Jensen Investment

Q4 2016 13F · by Robert McIver, CEO

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $6.8B · prev $6.7B
Positions: 104 · prev 104
Options notional: $0
Documents: 1· 1 amendment

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

+1.7 pp in · −1.6 pp out

New 11 +0.11 pp
Added 20 +1.60 pp
Trimmed 69 −1.53 pp
Exited 11 −0.11 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.9% a year, about 25.6 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Revealed late, restated

restated 0 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Feb 14, 2017 ↗

Positions104 in this filing · 11 exited


BDXBecton, Dickinson and Co.	5.96%	2,457,461	$407M	added+9%	−0.10 pp	15 q
PEPPepsiCo, Inc.	5.85%	3,816,505	$399M	trimmed−0%	−0.36 pp	15 q
MSFTMicrosoft Corp	5.38%	5,908,102	$367M	trimmed−0%	+0.28 pp	15 q
MMM3M Company	5.31%	2,030,224	$363M	trimmed−0%	−0.05 pp	15 q
UTXZRTX Corporation	5.20%	3,242,608	$355M	added0%	+0.28 pp	15 q
JNJJohnson & Johnson	4.54%	2,689,173	$310M	trimmed−0%	−0.22 pp	15 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.54%	1,937,408	$310M	trimmed−0%	+0.48 pp	15 q
ECLEcolab, Inc.	4.49%	2,613,765	$306M	trimmed−0%	−0.28 pp	15 q
PXGBXPraxair Inc	4.43%	2,580,462	$302M	added0%	−0.23 pp	15 q
ACNAccenture PLC	4.25%	2,476,090	$290M	trimmed−0%	−0.27 pp	15 q
OMCOmnicom Group Inc.	3.92%	3,147,860	$268M	added0%	−0.08 pp	15 q
ORCLOracle Corp	3.88%	6,900,307	$265M	trimmed−0%	−0.18 pp	15 q
PGProcter & Gamble Company	3.80%	3,089,542	$260M	trimmed−1%	−0.39 pp	15 q
TJXTJX Companies, Inc. (The)	3.71%	3,372,317	$253M	trimmed−0%	−0.06 pp	15 q
SYKStryker Corporation	3.55%	2,024,233	$243M	added+17%	+0.55 pp	15 q
ADPAutomatic Data Processing	3.50%	2,326,985	$239M	added0%	+0.43 pp	15 q
AAPLApple Inc.	2.90%	1,712,186	$198M	trimmed−0%	0.00 pp	7 q
UPSUnited Parcel Service, Inc. Class B	2.81%	1,672,840	$192M	trimmed−0%	+0.07 pp	15 q
GOOGLAlphabet Inc. Class A	2.69%	231,910	$184M	added+38%	+0.67 pp	2 q
NKENike, Inc.	2.46%	3,302,880	$168M	trimmed−0%	−0.14 pp	15 q
WATWaters Corp	2.45%	1,243,457	$167M	added+24%	+0.08 pp	15 q
MAMastercard Incorporated	2.37%	1,569,563	$162M	trimmed−0%	−0.02 pp	6 q
APHAmphenol Corporation	2.36%	2,395,559	$161M	trimmed−23%	−0.68 pp	15 q
EMREmerson Electric Co.	2.36%	2,892,870	$161M	added0%	0.00 pp	15 q
TROWT Rowe Price Group Inc	2.22%	2,015,840	$152M	trimmed−0%	+0.21 pp	15 q
CTSHCognizant Technology Solutions	2.04%	2,492,566	$140M	trimmed−0%	+0.26 pp	15 q
KOCoca-Cola Company	1.87%	3,077,338	$128M	trimmed−0%	−0.08 pp	15 q
EFXEquifax, Incorporated	0.25%	144,837	$17M	trimmed−3%	−0.05 pp	15 q
CLColgate-Palmolive Company	0.13%	130,944	$9M	trimmed−2%	−0.02 pp	15 q
ADBEAdobe Inc.	0.10%	68,625	$7M	trimmed−1%	−0.01 pp	15 q
ABTAbbott Laboratories	0.08%	136,787	$5M	trimmed−4%	−0.01 pp	15 q
CLXClorox Company	0.08%	44,555	$5M	held	—	15 q
ABBVAbbvie Inc.	0.03%	31,020	$2M	trimmed−1%	0.00 pp	15 q
BMYBristol-Myers Squibb Co.	0.03%	33,000	$2M	trimmed−1%	0.00 pp	8 q
RSReliance, Inc.	0.03%	28,600	$2M	held	—	7 q
unresolvedDu Pont E I De Nemours & Co	0.02%	15,018	$1M	trimmed−8%	0.00 pp	14 q
AXPAmerican Express Company	0.01%	5,750	$426,000	trimmed−19%	0.00 pp	2 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.01%	9,380	$381,000	trimmed−6%	0.00 pp	12 q
BBYBest Buy Company, Inc.	0.01%	10,500	$448,000	trimmed−22%	0.00 pp	11 q
HRBH&R Block, Inc.	0.01%	17,440	$401,000	trimmed−11%	0.00 pp	3 q
SAMBoston Beer Company	0.01%	2,400	$408,000	trimmed−4%	0.00 pp	5 q
EATBrinker International, Inc.	0.01%	7,550	$374,000	trimmed−11%	0.00 pp	9 q
BKEThe Buckle, Inc.	0.01%	17,970	$410,000	added+3%	0.00 pp	7 q
unresolvedCigna Corporation	0.01%	3,030	$404,000	trimmed−14%	0.00 pp	15 q
unresolvedCsg Sys Intl Inc	0.01%	10,060	$487,000	trimmed−13%	0.00 pp	3 q
CPBThe Campbell's Company	0.01%	7,530	$455,000	trimmed−2%	0.00 pp	2 q
CHHChoice Hotels Intnl.	0.01%	8,290	$465,000	trimmed−13%	0.00 pp	3 q
CSCOCisco Systems, Inc. (DE)	0.01%	13,020	$393,000	trimmed−13%	0.00 pp	15 q
CTXSCitrix Systems Inc	0.01%	4,840	$432,000	trimmed−9%	0.00 pp	2 q
unresolvedCoach Inc	0.01%	11,020	$386,000	new	+0.01 pp	new
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	2,720	$454,000	trimmed−7%	0.00 pp	7 q
CXTCrane NXT, Co.	0.01%	5,590	$403,000	trimmed−22%	0.00 pp	9 q
CACCCredit Acceptance Corp	0.01%	2,130	$463,000	new	+0.01 pp	new
CCKCrown Holdings Inc.	0.01%	7,660	$403,000	trimmed−11%	0.00 pp	5 q
DVADaVita Inc.	0.01%	6,830	$438,000	new	+0.01 pp	new
DECKDeckers Outdoor Corp	0.01%	6,860	$380,000	added0%	0.00 pp	6 q
DLXDeluxe Corporation	0.01%	6,210	$445,000	trimmed−10%	0.00 pp	15 q
unresolvedDun & Bradstreet Corp/The	0.01%	3,530	$428,000	added+5%	0.00 pp	12 q
EMNEastman Chemical Company	0.01%	5,530	$416,000	trimmed−22%	0.00 pp	6 q
EXPDExpeditors International of Washington, Inc.	0.01%	8,060	$427,000	new	+0.01 pp	new
GISGeneral Mills, Inc.	0.01%	6,740	$416,000	added+2%	0.00 pp	7 q
GPCGenuine Parts Company	0.01%	4,320	$413,000	trimmed−5%	0.00 pp	9 q
GILDGilead Sciences Inc	0.01%	5,410	$387,000	trimmed−8%	0.00 pp	9 q
GWWW.W. Grainger, Inc.	0.01%	1,860	$432,000	new	+0.01 pp	new
HPQHP Inc.	0.01%	26,000	$386,000	trimmed−19%	0.00 pp	4 q
HSYThe Hershey Company	0.01%	4,150	$429,000	new	+0.01 pp	new
HIHillenbrand, Inc.	0.01%	12,590	$483,000	trimmed−14%	0.00 pp	4 q
ITTITT Inc.	0.01%	10,740	$414,000	trimmed−19%	0.00 pp	3 q
ZDZiff Davis, Inc.	0.01%	5,650	$462,000	trimmed−17%	0.00 pp	9 q
KMBKimberly-Clark Corp.	0.01%	3,630	$414,000	added+1%	0.00 pp	3 q
KRThe Kroger Co.	0.01%	12,690	$438,000	trimmed−16%	0.00 pp	2 q
LSTRLandstar System Inc	0.01%	5,110	$436,000	trimmed−25%	0.00 pp	9 q
MARMarriott International Class A	0.01%	5,350	$442,000	trimmed−16%	0.00 pp	3 q
MLKNMillerKnoll, Inc.	0.01%	13,190	$451,000	trimmed−5%	0.00 pp	4 q
NSRGYNestle S.a S/	0.01%	6,750	$484,000	held	—	8 q
unresolvedNeustar Inc	0.01%	17,150	$573,000	trimmed−7%	0.00 pp	13 q
NUSNuSkin Enterprises, Inc.	0.01%	7,710	$368,000	new	+0.01 pp	new
OIO-I Glass, Inc.	0.01%	21,850	$380,000	trimmed−11%	0.00 pp	3 q
PRAAPRA Group, Inc.	0.01%	12,900	$504,000	trimmed−21%	0.00 pp	5 q
PAYXPaychex Inc	0.01%	10,885	$663,000	held	—	15 q
PFEPfizer Inc.	0.01%	13,634	$443,000	trimmed−3%	0.00 pp	15 q
PBIPitney Bowes Inc.	0.01%	27,660	$420,000	added+11%	0.00 pp	15 q
PIIPolaris Inc.	0.01%	4,760	$392,000	added0%	0.00 pp	2 q
unresolvedRockwell Collins Inc	0.01%	4,690	$435,000	new	+0.01 pp	new
unresolvedSonic Corp	0.01%	15,650	$415,000	trimmed−1%	0.00 pp	2 q
unresolvedSyntel Inc	0.01%	20,590	$407,000	added×2.0	0.00 pp	4 q
TGTTarget Corporation	0.01%	5,780	$417,000	trimmed−6%	0.00 pp	2 q
TDCTeradata Corporation	0.01%	14,320	$389,000	trimmed−2%	0.00 pp	11 q
TNHTerra Nitrogen	0.01%	4,020	$413,000	trimmed−1%	0.00 pp	7 q
TXNTexas Instruments Incorporated	0.01%	5,830	$425,000	new	+0.01 pp	new
TUPTupperware Brands Corporation	0.01%	7,070	$372,000	trimmed−1%	0.00 pp	9 q
VARVarian Medical Systems, Inc.	0.01%	5,798	$521,000	trimmed−4%	0.00 pp	15 q
VGRVector Group Ltd.	0.01%	19,862	$452,000	trimmed−12%	0.00 pp	7 q
VIABViacom Inc. Class B	0.01%	10,710	$376,000	new	+0.01 pp	new
WDRWaddell & Reed Financial, Inc.	0.01%	21,410	$418,000	trimmed−12%	0.00 pp	11 q
WMTWalmart Inc.	0.01%	5,830	$403,000	trimmed−8%	0.00 pp	15 q
WUThe Western Union Company	0.01%	20,090	$436,000	trimmed−9%	0.00 pp	7 q
WWWWolverine World Wide, Inc.	0.01%	17,670	$388,000	trimmed−8%	0.00 pp	5 q
XLNXXilinx Inc	0.01%	7,690	$464,000	trimmed−14%	0.00 pp	2 q
YUMYum! Brands, Inc.	0.01%	6,810	$431,000	new	+0.01 pp	new
ZBHZimmer Biomet Holdings, Inc.	0.01%	4,100	$423,000	added+14%	0.00 pp	2 q
ENDPQEndo International PLC	0.01%	23,300	$384,000	added+17%	0.00 pp	3 q
HLFHerbalife Ltd.	0.01%	7,880	$379,000	added+10%	0.00 pp	4 q
MDTMedtronic plc	0.01%	11,458	$816,000	trimmed−5%	−0.01 pp	11 q
CHRWC.H. Robinson Worldwide, Inc.	—	−6,730	—	exited	−0.01 pp	—
GRAW.R. Grace & Co.	—	−6,180	—	exited	−0.01 pp	—
MSMMSC Industrial Direct Co., Inc. Class A	—	−6,340	—	exited	−0.01 pp	—
MCOMoody's Corporation	—	−4,440	—	exited	−0.01 pp	—
NTAPNetApp, Inc	—	−16,200	—	exited	−0.01 pp	—
JWNNordstrom, Inc.	—	−8,830	—	exited	−0.01 pp	—
unresolvedOrbital Atk Inc	—	−6,320	—	exited	−0.01 pp	—
SPGIS&P Global Inc.	—	−3,860	—	exited	−0.01 pp	—
SYNASynaptics Inc	—	−8,330	—	exited	−0.01 pp	—
USNAUSANA Health Sciences Inc	—	−7,080	—	exited	−0.01 pp	—
VMWVMware, Inc	—	−6,560	—	exited	−0.01 pp	—

Source

Form: 13F-HR/A
Reading: 2 defects · 9 unresolved
Accession: 0001171200-17-000072
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2016-12-31

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