Jensen Investment

Q4 2018 13F · by Robert McIver, CEO

As of: Dec 31, 2018
Filed: Feb 6, 2019
US stock: $7.1B · prev $8.0B
Positions: 78 · prev 80
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%

Moves63 since the prior filing

+5.1 pp in · −5.1 pp out

New 4 +6.01 pp
Added 24 −0.88 pp
Trimmed 29 −0.26 pp
Exited 6 −4.83 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions29% of US stock

BDX Becton, Dickinson and Co. added+0.16 pp added+0.166.5%
PEP PepsiCo, Inc. trimmed+0.67 pp trimmed+0.676.4%
MSFT Microsoft Corp added+0.05 pp added+0.055.9%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) trimmed+0.30 pp trimmed+0.305.3%
99952EUR Linde PLC/OLD new+4.96 pp new+4.965.0%

Positions78 in this filing · 6 exited


BDXBecton, Dickinson and Co.	6.50%	2,042,190	$460M	added+5%	+0.16 pp	23 q
PEPPepsiCo, Inc.	6.40%	4,095,362	$452M	trimmed−0%	+0.67 pp	23 q
MSFTMicrosoft Corp	5.92%	4,122,695	$419M	added0%	+0.05 pp	23 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.31%	1,508,283	$376M	trimmed−0%	+0.30 pp	23 q
99952EURLinde PLC/OLD	4.96%	2,250,311	$351M	new	+4.96 pp	new
ECLEcolab, Inc.	4.89%	2,346,871	$346M	trimmed−9%	−0.16 pp	23 q
SYKStryker Corporation	4.78%	2,158,353	$338M	trimmed−0%	−0.02 pp	23 q
MMM3M Company	4.56%	1,694,525	$323M	trimmed−0%	+0.08 pp	23 q
ORCLOracle Corp	4.55%	7,134,923	$322M	added0%	−0.03 pp	23 q
UTXZRTX Corporation	4.55%	3,023,032	$322M	trimmed−0%	−0.74 pp	23 q
JNJJohnson & Johnson	4.26%	2,334,703	$301M	trimmed−0%	+0.23 pp	23 q
ACNAccenture PLC	3.53%	1,772,324	$250M	added0%	−0.22 pp	23 q
PGProcter & Gamble Company	3.49%	2,689,147	$247M	trimmed−7%	+0.49 pp	23 q
GOOGLAlphabet Inc. Class A	3.27%	221,386	$231M	added+2%	0.00 pp	10 q
AAPLApple Inc.	3.07%	1,375,824	$217M	added+9%	−0.48 pp	15 q
PFEPfizer Inc.	2.99%	4,851,115	$212M	trimmed−0%	+0.32 pp	3 q
INTUIntuit Inc	2.81%	1,008,888	$199M	added0%	−0.04 pp	6 q
WATWaters Corp	2.81%	1,052,521	$199M	trimmed−0%	+0.25 pp	23 q
OMCOmnicom Group Inc.	2.68%	2,591,193	$190M	trimmed−16%	+0.05 pp	23 q
APHAmphenol Corporation	2.58%	2,249,941	$182M	added0%	−0.05 pp	23 q
CTSHCognizant Technology Solutions	2.56%	2,848,740	$181M	added0%	−0.17 pp	23 q
MAMastercard Incorporated	2.52%	944,575	$178M	added0%	−0.10 pp	14 q
EMREmerson Electric Co.	2.28%	2,696,654	$161M	trimmed−1%	−0.31 pp	23 q
UPSUnited Parcel Service, Inc. Class B	2.15%	1,559,111	$152M	trimmed−1%	−0.13 pp	23 q
NKENike, Inc.	2.06%	1,970,508	$146M	trimmed−10%	−0.24 pp	23 q
TJXTJX Companies, Inc. (The)	2.01%	3,170,642	$142M	trimmed−27%	−1.03 pp	23 q
TXNTexas Instruments Incorporated	1.03%	771,450	$73M	new	+1.03 pp	new
ADPAutomatic Data Processing	0.22%	117,240	$15M	trimmed−1%	0.00 pp	23 q
ADBEAdobe Inc.	0.18%	54,749	$12M	trimmed−6%	−0.02 pp	23 q
EFXEquifax, Incorporated	0.16%	120,420	$11M	trimmed−3%	−0.04 pp	23 q
ABTAbbott Laboratories	0.12%	120,057	$9M	trimmed−1%	+0.01 pp	23 q
KOCoca-Cola Company	0.12%	174,043	$8M	trimmed−1%	+0.02 pp	23 q
CLColgate-Palmolive Company	0.10%	113,389	$7M	trimmed−3%	0.00 pp	23 q
CLXClorox Company	0.08%	35,105	$5M	trimmed−12%	0.00 pp	23 q
TROWT Rowe Price Group Inc	0.05%	36,111	$3M	trimmed−10%	0.00 pp	23 q
ABBVAbbvie Inc.	0.04%	27,205	$3M	trimmed−0%	+0.01 pp	23 q
BMYBristol-Myers Squibb Co.	0.02%	26,000	$1M	held	—	16 q
PAYXPaychex Inc	0.02%	24,420	$2M	added+28%	0.00 pp	23 q
RSReliance, Inc.	0.02%	21,912	$2M	trimmed−6%	0.00 pp	15 q
AMGAffiliated Managers Group	0.01%	6,860	$668,000	added+54%	0.00 pp	5 q
BBYBest Buy Company, Inc.	0.01%	10,980	$582,000	added+31%	0.00 pp	19 q
BRBroadridge Financial Solutions Inc	0.01%	10,190	$981,000	added+20%	0.00 pp	7 q
CBRECbre Group, Inc.	0.01%	22,480	$900,000	added+10%	0.00 pp	5 q
CPBThe Campbell's Company	0.01%	14,970	$494,000	held	—	10 q
CRICarter's Inc.	0.01%	7,350	$600,000	new	+0.01 pp	new
CHHChoice Hotels Intnl.	0.01%	9,520	$681,000	held	—	11 q
CTXSCitrix Systems Inc	0.01%	5,550	$569,000	held	—	10 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	4,240	$678,000	trimmed−33%	0.00 pp	15 q
CXTCrane NXT, Co.	0.01%	9,150	$660,000	held	—	17 q
CCKCrown Holdings Inc.	0.01%	15,970	$664,000	held	—	13 q
EMNEastman Chemical Company	0.01%	5,380	$393,000	held	—	14 q
EHCEncompass Health Corporation	0.01%	17,130	$1M	added+16%	0.00 pp	5 q
EXPDExpeditors International of Washington, Inc.	0.01%	9,630	$656,000	trimmed−20%	0.00 pp	9 q
FHIFederated Hermes, Inc.	0.01%	20,850	$554,000	held	—	5 q
GISGeneral Mills, Inc.	0.01%	20,660	$805,000	added+11%	0.00 pp	15 q
GPCGenuine Parts Company	0.01%	8,620	$828,000	held	—	17 q
GWWW.W. Grainger, Inc.	0.01%	2,280	$644,000	added+38%	0.00 pp	9 q
HN9Hanesbrands Inc	0.01%	51,550	$646,000	held	—	5 q
HASHasbro, Inc.	0.01%	7,550	$613,000	held	—	5 q
HSYThe Hershey Company	0.01%	7,720	$827,000	held	—	9 q
HIHillenbrand, Inc.	0.01%	11,420	$433,000	trimmed−42%	0.00 pp	12 q
KRThe Kroger Co.	0.01%	30,730	$845,000	held	—	10 q
LSTRLandstar System Inc	0.01%	8,180	$783,000	held	—	17 q
LIILennox International Inc.	0.01%	4,660	$1M	added+40%	0.00 pp	2 q
MIDDMiddleby Corp	0.01%	6,770	$695,000	added+28%	0.00 pp	4 q
MLKNMillerKnoll, Inc.	0.01%	15,000	$454,000	held	—	12 q
NTAPNetApp, Inc	0.01%	12,030	$718,000	added+65%	0.00 pp	5 q
ONON Semiconductor Corp	0.01%	59,061	$975,000	added+23%	0.00 pp	5 q
OIO-I Glass, Inc.	0.01%	32,620	$562,000	held	—	11 q
SPYState Street SPDR S&P 500 ETF Trust	0.01%	1,700	$425,000	new	+0.01 pp	new
SMGThe Scotts Miracle-Gro Company	0.01%	11,840	$728,000	held	—	6 q
TPRTapestry, Inc.	0.01%	12,280	$414,000	held	—	5 q
TDCTeradata Corporation	0.01%	13,160	$505,000	held	—	19 q
TSCOTractor Supply Co	0.01%	6,720	$561,000	added+16%	0.00 pp	6 q
VARVarian Medical Systems, Inc.	0.01%	6,700	$759,000	held	—	23 q
WUThe Western Union Company	0.01%	45,480	$776,000	held	—	15 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	6,810	$706,000	added+11%	0.00 pp	10 q
MDTMedtronic plc	0.01%	5,090	$463,000	trimmed−15%	0.00 pp	19 q
PXGBXPraxair Inc	—	−2,394,601	—	exited	−4.80 pp	—
CHRWC.H. Robinson Worldwide, Inc.	—	−5,730	—	exited	−0.01 pp	—
unresolvedCsg Sys Intl Inc	—	−15,020	—	exited	−0.01 pp	—
XLNXXilinx Inc	—	−5,220	—	exited	−0.01 pp	—
unresolvedDowdupont Inc	—	−3,653	—	exited	0.00 pp	—
unresolvedRockwell Collins Inc	—	−1,910	—	exited	0.00 pp	—