Confluence Investment Management

Confluence Investment Management as of Sept. 30, 2013

Portfolio Holdings for Confluence Investment Management

Confluence Investment Management holds 254 positions in its portfolio as reported in the September 2013 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Ares Capital Corporation (ARCC) 2.3 $37M 2.1M 17.29
Johnson & Johnson (JNJ) 2.2 $35M 407k 86.69
Vanguard REIT ETF (VNQ) 2.1 $34M 513k 66.14
Microsoft Corporation (MSFT) 2.1 $34M 1.0M 33.28
Pepsi (PEP) 2.1 $34M 425k 79.50
Diageo (DEO) 2.0 $33M 259k 127.08
Emerson Electric (EMR) 2.0 $33M 506k 64.70
Lockheed Martin Corporation (LMT) 1.9 $30M 235k 127.55
Chevron Corporation (CVX) 1.7 $27M 224k 121.50
3M Company (MMM) 1.7 $27M 228k 119.41
Broadridge Financial Solutions (BR) 1.6 $26M 823k 31.75
Golub Capital BDC (GBDC) 1.6 $26M 1.5M 17.32
Praxair 1.6 $25M 212k 120.21
GlaxoSmithKline 1.5 $25M 496k 50.17
E.I. du Pont de Nemours & Company 1.5 $24M 407k 58.56
Rayonier (RYN) 1.5 $24M 429k 55.65
Fidelity National Financial 1.5 $24M 892k 26.60
Kohl's Corporation (KSS) 1.4 $23M 445k 51.75
Plum Creek Timber 1.4 $23M 490k 46.83
Southern Company (SO) 1.4 $23M 558k 41.18
Iron Mountain Incorporated 1.4 $23M 847k 27.02
C.H. Robinson Worldwide (CHRW) 1.4 $23M 384k 59.59
Pfizer (PFE) 1.4 $22M 781k 28.73
Willis Group Holdings 1.4 $22M 518k 43.33
Kraft Foods 1.4 $22M 427k 52.48
Martin Marietta Materials (MLM) 1.3 $21M 218k 98.17
Rli (RLI) 1.3 $21M 242k 87.42
Kinder Morgan (KMI) 1.3 $21M 586k 35.57
Gra (GGG) 1.2 $20M 269k 74.06
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.2 $20M 176k 113.52
Pepco Holdings 1.2 $19M 1.1M 18.46
SPDR Barclays Capital High Yield B 1.1 $18M 456k 39.85
Linear Technology Corporation 1.1 $18M 451k 39.66
iShares iBoxx $ High Yid Corp Bond (HYG) 1.1 $17M 190k 91.58
Progressive Corporation (PGR) 1.1 $17M 631k 27.23
Paychex (PAYX) 1.0 $16M 392k 40.64
iShares Dow Jones US Technology (IYW) 1.0 $16M 197k 78.80
iShares Dow Jones US Financial (IYF) 0.9 $14M 197k 73.28
American Express Company (AXP) 0.8 $14M 181k 75.52
United Technologies Corporation 0.8 $14M 125k 107.82
Illinois Tool Works (ITW) 0.8 $13M 165k 76.27
Expeditors International of Washington (EXPD) 0.8 $12M 282k 44.06
Markel Corporation (MKL) 0.8 $12M 23k 517.75
Landauer 0.7 $12M 229k 51.25
PennantPark Investment (PNNT) 0.7 $12M 1.0M 11.28
W.R. Berkley Corporation (WRB) 0.7 $11M 267k 42.86
Waters Corporation (WAT) 0.7 $11M 106k 106.21
Express Scripts Holding 0.7 $11M 183k 61.80
THL Credit 0.7 $11M 709k 15.61
Thermo Fisher Scientific (TMO) 0.7 $11M 120k 92.15
Sigma-Aldrich Corporation 0.7 $11M 129k 85.30
Ipath Dow Jones-aig Commodity (DJP) 0.7 $11M 286k 37.26
Medley Capital Corporation 0.7 $11M 768k 13.79
Discovery Communications 0.7 $11M 134k 78.12
Google 0.7 $10M 12k 875.87
Bed Bath & Beyond 0.6 $10M 134k 77.36
Lowe's Companies (LOW) 0.6 $10M 215k 47.61
TJX Companies (TJX) 0.6 $10M 179k 56.39
Berkshire Hathaway (BRK.B) 0.6 $9.8M 86k 113.51
MasterCard Incorporated (MA) 0.6 $9.7M 15k 672.77
Energy Select Sector SPDR (XLE) 0.6 $9.7M 118k 82.91
Health Care SPDR (XLV) 0.6 $9.4M 187k 50.59
Wells Fargo & Company (WFC) 0.6 $9.2M 223k 41.32
Solar Cap (SLRC) 0.6 $9.2M 414k 22.18
Hercules Technology Growth Capital (HTGC) 0.6 $9.2M 607k 15.25
Halliburton Company (HAL) 0.5 $8.7M 181k 48.15
iShares S&P MidCap 400 Value Index (IJJ) 0.5 $8.7M 81k 108.02
Tcp Capital 0.5 $8.3M 509k 16.23
Industrial SPDR (XLI) 0.5 $7.8M 168k 46.40
New Mountain Finance Corp (NMFC) 0.5 $7.3M 506k 14.41
Triangle Capital Corporation 0.4 $6.8M 232k 29.37
Consumer Discretionary SPDR (XLY) 0.4 $6.6M 109k 60.63
Stryker Corporation (SYK) 0.4 $6.0M 90k 67.59
iShares S&P MidCap 400 Growth (IJK) 0.4 $5.8M 42k 139.12
iShares Barclays Inter Crd Bd Fund ETF) (IGIB) 0.4 $5.9M 54k 107.93
Brown & Brown (BRO) 0.3 $5.4M 170k 32.10
iShares Lehman MBS Bond Fund (MBB) 0.3 $5.5M 52k 105.91
Consumer Staples Select Sect. SPDR (XLP) 0.3 $5.4M 135k 39.80
Cys Investments 0.3 $5.3M 653k 8.13
Home Depot (HD) 0.3 $4.9M 65k 75.85
Exxon Mobil Corporation (XOM) 0.3 $4.8M 56k 86.03
Ishares Tr 2018 invtgr bd 0.3 $4.8M 48k 99.11
Medallion Financial (MFIN) 0.3 $4.7M 318k 14.88
Vanguard Intermediate Tm Cpte Bd ETF (VCIT) 0.3 $4.7M 56k 83.43
SPDR Barclay Cp Intr Trm Cr Bd (SPIB) 0.3 $4.6M 136k 33.74
Deckers Outdoor Corporation (DECK) 0.3 $4.4M 66k 65.92
Horizon Technology Fin (HRZN) 0.3 $4.4M 332k 13.32
ConocoPhillips (COP) 0.3 $4.1M 60k 69.51
Gladstone Capital Corporation 0.3 $4.1M 475k 8.73
MVC Capital 0.3 $4.2M 320k 13.06
Pennantpark Floating Rate Capi (PFLT) 0.3 $4.1M 301k 13.78
Annaly Capital Management 0.2 $4.1M 355k 11.58
Compass Diversified Holdings (CODI) 0.2 $3.9M 216k 17.82
Apollo Investment 0.2 $3.9M 477k 8.15
W.W. Grainger (GWW) 0.2 $3.8M 14k 261.73
Nike (NKE) 0.2 $3.7M 51k 72.65
Landstar System (LSTR) 0.2 $3.7M 67k 55.98
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.2 $3.6M 35k 102.12
Kcap Financial 0.2 $3.5M 390k 8.95
Automatic Data Processing (ADP) 0.2 $3.4M 48k 72.39
MDU Resources (MDU) 0.2 $3.3M 118k 27.97
Novartis (NVS) 0.2 $3.4M 45k 76.72
Colgate-Palmolive Company (CL) 0.2 $3.3M 56k 59.31
Nextera Energy (NEE) 0.2 $3.3M 42k 80.16
Occidental Petroleum Corporation (OXY) 0.2 $3.4M 36k 93.54
General Dynamics Corporation (GD) 0.2 $3.3M 38k 87.52
Commerce Bancshares (CBSH) 0.2 $3.4M 79k 43.82
Nxp Semiconductors N V (NXPI) 0.2 $3.3M 90k 37.21
M&T Bank Corporation (MTB) 0.2 $3.3M 29k 111.92
Cullen/Frost Bankers (CFR) 0.2 $3.2M 46k 70.55
Brown-Forman Corporation (BF.B) 0.2 $3.2M 47k 68.13
Analog Devices (ADI) 0.2 $3.2M 69k 47.05
Becton, Dickinson and (BDX) 0.2 $3.2M 32k 100.02
Air Products & Chemicals (APD) 0.2 $3.3M 31k 106.59
Procter & Gamble Company (PG) 0.2 $3.3M 43k 75.58
MCG Capital Corporation 0.2 $3.2M 644k 5.04
Hatteras Financial 0.2 $3.3M 176k 18.71
Stellus Capital Investment (SCM) 0.2 $3.3M 218k 14.98
McDonald's Corporation (MCD) 0.2 $3.1M 32k 96.20
Wal-Mart Stores (WMT) 0.2 $3.1M 42k 73.97
T. Rowe Price (TROW) 0.2 $3.1M 44k 71.93
Nordstrom (JWN) 0.2 $3.0M 54k 56.19
Clorox Company (CLX) 0.2 $3.1M 37k 81.73
Marathon Oil Corporation (MRO) 0.2 $3.1M 88k 34.88
Donaldson Company (DCI) 0.2 $3.1M 80k 38.13
NGP Capital Resources Company 0.2 $3.0M 410k 7.43
Ofs Capital (OFS) 0.2 $3.1M 241k 12.66
Piedmont Natural Gas Company 0.2 $2.9M 88k 32.88
Ishares Tr 2020 invtgr bd 0.2 $2.9M 30k 95.99
Ishares Corporate Bond Etf 202 0.2 $2.9M 29k 99.84
International Business Machines (IBM) 0.2 $2.8M 15k 185.15
New Jersey Resources Corporation (NJR) 0.2 $2.8M 63k 44.05
Blackrock Kelso Capital 0.2 $2.7M 289k 9.48
Main Street Capital Corporation (MAIN) 0.2 $2.8M 94k 29.93
Ishares Tr 2023 invtgr bd 0.2 $2.8M 31k 91.82
EnPro Industries (NPO) 0.2 $2.6M 42k 60.21
Solar Senior Capital 0.2 $2.6M 146k 18.08
American Capital 0.1 $2.3M 171k 13.75
Materials SPDR (XLB) 0.1 $2.4M 57k 42.01
iShares Dow Jones US Utilities (IDU) 0.1 $2.2M 23k 93.89
Zebra Technologies (ZBRA) 0.1 $2.0M 45k 45.57
Patterson Companies (PDCO) 0.1 $2.1M 51k 40.19
Gladstone Investment Corporation (GAIN) 0.1 $2.1M 292k 7.05
Ritchie Bros. Auctioneers Inco 0.1 $2.0M 99k 20.18
TICC Capital 0.1 $2.0M 204k 9.74
Fidus Invt (FDUS) 0.1 $2.0M 103k 19.40
iShares Russell 2000 Value Index (IWN) 0.1 $1.7M 19k 91.65
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.1 $1.7M 71k 24.22
SPDR Nuveen Barclays Capital Municpl Bnd 0.1 $1.8M 78k 22.84
Vanguard Short Term Corporate Bond ETF (VCSH) 0.1 $1.8M 23k 79.61
Claymore Exchange-traded Fd gugg crp bd 2017 0.1 $1.8M 79k 22.62
Full Circle Cap Corp 0.1 $1.8M 216k 8.55
Ishares Trust Barclays (GNMA) 0.1 $1.8M 36k 48.66
Ishares Trust Barclays (CMBS) 0.1 $1.8M 35k 51.57
Claymore Exchange Trd Fd Tr gug bull2019 e 0.1 $1.8M 86k 20.60
Claymore Exchange Trd Fd Tr gug bull2020 e 0.1 $1.7M 85k 20.46
Claymore Exchange Trd Fd Tr gug bull2018 e 0.1 $1.8M 85k 20.89
Ishares Tr 2016 invtgr bd 0.1 $1.8M 18k 100.53
Vocera Communications 0.1 $1.6M 84k 18.60
Forward Air Corporation (FWRD) 0.1 $1.5M 36k 40.32
Hittite Microwave Corporation 0.1 $1.4M 21k 65.35
West Pharmaceutical Services (WST) 0.1 $1.4M 35k 41.14
Thermon Group Holdings (THR) 0.1 $1.4M 62k 23.11
Franklin Electric (FELE) 0.1 $1.4M 34k 39.40
VCA Antech 0.1 $1.3M 48k 27.47
Mueller Industries (MLI) 0.1 $1.3M 24k 55.66
Gladstone Commercial Corporation (GOOD) 0.1 $1.2M 69k 17.96
Techne Corporation 0.1 $1.3M 17k 80.08
GrafTech International 0.1 $1.3M 156k 8.45
Morningstar (MORN) 0.1 $1.3M 17k 79.27
Cubic Corporation 0.1 $1.3M 23k 53.68
Onebeacon Insurance Group Ltd Cl-a 0.1 $1.3M 89k 14.76
iShares Russell 2000 Growth Index (IWO) 0.1 $1.2M 9.8k 125.80
Bank of Marin Ban (BMRC) 0.1 $1.3M 31k 41.55
Lance 0.1 $1.2M 42k 28.82
ETFS Physical Platinum Shares 0.1 $1.2M 9.0k 137.27
Claymore Exchange-traded Fd gugg crp bd 2016 0.1 $1.3M 56k 22.25
Haemonetics Corporation (HAE) 0.1 $1.2M 30k 39.88
Scotts Miracle-Gro Company (SMG) 0.1 $1.1M 19k 55.04
Douglas Dynamics (PLOW) 0.1 $1.1M 77k 14.73
Guggenheim Bulletshar 0.1 $1.2M 55k 21.88
C&j Energy Services 0.1 $1.1M 57k 20.07
Fifth Street Finance 0.1 $1.0M 101k 10.28
iShares S&P 500 Value Index (IVE) 0.1 $972k 12k 78.31
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.1 $1.0M 9.5k 105.24
Safeguard Scientifics 0.1 $1.0M 66k 15.69
Mohawk Industries (MHK) 0.1 $818k 6.3k 130.30
Berkshire Hathaway (BRK.A) 0.1 $852k 5.00 170400.00
Varian Medical Systems 0.1 $740k 9.9k 74.76
Cimarex Energy 0.1 $752k 7.8k 96.43
Vanguard Emerging Markets ETF (VWO) 0.1 $873k 22k 40.16
Ishares Tr 2017 s^p amtfr 0.1 $811k 15k 54.94
Spdr S&p 500 Etf (SPY) 0.0 $695k 4.1k 168.00
iShares S&P 500 Growth Index (IVW) 0.0 $628k 7.0k 89.42
iShares Lehman 3-7 Yr Treasury Bond (IEI) 0.0 $724k 6.0k 121.40
iShares 10+ Year Credit Bond Fund ETF (IGLB) 0.0 $580k 10k 55.54
BP (BP) 0.0 $458k 11k 42.05
Affiliated Managers (AMG) 0.0 $426k 2.3k 182.52
Royal Dutch Shell 0.0 $540k 8.2k 65.65
Weyerhaeuser Company (WY) 0.0 $530k 19k 28.64
Total (TTE) 0.0 $459k 7.9k 57.98
Imperial Oil (IMO) 0.0 $422k 9.6k 43.96
Energy Xxi 0.0 $433k 14k 30.21
Pioneer Natural Resources 0.0 $493k 2.6k 188.89
Southwestern Energy Company 0.0 $510k 14k 36.36
iShares MSCI EMU Index (EZU) 0.0 $510k 14k 37.76
BHP Billiton (BHP) 0.0 $418k 6.3k 66.57
SM Energy (SM) 0.0 $456k 5.9k 77.25
Silver Wheaton Corp 0.0 $463k 19k 24.79
iShares S&P Natl AMTFr Mncpl Bd (MUB) 0.0 $528k 5.1k 104.41
Aberdeen Asia-Pacific Income Fund (FAX) 0.0 $418k 69k 6.07
Franco-Nevada Corporation (FNV) 0.0 $421k 9.3k 45.25
ETFS Physical Palladium Shares 0.0 $528k 7.5k 70.76
iShares 2014 S&P AMT-Free Mun Ser ETF 0.0 $483k 9.4k 51.62
iShares 2015 S&P AMT-Free Mun Ser ETF 0.0 $536k 10k 53.20
iShares 2016 S&P AMT-Free Mun Ser ETF 0.0 $535k 10k 53.47
Manatuck Hill Mariner Offshore 0.0 $510k 3.4k 150.89
Mosaic (MOS) 0.0 $410k 9.5k 42.99
Gulf Coast Ultra Deep Royalty (GULTU) 0.0 $410k 188k 2.18
Ishares S&p Amt-free Municipal 0.0 $540k 22k 25.14
Barrick Gold Corp (GOLD) 0.0 $347k 19k 18.61
Sociedad Quimica y Minera (SQM) 0.0 $387k 13k 30.53
JPMorgan Chase & Co. (JPM) 0.0 $253k 4.9k 51.75
Leucadia National 0.0 $311k 11k 27.27
Coca-Cola Company (KO) 0.0 $386k 10k 37.90
Peabody Energy Corporation 0.0 $321k 19k 17.23
General Electric Company 0.0 $295k 12k 23.87
Newmont Mining Corporation (NEM) 0.0 $325k 12k 28.12
Agrium 0.0 $343k 4.1k 83.99
Potash Corp. Of Saskatchewan I 0.0 $387k 12k 31.28
Statoil ASA 0.0 $368k 16k 22.69
Freeport-McMoRan Copper & Gold (FCX) 0.0 $392k 12k 33.04
Murphy Oil Corporation (MUR) 0.0 $353k 5.9k 60.32
Contango Oil & Gas Company 0.0 $353k 9.6k 36.72
Eni S.p.A. (E) 0.0 $370k 8.0k 46.07
iShares MSCI Japan Index 0.0 $294k 25k 11.94
Repsol YPF (REPYY) 0.0 $387k 16k 24.80
Royal Gold (RGLD) 0.0 $355k 7.3k 48.60
Potlatch Corporation (PCH) 0.0 $300k 7.6k 39.72
Deltic Timber Corporation 0.0 $361k 5.5k 65.06
Eldorado Gold Corp 0.0 $369k 55k 6.71
New Gold Inc Cda (NGD) 0.0 $337k 56k 5.99
Yamana Gold 0.0 $379k 36k 10.40
Saratoga Investment (SAR) 0.0 $265k 14k 18.81
PIMCO Intermediate Mun Bond Strat Fund (MUNI) 0.0 $264k 5.1k 52.17
Proshares Tr Ii Ultrashort Ye etf (YCS) 0.0 $276k 4.4k 62.18
Ares Coml Real Estate (ACRE) 0.0 $249k 20k 12.45
Monroe Cap (MRCC) 0.0 $258k 20k 12.98
Harvest Cap Cr 0.0 $299k 20k 14.95
Franklin Street Properties (FSP) 0.0 $140k 11k 12.73
Prospect Capital Corporation (PSEC) 0.0 $218k 20k 11.16
CurrencyShares Australian Dollar Trust 0.0 $215k 2.3k 93.40
WisdomTree Japan Total Dividend (DXJ) 0.0 $218k 4.5k 48.00
First Trust ISE Revere Natural Gas 0.0 $237k 13k 18.68