado Gold Corp 0.0 $353k 37k 9.52
New Gold Inc Cda (NGD) 0.0 $424k 47k 9.10
Teck Resources Ltd cl b (TECK) 0.0 $364k 13k 28.14
Rubicon Minerals Corp 0.0 $359k 149k 2.41
First Majestic Silver Corp (AG) 0.0 $449k 28k 16.18
iShares 2014 S&P AMT-Free Mun Ser ETF 0.0 $392k 7.6k 51.41
iShares 2013 S&P AMT-Free Mun Ser ETF (MUAB) 0.0 $389k 7.7k 50.25
Bhp Billitltd-sp 0.0 $453k 6.6k 68.46
iShares 2015 S&P AMT-Free Mun Ser ETF 0.0 $394k 7.4k 53.29
iShares 2016 S&P AMT-Free Mun Ser ETF 0.0 $395k 7.4k 53.62
Ishares Tr 2017 s^p amtfr 0.0 $398k 7.2k 55.59
Vale Sa Adr F cs 0.0 $413k 24k 17.30
Fqf Tr quant neut ant 0.0 $394k 18k 21.39
First Quantum Minerals 0.0 $411k 22k 18.97
Coca-Cola Company (KO) 0.0 $282k 7.0k 40.44
General Electric Company 0.0 $276k 12k 23.09
iShares MSCI Japan Index 0.0 $206k 19k 10.81
Silver Standard Res 0.0 $342k 33k 10.54
Anglo American 0.0 $322k 25k 12.86
Deltic Timber Corporation 0.0 $244k 3.5k 68.83
iShares Dow Jones Select Dividend (DVY) 0.0 $229k 3.6k 63.33
Uranium Energy (UEC) 0.0 $221k 101k 2.20
Saratoga Investment (SAR) 0.0 $232k 14k 16.47
Allied Nevada Gold Corp 0.0 $244k 15k 16.46
Vanguard Equity Income Admiral (VEIRX) 0.0 $242k 4.3k 56.04
Ares Coml Real Estate (ACRE) 0.0 $169k 10k 16.90
Golub Capital Inc. - 144a 0.0 $23k 23k 1.00