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Livermore
Livermore
ZHEN

Confluence Investment Management LLC

SEC CIK
0001442056
Latest filing
Jul 1, 2026

The latest 13F from Confluence Investment Management LLC covers Q2 2026 (filed Jul 1, 2026): 290 long positions worth $6.40B. The top 10 holdings make up 24.1% of the portfolio, and the largest is iShares Tr at 4.4%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
29
Est. +$313.2M
Added
109
Est. +$254.9M
Reduced
145
Est. −$589.2M
Sold out
22
Est. −$205.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Tr46436E718
    4.4%$280.7M
  2. SNASnap-on Inc
    2.6%$167.9MHistory
  3. CBChubb Ltd
    2.5%$157.0MHistory
  4. LINLinde PLC
    2.2%$140.5MHistory
  5. WECWec Energy Group, Inc.
    2.2%$139.1MHistory

Share of portfolio

Top 5 holdings and the other 285 positions, by share of portfolio value

  1. iShares Tr4.4%
  2. SNA2.6%
  3. CB2.5%
  4. LIN2.2%
  5. WEC2.2%
  6. Other 285 positions86.2%

Biggest buys

New and added positions, by estimated amount bought

  1. SWKStanley Black & Decker, Inc.
    +$126.9MNewHistory
  2. iShares Tr46436E718
    +$104.1MAdded
  3. HONHoneywell International Inc
    +$53.9MNewHistory
  4. HONAHoneywell Aerospace Inc.
    +$53.3MNewHistory
  5. CLXClorox Co
    +$30.1MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. SWKStanley Black & Decker, Inc.
    +1.98 pp0.0% → 2.0%History
  2. iShares Tr46436E718
    +1.64 pp2.7% → 4.4%
  3. HONHoneywell International Inc
    +0.84 pp0.0% → 0.8%History
  4. HONAHoneywell Aerospace Inc.
    +0.83 pp0.0% → 0.8%History
  5. CLXClorox Co
    +0.36 pp1.5% → 1.9%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. HONHoneywell International Inc
    −$113.0MSold outHistory
  2. ADIAnalog Devices Inc
    −$98.2MReducedHistory
  3. CSCOCisco Systems, Inc.
    −$82.1MReducedHistory
  4. DEODiageo PLC
    −$46.3MReducedHistory
  5. KEYSKeysight Technologies, Inc.
    −$40.2MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. HONHoneywell International Inc
    −1.75 pp1.8% → 0.0%History
  2. ADIAnalog Devices Inc
    −0.85 pp2.7% → 1.8%History
  3. DEODiageo PLC
    −0.59 pp1.6% → 1.0%History
  4. CVXChevron Corp
    −0.56 pp2.5% → 1.9%History
  5. LMTLockheed Martin Corp
    −0.47 pp2.5% → 2.1%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$6.40B
−$40.3M (−0.6%) vs. prior quarter
Positions
290
+7 vs. prior quarter
Top 10 concentration
24.1%
Top 10 as share of value
Turnover
8.8%
Q2 2026, one quarter
Average holding period
17.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $7.53B (Q4 2021)

Q1 2021: $7.12BQ2 2021: $7.52BQ3 2021: $7.13BQ4 2021: $7.53BQ1 2022: $7.15BQ2 2022: $6.42BQ3 2022: $5.99BQ4 2022: $6.70BQ1 2023: $6.79BQ2 2023: $6.86BQ3 2023: $6.46BQ4 2023: $7.07BQ1 2024: $7.44BQ2 2024: $6.93BQ3 2024: $7.48BQ4 2024: $7.21BQ1 2025: $6.94BQ2 2025: $7.08BQ3 2025: $7.01BQ4 2025: $6.67BQ1 2026: $6.44BQ2 2026: $6.40B
Q1 2021Q2 2026
13F filings of Confluence Investment Management LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 1, 2026290$6.40BiShares TrSNACBvs. Q1 2026SEC
Q1 2026Apr 1, 2026283$6.44BiShares TrADILMTvs. Q4 2025SEC
Q4 2025Jan 5, 2026296$6.67BiShares TrSNACBvs. Q3 2025SEC
Q3 2025Oct 14, 2025294$7.01BiShares TrSNAWECvs. Q2 2025SEC
Q2 2025Jul 1, 2025287$7.08BiShares TrCBSNAvs. Q1 2025SEC
Q1 2025Apr 1, 2025294$6.94BiShares TrSNACBvs. Q4 2024SEC
Q4 2024Jan 2, 2025299$7.21BPGRSNACBvs. Q3 2024SEC
Q3 2024Oct 31, 2024298$7.48BPGRLMTDEOvs. Q2 2024SEC
Q2 2024Jul 1, 2024299$6.93BPGRCBADIvs. Q1 2024SEC
Q1 2024Apr 1, 2024296$7.44BFASTPGRMSFTvs. Q4 2023SEC
Q4 2023Nov 5, 2024294$7.07BPGRSNAFASTvs. Q3 2023SEC
Q3 2023Oct 10, 2023290$6.46BPGRPEPMSFTvs. Q2 2023SEC
Q2 2023Jul 3, 2023298$6.86BPEPSNAMSFTvs. Q1 2023SEC
Q1 2023Apr 4, 2023301$6.79BPEPPGRADIvs. Q4 2022SEC
Q4 2022Jan 4, 2023305$6.70BPEPPGRLMTvs. Q3 2022SEC
Q3 2022Oct 3, 2022298$5.99BPEPPGRDEOvs. Q2 2022SEC
Q2 2022Jul 12, 2022310$6.42BPEPPGRDEOvs. Q1 2022SEC
Q1 2022Apr 4, 2022310$7.15BDEOPAYXPEPvs. Q4 2021SEC
Q4 2021Jan 4, 2022306$7.53BDEOFASTPEPvs. Q3 2021SEC
Q3 2021Oct 4, 2021299$7.13BDEOPEPPAYXvs. Q2 2021SEC
Q2 2021Jul 1, 2021302$7.52BPEPDEOLINvs. Q1 2021SEC
Q1 2021Apr 5, 2021300$7.12BSNALINPEP–SEC