CONFLUENCE INVESTMENT MANAGEMENT LLC

Q1 2026 13F-HR Detailed Holdings

Location

St. Louis, MO

Holdings as of

3/31/2026

Date filed

4/1/2026

Form type

13F-HR

Num holdings

414

Total value ($000)

$6,440,688

Net value change ($000)

-233,149 (-3.5%)

New positions

Sold out positions

Turnover %

1.9%

Sector allocation + QoQ delta (equities-only)

Holdings broken out by other managers reported in the original SEC filing. View aggregated holdings

You are on the SEC detailed breakdown page. Rows are shown as reported in the filing (including other manager, discretion, and voting authority fields), and are not merged like the standard holdings view. Switch to aggregated holdings.

Snapshot: Change Analysis

Compared to Q4 2025

Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.

Top Adds (Value $000, Stocks/ETFs)

DOW	40,735	109.6%
CVX	37,628	30.8%
MDLZ	28,010	29.9%
BRO	26,180	25173.1%
LMT	25,012	18.1%
RLI	20,370	1426.5%
ETR	19,098	16.0%
CLX	18,379	23.5%
CARR	17,647	158.5%
KMI	17,004	17.0%

Top Reduces (Value $000, Stocks/ETFs)

IWD	-115,734	-96.8%
NTRS	-55,729	-37.0%
LOW	-53,593	-99.7%
BR	-37,369	-30.1%
SGOV	-33,410	-15.9%
ACN	-21,548	-24.2%
PAYX	-21,412	-19.3%
PGR	-21,113	-15.5%
FNF	-20,643	-18.5%
MSFT	-19,813	-26.5%

Instrument mix + QoQ Δ (ex-options)

How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.

Filter:

Instrument:

Issuer Name	Ticker	Sector	Industry	Class	History	Value ($000)	%	Shares	Shares Δ	Shares Δ%	Value Δ ($000)	Value Δ%	Principal	Option Type	Discretion	Other Manager	Sole	Shared	None

Other Managers

Num	Name	File Number
1	First Trust Advisors LP	028-06487
2	Brown Miller Wealth Management LLC	028-20464