Confluence Investment Management Llc Q2 2026 Portfolio Activity: Strategic Shifts and Key Transactions

As reported for Confluence Investment Management Llc, the portfolio covering Q2 ended with an overall value of $6.06 billion as of June 30, 2026.

The investment strategy appears focused on large-cap stocks and ETFs, given that all holdings listed are from major corporations or widely traded exchange-traded funds. The portfolio's allocation breakdown shows a significant portion in Financial Services (18.65%), followed by Consumer Defensive (10.19%) and Technology (9.81%).

Confluence demonstrated strong buying activity during this quarter, particularly evident through the substantial increase in holdings of several key stocks:

• SGOV: The iShares 0-3 Month Treasury Bond ETF experienced a massive 59% jump in shares, making it one of the most significant additions to the portfolio.
• SWK: Stanley Black & Decker Inc. saw its stake increase by an astonishing 100%, adding a notable position in Industrials.
• SPYG: The SPDR Portfolio S&P 500 Growth ETF was added with nearly 123,000 shares purchased, representing a new allocation of 1.07%.
• GLDM: Shares increased by approximately 56,950 (or about 56.95%) according to the data provided.
• XLE: The State Street Energy Select Sector ETF was added with nearly 231,000 shares purchased, adding a new allocation of just over 0.19% to the portfolio.
• LOW: Lowe's Co. Inc. saw its stake increase by approximately 251,000 shares (or about 251k%) according to the data provided.
• CLX: The Clorox Co. experienced a significant increase in its stake by approximately 315,000 shares (or about 33.78%) during the quarter.
• ADI: Analog Devices Inc. saw an increase of over 293k shares according to the data provided, adding a new allocation in Technology.

Conversely, Confluence also showed signs of reducing exposure or exiting certain positions during Q2:

• BRO: Brown & Brown Inc. experienced a nearly complete exit from its position as shares decreased by approximately -382k (or about -99.55%) during the quarter.
• CSCO: Cisco Systems Inc. saw its stake decrease significantly, with a reduction of over 699k shares (-45.37%), impacting its portfolio allocation.
• DEO: Diageo plc experienced a notable reduction in its position by approximately -576k shares (-42.6%).
• SPMB: The SPDR Portfolio Mortgage Backed Securities ETF saw its stake decrease significantly, with a reduction of over 483k shares (-12.53%), impacting its portfolio allocation.
• ZTS: Zoetis Inc., while seeing an increase in the number of shares, started with a very small position that was negligible before this quarter's change.

The portfolio indicators confirm dynamic activity: Confluence holds 256 different positions and has shifted significant weight between large-cap stocks and ETFs. The top five holdings account for just over 13% of the total value, indicating a relatively diversified approach despite concentrated moves in specific areas.