Jensen Investment

Q2 2014 13F · by Robert McIver, CEO

As of: Jun 30, 2014
Filed: Nov 10, 2015
US stock: $6.6B · prev $6.9B
Positions: 93 · prev 83
Options notional: $0
Documents: 1· 1 amendment

Picture95.6% US stock

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

US stock listed on a US exchange 95.6%
Foreign stock not listed in the US 4.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves99 since the prior filing

+5.7 pp in · −5.7 pp out

New 20 +4.54 pp
Added 7 +1.20 pp
Trimmed 62 −1.63 pp
Exited 10 −4.04 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions26% of US stock

PEP PepsiCo, Inc. trimmed+0.39 pp trimmed+0.395.7%
BDX Becton, Dickinson and Co. added+0.32 pp added+0.325.6%
MMM 3M Company trimmed+0.29 pp trimmed+0.295.3%
PXGBX Praxair Inc added+0.36 pp added+0.365.1%
ACN Accenture PLC trimmed+0.08 pp trimmed+0.084.7%

Revealed late, restated

restated 4 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Nov 10, 2015 ↗

Positions93 in this filing · 10 exited


PEPPepsiCo, Inc.	5.66%	4,207,495	$376M	trimmed−4%	+0.39 pp	5 q
BDXBecton, Dickinson and Co.	5.62%	3,157,536	$374M	added0%	+0.32 pp	5 q
MMM3M Company	5.27%	2,442,937	$350M	trimmed−4%	+0.29 pp	5 q
PXGBXPraxair Inc	5.09%	2,546,159	$338M	added+2%	+0.36 pp	5 q
ACNAccenture PLC	4.71%	3,868,153	$313M	trimmed−4%	+0.08 pp	5 q
CLColgate-Palmolive Company	4.63%	4,515,321	$308M	trimmed−13%	−0.24 pp	5 q
UTXZRTX Corporation	4.57%	2,626,650	$303M	trimmed−4%	−0.05 pp	5 q
ADPAutomatic Data Processing	4.39%	3,679,892	$292M	trimmed−4%	+0.13 pp	5 q
MDTMedtronic plc	4.36%	4,546,229	$290M	new	+4.36 pp	new
ORCLOracle Corp	4.22%	6,923,856	$281M	trimmed−4%	−0.04 pp	5 q
MSFTMicrosoft Corp	4.14%	6,590,509	$275M	trimmed−4%	+0.08 pp	5 q
ECLEcolab, Inc.	4.05%	2,417,220	$269M	trimmed−3%	+0.16 pp	5 q
UPSUnited Parcel Service, Inc. Class B	4.00%	2,587,769	$266M	trimmed−4%	+0.22 pp	5 q
TJXTJX Companies, Inc. (The)	3.92%	4,899,951	$260M	added+26%	+0.51 pp	5 q
EFXEquifax, Incorporated	3.71%	3,395,794	$246M	trimmed−4%	+0.25 pp	5 q
PGProcter & Gamble Company	3.54%	2,988,138	$235M	trimmed−4%	−0.07 pp	5 q
OMCOmnicom Group Inc.	3.53%	3,289,027	$234M	trimmed−4%	−0.06 pp	5 q
KOCoca-Cola Company	3.31%	5,192,820	$220M	trimmed−4%	+0.30 pp	5 q
EMREmerson Electric Co.	3.29%	3,289,647	$218M	trimmed−4%	−0.01 pp	5 q
WATWaters Corp	2.74%	1,740,728	$182M	trimmed−4%	−0.09 pp	5 q
TROWT Rowe Price Group Inc	2.71%	2,131,480	$180M	trimmed−4%	+0.08 pp	5 q
CTSHCognizant Technology Solutions	2.62%	3,559,116	$174M	trimmed−4%	−0.08 pp	5 q
VARVarian Medical Systems, Inc.	2.51%	2,008,418	$167M	trimmed−4%	−0.02 pp	5 q
APHAmphenol Corporation	2.41%	1,663,845	$160M	trimmed−20%	−0.35 pp	5 q
NKENike, Inc.	2.16%	1,850,001	$143M	trimmed−35%	−0.87 pp	5 q
unresolvedDu Pont E I De Nemours & Co	1.94%	1,970,525	$129M	trimmed−3%	−0.03 pp	4 q
ADBEAdobe Inc.	0.12%	107,930	$8M	trimmed−1%	+0.02 pp	5 q
SYKStryker Corporation	0.12%	95,126	$8M	trimmed−0%	+0.01 pp	5 q
ABTAbbott Laboratories	0.10%	166,900	$7M	trimmed−95%	−1.73 pp	5 q
CLXClorox Company	0.08%	56,645	$5M	trimmed−0%	+0.01 pp	5 q
ABBVAbbvie Inc.	0.03%	40,883	$2M	held	—	5 q
JNJJohnson & Johnson	0.02%	15,400	$2M	held	—	5 q
unresolvedAlliant Techsystems Inc	0.01%	3,100	$415,000	trimmed−24%	0.00 pp	5 q
AVPAvon Products, Inc.	0.01%	33,550	$490,000	trimmed−4%	0.00 pp	3 q
BALLBall Corporation	0.01%	7,110	$446,000	trimmed−26%	0.00 pp	5 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.01%	7,440	$427,000	trimmed−7%	0.00 pp	2 q
BBYBest Buy Company, Inc.	0.01%	17,750	$550,000	new	+0.01 pp	new
BABoeing Company	0.01%	3,460	$440,000	new	+0.01 pp	new
BRBroadridge Financial Solutions Inc	0.01%	11,720	$488,000	new	+0.01 pp	new
CHRWC.H. Robinson Worldwide, Inc.	0.01%	7,870	$502,000	trimmed−21%	0.00 pp	5 q
unresolvedCigna Corporation	0.01%	5,230	$481,000	trimmed−23%	0.00 pp	5 q
CATCaterpillar Inc.	0.01%	4,360	$474,000	trimmed−20%	0.00 pp	5 q
CSCOCisco Systems, Inc. (DE)	0.01%	20,240	$503,000	trimmed−14%	0.00 pp	5 q
unresolvedCoach Inc	0.01%	11,140	$381,000	added+2%	0.00 pp	5 q
CACCCredit Acceptance Corp	0.01%	3,580	$441,000	new	+0.01 pp	new
CCKCrown Holdings Inc.	0.01%	9,440	$470,000	new	+0.01 pp	new
unresolvedDst Sys Inc DEL	0.01%	3,740	$345,000	new	+0.01 pp	new
DVADaVita Inc.	0.01%	6,810	$492,000	trimmed−15%	0.00 pp	3 q
DEDeere & Company	0.01%	5,060	$458,000	trimmed−19%	0.00 pp	5 q
DLXDeluxe Corporation	0.01%	8,390	$491,000	trimmed−24%	0.00 pp	5 q
unresolvedDun & Bradstreet Corp/The	0.01%	4,380	$483,000	trimmed−20%	0.00 pp	2 q
EMNEastman Chemical Company	0.01%	5,380	$470,000	new	+0.01 pp	new
EVEaton Vance Corp	0.01%	12,700	$480,000	trimmed−11%	0.00 pp	2 q
XOMExxon Mobil Corp	0.01%	4,540	$457,000	trimmed−18%	0.00 pp	5 q
FHIFederated Hermes, Inc.	0.01%	16,640	$515,000	trimmed−14%	0.00 pp	5 q
GDGeneral Dynamics Corporation	0.01%	4,010	$467,000	trimmed−18%	0.00 pp	5 q
GPNGlobal Payments, Inc.	0.01%	6,840	$498,000	trimmed−13%	0.00 pp	5 q
unresolvedHeartland Payment Systems	0.01%	11,520	$475,000	trimmed−14%	0.00 pp	3 q
IBMInternational Business Machines Corporation	0.01%	2,440	$442,000	trimmed−14%	0.00 pp	5 q
KELKellanova	0.01%	6,840	$449,000	new	+0.01 pp	new
KRThe Kroger Co.	0.01%	9,920	$490,000	trimmed−26%	0.00 pp	5 q
99803EURLaboratory Crp Of Amer Hldgs	0.01%	4,650	$476,000	trimmed−18%	0.00 pp	5 q
LLYEli Lilly & Co.	0.01%	7,720	$480,000	trimmed−15%	0.00 pp	4 q
LMTLockheed Martin Corp.	0.01%	2,790	$448,000	trimmed−12%	0.00 pp	5 q
unresolvedMcGraw Hill	0.01%	5,910	$491,000	trimmed−10%	0.00 pp	5 q
MLKNMillerKnoll, Inc.	0.01%	15,200	$460,000	new	+0.01 pp	new
MCOMoody's Corporation	0.01%	5,550	$487,000	trimmed−17%	0.00 pp	5 q
unresolvedNeustar Inc	0.01%	17,540	$456,000	added+18%	0.00 pp	3 q
NUSNuSkin Enterprises, Inc.	0.01%	6,240	$462,000	trimmed−1%	0.00 pp	2 q
PRAAPRA Group, Inc.	0.01%	8,320	$495,000	new	+0.01 pp	new
PDCOPatterson Companies, Inc.	0.01%	11,240	$444,000	trimmed−15%	0.00 pp	2 q
PAYXPaychex Inc	0.01%	12,585	$523,000	held	—	5 q
PFEPfizer Inc.	0.01%	15,810	$469,000	trimmed−5%	0.00 pp	5 q
PBIPitney Bowes Inc.	0.01%	17,700	$489,000	trimmed−15%	0.00 pp	5 q
DGXQuest Diagnostics Inc.	0.01%	8,130	$477,000	trimmed−19%	0.00 pp	5 q
unresolvedRockwell Collins Inc	0.01%	5,860	$458,000	added×2.3	+0.01 pp	5 q
SCCOSouthern Copper Corporation	0.01%	15,260	$463,000	new	+0.01 pp	new
unresolvedSyntel Inc	0.01%	5,860	$504,000	new	+0.01 pp	new
TDCTeradata Corporation	0.01%	11,360	$457,000	new	+0.01 pp	new
USNAUSANA Health Sciences Inc	0.01%	6,780	$530,000	new	+0.01 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	5,970	$488,000	trimmed−16%	0.00 pp	5 q
WDRWaddell & Reed Financial, Inc.	0.01%	7,220	$452,000	new	+0.01 pp	new
WMTWalmart Inc.	0.01%	4,630	$348,000	trimmed−35%	0.00 pp	5 q
WTWWillis Towers Watson Public Limited Company	0.01%	21,230	$428,000	trimmed−17%	0.00 pp	3 q
WDCWestern Digital Corp.	0.01%	5,430	$501,000	trimmed−11%	0.00 pp	5 q
unresolvedWindstream Hldgs Inc	0.01%	49,540	$493,000	new	+0.01 pp	new
WRLDWorld Acceptance Corp	0.01%	5,980	$454,000	added+14%	0.00 pp	5 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	4,570	$475,000	trimmed−17%	0.00 pp	5 q
HLFHerbalife Ltd.	0.01%	7,560	$488,000	new	+0.01 pp	new
BRSLBrightstar Lottery PLC	0.01%	37,000	$589,000	new	+0.01 pp	new
BCRCR Bard Inc.	0.00%	1,425	$204,000	held	—	2 q
DISHDISH Network Corp.	0.00%	3,120	$203,000	new	0.00 pp	new
ENDPQEndo International PLC	0.00%	3,870	$271,000	trimmed−44%	−0.01 pp	2 q
unresolvedMedtronic Inc	—	−4,459,677	—	exited	−3.95 pp	—
MOAltria Group, Inc.	—	−14,860	—	exited	−0.01 pp	—
unresolvedEnergizer Hldgs Inc	—	−4,910	—	exited	−0.01 pp	—
EXPDExpeditors International of Washington, Inc.	—	−12,720	—	exited	−0.01 pp	—
unresolvedInternational Game Technology	—	−35,760	—	exited	−0.01 pp	—
LSTRLandstar System Inc	—	−8,950	—	exited	−0.01 pp	—
LXKLexmark International Inc-a	—	−12,500	—	exited	−0.01 pp	—
unresolvedPortfolio Recovery Assoc	—	−9,140	—	exited	−0.01 pp	—
SMGThe Scotts Miracle-Gro Company	—	−6,340	—	exited	−0.01 pp	—
SLGNSilgan Holdings Inc	—	−11,090	—	exited	−0.01 pp	—

Source

Form: 13F-HR/A
Reading: 5 defects · 12 unresolved
Accession: 0001171200-15-000058
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 97381W104 not on the Official 13(f) List for 2014-06-30
A security outside the official 13F list — CUSIP 69354N106 not on the Official 13(f) List for 2014-06-30
A security outside the official 13F list — CUSIP 97382A200 not on the Official 13(f) List for 2014-06-30
A security outside the official 13F list — CUSIP G4863A108 not on the Official 13(f) List for 2014-06-30
A security outside the official 13F list — CUSIP G5960L103 not on the Official 13(f) List for 2014-06-30

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