Instuitional Investor - Confluence Investment Management Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Progressive Corp	PGR	1,263,862	$176,055,919	2.72%
2.	Pepsico Inc	PEP	978,425	$165,784,351	2.56%
3.	Microsoft Corp	MSFT	510,662	$161,241,481	2.49%
4.	Snap-On Inc	SNA	624,022	$159,163,158	2.46%
5.	Linde Plc		405,893	$151,134,131	2.33%