Jensen Investment

Q2 2015 13F · by Robert McIver, CEO

As of: Jun 30, 2015
Filed: Jul 28, 2015
US stock: $6.3B · prev $6.5B
Positions: 100 · prev 97
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%

Moves111 since the prior filing

+2.4 pp in · −2.5 pp out

New 21 +0.23 pp
Added 27 +2.21 pp
Trimmed 45 −2.30 pp
Exited 18 −0.17 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.1% a year, about 16.4 years per position

Low
Moderate
High

Top 5 positions27% of US stock

BDX Becton, Dickinson and Co. added+0.18 pp added+0.185.8%
ACN Accenture PLC added+0.43 pp added+0.435.7%
TJX TJX Companies, Inc. (The) trimmed−0.07 pp trimmed−0.075.2%
PEP PepsiCo, Inc. added+0.11 pp added+0.115.2%
UTXZ RTX Corporation added−0.04 pp added−0.045.1%

Positions100 in this filing · 18 exited


BDXBecton, Dickinson and Co.	5.76%	2,545,850	$361M	added0%	+0.18 pp	9 q
ACNAccenture PLC	5.68%	3,670,871	$355M	added0%	+0.43 pp	9 q
TJXTJX Companies, Inc. (The)	5.22%	4,932,267	$326M	trimmed−0%	−0.07 pp	9 q
PEPPepsiCo, Inc.	5.19%	3,478,300	$325M	added0%	+0.11 pp	9 q
UTXZRTX Corporation	5.13%	2,894,214	$321M	added0%	−0.04 pp	9 q
MDTMedtronic plc	5.11%	4,316,801	$320M	added0%	−0.03 pp	5 q
MMM3M Company	4.95%	2,007,514	$310M	added0%	−0.11 pp	9 q
PXGBXPraxair Inc	4.86%	2,545,427	$304M	trimmed−0%	+0.16 pp	9 q
ECLEcolab, Inc.	4.67%	2,586,581	$292M	trimmed−0%	+0.15 pp	9 q
ORCLOracle Corp	4.49%	6,968,315	$281M	added+6%	+0.15 pp	9 q
MSFTMicrosoft Corp	4.42%	6,261,486	$276M	added0%	+0.54 pp	9 q
CLColgate-Palmolive Company	3.47%	3,322,549	$217M	trimmed−0%	−0.05 pp	9 q
OMCOmnicom Group Inc.	3.47%	3,127,387	$217M	added0%	−0.26 pp	9 q
JNJJohnson & Johnson	3.28%	2,107,772	$205M	added+29%	+0.77 pp	9 q
PGProcter & Gamble Company	3.13%	2,504,502	$196M	added+9%	+0.26 pp	9 q
EMREmerson Electric Co.	3.04%	3,427,379	$190M	added0%	+0.09 pp	9 q
APHAmphenol Corporation	2.92%	3,150,759	$183M	added0%	+0.08 pp	9 q
UPSUnited Parcel Service, Inc. Class B	2.77%	1,789,537	$173M	trimmed−1%	+0.10 pp	9 q
WATWaters Corp	2.67%	1,301,450	$167M	trimmed−21%	−0.48 pp	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.64%	1,352,435	$165M	added0%	+0.20 pp	9 q
VARVarian Medical Systems, Inc.	2.57%	1,905,943	$161M	added0%	−0.16 pp	9 q
TROWT Rowe Price Group Inc	2.50%	2,009,881	$156M	trimmed−0%	+0.01 pp	9 q
NKENike, Inc.	2.48%	1,439,035	$155M	trimmed−18%	−0.21 pp	9 q
CTSHCognizant Technology Solutions	2.47%	2,533,683	$155M	trimmed−9%	−0.17 pp	9 q
EFXEquifax, Incorporated	1.98%	1,277,393	$124M	trimmed−49%	−1.60 pp	9 q
KOCoca-Cola Company	1.92%	3,069,361	$120M	trimmed−0%	+0.01 pp	9 q
unresolvedDu Pont E I De Nemours & Co	1.91%	1,870,910	$120M	trimmed−0%	−0.14 pp	8 q
ADPAutomatic Data Processing	0.21%	165,988	$13M	trimmed−1%	−0.01 pp	9 q
SYKStryker Corporation	0.15%	95,326	$9M	held	—	9 q
ABTAbbott Laboratories	0.13%	160,310	$8M	held	—	9 q
ADBEAdobe Inc.	0.11%	84,105	$7M	trimmed−2%	+0.01 pp	9 q
CLXClorox Company	0.08%	49,545	$5M	trimmed−3%	−0.01 pp	9 q
ABBVAbbvie Inc.	0.04%	34,070	$2M	held	—	9 q
BMYBristol-Myers Squibb Co.	0.04%	33,000	$2M	held	—	2 q
RSReliance, Inc.	0.03%	28,600	$2M	new	+0.03 pp	new
unresolvedApollo Group Inc Class A	0.01%	31,100	$401,000	added+58%	0.00 pp	3 q
AAPLApple Inc.	0.01%	2,520	$316,000	new	+0.01 pp	new
AVPAvon Products, Inc.	0.01%	75,370	$472,000	added+16%	0.00 pp	7 q
BAXBaxter International Inc.	0.01%	7,520	$526,000	trimmed−7%	0.00 pp	2 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.01%	7,060	$487,000	trimmed−4%	0.00 pp	6 q
BBYBest Buy Company, Inc.	0.01%	14,790	$482,000	added+1%	0.00 pp	5 q
EATBrinker International, Inc.	0.01%	9,030	$521,000	added0%	0.00 pp	3 q
BKEThe Buckle, Inc.	0.01%	11,550	$529,000	new	+0.01 pp	new
CHRWC.H. Robinson Worldwide, Inc.	0.01%	7,940	$495,000	new	+0.01 pp	new
unresolvedCigna Corporation	0.01%	3,820	$619,000	trimmed−17%	0.00 pp	9 q
CPBThe Campbell's Company	0.01%	10,850	$517,000	new	+0.01 pp	new
CATCaterpillar Inc.	0.01%	5,790	$491,000	trimmed−12%	0.00 pp	9 q
CSCOCisco Systems, Inc. (DE)	0.01%	17,110	$470,000	trimmed−9%	0.00 pp	9 q
unresolvedCoach Inc	0.01%	13,560	$469,000	added+5%	0.00 pp	9 q
CMPCompass Minerals International, Inc.	0.01%	5,740	$471,000	new	+0.01 pp	new
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	3,670	$547,000	new	+0.01 pp	new
CXTCrane NXT, Co.	0.01%	8,100	$476,000	added+2%	0.00 pp	3 q
DEDeere & Company	0.01%	5,700	$553,000	trimmed−7%	0.00 pp	9 q
DLXDeluxe Corporation	0.01%	7,690	$477,000	trimmed−5%	0.00 pp	9 q
unresolvedDun & Bradstreet Corp/The	0.01%	3,940	$481,000	trimmed−4%	0.00 pp	6 q
ENREnergizer Holdings, Inc	0.01%	3,650	$480,000	trimmed−11%	0.00 pp	4 q
XOMExxon Mobil Corp	0.01%	5,810	$483,000	trimmed−7%	0.00 pp	9 q
GISGeneral Mills, Inc.	0.01%	8,950	$499,000	new	+0.01 pp	new
GPCGenuine Parts Company	0.01%	5,390	$483,000	trimmed−6%	0.00 pp	3 q
GILDGilead Sciences Inc	0.01%	4,640	$543,000	trimmed−12%	0.00 pp	3 q
GWWW.W. Grainger, Inc.	0.01%	2,060	$487,000	new	+0.01 pp	new
HB6Hibbett Inc	0.01%	11,310	$527,000	added0%	0.00 pp	4 q
unresolvedItt Corp New	0.01%	11,810	$494,000	trimmed−12%	0.00 pp	2 q
IBMInternational Business Machines Corporation	0.01%	2,920	$475,000	trimmed−14%	0.00 pp	9 q
ZDZiff Davis, Inc.	0.01%	7,580	$515,000	trimmed−8%	0.00 pp	3 q
LSTRLandstar System Inc	0.01%	8,110	$542,000	added+2%	0.00 pp	3 q
LXKLexmark International Inc-a	0.01%	11,310	$500,000	trimmed−11%	0.00 pp	4 q
unresolvedLinear Technology Group	0.01%	10,840	$479,000	trimmed−6%	0.00 pp	3 q
MCDMcDonald's Corporation	0.01%	5,070	$482,000	trimmed−13%	0.00 pp	3 q
unresolvedMcGraw Hill	0.01%	4,760	$478,000	new	+0.01 pp	new
MLKNMillerKnoll, Inc.	0.01%	18,200	$527,000	new	+0.01 pp	new
NSRGYNestle S.a S/	0.01%	6,750	$487,000	held	—	2 q
NTAPNetApp, Inc	0.01%	14,290	$451,000	new	+0.01 pp	new
unresolvedNeustar Inc	0.01%	18,520	$541,000	trimmed−11%	0.00 pp	7 q
JWNNordstrom, Inc.	0.01%	6,800	$507,000	trimmed−2%	0.00 pp	3 q
NUSNuSkin Enterprises, Inc.	0.01%	9,820	$463,000	new	+0.01 pp	new
unresolvedOrbital Atk Inc	0.01%	6,550	$481,000	trimmed−19%	0.00 pp	2 q
OIO-I Glass, Inc.	0.01%	20,260	$465,000	trimmed−4%	0.00 pp	4 q
PRAAPRA Group, Inc.	0.01%	8,840	$551,000	new	+0.01 pp	new
PAYXPaychex Inc	0.01%	12,285	$576,000	added+1%	0.00 pp	9 q
PFEPfizer Inc.	0.01%	14,870	$499,000	trimmed−9%	0.00 pp	9 q
PMPhilip Morris International Inc.	0.01%	5,920	$475,000	trimmed−11%	0.00 pp	3 q
PBIPitney Bowes Inc.	0.01%	22,300	$464,000	trimmed−8%	0.00 pp	9 q
RLRalph Lauren Corporation	0.01%	3,880	$514,000	new	+0.01 pp	new
unresolvedSt Jude Med Inc	0.01%	6,860	$501,000	trimmed−17%	0.00 pp	3 q
SHWThe Sherwin-Williams Company	0.01%	1,950	$536,000	held	—	2 q
unresolvedSyntel Inc	0.01%	11,400	$541,000	added+1%	0.00 pp	5 q
TGTTarget Corporation	0.01%	6,470	$528,000	new	+0.01 pp	new
TDCTeradata Corporation	0.01%	12,730	$471,000	added+2%	0.00 pp	5 q
TNHTerra Nitrogen	0.01%	3,800	$460,000	new	+0.01 pp	new
TXNTexas Instruments Incorporated	0.01%	9,110	$469,000	trimmed−3%	0.00 pp	3 q
TUPTupperware Brands Corporation	0.01%	7,560	$488,000	trimmed−2%	0.00 pp	3 q
VGRVector Group Ltd.	0.01%	22,690	$532,000	new	+0.01 pp	new
WDRWaddell & Reed Financial, Inc.	0.01%	10,440	$494,000	trimmed−4%	0.00 pp	5 q
WMTWalmart Inc.	0.01%	6,660	$472,000	added+1%	0.00 pp	9 q
WUThe Western Union Company	0.01%	22,460	$457,000	new	+0.01 pp	new
WLYJohn Wiley & Sons, Inc. Class A	0.01%	8,520	$463,000	new	+0.01 pp	new
ZBHZimmer Biomet Holdings, Inc.	0.01%	4,450	$486,000	new	+0.01 pp	new
HLFHerbalife Ltd.	0.01%	9,680	$533,000	trimmed−42%	0.00 pp	5 q
BCRCR Bard Inc.	0.00%	1,425	$243,000	held	—	6 q
DECKDeckers Outdoor Corp	—	−7,430	—	exited	−0.01 pp	—
EMNEastman Chemical Company	—	−7,330	—	exited	−0.01 pp	—
FMCFMC Corporation	—	−8,720	—	exited	−0.01 pp	—
HIHillenbrand, Inc.	—	−17,790	—	exited	−0.01 pp	—
KELKellanova	—	−8,710	—	exited	−0.01 pp	—
KMBKimberly-Clark Corp.	—	−5,020	—	exited	−0.01 pp	—
MATMattel, Inc.	—	−21,900	—	exited	−0.01 pp	—
MRKMerck & Co., Inc.	—	−9,530	—	exited	−0.01 pp	—
MR4Meridian Bioscience Inc	—	−29,250	—	exited	−0.01 pp	—
MCOMoody's Corporation	—	−5,700	—	exited	−0.01 pp	—
unresolvedQuality Systems Inc.	—	−31,620	—	exited	−0.01 pp	—
RAVNRaven Industries Inc	—	−26,620	—	exited	−0.01 pp	—
SMGThe Scotts Miracle-Gro Company	—	−8,560	—	exited	−0.01 pp	—
SCCOSouthern Copper Corporation	—	−18,480	—	exited	−0.01 pp	—
unresolvedWindstream Hldgs Inc	—	−69,150	—	exited	−0.01 pp	—
WRLDWorld Acceptance Corp	—	−6,700	—	exited	−0.01 pp	—
BRSLBrightstar Lottery PLC	—	−31,710	—	exited	−0.01 pp	—
WTWWillis Towers Watson Public Limited Company	—	−30,310	—	exited	0.00 pp	—