Jensen Investment

Q3 2015 13F · by Robert McIver, CEO

As of: Sep 30, 2015
Filed: Nov 10, 2015
US stock: $5.7B · prev $6.3B
Positions: 103 · prev 100
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%

Moves110 since the prior filing

+6.9 pp in · −6.9 pp out

New 14 +2.09 pp
Added 43 +4.83 pp
Trimmed 42 −6.78 pp
Exited 11 −0.10 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.5 years per position

Low
Moderate
High

Top 5 positions27% of US stock

Positions103 in this filing · 11 exited


PEPPepsiCo, Inc.	5.81%	3,501,471	$330M	added+1%	+0.62 pp	10 q
ACNAccenture PLC	5.65%	3,268,351	$321M	trimmed−11%	−0.03 pp	10 q
BDXBecton, Dickinson and Co.	5.54%	2,370,775	$315M	trimmed−7%	−0.22 pp	10 q
TJXTJX Companies, Inc. (The)	5.27%	4,190,557	$299M	trimmed−15%	+0.05 pp	10 q
MMM3M Company	5.06%	2,027,879	$287M	added+1%	+0.11 pp	10 q
ECLEcolab, Inc.	5.02%	2,598,511	$285M	added0%	+0.35 pp	10 q
MSFTMicrosoft Corp	4.92%	6,319,586	$280M	added+1%	+0.50 pp	10 q
PXGBXPraxair Inc	4.60%	2,563,137	$261M	added+1%	−0.26 pp	10 q
UTXZRTX Corporation	4.58%	2,924,457	$260M	added+1%	−0.55 pp	10 q
ORCLOracle Corp	4.47%	7,031,315	$254M	added+1%	−0.02 pp	10 q
JNJJohnson & Johnson	4.46%	2,712,485	$253M	added+29%	+1.18 pp	10 q
CLColgate-Palmolive Company	3.73%	3,342,339	$212M	added+1%	+0.26 pp	10 q
PGProcter & Gamble Company	3.71%	2,925,817	$210M	added+17%	+0.58 pp	10 q
OMCOmnicom Group Inc.	3.65%	3,145,717	$207M	added+1%	+0.18 pp	10 q
MDTMedtronic plc	3.55%	3,014,766	$202M	trimmed−30%	−1.56 pp	6 q
NKENike, Inc.	3.14%	1,449,830	$178M	added+1%	+0.66 pp	10 q
UPSUnited Parcel Service, Inc. Class B	3.13%	1,803,137	$178M	added+1%	+0.36 pp	10 q
APHAmphenol Corporation	2.85%	3,182,079	$162M	added+1%	−0.07 pp	10 q
CTSHCognizant Technology Solutions	2.81%	2,548,963	$160M	added+1%	+0.34 pp	10 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.78%	1,361,880	$158M	added+1%	+0.14 pp	10 q
WATWaters Corp	2.73%	1,309,895	$155M	added+1%	+0.06 pp	10 q
TROWT Rowe Price Group Inc	2.47%	2,018,376	$140M	added0%	−0.03 pp	10 q
EMREmerson Electric Co.	2.25%	2,892,854	$128M	trimmed−16%	−0.79 pp	10 q
KOCoca-Cola Company	2.18%	3,089,726	$124M	added+1%	+0.26 pp	10 q
unresolvedDu Pont E I De Nemours & Co	2.07%	2,445,600	$118M	added+31%	+0.16 pp	9 q
MAMastercard Incorporated	1.97%	1,239,980	$112M	new	+1.97 pp	new
EFXEquifax, Incorporated	0.30%	173,916	$17M	trimmed−86%	−1.68 pp	10 q
ADPAutomatic Data Processing	0.23%	164,688	$13M	trimmed−1%	+0.02 pp	10 q
SYKStryker Corporation	0.15%	89,776	$8M	trimmed−6%	0.00 pp	10 q
ADBEAdobe Inc.	0.11%	79,305	$7M	trimmed−6%	0.00 pp	10 q
ABTAbbott Laboratories	0.10%	146,697	$6M	trimmed−8%	−0.03 pp	10 q
CLXClorox Company	0.10%	47,145	$5M	trimmed−5%	+0.02 pp	10 q
ABBVAbbvie Inc.	0.03%	31,470	$2M	trimmed−8%	−0.01 pp	10 q
BMYBristol-Myers Squibb Co.	0.03%	33,000	$2M	held	—	3 q
RSReliance, Inc.	0.03%	28,600	$2M	held	—	2 q
VARVarian Medical Systems, Inc.	0.02%	15,703	$1M	trimmed−99%	−2.55 pp	10 q
TAT&T Inc.	0.01%	9,000	$293,000	new	+0.01 pp	new
unresolvedApollo Group Inc Class A	0.01%	39,870	$441,000	added+28%	0.00 pp	4 q
AAPLApple Inc.	0.01%	2,940	$324,000	added+17%	0.00 pp	2 q
AVPAvon Products, Inc.	0.01%	95,140	$309,000	added+26%	0.00 pp	8 q
BAXBaxter International Inc.	0.01%	11,590	$381,000	added+54%	0.00 pp	3 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.01%	7,110	$405,000	added+1%	0.00 pp	7 q
BBYBest Buy Company, Inc.	0.01%	14,470	$537,000	trimmed−2%	0.00 pp	6 q
BABoeing Company	0.01%	2,900	$380,000	new	+0.01 pp	new
EATBrinker International, Inc.	0.01%	8,170	$430,000	trimmed−10%	0.00 pp	4 q
BKEThe Buckle, Inc.	0.01%	10,580	$391,000	trimmed−8%	0.00 pp	2 q
CHRWC.H. Robinson Worldwide, Inc.	0.01%	6,550	$444,000	trimmed−18%	0.00 pp	2 q
unresolvedCigna Corporation	0.01%	3,130	$423,000	trimmed−18%	0.00 pp	10 q
CPBThe Campbell's Company	0.01%	9,040	$458,000	trimmed−17%	0.00 pp	2 q
CATCaterpillar Inc.	0.01%	5,870	$384,000	added+1%	0.00 pp	10 q
CHHChoice Hotels Intnl.	0.01%	8,940	$426,000	new	+0.01 pp	new
CSCOCisco Systems, Inc. (DE)	0.01%	16,900	$444,000	trimmed−1%	0.00 pp	10 q
unresolvedCoach Inc	0.01%	14,830	$429,000	added+9%	0.00 pp	10 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	3,090	$455,000	trimmed−16%	0.00 pp	2 q
CXTCrane NXT, Co.	0.01%	8,480	$395,000	added+5%	0.00 pp	4 q
DECKDeckers Outdoor Corp	0.01%	5,990	$348,000	new	+0.01 pp	new
DLXDeluxe Corporation	0.01%	7,470	$416,000	trimmed−3%	0.00 pp	10 q
unresolvedDun & Bradstreet Corp/The	0.01%	4,160	$437,000	added+6%	0.00 pp	7 q
EMNEastman Chemical Company	0.01%	5,400	$349,000	new	+0.01 pp	new
XOMExxon Mobil Corp	0.01%	6,170	$459,000	added+6%	0.00 pp	10 q
unresolvedFirst Cash Fncl Svcs Inc.	0.01%	11,220	$449,000	new	+0.01 pp	new
GISGeneral Mills, Inc.	0.01%	7,780	$437,000	trimmed−13%	0.00 pp	2 q
GPCGenuine Parts Company	0.01%	5,230	$434,000	trimmed−3%	0.00 pp	4 q
GILDGilead Sciences Inc	0.01%	4,160	$408,000	trimmed−10%	0.00 pp	4 q
GWWW.W. Grainger, Inc.	0.01%	1,990	$428,000	trimmed−3%	0.00 pp	2 q
HB6Hibbett Inc	0.01%	11,410	$399,000	added+1%	0.00 pp	5 q
unresolvedItt Corp New	0.01%	12,600	$421,000	added+7%	0.00 pp	3 q
IBMInternational Business Machines Corporation	0.01%	2,980	$432,000	added+2%	0.00 pp	10 q
ZDZiff Davis, Inc.	0.01%	6,370	$451,000	trimmed−16%	0.00 pp	4 q
KMBKimberly-Clark Corp.	0.01%	3,870	$422,000	new	+0.01 pp	new
LSTRLandstar System Inc	0.01%	6,430	$408,000	trimmed−21%	0.00 pp	4 q
unresolvedLinear Technology Group	0.01%	11,120	$449,000	added+3%	0.00 pp	4 q
MSMMSC Industrial Direct Co., Inc. Class A	0.01%	6,280	$383,000	new	+0.01 pp	new
MCDMcDonald's Corporation	0.01%	4,580	$451,000	trimmed−10%	0.00 pp	4 q
unresolvedMcGraw Hill	0.01%	4,590	$397,000	trimmed−4%	0.00 pp	2 q
MRKMerck & Co., Inc.	0.01%	7,370	$364,000	new	+0.01 pp	new
MLKNMillerKnoll, Inc.	0.01%	15,740	$454,000	trimmed−14%	0.00 pp	2 q
NSRGYNestle S.a S/	0.01%	6,750	$508,000	held	—	3 q
NTAPNetApp, Inc	0.01%	14,310	$424,000	added0%	0.00 pp	2 q
unresolvedNeustar Inc	0.01%	16,250	$442,000	trimmed−12%	0.00 pp	8 q
OIO-I Glass, Inc.	0.01%	21,480	$445,000	added+6%	0.00 pp	5 q
PAYXPaychex Inc	0.01%	11,885	$566,000	trimmed−3%	0.00 pp	10 q
PFEPfizer Inc.	0.01%	13,230	$416,000	trimmed−11%	0.00 pp	10 q
PMPhilip Morris International Inc.	0.01%	5,470	$434,000	trimmed−8%	0.00 pp	4 q
PBIPitney Bowes Inc.	0.01%	22,210	$441,000	trimmed−0%	0.00 pp	10 q
RLRalph Lauren Corporation	0.01%	3,950	$467,000	added+2%	0.00 pp	2 q
unresolvedSt Jude Med Inc	0.01%	6,440	$406,000	trimmed−6%	0.00 pp	4 q
SHWThe Sherwin-Williams Company	0.01%	1,950	$434,000	held	—	3 q
unresolvedSonic Corp	0.01%	15,960	$366,000	new	+0.01 pp	new
SCCOSouthern Copper Corporation	0.01%	13,930	$372,000	new	+0.01 pp	new
unresolvedSyntel Inc	0.01%	9,930	$450,000	trimmed−13%	0.00 pp	6 q
TGTTarget Corporation	0.01%	5,650	$444,000	trimmed−13%	0.00 pp	2 q
TDCTeradata Corporation	0.01%	14,650	$424,000	added+15%	0.00 pp	6 q
TNHTerra Nitrogen	0.01%	4,260	$460,000	added+12%	0.00 pp	2 q
TXNTexas Instruments Incorporated	0.01%	9,400	$465,000	added+3%	0.00 pp	4 q
TUPTupperware Brands Corporation	0.01%	8,660	$429,000	added+15%	0.00 pp	4 q
UPLUltra Petroleum Corp	0.01%	63,620	$407,000	new	+0.01 pp	new
VGRVector Group Ltd.	0.01%	19,305	$436,000	trimmed−19%	0.00 pp	2 q
WDRWaddell & Reed Financial, Inc.	0.01%	11,480	$399,000	added+10%	0.00 pp	6 q
WMTWalmart Inc.	0.01%	6,630	$430,000	trimmed−0%	0.00 pp	10 q
WUThe Western Union Company	0.01%	24,010	$441,000	added+7%	0.00 pp	2 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	4,100	$385,000	trimmed−8%	0.00 pp	2 q
EPCEdgewell Personal Care Company	0.00%	3,350	$273,000	new	0.00 pp	new
CMPCompass Minerals International, Inc.	—	−5,740	—	exited	−0.01 pp	—
DEDeere & Company	—	−5,700	—	exited	−0.01 pp	—
ENREnergizer Holdings, Inc	—	−3,650	—	exited	−0.01 pp	—
LXKLexmark International Inc-a	—	−11,310	—	exited	−0.01 pp	—
JWNNordstrom, Inc.	—	−6,800	—	exited	−0.01 pp	—
NUSNuSkin Enterprises, Inc.	—	−9,820	—	exited	−0.01 pp	—
unresolvedOrbital Atk Inc	—	−6,550	—	exited	−0.01 pp	—
PRAAPRA Group, Inc.	—	−8,840	—	exited	−0.01 pp	—
WLYJohn Wiley & Sons, Inc. Class A	—	−8,520	—	exited	−0.01 pp	—
HLFHerbalife Ltd.	—	−9,680	—	exited	−0.01 pp	—
BCRCR Bard Inc.	—	−1,425	—	exited	0.00 pp	—