Jensen Investment

Q3 2013 13F · by Robert McIver, CEO

As of: Sep 30, 2013
Filed: Nov 10, 2015
US stock: $6.5B · prev $6.1B
Positions: 84 · prev 92
Options notional: $0
Documents: 1· 1 amendment

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves97 since the prior filing

+3.2 pp in · −3.1 pp out

New 5 +0.04 pp
Added 30 +3.19 pp
Trimmed 49 −3.04 pp
Exited 13 −0.07 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.7 years per position

Low
Moderate
High

Top 5 positions24% of US stock

MMM 3M Company added+0.23 pp added+0.235.7%
UTXZ RTX Corporation trimmed+0.06 pp trimmed+0.065.1%
PEP PepsiCo, Inc. added−0.38 pp added−0.384.7%
CL Colgate-Palmolive Company added+0.46 pp added+0.464.6%
ADP Automatic Data Processing added+0.02 pp added+0.024.3%

Revealed late, restated

restated 0 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Nov 10, 2015 ↗

Positions84 in this filing · 13 exited


MMM3M Company	5.69%	3,080,859	$368M	added+1%	+0.23 pp	2 q
UTXZRTX Corporation	5.06%	3,034,503	$327M	trimmed−8%	+0.06 pp	2 q
PEPPepsiCo, Inc.	4.74%	3,855,835	$307M	added+1%	−0.38 pp	2 q
CLColgate-Palmolive Company	4.59%	4,997,923	$296M	added+14%	+0.46 pp	2 q
ADPAutomatic Data Processing	4.30%	3,839,230	$278M	added+1%	+0.02 pp	2 q
OMCOmnicom Group Inc.	4.30%	4,380,263	$278M	added+1%	−0.18 pp	2 q
ORCLOracle Corp	4.16%	8,109,098	$269M	trimmed−10%	−0.35 pp	2 q
ACNAccenture PLC	3.90%	3,423,852	$252M	added+11%	+0.25 pp	2 q
PGProcter & Gamble Company	3.81%	3,259,651	$246M	added+1%	−0.27 pp	2 q
BDXBecton, Dickinson and Co.	3.80%	2,454,453	$245M	added+25%	+0.61 pp	2 q
UPSUnited Parcel Service, Inc. Class B	3.68%	2,600,365	$238M	added+9%	+0.31 pp	2 q
PXGBXPraxair Inc	3.63%	1,949,977	$234M	added+1%	−0.01 pp	2 q
MSFTMicrosoft Corp	3.53%	6,853,261	$228M	added+1%	−0.31 pp	2 q
WATWaters Corp	3.49%	2,124,170	$226M	added+1%	+0.05 pp	2 q
CTSHCognizant Technology Solutions	3.45%	2,716,393	$223M	added+1%	+0.69 pp	2 q
EMREmerson Electric Co.	3.43%	3,423,554	$222M	trimmed−12%	−0.04 pp	2 q
unresolvedMedtronic Inc	3.42%	4,150,647	$221M	added+1%	−0.05 pp	2 q
TJXTJX Companies, Inc. (The)	3.39%	3,882,740	$219M	added+18%	+0.69 pp	2 q
TROWT Rowe Price Group Inc	3.38%	3,041,407	$219M	added+1%	−0.24 pp	2 q
NKENike, Inc.	3.29%	2,926,792	$213M	trimmed−8%	−0.02 pp	2 q
KOCoca-Cola Company	3.16%	5,393,610	$204M	added+30%	+0.43 pp	2 q
EFXEquifax, Incorporated	3.16%	3,407,924	$204M	added+10%	+0.16 pp	2 q
ECLEcolab, Inc.	2.96%	1,934,293	$191M	added+37%	+0.99 pp	2 q
ABTAbbott Laboratories	2.90%	5,652,243	$188M	added+1%	−0.29 pp	2 q
APHAmphenol Corporation	2.51%	2,095,863	$162M	added+1%	−0.14 pp	2 q
VARVarian Medical Systems, Inc.	2.42%	2,097,235	$157M	added+1%	+0.13 pp	2 q
CHRWC.H. Robinson Worldwide, Inc.	1.83%	1,988,710	$118M	added+1%	+0.01 pp	2 q
ADBEAdobe Inc.	1.44%	1,794,761	$93M	trimmed−27%	−0.39 pp	2 q
SYKStryker Corporation	0.11%	102,056	$7M	trimmed−2%	0.00 pp	2 q
CLXClorox Company	0.07%	57,345	$5M	trimmed−2%	−0.01 pp	2 q
ABBVAbbvie Inc.	0.03%	42,080	$2M	trimmed−4%	0.00 pp	2 q
JNJJohnson & Johnson	0.02%	15,400	$1M	trimmed−9%	0.00 pp	2 q
AAPAdvance Auto Parts Inc	0.01%	5,390	$446,000	added+43%	0.00 pp	2 q
unresolvedAlliant Techsystems Inc	0.01%	4,670	$456,000	trimmed−38%	0.00 pp	2 q
MOAltria Group, Inc.	0.01%	12,800	$440,000	trimmed−11%	0.00 pp	2 q
BALLBall Corporation	0.01%	9,950	$447,000	trimmed−12%	0.00 pp	2 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.01%	5,820	$450,000	trimmed−21%	0.00 pp	2 q
BBYBest Buy Company, Inc.	0.01%	14,830	$556,000	trimmed−41%	0.00 pp	2 q
unresolvedCigna Corporation	0.01%	5,960	$458,000	trimmed−27%	0.00 pp	2 q
CATCaterpillar Inc.	0.01%	5,360	$447,000	added+21%	0.00 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.01%	17,550	$411,000	trimmed−25%	0.00 pp	2 q
unresolvedCoach Inc	0.01%	8,410	$459,000	trimmed−1%	0.00 pp	2 q
DEDeere & Company	0.01%	5,420	$441,000	added+25%	0.00 pp	2 q
unresolvedDell Inc	0.01%	35,340	$487,000	trimmed−14%	0.00 pp	2 q
DLXDeluxe Corporation	0.01%	10,600	$442,000	trimmed−25%	0.00 pp	2 q
DLBDolby Laboratories, Inc.Class A	0.01%	13,590	$469,000	trimmed−4%	0.00 pp	2 q
unresolvedDu Pont E I De Nemours & Co	0.01%	7,660	$449,000	new	+0.01 pp	new
unresolvedEndo Health Sol'ns Inc.	0.01%	11,540	$524,000	trimmed−18%	0.00 pp	2 q
unresolvedEnergizer Hldgs Inc	0.01%	4,280	$390,000	trimmed−20%	0.00 pp	2 q
XOMExxon Mobil Corp	0.01%	4,840	$416,000	trimmed−15%	0.00 pp	2 q
unresolvedFamily Dlr Stores Inc	0.01%	6,440	$464,000	added+88%	+0.01 pp	2 q
FHIFederated Hermes, Inc.	0.01%	15,190	$413,000	trimmed−33%	0.00 pp	2 q
GDGeneral Dynamics Corporation	0.01%	5,180	$453,000	trimmed−26%	0.00 pp	2 q
GPNGlobal Payments, Inc.	0.01%	9,440	$482,000	trimmed−15%	0.00 pp	2 q
IBMInternational Business Machines Corporation	0.01%	1,760	$326,000	added+50%	+0.01 pp	2 q
KRThe Kroger Co.	0.01%	11,330	$457,000	trimmed−37%	0.00 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	0.01%	4,580	$454,000	trimmed−100%	−2.28 pp	2 q
LXKLexmark International Inc-a	0.01%	11,930	$394,000	trimmed−32%	0.00 pp	2 q
LLYEli Lilly & Co.	0.01%	8,400	$423,000	new	+0.01 pp	new
LMTLockheed Martin Corp.	0.01%	3,690	$471,000	trimmed−29%	0.00 pp	2 q
unresolvedMcGraw Hill	0.01%	7,370	$483,000	trimmed−19%	0.00 pp	2 q
MCOMoody's Corporation	0.01%	6,430	$452,000	trimmed−24%	0.00 pp	2 q
JWNNordstrom, Inc.	0.01%	7,250	$407,000	added+7%	0.00 pp	2 q
NUSNuSkin Enterprises, Inc.	0.01%	5,100	$488,000	trimmed−48%	0.00 pp	2 q
PAYXPaychex Inc	0.01%	12,585	$511,000	trimmed−20%	0.00 pp	2 q
unresolvedPetsmart Inc	0.01%	5,340	$407,000	new	+0.01 pp	new
PFEPfizer Inc.	0.01%	15,370	$441,000	trimmed−14%	0.00 pp	2 q
PBIPitney Bowes Inc.	0.01%	27,040	$492,000	trimmed−20%	0.00 pp	2 q
DGXQuest Diagnostics Inc.	0.01%	7,650	$473,000	trimmed−14%	0.00 pp	2 q
unresolvedRockwell Collins Inc	0.01%	6,230	$423,000	trimmed−24%	0.00 pp	2 q
ROSTRoss Stores Inc	0.01%	6,530	$475,000	added+93%	+0.01 pp	2 q
unresolvedSt Jude Med Inc	0.01%	8,510	$456,000	trimmed−29%	0.00 pp	2 q
SYYSysco Corporation	0.01%	12,970	$413,000	trimmed−18%	0.00 pp	2 q
SGISomnigroup International Inc.	0.01%	11,110	$488,000	trimmed−14%	0.00 pp	2 q
TTCToro Company (The)	0.01%	9,000	$489,000	new	+0.01 pp	new
UPLUltra Petroleum Corp	0.01%	20,650	$425,000	trimmed−14%	0.00 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	6,110	$438,000	trimmed−28%	0.00 pp	2 q
WDRWaddell & Reed Financial, Inc.	0.01%	8,590	$442,000	trimmed−32%	0.00 pp	2 q
WMTWalmart Inc.	0.01%	5,680	$420,000	trimmed−15%	0.00 pp	2 q
WDCWestern Digital Corp.	0.01%	6,870	$436,000	trimmed−32%	0.00 pp	2 q
WRLDWorld Acceptance Corp	0.01%	5,340	$480,000	trimmed−11%	0.00 pp	2 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	5,320	$437,000	trimmed−24%	0.00 pp	2 q
CPBThe Campbell's Company	0.00%	6,140	$250,000	trimmed−46%	−0.01 pp	2 q
LSTRLandstar System Inc	0.00%	5,600	$313,000	new	0.00 pp	new
AVPAvon Products, Inc.	—	−23,969	—	exited	−0.01 pp	—
BCRCR Bard Inc.	—	−6,594	—	exited	−0.01 pp	—
unresolvedDun & Bradstreet Corp/The	—	−5,568	—	exited	−0.01 pp	—
PDCOPatterson Companies, Inc.	—	−8,494	—	exited	−0.01 pp	—
unresolvedQuality Systems Inc.	—	−21,500	—	exited	−0.01 pp	—
SLGNSilgan Holdings Inc	—	−6,865	—	exited	−0.01 pp	—
GRMNGarmin Ltd	—	−13,673	—	exited	−0.01 pp	—
EATBrinker International, Inc.	—	−6,116	—	exited	0.00 pp	—
TGTTarget Corporation	—	−3,394	—	exited	0.00 pp	—
TUPTupperware Brands Corporation	—	−3,362	—	exited	0.00 pp	—
WTWWillis Towers Watson Public Limited Company	—	−4,537	—	exited	0.00 pp	—
WLYJohn Wiley & Sons, Inc. Class A	—	−5,320	—	exited	0.00 pp	—
unresolvedWindstream Corp	—	−10,111	—	exited	0.00 pp	—