Jensen Investment

Q4 2014 13F · by Robert McIver, CEO

As of: Dec 31, 2014
Filed: Nov 10, 2015
US stock: $6.5B · prev $6.3B
Positions: 95 · prev 93
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%

Moves119 since the prior filing

+3.6 pp in · −3.7 pp out

New 28 +0.27 pp
Added 27 +3.38 pp
Trimmed 38 −3.40 pp
Exited 26 −0.26 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.4 years per position

Low
Moderate
High

Top 5 positions27% of US stock

BDX Becton, Dickinson and Co. trimmed+0.91 pp trimmed+0.916.4%
PEP PepsiCo, Inc. trimmed−0.17 pp trimmed−0.175.6%
TJX TJX Companies, Inc. (The) trimmed+0.49 pp trimmed+0.495.2%
UTXZ RTX Corporation added+0.86 pp added+0.865.1%
PXGBX Praxair Inc added+0.03 pp added+0.035.1%

Revealed late, restated

restated 6 rows corrected by the filer · US stock −0.01%; later quarters recomputed 13F-HR/A · Nov 10, 2015 ↗

Positions95 in this filing · 26 exited


BDXBecton, Dickinson and Co.	6.41%	2,981,840	$415M	trimmed−2%	+0.91 pp	7 q
PEPPepsiCo, Inc.	5.57%	3,809,660	$360M	trimmed−2%	−0.17 pp	7 q
TJXTJX Companies, Inc. (The)	5.22%	4,923,042	$338M	trimmed−2%	+0.49 pp	7 q
UTXZRTX Corporation	5.12%	2,878,464	$331M	added+13%	+0.86 pp	7 q
PXGBXPraxair Inc	5.10%	2,545,232	$330M	added+3%	+0.03 pp	7 q
MMM3M Company	5.09%	2,002,577	$329M	trimmed−15%	−0.22 pp	7 q
ACNAccenture PLC	5.05%	3,657,261	$327M	trimmed−2%	+0.23 pp	7 q
MDTMedtronic plc	4.80%	4,297,157	$310M	trimmed−2%	+0.48 pp	3 q
ORCLOracle Corp	4.56%	6,563,820	$295M	trimmed−2%	+0.49 pp	7 q
MSFTMicrosoft Corp	4.48%	6,234,794	$290M	trimmed−2%	−0.20 pp	7 q
UPSUnited Parcel Service, Inc. Class B	4.19%	2,440,497	$271M	trimmed−2%	+0.30 pp	7 q
ECLEcolab, Inc.	4.18%	2,587,231	$270M	added+24%	+0.39 pp	7 q
EFXEquifax, Incorporated	4.03%	3,223,733	$261M	trimmed−2%	+0.13 pp	7 q
CLColgate-Palmolive Company	3.80%	3,555,459	$246M	trimmed−8%	−0.21 pp	7 q
OMCOmnicom Group Inc.	3.74%	3,122,387	$242M	trimmed−2%	+0.26 pp	7 q
EMREmerson Electric Co.	2.97%	3,114,419	$192M	trimmed−2%	−0.19 pp	7 q
WATWaters Corp	2.88%	1,651,585	$186M	trimmed−2%	+0.23 pp	7 q
PGProcter & Gamble Company	2.67%	1,894,342	$173M	trimmed−11%	−0.16 pp	7 q
TROWT Rowe Price Group Inc	2.66%	2,006,069	$172M	trimmed−3%	+0.10 pp	7 q
APHAmphenol Corporation	2.62%	3,147,233	$169M	trimmed−2%	+0.07 pp	7 q
NKENike, Inc.	2.60%	1,748,168	$168M	trimmed−2%	+0.07 pp	7 q
VARVarian Medical Systems, Inc.	2.53%	1,895,518	$164M	trimmed−2%	+0.07 pp	7 q
CTSHCognizant Technology Solutions	2.25%	2,762,197	$145M	trimmed−20%	−0.20 pp	7 q
unresolvedDu Pont E I De Nemours & Co	2.14%	1,873,625	$139M	trimmed−2%	−0.05 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.10%	1,343,780	$136M	added×222.8	+2.09 pp	7 q
KOCoca-Cola Company	2.01%	3,080,732	$130M	trimmed−39%	−1.39 pp	7 q
ADPAutomatic Data Processing	0.23%	181,963	$15M	trimmed−95%	−4.47 pp	7 q
SYKStryker Corporation	0.14%	94,826	$9M	trimmed−0%	+0.02 pp	7 q
ABTAbbott Laboratories	0.11%	160,510	$7M	trimmed−2%	0.00 pp	7 q
ADBEAdobe Inc.	0.10%	92,430	$7M	trimmed−1%	0.00 pp	7 q
CLXClorox Company	0.09%	53,345	$6M	trimmed−4%	+0.01 pp	7 q
ABBVAbbvie Inc.	0.04%	35,987	$2M	trimmed−10%	0.00 pp	7 q
JNJJohnson & Johnson	0.03%	20,320	$2M	added+32%	0.00 pp	7 q
Alliant Techsystems Incconvertible	0.01%	4,670	$543,000	added+25%	0.00 pp	2 q
unresolvedApollo Group Inc Class A	0.01%	17,000	$580,000	new	+0.01 pp	new
AVPAvon Products, Inc.	0.01%	52,340	$491,000	added+46%	0.00 pp	5 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.01%	7,340	$559,000	trimmed−8%	0.00 pp	4 q
BBYBest Buy Company, Inc.	0.01%	13,760	$536,000	trimmed−18%	0.00 pp	3 q
EATBrinker International, Inc.	0.01%	9,720	$570,000	new	+0.01 pp	new
unresolvedCigna Corporation	0.01%	5,160	$531,000	trimmed−4%	0.00 pp	7 q
CATCaterpillar Inc.	0.01%	4,960	$454,000	added+7%	0.00 pp	7 q
CSCOCisco Systems, Inc. (DE)	0.01%	19,500	$542,000	trimmed−3%	0.00 pp	7 q
unresolvedCoach Inc	0.01%	14,380	$540,000	added+6%	0.00 pp	7 q
CXTCrane NXT, Co.	0.01%	8,460	$497,000	new	+0.01 pp	new
DEDeere & Company	0.01%	6,120	$541,000	added+6%	0.00 pp	7 q
DLXDeluxe Corporation	0.01%	8,890	$553,000	added+4%	0.00 pp	7 q
DLTRDollar Tree Inc.	0.01%	7,960	$560,000	new	+0.01 pp	new
unresolvedDun & Bradstreet Corp/The	0.01%	4,200	$508,000	added+1%	0.00 pp	4 q
EMNEastman Chemical Company	0.01%	5,980	$454,000	trimmed−2%	0.00 pp	3 q
ENREnergizer Holdings, Inc	0.01%	4,230	$544,000	added+3%	0.00 pp	2 q
EXPDExpeditors International of Washington, Inc.	0.01%	11,860	$529,000	trimmed−2%	0.00 pp	2 q
XOMExxon Mobil Corp	0.01%	5,470	$506,000	added+9%	0.00 pp	7 q
GPCGenuine Parts Company	0.01%	5,240	$558,000	new	+0.01 pp	new
GILDGilead Sciences Inc	0.01%	5,260	$496,000	new	+0.01 pp	new
HB6Hibbett Inc	0.01%	10,800	$523,000	added+61%	+0.01 pp	2 q
IBMInternational Business Machines Corporation	0.01%	3,280	$526,000	added+25%	0.00 pp	7 q
ZDZiff Davis, Inc.	0.01%	9,380	$582,000	new	+0.01 pp	new
KELKellanova	0.01%	8,080	$529,000	added+5%	0.00 pp	3 q
KMBKimberly-Clark Corp.	0.01%	4,640	$536,000	new	+0.01 pp	new
LSTRLandstar System Inc	0.01%	6,820	$495,000	new	+0.01 pp	new
LXKLexmark International Inc-a	0.01%	12,300	$508,000	added+26%	0.00 pp	2 q
unresolvedLinear Technology Group	0.01%	12,000	$547,000	new	+0.01 pp	new
unresolvedLorillard Inc	0.01%	8,360	$526,000	new	+0.01 pp	new
MATMattel, Inc.	0.01%	16,840	$521,000	new	+0.01 pp	new
MCDMcDonald's Corporation	0.01%	5,460	$512,000	new	+0.01 pp	new
unresolvedMcGraw Hill	0.01%	5,750	$512,000	trimmed−7%	0.00 pp	7 q
MR4Meridian Bioscience Inc	0.01%	32,820	$540,000	new	+0.01 pp	new
unresolvedNeustar Inc	0.01%	19,320	$537,000	added+13%	0.00 pp	5 q
JWNNordstrom, Inc.	0.01%	7,080	$562,000	new	+0.01 pp	new
NUSNuSkin Enterprises, Inc.	0.01%	12,800	$559,000	new	+0.01 pp	new
OIO-I Glass, Inc.	0.01%	20,000	$540,000	added+26%	0.00 pp	2 q
PAYXPaychex Inc	0.01%	12,585	$581,000	held	—	7 q
unresolvedPetsmart Inc	0.01%	6,740	$548,000	new	+0.01 pp	new
PFEPfizer Inc.	0.01%	17,170	$535,000	trimmed−0%	0.00 pp	7 q
PMPhilip Morris International Inc.	0.01%	6,070	$494,000	new	+0.01 pp	new
PBIPitney Bowes Inc.	0.01%	21,180	$516,000	added+13%	0.00 pp	7 q
unresolvedQuality Systems Inc.	0.01%	36,120	$563,000	new	+0.01 pp	new
RAVNRaven Industries Inc	0.01%	22,920	$573,000	new	+0.01 pp	new
unresolvedSt Jude Med Inc	0.01%	8,020	$522,000	new	+0.01 pp	new
SMGThe Scotts Miracle-Gro Company	0.01%	8,620	$537,000	new	+0.01 pp	new
SLGNSilgan Holdings Inc	0.01%	10,580	$567,000	added+6%	0.00 pp	2 q
SCCOSouthern Copper Corporation	0.01%	16,640	$469,000	new	+0.01 pp	new
unresolvedSyntel Inc	0.01%	11,920	$536,000	added×2.2	0.00 pp	3 q
TDCTeradata Corporation	0.01%	11,820	$516,000	added+3%	0.00 pp	3 q
TXNTexas Instruments Incorporated	0.01%	10,080	$539,000	new	+0.01 pp	new
TUPTupperware Brands Corporation	0.01%	7,900	$498,000	new	+0.01 pp	new
WDRWaddell & Reed Financial, Inc.	0.01%	10,660	$531,000	added+15%	0.00 pp	3 q
WMTWalmart Inc.	0.01%	6,230	$535,000	trimmed−7%	0.00 pp	7 q
unresolvedWindstream Hldgs Inc	0.01%	52,220	$430,000	new	+0.01 pp	new
WRLDWorld Acceptance Corp	0.01%	6,910	$549,000	added+19%	0.00 pp	7 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	4,830	$548,000	trimmed−4%	0.00 pp	7 q
HLFHerbalife Ltd.	0.01%	12,740	$480,000	added+32%	0.00 pp	3 q
BRSLBrightstar Lottery PLC	0.01%	30,380	$524,000	new	+0.01 pp	new
BCRCR Bard Inc.	0.00%	1,425	$237,000	held	—	4 q
VTIVanguard Morningstar Total Stock Market ETF	0.00%	3,048	$323,000	new	0.00 pp	new
BALLBall Corporation	—	−6,830	—	exited	−0.01 pp	—
HRBH&R Block, Inc.	—	−14,820	—	exited	−0.01 pp	—
BABoeing Company	—	−3,980	—	exited	−0.01 pp	—
BRBroadridge Financial Solutions Inc	—	−12,100	—	exited	−0.01 pp	—
CPBThe Campbell's Company	—	−11,280	—	exited	−0.01 pp	—
CACCCredit Acceptance Corp	—	−3,940	—	exited	−0.01 pp	—
CCKCrown Holdings Inc.	—	−10,580	—	exited	−0.01 pp	—
unresolvedDst Sys Inc DEL	—	−5,360	—	exited	−0.01 pp	—
DVADaVita Inc.	—	−6,790	—	exited	−0.01 pp	—
EVEaton Vance Corp	—	−13,560	—	exited	−0.01 pp	—
FHIFederated Hermes, Inc.	—	−16,840	—	exited	−0.01 pp	—
GDGeneral Dynamics Corporation	—	−4,090	—	exited	−0.01 pp	—
unresolvedHeartland Payment Systems	—	−10,420	—	exited	−0.01 pp	—
KRThe Kroger Co.	—	−9,860	—	exited	−0.01 pp	—
99803EURLaboratory Crp Of Amer Hldgs	—	−4,710	—	exited	−0.01 pp	—
LMTLockheed Martin Corp.	—	−2,890	—	exited	−0.01 pp	—
MLKNMillerKnoll, Inc.	—	−16,600	—	exited	−0.01 pp	—
MCOMoody's Corporation	—	−4,310	—	exited	−0.01 pp	—
PRAAPRA Group, Inc.	—	−8,580	—	exited	−0.01 pp	—
PDCOPatterson Companies, Inc.	—	−12,600	—	exited	−0.01 pp	—
DGXQuest Diagnostics Inc.	—	−8,070	—	exited	−0.01 pp	—
unresolvedReynolds American	—	−6,420	—	exited	−0.01 pp	—
unresolvedRockwell Collins Inc	—	−6,600	—	exited	−0.01 pp	—
USNAUSANA Health Sciences Inc	—	−6,920	—	exited	−0.01 pp	—
WTWWillis Towers Watson Public Limited Company	—	−20,890	—	exited	−0.01 pp	—
WDCWestern Digital Corp.	—	−4,930	—	exited	−0.01 pp	—

Source

Form: 13F-HR/A
Reading: 6 defects · 14 unresolved
Accession: 0001171200-15-000060
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 2014-12-31
A security outside the official 13F list — CUSIP 018804AL8 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 29272W109 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 97382A200 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP G4863A108 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP G5960L103 not on the Official 13(f) List for 2014-12-31

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