Confluence Investment Management LLC Q2 2023 vs. Q3 2023 13F Holdings Comparison

Progressive Corp. Shows Positive Growth, While PepsiCo Inc. and Microsoft Corp. Experience Dip

In the ever-changing landscape of the stock market, it's crucial for investors and fund managers to closely monitor their holdings and adapt to market conditions. This quarterly comparison of Confluence Investment Management LLC's 13F holdings highlights the changes in various companies' stock positions and the corresponding impact on their overall value. Let's dive into the details and analyze the trends.

Positive Growth for Progressive Corp.

Progressive Corp., a leading insurance provider, exhibited positive growth in its holdings. With an increase from 1,216,204 shares in Q2 2023 to 1,263,862 shares in Q3 2023, the company experienced a significant 9.4% uptick. This growth translated into a higher value, with Q3 2023 showing a value of $176,055,000, compared to $160,988,000 in Q2 2023.

PepsiCo Inc. and Microsoft Corp. Face a Decline

In contrast to Progressive Corp., PepsiCo Inc. and Microsoft Corp. saw a decrease in their holdings. PepsiCo Inc. witnessed a 9.9% decline in shares, from 993,459 in Q2 2023 to 978,425 in Q3 2023. This reduction was also reflected in the value, dropping from $184,008,000 to $165,784,000 during the same period.

Similarly, Microsoft Corp. experienced a decrease in shares and value. The number of shares declined from 529,111 in Q2 2023 to 510,662 in Q3 2023, representing a 10.5% decrease. The corresponding value also dropped from $180,183,000 to $161,241,000.

Other Noteworthy Changes

Snap-on Inc., a leading manufacturer and marketer of tools, witnessed a decrease of 13.1% in its shares. The company's holdings went from 635,582 in Q2 2023 to 624,022 in Q3 2023. This decline also impacted the overall value, which decreased from $183,168,000 to $159,163,000.

Linde plc, a multinational industrial gases and engineering company, experienced a 4.8% decrease in shares. The company's holdings decreased from 416,572 in Q2 2023 to 405,893 in Q3 2023. The corresponding value declined from $158,747,000 to $151,134,000.

Analog Devices Inc., a semiconductor company, witnessed a significant decrease in shares and value. The company's shares dropped from 830,858 in Q2 2023 to 726,487 in Q3 2023. This represented a significant decrease of 21.4%. The value also saw a substantial decline from $161,859,000 to $127,200,000.

Conclusion

The quarterly 13F holdings comparison of Confluence Investment Management LLC reveals a mixed bag of results for various companies. While Progressive Corp. showed positive growth, PepsiCo Inc., Microsoft Corp., and several others faced declines in their holdings. These changes in holdings reflect the dynamic nature of the stock market and the need for investors to stay vigilant and adjust their portfolios accordingly.