Jensen Investment

Q2 2018 13F · by Robert McIver, CEO

As of: Jun 30, 2018
Filed: Jul 18, 2018
US stock: $7.4B · prev $7.7B
Positions: 87 · prev 90
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%

Moves55 since the prior filing

+1.7 pp in · −1.7 pp out

New 1 +1.48 pp
Added 9 +0.20 pp
Trimmed 41 −1.70 pp
Exited 4 0.00 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.9% a year, about 12.6 years per position

Low
Moderate
High

Top 5 positions27% of US stock

BDX Becton, Dickinson and Co. trimmed+0.04 pp trimmed+0.046.3%
MSFT Microsoft Corp trimmed−0.08 pp trimmed−0.085.5%
PEP PepsiCo, Inc. trimmed−0.07 pp trimmed−0.075.5%
PXGBX Praxair Inc trimmed+0.39 pp trimmed+0.395.1%
UTXZ RTX Corporation trimmed−0.10 pp trimmed−0.105.1%

Positions87 in this filing · 4 exited


BDXBecton, Dickinson and Co.	6.28%	1,950,789	$467M	trimmed−12%	+0.04 pp	21 q
MSFTMicrosoft Corp	5.47%	4,132,205	$407M	trimmed−11%	−0.08 pp	21 q
PEPPepsiCo, Inc.	5.46%	3,732,933	$406M	trimmed−4%	−0.07 pp	21 q
PXGBXPraxair Inc	5.10%	2,401,561	$380M	trimmed−4%	+0.39 pp	21 q
UTXZRTX Corporation	5.07%	3,021,342	$378M	trimmed−4%	−0.10 pp	21 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.99%	1,514,043	$371M	trimmed−9%	+0.35 pp	21 q
SYKStryker Corporation	4.92%	2,170,973	$367M	trimmed−13%	−0.30 pp	21 q
ECLEcolab, Inc.	4.89%	2,593,226	$364M	trimmed−8%	−0.17 pp	21 q
ORCLOracle Corp	4.21%	7,120,743	$314M	trimmed−3%	−0.19 pp	21 q
MMM3M Company	4.00%	1,511,925	$297M	added+10%	+0.05 pp	21 q
ACNAccenture PLC	3.89%	1,767,994	$289M	trimmed−11%	−0.10 pp	21 q
JNJJohnson & Johnson	3.82%	2,344,588	$284M	trimmed−4%	−0.29 pp	21 q
TJXTJX Companies, Inc. (The)	3.46%	2,703,537	$257M	trimmed−4%	+0.46 pp	21 q
GOOGLAlphabet Inc. Class A	3.29%	217,178	$245M	trimmed−3%	+0.25 pp	8 q
OMCOmnicom Group Inc.	3.16%	3,079,625	$235M	trimmed−13%	−0.20 pp	21 q
AAPLApple Inc.	3.11%	1,251,319	$232M	trimmed−3%	+0.28 pp	13 q
NKENike, Inc.	3.08%	2,878,510	$229M	trimmed−26%	−0.29 pp	21 q
PGProcter & Gamble Company	3.02%	2,877,402	$225M	trimmed−4%	−0.08 pp	21 q
CTSHCognizant Technology Solutions	3.01%	2,839,720	$224M	trimmed−3%	−0.08 pp	21 q
INTUIntuit Inc	2.76%	1,006,248	$206M	trimmed−4%	+0.40 pp	4 q
WATWaters Corp	2.75%	1,057,151	$205M	added+5%	+0.15 pp	21 q
APHAmphenol Corporation	2.63%	2,244,721	$196M	trimmed−3%	+0.02 pp	21 q
EMREmerson Electric Co.	2.52%	2,712,384	$188M	trimmed−4%	+0.01 pp	21 q
MAMastercard Incorporated	2.49%	942,570	$185M	trimmed−28%	−0.50 pp	12 q
UPSUnited Parcel Service, Inc. Class B	2.23%	1,560,431	$166M	trimmed−4%	+0.01 pp	21 q
PFEPfizer Inc.	1.48%	3,040,000	$110M	new	+1.48 pp	new
KOCoca-Cola Company	1.44%	2,446,081	$107M	trimmed−18%	−0.25 pp	21 q
ADPAutomatic Data Processing	0.22%	121,440	$16M	trimmed−1%	+0.04 pp	21 q
ADBEAdobe Inc.	0.21%	62,799	$15M	trimmed−1%	+0.03 pp	21 q
EFXEquifax, Incorporated	0.21%	126,340	$16M	trimmed−0%	+0.02 pp	21 q
ABTAbbott Laboratories	0.10%	122,269	$7M	trimmed−1%	0.00 pp	21 q
CLColgate-Palmolive Company	0.10%	118,389	$8M	trimmed−0%	−0.01 pp	21 q
CLXClorox Company	0.07%	40,925	$6M	trimmed−0%	0.00 pp	21 q
TROWT Rowe Price Group Inc	0.06%	39,481	$5M	trimmed−3%	0.00 pp	21 q
ABBVAbbvie Inc.	0.03%	27,335	$3M	trimmed−0%	0.00 pp	21 q
RSReliance, Inc.	0.03%	28,600	$3M	held	—	13 q
BMYBristol-Myers Squibb Co.	0.02%	26,000	$1M	held	—	14 q
AMGAffiliated Managers Group	0.01%	3,330	$495,000	added+19%	0.00 pp	3 q
HRBH&R Block, Inc.	0.01%	26,030	$593,000	held	—	9 q
BRBroadridge Financial Solutions Inc	0.01%	8,565	$986,000	trimmed−99%	−1.27 pp	5 q
CBRECbre Group, Inc.	0.01%	15,120	$722,000	added+14%	0.00 pp	3 q
CHRWC.H. Robinson Worldwide, Inc.	0.01%	4,970	$416,000	held	—	2 q
unresolvedCsg Sys Intl Inc	0.01%	15,020	$614,000	held	—	9 q
CPBThe Campbell's Company	0.01%	14,970	$607,000	held	—	8 q
CHHChoice Hotels Intnl.	0.01%	9,520	$720,000	held	—	9 q
CTXSCitrix Systems Inc	0.01%	7,220	$757,000	held	—	8 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	4,420	$690,000	held	—	13 q
CXTCrane NXT, Co.	0.01%	8,340	$668,000	held	—	15 q
CCKCrown Holdings Inc.	0.01%	15,970	$715,000	held	—	11 q
DLXDeluxe Corporation	0.01%	9,260	$613,000	held	—	21 q
unresolvedDun & Bradstreet Corp/The	0.01%	5,030	$617,000	held	—	18 q
EMNEastman Chemical Company	0.01%	6,210	$621,000	trimmed−21%	0.00 pp	12 q
EHCEncompass Health Corporation	0.01%	16,010	$1M	held	—	3 q
EXPDExpeditors International of Washington, Inc.	0.01%	12,030	$879,000	held	—	7 q
FHIFederated Hermes, Inc.	0.01%	20,850	$486,000	added+44%	0.00 pp	3 q
GISGeneral Mills, Inc.	0.01%	14,680	$650,000	added+16%	0.00 pp	13 q
GPCGenuine Parts Company	0.01%	5,950	$546,000	held	—	15 q
GWWW.W. Grainger, Inc.	0.01%	1,650	$509,000	held	—	7 q
HN9Hanesbrands Inc	0.01%	37,690	$830,000	added+39%	0.00 pp	3 q
HASHasbro, Inc.	0.01%	6,670	$616,000	held	—	3 q
HSYThe Hershey Company	0.01%	6,980	$650,000	added+16%	0.00 pp	7 q
HIHillenbrand, Inc.	0.01%	18,810	$887,000	held	—	10 q
KMBKimberly-Clark Corp.	0.01%	4,510	$475,000	held	—	9 q
KOPKoppers Holdings, Inc.	0.01%	11,300	$433,000	held	—	4 q
KRThe Kroger Co.	0.01%	22,570	$642,000	held	—	8 q
LSTRLandstar System Inc	0.01%	7,210	$787,000	held	—	15 q
MLKNMillerKnoll, Inc.	0.01%	19,700	$668,000	held	—	10 q
NTAPNetApp, Inc	0.01%	7,270	$571,000	held	—	3 q
NUSNuSkin Enterprises, Inc.	0.01%	11,010	$861,000	held	—	7 q
ONON Semiconductor Corp	0.01%	19,101	$425,000	held	—	3 q
OIO-I Glass, Inc.	0.01%	32,620	$548,000	held	—	9 q
PAYXPaychex Inc	0.01%	15,400	$1M	added+57%	0.00 pp	21 q
SMGThe Scotts Miracle-Gro Company	0.01%	9,040	$752,000	held	—	4 q
TDCTeradata Corporation	0.01%	13,160	$528,000	trimmed−38%	0.00 pp	17 q
VFCV.F. Corporation	0.01%	5,510	$449,000	trimmed−28%	0.00 pp	6 q
VARVarian Medical Systems, Inc.	0.01%	4,510	$513,000	held	—	21 q
WUThe Western Union Company	0.01%	43,710	$889,000	held	—	13 q
XLNXXilinx Inc	0.01%	7,690	$502,000	trimmed−17%	0.00 pp	8 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	6,120	$682,000	held	—	8 q
MDTMedtronic plc	0.01%	5,990	$513,000	trimmed−12%	0.00 pp	17 q
BBYBest Buy Company, Inc.	0.00%	3,620	$270,000	held	—	17 q
unresolvedDowdupont Inc	0.00%	3,653	$241,000	trimmed−60%	−0.01 pp	4 q
MIDDMiddleby Corp	0.00%	3,030	$316,000	held	—	2 q
unresolvedRockwell Collins Inc	0.00%	1,910	$257,000	held	—	7 q
unresolvedSonic Corp	0.00%	8,500	$293,000	trimmed−24%	0.00 pp	8 q
TPRTapestry, Inc.	0.00%	7,050	$329,000	trimmed−22%	−0.01 pp	3 q
TSCOTractor Supply Co	0.00%	4,760	$364,000	held	—	4 q
BBYD20230930-DK-BUTTERFLY-1 Inc	—	−10,770	—	exited	0.00 pp	—
SAMBoston Beer Company	—	−1,710	—	exited	0.00 pp	—
TGTTarget Corporation	—	−3,360	—	exited	0.00 pp	—
VGRVector Group Ltd.	—	−15,558	—	exited	0.00 pp	—