Jensen Investment

Q4 2015 13F · by Robert McIver, CEO

As of: Dec 31, 2015
Filed: Jan 27, 2016
US stock: $6.0B · prev $5.7B
Positions: 101 · prev 103
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

+6.4 pp in · −6.4 pp out

New 15 +0.15 pp
Added 35 +6.22 pp
Trimmed 44 −6.20 pp
Exited 17 −0.16 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.1 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions101 in this filing · 17 exited


BDXBecton, Dickinson and Co.	6.13%	2,373,995	$366M	added0%	+0.59 pp	11 q
MSFTMicrosoft Corp	5.89%	6,334,016	$351M	added0%	+0.97 pp	11 q
PEPPepsiCo, Inc.	5.88%	3,506,991	$350M	added0%	+0.07 pp	11 q
ACNAccenture PLC	5.23%	2,986,666	$312M	trimmed−9%	−0.42 pp	11 q
MMM3M Company	5.14%	2,033,619	$306M	added0%	+0.08 pp	11 q
ECLEcolab, Inc.	5.05%	2,633,631	$301M	added+1%	+0.03 pp	11 q
TJXTJX Companies, Inc. (The)	5.00%	4,202,167	$298M	added0%	−0.27 pp	11 q
JNJJohnson & Johnson	4.96%	2,880,965	$296M	added+6%	+0.50 pp	11 q
UTXZRTX Corporation	4.72%	2,930,287	$282M	added0%	+0.14 pp	11 q
PXGBXPraxair Inc	4.46%	2,595,887	$266M	added+1%	−0.14 pp	11 q
ORCLOracle Corp	4.31%	7,044,605	$257M	added0%	−0.16 pp	11 q
PGProcter & Gamble Company	4.17%	3,132,117	$249M	added+7%	+0.46 pp	11 q
OMCOmnicom Group Inc.	4.00%	3,155,537	$239M	added0%	+0.35 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.72%	1,885,210	$222M	added+38%	+0.94 pp	11 q
CLColgate-Palmolive Company	3.49%	3,125,259	$208M	trimmed−6%	−0.24 pp	11 q
NKENike, Inc.	3.05%	2,914,744	$182M	added+1%	−0.09 pp	11 q
WATWaters Corp	2.96%	1,312,555	$177M	added0%	+0.23 pp	11 q
UPSUnited Parcel Service, Inc. Class B	2.91%	1,806,467	$174M	added0%	−0.22 pp	11 q
APHAmphenol Corporation	2.80%	3,193,879	$167M	added0%	−0.05 pp	11 q
SYKStryker Corporation	2.60%	1,671,686	$155M	added×18.6	+2.45 pp	11 q
CTSHCognizant Technology Solutions	2.57%	2,549,203	$153M	added0%	−0.24 pp	11 q
MAMastercard Incorporated	2.53%	1,549,070	$151M	added+25%	+0.56 pp	2 q
TROWT Rowe Price Group Inc	2.43%	2,025,026	$145M	added0%	−0.04 pp	11 q
EMREmerson Electric Co.	2.32%	2,897,244	$139M	added0%	+0.07 pp	11 q
KOCoca-Cola Company	2.22%	3,088,636	$133M	trimmed−0%	+0.04 pp	11 q
EFXEquifax, Incorporated	0.30%	159,741	$18M	trimmed−8%	0.00 pp	11 q
ADPAutomatic Data Processing	0.22%	155,168	$13M	trimmed−6%	−0.01 pp	11 q
ADBEAdobe Inc.	0.12%	79,305	$7M	held	—	11 q
ABTAbbott Laboratories	0.11%	145,247	$7M	trimmed−1%	+0.01 pp	11 q
CLXClorox Company	0.10%	47,095	$6M	trimmed−0%	0.00 pp	11 q
BMYBristol-Myers Squibb Co.	0.04%	33,000	$2M	held	—	4 q
ABBVAbbvie Inc.	0.03%	31,470	$2M	held	—	11 q
unresolvedDu Pont E I De Nemours & Co	0.03%	28,948	$2M	trimmed−99%	−2.04 pp	10 q
RSReliance, Inc.	0.03%	28,600	$2M	held	—	3 q
MDTMedtronic plc	0.02%	17,763	$1M	trimmed−99%	−3.53 pp	7 q
TAT&T Inc.	0.01%	9,000	$310,000	held	—	2 q
MOAltria Group, Inc.	0.01%	6,970	$406,000	new	+0.01 pp	new
AAPLApple Inc.	0.01%	2,945	$310,000	added0%	0.00 pp	3 q
AVPAvon Products, Inc.	0.01%	153,810	$623,000	added+62%	0.00 pp	9 q
BAXBaxter International Inc.	0.01%	10,460	$399,000	trimmed−10%	0.00 pp	4 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.01%	7,440	$359,000	added+5%	0.00 pp	8 q
BBYBest Buy Company, Inc.	0.01%	12,880	$392,000	trimmed−11%	0.00 pp	7 q
HRBH&R Block, Inc.	0.01%	10,850	$361,000	new	+0.01 pp	new
BABoeing Company	0.01%	2,710	$392,000	trimmed−7%	0.00 pp	2 q
SAMBoston Beer Company	0.01%	1,870	$378,000	new	+0.01 pp	new
EATBrinker International, Inc.	0.01%	8,930	$428,000	added+9%	0.00 pp	5 q
BKEThe Buckle, Inc.	0.01%	12,940	$398,000	added+22%	0.00 pp	3 q
CHRWC.H. Robinson Worldwide, Inc.	0.01%	5,820	$361,000	trimmed−11%	0.00 pp	3 q
unresolvedCigna Corporation	0.01%	2,940	$430,000	trimmed−6%	0.00 pp	11 q
CPBThe Campbell's Company	0.01%	8,220	$432,000	trimmed−9%	0.00 pp	3 q
CATCaterpillar Inc.	0.01%	5,700	$387,000	trimmed−3%	0.00 pp	11 q
CSCOCisco Systems, Inc. (DE)	0.01%	14,750	$401,000	trimmed−13%	0.00 pp	11 q
unresolvedCoach Inc	0.01%	13,670	$447,000	trimmed−8%	0.00 pp	11 q
CMPCompass Minerals International, Inc.	0.01%	4,790	$361,000	new	+0.01 pp	new
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	2,970	$377,000	trimmed−4%	0.00 pp	3 q
CXTCrane NXT, Co.	0.01%	7,910	$378,000	trimmed−7%	0.00 pp	5 q
CCKCrown Holdings Inc.	0.01%	7,880	$400,000	new	+0.01 pp	new
DECKDeckers Outdoor Corp	0.01%	8,540	$403,000	added+43%	0.00 pp	2 q
DLXDeluxe Corporation	0.01%	7,190	$392,000	trimmed−4%	0.00 pp	11 q
unresolvedDun & Bradstreet Corp/The	0.01%	3,690	$384,000	trimmed−11%	0.00 pp	8 q
EMNEastman Chemical Company	0.01%	5,670	$383,000	added+5%	0.00 pp	2 q
GDGeneral Dynamics Corporation	0.01%	2,770	$380,000	new	+0.01 pp	new
GISGeneral Mills, Inc.	0.01%	7,030	$405,000	trimmed−10%	0.00 pp	3 q
GPCGenuine Parts Company	0.01%	4,490	$386,000	trimmed−14%	0.00 pp	5 q
GILDGilead Sciences Inc	0.01%	3,770	$381,000	trimmed−9%	0.00 pp	5 q
GWWW.W. Grainger, Inc.	0.01%	2,040	$413,000	added+3%	0.00 pp	3 q
HSYThe Hershey Company	0.01%	4,730	$422,000	new	+0.01 pp	new
HB6Hibbett Inc	0.01%	13,700	$414,000	added+20%	0.00 pp	6 q
unresolvedItt Corp New	0.01%	10,460	$380,000	trimmed−17%	0.00 pp	4 q
IBMInternational Business Machines Corporation	0.01%	2,940	$405,000	trimmed−1%	0.00 pp	11 q
ZDZiff Davis, Inc.	0.01%	5,020	$413,000	trimmed−21%	0.00 pp	5 q
LSTRLandstar System Inc	0.01%	6,390	$375,000	trimmed−1%	0.00 pp	5 q
unresolvedLinear Technology Group	0.01%	8,910	$378,000	trimmed−20%	0.00 pp	5 q
MSMMSC Industrial Direct Co., Inc. Class A	0.01%	6,610	$372,000	added+5%	0.00 pp	2 q
unresolvedMcGraw Hill	0.01%	4,160	$410,000	trimmed−9%	0.00 pp	3 q
MCOMoody's Corporation	0.01%	3,900	$391,000	new	+0.01 pp	new
NSRGYNestle S.a S/	0.01%	6,750	$502,000	held	—	4 q
unresolvedNeustar Inc	0.01%	17,360	$416,000	added+7%	0.00 pp	9 q
JWNNordstrom, Inc.	0.01%	7,270	$362,000	new	+0.01 pp	new
NUSNuSkin Enterprises, Inc.	0.01%	12,410	$470,000	new	+0.01 pp	new
PRAAPRA Group, Inc.	0.01%	10,700	$371,000	new	+0.01 pp	new
PAYXPaychex Inc	0.01%	11,885	$629,000	held	—	11 q
PFEPfizer Inc.	0.01%	12,030	$388,000	trimmed−9%	0.00 pp	11 q
PMPhilip Morris International Inc.	0.01%	4,700	$413,000	trimmed−14%	0.00 pp	5 q
PBIPitney Bowes Inc.	0.01%	19,030	$393,000	trimmed−14%	0.00 pp	11 q
PIIPolaris Inc.	0.01%	3,840	$330,000	new	+0.01 pp	new
unresolvedSt Jude Med Inc	0.01%	6,310	$390,000	trimmed−2%	0.00 pp	5 q
TGTTarget Corporation	0.01%	5,420	$394,000	trimmed−4%	0.00 pp	3 q
TDCTeradata Corporation	0.01%	14,890	$393,000	added+2%	0.00 pp	7 q
TNHTerra Nitrogen	0.01%	3,750	$381,000	trimmed−12%	0.00 pp	3 q
TXNTexas Instruments Incorporated	0.01%	6,920	$379,000	trimmed−26%	0.00 pp	5 q
TUPTupperware Brands Corporation	0.01%	7,280	$405,000	trimmed−16%	0.00 pp	5 q
VARVarian Medical Systems, Inc.	0.01%	10,863	$878,000	trimmed−31%	−0.01 pp	11 q
VGRVector Group Ltd.	0.01%	16,385	$387,000	trimmed−15%	0.00 pp	3 q
VMWVMware, Inc	0.01%	6,770	$383,000	new	+0.01 pp	new
WDRWaddell & Reed Financial, Inc.	0.01%	11,020	$316,000	trimmed−4%	0.00 pp	7 q
WMTWalmart Inc.	0.01%	6,590	$404,000	trimmed−1%	0.00 pp	11 q
WDCWestern Digital Corp.	0.01%	6,340	$381,000	new	+0.01 pp	new
WUThe Western Union Company	0.01%	20,790	$372,000	trimmed−13%	0.00 pp	3 q
WWWWolverine World Wide, Inc.	0.01%	22,840	$382,000	new	+0.01 pp	new
UPLUltra Petroleum Corp	0.00%	79,430	$199,000	added+25%	−0.01 pp	2 q
unresolvedApollo Group Inc Class A	—	−39,870	—	exited	−0.01 pp	—
CHHChoice Hotels Intnl.	—	−8,940	—	exited	−0.01 pp	—
XOMExxon Mobil Corp	—	−6,170	—	exited	−0.01 pp	—
unresolvedFirst Cash Fncl Svcs Inc.	—	−11,220	—	exited	−0.01 pp	—
KMBKimberly-Clark Corp.	—	−3,870	—	exited	−0.01 pp	—
MCDMcDonald's Corporation	—	−4,580	—	exited	−0.01 pp	—
MRKMerck & Co., Inc.	—	−7,370	—	exited	−0.01 pp	—
MLKNMillerKnoll, Inc.	—	−15,740	—	exited	−0.01 pp	—
NTAPNetApp, Inc	—	−14,310	—	exited	−0.01 pp	—
OIO-I Glass, Inc.	—	−21,480	—	exited	−0.01 pp	—
RLRalph Lauren Corporation	—	−3,950	—	exited	−0.01 pp	—
SHWThe Sherwin-Williams Company	—	−1,950	—	exited	−0.01 pp	—
unresolvedSonic Corp	—	−15,960	—	exited	−0.01 pp	—
SCCOSouthern Copper Corporation	—	−13,930	—	exited	−0.01 pp	—
unresolvedSyntel Inc	—	−9,930	—	exited	−0.01 pp	—
ZBHZimmer Biomet Holdings, Inc.	—	−4,100	—	exited	−0.01 pp	—
EPCEdgewell Personal Care Company	—	−3,350	—	exited	0.00 pp	—