0001442055-15-000010.txt : 20151104 0001442055-15-000010.hdr.sgml : 20151104 20151104133508 ACCESSION NUMBER: 0001442055-15-000010 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151104 DATE AS OF CHANGE: 20151104 EFFECTIVENESS DATE: 20151104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONFLUENCE INVESTMENT MANAGEMENT LLC CENTRAL INDEX KEY: 0001442056 IRS NUMBER: 261764456 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-13334 FILM NUMBER: 151196355 BUSINESS ADDRESS: STREET 1: 20 ALLEN AVENUE, SUITE 300 CITY: ST. LOUIS STATE: MO ZIP: 63119 BUSINESS PHONE: 314-743-5090 MAIL ADDRESS: STREET 1: 20 ALLEN AVENUE, SUITE 300 CITY: ST. LOUIS STATE: MO ZIP: 63119 13F-HR 1 primary_doc.xml 13F-HR LIVE false true false 0001442056 XXXXXXXX 09-30-2015 09-30-2015 CONFLUENCE INVESTMENT MANAGEMENT LLC

20 ALLEN AVENUE, SUITE 300 ST. LOUIS MO 63119

13F COMBINATION REPORT 028-13334 028-06487 First Trust Advisors L.P. N Joseph Hanzlik 314-743-5096 Joseph Hanzlik Saint Louis MO 11-04-2015 1 238 2741695 false 1 028-06487 First Trust Advisors L.P. INFORMATION TABLE 2 sept15sec13f.xml 13F Vanguard Equity-Income Admiral MFUND 921921300 235 3889 SH SOLE 3889 0 0 3M Company COM 88579Y101 48614 342906 SH SOLE 342906 0 0 ACE Limited COM h0023r105 7265 70257 SH SOLE 70257 0 0 Agrium Inc. COM 008916108 235 2621 SH SOLE 2621 0 0 Air Products & Chemicals Inc. COM 009158106 7157 56102 SH SOLE 56102 0 0 Alcentra Capital Corporation COM 01374T102 1645 141920 SH DFND 0 141920 0 Alphabet Inc. Class- C COM 02079K107 17697 29086 SH SOLE 29086 0 0 Alphabet Inc. Class - A COM 02079K305 7203 11284 SH SOLE 11284 0 0 American Capital Ltd. COM 02503Y103 3362 276483 SH DFND 0 276483 0 American Capital Senior Floati COM 02504D108 563 50733 SH SOLE 50733 0 0 American Express Company COM 025816109 27351 368953 SH SOLE 368953 0 0 American International Group, COM 026874784 34356 604650 SH SOLE 604650 0 0 Analog Devices, Inc. COM 032654105 7505 133041 SH SOLE 133041 0 0 Anheuser-Busch InBev SA/NV COM 03524A108 286 2690 SH SOLE 2690 0 0 Annaly Capital Management Inc. COM 035710409 3632 368007 SH DFND 0 368007 0 Apollo Investment Corp. COM 03761U106 4298 784396 SH DFND 0 784396 0 Ares Capital Corp. COM 04010L103 46608 3218809 SH DFND 0 3218809 0 Bank of Marin (CA) COM 063425102 1925 40116 SH DFND 0 40116 0 Barclays 20+ Year Treasury Bon COM 464287432 12232 99016 SH SOLE 99016 0 0 Barclays Capital High Yield Bo COM 78464A417 3275 91839 SH SOLE 91839 0 0 Becton, Dickinson and Company COM 075887109 7754 58451 SH SOLE 58451 0 0 Bed Bath & Beyond Inc COM 075896100 25710 450901 SH SOLE 450901 0 0 Berkshire Hathaway Inc. - B COM 084670702 20737 159024 SH SOLE 159024 0 0 Berkshire Hathaway Inc. - Clas COM 084670108 976 5 SH SOLE 5 0 0 BlackRock Kelso Capital Corp. COM 092533108 2551 287936 SH DFND 0 287936 0 Broadridge Financial Solutions COM 11133T103 47488 857958 SH SOLE 857958 0 0 Brown & Brown Inc. COM 115236101 23315 752829 SH DFND 0 752829 0 C.H. Robinson Worldwide Inc. COM 12541W209 42203 622650 SH SOLE 622650 0 0 Capstead Mortgage Corp. COM 14067E506 1076 108755 SH DFND 0 108755 0 CF Industries Holdings Inc. COM 125269100 226 5026 SH SOLE 5026 0 0 Chemours COM 163851108 710 109670 SH SOLE 109670 0 0 Chevron Corp. COM 166764100 47917 607469 SH SOLE 607469 0 0 Chubb Corp. COM 171232101 4949 40351 SH SOLE 40351 0 0 Cimarex Energy Co. COM 171798101 277 2701 SH SOLE 2701 0 0 CM Finance Inc COM 12574Q103 1795 175268 SH DFND 0 175268 0 Colgate-Palmolive Co. COM 194162103 46906 739150 SH SOLE 739150 0 0 Commerce Bancshares, Inc. COM 200525103 7788 170929 SH SOLE 170929 0 0 Compagnie Financiere Richemont COM 204319107 19638 2534973 SH SOLE 2534973 0 0 Compass Diversified Holdings COM 20451Q104 2389 148200 SH DFND 0 148200 0 Compass Minerals International COM 20451N101 279 3557 SH SOLE 3557 0 0 Consumer Discret Select Sector COM 81369Y407 7208 97061 SH SOLE 97061 0 0 Consumer Staples Select Sector COM 81369Y308 4095 86779 SH SOLE 86779 0 0 Cullen Frost Bankers, Inc. COM 229899109 6236 98084 SH SOLE 98084 0 0 Culp Inc. COM 230215105 1364 42530 SH DFND 0 42530 0 CYS Investments Inc COM 12673A108 5062 697215 SH DFND 0 697215 0 Detour Gold Corp COM 250669108 146 13612 SH SOLE 13612 0 0 Diageo (Adr 1:4) COM 25243Q205 59549 552454 SH SOLE 552454 0 0 Digital Realty Trust Inc. COM 253868103 43094 659741 SH SOLE 659741 0 0 Discovery Communications, Inc. COM 25470F302 31731 1306356 SH SOLE 1306356 0 0 Dominion Diamond Corp COM 257287102 175 16370 SH SOLE 16370 0 0 Donaldson Inc COM 257651109 5722 203776 SH SOLE 203776 0 0 Dow Jones US Financial Sector COM 464287788 6821 81094 SH SOLE 81094 0 0 Dow Jones US Technology - iSha COM 464287721 10246 103603 SH SOLE 103603 0 0 Du Pont E.I. De Nemours & Com COM 263534109 30576 634349 SH SOLE 634349 0 0 Eldorado Gold Corp. COM 284902103 90 28059 SH SOLE 28059 0 0 Eli Lilly & Co. COM 532457108 201 2400 SH SOLE 2400 0 0 Energy Select Sector - SPDR COM 81369Y506 1747 28552 SH SOLE 28552 0 0 EOG Resources COM 26875P101 290 3982 SH SOLE 3982 0 0 Expeditors International of Wa COM 302130109 28266 600769 SH SOLE 600769 0 0 Exponent Inc. COM 30214U102 1971 44234 SH DFND 0 44234 0 Express Scripts Inc. COM 30219G108 34547 426711 SH SOLE 426711 0 0 Exxon Mobil Corp. COM 30231G102 7064 95015 SH SOLE 95015 0 0 Fastenol Co. COM 311900104 34963 955023 SH SOLE 955023 0 0 FEI Company COM 30241L109 1888 25851 SH SOLE 25851 0 0 Fidelity National Financial In COM 31620R303 42827 1207424 SH SOLE 1207424 0 0 Fifth Street Finance Corp. COM 31678A103 898 145579 SH SOLE 145579 0 0 First Trust Mid Cap Growth Alp COM 33737M102 491 17459 SH SOLE 17459 0 0 First Trust Mid Cap Value Alph COM 33737M201 207 7695 SH SOLE 7695 0 0 Forward Air Corp. COM 349853101 1726 41600 SH DFND 0 41600 0 Franco-Nevada Corp. COM 351858105 262 5945 SH SOLE 5945 0 0 Franklin Electric Co. Inc. COM 353514102 1495 54916 SH DFND 0 54916 0 Franklin Street Properties Cor COM 35471R106 484 45000 SH SOLE 45000 0 0 FS Investment Corp. COM 302635107 3354 359832 SH DFND 0 359832 0 General Dynamics Corp. COM 369550108 8047 58335 SH SOLE 58335 0 0 General Electric Company COM 369604103 39682 1573443 SH SOLE 1573443 0 0 Gladstone Capital Corporation COM 376535100 1049 129045 SH DFND 0 129045 0 Gladstone Commercial Corp. COM 376536108 1450 102791 SH DFND 0 102791 0 Gladstone Investment Corp. COM 376546107 1323 187996 SH DFND 0 187996 0 GlaxoSmithKline Plc (Adr 1:2) COM 37733W105 37746 981691 SH SOLE 981691 0 0 Glencore Xstrata plc COM 37827X100 83 30083 SH SOLE 30083 0 0 Gold Trust - iShares COM 464285105 1225 113662 SH SOLE 113662 0 0 Golub Capital BDC Inc COM 38173M102 12111 757911 SH DFND 0 757911 0 Graco inc. COM 384109104 49322 735822 SH DFND 0 735822 0 Guggenheim BulletShares Corpor COM 18383M548 2969 130869 SH SOLE 130869 0 0 Guggenheim BulletShares Corpor COM 18383M530 2960 139519 SH SOLE 139519 0 0 Guggenheim BulletShares Corpor COM 18383M522 2959 139981 SH SOLE 139981 0 0 Guggenheim BulletShares Corpor COM 18383M514 2951 138658 SH SOLE 138658 0 0 Guggenheim BulletShares Corpor COM 18383M233 2875 143125 SH SOLE 143125 0 0 Guggenheim BulletShares Invest COM 18383M266 2918 139932 SH SOLE 139932 0 0 Guggenheim BulletShares Invest COM 18383M258 2896 140528 SH SOLE 140528 0 0 Gulf Coast Ultra Deep Royalty COM 40222T104 115 396124 SH SOLE 396124 0 0 Haemonetics Corporation COM 405024100 1715 53063 SH DFND 0 53063 0 Halliburton Co. COM 406216101 14938 422570 SH SOLE 422570 0 0 Halyard Health Inc COM 40650V100 1426 50151 SH DFND 0 50151 0 Harvest Capital Credit Corp COM 41753F109 606 50922 SH DFND 0 50922 0 Hatteras Financial Corp. COM 41902R103 2946 194447 SH DFND 0 194447 0 Health Care Select Sector - SP COM 81369Y209 6023 90947 SH SOLE 90947 0 0 Hercules Technology Growth Cap COM 427096508 6534 646260 SH DFND 0 646260 0 High Yield Corporate Bond Fund COM 464288513 3266 39215 SH SOLE 39215 0 0 Hilton Worldwide Holdings Inc COM 43300A104 1810 78920 SH SOLE 78920 0 0 Home Depot Inc. COM 437076102 10725 92868 SH SOLE 92868 0 0 Horizon Technology COM 44045A102 2345 259069 SH DFND 0 259069 0 Illinois Tool Works Inc. COM 452308109 22746 276348 SH SOLE 276348 0 0 Industrial Select Sector - SPD COM 81369Y704 4120 82576 SH SOLE 82576 0 0 Iron Mountain COM 46284V101 41116 1325481 SH SOLE 1325481 0 0 iShares 10+ Year Credit Bond E COM 464289511 8358 146556 SH SOLE 146556 0 0 iShares 2017 AMT-Free Muni COM 464289271 2423 88135 SH SOLE 88135 0 0 iShares 2018 AMT-Free Muni COM 46429B580 2435 95123 SH SOLE 95123 0 0 iShares 7-10 Year Treasury Bon COM 464287440 6638 61534 SH SOLE 61534 0 0 iShares Barclays 1-3 Year Inve COM 464288646 245 2330 SH SOLE 2330 0 0 iShares Core US Values - ETF COM 464287663 5990 49255 SH SOLE 49255 0 0 iShares Corporate Bond ETF 202 COM 46432FAZ0 6760 64490 SH SOLE 64490 0 0 iShares Corporate ex Financial COM 46432FAG2 7759 78443 SH SOLE 78443 0 0 iShares Corporate ex Financial COM 46432FAK3 4855 49206 SH SOLE 49206 0 0 iShares Corporate ex Financial COM 46432FAN7 9485 98586 SH SOLE 98586 0 0 iShares GNMA Bond ETF COM 46429B333 2896 57567 SH SOLE 57567 0 0 iShares iBonds Sep 2019 Amt Fr COM 46429B564 1119 43786 SH SOLE 43786 0 0 iShares iBonds Sep 2020 Amt Fr COM 46434V571 1612 63051 SH SOLE 63051 0 0 iShares iBoxx Corporate Bond E COM 464287242 16688 143754 SH SOLE 143754 0 0 iShares Interm. Term Corporate COM 464288638 3939 36274 SH SOLE 36274 0 0 iShares MBS Bond ETF COM 464288588 2964 27037 SH SOLE 27037 0 0 iShares National AMT-Free Muni COM 464288414 1608 14677 SH SOLE 14677 0 0 iShares Residential Real Estat COM 464288562 6157 103846 SH SOLE 103846 0 0 John Bean Technologies Corp. COM 477839104 2327 60847 SH DFND 0 60847 0 Johnson & Johnson COM 478160104 65060 696951 SH SOLE 696951 0 0 KCAP Financial Inc COM 48668E101 2485 551090 SH DFND 0 551090 0 Kinder Morgan Inc. COM 49456B101 32942 1190094 SH SOLE 1190094 0 0 Kohl's Corp. COM 500255104 31354 677049 SH SOLE 677049 0 0 Kraft Heinz Co. COM 500754106 45400 643242 SH SOLE 643242 0 0 Landstar System Inc. COM 515098101 3797 59819 SH DFND 0 59819 0 Linear Technology Corp COM 535678106 44932 1113564 SH SOLE 1113564 0 0 Lockheed Martin Corp COM 539830109 8390 40471 SH SOLE 40471 0 0 Lowe's Companies Inc. COM 548661107 25421 368852 SH SOLE 368852 0 0 M&T Bank Corp. COM 55261F104 7231 59295 SH SOLE 59295 0 0 Main Street Capital Corp. COM 56035L104 3358 125950 SH DFND 0 125950 0 Manatuck Hill Mariner Offshore COM 562996983 361 2814 SH SOLE 2814 0 0 Markel Corp. COM 570535104 39115 48780 SH SOLE 48780 0 0 Market Vectors Long Municipal COM 57060U886 7186 367935 SH SOLE 367935 0 0 Martin Marietta Materials Inc. COM 573284106 49145 323429 SH SOLE 323429 0 0 Mastercard Inc. - A COM 57636Q104 30597 339513 SH SOLE 339513 0 0 Materials Select Sector - SPDR COM 81369Y100 518 12977 SH SOLE 12977 0 0 Mattel Inc COM 577081102 26374 1252311 SH SOLE 1252311 0 0 McDonald's Corp. COM 580135101 7309 74184 SH SOLE 74184 0 0 MDU Resources Group Inc. COM 552690109 6814 396161 SH SOLE 396161 0 0 Medallion Financial Corp COM 583928106 1466 193353 SH DFND 0 193353 0 Medley Capital Corp. COM 58503F106 5203 699266 SH DFND 0 699266 0 Medtronic COM G5960L103 6491 96966 SH SOLE 96966 0 0 Microsoft Corp. COM 594918104 52881 1194778 SH SOLE 1194778 0 0 Morningstar Inc. COM 617700109 18533 230912 SH DFND 0 230912 0 MSC Industrial Direct Co. Inc COM 553530106 12710 208253 SH SOLE 208253 0 0 MTS Systems Corp. COM 553777103 1748 29077 SH DFND 0 29077 0 Mueller Industries Inc. COM 624756102 1769 59809 SH DFND 0 59809 0 National Interstate Corporatio COM 63654U100 917 34389 SH DFND 0 34389 0 Nestle SA COM 641069406 7336 97507 SH SOLE 97507 0 0 New Jersey Resources Corp. COM 646025106 7802 259811 SH SOLE 259811 0 0 New Mountain Finance Corp. COM 647551100 10909 802736 SH DFND 0 802736 0 Nike Inc. - B COM 654106103 7149 58137 SH SOLE 58137 0 0 Nordstrom Inc. COM 655664100 7503 104624 SH SOLE 104624 0 0 Northern Trust Corporation COM 665859104 49513 726428 SH SOLE 726428 0 0 Novartis AG - ADR COM 66987V109 7385 80339 SH SOLE 80339 0 0 Occidental Petroleum Corp COM 674599105 7232 109332 SH SOLE 109332 0 0 OFS Capital Corp. COM 67103B100 3365 328574 SH DFND 0 328574 0 Onebeacon Insurance Group Ltd COM G67742109 7205 513195 SH DFND 0 513195 0 Patterson Companies, Inc. COM 703395103 3814 88177 SH DFND 0 88177 0 Paychex, Inc. COM 704326107 47041 987627 SH SOLE 987627 0 0 PennantPark Floating Rate Capi COM 70806A106 990 82874 SH DFND 0 82874 0 PennantPark Investment Corp. COM 708062104 7705 1190865 SH DFND 0 1190865 0 Pepsico, Inc COM 713448108 70167 744081 SH SOLE 744081 0 0 Pfizer Inc. COM 717081103 39839 1268361 SH SOLE 1268361 0 0 Piedmont Natural Gas Co. Inc. COM 720186105 7630 190410 SH SOLE 190410 0 0 Pioneer Natural Resources Co. COM 723787107 219 1803 SH SOLE 1803 0 0 Plum Creek Timber Co. Inc. COM 729251108 37307 944235 SH SOLE 944235 0 0 Potbelly Corp COM 73754Y100 1692 153705 SH DFND 0 153705 0 Praxair Inc. COM 74005P104 39394 386749 SH SOLE 386749 0 0 Precision Castparts Corp. COM 740189105 2149 9355 SH SOLE 9355 0 0 Procter & Gamble Company COM 742718109 6604 91796 SH SOLE 91796 0 0 Progressive Corp. COM 743315103 46080 1503904 SH SOLE 1503904 0 0 Raven Industries Inc COM 754212108 1463 86302 SH DFND 0 86302 0 Rayonier Inc. COM 754907103 34021 1541499 SH DFND 0 1541499 0 RE/Max Holdings COM 75524W108 12616 350645 SH DFND 0 350645 0 REIT ETF- DJ Wilshire COM 78464A607 2954 34286 SH SOLE 34286 0 0 REIT Index - Vanguard COM 922908553 5910 78243 SH SOLE 78243 0 0 Ritchie Brothers Auctioneers I COM 767744105 899 34725 SH DFND 0 34725 0 RLI Corp. COM 749607107 1903 35541 SH DFND 0 35541 0 Royal Gold, Inc. COM 780287108 213 4525 SH SOLE 4525 0 0 Rubicon Minerals Corp. COM 780911103 149 204234 SH SOLE 204234 0 0 Russell 1000 Growth Index Fund COM 464287614 443 4767 SH SOLE 4767 0 0 Russell 2000 Growth Index - iS COM 464287648 6494 48475 SH SOLE 48475 0 0 Russell 2000 Value Index - iSh COM 464287630 4210 46726 SH SOLE 46726 0 0 Russell Midcap Growth Index Fu COM 464287481 17576 198352 SH SOLE 198352 0 0 S&P 500 - SPDR COM 78462F103 1665 8687 SH SOLE 8687 0 0 S&P 500 Growth Index - iShares COM 464287309 443 4112 SH SOLE 4112 0 0 S&P 500 Value Index - iShares COM 464287408 368 4384 SH SOLE 4384 0 0 S&P MidCap 400 Growth Index Fu COM 464287606 17770 113117 SH SOLE 113117 0 0 S&P MidCap 400 Value Index Fun COM 464287705 14958 129676 SH SOLE 129676 0 0 S&P SmallCap 600 Growth Index COM 464287887 6233 51882 SH SOLE 51882 0 0 S&P SmallCap 600 Index Fund - COM 464287804 301 2821 SH SOLE 2821 0 0 S&P SmallCap 600 Value Index F COM 464287879 3861 36842 SH SOLE 36842 0 0 Safeguard Scientifics New COM 786449207 699 45000 SH DFND 0 45000 0 Sandstorm Gold LTD COM 80013R206 153 57201 SH SOLE 57201 0 0 Seabridge Gold Inc. COM 811916105 70 12051 SH SOLE 12051 0 0 SEI Investments Company COM 784117103 8258 171213 SH SOLE 171213 0 0 Silver Wheaton Corp. COM 828336107 244 20343 SH SOLE 20343 0 0 Small Cap Growth - Vanguard ET COM 922908595 5943 50462 SH SOLE 50462 0 0 Snyders-Lance Inc COM 833551104 2176 64499 SH DFND 0 64499 0 Solar Capital, LTD. COM 83413U100 7350 464579 SH DFND 0 464579 0 Solar Senior Capital Ltd. COM 83416M105 1474 103670 SH DFND 0 103670 0 Southern Company COM 842587107 48076 1075534 SH SOLE 1075534 0 0 SPDR Interm. Term Corporate Bo COM 78464A375 7762 228618 SH SOLE 228618 0 0 SPDR Nuveen Barclays Capital M COM 78464A458 3657 151690 SH SOLE 151690 0 0 SPDR SSGA Income Allocation COM 78467V202 227 7664 SH SOLE 7664 0 0 Stellus Capital Investment COM 858568108 2735 271621 SH DFND 0 271621 0 Stryker Corp. COM 863667101 43309 460239 SH SOLE 460239 0 0 T. Rowe Price Group, Inc. COM 74144T108 6937 99810 SH SOLE 99810 0 0 TCP Capital Corp COM 87238Q103 9215 679569 SH DFND 0 679569 0 Techne Corp. COM 09073M104 1586 17154 SH DFND 0 17154 0 The Clorox Company COM 189054109 8374 72485 SH SOLE 72485 0 0 Thermo Fisher Scientific, Inc. COM 883556102 20490 167566 SH SOLE 167566 0 0 Thermon Group Holdings Inc COM 88362T103 1682 81869 SH DFND 0 81869 0 THL Credit COM 872438106 9728 890809 SH DFND 0 890809 0 TICC Capital Corp. COM 87244T109 1812 270029 SH DFND 0 270029 0 TJX Companies COM 872540109 28707 401952 SH SOLE 401952 0 0 Torex Gold Res Inc COM 891054108 72 77235 SH SOLE 77235 0 0 TPG Specialty Lending Inc Com COM 87265K102 4088 248804 SH DFND 0 248804 0 Triangle Capital Corp COM 895848109 6749 409508 SH DFND 0 409508 0 Triplepoint Venture Growth BDC COM 89677Y100 5612 553463 SH DFND 0 553463 0 Tronox Ltd COM Q9235V101 59 13405 SH SOLE 13405 0 0 Tumi Holdings, Inc. COM 89969Q104 1717 97469 SH DFND 0 97469 0 United Technologies Corp. COM 913017109 21230 238563 SH SOLE 238563 0 0 Vanguard Interm. Term Corporat COM 92206C870 9618 112581 SH SOLE 112581 0 0 Vanguard Long Term Corporate B COM 92206C813 14060 163427 SH SOLE 163427 0 0 Varian Medical Systems Inc. COM 92220P105 1834 24852 SH SOLE 24852 0 0 VCA Antech Inc. COM 918194101 2533 48106 SH DFND 0 48106 0 W.R. Berkley Corp COM 084423102 23728 436410 SH SOLE 436410 0 0 W.W. Grainger, Inc. COM 384802104 6411 29818 SH SOLE 29818 0 0 Wells Fargo & Company COM 949746101 19533 380380 SH SOLE 380380 0 0 West Pharmaceutical Services, COM 955306105 1324 24472 SH DFND 0 24472 0 Weyerhaeuser Co. COM 962166104 296 10837 SH SOLE 10837 0 0