Jensen Investment

Q4 2013 13F · by Robert McIver, CEO

As of: Dec 31, 2013
Filed: Feb 3, 2014
US stock: $7.0B · prev $6.5B
Positions: 80 · prev 84
Options notional: $0
Documents: 1· no amendments

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%

Moves90 since the prior filing

+4.6 pp in · −4.6 pp out

New 9 +0.08 pp
Added 39 +4.48 pp
Trimmed 29 −4.47 pp
Exited 13 −0.13 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.8 years per position

Low
Moderate
High

Top 5 positions24% of US stock

PEP PepsiCo, Inc. added+0.35 pp added+0.355.1%
MMM 3M Company trimmed−0.68 pp trimmed−0.685.0%
UTXZ RTX Corporation trimmed−0.22 pp trimmed−0.224.8%
ACN Accenture PLC added+0.75 pp added+0.754.7%
CL Colgate-Palmolive Company trimmed−0.02 pp trimmed−0.024.6%

Positions80 in this filing · 13 exited


PEPPepsiCo, Inc.	5.09%	4,324,280	$359M	added+12%	+0.35 pp	3 q
MMM3M Company	5.01%	2,516,961	$353M	trimmed−18%	−0.68 pp	3 q
UTXZRTX Corporation	4.84%	2,998,003	$341M	trimmed−1%	−0.22 pp	3 q
ACNAccenture PLC	4.65%	3,979,507	$327M	added+16%	+0.75 pp	3 q
CLColgate-Palmolive Company	4.57%	4,936,813	$322M	trimmed−1%	−0.02 pp	3 q
ADPAutomatic Data Processing	4.35%	3,787,524	$306M	trimmed−1%	+0.05 pp	3 q
ORCLOracle Corp	4.35%	8,014,787	$307M	trimmed−1%	+0.19 pp	3 q
BDXBecton, Dickinson and Co.	4.23%	2,693,623	$298M	added+10%	+0.43 pp	3 q
OMCOmnicom Group Inc.	4.07%	3,851,804	$286M	trimmed−12%	−0.23 pp	3 q
PXGBXPraxair Inc	3.97%	2,150,337	$280M	added+10%	+0.34 pp	3 q
UPSUnited Parcel Service, Inc. Class B	3.96%	2,656,445	$279M	added+2%	+0.28 pp	3 q
CTSHCognizant Technology Solutions	3.84%	2,679,705	$271M	trimmed−1%	+0.39 pp	3 q
MSFTMicrosoft Corp	3.60%	6,781,092	$254M	trimmed−1%	+0.07 pp	3 q
unresolvedMedtronic Inc	3.59%	4,403,562	$253M	added+6%	+0.17 pp	3 q
TROWT Rowe Price Group Inc	3.58%	3,014,033	$252M	trimmed−1%	+0.20 pp	3 q
TJXTJX Companies, Inc. (The)	3.48%	3,847,000	$245M	trimmed−1%	+0.09 pp	3 q
EFXEquifax, Incorporated	3.42%	3,491,694	$241M	added+2%	+0.26 pp	3 q
EMREmerson Electric Co.	3.38%	3,389,030	$238M	trimmed−1%	−0.05 pp	3 q
NKENike, Inc.	3.14%	2,811,207	$221M	trimmed−4%	−0.15 pp	3 q
KOCoca-Cola Company	3.13%	5,339,382	$221M	trimmed−1%	−0.03 pp	3 q
PGProcter & Gamble Company	3.05%	2,640,856	$215M	trimmed−19%	−0.76 pp	3 q
WATWaters Corp	2.97%	2,095,025	$210M	trimmed−1%	−0.52 pp	3 q
ECLEcolab, Inc.	2.83%	1,911,965	$199M	trimmed−1%	−0.13 pp	3 q
APHAmphenol Corporation	2.62%	2,066,403	$184M	trimmed−1%	+0.11 pp	3 q
VARVarian Medical Systems, Inc.	2.29%	2,072,485	$161M	trimmed−1%	−0.13 pp	3 q
unresolvedDu Pont E I De Nemours & Co	1.90%	2,059,250	$134M	added×268.8	+1.89 pp	2 q
ABTAbbott Laboratories	1.79%	3,283,910	$126M	trimmed−42%	−1.11 pp	3 q
CHRWC.H. Robinson Worldwide, Inc.	1.63%	1,964,350	$115M	trimmed−1%	−0.20 pp	3 q
SYKStryker Corporation	0.11%	102,166	$8M	added0%	0.00 pp	3 q
ADBEAdobe Inc.	0.10%	116,430	$7M	trimmed−94%	−1.34 pp	3 q
CLXClorox Company	0.07%	56,720	$5M	trimmed−1%	0.00 pp	3 q
ABBVAbbvie Inc.	0.03%	41,683	$2M	trimmed−1%	0.00 pp	3 q
JNJJohnson & Johnson	0.02%	15,400	$1M	held	—	3 q
unresolvedAlliant Techsystems Inc	0.01%	4,340	$528,000	trimmed−7%	0.00 pp	3 q
MOAltria Group, Inc.	0.01%	13,500	$518,000	added+5%	0.00 pp	3 q
AVPAvon Products, Inc.	0.01%	29,390	$506,000	new	+0.01 pp	new
BALLBall Corporation	0.01%	10,330	$534,000	added+4%	0.00 pp	3 q
BAXBaxter International Inc.	0.01%	7,600	$529,000	new	+0.01 pp	new
BBYBest Buy Company, Inc.	0.01%	11,310	$451,000	trimmed−24%	0.00 pp	3 q
unresolvedCigna Corporation	0.01%	6,170	$540,000	added+4%	0.00 pp	3 q
CATCaterpillar Inc.	0.01%	6,040	$548,000	added+13%	0.00 pp	3 q
CSCOCisco Systems, Inc. (DE)	0.01%	21,400	$480,000	added+22%	0.00 pp	3 q
unresolvedCoach Inc	0.01%	9,540	$535,000	added+13%	0.00 pp	3 q
DVADaVita Inc.	0.01%	8,710	$552,000	new	+0.01 pp	new
DEDeere & Company	0.01%	6,180	$564,000	added+14%	0.00 pp	3 q
DLXDeluxe Corporation	0.01%	10,870	$567,000	added+3%	0.00 pp	3 q
unresolvedEndo Health Sol'ns Inc.	0.01%	7,870	$531,000	trimmed−32%	0.00 pp	3 q
unresolvedEnergizer Hldgs Inc	0.01%	4,730	$512,000	added+11%	0.00 pp	3 q
XOMExxon Mobil Corp	0.01%	5,460	$553,000	added+13%	0.00 pp	3 q
FHIFederated Hermes, Inc.	0.01%	18,360	$529,000	added+21%	0.00 pp	3 q
GDGeneral Dynamics Corporation	0.01%	5,790	$553,000	added+12%	0.00 pp	3 q
GPNGlobal Payments, Inc.	0.01%	8,120	$528,000	trimmed−14%	0.00 pp	3 q
IBMInternational Business Machines Corporation	0.01%	2,720	$510,000	added+55%	0.00 pp	3 q
unresolvedInternational Game Technology	0.01%	23,760	$431,000	new	+0.01 pp	new
KRThe Kroger Co.	0.01%	12,080	$478,000	added+7%	0.00 pp	3 q
99803EURLaboratory Crp Of Amer Hldgs	0.01%	4,730	$432,000	added+3%	0.00 pp	3 q
LSTRLandstar System Inc	0.01%	8,930	$513,000	added+59%	+0.01 pp	2 q
LXKLexmark International Inc-a	0.01%	13,500	$480,000	added+13%	0.00 pp	3 q
LLYEli Lilly & Co.	0.01%	10,020	$511,000	added+19%	0.00 pp	2 q
LMTLockheed Martin Corp.	0.01%	3,690	$549,000	held	—	3 q
unresolvedMcGraw Hill	0.01%	7,110	$556,000	trimmed−4%	0.00 pp	3 q
MCOMoody's Corporation	0.01%	6,850	$538,000	added+7%	0.00 pp	3 q
unresolvedNeustar Inc	0.01%	10,700	$534,000	new	+0.01 pp	new
JWNNordstrom, Inc.	0.01%	7,960	$492,000	added+10%	0.00 pp	3 q
PAYXPaychex Inc	0.01%	12,585	$573,000	held	—	3 q
PFEPfizer Inc.	0.01%	16,030	$491,000	added+4%	0.00 pp	3 q
PBIPitney Bowes Inc.	0.01%	22,860	$533,000	trimmed−15%	0.00 pp	3 q
unresolvedPortfolio Recovery Assoc	0.01%	8,920	$471,000	new	+0.01 pp	new
DGXQuest Diagnostics Inc.	0.01%	8,050	$431,000	added+5%	0.00 pp	3 q
unresolvedRockwell Collins Inc	0.01%	7,220	$534,000	added+16%	0.00 pp	3 q
SLGNSilgan Holdings Inc	0.01%	11,010	$529,000	new	+0.01 pp	new
SYYSysco Corporation	0.01%	15,190	$548,000	added+17%	0.00 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	7,110	$535,000	added+16%	0.00 pp	3 q
WMTWalmart Inc.	0.01%	6,390	$503,000	added+13%	0.00 pp	3 q
WTWWillis Towers Watson Public Limited Company	0.01%	14,870	$490,000	new	+0.01 pp	new
WDCWestern Digital Corp.	0.01%	6,970	$585,000	added+1%	0.00 pp	3 q
WRLDWorld Acceptance Corp	0.01%	5,460	$478,000	added+2%	0.00 pp	3 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	5,590	$521,000	added+5%	0.00 pp	3 q
CPBThe Campbell's Company	0.00%	7,990	$346,000	added+30%	0.00 pp	3 q
unresolvedHeartland Payment Systems	0.00%	6,800	$339,000	new	0.00 pp	new
AAPAdvance Auto Parts Inc	—	−5,390	—	exited	−0.01 pp	—
BBYD20230930-DK-BUTTERFLY-1 Inc	—	−5,820	—	exited	−0.01 pp	—
unresolvedDell Inc	—	−35,340	—	exited	−0.01 pp	—
DLBDolby Laboratories, Inc.Class A	—	−13,590	—	exited	−0.01 pp	—
unresolvedFamily Dlr Stores Inc	—	−6,440	—	exited	−0.01 pp	—
NUSNuSkin Enterprises, Inc.	—	−5,100	—	exited	−0.01 pp	—
unresolvedPetsmart Inc	—	−5,340	—	exited	−0.01 pp	—
ROSTRoss Stores Inc	—	−6,530	—	exited	−0.01 pp	—
unresolvedSt Jude Med Inc	—	−8,510	—	exited	−0.01 pp	—
SGISomnigroup International Inc.	—	−11,110	—	exited	−0.01 pp	—
TTCToro Company (The)	—	−9,000	—	exited	−0.01 pp	—
UPLUltra Petroleum Corp	—	−20,650	—	exited	−0.01 pp	—
WDRWaddell & Reed Financial, Inc.	—	−8,590	—	exited	−0.01 pp	—