Confluence Portfolio Adjustments
Confluence Investment Management trims stakes across diverse holdings including APD and Trex in Q2
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Key Points
1
Confluence sold 14,590 shares of Air Products and Chemicals in Q2, reducing its APD stake to 202,897 shares worth about $59.485 million; the firm notes that 81.66% of APD stock is held by hedge funds and other institutional investors.
2
In the 2nd quarter, Confluence trimmed its iShares iBonds Dec 2033 Term Treasury ETF (IBTO) by 93,465 shares to total 988,431 shares, worth about $23.852 million, representing roughly 0.05% of the ETF.
3
Confluence reduced its Trex Company (TREX) position by 36,316 shares in Q2, leaving 354,325 shares valued at about $17.73 million; Trex opened at $44.69 per share on that day.
4
Confluence lowered its stake in iShares MBS ETF (MBB) by 8.8% to 303,528 shares, worth about $28.689 million; about 91.70% of MBB is owned by hedge funds and other institutional investors.
Confluence Investment Management LLC quietly trimmed several of its major positions during the second quarter, with reductions spanning industrial chemicals, fixed-income ETFs, and building materials. The St. Louis-based firm cut stakes across at least five holdings, with its largest position — Air Products and Chemicals — falling by 6.7% to 202,897 shares worth about $59.5 million, according to Watchlist News.
The moves signal a measured pullback rather than a dramatic exit. No single holding was abandoned, but each was pared down in a pattern that suggests deliberate portfolio rebalancing during the quarter.
Confluence Cuts APD Stake by Nearly 15,000 Shares
Confluence sold 14,590 shares of Air Products and Chemicals in Q2. That left the firm holding 202,897 shares, valued at roughly $59.5 million. APD is a major industrial gas company listed on the NYSE. According to Watchlist News, about 81.66% of APD stock is held by hedge funds and other institutional investors — making Confluence one of many large players in the stock.
Air Products operates across dozens of countries and supplies gases like hydrogen and nitrogen to industrial customers. Despite the trim, Confluence still holds a significant dollar-value stake, making APD one of its larger positions by value.
Treasury and Mortgage ETF Holdings Also Scaled Back
Confluence also cut its position in the iShares iBonds Dec 2033 Term Treasury ETF (IBTO) by 93,465 shares. That brought its total to 988,431 shares worth about $23.9 million. The firm now holds roughly 0.05% of the ETF, per Watchlist News. IBTO is a bond fund that holds U.S. Treasury notes maturing in 2033.
The firm also lowered its stake in the iShares MBS ETF (MBB) by 8.8%, ending the quarter with 303,528 shares worth about $28.7 million. MBS stands for mortgage-backed securities — bundles of home loans traded as investments. About 91.70% of MBB is owned by institutional investors, according to Watchlist News.
Trex Company Position Drops by More Than 36,000 Shares
Confluence trimmed its Trex Company (TREX) position by 36,316 shares during Q2. The firm ended the quarter with 354,325 shares valued at about $17.7 million. Trex makes composite decking products — outdoor boards built from recycled materials instead of wood. On the day of the filing, Trex opened at $44.69 per share, per Watchlist News.
Trex shares have faced pressure as housing activity slowed. The 9.3% reduction is the steepest percentage cut Confluence made across the five holdings disclosed this quarter.
Vontier Stake Also Trimmed as Broader Pattern Emerges
Confluence cut its Vontier Corporation (VNT) stake by 4.9%, leaving it with 365,615 shares worth about $10.6 million. Vontier makes technology tools for fleet management and vehicle repair. The reduction is the smallest percentage cut in the group, suggesting the firm still has relative confidence in the position.
Taken together, the five reductions show a consistent theme: Confluence is trimming, not exiting. Each position was reduced between 4.9% and 9.3%. The firm appears to be managing risk or freeing up capital — though it has not publicly stated a reason for the moves, according to Ticker Report.
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