Jensen Investment

Q3 2016 13F · by Robert McIver, CEO

As of: Sep 30, 2016
Filed: Oct 31, 2016
US stock: $6.7B · prev $6.4B
Positions: 104 · prev 105
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%

Moves117 since the prior filing

+3.1 pp in · −3.2 pp out

New 15 +2.16 pp
Added 40 +0.98 pp
Trimmed 46 −3.06 pp
Exited 16 −0.16 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 8.9 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions104 in this filing · 16 exited


PEPPepsiCo, Inc.	6.21%	3,818,153	$415M	added+9%	+0.44 pp	14 q
BDXBecton, Dickinson and Co.	6.06%	2,255,950	$405M	trimmed−0%	+0.10 pp	14 q
MMM3M Company	5.36%	2,032,197	$358M	trimmed−0%	−0.17 pp	14 q
MSFTMicrosoft Corp	5.10%	5,921,523	$341M	trimmed−10%	−0.10 pp	14 q
UTXZRTX Corporation	4.92%	3,241,441	$329M	added+11%	+0.25 pp	14 q
ECLEcolab, Inc.	4.77%	2,619,650	$319M	trimmed−0%	−0.06 pp	14 q
JNJJohnson & Johnson	4.76%	2,696,168	$318M	trimmed−9%	−0.85 pp	14 q
PXGBXPraxair Inc	4.66%	2,579,935	$312M	trimmed−0%	+0.15 pp	14 q
ACNAccenture PLC	4.52%	2,476,635	$303M	trimmed−1%	+0.13 pp	14 q
PGProcter & Gamble Company	4.19%	3,125,447	$281M	trimmed−0%	+0.07 pp	14 q
ORCLOracle Corp	4.06%	6,908,259	$271M	trimmed−1%	−0.36 pp	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.06%	1,940,293	$272M	trimmed−0%	−0.21 pp	14 q
OMCOmnicom Group Inc.	4.00%	3,145,920	$267M	trimmed−0%	+0.01 pp	14 q
TJXTJX Companies, Inc. (The)	3.77%	3,374,562	$252M	trimmed−12%	−0.81 pp	14 q
ADPAutomatic Data Processing	3.07%	2,324,540	$205M	added+18%	+0.26 pp	14 q
APHAmphenol Corporation	3.04%	3,130,534	$203M	trimmed−1%	+0.23 pp	14 q
SYKStryker Corporation	3.00%	1,723,873	$201M	trimmed−0%	−0.21 pp	14 q
AAPLApple Inc.	2.90%	1,714,211	$194M	trimmed−0%	+0.35 pp	6 q
UPSUnited Parcel Service, Inc. Class B	2.74%	1,675,170	$183M	trimmed−0%	−0.06 pp	14 q
NKENike, Inc.	2.60%	3,305,510	$174M	added+21%	+0.26 pp	14 q
MAMastercard Incorporated	2.39%	1,571,238	$160M	trimmed−1%	+0.23 pp	5 q
WATWaters Corp	2.37%	999,822	$158M	trimmed−18%	−0.30 pp	14 q
EMREmerson Electric Co.	2.36%	2,892,685	$158M	trimmed−0%	+0.02 pp	14 q
GOOGLAlphabet Inc. Class A	2.02%	167,825	$135M	new	+2.02 pp	new
TROWT Rowe Price Group Inc	2.01%	2,018,262	$134M	trimmed−0%	−0.29 pp	14 q
KOCoca-Cola Company	1.95%	3,082,931	$130M	added0%	−0.22 pp	14 q
CTSHCognizant Technology Solutions	1.78%	2,494,126	$119M	trimmed−17%	−0.89 pp	14 q
EFXEquifax, Incorporated	0.30%	149,697	$20M	trimmed−2%	−0.01 pp	14 q
CLColgate-Palmolive Company	0.15%	133,917	$10M	trimmed−4%	−0.01 pp	14 q
ADBEAdobe Inc.	0.11%	69,475	$8M	trimmed−2%	0.00 pp	14 q
ABTAbbott Laboratories	0.09%	142,177	$6M	trimmed−2%	0.00 pp	14 q
CLXClorox Company	0.08%	44,555	$6M	trimmed−1%	−0.02 pp	14 q
ABBVAbbvie Inc.	0.03%	31,420	$2M	held	—	14 q
BMYBristol-Myers Squibb Co.	0.03%	33,300	$2M	added+1%	−0.01 pp	7 q
RSReliance, Inc.	0.03%	28,600	$2M	held	—	6 q
unresolvedDu Pont E I De Nemours & Co	0.02%	16,318	$1M	trimmed−16%	0.00 pp	13 q
MDTMedtronic plc	0.02%	12,058	$1M	trimmed−10%	0.00 pp	10 q
AXPAmerican Express Company	0.01%	7,100	$455,000	new	+0.01 pp	new
BBYD20230930-DK-BUTTERFLY-1 Inc	0.01%	10,030	$432,000	added+6%	0.00 pp	11 q
BBYBest Buy Company, Inc.	0.01%	13,500	$515,000	added+6%	0.00 pp	10 q
HRBH&R Block, Inc.	0.01%	19,500	$451,000	trimmed−4%	0.00 pp	2 q
SAMBoston Beer Company	0.01%	2,500	$388,000	trimmed−9%	0.00 pp	4 q
EATBrinker International, Inc.	0.01%	8,510	$429,000	trimmed−7%	0.00 pp	8 q
BKEThe Buckle, Inc.	0.01%	17,450	$419,000	added+1%	0.00 pp	6 q
CHRWC.H. Robinson Worldwide, Inc.	0.01%	6,730	$474,000	new	+0.01 pp	new
unresolvedCigna Corporation	0.01%	3,510	$457,000	added+11%	0.00 pp	14 q
unresolvedCsg Sys Intl Inc	0.01%	11,500	$475,000	added+17%	0.00 pp	2 q
CPBThe Campbell's Company	0.01%	7,710	$422,000	new	+0.01 pp	new
CHHChoice Hotels Intnl.	0.01%	9,520	$429,000	added+8%	0.00 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.01%	14,950	$474,000	trimmed−3%	0.00 pp	14 q
CTXSCitrix Systems Inc	0.01%	5,310	$453,000	new	+0.01 pp	new
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	2,930	$387,000	added+6%	0.00 pp	6 q
CXTCrane NXT, Co.	0.01%	7,190	$453,000	trimmed−3%	0.00 pp	8 q
CCKCrown Holdings Inc.	0.01%	8,600	$491,000	added+12%	0.00 pp	4 q
DECKDeckers Outdoor Corp	0.01%	6,840	$407,000	trimmed−16%	0.00 pp	5 q
DLXDeluxe Corporation	0.01%	6,890	$460,000	added+6%	0.00 pp	14 q
unresolvedDun & Bradstreet Corp/The	0.01%	3,350	$458,000	trimmed−1%	0.00 pp	11 q
EMNEastman Chemical Company	0.01%	7,090	$480,000	added+31%	0.00 pp	5 q
GISGeneral Mills, Inc.	0.01%	6,580	$420,000	added+2%	0.00 pp	6 q
GPCGenuine Parts Company	0.01%	4,560	$458,000	added+7%	0.00 pp	8 q
GILDGilead Sciences Inc	0.01%	5,860	$464,000	added+19%	0.00 pp	8 q
GRAW.R. Grace & Co.	0.01%	6,180	$456,000	new	+0.01 pp	new
HPQHP Inc.	0.01%	32,100	$499,000	trimmed−9%	0.00 pp	3 q
HIHillenbrand, Inc.	0.01%	14,670	$464,000	added+10%	0.00 pp	3 q
ITTITT Inc.	0.01%	13,280	$476,000	added+13%	0.00 pp	2 q
ZDZiff Davis, Inc.	0.01%	6,810	$454,000	added+5%	0.00 pp	8 q
KMBKimberly-Clark Corp.	0.01%	3,600	$454,000	added+12%	0.00 pp	2 q
KRThe Kroger Co.	0.01%	15,050	$447,000	new	+0.01 pp	new
LSTRLandstar System Inc	0.01%	6,770	$461,000	added+9%	0.00 pp	8 q
MSMMSC Industrial Direct Co., Inc. Class A	0.01%	6,340	$465,000	new	+0.01 pp	new
MARMarriott International Class A	0.01%	6,390	$430,000	added+6%	0.00 pp	2 q
MLKNMillerKnoll, Inc.	0.01%	13,830	$396,000	added+3%	0.00 pp	3 q
MCOMoody's Corporation	0.01%	4,440	$481,000	added+2%	0.00 pp	4 q
NSRGYNestle S.a S/	0.01%	6,750	$533,000	held	—	7 q
NTAPNetApp, Inc	0.01%	16,200	$580,000	trimmed−6%	0.00 pp	2 q
unresolvedNeustar Inc	0.01%	18,470	$491,000	added+2%	0.00 pp	12 q
JWNNordstrom, Inc.	0.01%	8,830	$458,000	trimmed−18%	0.00 pp	4 q
unresolvedOrbital Atk Inc	0.01%	6,320	$482,000	new	+0.01 pp	new
OIO-I Glass, Inc.	0.01%	24,590	$452,000	added+14%	0.00 pp	2 q
PRAAPRA Group, Inc.	0.01%	16,320	$564,000	added+7%	0.00 pp	4 q
PAYXPaychex Inc	0.01%	10,885	$630,000	trimmed−8%	0.00 pp	14 q
PFEPfizer Inc.	0.01%	14,084	$477,000	added+14%	0.00 pp	14 q
PBIPitney Bowes Inc.	0.01%	25,020	$454,000	added+11%	0.00 pp	14 q
PIIPolaris Inc.	0.01%	4,750	$368,000	new	+0.01 pp	new
SPGIS&P Global Inc.	0.01%	3,860	$489,000	trimmed−0%	0.00 pp	2 q
unresolvedSonic Corp	0.01%	15,790	$413,000	new	+0.01 pp	new
SYNASynaptics Inc	0.01%	8,330	$488,000	added+31%	0.00 pp	2 q
unresolvedSyntel Inc	0.01%	10,120	$424,000	added+5%	0.00 pp	3 q
TGTTarget Corporation	0.01%	6,160	$423,000	new	+0.01 pp	new
TDCTeradata Corporation	0.01%	14,660	$454,000	trimmed−5%	0.00 pp	10 q
TNHTerra Nitrogen	0.01%	4,080	$458,000	added+8%	0.00 pp	6 q
TUPTupperware Brands Corporation	0.01%	7,160	$468,000	trimmed−5%	0.00 pp	8 q
USNAUSANA Health Sciences Inc	0.01%	3,540	$490,000	new	+0.01 pp	new
VARVarian Medical Systems, Inc.	0.01%	6,068	$604,000	trimmed−28%	0.00 pp	14 q
VGRVector Group Ltd.	0.01%	22,569	$486,000	added+11%	0.00 pp	6 q
VMWVMware, Inc	0.01%	6,560	$481,000	trimmed−4%	0.00 pp	4 q
WDRWaddell & Reed Financial, Inc.	0.01%	24,420	$443,000	added+15%	0.00 pp	10 q
WMTWalmart Inc.	0.01%	6,370	$459,000	added+1%	0.00 pp	14 q
WUThe Western Union Company	0.01%	22,150	$461,000	added+4%	0.00 pp	6 q
WWWWolverine World Wide, Inc.	0.01%	19,300	$444,000	trimmed−19%	0.00 pp	4 q
XLNXXilinx Inc	0.01%	8,910	$484,000	new	+0.01 pp	new
ZBHZimmer Biomet Holdings, Inc.	0.01%	3,590	$467,000	new	+0.01 pp	new
ENDPQEndo International PLC	0.01%	19,920	$401,000	trimmed−28%	0.00 pp	2 q
HLFHerbalife Ltd.	0.01%	7,160	$444,000	added+9%	0.00 pp	3 q
TAT&T Inc.	—	−9,000	—	exited	−0.01 pp	—
MOAltria Group, Inc.	—	−6,430	—	exited	−0.01 pp	—
BAXBaxter International Inc.	—	−9,040	—	exited	−0.01 pp	—
BABoeing Company	—	−3,070	—	exited	−0.01 pp	—
CATCaterpillar Inc.	—	−5,700	—	exited	−0.01 pp	—
EXPDExpeditors International of Washington, Inc.	—	−8,540	—	exited	−0.01 pp	—
GDGeneral Dynamics Corporation	—	−2,830	—	exited	−0.01 pp	—
GWWW.W. Grainger, Inc.	—	−1,800	—	exited	−0.01 pp	—
HSYThe Hershey Company	—	−4,490	—	exited	−0.01 pp	—
IBMInternational Business Machines Corporation	—	−2,750	—	exited	−0.01 pp	—
unresolvedLinear Technology Group	—	−9,220	—	exited	−0.01 pp	—
MRKMerck & Co., Inc.	—	−7,560	—	exited	−0.01 pp	—
NUSNuSkin Enterprises, Inc.	—	−10,530	—	exited	−0.01 pp	—
RLRalph Lauren Corporation	—	−4,600	—	exited	−0.01 pp	—
TXNTexas Instruments Incorporated	—	−7,110	—	exited	−0.01 pp	—
WDCWestern Digital Corp.	—	−11,160	—	exited	−0.01 pp	—