Jensen Investment

Q4 2017 13F · by Robert McIver, CEO

As of: Dec 31, 2017
Filed: Jan 29, 2018
US stock: $7.8B · prev $7.4B
Positions: 94 · prev 91
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%

Moves60 since the prior filing

+1.9 pp in · −1.8 pp out

New 9 +0.08 pp
Added 17 +1.77 pp
Trimmed 28 −1.75 pp
Exited 6 −0.06 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.0% a year, about 16.7 years per position

Low
Moderate
High

Top 5 positions28% of US stock

BDX Becton, Dickinson and Co. trimmed−0.25 pp trimmed−0.256.0%
MSFT Microsoft Corp trimmed+0.46 pp trimmed+0.466.0%
PEP PepsiCo, Inc. added+0.39 pp added+0.395.9%
UTXZ RTX Corporation added+0.21 pp added+0.215.1%
PXGBX Praxair Inc added+0.25 pp added+0.254.9%

Positions94 in this filing · 6 exited


BDXBecton, Dickinson and Co.	6.00%	2,197,568	$470M	trimmed−7%	−0.25 pp	19 q
MSFTMicrosoft Corp	5.96%	5,462,161	$467M	trimmed−0%	+0.46 pp	19 q
PEPPepsiCo, Inc.	5.92%	3,865,025	$463M	added+5%	+0.39 pp	19 q
UTXZRTX Corporation	5.10%	3,130,704	$399M	added0%	+0.21 pp	19 q
PXGBXPraxair Inc	4.94%	2,501,583	$387M	added+1%	+0.25 pp	19 q
SYKStryker Corporation	4.90%	2,478,958	$384M	added0%	+0.16 pp	19 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.66%	1,656,433	$365M	trimmed−0%	+0.27 pp	19 q
ORCLOracle Corp	4.44%	7,362,941	$348M	trimmed−0%	−0.37 pp	19 q
JNJJohnson & Johnson	4.37%	2,448,218	$342M	trimmed−0%	+0.07 pp	19 q
ECLEcolab, Inc.	4.34%	2,534,985	$340M	added+1%	−0.04 pp	19 q
MMM3M Company	4.13%	1,376,147	$324M	trimmed−30%	−1.41 pp	19 q
ACNAccenture PLC	3.88%	1,987,579	$304M	trimmed−12%	−0.22 pp	19 q
OMCOmnicom Group Inc.	3.74%	4,025,308	$293M	added0%	−0.27 pp	19 q
PGProcter & Gamble Company	3.50%	2,981,191	$274M	added0%	−0.15 pp	19 q
TJXTJX Companies, Inc. (The)	3.18%	3,258,562	$249M	added0%	−0.05 pp	19 q
NKENike, Inc.	3.09%	3,876,335	$242M	added0%	+0.38 pp	19 q
GOOGLAlphabet Inc. Class A	3.02%	224,777	$237M	added0%	+0.07 pp	6 q
MAMastercard Incorporated	2.93%	1,518,695	$230M	trimmed−0%	+0.03 pp	10 q
AAPLApple Inc.	2.79%	1,292,095	$219M	trimmed−0%	+0.10 pp	11 q
CTSHCognizant Technology Solutions	2.66%	2,933,285	$208M	added+22%	+0.30 pp	19 q
APHAmphenol Corporation	2.60%	2,322,303	$204M	trimmed−0%	−0.06 pp	19 q
EMREmerson Electric Co.	2.50%	2,805,463	$196M	added0%	+0.13 pp	19 q
WATWaters Corp	2.48%	1,004,636	$194M	trimmed−16%	−0.43 pp	19 q
UPSUnited Parcel Service, Inc. Class B	2.46%	1,615,111	$192M	added0%	−0.15 pp	19 q
INTUIntuit Inc	2.10%	1,041,848	$164M	added+31%	+0.58 pp	2 q
KOCoca-Cola Company	1.74%	2,967,809	$136M	added0%	−0.06 pp	19 q
BRBroadridge Financial Solutions Inc	1.19%	1,031,665	$93M	trimmed0%	+0.06 pp	3 q
ADPAutomatic Data Processing	0.19%	124,570	$15M	trimmed−2%	0.00 pp	19 q
EFXEquifax, Incorporated	0.19%	128,283	$15M	trimmed−3%	0.00 pp	19 q
ADBEAdobe Inc.	0.14%	63,549	$11M	trimmed−1%	+0.01 pp	19 q
CLColgate-Palmolive Company	0.12%	121,674	$9M	trimmed−1%	0.00 pp	19 q
ABTAbbott Laboratories	0.09%	124,234	$7M	trimmed−1%	0.00 pp	19 q
CLXClorox Company	0.08%	40,960	$6M	added+12%	+0.01 pp	19 q
TROWT Rowe Price Group Inc	0.05%	37,301	$4M	trimmed−1%	0.00 pp	19 q
ABBVAbbvie Inc.	0.04%	28,500	$3M	trimmed−1%	+0.01 pp	19 q
BMYBristol-Myers Squibb Co.	0.03%	33,000	$2M	held	—	12 q
RSReliance, Inc.	0.03%	28,600	$2M	held	—	11 q
BBYBest Buy Company, Inc.	0.01%	6,030	$413,000	held	—	15 q
HRBH&R Block, Inc.	0.01%	24,870	$652,000	held	—	7 q
EATBrinker International, Inc.	0.01%	10,780	$419,000	held	—	13 q
CBRECbre Group, Inc.	0.01%	10,600	$459,000	new	+0.01 pp	new
unresolvedCigna Corporation	0.01%	1,935	$393,000	trimmed−49%	0.00 pp	19 q
unresolvedCsg Sys Intl Inc	0.01%	14,350	$629,000	held	—	7 q
CPBThe Campbell's Company	0.01%	14,300	$688,000	held	—	6 q
CHHChoice Hotels Intnl.	0.01%	9,520	$739,000	held	—	7 q
CTXSCitrix Systems Inc	0.01%	6,900	$607,000	held	—	6 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	4,420	$702,000	held	—	11 q
CXTCrane NXT, Co.	0.01%	7,970	$711,000	held	—	13 q
CCKCrown Holdings Inc.	0.01%	15,260	$858,000	held	—	9 q
DLXDeluxe Corporation	0.01%	8,850	$680,000	held	—	19 q
unresolvedDowdupont Inc	0.01%	9,108	$649,000	trimmed−1%	0.00 pp	2 q
unresolvedDun & Bradstreet Corp/The	0.01%	5,030	$596,000	held	—	16 q
EMNEastman Chemical Company	0.01%	7,890	$731,000	held	—	10 q
EHCEncompass Health Corporation	0.01%	15,300	$756,000	new	+0.01 pp	new
EXPDExpeditors International of Washington, Inc.	0.01%	11,500	$744,000	held	—	5 q
FHIFederated Hermes, Inc.	0.01%	11,200	$404,000	new	+0.01 pp	new
GISGeneral Mills, Inc.	0.01%	12,620	$748,000	held	—	11 q
GPCGenuine Parts Company	0.01%	5,950	$565,000	held	—	13 q
GWWW.W. Grainger, Inc.	0.01%	2,240	$529,000	trimmed−36%	0.00 pp	5 q
HN9Hanesbrands Inc	0.01%	26,000	$544,000	new	+0.01 pp	new
HASHasbro, Inc.	0.01%	5,350	$486,000	new	+0.01 pp	new
HSYThe Hershey Company	0.01%	6,020	$683,000	held	—	5 q
HIHillenbrand, Inc.	0.01%	17,970	$803,000	held	—	8 q
KMBKimberly-Clark Corp.	0.01%	4,510	$544,000	held	—	7 q
KOPKoppers Holdings, Inc.	0.01%	10,800	$550,000	held	—	2 q
LSTRLandstar System Inc	0.01%	6,890	$717,000	held	—	13 q
MLKNMillerKnoll, Inc.	0.01%	18,820	$754,000	held	—	8 q
NSRGYNestle S.a S/	0.01%	6,750	$580,000	held	—	12 q
NTAPNetApp, Inc	0.01%	11,700	$647,000	new	+0.01 pp	new
NUSNuSkin Enterprises, Inc.	0.01%	11,010	$751,000	held	—	5 q
ONON Semiconductor Corp	0.01%	21,600	$452,000	new	+0.01 pp	new
OIO-I Glass, Inc.	0.01%	31,170	$691,000	held	—	7 q
PAYXPaychex Inc	0.01%	10,580	$720,000	trimmed−1%	0.00 pp	19 q
SMGThe Scotts Miracle-Gro Company	0.01%	7,060	$755,000	added×2.7	+0.01 pp	2 q
unresolvedSonic Corp	0.01%	22,320	$613,000	held	—	6 q
TPRTapestry, Inc.	0.01%	12,660	$560,000	new	+0.01 pp	new
TDCTeradata Corporation	0.01%	20,420	$785,000	held	—	15 q
TSCOTractor Supply Co	0.01%	5,910	$442,000	held	—	2 q
VFCV.F. Corporation	0.01%	9,870	$730,000	trimmed−20%	0.00 pp	4 q
VARVarian Medical Systems, Inc.	0.01%	7,280	$809,000	trimmed−19%	0.00 pp	19 q
VGRVector Group Ltd.	0.01%	29,738	$666,000	held	—	11 q
VIABViacom Inc. Class B	0.01%	15,270	$470,000	held	—	5 q
WUThe Western Union Company	0.01%	41,770	$794,000	held	—	11 q
XLNXXilinx Inc	0.01%	8,840	$596,000	held	—	6 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	5,850	$706,000	held	—	6 q
MDTMedtronic plc	0.01%	6,790	$548,000	trimmed−3%	0.00 pp	15 q
AMGAffiliated Managers Group	0.00%	1,820	$374,000	new	0.00 pp	new
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	10,770	$237,000	held	—	16 q
SAMBoston Beer Company	0.00%	1,710	$327,000	held	—	9 q
DVADaVita Inc.	0.00%	4,870	$352,000	trimmed−50%	−0.01 pp	5 q
KRThe Kroger Co.	0.00%	11,890	$326,000	held	—	6 q
unresolvedRockwell Collins Inc	0.00%	1,910	$259,000	trimmed−50%	−0.01 pp	5 q
TGTTarget Corporation	0.00%	5,780	$377,000	held	—	6 q
ENDPQEndo International PLC	0.00%	30,620	$237,000	held	—	7 q
unresolvedCoach Inc	—	−12,660	—	exited	−0.01 pp	—
MARMarriott International Class A	—	−5,350	—	exited	−0.01 pp	—
PBIPitney Bowes Inc.	—	−31,770	—	exited	−0.01 pp	—
PIIPolaris Inc.	—	−3,670	—	exited	−0.01 pp	—
WDRWaddell & Reed Financial, Inc.	—	−30,540	—	exited	−0.01 pp	—
YUMYum! Brands, Inc.	—	−9,710	—	exited	−0.01 pp	—