Confluence Wealth Services, Inc.
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 16 quarters, returned +1.6% per quarter — versus +3.3% per quarter from simply owning every 13F stock. It beat that baseline in only 43.8% of quarters (excess t = 0.43, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 365 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| CGDV | $257M | | ADD |
| VIG | $176M | | ADD |
| IWF | $135M | | ADD |
| JEPI | $134M | | ADD |
| VYMI | $128M | | HOLD |
| DFIV | $94M | | ADD |
| JCPB | $86M | | ADD |
| PYLD | $78M | | ADD |
| DFAS | $74M | | ADD |
| CGDG | $74M | | ADD |
| DGRO | $74M | | HOLD |
| EFA | $62M | | ADD |
| DFAX | $60M | | HOLD |
| CGXU | $58M | | ADD |
| CGGR | $47M | | ADD |
| AAPL | $42M | | HOLD |
| CGCP | $37M | | ADD |
| XOM | $31M | | ADD |
| CGMU | $30M | | HOLD |
| DFAT | $29M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.