Jensen Investment

Q2 2017 13F · by Robert McIver, CEO

As of: Jun 30, 2017
Filed: Aug 8, 2017
US stock: $7.3B · prev $7.1B
Positions: 88 · prev 99
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%

Moves81 since the prior filing

+2.3 pp in · −2.4 pp out

New 1 +1.07 pp
Added 35 +1.22 pp
Trimmed 33 −2.25 pp
Exited 12 −0.11 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.5% a year, about 10.5 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions88 in this filing · 12 exited


BDXBecton, Dickinson and Co.	6.34%	2,374,306	$463M	trimmed−3%	+0.03 pp	17 q
PEPPepsiCo, Inc.	5.84%	3,689,912	$426M	trimmed−3%	−0.13 pp	17 q
MMM3M Company	5.60%	1,963,529	$409M	trimmed−3%	+0.17 pp	17 q
UTXZRTX Corporation	5.24%	3,133,728	$383M	trimmed−3%	+0.15 pp	17 q
MSFTMicrosoft Corp	5.19%	5,496,331	$379M	trimmed−7%	−0.25 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.76%	1,874,003	$347M	trimmed−3%	+0.32 pp	17 q
ECLEcolab, Inc.	4.62%	2,540,440	$337M	trimmed−3%	+0.04 pp	17 q
PXGBXPraxair Inc	4.55%	2,505,397	$332M	trimmed−3%	+0.27 pp	17 q
JNJJohnson & Johnson	4.47%	2,464,813	$326M	trimmed−8%	−0.21 pp	17 q
ORCLOracle Corp	4.34%	6,318,070	$317M	trimmed−8%	+0.04 pp	17 q
SYKStryker Corporation	4.22%	2,220,791	$308M	added+10%	+0.49 pp	17 q
OMCOmnicom Group Inc.	3.97%	3,498,755	$290M	added+11%	+0.17 pp	17 q
ACNAccenture PLC	3.83%	2,262,782	$280M	trimmed−8%	−0.32 pp	17 q
PGProcter & Gamble Company	3.56%	2,984,356	$260M	trimmed−3%	−0.32 pp	17 q
TJXTJX Companies, Inc. (The)	3.22%	3,260,447	$235M	trimmed−3%	−0.51 pp	17 q
NKENike, Inc.	3.14%	3,880,154	$229M	added+18%	+0.56 pp	17 q
WATWaters Corp	3.04%	1,205,662	$222M	trimmed−3%	+0.32 pp	17 q
GOOGLAlphabet Inc. Class A	2.88%	226,093	$210M	trimmed−2%	+0.13 pp	4 q
ADPAutomatic Data Processing	2.68%	1,911,326	$196M	trimmed−18%	−0.65 pp	17 q
AAPLApple Inc.	2.56%	1,299,191	$187M	trimmed−24%	−0.88 pp	9 q
MAMastercard Incorporated	2.54%	1,528,473	$186M	trimmed−3%	+0.07 pp	8 q
UPSUnited Parcel Service, Inc. Class B	2.45%	1,614,760	$179M	trimmed−3%	−0.06 pp	17 q
APHAmphenol Corporation	2.37%	2,339,509	$173M	trimmed−2%	−0.01 pp	17 q
EMREmerson Electric Co.	2.29%	2,809,467	$168M	trimmed−3%	−0.13 pp	17 q
CTSHCognizant Technology Solutions	2.20%	2,419,306	$161M	trimmed−3%	+0.13 pp	17 q
KOCoca-Cola Company	1.82%	2,967,978	$133M	trimmed−3%	−0.01 pp	17 q
BRBroadridge Financial Solutions Inc	1.07%	1,030,949	$78M	new	+1.07 pp	new
EFXEquifax, Incorporated	0.25%	135,466	$19M	trimmed−5%	−0.02 pp	17 q
ADBEAdobe Inc.	0.13%	64,670	$9M	trimmed−3%	+0.01 pp	17 q
CLColgate-Palmolive Company	0.13%	129,294	$10M	held	—	17 q
ABTAbbott Laboratories	0.09%	132,450	$6M	trimmed−0%	+0.01 pp	17 q
CLXClorox Company	0.08%	42,525	$6M	trimmed−4%	0.00 pp	17 q
TROWT Rowe Price Group Inc	0.04%	37,569	$3M	trimmed−92%	−0.43 pp	17 q
ABBVAbbvie Inc.	0.03%	30,220	$2M	trimmed−1%	0.00 pp	17 q
BMYBristol-Myers Squibb Co.	0.03%	33,000	$2M	held	—	10 q
RSReliance, Inc.	0.03%	28,600	$2M	held	—	9 q
HRBH&R Block, Inc.	0.01%	24,870	$769,000	added+24%	0.00 pp	5 q
SAMBoston Beer Company	0.01%	3,410	$451,000	added+24%	0.00 pp	7 q
EATBrinker International, Inc.	0.01%	10,780	$411,000	added+24%	0.00 pp	11 q
unresolvedCigna Corporation	0.01%	3,760	$629,000	added+24%	0.00 pp	17 q
unresolvedCsg Sys Intl Inc	0.01%	14,350	$582,000	added+24%	0.00 pp	5 q
CPBThe Campbell's Company	0.01%	14,300	$746,000	added+65%	0.00 pp	4 q
CHHChoice Hotels Intnl.	0.01%	9,520	$612,000	held	—	5 q
CTXSCitrix Systems Inc	0.01%	6,900	$549,000	added+24%	0.00 pp	4 q
unresolvedCoach Inc	0.01%	12,660	$599,000	held	—	3 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	3,880	$649,000	added+24%	0.00 pp	9 q
CXTCrane NXT, Co.	0.01%	7,970	$633,000	added+24%	0.00 pp	11 q
CCKCrown Holdings Inc.	0.01%	15,260	$910,000	added+29%	0.00 pp	7 q
DVADaVita Inc.	0.01%	9,740	$631,000	added+24%	0.00 pp	3 q
DLXDeluxe Corporation	0.01%	8,850	$613,000	added+24%	0.00 pp	17 q
unresolvedDu Pont E I De Nemours & Co	0.01%	10,947	$884,000	trimmed−7%	0.00 pp	16 q
unresolvedDun & Bradstreet Corp/The	0.01%	5,030	$544,000	added+24%	0.00 pp	14 q
EMNEastman Chemical Company	0.01%	7,890	$663,000	added+24%	0.00 pp	8 q
EXPDExpeditors International of Washington, Inc.	0.01%	11,500	$650,000	added+24%	0.00 pp	3 q
GISGeneral Mills, Inc.	0.01%	12,620	$699,000	added+87%	0.00 pp	9 q
GPCGenuine Parts Company	0.01%	4,960	$460,000	held	—	11 q
GWWW.W. Grainger, Inc.	0.01%	3,510	$634,000	added+64%	0.00 pp	3 q
HSYThe Hershey Company	0.01%	6,020	$646,000	held	—	3 q
HIHillenbrand, Inc.	0.01%	17,970	$649,000	added+24%	0.00 pp	6 q
ZDZiff Davis, Inc.	0.01%	6,490	$552,000	held	—	11 q
KMBKimberly-Clark Corp.	0.01%	4,510	$582,000	added+24%	0.00 pp	5 q
LSTRLandstar System Inc	0.01%	5,870	$502,000	held	—	11 q
MARMarriott International Class A	0.01%	5,350	$537,000	held	—	5 q
MLKNMillerKnoll, Inc.	0.01%	18,820	$572,000	added+24%	0.00 pp	6 q
NSRGYNestle S.a S/	0.01%	6,750	$589,000	held	—	10 q
NUSNuSkin Enterprises, Inc.	0.01%	11,010	$692,000	added+24%	0.00 pp	3 q
OIO-I Glass, Inc.	0.01%	31,170	$746,000	added+24%	0.00 pp	5 q
PAYXPaychex Inc	0.01%	10,700	$609,000	trimmed−2%	0.00 pp	17 q
PBIPitney Bowes Inc.	0.01%	31,770	$480,000	held	—	17 q
PIIPolaris Inc.	0.01%	5,470	$504,000	held	—	4 q
unresolvedRockwell Collins Inc	0.01%	7,090	$745,000	held	—	3 q
unresolvedSonic Corp	0.01%	22,320	$591,000	added+24%	0.00 pp	4 q
TDCTeradata Corporation	0.01%	20,420	$602,000	added+24%	0.00 pp	13 q
VFCV.F. Corporation	0.01%	12,320	$710,000	held	—	2 q
VARVarian Medical Systems, Inc.	0.01%	8,978	$926,000	added+65%	0.00 pp	17 q
VGRVector Group Ltd.	0.01%	28,322	$604,000	added+24%	0.00 pp	9 q
VIABViacom Inc. Class B	0.01%	15,270	$513,000	added+24%	0.00 pp	3 q
WDRWaddell & Reed Financial, Inc.	0.01%	30,540	$577,000	added+24%	0.00 pp	13 q
WUThe Western Union Company	0.01%	28,660	$546,000	added+24%	0.00 pp	9 q
XLNXXilinx Inc	0.01%	8,840	$569,000	held	—	4 q
YUMYum! Brands, Inc.	0.01%	9,710	$716,000	added+24%	0.00 pp	3 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	5,850	$751,000	added+24%	0.00 pp	4 q
MDTMedtronic plc	0.01%	8,358	$742,000	trimmed−7%	0.00 pp	13 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	10,770	$327,000	held	—	14 q
BBYBest Buy Company, Inc.	0.00%	6,030	$346,000	trimmed−50%	−0.01 pp	13 q
KRThe Kroger Co.	0.00%	12,690	$296,000	held	—	4 q
TGTTarget Corporation	0.00%	5,780	$302,000	held	—	4 q
ENDPQEndo International PLC	0.00%	30,620	$342,000	added+24%	0.00 pp	5 q
CACCCredit Acceptance Corp	—	−2,440	—	exited	−0.01 pp	—
DECKDeckers Outdoor Corp	—	−7,880	—	exited	−0.01 pp	—
GILDGilead Sciences Inc	—	−5,410	—	exited	−0.01 pp	—
ITTITT Inc.	—	−12,340	—	exited	−0.01 pp	—
PRAAPRA Group, Inc.	—	−14,810	—	exited	−0.01 pp	—
PFEPfizer Inc.	—	−13,634	—	exited	−0.01 pp	—
unresolvedSyntel Inc	—	−23,650	—	exited	−0.01 pp	—
TUPTupperware Brands Corporation	—	−7,070	—	exited	−0.01 pp	—
WMTWalmart Inc.	—	−5,830	—	exited	−0.01 pp	—
WWWWolverine World Wide, Inc.	—	−20,300	—	exited	−0.01 pp	—
HLFHerbalife Ltd.	—	−9,050	—	exited	−0.01 pp	—
BKEThe Buckle, Inc.	—	−17,970	—	exited	0.00 pp	—