Jensen Investment

Q3 2014 13F · by Robert McIver, CEO

As of: Sep 30, 2014
Filed: Nov 10, 2015
US stock: $6.3B · prev $6.6B
Positions: 93 · prev 93
Options notional: $0
Documents: 1· 1 amendment

Picture95.7% US stock

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

US stock listed on a US exchange 95.7%
Foreign stock not listed in the US 4.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves100 since the prior filing

+0.9 pp in · −0.9 pp out

New 10 +0.09 pp
Added 36 +0.81 pp
Trimmed 44 −0.86 pp
Exited 10 −0.08 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.9% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions26% of US stock

PEP PepsiCo, Inc. trimmed+0.08 pp trimmed+0.085.7%
BDX Becton, Dickinson and Co. trimmed−0.12 pp trimmed−0.125.5%
MMM 3M Company trimmed+0.04 pp trimmed+0.045.3%
PXGBX Praxair Inc trimmed−0.02 pp trimmed−0.025.1%
ACN Accenture PLC trimmed+0.11 pp trimmed+0.114.8%

Revealed late, restated

restated 25 rows corrected by the filer · US stock −0.02%; later quarters recomputed 13F-HR/A · Nov 10, 2015 ↗

Positions93 in this filing · 10 exited


PEPPepsiCo, Inc.	5.74%	3,887,277	$362M	trimmed−8%	+0.08 pp	6 q
BDXBecton, Dickinson and Co.	5.50%	3,046,327	$347M	trimmed−4%	−0.12 pp	6 q
MMM3M Company	5.31%	2,363,028	$335M	trimmed−3%	+0.04 pp	6 q
PXGBXPraxair Inc	5.07%	2,478,130	$320M	trimmed−3%	−0.02 pp	6 q
ACNAccenture PLC	4.82%	3,737,413	$304M	trimmed−3%	+0.11 pp	6 q
TJXTJX Companies, Inc. (The)	4.73%	5,032,232	$298M	added+3%	+0.81 pp	6 q
ADPAutomatic Data Processing	4.70%	3,561,164	$296M	trimmed−3%	+0.31 pp	6 q
MSFTMicrosoft Corp	4.68%	6,366,901	$295M	trimmed−3%	+0.54 pp	6 q
MDTMedtronic plc	4.32%	4,390,461	$272M	trimmed−3%	−0.04 pp	2 q
UTXZRTX Corporation	4.26%	2,541,971	$268M	trimmed−3%	−0.31 pp	6 q
ORCLOracle Corp	4.07%	6,698,117	$256M	trimmed−3%	−0.15 pp	6 q
CLColgate-Palmolive Company	4.01%	3,878,612	$253M	trimmed−14%	−0.62 pp	6 q
EFXEquifax, Incorporated	3.90%	3,286,670	$246M	trimmed−3%	+0.19 pp	6 q
UPSUnited Parcel Service, Inc. Class B	3.89%	2,496,670	$245M	trimmed−4%	−0.11 pp	6 q
ECLEcolab, Inc.	3.79%	2,078,581	$239M	trimmed−14%	−0.26 pp	6 q
OMCOmnicom Group Inc.	3.48%	3,184,839	$219M	trimmed−3%	−0.05 pp	6 q
KOCoca-Cola Company	3.40%	5,026,373	$214M	trimmed−3%	+0.09 pp	6 q
EMREmerson Electric Co.	3.16%	3,181,139	$199M	trimmed−3%	−0.13 pp	6 q
PGProcter & Gamble Company	2.83%	2,127,940	$178M	trimmed−29%	−0.71 pp	6 q
WATWaters Corp	2.65%	1,682,438	$167M	trimmed−3%	−0.09 pp	6 q
TROWT Rowe Price Group Inc	2.56%	2,057,659	$161M	trimmed−3%	−0.15 pp	6 q
APHAmphenol Corporation	2.55%	1,608,016	$161M	trimmed−3%	+0.14 pp	6 q
NKENike, Inc.	2.53%	1,788,291	$160M	trimmed−3%	+0.37 pp	6 q
VARVarian Medical Systems, Inc.	2.46%	1,938,398	$155M	trimmed−3%	−0.05 pp	6 q
CTSHCognizant Technology Solutions	2.45%	3,450,156	$154M	trimmed−3%	−0.17 pp	6 q
unresolvedDu Pont E I De Nemours & Co	2.19%	1,918,705	$138M	trimmed−3%	+0.25 pp	5 q
SYKStryker Corporation	0.12%	95,026	$8M	trimmed−0%	0.00 pp	6 q
ABTAbbott Laboratories	0.11%	163,550	$7M	trimmed−2%	+0.01 pp	6 q
ADBEAdobe Inc.	0.10%	93,430	$6M	trimmed−13%	−0.02 pp	6 q
CLXClorox Company	0.08%	55,285	$5M	trimmed−2%	0.00 pp	6 q
ABBVAbbvie Inc.	0.04%	40,020	$2M	trimmed−2%	+0.01 pp	6 q
JNJJohnson & Johnson	0.03%	15,400	$2M	held	—	6 q
Alliant Techsystems Incconvertible	0.01%	3,740	$477,000	new	+0.01 pp	new
AVPAvon Products, Inc.	0.01%	35,970	$453,000	added+7%	0.00 pp	4 q
BALLBall Corporation	0.01%	6,830	$432,000	trimmed−4%	0.00 pp	6 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.01%	7,980	$525,000	added+7%	0.00 pp	3 q
BBYBest Buy Company, Inc.	0.01%	16,810	$565,000	trimmed−5%	0.00 pp	2 q
HRBH&R Block, Inc.	0.01%	14,820	$460,000	new	+0.01 pp	new
BABoeing Company	0.01%	3,980	$507,000	added+15%	0.00 pp	2 q
BRBroadridge Financial Solutions Inc	0.01%	12,100	$504,000	added+3%	0.00 pp	2 q
unresolvedCigna Corporation	0.01%	5,350	$485,000	added+2%	0.00 pp	6 q
CPBThe Campbell's Company	0.01%	11,280	$482,000	new	+0.01 pp	new
CATCaterpillar Inc.	0.01%	4,640	$459,000	added+6%	0.00 pp	6 q
CSCOCisco Systems, Inc. (DE)	0.01%	20,200	$508,000	trimmed−0%	0.00 pp	6 q
unresolvedCoach Inc	0.01%	13,620	$485,000	added+22%	0.00 pp	6 q
CACCCredit Acceptance Corp	0.01%	3,940	$497,000	added+10%	0.00 pp	2 q
CCKCrown Holdings Inc.	0.01%	10,580	$471,000	added+12%	0.00 pp	2 q
unresolvedDst Sys Inc DEL	0.01%	5,360	$450,000	added+43%	0.00 pp	2 q
DVADaVita Inc.	0.01%	6,790	$497,000	trimmed−0%	0.00 pp	4 q
DEDeere & Company	0.01%	5,780	$474,000	added+14%	0.00 pp	6 q
DLXDeluxe Corporation	0.01%	8,550	$472,000	added+2%	0.00 pp	6 q
unresolvedDun & Bradstreet Corp/The	0.01%	4,160	$489,000	trimmed−5%	0.00 pp	3 q
EMNEastman Chemical Company	0.01%	6,100	$493,000	added+13%	0.00 pp	2 q
EVEaton Vance Corp	0.01%	13,560	$512,000	added+7%	0.00 pp	3 q
ENREnergizer Holdings, Inc	0.01%	4,090	$504,000	new	+0.01 pp	new
EXPDExpeditors International of Washington, Inc.	0.01%	12,060	$489,000	new	+0.01 pp	new
XOMExxon Mobil Corp	0.01%	5,000	$470,000	added+10%	0.00 pp	6 q
FHIFederated Hermes, Inc.	0.01%	16,840	$494,000	added+1%	0.00 pp	6 q
GDGeneral Dynamics Corporation	0.01%	4,090	$520,000	added+2%	0.00 pp	6 q
unresolvedHeartland Payment Systems	0.01%	10,420	$497,000	trimmed−10%	0.00 pp	4 q
IBMInternational Business Machines Corporation	0.01%	2,620	$497,000	added+7%	0.00 pp	6 q
KELKellanova	0.01%	7,720	$476,000	added+13%	0.00 pp	2 q
KRThe Kroger Co.	0.01%	9,860	$513,000	trimmed−1%	0.00 pp	6 q
99803EURLaboratory Crp Of Amer Hldgs	0.01%	4,710	$479,000	added+1%	0.00 pp	6 q
LXKLexmark International Inc-a	0.01%	9,760	$415,000	new	+0.01 pp	new
LMTLockheed Martin Corp.	0.01%	2,890	$528,000	added+4%	0.00 pp	6 q
unresolvedMcGraw Hill	0.01%	6,190	$523,000	added+5%	0.00 pp	6 q
MLKNMillerKnoll, Inc.	0.01%	16,600	$496,000	added+9%	0.00 pp	2 q
MCOMoody's Corporation	0.01%	4,310	$407,000	trimmed−22%	0.00 pp	6 q
unresolvedNeustar Inc	0.01%	17,100	$425,000	trimmed−3%	0.00 pp	4 q
OIO-I Glass, Inc.	0.01%	15,920	$415,000	new	+0.01 pp	new
PRAAPRA Group, Inc.	0.01%	8,580	$448,000	added+3%	0.00 pp	2 q
PDCOPatterson Companies, Inc.	0.01%	12,600	$522,000	added+12%	0.00 pp	3 q
PAYXPaychex Inc	0.01%	12,585	$556,000	held	—	6 q
PFEPfizer Inc.	0.01%	17,190	$508,000	added+9%	0.00 pp	6 q
PBIPitney Bowes Inc.	0.01%	18,680	$467,000	added+6%	0.00 pp	6 q
DGXQuest Diagnostics Inc.	0.01%	8,070	$490,000	trimmed−1%	0.00 pp	6 q
unresolvedReynolds American	0.01%	6,420	$379,000	new	+0.01 pp	new
unresolvedRockwell Collins Inc	0.01%	6,600	$518,000	added+13%	0.00 pp	6 q
SLGNSilgan Holdings Inc	0.01%	9,980	$469,000	new	+0.01 pp	new
unresolvedSyntel Inc	0.01%	5,500	$484,000	trimmed−6%	0.00 pp	2 q
TDCTeradata Corporation	0.01%	11,480	$481,000	added+1%	0.00 pp	2 q
USNAUSANA Health Sciences Inc	0.01%	6,920	$510,000	added+2%	0.00 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	6,030	$520,000	added+1%	0.00 pp	6 q
WDRWaddell & Reed Financial, Inc.	0.01%	9,300	$481,000	added+29%	0.00 pp	2 q
WMTWalmart Inc.	0.01%	6,670	$510,000	added+44%	0.00 pp	6 q
WTWWillis Towers Watson Public Limited Company	0.01%	20,890	$573,000	trimmed−2%	0.00 pp	4 q
WDCWestern Digital Corp.	0.01%	4,930	$480,000	trimmed−9%	0.00 pp	6 q
WRLDWorld Acceptance Corp	0.01%	5,820	$393,000	trimmed−3%	0.00 pp	6 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	5,010	$504,000	added+10%	0.00 pp	6 q
HLFHerbalife Ltd.	0.01%	9,680	$424,000	added+28%	0.00 pp	2 q
BCRCR Bard Inc.	0.00%	1,425	$203,000	held	—	3 q
HB6Hibbett Inc	0.00%	6,720	$286,000	new	0.00 pp	new
unresolvedAlliant Techsystems Inc	—	−3,100	—	exited	−0.01 pp	—
CHRWC.H. Robinson Worldwide, Inc.	—	−7,870	—	exited	−0.01 pp	—
GPNGlobal Payments, Inc.	—	−6,840	—	exited	−0.01 pp	—
LLYEli Lilly & Co.	—	−7,720	—	exited	−0.01 pp	—
NUSNuSkin Enterprises, Inc.	—	−6,240	—	exited	−0.01 pp	—
SCCOSouthern Copper Corporation	—	−15,260	—	exited	−0.01 pp	—
unresolvedWindstream Hldgs Inc	—	−49,540	—	exited	−0.01 pp	—
BRSLBrightstar Lottery PLC	—	−37,000	—	exited	−0.01 pp	—
DISHDISH Network Corp.	—	−3,120	—	exited	0.00 pp	—
ENDPQEndo International PLC	—	−3,870	—	exited	0.00 pp	—

Source

Form: 13F-HR/A
Reading: 4 defects · 11 unresolved
Accession: 0001171200-15-000059
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 018804AL8 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 29272W109 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 69354N106 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP G5960L103 not on the Official 13(f) List for 2014-09-30

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