Jensen Investment

Q1 2019 13F · by Robert McIver, CEO

As of: Mar 31, 2019
Filed: May 8, 2019
US stock: $8.4B · prev $7.1B
Positions: 77 · prev 78
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%

Moves65 since the prior filing

+2.3 pp in · −2.3 pp out

New 1 +1.01 pp
Added 40 +1.25 pp
Trimmed 22 −2.26 pp
Exited 2 −0.02 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.2 years per position

Low
Moderate
High

Top 5 positions29% of US stock

Positions77 in this filing · 2 exited


BDXBecton, Dickinson and Co.	6.42%	2,158,255	$539M	added+6%	−0.08 pp	24 q
PEPPepsiCo, Inc.	6.27%	4,299,461	$527M	added+5%	−0.13 pp	24 q
MSFTMicrosoft Corp	6.06%	4,316,702	$509M	added+5%	+0.14 pp	24 q
SYKStryker Corporation	5.09%	2,163,537	$427M	added0%	+0.31 pp	24 q
ECLEcolab, Inc.	4.94%	2,348,752	$415M	added0%	+0.05 pp	24 q
MMM3M Company	4.91%	1,983,859	$412M	added+17%	+0.35 pp	24 q
UTXZRTX Corporation	4.88%	3,183,056	$410M	added+5%	+0.33 pp	24 q
ORCLOracle Corp	4.79%	7,496,713	$403M	added+5%	+0.24 pp	24 q
99952EURLinde PLC/OLD	4.72%	2,254,395	$397M	added0%	−0.24 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.70%	1,596,192	$395M	added+6%	−0.61 pp	24 q
JNJJohnson & Johnson	3.91%	2,348,877	$328M	added+1%	−0.35 pp	24 q
ACNAccenture PLC	3.90%	1,863,242	$328M	added+5%	+0.37 pp	24 q
PGProcter & Gamble Company	3.32%	2,683,794	$279M	trimmed−0%	−0.17 pp	24 q
AAPLApple Inc.	3.27%	1,446,090	$275M	added+5%	+0.20 pp	16 q
GOOGLAlphabet Inc. Class A	3.10%	221,405	$261M	added0%	−0.17 pp	11 q
CTSHCognizant Technology Solutions	3.07%	3,559,654	$258M	added+25%	+0.51 pp	24 q
MAMastercard Incorporated	2.64%	942,634	$222M	trimmed−0%	+0.12 pp	15 q
PFEPfizer Inc.	2.60%	5,147,466	$219M	added+6%	−0.39 pp	4 q
APHAmphenol Corporation	2.51%	2,236,777	$211M	trimmed−1%	−0.07 pp	24 q
OMCOmnicom Group Inc.	2.36%	2,717,284	$198M	added+5%	−0.32 pp	24 q
INTUIntuit Inc	2.34%	753,225	$197M	trimmed−25%	−0.47 pp	7 q
EMREmerson Electric Co.	2.30%	2,823,019	$193M	added+5%	+0.02 pp	24 q
UPSUnited Parcel Service, Inc. Class B	2.18%	1,638,820	$183M	added+5%	+0.03 pp	24 q
TJXTJX Companies, Inc. (The)	2.00%	3,161,759	$168M	trimmed−0%	−0.01 pp	24 q
NKENike, Inc.	1.97%	1,964,928	$165M	trimmed−0%	−0.09 pp	24 q
WATWaters Corp	1.32%	440,661	$111M	trimmed−58%	−1.49 pp	24 q
BRBroadridge Financial Solutions Inc	1.04%	843,157	$87M	added×82.7	+1.03 pp	8 q
VFCV.F. Corporation	1.01%	972,518	$85M	new	+1.01 pp	new
TXNTexas Instruments Incorporated	0.98%	778,749	$83M	added+1%	−0.05 pp	2 q
ADPAutomatic Data Processing	0.22%	116,130	$19M	trimmed−1%	0.00 pp	24 q
ADBEAdobe Inc.	0.17%	53,369	$14M	trimmed−3%	−0.01 pp	24 q
EFXEquifax, Incorporated	0.17%	118,810	$14M	trimmed−1%	+0.01 pp	24 q
ABTAbbott Laboratories	0.11%	118,907	$10M	trimmed−1%	−0.01 pp	24 q
KOCoca-Cola Company	0.09%	155,329	$7M	trimmed−11%	−0.03 pp	24 q
CLColgate-Palmolive Company	0.09%	112,559	$8M	trimmed−1%	−0.01 pp	24 q
CLXClorox Company	0.07%	34,745	$6M	trimmed−1%	−0.01 pp	24 q
TROWT Rowe Price Group Inc	0.04%	36,111	$4M	held	—	24 q
ABBVAbbvie Inc.	0.02%	25,605	$2M	trimmed−6%	−0.02 pp	24 q
GISGeneral Mills, Inc.	0.02%	24,420	$1M	added+18%	+0.01 pp	16 q
PAYXPaychex Inc	0.02%	24,420	$2M	held	—	24 q
RSReliance, Inc.	0.02%	18,522	$2M	trimmed−15%	0.00 pp	16 q
AMGAffiliated Managers Group	0.01%	6,860	$735,000	held	—	6 q
BBYBest Buy Company, Inc.	0.01%	12,580	$894,000	added+15%	0.00 pp	20 q
BMYBristol-Myers Squibb Co.	0.01%	26,000	$1M	held	—	17 q
CBRECbre Group, Inc.	0.01%	24,710	$1M	added+10%	0.00 pp	6 q
CPBThe Campbell's Company	0.01%	14,970	$571,000	held	—	11 q
CRICarter's Inc.	0.01%	7,350	$741,000	held	—	2 q
CHHChoice Hotels Intnl.	0.01%	9,520	$740,000	held	—	12 q
CTXSCitrix Systems Inc	0.01%	6,090	$607,000	added+10%	0.00 pp	11 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	4,240	$685,000	held	—	16 q
CXTCrane NXT, Co.	0.01%	8,060	$682,000	trimmed−12%	0.00 pp	18 q
CCKCrown Holdings Inc.	0.01%	15,970	$871,000	held	—	14 q
EMNEastman Chemical Company	0.01%	6,100	$463,000	added+13%	0.00 pp	15 q
EHCEncompass Health Corporation	0.01%	20,320	$1M	added+19%	0.00 pp	6 q
EXPDExpeditors International of Washington, Inc.	0.01%	10,360	$786,000	added+8%	0.00 pp	10 q
FHIFederated Hermes, Inc.	0.01%	20,850	$611,000	held	—	6 q
GPCGenuine Parts Company	0.01%	9,450	$1M	added+10%	0.00 pp	18 q
GWWW.W. Grainger, Inc.	0.01%	2,760	$831,000	added+21%	0.00 pp	10 q
HN9Hanesbrands Inc	0.01%	30,380	$543,000	trimmed−41%	0.00 pp	6 q
HASHasbro, Inc.	0.01%	9,130	$776,000	added+21%	0.00 pp	6 q
HSYThe Hershey Company	0.01%	8,360	$960,000	added+8%	0.00 pp	10 q
KRThe Kroger Co.	0.01%	36,110	$888,000	added+18%	0.00 pp	11 q
LSTRLandstar System Inc	0.01%	8,860	$969,000	added+8%	0.00 pp	18 q
LIILennox International Inc.	0.01%	4,320	$1M	trimmed−7%	0.00 pp	3 q
MIDDMiddleby Corp	0.01%	8,060	$1M	added+19%	0.00 pp	5 q
MLKNMillerKnoll, Inc.	0.01%	19,000	$668,000	added+27%	0.00 pp	13 q
NTAPNetApp, Inc	0.01%	13,410	$930,000	added+11%	0.00 pp	6 q
ONON Semiconductor Corp	0.01%	50,641	$1M	trimmed−14%	0.00 pp	6 q
OIO-I Glass, Inc.	0.01%	32,620	$619,000	held	—	12 q
SMGThe Scotts Miracle-Gro Company	0.01%	11,840	$930,000	held	—	7 q
TDCTeradata Corporation	0.01%	15,220	$664,000	added+16%	0.00 pp	20 q
TSCOTractor Supply Co	0.01%	9,420	$921,000	added+40%	0.00 pp	7 q
VARVarian Medical Systems, Inc.	0.01%	6,050	$857,000	trimmed−10%	0.00 pp	24 q
WUThe Western Union Company	0.01%	40,550	$749,000	trimmed−11%	0.00 pp	16 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	7,600	$971,000	added+12%	0.00 pp	11 q
MDTMedtronic plc	0.01%	5,090	$464,000	held	—	20 q
TPRTapestry, Inc.	0.00%	12,280	$399,000	held	—	6 q
HIHillenbrand, Inc.	—	−11,420	—	exited	−0.01 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−1,700	—	exited	−0.01 pp	—