Jensen Investment

Q2 2016 13F · by Robert McIver, CEO

As of: Jun 30, 2016
Filed: Jul 26, 2016
US stock: $6.4B · prev $6.3B
Positions: 105 · 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%

Moves109 since the prior filing

+2.6 pp in · −2.6 pp out

New 14 +0.14 pp
Added 25 +2.48 pp
Trimmed 58 −2.45 pp
Exited 12 −0.12 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.7% a year, about 15.0 years per position

Low
Moderate
High

Top 5 positions28% of US stock

BDX Becton, Dickinson and Co. trimmed+0.43 pp trimmed+0.436.0%
PEP PepsiCo, Inc. trimmed−0.03 pp trimmed−0.035.8%
JNJ Johnson & Johnson trimmed+0.41 pp trimmed+0.415.6%
MMM 3M Company trimmed+0.06 pp trimmed+0.065.5%
MSFT Microsoft Corp added−0.11 pp added−0.115.2%

Positions105 in this filing · 12 exited


BDXBecton, Dickinson and Co.	5.96%	2,263,481	$384M	trimmed−1%	+0.43 pp	13 q
PEPPepsiCo, Inc.	5.77%	3,510,016	$372M	trimmed−1%	−0.03 pp	13 q
JNJJohnson & Johnson	5.61%	2,978,485	$361M	trimmed−1%	+0.41 pp	13 q
MMM3M Company	5.53%	2,034,733	$356M	trimmed−1%	+0.06 pp	13 q
MSFTMicrosoft Corp	5.20%	6,543,716	$335M	added+9%	−0.11 pp	13 q
ECLEcolab, Inc.	4.83%	2,627,176	$312M	trimmed−1%	+0.12 pp	13 q
UTXZRTX Corporation	4.67%	2,932,352	$301M	trimmed−1%	−0.06 pp	13 q
TJXTJX Companies, Inc. (The)	4.58%	3,819,007	$295M	trimmed−1%	−0.25 pp	13 q
PXGBXPraxair Inc	4.51%	2,586,437	$291M	trimmed−1%	−0.24 pp	13 q
ORCLOracle Corp	4.42%	6,957,964	$285M	trimmed−2%	−0.20 pp	13 q
ACNAccenture PLC	4.39%	2,497,001	$283M	trimmed−11%	−0.78 pp	13 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.27%	1,947,663	$275M	trimmed−1%	+0.23 pp	13 q
PGProcter & Gamble Company	4.12%	3,134,777	$265M	trimmed−1%	−0.04 pp	13 q
OMCOmnicom Group Inc.	3.99%	3,153,771	$257M	trimmed−1%	−0.25 pp	13 q
SYKStryker Corporation	3.21%	1,728,620	$207M	trimmed−1%	+0.22 pp	13 q
APHAmphenol Corporation	2.81%	3,156,407	$181M	trimmed−2%	−0.15 pp	13 q
ADPAutomatic Data Processing	2.81%	1,968,928	$181M	added×12.7	+2.59 pp	13 q
UPSUnited Parcel Service, Inc. Class B	2.80%	1,677,198	$181M	trimmed−1%	−0.06 pp	13 q
CTSHCognizant Technology Solutions	2.67%	3,008,364	$172M	trimmed−2%	−0.39 pp	13 q
WATWaters Corp	2.67%	1,222,125	$172M	trimmed−1%	+0.07 pp	13 q
AAPLApple Inc.	2.55%	1,719,160	$164M	trimmed−1%	−0.48 pp	5 q
EMREmerson Electric Co.	2.34%	2,896,892	$151M	trimmed−1%	−0.20 pp	13 q
NKENike, Inc.	2.34%	2,728,434	$151M	trimmed−1%	−0.36 pp	13 q
TROWT Rowe Price Group Inc	2.30%	2,027,636	$148M	trimmed−1%	−0.10 pp	13 q
KOCoca-Cola Company	2.17%	3,081,569	$140M	trimmed−1%	−0.14 pp	13 q
MAMastercard Incorporated	2.16%	1,582,970	$139M	trimmed−2%	−0.26 pp	4 q
EFXEquifax, Incorporated	0.31%	153,288	$20M	trimmed−2%	+0.02 pp	13 q
CLColgate-Palmolive Company	0.16%	139,767	$10M	trimmed−1%	0.00 pp	13 q
ADBEAdobe Inc.	0.11%	71,125	$7M	trimmed−8%	−0.01 pp	13 q
CLXClorox Company	0.10%	45,020	$6M	held	—	13 q
ABTAbbott Laboratories	0.09%	144,337	$6M	trimmed−1%	−0.01 pp	13 q
BMYBristol-Myers Squibb Co.	0.04%	33,000	$2M	held	—	6 q
ABBVAbbvie Inc.	0.03%	31,420	$2M	held	—	13 q
RSReliance, Inc.	0.03%	28,600	$2M	held	—	5 q
unresolvedDu Pont E I De Nemours & Co	0.02%	19,408	$1M	held	—	12 q
MDTMedtronic plc	0.02%	13,383	$1M	trimmed−4%	0.00 pp	9 q
TAT&T Inc.	0.01%	9,000	$389,000	held	—	4 q
MOAltria Group, Inc.	0.01%	6,430	$443,000	new	+0.01 pp	new
BAXBaxter International Inc.	0.01%	9,040	$409,000	new	+0.01 pp	new
BBYD20230930-DK-BUTTERFLY-1 Inc	0.01%	9,460	$409,000	added+16%	0.00 pp	10 q
BBYBest Buy Company, Inc.	0.01%	12,720	$389,000	added+4%	0.00 pp	9 q
HRBH&R Block, Inc.	0.01%	20,230	$465,000	new	+0.01 pp	new
BABoeing Company	0.01%	3,070	$399,000	trimmed−8%	0.00 pp	4 q
SAMBoston Beer Company	0.01%	2,740	$469,000	added+30%	0.00 pp	3 q
EATBrinker International, Inc.	0.01%	9,110	$415,000	added+16%	0.00 pp	7 q
BKEThe Buckle, Inc.	0.01%	17,230	$448,000	added+37%	0.00 pp	5 q
unresolvedCigna Corporation	0.01%	3,170	$406,000	added+13%	0.00 pp	13 q
unresolvedCsg Sys Intl Inc	0.01%	9,790	$395,000	new	+0.01 pp	new
CATCaterpillar Inc.	0.01%	5,700	$432,000	trimmed−4%	0.00 pp	13 q
CHHChoice Hotels Intnl.	0.01%	8,830	$420,000	new	+0.01 pp	new
CSCOCisco Systems, Inc. (DE)	0.01%	15,350	$440,000	added+2%	0.00 pp	13 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	2,760	$473,000	added+2%	0.00 pp	5 q
CXTCrane NXT, Co.	0.01%	7,390	$419,000	trimmed−8%	0.00 pp	7 q
CCKCrown Holdings Inc.	0.01%	7,680	$389,000	trimmed−11%	0.00 pp	3 q
DECKDeckers Outdoor Corp	0.01%	8,140	$468,000	added+15%	0.00 pp	4 q
DLXDeluxe Corporation	0.01%	6,520	$433,000	trimmed−6%	0.00 pp	13 q
unresolvedDun & Bradstreet Corp/The	0.01%	3,380	$412,000	trimmed−18%	0.00 pp	10 q
EMNEastman Chemical Company	0.01%	5,430	$369,000	trimmed−11%	0.00 pp	4 q
EXPDExpeditors International of Washington, Inc.	0.01%	8,540	$419,000	trimmed−1%	0.00 pp	2 q
GDGeneral Dynamics Corporation	0.01%	2,830	$394,000	trimmed−2%	0.00 pp	3 q
GISGeneral Mills, Inc.	0.01%	6,460	$461,000	trimmed−4%	0.00 pp	5 q
GPCGenuine Parts Company	0.01%	4,280	$433,000	trimmed−3%	0.00 pp	7 q
GILDGilead Sciences Inc	0.01%	4,920	$410,000	added+11%	0.00 pp	7 q
GWWW.W. Grainger, Inc.	0.01%	1,800	$409,000	new	+0.01 pp	new
HPQHP Inc.	0.01%	35,090	$440,000	trimmed−4%	0.00 pp	2 q
HSYThe Hershey Company	0.01%	4,490	$510,000	added+3%	0.00 pp	3 q
HIHillenbrand, Inc.	0.01%	13,380	$402,000	trimmed−6%	0.00 pp	2 q
ITTITT Inc.	0.01%	11,750	$376,000	new	+0.01 pp	new
IBMInternational Business Machines Corporation	0.01%	2,750	$417,000	trimmed−8%	0.00 pp	13 q
ZDZiff Davis, Inc.	0.01%	6,510	$411,000	added+19%	0.00 pp	7 q
KMBKimberly-Clark Corp.	0.01%	3,220	$443,000	new	+0.01 pp	new
LSTRLandstar System Inc	0.01%	6,190	$425,000	trimmed−6%	0.00 pp	7 q
unresolvedLinear Technology Group	0.01%	9,220	$429,000	added+1%	0.00 pp	7 q
MARMarriott International Class A	0.01%	6,030	$401,000	new	+0.01 pp	new
MRKMerck & Co., Inc.	0.01%	7,560	$436,000	trimmed−4%	0.00 pp	2 q
MLKNMillerKnoll, Inc.	0.01%	13,410	$401,000	trimmed−12%	0.00 pp	2 q
MCOMoody's Corporation	0.01%	4,350	$408,000	trimmed−4%	0.00 pp	3 q
NSRGYNestle S.a S/	0.01%	6,750	$521,000	held	—	6 q
NTAPNetApp, Inc	0.01%	17,290	$425,000	new	+0.01 pp	new
unresolvedNeustar Inc	0.01%	18,100	$426,000	added+13%	0.00 pp	11 q
JWNNordstrom, Inc.	0.01%	10,740	$409,000	added+40%	0.00 pp	3 q
NUSNuSkin Enterprises, Inc.	0.01%	10,530	$486,000	trimmed−17%	0.00 pp	3 q
OIO-I Glass, Inc.	0.01%	21,540	$388,000	new	+0.01 pp	new
PRAAPRA Group, Inc.	0.01%	15,240	$368,000	trimmed−17%	0.00 pp	3 q
PAYXPaychex Inc	0.01%	11,885	$707,000	held	—	13 q
PFEPfizer Inc.	0.01%	12,400	$437,000	trimmed−6%	0.00 pp	13 q
PBIPitney Bowes Inc.	0.01%	22,480	$400,000	added+2%	0.00 pp	13 q
RLRalph Lauren Corporation	0.01%	4,600	$412,000	added+5%	0.00 pp	2 q
SPGIS&P Global Inc.	0.01%	3,870	$415,000	new	+0.01 pp	new
SYNASynaptics Inc	0.01%	6,360	$342,000	new	+0.01 pp	new
unresolvedSyntel Inc	0.01%	9,660	$437,000	added+10%	0.00 pp	2 q
TDCTeradata Corporation	0.01%	15,400	$386,000	trimmed−3%	0.00 pp	9 q
TNHTerra Nitrogen	0.01%	3,770	$394,000	trimmed−8%	0.00 pp	5 q
TXNTexas Instruments Incorporated	0.01%	7,110	$445,000	trimmed−5%	0.00 pp	7 q
TUPTupperware Brands Corporation	0.01%	7,500	$422,000	trimmed−6%	0.00 pp	7 q
VARVarian Medical Systems, Inc.	0.01%	8,403	$691,000	trimmed−2%	0.00 pp	13 q
VGRVector Group Ltd.	0.01%	19,345	$434,000	added+12%	0.00 pp	5 q
VMWVMware, Inc	0.01%	6,840	$391,000	trimmed−13%	0.00 pp	3 q
WDRWaddell & Reed Financial, Inc.	0.01%	21,160	$364,000	added+26%	0.00 pp	9 q
WMTWalmart Inc.	0.01%	6,280	$459,000	added+6%	0.00 pp	13 q
WDCWestern Digital Corp.	0.01%	11,160	$527,000	added+24%	0.00 pp	3 q
WUThe Western Union Company	0.01%	21,400	$410,000	trimmed−1%	0.00 pp	5 q
WWWWolverine World Wide, Inc.	0.01%	23,760	$483,000	added+16%	0.00 pp	3 q
ENDPQEndo International PLC	0.01%	27,840	$434,000	new	+0.01 pp	new
HLFHerbalife Ltd.	0.01%	6,590	$386,000	trimmed−6%	0.00 pp	2 q
AXPAmerican Express Company	—	−7,170	—	exited	−0.01 pp	—
AVPAvon Products, Inc.	—	−107,060	—	exited	−0.01 pp	—
CMPCompass Minerals International, Inc.	—	−5,850	—	exited	−0.01 pp	—
DISHDISH Network Corp.	—	−8,510	—	exited	−0.01 pp	—
unresolvedItt Corp New	—	−11,310	—	exited	−0.01 pp	—
MSMMSC Industrial Direct Co., Inc. Class A	—	−5,720	—	exited	−0.01 pp	—
MASIMasimo Corporation	—	−10,260	—	exited	−0.01 pp	—
PMPhilip Morris International Inc.	—	−4,320	—	exited	−0.01 pp	—
PIIPolaris Inc.	—	−4,450	—	exited	−0.01 pp	—
unresolvedSt Jude Med Inc	—	−7,310	—	exited	−0.01 pp	—
WEXWEX Inc.	—	−6,120	—	exited	−0.01 pp	—
WLYJohn Wiley & Sons, Inc. Class A	—	−9,140	—	exited	−0.01 pp	—