Jensen Investment

Q3 2019 13F · by Robert McIver, CEO

As of: Sep 30, 2019
Filed: Nov 11, 2019
US stock: $9.4B · prev $8.8B
Positions: 76 · 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%

Moves67 since the prior filing

+5.9 pp in · −5.9 pp out

New 1 0.00 pp
Added 40 +5.88 pp
Trimmed 24 −5.85 pp
Exited 2 0.00 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions32% of US stock

PEP PepsiCo, Inc. added+0.35 pp added+0.357.0%
MSFT Microsoft Corp added−0.07 pp added−0.076.9%
BDX Becton, Dickinson and Co. added+0.15 pp added+0.156.8%
UTXZ RTX Corporation trimmed−0.13 pp trimmed−0.135.8%
JNJ Johnson & Johnson added+0.56 pp added+0.565.2%

Positions76 in this filing · 2 exited


PEPPepsiCo, Inc.	7.02%	4,794,135	$657M	added+8%	+0.35 pp	26 q
MSFTMicrosoft Corp	6.94%	4,669,077	$649M	added+2%	−0.07 pp	26 q
BDXBecton, Dickinson and Co.	6.78%	2,507,181	$634M	added+9%	+0.15 pp	26 q
UTXZRTX Corporation	5.77%	3,955,903	$540M	trimmed−0%	−0.13 pp	26 q
JNJJohnson & Johnson	5.17%	3,741,610	$484M	added+29%	+0.56 pp	26 q
MMM3M Company	4.95%	2,817,277	$463M	added+23%	+0.41 pp	26 q
ORCLOracle Corp	4.79%	8,138,475	$448M	added+2%	−0.39 pp	26 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.26%	1,834,278	$399M	added+1%	−0.80 pp	26 q
ACNAccenture PLC	3.97%	1,932,778	$372M	added+2%	−0.03 pp	26 q
GOOGLAlphabet Inc. Class A	3.89%	298,144	$364M	added+32%	+1.10 pp	13 q
AAPLApple Inc.	3.84%	1,603,065	$359M	added+2%	+0.29 pp	18 q
SYKStryker Corporation	3.40%	1,473,205	$319M	trimmed−29%	−1.45 pp	26 q
PFEPfizer Inc.	3.21%	8,361,283	$300M	added+30%	+0.04 pp	6 q
OMCOmnicom Group Inc.	2.90%	3,471,798	$272M	added+3%	−0.24 pp	26 q
CTSHCognizant Technology Solutions	2.88%	4,473,761	$270M	added+2%	−0.29 pp	26 q
ECLEcolab, Inc.	2.82%	1,330,906	$264M	trimmed−32%	−1.60 pp	26 q
NKENike, Inc.	2.78%	2,769,483	$260M	added+15%	+0.47 pp	26 q
UPSUnited Parcel Service, Inc. Class B	2.71%	2,116,041	$254M	added+3%	+0.30 pp	26 q
EMREmerson Electric Co.	2.59%	3,625,070	$242M	added+4%	−0.07 pp	26 q
GISGeneral Mills, Inc.	2.56%	4,340,245	$239M	added×177.7	+2.55 pp	18 q
VFCV.F. Corporation	2.46%	2,591,365	$231M	added+52%	+0.76 pp	3 q
PGProcter & Gamble Company	2.02%	1,522,047	$189M	trimmed−41%	−1.21 pp	26 q
BRBroadridge Financial Solutions Inc	1.99%	1,495,683	$186M	added+28%	+0.28 pp	10 q
MAMastercard Incorporated	1.92%	663,140	$180M	trimmed−15%	−0.43 pp	17 q
TJXTJX Companies, Inc. (The)	1.91%	3,203,605	$179M	trimmed−0%	−0.03 pp	26 q
APHAmphenol Corporation	1.85%	1,793,687	$173M	added+2%	−0.08 pp	26 q
TXNTexas Instruments Incorporated	1.62%	1,171,302	$151M	added+48%	+0.59 pp	4 q
INTUIntuit Inc	0.88%	311,255	$83M	trimmed−38%	−0.61 pp	9 q
WATWaters Corp	0.78%	326,682	$73M	trimmed−27%	−0.32 pp	26 q
ADPAutomatic Data Processing	0.20%	114,380	$18M	trimmed−1%	−0.02 pp	26 q
EFXEquifax, Incorporated	0.18%	117,315	$17M	trimmed−1%	0.00 pp	26 q
ADBEAdobe Inc.	0.16%	52,682	$15M	trimmed−1%	−0.02 pp	26 q
ABTAbbott Laboratories	0.10%	114,870	$10M	trimmed−2%	−0.01 pp	26 q
KOCoca-Cola Company	0.09%	151,092	$8M	trimmed−3%	0.00 pp	26 q
CLColgate-Palmolive Company	0.09%	110,899	$8M	trimmed−1%	0.00 pp	26 q
CLXClorox Company	0.05%	33,720	$5M	trimmed−2%	−0.01 pp	26 q
TROWT Rowe Price Group Inc	0.04%	32,731	$4M	trimmed−0%	0.00 pp	26 q
99952EURLinde PLC/OLD	0.04%	17,920	$3M	trimmed−4%	0.00 pp	4 q
ABBVAbbvie Inc.	0.02%	25,405	$2M	held	—	26 q
CBRECbre Group, Inc.	0.02%	30,000	$2M	added+13%	0.00 pp	8 q
EHCEncompass Health Corporation	0.02%	24,720	$2M	added+13%	0.00 pp	8 q
PAYXPaychex Inc	0.02%	23,490	$2M	trimmed−4%	0.00 pp	26 q
AMGAffiliated Managers Group	0.01%	6,860	$572,000	held	—	8 q
BBYBest Buy Company, Inc.	0.01%	16,310	$1M	added+30%	0.00 pp	22 q
BMYBristol-Myers Squibb Co.	0.01%	26,000	$1M	held	—	19 q
CPBThe Campbell's Company	0.01%	18,430	$865,000	added+23%	0.00 pp	13 q
CRICarter's Inc.	0.01%	10,360	$945,000	added+23%	0.00 pp	4 q
CHHChoice Hotels Intnl.	0.01%	9,520	$847,000	held	—	14 q
CTXSCitrix Systems Inc	0.01%	7,040	$680,000	held	—	13 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	4,810	$782,000	added+13%	0.00 pp	18 q
CCKCrown Holdings Inc.	0.01%	17,200	$1M	added+8%	0.00 pp	16 q
EXPDExpeditors International of Washington, Inc.	0.01%	13,890	$1M	added+34%	0.00 pp	12 q
GPCGenuine Parts Company	0.01%	11,010	$1M	added+17%	0.00 pp	20 q
GWWW.W. Grainger, Inc.	0.01%	3,560	$1M	added+29%	0.00 pp	12 q
HASHasbro, Inc.	0.01%	8,330	$989,000	trimmed−9%	0.00 pp	8 q
HSYThe Hershey Company	0.01%	5,770	$894,000	trimmed−31%	0.00 pp	12 q
KRThe Kroger Co.	0.01%	42,190	$1M	added+6%	0.00 pp	13 q
99803EURLaboratory Crp Of Amer Hldgs	0.01%	7,280	$1M	added+40%	0.00 pp	2 q
LSTRLandstar System Inc	0.01%	9,790	$1M	added+11%	0.00 pp	20 q
LIILennox International Inc.	0.01%	3,710	$901,000	trimmed−7%	0.00 pp	5 q
MIDDMiddleby Corp	0.01%	9,430	$1M	added+17%	0.00 pp	7 q
MLKNMillerKnoll, Inc.	0.01%	16,840	$776,000	held	—	15 q
NTAPNetApp, Inc	0.01%	16,600	$872,000	added+11%	0.00 pp	8 q
ONON Semiconductor Corp	0.01%	59,651	$1M	added+28%	0.00 pp	8 q
RSReliance, Inc.	0.01%	10,422	$1M	trimmed−33%	−0.01 pp	18 q
ROKRockwell Automation, Inc.	0.01%	4,730	$780,000	held	—	2 q
SMGThe Scotts Miracle-Gro Company	0.01%	10,060	$1M	trimmed−15%	0.00 pp	9 q
TDCTeradata Corporation	0.01%	32,930	$1M	added+29%	0.00 pp	22 q
TSCOTractor Supply Co	0.01%	11,350	$1M	added+20%	0.00 pp	9 q
VARVarian Medical Systems, Inc.	0.01%	11,080	$1M	added×2.1	0.00 pp	26 q
WUThe Western Union Company	0.01%	31,260	$724,000	trimmed−12%	0.00 pp	18 q
MDTMedtronic plc	0.01%	5,090	$553,000	held	—	22 q
DCIDonaldson Company, Inc.	0.00%	8,250	$430,000	new	0.00 pp	new
EMNEastman Chemical Company	0.00%	6,100	$450,000	held	—	17 q
HN9Hanesbrands Inc	0.00%	30,380	$465,000	held	—	8 q
OIO-I Glass, Inc.	0.00%	32,620	$335,000	held	—	14 q
CXTCrane NXT, Co.	—	−4,490	—	exited	0.00 pp	—
FHIFederated Hermes, Inc.	—	−11,950	—	exited	0.00 pp	—