Jensen Investment

Q3 2018 13F · by Robert McIver, CEO

As of: Sep 30, 2018
Filed: Nov 9, 2018
US stock: $8.0B · prev $7.4B
Positions: 80 · prev 87
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%

Moves72 since the prior filing

+2.1 pp in · −2.2 pp out

New 1 +0.01 pp
Added 31 +2.14 pp
Trimmed 32 −2.09 pp
Exited 8 −0.07 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.7% a year, about 11.5 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions80 in this filing · 8 exited


BDXBecton, Dickinson and Co.	6.34%	1,945,920	$508M	trimmed−0%	+0.06 pp	22 q
MSFTMicrosoft Corp	5.87%	4,112,510	$470M	trimmed−0%	+0.40 pp	22 q
PEPPepsiCo, Inc.	5.73%	4,107,118	$459M	added+10%	+0.27 pp	22 q
UTXZRTX Corporation	5.29%	3,034,442	$424M	added0%	+0.22 pp	22 q
ECLEcolab, Inc.	5.05%	2,580,766	$405M	trimmed−0%	+0.16 pp	22 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.01%	1,509,353	$402M	trimmed−0%	+0.02 pp	22 q
PXGBXPraxair Inc	4.80%	2,394,601	$385M	trimmed−0%	−0.30 pp	22 q
SYKStryker Corporation	4.80%	2,163,548	$384M	trimmed−0%	−0.12 pp	22 q
ORCLOracle Corp	4.58%	7,111,283	$367M	trimmed−0%	+0.37 pp	22 q
MMM3M Company	4.48%	1,702,390	$359M	added+13%	+0.48 pp	22 q
JNJJohnson & Johnson	4.03%	2,336,753	$323M	trimmed−0%	+0.21 pp	22 q
ACNAccenture PLC	3.75%	1,766,174	$301M	trimmed−0%	−0.14 pp	22 q
AAPLApple Inc.	3.55%	1,259,364	$284M	added+1%	+0.44 pp	14 q
GOOGLAlphabet Inc. Class A	3.27%	216,919	$262M	trimmed−0%	−0.02 pp	9 q
TJXTJX Companies, Inc. (The)	3.04%	2,175,021	$244M	trimmed−20%	−0.42 pp	22 q
PGProcter & Gamble Company	3.00%	2,891,167	$241M	added0%	−0.02 pp	22 q
INTUIntuit Inc	2.85%	1,004,938	$229M	trimmed−0%	+0.09 pp	5 q
CTSHCognizant Technology Solutions	2.73%	2,839,255	$219M	trimmed−0%	−0.28 pp	22 q
PFEPfizer Inc.	2.67%	4,853,610	$214M	added+60%	+1.19 pp	2 q
APHAmphenol Corporation	2.63%	2,242,181	$211M	trimmed−0%	0.00 pp	22 q
OMCOmnicom Group Inc.	2.63%	3,094,035	$210M	added0%	−0.53 pp	22 q
MAMastercard Incorporated	2.62%	941,230	$210M	trimmed−0%	+0.13 pp	13 q
EMREmerson Electric Co.	2.59%	2,711,254	$208M	trimmed−0%	+0.07 pp	22 q
WATWaters Corp	2.56%	1,055,006	$205M	trimmed−0%	−0.19 pp	22 q
NKENike, Inc.	2.30%	2,179,508	$185M	trimmed−24%	−0.78 pp	22 q
UPSUnited Parcel Service, Inc. Class B	2.28%	1,567,911	$183M	added0%	+0.05 pp	22 q
ADPAutomatic Data Processing	0.22%	117,940	$18M	trimmed−3%	0.00 pp	22 q
ADBEAdobe Inc.	0.20%	58,419	$16M	trimmed−7%	−0.01 pp	22 q
EFXEquifax, Incorporated	0.20%	124,546	$16M	trimmed−1%	−0.01 pp	22 q
ABTAbbott Laboratories	0.11%	120,957	$9M	trimmed−1%	+0.01 pp	22 q
KOCoca-Cola Company	0.10%	174,978	$8M	trimmed−93%	−1.34 pp	22 q
CLColgate-Palmolive Company	0.10%	116,839	$8M	trimmed−1%	0.00 pp	22 q
CLXClorox Company	0.08%	40,075	$6M	trimmed−2%	+0.01 pp	22 q
TROWT Rowe Price Group Inc	0.05%	40,091	$4M	added+2%	−0.01 pp	22 q
ABBVAbbvie Inc.	0.03%	27,335	$3M	held	—	22 q
BMYBristol-Myers Squibb Co.	0.02%	26,000	$2M	held	—	15 q
PAYXPaychex Inc	0.02%	19,140	$1M	added+24%	+0.01 pp	22 q
RSReliance, Inc.	0.02%	23,200	$2M	trimmed−19%	−0.01 pp	14 q
AMGAffiliated Managers Group	0.01%	4,460	$610,000	added+34%	0.00 pp	4 q
BBYBest Buy Company, Inc.	0.01%	8,400	$667,000	added×2.3	+0.01 pp	18 q
BRBroadridge Financial Solutions Inc	0.01%	8,500	$1M	trimmed−1%	0.00 pp	6 q
CBRECbre Group, Inc.	0.01%	20,410	$900,000	added+35%	0.00 pp	4 q
CHRWC.H. Robinson Worldwide, Inc.	0.01%	5,730	$561,000	added+15%	0.00 pp	3 q
unresolvedCsg Sys Intl Inc	0.01%	15,020	$603,000	held	—	10 q
CPBThe Campbell's Company	0.01%	14,970	$548,000	held	—	9 q
CHHChoice Hotels Intnl.	0.01%	9,520	$793,000	held	—	10 q
CTXSCitrix Systems Inc	0.01%	5,550	$617,000	trimmed−23%	0.00 pp	9 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	6,290	$925,000	added+42%	0.00 pp	14 q
CXTCrane NXT, Co.	0.01%	9,150	$900,000	added+10%	0.00 pp	16 q
CCKCrown Holdings Inc.	0.01%	15,970	$767,000	held	—	12 q
EMNEastman Chemical Company	0.01%	5,380	$515,000	trimmed−13%	0.00 pp	13 q
EHCEncompass Health Corporation	0.01%	14,730	$1M	trimmed−8%	0.00 pp	4 q
EXPDExpeditors International of Washington, Inc.	0.01%	12,030	$885,000	held	—	8 q
FHIFederated Hermes, Inc.	0.01%	20,850	$503,000	held	—	4 q
GISGeneral Mills, Inc.	0.01%	18,560	$797,000	added+26%	0.00 pp	14 q
GPCGenuine Parts Company	0.01%	8,620	$857,000	added+45%	0.00 pp	16 q
GWWW.W. Grainger, Inc.	0.01%	1,650	$590,000	held	—	8 q
HN9Hanesbrands Inc	0.01%	51,550	$950,000	added+37%	0.00 pp	4 q
HASHasbro, Inc.	0.01%	7,550	$794,000	added+13%	0.00 pp	4 q
HSYThe Hershey Company	0.01%	7,720	$787,000	added+11%	0.00 pp	8 q
HIHillenbrand, Inc.	0.01%	19,550	$1M	added+4%	0.00 pp	11 q
KRThe Kroger Co.	0.01%	30,730	$895,000	added+36%	0.00 pp	9 q
LSTRLandstar System Inc	0.01%	8,180	$998,000	added+13%	0.00 pp	16 q
LIILennox International Inc.	0.01%	3,340	$729,000	new	+0.01 pp	new
MIDDMiddleby Corp	0.01%	5,300	$686,000	added+75%	+0.01 pp	3 q
MLKNMillerKnoll, Inc.	0.01%	15,000	$576,000	trimmed−24%	0.00 pp	11 q
NTAPNetApp, Inc	0.01%	7,270	$624,000	held	—	4 q
ONON Semiconductor Corp	0.01%	48,191	$888,000	added×2.5	0.00 pp	4 q
OIO-I Glass, Inc.	0.01%	32,620	$613,000	held	—	10 q
SMGThe Scotts Miracle-Gro Company	0.01%	11,840	$932,000	added+31%	0.00 pp	5 q
TPRTapestry, Inc.	0.01%	12,280	$617,000	added+74%	+0.01 pp	4 q
TDCTeradata Corporation	0.01%	13,160	$496,000	held	—	18 q
TSCOTractor Supply Co	0.01%	5,810	$528,000	added+22%	+0.01 pp	5 q
VARVarian Medical Systems, Inc.	0.01%	6,700	$750,000	added+49%	0.00 pp	22 q
WUThe Western Union Company	0.01%	45,480	$867,000	added+4%	0.00 pp	14 q
XLNXXilinx Inc	0.01%	5,220	$418,000	trimmed−32%	0.00 pp	9 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	6,120	$805,000	held	—	9 q
MDTMedtronic plc	0.01%	5,990	$589,000	held	—	18 q
unresolvedDowdupont Inc	0.00%	3,653	$235,000	held	—	5 q
unresolvedRockwell Collins Inc	0.00%	1,910	$268,000	held	—	8 q
HRBH&R Block, Inc.	—	−26,030	—	exited	−0.01 pp	—
DLXDeluxe Corporation	—	−9,260	—	exited	−0.01 pp	—
unresolvedDun & Bradstreet Corp/The	—	−5,030	—	exited	−0.01 pp	—
KMBKimberly-Clark Corp.	—	−4,510	—	exited	−0.01 pp	—
KOPKoppers Holdings, Inc.	—	−11,300	—	exited	−0.01 pp	—
NUSNuSkin Enterprises, Inc.	—	−11,010	—	exited	−0.01 pp	—
VFCV.F. Corporation	—	−5,510	—	exited	−0.01 pp	—
unresolvedSonic Corp	—	−8,500	—	exited	0.00 pp	—