CONFLUENCE INVESTMENT MANAGEMENT LLC

CONFLUENCE INVESTMENT MANAGEMENT LLC declares $745.2M in 16 of the 220 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 11.6% of its $6.4B 13F portfolio. Largest positions: Entergy (0.25% of the company) and Southern Company (0.12% of the company). Over time: $745.2M in 16 of these companies for Q2 2026, against $793.8M in 10 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $345,614.00 and sold $290.5M of these stocks, at the quarter's prices: a net sale of $290.2M; 1 new position.

Performance of its AI picks

The AI-stock portfolio CONFLUENCE INVESTMENT MANAGEMENT LLC declared for Q2 2026 (Form 13F), held unchanged, returned -2.4% in Q3 2026 (SMH -7.1%), ranked 1432 of 1,776 active managers. Over the last 12 months, quarter after quarter: +26.6% (SMH +87.2%), ranked 820 of 1,356 active managers. Over three years, quarter after quarter: +117.1% (SMH +325.8%), ranked 643 of 782 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

  1. Entergy (ETR) — $132.8M: 1.2M shares, 0.25% of the company, 2.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  2. Southern Company (SO) — $131.2M: 1.4M shares, 0.12% of the company, 2.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  3. Analog Devices (ADI) — $116.5M: 293,390 shares, 0.06% of the company, 1.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  4. Cisco (CSCO) — $98.9M: 841,787 shares, 0.02% of the company, 1.5% of its portfolio (trimmed this quarter); held since Q2 2020
  5. Microsoft (MSFT) — $53.3M: 142,894 shares, 0.00% of the company, 0.83% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  6. Accenture (ACN) — $42.5M: 341,854 shares, 0.06% of the company, 0.66% of its portfolio (added this quarter); held since Q4 2019 or earlier
  7. NXP Semiconductors (NXPI) — $42.5M: 151,365 shares, 0.06% of the company, 0.66% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  8. Alphabet (GOOGL) — $40.8M: 115,450 shares, 0.00% of the company, 0.64% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  9. Carrier (CARR) — $34.7M: 472,778 shares, 0.06% of the company, 0.54% of its portfolio (trimmed this quarter); held since Q2 2025
  10. Keysight Technologies (KEYS) — $22.6M: 64,599 shares, 0.04% of the company, 0.35% of its portfolio (trimmed this quarter); held since Q1 2023
  11. Amphenol (APH) — $21.0M: 237,974 shares, 0.01% of the company, 0.33% of its portfolio (trimmed this quarter); held since Q3 2022
  12. TSMC (TSM) — $3.6M: 7,622 shares, 0.00% of the company, 0.06% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  13. ASML (ASML) — $2.9M: 1,439 shares, 0.00% of the company, 0.04% of its portfolio (trimmed this quarter); held since Q1 2025
  14. ASE Technology (ASX) — $924,419.00: 20,488 shares, 0.00% of the company, 0.01% of its portfolio (trimmed this quarter); held since Q1 2025
  15. Nebius (NBIS) — $683,521.00: 2,475 shares, 0.00% of the company, 0.01% of its portfolio (added this quarter); held since Q2 2025

By sector

Biggest changes this quarter

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