Jensen Investment

Q3 2017 13F · by Robert McIver, CEO

As of: Sep 30, 2017
Filed: Nov 2, 2017
US stock: $7.4B · prev $7.3B
Positions: 91 · prev 88
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%

Moves50 since the prior filing

+2.6 pp in · −2.7 pp out

New 5 +1.55 pp
Added 8 +1.09 pp
Trimmed 35 −2.68 pp
Exited 2 −0.02 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.7 years per position

Low
Moderate
High

Top 5 positions28% of US stock

BDX Becton, Dickinson and Co. trimmed−0.09 pp trimmed−0.096.3%
MMM 3M Company trimmed−0.06 pp trimmed−0.065.5%
PEP PepsiCo, Inc. trimmed−0.31 pp trimmed−0.315.5%
MSFT Microsoft Corp trimmed+0.31 pp trimmed+0.315.5%
UTXZ RTX Corporation trimmed−0.35 pp trimmed−0.354.9%

Positions91 in this filing · 2 exited


BDXBecton, Dickinson and Co.	6.25%	2,361,387	$463M	trimmed−1%	−0.09 pp	18 q
MMM3M Company	5.54%	1,953,839	$410M	trimmed−0%	−0.06 pp	18 q
PEPPepsiCo, Inc.	5.53%	3,675,363	$410M	trimmed−0%	−0.31 pp	18 q
MSFTMicrosoft Corp	5.50%	5,462,666	$407M	trimmed−1%	+0.31 pp	18 q
UTXZRTX Corporation	4.89%	3,120,713	$362M	trimmed−0%	−0.35 pp	18 q
ORCLOracle Corp	4.81%	7,366,960	$356M	added+17%	+0.47 pp	18 q
SYKStryker Corporation	4.74%	2,472,476	$351M	added+11%	+0.52 pp	18 q
PXGBXPraxair Inc	4.69%	2,486,407	$347M	trimmed−1%	+0.14 pp	18 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.39%	1,657,803	$325M	trimmed−12%	−0.37 pp	18 q
ECLEcolab, Inc.	4.38%	2,521,580	$324M	trimmed−1%	−0.24 pp	18 q
JNJJohnson & Johnson	4.30%	2,450,538	$319M	trimmed−1%	−0.17 pp	18 q
ACNAccenture PLC	4.10%	2,248,602	$304M	trimmed−1%	+0.27 pp	18 q
OMCOmnicom Group Inc.	4.01%	4,008,440	$297M	added+15%	+0.04 pp	18 q
PGProcter & Gamble Company	3.65%	2,971,166	$270M	trimmed−0%	+0.09 pp	18 q
TJXTJX Companies, Inc. (The)	3.23%	3,246,582	$239M	trimmed−0%	+0.01 pp	18 q
GOOGLAlphabet Inc. Class A	2.95%	224,573	$219M	trimmed−1%	+0.07 pp	5 q
WATWaters Corp	2.91%	1,200,202	$215M	trimmed−0%	−0.13 pp	18 q
MAMastercard Incorporated	2.90%	1,519,243	$215M	trimmed−1%	+0.36 pp	9 q
NKENike, Inc.	2.71%	3,864,984	$200M	trimmed−0%	−0.43 pp	18 q
AAPLApple Inc.	2.69%	1,292,536	$199M	trimmed−1%	+0.13 pp	10 q
APHAmphenol Corporation	2.66%	2,325,249	$197M	trimmed−1%	+0.29 pp	18 q
UPSUnited Parcel Service, Inc. Class B	2.61%	1,609,810	$193M	trimmed−0%	+0.16 pp	18 q
EMREmerson Electric Co.	2.37%	2,796,477	$176M	trimmed−0%	+0.08 pp	18 q
CTSHCognizant Technology Solutions	2.36%	2,406,046	$175M	trimmed−1%	+0.16 pp	18 q
KOCoca-Cola Company	1.80%	2,957,548	$133M	trimmed−0%	−0.02 pp	18 q
INTUIntuit Inc	1.52%	793,660	$113M	new	+1.52 pp	new
BRBroadridge Financial Solutions Inc	1.13%	1,031,714	$83M	added0%	+0.06 pp	2 q
ADPAutomatic Data Processing	0.19%	126,548	$14M	trimmed−93%	−2.49 pp	18 q
EFXEquifax, Incorporated	0.19%	131,590	$14M	trimmed−3%	−0.06 pp	18 q
ADBEAdobe Inc.	0.13%	63,949	$10M	trimmed−1%	0.00 pp	18 q
CLColgate-Palmolive Company	0.12%	122,644	$9M	trimmed−5%	−0.01 pp	18 q
ABTAbbott Laboratories	0.09%	125,424	$7M	trimmed−5%	0.00 pp	18 q
CLXClorox Company	0.07%	36,525	$5M	trimmed−14%	−0.01 pp	18 q
TROWT Rowe Price Group Inc	0.05%	37,569	$3M	held	—	18 q
ABBVAbbvie Inc.	0.03%	28,770	$3M	trimmed−5%	0.00 pp	18 q
BMYBristol-Myers Squibb Co.	0.03%	33,000	$2M	held	—	11 q
RSReliance, Inc.	0.03%	28,600	$2M	held	—	10 q
HRBH&R Block, Inc.	0.01%	24,870	$659,000	held	—	6 q
unresolvedCigna Corporation	0.01%	3,760	$703,000	held	—	18 q
unresolvedCsg Sys Intl Inc	0.01%	14,350	$575,000	held	—	6 q
CPBThe Campbell's Company	0.01%	14,300	$670,000	held	—	5 q
CHHChoice Hotels Intnl.	0.01%	9,520	$608,000	held	—	6 q
CTXSCitrix Systems Inc	0.01%	6,900	$530,000	held	—	5 q
unresolvedCoach Inc	0.01%	12,660	$510,000	held	—	4 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	4,420	$670,000	added+14%	0.00 pp	10 q
CXTCrane NXT, Co.	0.01%	7,970	$638,000	held	—	12 q
CCKCrown Holdings Inc.	0.01%	15,260	$911,000	held	—	8 q
DVADaVita Inc.	0.01%	9,740	$578,000	held	—	4 q
DLXDeluxe Corporation	0.01%	8,850	$646,000	held	—	18 q
unresolvedDowdupont Inc	0.01%	9,226	$639,000	new	+0.01 pp	new
unresolvedDun & Bradstreet Corp/The	0.01%	5,030	$586,000	held	—	15 q
EMNEastman Chemical Company	0.01%	7,890	$714,000	held	—	9 q
EXPDExpeditors International of Washington, Inc.	0.01%	11,500	$688,000	held	—	4 q
GISGeneral Mills, Inc.	0.01%	12,620	$653,000	held	—	10 q
GPCGenuine Parts Company	0.01%	5,950	$569,000	added+20%	0.00 pp	12 q
GWWW.W. Grainger, Inc.	0.01%	3,510	$631,000	held	—	4 q
HSYThe Hershey Company	0.01%	6,020	$657,000	held	—	4 q
HIHillenbrand, Inc.	0.01%	17,970	$698,000	held	—	7 q
KMBKimberly-Clark Corp.	0.01%	4,510	$531,000	held	—	6 q
KOPKoppers Holdings, Inc.	0.01%	10,800	$498,000	new	+0.01 pp	new
LSTRLandstar System Inc	0.01%	6,890	$687,000	added+17%	0.00 pp	12 q
MARMarriott International Class A	0.01%	5,350	$590,000	held	—	6 q
MLKNMillerKnoll, Inc.	0.01%	18,820	$676,000	held	—	7 q
NSRGYNestle S.a S/	0.01%	6,750	$567,000	held	—	11 q
NUSNuSkin Enterprises, Inc.	0.01%	11,010	$677,000	held	—	4 q
OIO-I Glass, Inc.	0.01%	31,170	$784,000	held	—	6 q
PAYXPaychex Inc	0.01%	10,700	$642,000	held	—	18 q
PBIPitney Bowes Inc.	0.01%	31,770	$445,000	held	—	18 q
PIIPolaris Inc.	0.01%	3,670	$384,000	trimmed−33%	0.00 pp	5 q
unresolvedRockwell Collins Inc	0.01%	3,850	$503,000	trimmed−46%	0.00 pp	4 q
unresolvedSonic Corp	0.01%	22,320	$568,000	held	—	5 q
TDCTeradata Corporation	0.01%	20,420	$690,000	held	—	14 q
TSCOTractor Supply Co	0.01%	5,910	$374,000	new	+0.01 pp	new
VFCV.F. Corporation	0.01%	12,320	$783,000	held	—	3 q
VARVarian Medical Systems, Inc.	0.01%	8,978	$898,000	held	—	18 q
VGRVector Group Ltd.	0.01%	29,738	$609,000	trimmed0%	0.00 pp	10 q
VIABViacom Inc. Class B	0.01%	15,270	$425,000	held	—	4 q
WDRWaddell & Reed Financial, Inc.	0.01%	30,540	$613,000	held	—	14 q
WUThe Western Union Company	0.01%	41,770	$802,000	added+46%	0.00 pp	10 q
XLNXXilinx Inc	0.01%	8,840	$626,000	held	—	5 q
YUMYum! Brands, Inc.	0.01%	9,710	$715,000	held	—	4 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	5,850	$685,000	held	—	5 q
MDTMedtronic plc	0.01%	7,018	$546,000	trimmed−16%	0.00 pp	14 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	10,770	$253,000	held	—	15 q
BBYBest Buy Company, Inc.	0.00%	6,030	$343,000	held	—	14 q
SAMBoston Beer Company	0.00%	1,710	$267,000	trimmed−50%	−0.01 pp	8 q
EATBrinker International, Inc.	0.00%	10,780	$343,000	held	—	12 q
KRThe Kroger Co.	0.00%	11,890	$239,000	trimmed−6%	0.00 pp	5 q
SMGThe Scotts Miracle-Gro Company	0.00%	2,650	$258,000	new	0.00 pp	new
TGTTarget Corporation	0.00%	5,780	$341,000	held	—	5 q
ENDPQEndo International PLC	0.00%	30,620	$262,000	held	—	6 q
unresolvedDu Pont E I De Nemours & Co	—	−10,947	—	exited	−0.01 pp	—
ZDZiff Davis, Inc.	—	−6,490	—	exited	−0.01 pp	—