Confluence Investment 13F Filed Apr 1, 2026

Confluence Investment Management LLC filed a Form 13F report with the SEC on April 1, 2026, disclosing its equity holdings as of March 31, 2026, according to an Investing.com filing notice (Investing.com, Apr 1, 2026). The filing date — one day after the quarter end — is materially earlier than the statutory 45-day window in which institutional managers with at least $100 million in qualifying assets are required to file (SEC Rule 13f-1). While the form itself is a snapshot rather than a timetable for trading activity, the timing and composition of 13F filings can provide high-frequency market participants and longer-term investors with actionable visibility into institutional positioning. This piece examines the regulatory context, the datapoints available in Confluence's April 1 filing, the likely sector-level implications, and a Fazen Capital view on how to interpret the signal content of an early 13F submission.

Context

Form 13F is a quarterly disclosure designed by the SEC to increase transparency about the holdings of institutional investment managers. The statute that mandates 13F filings applies to managers who exercise investment discretion with respect to at least $100 million in Section 13(f) securities; those managers must disclose long equity positions held on the last day of each calendar quarter (SEC, 17 CFR 240.13f-1). The filings are due within 45 days after quarter end, which places the statutory deadline for the March 31, 2026 reporting date at May 15, 2026. Confluence's April 1, 2026 submission therefore falls well inside that window and is notable for its promptness.

The file date and reporting date are distinct but related datapoints: Confluence's filing cited holdings as of March 31, 2026 (reporting date) and the filing itself was lodged on April 1, 2026 (filing date). That proximity suggests limited intervening trading between the snapshot date and public disclosure, increasing the fidelity of the 13F as a representation of position intent at quarter end. Investing.com captured the filing on April 1, 2026; the SEC EDGAR database holds the primary document for verification. For institutional analysts, the combination of reporting date, filing date, and the security-level positions reported is the baseline dataset for cross-manager comparison and sector allocation analysis.

Historically, many managers file closer to the 45-day deadline; early filers can therefore provide first-mover informational advantages to market participants scanning 13Fs. An early filing does not imply market-moving intent by itself, but when paired with material position concentration or sector rotation it can precede re-pricing in the securities disclosed. As a regulatory instrument, 13F lacks several elements — it omits derivatives, short positions, and non-13(f) assets — which constrains inference. Still, the dataset remains one of the most consistent public windows into pension, endowment, and hedge fund equity allocations.

Data Deep Dive

The Confluence filing reported on April 1, 2026, and shows holdings as of March 31, 2026 (Investing.com; SEC EDGAR). The 13F mechanism requires line-item disclosure of each 13(f) security, the number of shares held, and the reported market value of those shares as of the reporting date. Readers should note that the 13F does not require disclosure of cash positions, fixed income, or non-reportable securities, nor does it show trade timing between the report date and the filing date. Those constraints delimit what can and cannot be inferred from the filing.

Three hard datapoints that frame any immediate interpretation are: (1) the reporting date — March 31, 2026 — which fixes the snapshot; (2) the filing date — April 1, 2026 — which indicates a rapid disclosure cadence; and (3) the statutory AUM threshold of $100 million that triggers filing obligations (SEC Rule 13f-1). These are verifiable facts: the Investing.com notice (Apr 1, 2026) provides the filing timestamp and the SEC rule text provides the regulatory thresholds and the 45-day deadline. For market intelligence workflows, those datapoints determine both the timeliness and the universe of managers who are visible via EDGAR in any given cycle.

Where the data deep dive becomes analytic instead of descriptive is when holdings reported in the 13F are compared to prior quarters (quarter-over-quarter change) and to peer managers operating in the same strategy bucket. Confluence's early filing enables same-day scraping for position-level comparisons against peers who may not file until later in the window. That comparison can quantify concentration shifts (e.g., an X% increase in weight to a sector or a Y% reduction in a legacy position) — although such percentage figures must be derived from sequential filings to avoid misstatement. Analysts should therefore treat the April 1 filing as the first data point in the quarter that can be juxtaposed with prior period filings (e.g., Dec 31, 2025 13F) to calculate precise percentage changes.

Sector Implications

Because Form 13F aggregates position data at the security level, sector-level inference requires mapping reported tickers to GICS or equivalent sector taxonomy. That mapping allows allocative analysis — whether a manager moved into cyclical sectors (industrial, energy) or defensive sectors (utilities, consumer staples) across the quarter. The Confluence filing's early date increases the utility of that mapping by allowing sector-weighted views to be transmitted to the market sooner than a later filer would provide. Strategists monitoring sector rotation will therefore treat early 13Fs as higher-fidelity inputs when building short-horizon sector signal models.

A practical implication: if Confluence reported material increases in a concentrated handful of equities, that could signal conviction and the potential for follow-on buying or activist intent; conversely, a marked reduction in exposure to a sector could reflect risk-off positioning. Because the 13F excludes derivatives and short exposures, however, any detected sector underweight must be validated against other public disclosures (Form 13D/G for activist stakes; 10-Q/10-K for material changes in corporate fundamentals). For institutional clients and market makers, the proper use of the 13F is therefore to prompt targeted follow-up research rather than to execute blunt trades solely on the basis of the filing.

Fazen Capital Perspective

Fazen Capital views an early 13F submission as a signalling event that is most valuable when integrated into a multi-source due diligence pipeline. The contrarian insight is that early filing is not necessarily bullish: managers who disclose early may be doing so because their quarter-end positions are static and uncontroversial, or because they wish to remove uncertainty for counterparties ahead of known liquidity events. Conversely, managers who delay filing toward the 45-day deadline sometimes do so because they have dynamic repositioning that they prefer to keep private for as long as regulation allows. Thus, Confluence's April 1 filing should be interpreted contextually — as either confirmation of steady allocation, a prelude to further engagement, or a neutral compliance activity — depending on the concentration and directional bias revealed within the report.

From a tactical standpoint, Fazen Capital recommends combining the Confluence 13F with (a) contemporaneous market volumes, (b) conference call transcripts or 8-K filings within the first two weeks of April 2026, and (c) comparable 13F submissions from peer managers. Doing so reduces false positives where a disclosed position appears large on a mark-to-market basis but represents a small economic exposure once derivatives or short offsets are considered. Our internal analytics emphasize cross-referencing 13F disclosures with liquidity metrics and insider/Reg FD event calendars to separate information content from compliance noise. For readers who wish to understand how 13F disclosures fit into portfolio construction, see our research on equity holdings and regulatory signals.

Risk Assessment

The principal limitation of any 13F-informed action is observational incompleteness. The form omits short positions, many derivative exposures, and any securities not enumerated in the SEC's 13(f) list. That means an apparent overweight could be hedged economically via options or swaps that are not disclosed on the 13F. Historical episodes — for example, managers whose 13F long positions were matched by undisclosed synthetic shorts — demonstrate that 13F-only analysis can be misleading if treated as a full balance-sheet view.

A second risk is temporal misalignment: the snapshot date (March 31) may diverge from market-moving events occurring after quarter end but before the filing was publicly consumed. Confluence's April 1 filing reduces this lag, but market-moving corporate news, macro events, or manager trades in early April could render a still-useful 13F stale. Risk managers should therefore use 13F data for medium-term allocation hypotheses and not for minute-by-minute trading signals, unless corroborated by other sources.

Finally, there is operational risk in data ingestion and mapping. Accurate ticker normalization, corporate actions processing (splits, mergers), and sector classification are prerequisites to reliable cross-quarter comparison. Institutional teams implementing 13F surveillance should audit their pipelines against EDGAR baseline files and maintain a reconciliation protocol. For readers wanting a technical primer on ingestion best practices, our technical brief on data pipelines is available at https://fazencapital.com/insights/en.

Outlook

Confluence's April 1, 2026 13F is an early-cycle disclosure that establishes a baseline for monitoring the firm's equity positioning for Q2 2026. Market participants should watch for sequential filings from other managers through the statutory May 15, 2026 deadline to contextualize whether Confluence's allocations represent a broader trend or idiosyncratic positioning. If Confluence shows sector concentration that diverges materially from peer group averages, that will warrant deeper fundamental analysis of the underlying securities and discussion with corporate IR where appropriate.

Over the medium term, the continued use of 13F filings as a transparency tool will be shaped by complementary disclosures and market practice. Regulatory enhancements or increased use of alternative transparency vehicles (e.g., real-time trade reporting for certain products) could change the relative informational value of 13Fs. For now, Confluence's early filing is useful primarily as a timely, verifiable data point; its market impact will depend on the degree of concentration disclosed and whether that concentration aligns or conflicts with contemporaneous market narratives going into Q2 2026.

FAQs

Q: Does a Form 13F show short positions or options? A: No. Form 13F reports long positions in Section 13(f) securities only. Derivatives, short positions, cash, and most fixed-income holdings are not disclosed on Form 13F. For information on activist stakes or significant ownership increases, investors should consult Forms 13D/G and 8-K filings filed on EDGAR.

Q: How should investors interpret an early 13F filing date? A: An early filing (e.g., Confluence's Apr 1, 2026) increases timeliness but does not inherently imply conviction. It reduces the timeline between the snapshot and public disclosure, which can improve signal quality for cross-manager comparisons. However, early filing can reflect either a static portfolio or a deliberate transparency choice; it should be integrated with other signals (trading volumes, regulatory filings, earnings events) before drawing investment inferences.

Bottom Line

Confluence Investment's April 1, 2026 13F is a timely regulatory disclosure that provides a verifiable snapshot of the manager's long equity holdings as of March 31, 2026; its analytical value depends on concentration, cross-quarter deltas, and corroboration with other data sources. Treat the filing as the first input in a multi-source diligence process rather than a standalone trading trigger.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.