Jensen Investment

Q1 2018 13F · by Robert McIver, CEO

As of: Mar 31, 2018
Filed: Apr 19, 2018
US stock: $7.7B · prev $7.8B
Positions: 90 · prev 94
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

+1.0 pp in · −1.0 pp out

New 2 +0.01 pp
Added 47 +0.95 pp
Trimmed 26 −0.96 pp
Exited 6 −0.04 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions28% of US stock

BDX Becton, Dickinson and Co. added+0.24 pp added+0.246.2%
MSFT Microsoft Corp trimmed−0.41 pp trimmed−0.415.5%
PEP PepsiCo, Inc. added−0.39 pp added−0.395.5%
SYK Stryker Corporation added+0.32 pp added+0.325.2%
UTXZ RTX Corporation added+0.07 pp added+0.075.2%

Positions90 in this filing · 6 exited


BDXBecton, Dickinson and Co.	6.24%	2,207,010	$478M	added0%	+0.24 pp	20 q
MSFTMicrosoft Corp	5.55%	4,661,171	$425M	trimmed−15%	−0.41 pp	20 q
PEPPepsiCo, Inc.	5.53%	3,881,818	$424M	added0%	−0.39 pp	20 q
SYKStryker Corporation	5.22%	2,483,523	$400M	added0%	+0.32 pp	20 q
UTXZRTX Corporation	5.17%	3,145,857	$396M	added0%	+0.07 pp	20 q
ECLEcolab, Inc.	5.06%	2,825,776	$387M	added+11%	+0.72 pp	20 q
PXGBXPraxair Inc	4.71%	2,499,941	$361M	trimmed−0%	−0.23 pp	20 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.64%	1,661,668	$356M	added0%	−0.02 pp	20 q
ORCLOracle Corp	4.40%	7,364,579	$337M	added0%	−0.04 pp	20 q
JNJJohnson & Johnson	4.11%	2,454,408	$315M	added0%	−0.26 pp	20 q
ACNAccenture PLC	3.99%	1,989,024	$305M	added0%	+0.11 pp	20 q
MMM3M Company	3.95%	1,379,375	$303M	added0%	−0.18 pp	20 q
NKENike, Inc.	3.37%	3,888,575	$258M	added0%	+0.28 pp	20 q
OMCOmnicom Group Inc.	3.36%	3,538,080	$257M	trimmed−12%	−0.38 pp	20 q
PGProcter & Gamble Company	3.10%	2,994,772	$237M	added0%	−0.40 pp	20 q
CTSHCognizant Technology Solutions	3.09%	2,936,230	$236M	added0%	+0.43 pp	20 q
GOOGLAlphabet Inc. Class A	3.04%	224,858	$233M	added0%	+0.02 pp	7 q
TJXTJX Companies, Inc. (The)	3.00%	2,814,202	$230M	trimmed−14%	−0.18 pp	20 q
MAMastercard Incorporated	2.99%	1,308,640	$229M	trimmed−14%	+0.06 pp	11 q
AAPLApple Inc.	2.83%	1,293,750	$217M	added0%	+0.04 pp	12 q
APHAmphenol Corporation	2.61%	2,322,391	$200M	added0%	+0.01 pp	20 q
WATWaters Corp	2.60%	1,004,311	$200M	trimmed−0%	+0.12 pp	20 q
EMREmerson Electric Co.	2.51%	2,817,918	$192M	added0%	+0.01 pp	20 q
INTUIntuit Inc	2.36%	1,043,078	$181M	added0%	+0.26 pp	3 q
UPSUnited Parcel Service, Inc. Class B	2.22%	1,621,431	$170M	added0%	−0.24 pp	20 q
KOCoca-Cola Company	1.69%	2,981,266	$129M	added0%	−0.05 pp	20 q
BRBroadridge Financial Solutions Inc	1.28%	895,250	$98M	trimmed−13%	+0.09 pp	4 q
EFXEquifax, Incorporated	0.19%	126,697	$15M	trimmed−1%	0.00 pp	20 q
ADBEAdobe Inc.	0.18%	63,394	$14M	trimmed−0%	+0.04 pp	20 q
ADPAutomatic Data Processing	0.18%	122,070	$14M	trimmed−2%	−0.01 pp	20 q
CLColgate-Palmolive Company	0.11%	118,574	$8M	trimmed−3%	−0.01 pp	20 q
ABTAbbott Laboratories	0.10%	123,684	$7M	trimmed−0%	+0.01 pp	20 q
CLXClorox Company	0.07%	41,120	$5M	added0%	−0.01 pp	20 q
TROWT Rowe Price Group Inc	0.06%	40,671	$4M	added+9%	+0.01 pp	20 q
ABBVAbbvie Inc.	0.03%	27,400	$3M	trimmed−4%	−0.01 pp	20 q
RSReliance, Inc.	0.03%	28,600	$2M	held	—	12 q
BMYBristol-Myers Squibb Co.	0.02%	26,000	$2M	trimmed−21%	−0.01 pp	13 q
AMGAffiliated Managers Group	0.01%	2,790	$529,000	added+53%	+0.01 pp	2 q
HRBH&R Block, Inc.	0.01%	26,030	$661,000	added+5%	0.00 pp	8 q
CBRECbre Group, Inc.	0.01%	13,250	$626,000	added+25%	0.00 pp	2 q
CHRWC.H. Robinson Worldwide, Inc.	0.01%	4,970	$466,000	new	+0.01 pp	new
unresolvedCsg Sys Intl Inc	0.01%	15,020	$680,000	added+5%	0.00 pp	8 q
CPBThe Campbell's Company	0.01%	14,970	$648,000	added+5%	0.00 pp	7 q
CHHChoice Hotels Intnl.	0.01%	9,520	$763,000	held	—	8 q
CTXSCitrix Systems Inc	0.01%	7,220	$670,000	added+5%	0.00 pp	7 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	4,420	$704,000	held	—	12 q
CXTCrane NXT, Co.	0.01%	8,340	$773,000	added+5%	0.00 pp	14 q
CCKCrown Holdings Inc.	0.01%	15,970	$810,000	added+5%	0.00 pp	10 q
DLXDeluxe Corporation	0.01%	9,260	$685,000	added+5%	0.00 pp	20 q
unresolvedDowdupont Inc	0.01%	9,108	$580,000	held	—	3 q
unresolvedDun & Bradstreet Corp/The	0.01%	5,030	$589,000	held	—	17 q
EMNEastman Chemical Company	0.01%	7,890	$833,000	held	—	11 q
EHCEncompass Health Corporation	0.01%	16,010	$915,000	added+5%	0.00 pp	2 q
EXPDExpeditors International of Washington, Inc.	0.01%	12,030	$761,000	added+5%	0.00 pp	6 q
FHIFederated Hermes, Inc.	0.01%	14,470	$483,000	added+29%	0.00 pp	2 q
GISGeneral Mills, Inc.	0.01%	12,620	$569,000	held	—	12 q
GPCGenuine Parts Company	0.01%	5,950	$535,000	held	—	14 q
GWWW.W. Grainger, Inc.	0.01%	1,650	$466,000	trimmed−26%	0.00 pp	6 q
HN9Hanesbrands Inc	0.01%	27,210	$501,000	added+5%	0.00 pp	2 q
HASHasbro, Inc.	0.01%	6,670	$562,000	added+25%	0.00 pp	2 q
HSYThe Hershey Company	0.01%	6,020	$596,000	held	—	6 q
HIHillenbrand, Inc.	0.01%	18,810	$863,000	added+5%	0.00 pp	9 q
KMBKimberly-Clark Corp.	0.01%	4,510	$497,000	held	—	8 q
KOPKoppers Holdings, Inc.	0.01%	11,300	$464,000	added+5%	0.00 pp	3 q
KRThe Kroger Co.	0.01%	22,570	$540,000	added+90%	+0.01 pp	7 q
LSTRLandstar System Inc	0.01%	7,210	$791,000	added+5%	0.00 pp	14 q
MLKNMillerKnoll, Inc.	0.01%	19,700	$629,000	added+5%	0.00 pp	9 q
NTAPNetApp, Inc	0.01%	7,270	$448,000	trimmed−38%	0.00 pp	2 q
NUSNuSkin Enterprises, Inc.	0.01%	11,010	$812,000	held	—	6 q
ONON Semiconductor Corp	0.01%	19,101	$467,000	trimmed−12%	0.00 pp	2 q
OIO-I Glass, Inc.	0.01%	32,620	$707,000	added+5%	0.00 pp	8 q
PAYXPaychex Inc	0.01%	9,800	$604,000	trimmed−7%	0.00 pp	20 q
SMGThe Scotts Miracle-Gro Company	0.01%	9,040	$775,000	added+28%	0.00 pp	3 q
TPRTapestry, Inc.	0.01%	9,080	$478,000	trimmed−28%	0.00 pp	2 q
TDCTeradata Corporation	0.01%	21,370	$848,000	added+5%	0.00 pp	16 q
VFCV.F. Corporation	0.01%	7,670	$569,000	trimmed−22%	0.00 pp	5 q
VARVarian Medical Systems, Inc.	0.01%	4,510	$553,000	trimmed−38%	0.00 pp	20 q
WUThe Western Union Company	0.01%	43,710	$841,000	added+5%	0.00 pp	12 q
XLNXXilinx Inc	0.01%	9,250	$668,000	added+5%	0.00 pp	7 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	6,120	$667,000	added+5%	0.00 pp	7 q
MDTMedtronic plc	0.01%	6,790	$545,000	held	—	16 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	10,770	$226,000	held	—	17 q
BBYBest Buy Company, Inc.	0.00%	3,620	$253,000	trimmed−40%	−0.01 pp	16 q
SAMBoston Beer Company	0.00%	1,710	$323,000	held	—	10 q
MIDDMiddleby Corp	0.00%	3,030	$375,000	new	0.00 pp	new
unresolvedRockwell Collins Inc	0.00%	1,910	$258,000	held	—	6 q
unresolvedSonic Corp	0.00%	11,250	$284,000	trimmed−50%	−0.01 pp	7 q
TGTTarget Corporation	0.00%	3,360	$233,000	trimmed−42%	0.00 pp	7 q
TSCOTractor Supply Co	0.00%	4,760	$300,000	trimmed−19%	−0.01 pp	3 q
VGRVector Group Ltd.	0.00%	15,558	$317,000	trimmed−48%	−0.01 pp	12 q
EATBrinker International, Inc.	—	−10,780	—	exited	−0.01 pp	—
unresolvedCigna Corporation	—	−1,935	—	exited	−0.01 pp	—
NSRGYNestle S.a S/	—	−6,750	—	exited	−0.01 pp	—
VIABViacom Inc. Class B	—	−15,270	—	exited	−0.01 pp	—
DVADaVita Inc.	—	−4,870	—	exited	0.00 pp	—
ENDPQEndo International PLC	—	−30,620	—	exited	0.00 pp	—