Jensen Investment

Q2 2019 13F · by Robert McIver, CEO

As of: Jun 30, 2019
Filed: Aug 1, 2019
US stock: $8.8B · prev $8.4B
Positions: 77 · prev 77
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%

Moves56 since the prior filing

+7.3 pp in · −7.3 pp out

New 2 +0.02 pp
Added 29 +7.26 pp
Trimmed 23 −7.26 pp
Exited 2 −0.01 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions31% of US stock

MSFT Microsoft Corp added+0.95 pp added+0.957.0%
PEP PepsiCo, Inc. added+0.40 pp added+0.406.7%
BDX Becton, Dickinson and Co. added+0.21 pp added+0.216.6%
UTXZ RTX Corporation added+1.02 pp added+1.025.9%
ORCL Oracle Corp added+0.39 pp added+0.395.2%

Positions77 in this filing · 2 exited


MSFTMicrosoft Corp	7.01%	4,586,088	$614M	added+6%	+0.95 pp	25 q
PEPPepsiCo, Inc.	6.67%	4,457,400	$584M	added+4%	+0.40 pp	25 q
BDXBecton, Dickinson and Co.	6.63%	2,306,936	$581M	added+7%	+0.21 pp	25 q
UTXZRTX Corporation	5.90%	3,968,549	$517M	added+25%	+1.02 pp	25 q
ORCLOracle Corp	5.18%	7,973,375	$454M	added+6%	+0.39 pp	25 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.06%	1,817,289	$443M	added+14%	+0.36 pp	25 q
SYKStryker Corporation	4.85%	2,068,565	$425M	trimmed−4%	−0.24 pp	25 q
JNJJohnson & Johnson	4.61%	2,903,660	$404M	added+24%	+0.70 pp	25 q
MMM3M Company	4.54%	2,296,670	$398M	added+16%	−0.37 pp	25 q
ECLEcolab, Inc.	4.42%	1,959,938	$387M	trimmed−17%	−0.52 pp	25 q
ACNAccenture PLC	4.00%	1,897,836	$351M	added+2%	+0.10 pp	25 q
AAPLApple Inc.	3.55%	1,572,147	$311M	added+9%	+0.28 pp	17 q
PGProcter & Gamble Company	3.23%	2,585,267	$283M	trimmed−4%	−0.09 pp	25 q
CTSHCognizant Technology Solutions	3.17%	4,382,086	$278M	added+23%	+0.10 pp	25 q
PFEPfizer Inc.	3.17%	6,414,753	$278M	added+25%	+0.57 pp	5 q
OMCOmnicom Group Inc.	3.14%	3,362,378	$276M	added+24%	+0.78 pp	25 q
GOOGLAlphabet Inc. Class A	2.79%	226,079	$245M	added+2%	−0.31 pp	12 q
EMREmerson Electric Co.	2.66%	3,490,998	$233M	added+24%	+0.36 pp	25 q
UPSUnited Parcel Service, Inc. Class B	2.41%	2,045,321	$211M	added+25%	+0.23 pp	25 q
MAMastercard Incorporated	2.35%	779,627	$206M	trimmed−17%	−0.29 pp	16 q
NKENike, Inc.	2.31%	2,409,693	$202M	added+23%	+0.34 pp	25 q
TJXTJX Companies, Inc. (The)	1.94%	3,218,310	$170M	added+2%	−0.06 pp	25 q
APHAmphenol Corporation	1.93%	1,761,103	$169M	trimmed−21%	−0.58 pp	25 q
BRBroadridge Financial Solutions Inc	1.71%	1,171,813	$150M	added+39%	+0.67 pp	9 q
VFCV.F. Corporation	1.70%	1,710,220	$149M	added+76%	+0.69 pp	2 q
INTUIntuit Inc	1.49%	499,215	$130M	trimmed−34%	−0.85 pp	8 q
WATWaters Corp	1.10%	446,637	$96M	added+1%	−0.22 pp	25 q
TXNTexas Instruments Incorporated	1.03%	789,447	$91M	added+1%	+0.05 pp	3 q
ADPAutomatic Data Processing	0.22%	115,175	$19M	trimmed−1%	0.00 pp	25 q
ADBEAdobe Inc.	0.18%	53,111	$16M	trimmed−0%	+0.01 pp	25 q
EFXEquifax, Incorporated	0.18%	118,745	$16M	trimmed−0%	+0.01 pp	25 q
ABTAbbott Laboratories	0.11%	117,702	$10M	trimmed−1%	0.00 pp	25 q
KOCoca-Cola Company	0.09%	155,329	$8M	held	—	25 q
CLColgate-Palmolive Company	0.09%	112,159	$8M	trimmed−0%	0.00 pp	25 q
CLXClorox Company	0.06%	34,470	$5M	trimmed−1%	−0.01 pp	25 q
TROWT Rowe Price Group Inc	0.04%	32,781	$4M	trimmed−9%	0.00 pp	25 q
99952EURLinde PLC/OLD	0.04%	18,730	$4M	trimmed−99%	−4.68 pp	3 q
ABBVAbbvie Inc.	0.02%	25,405	$2M	trimmed−1%	0.00 pp	25 q
CBRECbre Group, Inc.	0.02%	26,560	$1M	added+7%	+0.01 pp	7 q
EHCEncompass Health Corporation	0.02%	21,920	$1M	added+8%	+0.01 pp	7 q
PAYXPaychex Inc	0.02%	24,420	$2M	held	—	25 q
RSReliance, Inc.	0.02%	15,522	$1M	trimmed−16%	0.00 pp	17 q
AMGAffiliated Managers Group	0.01%	6,860	$632,000	held	—	7 q
BBYBest Buy Company, Inc.	0.01%	12,580	$877,000	held	—	21 q
BMYBristol-Myers Squibb Co.	0.01%	26,000	$1M	held	—	18 q
CPBThe Campbell's Company	0.01%	14,970	$600,000	held	—	12 q
CRICarter's Inc.	0.01%	8,390	$818,000	added+14%	0.00 pp	3 q
CHHChoice Hotels Intnl.	0.01%	9,520	$828,000	held	—	13 q
CTXSCitrix Systems Inc	0.01%	7,040	$691,000	added+16%	0.00 pp	12 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	4,240	$724,000	held	—	17 q
CCKCrown Holdings Inc.	0.01%	15,970	$976,000	held	—	15 q
EMNEastman Chemical Company	0.01%	6,100	$475,000	held	—	16 q
EXPDExpeditors International of Washington, Inc.	0.01%	10,360	$786,000	held	—	11 q
GISGeneral Mills, Inc.	0.01%	24,420	$1M	held	—	17 q
GPCGenuine Parts Company	0.01%	9,450	$979,000	held	—	19 q
GWWW.W. Grainger, Inc.	0.01%	2,760	$740,000	held	—	11 q
HN9Hanesbrands Inc	0.01%	30,380	$523,000	held	—	7 q
HASHasbro, Inc.	0.01%	9,130	$965,000	held	—	7 q
HSYThe Hershey Company	0.01%	8,360	$1M	held	—	11 q
KRThe Kroger Co.	0.01%	39,810	$864,000	added+10%	0.00 pp	12 q
99803EURLaboratory Crp Of Amer Hldgs	0.01%	5,210	$901,000	new	+0.01 pp	new
LSTRLandstar System Inc	0.01%	8,860	$957,000	held	—	19 q
LIILennox International Inc.	0.01%	3,980	$1M	trimmed−8%	0.00 pp	4 q
MIDDMiddleby Corp	0.01%	8,060	$1M	held	—	6 q
MLKNMillerKnoll, Inc.	0.01%	16,840	$753,000	trimmed−11%	0.00 pp	14 q
NTAPNetApp, Inc	0.01%	14,960	$923,000	added+12%	0.00 pp	7 q
ONON Semiconductor Corp	0.01%	46,561	$941,000	trimmed−8%	0.00 pp	7 q
OIO-I Glass, Inc.	0.01%	32,620	$563,000	held	—	13 q
ROKRockwell Automation, Inc.	0.01%	4,730	$775,000	new	+0.01 pp	new
SMGThe Scotts Miracle-Gro Company	0.01%	11,840	$1M	held	—	8 q
TDCTeradata Corporation	0.01%	25,440	$912,000	added+67%	0.00 pp	21 q
TSCOTractor Supply Co	0.01%	9,420	$1M	held	—	8 q
VARVarian Medical Systems, Inc.	0.01%	5,390	$734,000	trimmed−11%	0.00 pp	25 q
WUThe Western Union Company	0.01%	35,690	$710,000	trimmed−12%	0.00 pp	17 q
MDTMedtronic plc	0.01%	5,090	$496,000	held	—	21 q
CXTCrane NXT, Co.	0.00%	4,490	$375,000	trimmed−44%	−0.01 pp	19 q
FHIFederated Hermes, Inc.	0.00%	11,950	$388,000	trimmed−43%	−0.01 pp	7 q
ZBHZimmer Biomet Holdings, Inc.	—	−7,600	—	exited	−0.01 pp	—
TPRTapestry, Inc.	—	−12,280	—	exited	0.00 pp	—