Confluence Investment Management Llc Buys NXP Semiconductors NV, Nestle SA, Brookfield Asset Management Inc, Sells Broadridge Financial Solutions Inc, Stryker Corp, GlaxoSmithKline PLC

• New Purchases: BAM, 8TC, TRY, CLY, TWO, SJW, KAI, CNNE, NN3, RECN,
• Added Positions: NXPI, NSRGY, WY, GTES, SBUX, EXPD, UTX, IJS, SLB, MTSC,
• Reduced Positions: BR, GSK, SYK, BKI, MSFT, DWDP, MA, PGR, GGG, FAST,
• Sold Out: DISCK, TCPC, CYS, IGIB, SAM, RMR, TECH, EXPO, EWJ, VCLT,

For the details of CONFLUENCE INVESTMENT MANAGEMENT LLC's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=CONFLUENCE+INVESTMENT+MANAGEMENT+LLC

1. Johnson & Johnson (JNJ) - 1,124,316 shares, 2.71% of the total portfolio. Shares reduced by 1.02%
2. Microsoft Corp (MSFT) - 1,286,103 shares, 2.57% of the total portfolio. Shares reduced by 8.85%
3. Fastenal Co (FAST) - 2,375,477 shares, 2.41% of the total portfolio. Shares reduced by 3.92%
4. Progressive Corp (PGR) - 1,947,122 shares, 2.41% of the total portfolio. Shares reduced by 5.06%
5. Diageo PLC (DEO) - 957,278 shares, 2.37% of the total portfolio. Shares reduced by 1.86%

Confluence Investment Management Llc initiated holding in Brookfield Asset Management Inc. The purchase prices were between $40.04 and $44.54, with an estimated average price of $42.55. The stock is now traded at around $40.56. The impact to a portfolio due to this purchase was 0.31%. The holding were 402,710 shares as of 2018-09-30.

Confluence Investment Management Llc initiated holding in BlackRock TCP Capital Corp. The purchase prices were between $11.92 and $13.1, with an estimated average price of $12.5. The stock is now traded at around $12.12. The impact to a portfolio due to this purchase was 0.19%. The holding were 746,784 shares as of 2018-09-30.

Confluence Investment Management Llc initiated holding in Barings BDC Inc. The purchase prices were between $8.5 and $10.51, with an estimated average price of $9.55. The stock is now traded at around $8.60. The impact to a portfolio due to this purchase was 0.18%. The holding were 1,024,017 shares as of 2018-09-30.

Confluence Investment Management Llc initiated holding in iShares Trust. The purchase prices were between $57.7 and $59.19, with an estimated average price of $58.56. The stock is now traded at around $58.91. The impact to a portfolio due to this purchase was 0.13%. The holding were 124,558 shares as of 2018-09-30.

Confluence Investment Management Llc initiated holding in Kadant Inc. The purchase prices were between $91.55 and $110.1, with an estimated average price of $99.35. The stock is now traded at around $92.28. The impact to a portfolio due to this purchase was 0.11%. The holding were 56,370 shares as of 2018-09-30.

Confluence Investment Management Llc initiated holding in SJW Group. The purchase prices were between $56.12 and $67.29, with an estimated average price of $62.03. The stock is now traded at around $61.19. The impact to a portfolio due to this purchase was 0.11%. The holding were 100,065 shares as of 2018-09-30.

Confluence Investment Management Llc added to a holding in NXP Semiconductors NV by 300.25%. The purchase prices were between $85.29 and $110.36, with an estimated average price of $96.04. The stock is now traded at around $71.23. The impact to a portfolio due to this purchase was 1.7%. The holding were 1,514,994 shares as of 2018-09-30.

Confluence Investment Management Llc added to a holding in Nestle SA by 293.19%. The purchase prices were between $77.91 and $84.37, with an estimated average price of $81.94. The stock is now traded at around $83.24. The impact to a portfolio due to this purchase was 0.82%. The holding were 751,550 shares as of 2018-09-30.

Confluence Investment Management Llc added to a holding in Gates Industrial Corp PLC by 102.00%. The purchase prices were between $14.99 and $20.21, with an estimated average price of $17.49. The stock is now traded at around $14.35. The impact to a portfolio due to this purchase was 0.08%. The holding were 443,359 shares as of 2018-09-30.

Confluence Investment Management Llc added to a holding in DSV A/S by 117.05%. The purchase prices were between $39.28 and $47.16, with an estimated average price of $43.98. The stock is now traded at around $38.44. The impact to a portfolio due to this purchase was 0.02%. The holding were 38,082 shares as of 2018-09-30.

Confluence Investment Management Llc added to a holding in RE/MAX Holdings Inc by 23.29%. The purchase prices were between $42.85 and $56.25, with an estimated average price of $49.78. The stock is now traded at around $37.72. The impact to a portfolio due to this purchase was 0.02%. The holding were 121,843 shares as of 2018-09-30.

Confluence Investment Management Llc added to a holding in LVMH Moet Hennessy Louis Vuitton SE by 30.09%. The purchase prices were between $65.52 and $72.82, with an estimated average price of $68.9. The stock is now traded at around $58.46. The impact to a portfolio due to this purchase was 0.01%. The holding were 29,547 shares as of 2018-09-30.

Confluence Investment Management Llc sold out a holding in Discovery Inc. The sale prices were between $23.8 and $29.62, with an estimated average price of $26.03.

Confluence Investment Management Llc sold out a holding in BlackRock TCP Capital Corp. The sale prices were between $14.2 and $14.93, with an estimated average price of $14.63.

Confluence Investment Management Llc sold out a holding in CYS Investments Inc. The sale prices were between $7.31 and $7.65, with an estimated average price of $7.52.

Confluence Investment Management Llc sold out a holding in iShares Intermediate Credit Bond ETF. The sale prices were between $52.89 and $106.69, with an estimated average price of $74.51.

Confluence Investment Management Llc sold out a holding in Boston Beer Co Inc. The sale prices were between $265.25 and $327.15, with an estimated average price of $300.31.

Confluence Investment Management Llc sold out a holding in The RMR Group Inc. The sale prices were between $79.25 and $97.3, with an estimated average price of $87.91.

Confluence Investment Management Llc reduced to a holding in Broadridge Financial Solutions Inc by 24.62%. The sale prices were between $112.56 and $137.72, with an estimated average price of $126.92. The stock is now traded at around $112.48. The impact to a portfolio due to this sale was -0.46%. Confluence Investment Management Llc still held 673,289 shares as of 2018-09-30.

Confluence Investment Management Llc reduced to a holding in GlaxoSmithKline PLC by 37.88%. The sale prices were between $38.99 and $41.87, with an estimated average price of $40.64. The stock is now traded at around $39.37. The impact to a portfolio due to this sale was -0.4%. Confluence Investment Management Llc still held 897,510 shares as of 2018-09-30.

Confluence Investment Management Llc reduced to a holding in Stryker Corp by 29.61%. The sale prices were between $163.25 and $177.68, with an estimated average price of $170.67. The stock is now traded at around $163.20. The impact to a portfolio due to this sale was -0.4%. Confluence Investment Management Llc still held 313,004 shares as of 2018-09-30.

Confluence Investment Management Llc reduced to a holding in Naspers Ltd by 73.28%. The sale prices were between $40.03 and $52.48, with an estimated average price of $47.07. The stock is now traded at around $35.01. The impact to a portfolio due to this sale was -0.02%. Confluence Investment Management Llc still held 8,213 shares as of 2018-09-30.

Confluence Investment Management Llc reduced to a holding in Shopify Inc by 28.22%. The sale prices were between $133.44 and $173.78, with an estimated average price of $152.19. The stock is now traded at around $122.27. The impact to a portfolio due to this sale was -0.01%. Confluence Investment Management Llc still held 11,729 shares as of 2018-09-30.

Confluence Investment Management Llc reduced to a holding in Abbott Laboratories by 38.27%. The sale prices were between $60.81 and $73.36, with an estimated average price of $65.66. The stock is now traded at around $66.94. The impact to a portfolio due to this sale was -0.01%. Confluence Investment Management Llc still held 9,102 shares as of 2018-09-30.