Confluence Investment Management as of March 31, 2011
Portfolio Holdings for Confluence Investment Management
Confluence Investment Management holds 241 positions in its portfolio as reported in the March 2011 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Ares Capital Corporation (ARCC) | 2.9 | $23M | 1.3M | 16.95 | |
| Chevron Corporation (CVX) | 2.0 | $16M | 148k | 107.49 | |
| SPDR Barclays Capital High Yield B | 2.0 | $16M | 384k | 40.51 | |
| Energy Select Sector SPDR (XLE) | 1.9 | $15M | 189k | 79.75 | |
| Microsoft Corporation (MSFT) | 1.8 | $14M | 545k | 25.39 | |
| Diageo (DEO) | 1.7 | $13M | 173k | 76.22 | |
| Pepsi (PEP) | 1.6 | $13M | 201k | 64.41 | |
| iShares IBoxx $ Invest Grade Corp Bd (LQD) | 1.5 | $12M | 112k | 108.20 | |
| Pfizer (PFE) | 1.5 | $12M | 594k | 20.31 | |
| Technology SPDR (XLK) | 1.5 | $12M | 461k | 26.06 | |
| Ipath Dow Jones-aig Commodity (DJP) | 1.5 | $12M | 232k | 51.35 | |
| Johnson & Johnson (JNJ) | 1.5 | $12M | 201k | 59.25 | |
| Blackrock Kelso Capital | 1.5 | $12M | 1.2M | 10.12 | |
| iShares iBoxx $ High Yid Corp Bond (HYG) | 1.5 | $12M | 128k | 91.96 | |
| Emerson Electric (EMR) | 1.5 | $12M | 198k | 58.43 | |
| Financial Select Sector SPDR (XLF) | 1.4 | $11M | 689k | 16.39 | |
| PennantPark Investment (PNNT) | 1.4 | $11M | 899k | 11.92 | |
| Annaly Capital Management | 1.3 | $10M | 588k | 17.45 | |
| MVC Capital | 1.3 | $10M | 733k | 13.72 | |
| Industrial SPDR (XLI) | 1.3 | $10M | 265k | 37.66 | |
| W.R. Berkley Corporation (WRB) | 1.2 | $9.9M | 306k | 32.21 | |
| Solar Cap (SLRC) | 1.1 | $8.6M | 360k | 23.88 | |
| Exxon Mobil Corporation (XOM) | 1.1 | $8.5M | 102k | 84.13 | |
| Linear Technology Corporation | 1.1 | $8.5M | 253k | 33.63 | |
| Markel Corporation (MKL) | 1.1 | $8.4M | 20k | 414.43 | |
| Lowe's Companies (LOW) | 1.1 | $8.3M | 314k | 26.43 | |
| Thermo Fisher Scientific (TMO) | 1.0 | $8.0M | 145k | 55.55 | |
| Sigma-Aldrich Corporation | 1.0 | $8.1M | 127k | 63.64 | |
| American Express Company (AXP) | 1.0 | $8.0M | 176k | 45.20 | |
| 3M Company (MMM) | 1.0 | $7.8M | 84k | 93.50 | |
| Consumer Discretionary SPDR (XLY) | 1.0 | $7.8M | 200k | 39.05 | |
| Fidelity National Financial | 1.0 | $7.6M | 539k | 14.13 | |
| Waters Corporation (WAT) | 1.0 | $7.5M | 87k | 86.90 | |
| iShares MSCI Emerging Markets Indx (EEM) | 0.9 | $7.5M | 155k | 48.67 | |
| Gra (GGG) | 0.9 | $7.3M | 161k | 45.49 | |
| Bed Bath & Beyond | 0.9 | $7.1M | 147k | 48.27 | |
| Illinois Tool Works (ITW) | 0.9 | $7.1M | 132k | 53.72 | |
| Paychex (PAYX) | 0.9 | $7.0M | 223k | 31.38 | |
| Southern Company (SO) | 0.9 | $7.0M | 185k | 38.11 | |
| GlaxoSmithKline | 0.9 | $6.9M | 179k | 38.41 | |
| TJX Companies (TJX) | 0.9 | $6.9M | 139k | 49.73 | |
| Cypress Sharpridge Investments | 0.9 | $6.9M | 543k | 12.68 | |
| Berkshire Hathaway (BRK.B) | 0.9 | $6.8M | 81k | 83.62 | |
| Apollo Investment | 0.9 | $6.8M | 565k | 12.07 | |
| Wal-Mart Stores (WMT) | 0.8 | $6.7M | 128k | 52.05 | |
| Home Depot (HD) | 0.8 | $6.6M | 178k | 37.06 | |
| McGraw-Hill Companies | 0.8 | $6.5M | 166k | 39.40 | |
| Willis Group Holdings | 0.8 | $6.5M | 162k | 40.36 | |
| Tyco International Ltd S hs | 0.8 | $6.6M | 147k | 44.77 | |
| Broadridge Financial Solutions (BR) | 0.8 | $6.4M | 284k | 22.69 | |
| Lockheed Martin Corporation (LMT) | 0.8 | $6.5M | 80k | 80.40 | |
| Health Care SPDR (XLV) | 0.8 | $6.3M | 190k | 33.11 | |
| Quest Diagnostics Incorporated (DGX) | 0.8 | $6.2M | 107k | 57.72 | |
| Hercules Technology Growth Capital (HTGC) | 0.8 | $6.1M | 555k | 11.00 | |
| Cpi (CPY) | 0.8 | $6.0M | 267k | 22.51 | |
| Golub Capital BDC (GBDC) | 0.8 | $6.0M | 382k | 15.78 | |
| Vectren Corporation | 0.8 | $6.0M | 219k | 27.20 | |
| Vanguard REIT ETF (VNQ) | 0.8 | $5.9M | 101k | 58.47 | |
| Martin Marietta Materials (MLM) | 0.7 | $5.9M | 65k | 89.67 | |
| Mercury General Corporation (MCY) | 0.7 | $5.9M | 150k | 39.13 | |
| Western Union Company (WU) | 0.7 | $5.8M | 279k | 20.77 | |
| Landauer | 0.7 | $5.8M | 94k | 61.52 | |
| Consumer Staples Select Sect. SPDR (XLP) | 0.7 | $5.7M | 191k | 29.92 | |
| Vulcan Materials Company (VMC) | 0.7 | $5.6M | 122k | 45.60 | |
| iShares Lehman 7-10 Yr Treas. Bond (IEF) | 0.7 | $5.2M | 56k | 93.00 | |
| Wells Fargo & Company (WFC) | 0.6 | $5.0M | 158k | 31.71 | |
| Source Capital (SOR) | 0.6 | $4.9M | 85k | 58.05 | |
| Barclays Bk Plc Ipsp croil etn | 0.6 | $4.9M | 172k | 28.20 | |
| Plum Creek Timber | 0.6 | $4.7M | 108k | 43.61 | |
| Gladstone Capital Corporation | 0.6 | $4.8M | 421k | 11.31 | |
| E.I. du Pont de Nemours & Company | 0.6 | $4.6M | 83k | 54.97 | |
| Rayonier (RYN) | 0.6 | $4.6M | 73k | 62.30 | |
| THL Credit | 0.6 | $4.6M | 334k | 13.66 | |
| Franklin Street Properties (FSP) | 0.6 | $4.4M | 314k | 14.07 | |
| Sherwin-Williams Company (SHW) | 0.5 | $4.2M | 50k | 83.99 | |
| Materials SPDR (XLB) | 0.5 | $4.2M | 104k | 40.02 | |
| Hatteras Financial | 0.5 | $4.1M | 146k | 28.12 | |
| Fifth Street Finance | 0.5 | $4.0M | 301k | 13.35 | |
| Triangle Capital Corporation | 0.5 | $3.9M | 219k | 18.06 | |
| Avery Dennison Corporation (AVY) | 0.5 | $3.9M | 93k | 41.96 | |
| Medallion Financial (MFIN) | 0.5 | $3.8M | 438k | 8.79 | |
| iShares Lehman MBS Bond Fund (MBB) | 0.5 | $3.8M | 37k | 105.34 | |
| NGP Capital Resources Company | 0.4 | $3.2M | 333k | 9.64 | |
| iShares Russell 2000 Growth Index (IWO) | 0.4 | $3.2M | 34k | 95.33 | |
| California Pizza Kitchen | 0.4 | $2.9M | 172k | 16.88 | |
| Compass Diversified Holdings (CODI) | 0.4 | $2.8M | 191k | 14.74 | |
| iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) | 0.3 | $2.8M | 27k | 104.46 | |
| Landstar System (LSTR) | 0.3 | $2.7M | 58k | 45.68 | |
| Kohlberg Capital (KCAP) | 0.3 | $2.6M | 320k | 8.26 | |
| iShares Dow Jones US Utilities (IDU) | 0.3 | $2.5M | 32k | 79.36 | |
| Vanguard Intermediate Tm Cpte Bd ETF (VCIT) | 0.3 | $2.5M | 32k | 78.93 | |
| VCA Antech | 0.3 | $2.5M | 99k | 25.17 | |
| Horizon Technology Fin (HRZN) | 0.3 | $2.3M | 141k | 16.07 | |
| Ambassadors | 0.3 | $2.1M | 196k | 10.95 | |
| Northstar Realty Finance | 0.3 | $2.2M | 402k | 5.35 | |
| SPDR Barclay Cp Intr Trm Cr Bd (SPIB) | 0.3 | $2.1M | 64k | 32.70 | |
| iShares Barclays Inter Crd Bd Fund ETF) (IGIB) | 0.3 | $2.1M | 20k | 105.27 | |
| Rli (RLI) | 0.2 | $1.7M | 30k | 57.65 | |
| Affiliated Managers (AMG) | 0.2 | $1.7M | 16k | 109.39 | |
| SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd | 0.2 | $1.6M | 67k | 23.84 | |
| SPDR Nuveen Barclays Capital Municpl Bnd | 0.2 | $1.6M | 73k | 21.98 | |
| MCG Capital Corporation | 0.2 | $1.5M | 234k | 6.52 | |
| Ritchie Bros. Auctioneers Inco | 0.2 | $1.4M | 51k | 28.16 | |
| Gladstone Investment Corporation (GAIN) | 0.2 | $1.4M | 183k | 7.76 | |
| Medley Capital Corporation | 0.2 | $1.4M | 115k | 12.18 | |
| Brown & Brown (BRO) | 0.2 | $1.3M | 52k | 25.79 | |
| Polaris Industries (PII) | 0.2 | $1.3M | 15k | 87.05 | |
| ConocoPhillips (COP) | 0.2 | $1.3M | 17k | 79.84 | |
| John Wiley & Sons (WLY) | 0.2 | $1.3M | 27k | 50.84 | |
| Patterson Companies (PDCO) | 0.2 | $1.3M | 42k | 32.18 | |
| Marathon Oil Corporation (MRO) | 0.2 | $1.3M | 25k | 53.33 | |
| iShares S&P 500 Growth Index (IVW) | 0.2 | $1.3M | 19k | 68.73 | |
| Peabody Energy Corporation | 0.1 | $1.2M | 17k | 71.95 | |
| W.W. Grainger (GWW) | 0.1 | $1.2M | 8.4k | 137.66 | |
| International Business Machines (IBM) | 0.1 | $1.2M | 7.2k | 163.06 | |
| United Technologies Corporation | 0.1 | $1.2M | 14k | 84.68 | |
| Automatic Data Processing (ADP) | 0.1 | $1.1M | 21k | 51.29 | |
| Nordstrom (JWN) | 0.1 | $1.1M | 25k | 44.90 | |
| Analog Devices (ADI) | 0.1 | $1.1M | 29k | 39.37 | |
| Occidental Petroleum Corporation (OXY) | 0.1 | $1.1M | 11k | 104.45 | |
| Praxair | 0.1 | $1.1M | 11k | 101.59 | |
| Procter & Gamble Company (PG) | 0.1 | $1.1M | 18k | 61.57 | |
| Commerce Bancshares (CBSH) | 0.1 | $1.1M | 28k | 40.45 | |
| M&T Bank Corporation (MTB) | 0.1 | $1.1M | 12k | 88.44 | |
| McDonald's Corporation (MCD) | 0.1 | $1.1M | 14k | 76.12 | |
| Cullen/Frost Bankers (CFR) | 0.1 | $998k | 17k | 58.99 | |
| Brown-Forman Corporation (BF.B) | 0.1 | $1.0M | 15k | 68.33 | |
| MDU Resources (MDU) | 0.1 | $1.0M | 45k | 22.96 | |
| Air Products & Chemicals (APD) | 0.1 | $1.0M | 11k | 90.17 | |
| Colgate-Palmolive Company (CL) | 0.1 | $1.0M | 13k | 80.75 | |
| Nextera Energy (NEE) | 0.1 | $1.1M | 19k | 55.14 | |
| Target Corporation (TGT) | 0.1 | $990k | 20k | 50.02 | |
| General Dynamics Corporation (GD) | 0.1 | $1.1M | 14k | 76.53 | |
| Clorox Company (CLX) | 0.1 | $1.0M | 15k | 70.07 | |
| SPDR Gold Trust (GLD) | 0.1 | $1.1M | 7.5k | 139.89 | |
| Eaton Vance | 0.1 | $991k | 31k | 32.25 | |
| Hibbett Sports (HIBB) | 0.1 | $1.0M | 28k | 35.80 | |
| Medical Action Industries | 0.1 | $1.0M | 122k | 8.40 | |
| Owens & Minor (OMI) | 0.1 | $1.0M | 32k | 32.49 | |
| Piedmont Natural Gas Company | 0.1 | $1.0M | 33k | 30.34 | |
| SPDR Barclays Capital Mortgage Back ETF (SPMB) | 0.1 | $996k | 37k | 26.96 | |
| AFLAC Incorporated (AFL) | 0.1 | $940k | 18k | 52.80 | |
| Becton, Dickinson and (BDX) | 0.1 | $941k | 12k | 79.64 | |
| Novartis (NVS) | 0.1 | $941k | 17k | 54.34 | |
| General Mills (GIS) | 0.1 | $984k | 27k | 36.54 | |
| New Jersey Resources Corporation (NJR) | 0.1 | $978k | 23k | 42.96 | |
| Scotts Miracle-Gro Company (SMG) | 0.1 | $927k | 16k | 57.84 | |
| iShares S&P 500 Value Index (IVE) | 0.1 | $910k | 14k | 63.28 | |
| SYSCO Corporation (SYY) | 0.1 | $889k | 32k | 27.69 | |
| Haemonetics Corporation (HAE) | 0.1 | $860k | 13k | 65.54 | |
| Encana Corp | 0.1 | $870k | 25k | 34.51 | |
| Sanderson Farms | 0.1 | $896k | 20k | 45.92 | |
| TICC Capital | 0.1 | $893k | 82k | 10.87 | |
| Northwest Bancshares (NWBI) | 0.1 | $845k | 67k | 12.54 | |
| iShares Russell 2000 Value Index (IWN) | 0.1 | $858k | 11k | 75.37 | |
| Vanguard Short Term Corporate Bond ETF (VCSH) | 0.1 | $835k | 11k | 77.42 | |
| Heartland Express (HTLD) | 0.1 | $812k | 46k | 17.55 | |
| Simpson Manufacturing (SSD) | 0.1 | $817k | 28k | 29.46 | |
| Techne Corporation | 0.1 | $775k | 11k | 71.56 | |
| West Pharmaceutical Services (WST) | 0.1 | $795k | 18k | 44.80 | |
| Bio-Reference Laboratories | 0.1 | $772k | 34k | 22.43 | |
| B&G Foods (BGS) | 0.1 | $769k | 41k | 18.76 | |
| Morningstar (MORN) | 0.1 | $745k | 13k | 58.35 | |
| Moly | 0.1 | $682k | 11k | 59.98 | |
| Barclays Bk Plc etn djubs copr37 (JJCTF) | 0.1 | $741k | 13k | 56.86 | |
| Ross Stores (ROST) | 0.1 | $664k | 9.3k | 71.07 | |
| Mohawk Industries (MHK) | 0.1 | $663k | 11k | 61.11 | |
| Cenovus Energy (CVE) | 0.1 | $665k | 17k | 39.41 | |
| Gladstone Commercial Corporation (GOOD) | 0.1 | $601k | 33k | 18.23 | |
| Silver Wheaton Corp | 0.1 | $644k | 15k | 43.35 | |
| iShares Silver Trust (SLV) | 0.1 | $650k | 18k | 36.76 | |
| Barclays Bank Plc etn djubsplatm38 (PGMFF) | 0.1 | $638k | 15k | 42.40 | |
| First Trust ISE Revere Natural Gas | 0.1 | $613k | 26k | 23.36 | |
| Sociedad Quimica y Minera (SQM) | 0.1 | $521k | 9.4k | 55.23 | |
| Potash Corp. Of Saskatchewan I | 0.1 | $536k | 9.1k | 58.96 | |
| Freeport-McMoRan Copper & Gold (FCX) | 0.1 | $560k | 10k | 55.53 | |
| Imperial Oil (IMO) | 0.1 | $535k | 11k | 51.10 | |
| Murphy Oil Corporation (MUR) | 0.1 | $521k | 7.1k | 73.36 | |
| Southwestern Energy Company | 0.1 | $543k | 13k | 42.98 | |
| Contango Oil & Gas Company | 0.1 | $545k | 8.6k | 63.28 | |
| Alpha Natural Resources | 0.1 | $542k | 9.1k | 59.38 | |
| Goldcorp | 0.1 | $571k | 12k | 49.84 | |
| Walter Energy | 0.1 | $555k | 4.1k | 135.53 | |
| Plains Exploration & Production Company | 0.1 | $543k | 15k | 36.23 | |
| CF Industries Holdings (CF) | 0.1 | $522k | 3.8k | 136.86 | |
| Cliffs Natural Resources | 0.1 | $583k | 5.9k | 98.21 | |
| BHP Billiton (BHP) | 0.1 | $592k | 6.2k | 95.90 | |
| Royal Gold (RGLD) | 0.1 | $543k | 10k | 52.44 | |
| Talisman Energy Inc Com Stk | 0.1 | $552k | 22k | 24.71 | |
| Cimarex Energy | 0.1 | $531k | 4.6k | 115.16 | |
| McMoRan Exploration | 0.1 | $541k | 31k | 17.70 | |
| Mesabi Trust (MSB) | 0.1 | $534k | 13k | 41.13 | |
| Patriot Coal Corp | 0.1 | $540k | 21k | 25.83 | |
| Franco-Nevada Corporation (FNV) | 0.1 | $568k | 16k | 36.61 | |
| Enerplus Corp | 0.1 | $530k | 17k | 31.64 | |
| Impala Platinum Holdings (IMPUY) | 0.1 | $525k | 18k | 28.98 | |
| Anglo Platinum (AGPPY) | 0.1 | $545k | 32k | 17.23 | |
| Barclays Bank Plc etn djubslead 38 | 0.1 | $536k | 8.0k | 67.24 | |
| Manatuck Hill Mariner Offshore | 0.1 | $584k | 3.8k | 155.15 | |
| Vale (VALE) | 0.1 | $488k | 15k | 33.33 | |
| Newmont Mining Corporation (NEM) | 0.1 | $504k | 9.2k | 54.61 | |
| Zebra Technologies (ZBRA) | 0.1 | $511k | 13k | 39.21 | |
| Forward Air Corporation (FWRD) | 0.1 | $487k | 16k | 30.64 | |
| White Mountains Insurance Gp (WTM) | 0.1 | $504k | 1.4k | 364.43 | |
| Strayer Education | 0.1 | $481k | 3.7k | 130.42 | |
| Mosaic Company | 0.1 | $504k | 6.4k | 78.73 | |
| Panera Bread Company | 0.1 | $451k | 3.5k | 127.08 | |
| Smith & Nephew (SNN) | 0.1 | $511k | 9.1k | 56.41 | |
| Southern Copper Corporation (SCCO) | 0.1 | $459k | 11k | 40.28 | |
| Seabridge Gold (SA) | 0.1 | $491k | 15k | 31.80 | |
| Teck Resources Ltd cl b (TECK) | 0.1 | $483k | 9.1k | 53.02 | |
| Yamana Gold | 0.1 | $498k | 40k | 12.31 | |
| Uranium Energy (UEC) | 0.1 | $455k | 114k | 3.99 | |
| Inmet Mining Corp. | 0.1 | $499k | 7.1k | 70.03 | |
| Cameco Corporation (CCJ) | 0.1 | $433k | 14k | 30.03 | |
| Berkshire Hathaway (BRK.A) | 0.1 | $376k | 3.00 | 125333.33 | |
| Cemex SAB de CV (CX) | 0.1 | $385k | 43k | 8.93 | |
| iShares MSCI Japan Index | 0.1 | $384k | 37k | 10.31 | |
| Utilities SPDR (XLU) | 0.1 | $389k | 12k | 31.85 | |
| Barclays Bank Plc etf (COWTF) | 0.1 | $404k | 12k | 32.79 | |
| Main Street Capital Corporation (MAIN) | 0.1 | $365k | 20k | 18.46 | |
| Market Vectors High Yield Muni. Ind | 0.1 | $400k | 14k | 28.42 | |
| iShares Dow Jones US Aerospace & Def.ETF (ITA) | 0.1 | $429k | 6.7k | 64.27 | |
| CurrencyShares Japanese Yen Trust | 0.1 | $361k | 3.0k | 118.87 | |
| Prospect Capital Corporation (PSEC) | 0.0 | $332k | 27k | 12.22 | |
| First Majestic Silver Corp (AG) | 0.0 | $319k | 15k | 21.21 | |
| Rare Element Res (REEMF) | 0.0 | $326k | 25k | 13.16 | |
| Avalon Rare Metals Inc C ommon | 0.0 | $313k | 39k | 8.09 | |
| Full Circle Cap Corp | 0.0 | $336k | 42k | 8.01 | |
| Exeter Res Corp | 0.0 | $238k | 45k | 5.34 | |
| Mag Silver Corp (MAG) | 0.0 | $268k | 23k | 11.91 | |
| CurrencyShares Australian Dollar Trust | 0.0 | $217k | 2.1k | 103.63 | |
| Saratoga Investment (SAR) | 0.0 | $251k | 12k | 21.38 | |
| Platinum Group Metals | 0.0 | $226k | 115k | 1.97 | |
| Market Vectors Rare Earth Strat Met ETF | 0.0 | $220k | 8.4k | 26.24 | |
| Market Vectors Africa | 0.0 | $211k | 6.3k | 33.46 | |
| First Trust ISE Global Copper Index Fund | 0.0 | $212k | 4.9k | 43.61 | |
| WisdomTree Dreyfus NZ Dollar Fund | 0.0 | $208k | 8.9k | 23.28 | |
| First Trust ISE Glbl Pltnm Indx Fnd | 0.0 | $208k | 6.3k | 32.87 | |
| European Goldfields (EGU) | 0.0 | $267k | 21k | 12.57 | |
| People's United Financial | 0.0 | $170k | 14k | 12.54 |
