Jensen Investment

Q1 2017 13F · by Robert McIver, CEO

As of: Mar 31, 2017
Filed: May 9, 2017
US stock: $7.1B · prev $6.8B
Positions: 99 · prev 104
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%

Moves90 since the prior filing

0.0 pp in · −0.1 pp out

New 1 +0.01 pp
Added 47 −0.01 pp
Trimmed 36 −0.03 pp
Exited 6 −0.06 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.2% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions99 in this filing · 6 exited


BDXBecton, Dickinson and Co.	6.31%	2,454,571	$450M	trimmed−0%	+0.35 pp	16 q
PEPPepsiCo, Inc.	5.97%	3,810,409	$426M	trimmed−0%	+0.12 pp	16 q
MSFTMicrosoft Corp	5.44%	5,899,715	$389M	trimmed−0%	+0.06 pp	16 q
MMM3M Company	5.43%	2,026,749	$388M	trimmed−0%	+0.12 pp	16 q
UTXZRTX Corporation	5.09%	3,239,473	$364M	trimmed−0%	−0.11 pp	16 q
JNJJohnson & Johnson	4.68%	2,682,258	$334M	trimmed−0%	+0.14 pp	16 q
ECLEcolab, Inc.	4.58%	2,609,395	$327M	trimmed−0%	+0.09 pp	16 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.44%	1,934,788	$317M	trimmed−0%	−0.10 pp	16 q
ORCLOracle Corp	4.30%	6,888,637	$307M	trimmed−0%	+0.42 pp	16 q
PXGBXPraxair Inc	4.28%	2,575,872	$305M	trimmed−0%	−0.15 pp	16 q
ACNAccenture PLC	4.15%	2,471,900	$296M	trimmed−0%	−0.10 pp	16 q
PGProcter & Gamble Company	3.88%	3,079,731	$277M	trimmed−0%	+0.08 pp	16 q
OMCOmnicom Group Inc.	3.80%	3,144,470	$271M	trimmed−0%	−0.12 pp	16 q
SYKStryker Corporation	3.73%	2,020,599	$266M	trimmed−0%	+0.18 pp	16 q
TJXTJX Companies, Inc. (The)	3.73%	3,365,052	$266M	trimmed−0%	+0.02 pp	16 q
AAPLApple Inc.	3.44%	1,710,721	$246M	trimmed−0%	+0.54 pp	8 q
ADPAutomatic Data Processing	3.33%	2,324,916	$238M	trimmed−0%	−0.17 pp	16 q
GOOGLAlphabet Inc. Class A	2.75%	231,685	$196M	trimmed−0%	+0.06 pp	3 q
WATWaters Corp	2.72%	1,243,342	$194M	trimmed−0%	+0.27 pp	16 q
NKENike, Inc.	2.58%	3,298,915	$184M	trimmed−0%	+0.12 pp	16 q
UPSUnited Parcel Service, Inc. Class B	2.51%	1,666,950	$179M	trimmed−0%	−0.30 pp	16 q
MAMastercard Incorporated	2.47%	1,568,298	$176M	trimmed−0%	+0.10 pp	7 q
EMREmerson Electric Co.	2.42%	2,881,607	$172M	trimmed−0%	+0.06 pp	16 q
APHAmphenol Corporation	2.38%	2,389,494	$170M	trimmed−0%	+0.02 pp	16 q
CTSHCognizant Technology Solutions	2.07%	2,486,891	$148M	trimmed−0%	+0.03 pp	16 q
KOCoca-Cola Company	1.83%	3,071,888	$130M	trimmed−0%	−0.04 pp	16 q
TROWT Rowe Price Group Inc	0.47%	488,591	$33M	trimmed−76%	−1.75 pp	16 q
EFXEquifax, Incorporated	0.27%	143,191	$20M	trimmed−1%	+0.02 pp	16 q
CLColgate-Palmolive Company	0.13%	129,294	$9M	trimmed−1%	0.00 pp	16 q
ADBEAdobe Inc.	0.12%	66,825	$9M	trimmed−3%	+0.02 pp	16 q
ABTAbbott Laboratories	0.08%	132,787	$6M	trimmed−3%	0.00 pp	16 q
CLXClorox Company	0.08%	44,425	$6M	trimmed−0%	0.00 pp	16 q
ABBVAbbvie Inc.	0.03%	30,520	$2M	trimmed−2%	0.00 pp	16 q
BMYBristol-Myers Squibb Co.	0.03%	33,000	$2M	held	—	9 q
RSReliance, Inc.	0.03%	28,600	$2M	held	—	8 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.01%	10,770	$425,000	added+15%	0.00 pp	13 q
BBYBest Buy Company, Inc.	0.01%	12,060	$593,000	added+15%	0.00 pp	12 q
HRBH&R Block, Inc.	0.01%	20,030	$466,000	added+15%	0.00 pp	4 q
SAMBoston Beer Company	0.01%	2,750	$398,000	added+15%	0.00 pp	6 q
EATBrinker International, Inc.	0.01%	8,680	$382,000	added+15%	0.00 pp	10 q
unresolvedCigna Corporation	0.01%	3,030	$444,000	held	—	16 q
unresolvedCsg Sys Intl Inc	0.01%	11,560	$437,000	added+15%	0.00 pp	4 q
CPBThe Campbell's Company	0.01%	8,650	$495,000	added+15%	0.00 pp	3 q
CHHChoice Hotels Intnl.	0.01%	9,520	$596,000	added+15%	0.00 pp	4 q
CTXSCitrix Systems Inc	0.01%	5,560	$464,000	added+15%	0.00 pp	3 q
unresolvedCoach Inc	0.01%	12,660	$523,000	added+15%	0.00 pp	2 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	3,120	$497,000	added+15%	0.00 pp	8 q
CXTCrane NXT, Co.	0.01%	6,420	$480,000	added+15%	0.00 pp	10 q
CACCCredit Acceptance Corp	0.01%	2,440	$487,000	added+15%	0.00 pp	2 q
CCKCrown Holdings Inc.	0.01%	11,860	$628,000	added+55%	0.00 pp	6 q
DVADaVita Inc.	0.01%	7,840	$533,000	added+15%	0.00 pp	2 q
DECKDeckers Outdoor Corp	0.01%	7,880	$471,000	added+15%	0.00 pp	7 q
DLXDeluxe Corporation	0.01%	7,130	$515,000	added+15%	0.00 pp	16 q
unresolvedDu Pont E I De Nemours & Co	0.01%	11,758	$945,000	trimmed−22%	−0.01 pp	15 q
unresolvedDun & Bradstreet Corp/The	0.01%	4,050	$437,000	added+15%	0.00 pp	13 q
EMNEastman Chemical Company	0.01%	6,350	$513,000	added+15%	0.00 pp	7 q
EXPDExpeditors International of Washington, Inc.	0.01%	9,260	$523,000	added+15%	0.00 pp	2 q
GISGeneral Mills, Inc.	0.01%	6,740	$398,000	held	—	8 q
GPCGenuine Parts Company	0.01%	4,960	$458,000	added+15%	0.00 pp	10 q
GILDGilead Sciences Inc	0.01%	5,410	$367,000	held	—	10 q
GWWW.W. Grainger, Inc.	0.01%	2,140	$498,000	added+15%	0.00 pp	2 q
HSYThe Hershey Company	0.01%	6,020	$658,000	added+45%	0.00 pp	2 q
HIHillenbrand, Inc.	0.01%	14,470	$519,000	added+15%	0.00 pp	5 q
ITTITT Inc.	0.01%	12,340	$506,000	added+15%	0.00 pp	4 q
ZDZiff Davis, Inc.	0.01%	6,490	$545,000	added+15%	0.00 pp	10 q
KMBKimberly-Clark Corp.	0.01%	3,630	$478,000	held	—	4 q
KRThe Kroger Co.	0.01%	12,690	$374,000	held	—	3 q
LSTRLandstar System Inc	0.01%	5,870	$503,000	added+15%	0.00 pp	10 q
MARMarriott International Class A	0.01%	5,350	$504,000	held	—	4 q
MLKNMillerKnoll, Inc.	0.01%	15,150	$478,000	added+15%	0.00 pp	5 q
NSRGYNestle S.a S/	0.01%	6,750	$519,000	held	—	9 q
NUSNuSkin Enterprises, Inc.	0.01%	8,860	$492,000	added+15%	0.00 pp	2 q
OIO-I Glass, Inc.	0.01%	25,100	$512,000	added+15%	0.00 pp	4 q
PRAAPRA Group, Inc.	0.01%	14,810	$491,000	added+15%	0.00 pp	6 q
PAYXPaychex Inc	0.01%	10,885	$641,000	held	—	16 q
PFEPfizer Inc.	0.01%	13,634	$466,000	held	—	16 q
PBIPitney Bowes Inc.	0.01%	31,770	$417,000	added+15%	0.00 pp	16 q
PIIPolaris Inc.	0.01%	5,470	$458,000	added+15%	0.00 pp	3 q
unresolvedRockwell Collins Inc	0.01%	7,090	$689,000	added+51%	0.00 pp	2 q
unresolvedSonic Corp	0.01%	17,980	$456,000	added+15%	0.00 pp	3 q
unresolvedSyntel Inc	0.01%	23,650	$398,000	added+15%	0.00 pp	5 q
TDCTeradata Corporation	0.01%	16,440	$512,000	added+15%	0.00 pp	12 q
TUPTupperware Brands Corporation	0.01%	7,070	$443,000	held	—	10 q
VFCV.F. Corporation	0.01%	12,320	$677,000	new	+0.01 pp	new
VARVarian Medical Systems, Inc.	0.01%	5,438	$496,000	trimmed−6%	0.00 pp	16 q
VGRVector Group Ltd.	0.01%	22,812	$474,000	added+15%	0.00 pp	8 q
VIABViacom Inc. Class B	0.01%	12,300	$573,000	added+15%	0.00 pp	2 q
WDRWaddell & Reed Financial, Inc.	0.01%	24,590	$418,000	added+15%	0.00 pp	12 q
WMTWalmart Inc.	0.01%	5,830	$420,000	held	—	16 q
WUThe Western Union Company	0.01%	23,080	$470,000	added+15%	0.00 pp	8 q
WWWWolverine World Wide, Inc.	0.01%	20,300	$507,000	added+15%	0.00 pp	6 q
XLNXXilinx Inc	0.01%	8,840	$512,000	added+15%	0.00 pp	3 q
YUMYum! Brands, Inc.	0.01%	7,820	$500,000	added+15%	0.00 pp	2 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	4,710	$575,000	added+15%	0.00 pp	3 q
HLFHerbalife Ltd.	0.01%	9,050	$526,000	added+15%	0.00 pp	5 q
MDTMedtronic plc	0.01%	8,958	$722,000	trimmed−22%	0.00 pp	12 q
BKEThe Buckle, Inc.	0.00%	17,970	$334,000	held	—	8 q
TGTTarget Corporation	0.00%	5,780	$319,000	held	—	3 q
ENDPQEndo International PLC	0.00%	24,660	$275,000	added+6%	−0.01 pp	4 q
AXPAmerican Express Company	—	−5,750	—	exited	−0.01 pp	—
CSCOCisco Systems, Inc. (DE)	—	−13,020	—	exited	−0.01 pp	—
HPQHP Inc.	—	−26,000	—	exited	−0.01 pp	—
unresolvedNeustar Inc	—	−17,150	—	exited	−0.01 pp	—
TNHTerra Nitrogen	—	−4,020	—	exited	−0.01 pp	—
TXNTexas Instruments Incorporated	—	−5,830	—	exited	−0.01 pp	—