Confluence Investment Management

Confluence Investment Management as of June 30, 2014

Portfolio Holdings for Confluence Investment Management

Confluence Investment Management holds 257 positions in its portfolio as reported in the June 2014 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Johnson & Johnson (JNJ) 2.5 $55M 523k 104.62
Chevron Corporation (CVX) 2.4 $52M 395k 130.55
Pepsi (PEP) 2.3 $50M 563k 89.34
Ares Capital Corporation (ARCC) 2.1 $46M 2.5M 17.86
Emerson Electric (EMR) 2.0 $43M 649k 66.36
Diageo (DEO) 2.0 $43M 339k 127.27
Microsoft Corporation (MSFT) 1.9 $41M 977k 41.70
3M Company (MMM) 1.8 $40M 280k 143.24
Iron Mountain Incorporated 1.8 $40M 1.1M 35.45
Lockheed Martin Corporation (LMT) 1.8 $38M 237k 160.73
Northern Trust Corporation (NTRS) 1.7 $37M 581k 64.21
Praxair 1.7 $36M 273k 132.84
Pepco Holdings 1.6 $36M 1.3M 27.48
Southern Company (SO) 1.6 $35M 775k 45.38
GlaxoSmithKline 1.6 $35M 654k 53.48
Kinder Morgan (KMI) 1.6 $35M 964k 36.26
C.H. Robinson Worldwide (CHRW) 1.6 $35M 541k 63.79
Martin Marietta Materials (MLM) 1.5 $33M 253k 132.05
Digital Realty Trust (DLR) 1.5 $33M 558k 58.32
E.I. du Pont de Nemours & Company 1.5 $32M 489k 65.44
Kraft Foods 1.5 $32M 534k 59.95
Broadridge Financial Solutions (BR) 1.4 $32M 759k 41.64
Plum Creek Timber 1.4 $32M 698k 45.10
Linear Technology Corporation 1.4 $31M 662k 47.07
Mattel (MAT) 1.4 $31M 784k 38.97
Gra (GGG) 1.4 $30M 389k 78.08
Progressive Corporation (PGR) 1.4 $30M 1.2M 25.36
Kohl's Corporation (KSS) 1.4 $30M 562k 52.68
Pfizer (PFE) 1.3 $29M 987k 29.68
Fnf (FNF) 1.3 $28M 854k 32.76
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.3 $28M 232k 119.26
Rayonier (RYN) 1.2 $26M 717k 35.55
Nxp Semiconductors N V (NXPI) 1.1 $24M 356k 66.18
American Express Company (AXP) 1.0 $22M 229k 94.87
Colgate-Palmolive Company (CL) 1.0 $22M 317k 68.18
iShares S&P MidCap 400 Value Index (IJJ) 0.9 $21M 163k 126.92
iShares S&P MidCap 400 Growth (IJK) 0.9 $21M 131k 157.08
Markel Corporation (MKL) 0.9 $19M 29k 655.64
Golub Capital BDC (GBDC) 0.9 $19M 1.1M 17.70
United Technologies Corporation 0.9 $19M 166k 115.45
Expeditors International of Washington (EXPD) 0.8 $19M 420k 44.16
TJX Companies (TJX) 0.8 $19M 351k 53.15
Paychex (PAYX) 0.8 $18M 424k 41.56
Illinois Tool Works (ITW) 0.8 $18M 201k 87.56
Halliburton Company (HAL) 0.8 $17M 246k 71.01
Lowe's Companies (LOW) 0.8 $17M 349k 47.99
Express Scripts Holding 0.8 $16M 237k 69.33
Wells Fargo & Company (WFC) 0.7 $15M 287k 52.56
Berkshire Hathaway (BRK.B) 0.7 $15M 116k 126.56
W.R. Berkley Corporation (WRB) 0.7 $15M 314k 46.31
Discovery Communications 0.7 $15M 200k 72.59
Bed Bath & Beyond 0.7 $14M 246k 57.38
Sigma-Aldrich Corporation 0.7 $14M 141k 101.48
MasterCard Incorporated (MA) 0.6 $14M 189k 73.47
Thermo Fisher Scientific (TMO) 0.6 $14M 117k 118.00
Waters Corporation (WAT) 0.6 $13M 120k 104.44
New Mountain Finance Corp (NMFC) 0.6 $12M 802k 14.86
Brown & Brown (BRO) 0.5 $11M 350k 30.71
iShares Dow Jones US Technology (IYW) 0.5 $11M 111k 96.88
THL Credit 0.5 $11M 749k 14.00
Tcp Capital 0.5 $11M 575k 18.21
Home Depot (HD) 0.5 $10M 127k 80.96
PennantPark Investment (PNNT) 0.5 $10M 906k 11.46
Medley Capital Corporation 0.5 $10M 788k 13.06
Stryker Corporation (SYK) 0.5 $9.7M 116k 84.32
iShares 10+ Year Credit Bond Fund ETF (IGLB) 0.5 $9.8M 161k 60.55
Solar Cap (SLRC) 0.4 $9.6M 452k 21.28
Rayonier Advanced Matls (RYAM) 0.4 $9.2M 238k 38.75
Hercules Technology Growth Capital (HTGC) 0.4 $9.0M 555k 16.16
Google Inc Class C 0.4 $9.0M 16k 575.29
Vanguard REIT ETF (VNQ) 0.4 $8.3M 110k 74.84
SPDR DJ Wilshire REIT (RWR) 0.4 $8.1M 98k 83.00
Consumer Discretionary SPDR (XLY) 0.3 $7.3M 109k 66.74
Google 0.3 $7.0M 12k 584.66
ConocoPhillips (COP) 0.3 $6.6M 77k 85.73
Industrial SPDR (XLI) 0.3 $6.6M 122k 54.06
Triangle Capital Corporation 0.3 $6.3M 221k 28.37
Cys Investments 0.3 $6.3M 697k 9.02
Ace Limited Cmn 0.3 $6.1M 59k 103.71
MDU Resources (MDU) 0.3 $5.8M 167k 35.10
Air Products & Chemicals (APD) 0.3 $5.8M 45k 128.62
Novartis (NVS) 0.3 $5.8M 64k 90.52
Occidental Petroleum Corporation (OXY) 0.3 $5.8M 57k 102.63
Procter & Gamble Company (PG) 0.3 $6.0M 76k 78.58
General Dynamics Corporation (GD) 0.3 $6.0M 51k 116.56
Apollo Investment 0.3 $5.8M 675k 8.61
Vanguard Intermediate Tm Cpte Bd ETF (VCIT) 0.3 $5.9M 68k 86.56
Ishares Tr 2018 invtgr bd 0.3 $5.8M 59k 99.31
Brown-Forman Corporation (BF.B) 0.3 $5.7M 61k 94.17
Nordstrom (JWN) 0.3 $5.7M 83k 67.93
Marathon Oil Corporation (MRO) 0.3 $5.7M 144k 39.92
Commerce Bancshares (CBSH) 0.3 $5.7M 123k 46.50
New Jersey Resources Corporation (NJR) 0.3 $5.7M 101k 57.16
SPDR Barclay Cp Intr Trm Cr Bd (SPIB) 0.3 $5.8M 168k 34.46
Exxon Mobil Corporation (XOM) 0.2 $5.5M 55k 100.68
M&T Bank Corporation (MTB) 0.2 $5.5M 44k 124.05
Cullen/Frost Bankers (CFR) 0.2 $5.5M 69k 79.42
T. Rowe Price (TROW) 0.2 $5.5M 65k 84.41
Analog Devices (ADI) 0.2 $5.6M 103k 54.07
Becton, Dickinson and (BDX) 0.2 $5.5M 47k 118.31
Nike (NKE) 0.2 $5.5M 71k 77.54
iShares Dow Jones US Financial (IYF) 0.2 $5.4M 65k 83.14
McDonald's Corporation (MCD) 0.2 $5.3M 53k 100.73
W.W. Grainger (GWW) 0.2 $5.2M 21k 254.27
Clorox Company (CLX) 0.2 $5.2M 57k 91.41
Piedmont Natural Gas Company 0.2 $5.2M 140k 37.41
Donaldson Company (DCI) 0.2 $5.1M 121k 42.32
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.2 $5.1M 49k 103.57
iShares FTSE NAREIT Resi Plus Capp (REZ) 0.2 $5.1M 95k 53.33
Kcap Financial 0.2 $5.0M 592k 8.49
Landstar System (LSTR) 0.2 $4.8M 75k 63.99
Horizon Technology Fin (HRZN) 0.2 $4.9M 332k 14.62
Stonecastle Finl (BANX) 0.2 $4.5M 177k 25.38
Triplepoint Venture Gr Bdc cs (TPVG) 0.2 $4.5M 274k 16.38
Health Care SPDR (XLV) 0.2 $4.4M 72k 60.83
Consumer Staples Select Sect. SPDR (XLP) 0.2 $4.3M 97k 44.62
Ofs Capital (OFS) 0.2 $4.3M 330k 13.00
Annaly Capital Management 0.2 $4.2M 368k 11.43
Stellus Capital Investment (SCM) 0.2 $4.1M 281k 14.69
American Capital 0.2 $3.9M 255k 15.29
Medallion Financial (MFIN) 0.2 $3.9M 315k 12.46
Hatteras Financial 0.2 $3.8M 194k 19.81
SPDR Nuveen Barclays Capital Municpl Bnd 0.2 $3.9M 167k 23.68
iShares Gold Trust 0.2 $3.7M 287k 12.88
iShares MSCI ACWI Index Fund (ACWI) 0.2 $3.7M 62k 60.26
Ishares Tr 2020 invtgr bd 0.2 $3.6M 37k 98.67
Ishares Tr 2023 invtgr bd 0.2 $3.7M 38k 96.62
Ishares Corporate Bond Etf 202 0.2 $3.8M 36k 105.66
Energy Select Sector SPDR (XLE) 0.2 $3.4M 34k 100.09
Compass Diversified Holdings (CODI) 0.2 $3.4M 187k 18.15
Select Comfort 0.2 $3.6M 174k 20.66
MVC Capital 0.2 $3.4M 263k 12.95
iShares Dow Jones US Oil Equip. (IEZ) 0.2 $3.5M 45k 77.53
iShares iBoxx $ High Yid Corp Bond (HYG) 0.2 $3.4M 36k 95.21
SPDR Barclays Capital High Yield B 0.2 $3.4M 82k 41.73
iShares Barclays Inter Crd Bd Fund ETF) (IGIB) 0.1 $3.2M 29k 110.19
Pennantpark Floating Rate Capi (PFLT) 0.1 $3.3M 230k 14.29
Gladstone Capital Corporation 0.1 $3.1M 310k 10.06
Blackrock Kelso Capital 0.1 $3.1M 341k 9.11
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.1 $3.0M 123k 24.33
Main Street Capital Corporation (MAIN) 0.1 $2.8M 84k 32.93
Ritchie Bros. Auctioneers Inco 0.1 $2.6M 107k 24.65
Zebra Technologies (ZBRA) 0.1 $2.6M 32k 82.31
Gilead Sciences (GILD) 0.1 $2.7M 32k 82.90
Patterson Companies (PDCO) 0.1 $2.3M 59k 39.50
NGP Capital Resources Company 0.1 $2.4M 378k 6.23
MCG Capital Corporation 0.1 $2.5M 628k 3.92
iShares Lehman MBS Bond Fund (MBB) 0.1 $2.3M 21k 108.23
Vanguard Long Term Corporate Bond ETF (VCLT) 0.1 $2.3M 26k 90.27
Claymore Exchange Trd Fd Tr gugg bulsh 2021 0.1 $2.3M 109k 21.02
Gladstone Investment Corporation (GAIN) 0.1 $2.3M 309k 7.40
Claymore Exchange-traded Fd gugg crp bd 2017 0.1 $2.2M 97k 22.91
Ishares Trust Barclays (GNMA) 0.1 $2.2M 44k 49.89
Ishares Trust Barclays (CMBS) 0.1 $2.2M 42k 51.70
Claymore Exchange Trd Fd Tr gug bull2019 e 0.1 $2.2M 104k 21.18
Claymore Exchange Trd Fd Tr gug bull2020 e 0.1 $2.2M 104k 21.26
Claymore Exchange Trd Fd Tr gug bull2018 e 0.1 $2.2M 104k 21.27
Ishares Tr 2016 invtgr bd 0.1 $2.2M 22k 100.09
Gugenheim Bulletshares 2022 Corp Bd 0.1 $2.3M 110k 20.87
Materials SPDR (XLB) 0.1 $1.9M 39k 49.64
Vanguard European ETF (VGK) 0.1 $1.9M 31k 59.94
Solar Senior Capital 0.1 $1.9M 114k 16.88
C&j Energy Services 0.1 $1.9M 58k 33.78
Franklin Electric (FELE) 0.1 $1.7M 42k 40.33
Haemonetics Corporation (HAE) 0.1 $1.6M 47k 35.28
Forward Air Corporation (FWRD) 0.1 $1.7M 35k 47.86
VCA Antech 0.1 $1.8M 51k 35.10
Techne Corporation 0.1 $1.7M 18k 92.54
Douglas Dynamics (PLOW) 0.1 $1.7M 96k 17.62
Safeguard Scientifics 0.1 $1.7M 81k 20.79
Thermon Group Holdings (THR) 0.1 $1.7M 64k 26.31
Rli (RLI) 0.1 $1.6M 35k 45.79
Mueller Industries (MLI) 0.1 $1.5M 51k 29.41
Morningstar (MORN) 0.1 $1.4M 20k 71.83
Exponent (EXPO) 0.1 $1.6M 21k 74.09
Onebeacon Insurance Group Ltd Cl-a 0.1 $1.4M 92k 15.54
Bank of Marin Ban (BMRC) 0.1 $1.5M 33k 45.60
Claymore Exchange-traded Fd gugg crp bd 2016 0.1 $1.5M 68k 22.38
Ishares Tr 2017 s^p amtfr 0.1 $1.4M 26k 55.31
Guggenheim Bulletshar 0.1 $1.5M 67k 21.90
Ishares S&p Amt-free Municipal 0.1 $1.5M 57k 25.59
Potbelly (PBPB) 0.1 $1.5M 94k 15.96
re Max Hldgs Inc cl a (RMAX) 0.1 $1.5M 52k 29.58
Spdr S&p 500 Etf (SPY) 0.1 $1.3M 6.4k 195.69
Fifth Street Finance 0.1 $1.2M 127k 9.83
Gladstone Commercial Corporation (GOOD) 0.1 $1.4M 79k 17.87
Hittite Microwave Corporation 0.1 $1.4M 18k 77.95
West Pharmaceutical Services (WST) 0.1 $1.3M 31k 42.18
Cu (CULP) 0.1 $1.3M 77k 17.41
Lance 0.1 $1.3M 49k 26.45
iShares Lehman 3-7 Yr Treasury Bond (IEI) 0.1 $1.2M 10k 121.77
Vocera Communications 0.1 $1.2M 93k 13.20
MSC Industrial Direct (MSM) 0.1 $1.1M 11k 95.60
Varian Medical Systems 0.1 $998k 12k 83.13
TICC Capital 0.1 $1.0M 105k 9.90
Cubic Corporation 0.1 $1.2M 26k 44.49
FEI Company 0.1 $1.1M 12k 90.70
iShares S&P Natl AMTFr Mncpl Bd (MUB) 0.1 $986k 9.1k 108.66
Cm Fin 0.1 $1.2M 80k 14.57
Mohawk Industries (MHK) 0.0 $857k 6.2k 138.29
Berkshire Hathaway (BRK.A) 0.0 $950k 5.00 190000.00
iShares 2015 S&P AMT-Free Mun Ser ETF 0.0 $960k 18k 53.07
iShares 2016 S&P AMT-Free Mun Ser ETF 0.0 $960k 18k 53.52
Tamin 0.0 $848k 37k 23.26
iShares Dow Jones US Utilities (IDU) 0.0 $563k 5.1k 111.40
PIMCO Intermediate Mun Bond Strat Fund (MUNI) 0.0 $688k 13k 53.23
Monroe Cap (MRCC) 0.0 $617k 47k 13.27
Fs Investment Corporation 0.0 $552k 52k 10.64
American Cap Sr Floating 0.0 $675k 48k 14.00
Compass Minerals International (CMP) 0.0 $359k 3.8k 95.66
Range Resources (RRC) 0.0 $387k 4.4k 87.01
Baxter International (BAX) 0.0 $331k 4.6k 72.30
Cameco Corporation (CCJ) 0.0 $362k 19k 19.60
Continental Resources 0.0 $457k 2.9k 158.13
Potash Corp. Of Saskatchewan I 0.0 $377k 9.9k 37.92
Hess (HES) 0.0 $424k 4.3k 99.00
Weyerhaeuser Company (WY) 0.0 $383k 12k 33.07
Statoil ASA 0.0 $446k 15k 30.83
Total (TTE) 0.0 $368k 5.1k 72.20
Freeport-McMoRan Copper & Gold (FCX) 0.0 $374k 10k 36.52
EOG Resources (EOG) 0.0 $447k 3.8k 116.89
Pioneer Natural Resources 0.0 $413k 1.8k 229.96
Whiting Petroleum Corporation 0.0 $416k 5.2k 80.28
CF Industries Holdings (CF) 0.0 $504k 2.1k 240.46
Eni S.p.A. (E) 0.0 $391k 7.1k 54.84
BHP Billiton (BHP) 0.0 $373k 5.5k 68.39
Concho Resources 0.0 $447k 3.1k 144.47
FMC Corporation (FMC) 0.0 $341k 4.8k 71.29
Royal Gold (RGLD) 0.0 $419k 5.5k 76.15
Cimarex Energy 0.0 $371k 2.6k 143.41
Rockwood Holdings 0.0 $371k 4.9k 75.90
New Gold Inc Cda (NGD) 0.0 $392k 62k 6.37
Cloud Peak Energy 0.0 $336k 18k 18.43
iShares S&P 500 Growth Index (IVW) 0.0 $489k 4.7k 105.14
iShares S&P 500 Value Index (IVE) 0.0 $505k 5.6k 90.37
iShares Russell 2000 Value Index (IWN) 0.0 $428k 4.1k 103.16
iShares Russell 2000 Growth Index (IWO) 0.0 $418k 3.0k 138.41
Silver Wheaton Corp 0.0 $444k 17k 26.29
iShares Barclays 20+ Yr Treas.Bond (TLT) 0.0 $421k 3.7k 113.39
Hallador Energy (HNRG) 0.0 $400k 42k 9.49
Franco-Nevada Corporation (FNV) 0.0 $402k 7.0k 57.40
ETFS Physical Platinum Shares 0.0 $351k 2.4k 144.56
Manatuck Hill Mariner Offshore 0.0 $427k 3.2k 134.19
Gulf Coast Ultra Deep Royalty (GULTU) 0.0 $489k 167k 2.93
Glencore Xstrata (GLNCY) 0.0 $356k 32k 11.15
Cabot Oil & Gas Corporation (CTRA) 0.0 $288k 8.4k 34.11
Coca-Cola Company (KO) 0.0 $214k 5.0k 42.39
Peabody Energy Corporation 0.0 $302k 19k 16.33
Franklin Street Properties (FSP) 0.0 $132k 11k 12.57
Energy Xxi 0.0 $327k 14k 23.66
Enterprise Products Partners (EPD) 0.0 $213k 2.7k 78.31
Yamana Gold 0.0 $308k 38k 8.21
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.0 $226k 2.1k 105.81
Saratoga Investment (SAR) 0.0 $235k 15k 15.73
Vanguard Equity Income Admiral (VEIRX) 0.0 $277k 4.2k 66.33
Ares Coml Real Estate (ACRE) 0.0 $248k 20k 12.40
Harvest Cap Cr 0.0 $297k 20k 14.85