Jensen Investment

Q1 2016 13F · by Robert McIver, CEO

As of: Mar 31, 2016
Filed: May 3, 2016
US stock: $6.3B · prev $6.0B
Positions: 103 · prev 101
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%

Moves109 since the prior filing

+5.7 pp in · −5.6 pp out

New 13 +0.13 pp
Added 53 +5.54 pp
Trimmed 32 −5.54 pp
Exited 11 −0.10 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.3 years per position

Low
Moderate
High

Top 5 positions27% of US stock

Positions103 in this filing · 11 exited


PEPPepsiCo, Inc.	5.80%	3,548,971	$364M	added+1%	−0.08 pp	12 q
BDXBecton, Dickinson and Co.	5.53%	2,284,597	$347M	trimmed−4%	−0.60 pp	12 q
MMM3M Company	5.47%	2,058,158	$343M	added+1%	+0.33 pp	12 q
MSFTMicrosoft Corp	5.31%	6,029,436	$333M	trimmed−5%	−0.58 pp	12 q
JNJJohnson & Johnson	5.20%	3,012,645	$326M	added+5%	+0.24 pp	12 q
ACNAccenture PLC	5.17%	2,809,606	$324M	trimmed−6%	−0.06 pp	12 q
TJXTJX Companies, Inc. (The)	4.83%	3,866,667	$303M	trimmed−8%	−0.17 pp	12 q
PXGBXPraxair Inc	4.75%	2,605,092	$298M	added0%	+0.29 pp	12 q
UTXZRTX Corporation	4.73%	2,964,867	$297M	added+1%	+0.01 pp	12 q
ECLEcolab, Inc.	4.71%	2,645,991	$295M	added0%	−0.34 pp	12 q
ORCLOracle Corp	4.62%	7,078,069	$290M	added0%	+0.31 pp	12 q
OMCOmnicom Group Inc.	4.24%	3,190,927	$266M	added+1%	+0.24 pp	12 q
PGProcter & Gamble Company	4.16%	3,168,447	$261M	added+1%	−0.01 pp	12 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.04%	1,966,120	$253M	added+4%	+0.32 pp	12 q
CTSHCognizant Technology Solutions	3.06%	3,065,003	$192M	added+20%	+0.49 pp	12 q
AAPLApple Inc.	3.03%	1,744,070	$190M	added×592.2	+3.02 pp	4 q
SYKStryker Corporation	2.99%	1,746,590	$187M	added+4%	+0.39 pp	12 q
APHAmphenol Corporation	2.96%	3,208,107	$185M	added0%	+0.16 pp	12 q
UPSUnited Parcel Service, Inc. Class B	2.86%	1,699,837	$179M	trimmed−6%	−0.05 pp	12 q
NKENike, Inc.	2.70%	2,756,654	$169M	trimmed−5%	−0.35 pp	12 q
WATWaters Corp	2.60%	1,235,675	$163M	trimmed−6%	−0.36 pp	12 q
EMREmerson Electric Co.	2.54%	2,930,877	$159M	added+1%	+0.22 pp	12 q
MAMastercard Incorporated	2.42%	1,608,970	$152M	added+4%	−0.11 pp	3 q
TROWT Rowe Price Group Inc	2.40%	2,048,326	$150M	added+1%	−0.03 pp	12 q
KOCoca-Cola Company	2.31%	3,116,076	$145M	added+1%	+0.09 pp	12 q
EFXEquifax, Incorporated	0.29%	156,573	$18M	trimmed−2%	−0.01 pp	12 q
ADPAutomatic Data Processing	0.22%	155,438	$14M	added0%	0.00 pp	12 q
CLColgate-Palmolive Company	0.16%	141,757	$10M	trimmed−95%	−3.33 pp	12 q
ADBEAdobe Inc.	0.12%	77,305	$7M	trimmed−3%	0.00 pp	12 q
ABTAbbott Laboratories	0.10%	145,187	$6M	trimmed−0%	−0.01 pp	12 q
CLXClorox Company	0.09%	45,020	$6M	trimmed−4%	−0.01 pp	12 q
ABBVAbbvie Inc.	0.03%	31,420	$2M	trimmed−0%	0.00 pp	12 q
BMYBristol-Myers Squibb Co.	0.03%	33,000	$2M	held	—	5 q
RSReliance, Inc.	0.03%	28,600	$2M	held	—	4 q
unresolvedDu Pont E I De Nemours & Co	0.02%	19,408	$1M	trimmed−33%	−0.01 pp	11 q
MDTMedtronic plc	0.02%	13,883	$1M	trimmed−22%	0.00 pp	8 q
TAT&T Inc.	0.01%	9,000	$353,000	held	—	3 q
AXPAmerican Express Company	0.01%	7,170	$440,000	new	+0.01 pp	new
AVPAvon Products, Inc.	0.01%	107,060	$515,000	trimmed−30%	0.00 pp	10 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.01%	8,150	$405,000	added+10%	0.00 pp	9 q
BBYBest Buy Company, Inc.	0.01%	12,280	$398,000	trimmed−5%	0.00 pp	8 q
BABoeing Company	0.01%	3,350	$425,000	added+24%	0.00 pp	3 q
SAMBoston Beer Company	0.01%	2,110	$390,000	added+13%	0.00 pp	2 q
EATBrinker International, Inc.	0.01%	7,880	$362,000	trimmed−12%	0.00 pp	6 q
BKEThe Buckle, Inc.	0.01%	12,560	$425,000	trimmed−3%	0.00 pp	4 q
unresolvedCigna Corporation	0.01%	2,810	$386,000	trimmed−4%	0.00 pp	12 q
CATCaterpillar Inc.	0.01%	5,910	$452,000	added+4%	0.00 pp	12 q
CSCOCisco Systems, Inc. (DE)	0.01%	15,040	$428,000	added+2%	0.00 pp	12 q
CMPCompass Minerals International, Inc.	0.01%	5,850	$415,000	added+22%	0.00 pp	2 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	2,710	$414,000	trimmed−9%	0.00 pp	4 q
CXTCrane NXT, Co.	0.01%	8,060	$434,000	added+2%	0.00 pp	6 q
CCKCrown Holdings Inc.	0.01%	8,600	$426,000	added+9%	0.00 pp	2 q
DECKDeckers Outdoor Corp	0.01%	7,070	$424,000	trimmed−17%	0.00 pp	3 q
DLXDeluxe Corporation	0.01%	6,970	$436,000	trimmed−3%	0.00 pp	12 q
DISHDISH Network Corp.	0.01%	8,510	$394,000	new	+0.01 pp	new
unresolvedDun & Bradstreet Corp/The	0.01%	4,120	$425,000	added+12%	0.00 pp	9 q
EMNEastman Chemical Company	0.01%	6,070	$438,000	added+7%	0.00 pp	3 q
EXPDExpeditors International of Washington, Inc.	0.01%	8,600	$420,000	new	+0.01 pp	new
GDGeneral Dynamics Corporation	0.01%	2,880	$378,000	added+4%	0.00 pp	2 q
GISGeneral Mills, Inc.	0.01%	6,710	$425,000	trimmed−5%	0.00 pp	4 q
GPCGenuine Parts Company	0.01%	4,390	$436,000	trimmed−2%	0.00 pp	6 q
GILDGilead Sciences Inc	0.01%	4,430	$407,000	added+18%	0.00 pp	6 q
HPQHP Inc.	0.01%	36,510	$450,000	new	+0.01 pp	new
HSYThe Hershey Company	0.01%	4,350	$401,000	trimmed−8%	0.00 pp	2 q
HIHillenbrand, Inc.	0.01%	14,280	$428,000	new	+0.01 pp	new
unresolvedItt Corp New	0.01%	11,310	$417,000	added+8%	0.00 pp	5 q
IBMInternational Business Machines Corporation	0.01%	2,990	$453,000	added+2%	0.00 pp	12 q
ZDZiff Davis, Inc.	0.01%	5,490	$338,000	added+9%	0.00 pp	6 q
LSTRLandstar System Inc	0.01%	6,600	$426,000	added+3%	0.00 pp	6 q
unresolvedLinear Technology Group	0.01%	9,100	$405,000	added+2%	0.00 pp	6 q
MSMMSC Industrial Direct Co., Inc. Class A	0.01%	5,720	$436,000	trimmed−13%	0.00 pp	3 q
MASIMasimo Corporation	0.01%	10,260	$429,000	new	+0.01 pp	new
MRKMerck & Co., Inc.	0.01%	7,860	$416,000	new	+0.01 pp	new
MLKNMillerKnoll, Inc.	0.01%	15,160	$468,000	new	+0.01 pp	new
MCOMoody's Corporation	0.01%	4,510	$435,000	added+16%	0.00 pp	2 q
NSRGYNestle S.a S/	0.01%	6,750	$504,000	held	—	5 q
unresolvedNeustar Inc	0.01%	16,040	$395,000	trimmed−8%	0.00 pp	10 q
JWNNordstrom, Inc.	0.01%	7,660	$438,000	added+5%	0.00 pp	2 q
NUSNuSkin Enterprises, Inc.	0.01%	12,620	$483,000	added+2%	0.00 pp	2 q
PRAAPRA Group, Inc.	0.01%	18,420	$541,000	added+72%	0.00 pp	2 q
PAYXPaychex Inc	0.01%	11,885	$642,000	held	—	12 q
PFEPfizer Inc.	0.01%	13,140	$389,000	added+9%	0.00 pp	12 q
PMPhilip Morris International Inc.	0.01%	4,320	$424,000	trimmed−8%	0.00 pp	6 q
PBIPitney Bowes Inc.	0.01%	21,950	$473,000	added+15%	0.00 pp	12 q
PIIPolaris Inc.	0.01%	4,450	$438,000	added+16%	0.00 pp	2 q
RLRalph Lauren Corporation	0.01%	4,400	$424,000	new	+0.01 pp	new
unresolvedSt Jude Med Inc	0.01%	7,310	$402,000	added+16%	0.00 pp	6 q
unresolvedSyntel Inc	0.01%	8,810	$440,000	new	+0.01 pp	new
TDCTeradata Corporation	0.01%	15,850	$416,000	added+6%	0.00 pp	8 q
TNHTerra Nitrogen	0.01%	4,080	$454,000	added+9%	0.00 pp	4 q
TXNTexas Instruments Incorporated	0.01%	7,480	$430,000	added+8%	0.00 pp	6 q
TUPTupperware Brands Corporation	0.01%	7,950	$461,000	added+9%	0.00 pp	6 q
VARVarian Medical Systems, Inc.	0.01%	8,593	$688,000	trimmed−21%	0.00 pp	12 q
VGRVector Group Ltd.	0.01%	17,225	$393,000	added+5%	0.00 pp	4 q
VMWVMware, Inc	0.01%	7,880	$412,000	added+16%	0.00 pp	2 q
WDRWaddell & Reed Financial, Inc.	0.01%	16,790	$395,000	added+52%	0.00 pp	8 q
WMTWalmart Inc.	0.01%	5,950	$408,000	trimmed−10%	0.00 pp	12 q
WDCWestern Digital Corp.	0.01%	9,020	$426,000	added+42%	0.00 pp	2 q
WUThe Western Union Company	0.01%	21,540	$416,000	added+4%	0.00 pp	4 q
WEXWEX Inc.	0.01%	6,120	$510,000	new	+0.01 pp	new
WLYJohn Wiley & Sons, Inc. Class A	0.01%	9,140	$447,000	new	+0.01 pp	new
WWWWolverine World Wide, Inc.	0.01%	20,550	$379,000	trimmed−10%	0.00 pp	2 q
HLFHerbalife Ltd.	0.01%	7,040	$433,000	new	+0.01 pp	new
MOAltria Group, Inc.	—	−6,970	—	exited	−0.01 pp	—
BAXBaxter International Inc.	—	−10,460	—	exited	−0.01 pp	—
HRBH&R Block, Inc.	—	−10,850	—	exited	−0.01 pp	—
CHRWC.H. Robinson Worldwide, Inc.	—	−5,820	—	exited	−0.01 pp	—
CPBThe Campbell's Company	—	−8,220	—	exited	−0.01 pp	—
unresolvedCoach Inc	—	−13,670	—	exited	−0.01 pp	—
GWWW.W. Grainger, Inc.	—	−2,040	—	exited	−0.01 pp	—
HB6Hibbett Inc	—	−13,700	—	exited	−0.01 pp	—
unresolvedMcGraw Hill	—	−4,160	—	exited	−0.01 pp	—
TGTTarget Corporation	—	−5,420	—	exited	−0.01 pp	—
UPLUltra Petroleum Corp	—	−79,430	—	exited	0.00 pp	—