Jensen Investment

Q1 2014 13F · by Robert McIver, CEO

As of: Mar 31, 2014
Filed: Apr 29, 2014
US stock: $6.9B · prev $7.0B
Positions: 83 · prev 80
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%

Moves87 since the prior filing

+4.6 pp in · −4.6 pp out

New 9 +0.08 pp
Added 44 +4.52 pp
Trimmed 28 −4.58 pp
Exited 6 −0.05 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.5 years per position

Low
Moderate
High

Top 5 positions25% of US stock

BDX Becton, Dickinson and Co. added+1.07 pp added+1.075.3%
PEP PepsiCo, Inc. added+0.18 pp added+0.185.3%
MMM 3M Company added−0.03 pp added−0.035.0%
CL Colgate-Palmolive Company added+0.30 pp added+0.304.9%
PXGBX Praxair Inc added+0.76 pp added+0.764.7%

Positions83 in this filing · 6 exited


BDXBecton, Dickinson and Co.	5.30%	3,143,658	$368M	added+17%	+1.07 pp	4 q
PEPPepsiCo, Inc.	5.27%	4,378,965	$366M	added+1%	+0.18 pp	4 q
MMM3M Company	4.98%	2,548,068	$346M	added+1%	−0.03 pp	4 q
CLColgate-Palmolive Company	4.87%	5,209,088	$338M	added+6%	+0.30 pp	4 q
PXGBXPraxair Inc	4.73%	2,507,822	$328M	added+17%	+0.76 pp	4 q
ACNAccenture PLC	4.63%	4,032,167	$321M	added+1%	−0.02 pp	4 q
UTXZRTX Corporation	4.62%	2,744,564	$321M	trimmed−8%	−0.22 pp	4 q
ADPAutomatic Data Processing	4.26%	3,830,212	$296M	added+1%	−0.09 pp	4 q
ORCLOracle Corp	4.26%	7,222,637	$295M	trimmed−10%	−0.09 pp	4 q
MSFTMicrosoft Corp	4.06%	6,865,320	$281M	added+1%	+0.46 pp	4 q
unresolvedMedtronic Inc	3.95%	4,459,677	$274M	added+1%	+0.36 pp	4 q
ECLEcolab, Inc.	3.89%	2,500,130	$270M	added+31%	+1.06 pp	4 q
UPSUnited Parcel Service, Inc. Class B	3.78%	2,690,801	$262M	added+1%	−0.18 pp	4 q
PGProcter & Gamble Company	3.61%	3,109,126	$251M	added+18%	+0.56 pp	4 q
OMCOmnicom Group Inc.	3.59%	3,429,419	$249M	trimmed−11%	−0.48 pp	4 q
EFXEquifax, Incorporated	3.46%	3,530,080	$240M	added+1%	+0.04 pp	4 q
TJXTJX Companies, Inc. (The)	3.41%	3,897,391	$236M	added+1%	−0.07 pp	4 q
EMREmerson Electric Co.	3.30%	3,427,384	$229M	added+1%	−0.08 pp	4 q
NKENike, Inc.	3.03%	2,844,272	$210M	added+1%	−0.11 pp	4 q
KOCoca-Cola Company	3.01%	5,406,227	$209M	added+1%	−0.12 pp	4 q
WATWaters Corp	2.83%	1,811,425	$196M	trimmed−14%	−0.14 pp	4 q
APHAmphenol Corporation	2.76%	2,090,573	$192M	added+1%	+0.14 pp	4 q
CTSHCognizant Technology Solutions	2.70%	3,705,810	$188M	trimmed−31%	−1.14 pp	4 q
TROWT Rowe Price Group Inc	2.63%	2,220,376	$183M	trimmed−26%	−0.95 pp	4 q
VARVarian Medical Systems, Inc.	2.53%	2,092,955	$176M	added+1%	+0.24 pp	4 q
unresolvedDu Pont E I De Nemours & Co	1.97%	2,039,971	$137M	trimmed−1%	+0.07 pp	3 q
ABTAbbott Laboratories	1.83%	3,302,625	$127M	added+1%	+0.04 pp	4 q
SYKStryker Corporation	0.11%	95,326	$8M	trimmed−7%	0.00 pp	4 q
ADBEAdobe Inc.	0.10%	108,530	$7M	trimmed−7%	0.00 pp	4 q
CLXClorox Company	0.07%	56,670	$5M	trimmed−0%	0.00 pp	4 q
ABBVAbbvie Inc.	0.03%	40,883	$2M	trimmed−2%	0.00 pp	4 q
JNJJohnson & Johnson	0.02%	15,400	$2M	held	—	4 q
unresolvedAlliant Techsystems Inc	0.01%	4,080	$580,000	trimmed−6%	0.00 pp	4 q
MOAltria Group, Inc.	0.01%	14,860	$556,000	added+10%	0.00 pp	4 q
AVPAvon Products, Inc.	0.01%	35,030	$513,000	added+19%	0.00 pp	2 q
BALLBall Corporation	0.01%	9,610	$527,000	trimmed−7%	0.00 pp	4 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.01%	8,020	$552,000	new	+0.01 pp	new
CHRWC.H. Robinson Worldwide, Inc.	0.01%	9,927	$520,000	trimmed−99%	−1.62 pp	4 q
unresolvedCigna Corporation	0.01%	6,830	$572,000	added+11%	0.00 pp	4 q
CATCaterpillar Inc.	0.01%	5,440	$541,000	trimmed−10%	0.00 pp	4 q
CSCOCisco Systems, Inc. (DE)	0.01%	23,460	$526,000	added+10%	0.00 pp	4 q
unresolvedCoach Inc	0.01%	10,880	$540,000	added+14%	0.00 pp	4 q
DVADaVita Inc.	0.01%	7,990	$550,000	trimmed−8%	0.00 pp	2 q
DEDeere & Company	0.01%	6,220	$565,000	added+1%	0.00 pp	4 q
DLXDeluxe Corporation	0.01%	11,070	$581,000	added+2%	0.00 pp	4 q
unresolvedDun & Bradstreet Corp/The	0.01%	5,500	$546,000	new	+0.01 pp	new
EVEaton Vance Corp	0.01%	14,320	$546,000	new	+0.01 pp	new
unresolvedEnergizer Hldgs Inc	0.01%	4,910	$495,000	added+4%	0.00 pp	4 q
EXPDExpeditors International of Washington, Inc.	0.01%	12,720	$504,000	new	+0.01 pp	new
XOMExxon Mobil Corp	0.01%	5,520	$539,000	added+1%	0.00 pp	4 q
FHIFederated Hermes, Inc.	0.01%	19,420	$593,000	added+6%	0.00 pp	4 q
GDGeneral Dynamics Corporation	0.01%	4,890	$533,000	trimmed−16%	0.00 pp	4 q
GPNGlobal Payments, Inc.	0.01%	7,820	$556,000	trimmed−4%	0.00 pp	4 q
unresolvedHeartland Payment Systems	0.01%	13,380	$555,000	added+97%	+0.01 pp	2 q
IBMInternational Business Machines Corporation	0.01%	2,840	$547,000	added+4%	0.00 pp	4 q
unresolvedInternational Game Technology	0.01%	35,760	$503,000	added+51%	0.00 pp	2 q
KRThe Kroger Co.	0.01%	13,360	$583,000	added+11%	0.00 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	0.01%	5,690	$559,000	added+20%	0.00 pp	4 q
LSTRLandstar System Inc	0.01%	8,950	$530,000	added0%	0.00 pp	3 q
LXKLexmark International Inc-a	0.01%	12,500	$579,000	trimmed−7%	0.00 pp	4 q
LLYEli Lilly & Co.	0.01%	9,120	$537,000	trimmed−9%	0.00 pp	3 q
LMTLockheed Martin Corp.	0.01%	3,170	$517,000	trimmed−14%	0.00 pp	4 q
unresolvedMcGraw Hill	0.01%	6,570	$501,000	trimmed−8%	0.00 pp	4 q
MCOMoody's Corporation	0.01%	6,710	$532,000	trimmed−2%	0.00 pp	4 q
unresolvedNeustar Inc	0.01%	14,880	$484,000	added+39%	0.00 pp	2 q
NUSNuSkin Enterprises, Inc.	0.01%	6,320	$524,000	new	+0.01 pp	new
PDCOPatterson Companies, Inc.	0.01%	13,200	$551,000	new	+0.01 pp	new
PAYXPaychex Inc	0.01%	12,585	$536,000	held	—	4 q
PFEPfizer Inc.	0.01%	16,690	$536,000	added+4%	0.00 pp	4 q
PBIPitney Bowes Inc.	0.01%	20,720	$539,000	trimmed−9%	0.00 pp	4 q
unresolvedPortfolio Recovery Assoc	0.01%	9,140	$529,000	added+2%	0.00 pp	2 q
DGXQuest Diagnostics Inc.	0.01%	9,990	$579,000	added+24%	0.00 pp	4 q
SMGThe Scotts Miracle-Gro Company	0.01%	6,340	$389,000	new	+0.01 pp	new
SLGNSilgan Holdings Inc	0.01%	11,090	$549,000	added+1%	0.00 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	7,130	$585,000	added0%	0.00 pp	4 q
WMTWalmart Inc.	0.01%	7,110	$543,000	added+11%	0.00 pp	4 q
WTWWillis Towers Watson Public Limited Company	0.01%	25,570	$525,000	added+72%	0.00 pp	2 q
WDCWestern Digital Corp.	0.01%	6,130	$563,000	trimmed−12%	0.00 pp	4 q
WRLDWorld Acceptance Corp	0.01%	5,260	$395,000	trimmed−4%	0.00 pp	4 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	5,510	$521,000	trimmed−1%	0.00 pp	4 q
ENDPQEndo International PLC	0.01%	6,930	$476,000	new	+0.01 pp	new
BCRCR Bard Inc.	0.00%	1,425	$211,000	new	0.00 pp	new
unresolvedRockwell Collins Inc	0.00%	2,540	$202,000	trimmed−65%	−0.01 pp	4 q
BAXBaxter International Inc.	—	−7,600	—	exited	−0.01 pp	—
BBYBest Buy Company, Inc.	—	−11,310	—	exited	−0.01 pp	—
unresolvedEndo Health Sol'ns Inc.	—	−7,870	—	exited	−0.01 pp	—
JWNNordstrom, Inc.	—	−7,960	—	exited	−0.01 pp	—
SYYSysco Corporation	—	−15,190	—	exited	−0.01 pp	—
CPBThe Campbell's Company	—	−7,990	—	exited	0.00 pp	—