Confluence Investment Management portfolio

What changed this quarter

269 positions with a change (18 new, 87 added to, 148 trimmed, 16 sold); also, 2 entered through an IPO. 8 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Fastenal−2.1 ppof portfolioSold out
  2.1% → —
• Zoetis+300%more sharesIncreased
  0.5% → 2.2%
• Watsco+1.5 ppof portfolioNew
  — → 1.6%
• Nike+874%more sharesIncreased
  0.2% → 1.6%
• iShares 0-3 Month Treasury B ETF−23%fewer sharesReduced
  4.4% → 3.6%
• Diageo−87%fewer sharesReduced
  1.0% → 0.1%
• Dow−0.8 ppof portfolioSold out
  0.8% → —
• Snap-on−27%fewer sharesReduced
  2.6% → 1.8%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• iShares 0-3 Month Treasury B ETFSGOV3.6%
• ChevronCVX2.4%
• ChubbCB2.4%
• ZoetisZTS2.2%
• Lockheed MartinLMT2.1%
• LindeLIN2.1%
• Gilead SciencesGILD2.0%
• Stanley Black & DeckerSWK1.9%
• WEC Energy GroupWEC1.9%
• Mondelez InternationalMDLZ1.9%
• Analog DevicesADI1.9%
• ProgressivePGR1.9%
• EntergyETR1.9%
• Snap-onSNA1.8%
• SouthernSO1.8%
• Northern TrustNTRS1.8%
• Colgate-palmoliveCL1.7%
• HersheyHSY1.7%
• Kinder MorganKMI1.6%
• WatscoWSO1.6%
• US Bancorp \de\USB1.6%
• American Water WorksAWK1.6%
• NikeNKE1.6%
• CloroxCLX1.6%
• T. Rowe PriceTROW1.6%
• PaychexPAYX1.5%
• Cisco SystemsCSCO1.5%
• Home DepotHD1.4%
• NordsonNDSN1.4%
• Broadridge Financial SolutionsBR1.4%
• Paycom SoftwarePAYC1.2%
• Fidelity National FinancialFNF1.2%
• STE Str SPDR PT DW EU ETFSPDW1.2%
• MicrosoftMSFT1.2%
• State Street SPDR P Mort Back Bond ETFSPMB1.2%
• MastercardMA1.2%
• Honeywell AerospaceHONA1.1%
• Berkley W RWRB1.1%
• State Street SPDR P S&P 500 Value ETFSPYV1.1%
• State Street SPDR P S&P 500 Growth ETFSPYG1.1%
• Ares CapitalARCC1.0%
• AccentureACN1.0%
• Thermo Fisher ScientificTMO1.0%
• StrykerSYK0.9%
• Air Products and ChemicalsAPD0.9%
• S&P GlobalSPGI0.9%
• TJXTJX0.8%
• MascoMAS0.8%
• Honeywell InternationalHON0.8%
• Illinois Tool WorksITW0.8%
• Berkshire HathawayBRK/B0.7%
• Carrier GlobalCARR0.7%
• AlphabetGOOG0.6%
• NXP SemiconductorsNXPI0.6%
• Lowe'sLOW0.6%
• Booking HoldingsBKNG0.5%
• Arch Capital GroupACGL0.5%
• MorningstarMORN0.5%
• Brown FormanBF/B0.5%
• GracoGGG0.5%
• SPDR Gold Minishares Trust ETFGLDM0.5%
• iShares MBS ETFMBB0.4%
• Charles River Laboratories InternationalCRL0.4%
• iShares Ibonds DEC 2035 TT ETFIBTQ0.4%
• Martin Marietta MaterialsMLM0.4%
• Expeditors International of WashingtonEXPD0.4%
• iShares Ibonds DEC 2034 ETFIBTP0.4%
• Brown & BrownBRO0.4%
• EcolabECL0.3%
• iShares Core Msci Europe ETFIEUR0.3%
• ToroTTC0.3%
• General DynamicsGD0.3%
• DonaldsonDCI0.3%
• EOG ResourcesEOG0.3%
• State Street SPDR P Int Term TSY ETFSPTI0.3%
• ResMedRMD0.3%
• State Street SPDR S&P Dividend ETFSDY0.3%
• Sherwin-williamsSHW0.3%
• AmphenolAPH0.3%
• RLIRLI0.3%
• New Jersey ResourcesNJR0.3%
• AptarGroupATR0.3%
• Constellation BrandsSTZ0.3%
• Verisk AnalyticsVRSK0.3%
• iShares Ibonds DEC 2031 Term ETFIBTL0.3%
• iShares Ibonds DEC 2033 Tres ETFIBTO0.3%
• A. O. SmithAOS0.3%
• iShares Ibnds DEC 2032 TT ETFIBTM0.3%
• Procter & GamblePG0.3%
• MedtronicMDT0.3%
• State Street SPDR S&P Aerospace DEF ETFXAR0.2%
• Becton, DickinsonBDX0.2%
• Dollar TreeDLTR0.2%
• TrexTREX0.2%
• McDONALD’SMCD0.2%
• State Street Energy Select Sector ETFXLE0.2%
• American Centy ETF TrAVDV0.2%
• Floor & Decor HoldingsFND0.2%
• CopartCPRT0.2%
• RYAN Specialty HoldingsRYAN0.2%