Jensen Investment

Q4 2019 13F · by Robert McIver, CEO

As of: Dec 31, 2019
Filed: Feb 7, 2020
US stock: $10.1B · prev $9.4B
Positions: 75 · prev 76
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

+6.8 pp in · −6.8 pp out

New 3 +0.02 pp
Added 32 +6.77 pp
Trimmed 26 −6.75 pp
Exited 4 −0.02 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.9 years per position

Low
Moderate
High

Top 5 positions32% of US stock

MSFT Microsoft Corp trimmed+0.06 pp trimmed+0.067.0%
BDX Becton, Dickinson and Co. trimmed−0.02 pp trimmed−0.026.8%
PEP PepsiCo, Inc. trimmed−0.52 pp trimmed−0.526.5%
UTXZ RTX Corporation added+0.11 pp added+0.115.9%
JNJ Johnson & Johnson added+0.46 pp added+0.465.6%

Positions75 in this filing · 4 exited


MSFTMicrosoft Corp	7.00%	4,472,868	$705M	trimmed−4%	+0.06 pp	27 q
BDXBecton, Dickinson and Co.	6.76%	2,506,375	$682M	trimmed−0%	−0.02 pp	27 q
PEPPepsiCo, Inc.	6.50%	4,792,970	$655M	trimmed−0%	−0.52 pp	27 q
UTXZRTX Corporation	5.88%	3,958,173	$593M	added0%	+0.11 pp	27 q
JNJJohnson & Johnson	5.63%	3,891,980	$568M	added+4%	+0.46 pp	27 q
MMM3M Company	5.39%	3,077,927	$543M	added+9%	+0.44 pp	27 q
AAPLApple Inc.	4.67%	1,603,490	$471M	added0%	+0.83 pp	19 q
GOOGLAlphabet Inc. Class A	4.41%	332,165	$445M	added+11%	+0.52 pp	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.34%	1,489,838	$438M	trimmed−19%	+0.08 pp	27 q
ACNAccenture PLC	4.25%	2,034,673	$428M	added+5%	+0.28 pp	27 q
NKENike, Inc.	3.49%	3,476,010	$352M	added+26%	+0.71 pp	27 q
PFEPfizer Inc.	3.45%	8,876,008	$348M	added+6%	+0.24 pp	7 q
ORCLOracle Corp	3.35%	6,379,215	$338M	trimmed−22%	−1.44 pp	27 q
VFCV.F. Corporation	3.29%	3,329,125	$332M	added+28%	+0.83 pp	4 q
UPSUnited Parcel Service, Inc. Class B	3.14%	2,705,211	$317M	added+28%	+0.43 pp	27 q
CTSHCognizant Technology Solutions	2.94%	4,784,801	$297M	added+7%	+0.06 pp	27 q
OMCOmnicom Group Inc.	2.79%	3,473,303	$281M	added0%	−0.11 pp	27 q
GISGeneral Mills, Inc.	2.73%	5,143,000	$275M	added+19%	+0.17 pp	19 q
SYKStryker Corporation	2.70%	1,295,475	$272M	trimmed−12%	−0.70 pp	27 q
INTUIntuit Inc	2.53%	972,635	$255M	added×3.1	+1.65 pp	10 q
EMREmerson Electric Co.	2.25%	2,980,780	$227M	trimmed−18%	−0.34 pp	27 q
BRBroadridge Financial Solutions Inc	2.03%	1,655,898	$205M	added+11%	+0.04 pp	11 q
MAMastercard Incorporated	1.87%	630,799	$188M	trimmed−5%	−0.05 pp	18 q
TXNTexas Instruments Incorporated	1.68%	1,318,802	$169M	added+13%	+0.06 pp	5 q
ECLEcolab, Inc.	1.67%	872,138	$168M	trimmed−34%	−1.15 pp	27 q
TJXTJX Companies, Inc. (The)	1.45%	2,391,535	$146M	trimmed−25%	−0.46 pp	27 q
APHAmphenol Corporation	1.00%	934,572	$101M	trimmed−48%	−0.85 pp	27 q
PGProcter & Gamble Company	0.91%	732,437	$91M	trimmed−52%	−1.11 pp	27 q
WATWaters Corp	0.57%	245,972	$57M	trimmed−25%	−0.21 pp	27 q
ADPAutomatic Data Processing	0.19%	113,870	$19M	trimmed−0%	−0.01 pp	27 q
ADBEAdobe Inc.	0.17%	52,642	$17M	trimmed−0%	+0.01 pp	27 q
EFXEquifax, Incorporated	0.16%	117,100	$16M	trimmed−0%	−0.02 pp	27 q
ABTAbbott Laboratories	0.10%	114,870	$10M	held	—	27 q
KOCoca-Cola Company	0.08%	150,092	$8M	trimmed−1%	−0.01 pp	27 q
CLColgate-Palmolive Company	0.08%	110,899	$8M	held	—	27 q
CLXClorox Company	0.05%	33,720	$5M	held	—	27 q
TROWT Rowe Price Group Inc	0.04%	32,731	$4M	held	—	27 q
99952EURLinde PLC/OLD	0.04%	17,900	$4M	trimmed−0%	0.00 pp	5 q
ABBVAbbvie Inc.	0.02%	25,405	$2M	held	—	27 q
BMYBristol-Myers Squibb Co.	0.02%	27,175	$2M	added+5%	+0.01 pp	20 q
CBRECbre Group, Inc.	0.02%	28,950	$2M	trimmed−4%	0.00 pp	9 q
CCKCrown Holdings Inc.	0.02%	21,020	$2M	added+22%	+0.01 pp	17 q
EHCEncompass Health Corporation	0.02%	25,330	$2M	added+2%	0.00 pp	9 q
ONON Semiconductor Corp	0.02%	67,801	$2M	added+14%	+0.01 pp	9 q
PAYXPaychex Inc	0.02%	26,060	$2M	added+11%	0.00 pp	27 q
VARVarian Medical Systems, Inc.	0.02%	11,440	$2M	added+3%	+0.01 pp	27 q
BBYBest Buy Company, Inc.	0.01%	16,660	$1M	added+2%	0.00 pp	23 q
CPBThe Campbell's Company	0.01%	22,980	$1M	added+25%	0.00 pp	14 q
CRICarter's Inc.	0.01%	12,490	$1M	added+21%	0.00 pp	5 q
CHHChoice Hotels Intnl.	0.01%	9,520	$985,000	held	—	15 q
CTXSCitrix Systems Inc	0.01%	7,040	$781,000	held	—	14 q
CBRLCracker Barrel Old Country Store, Inc,.	0.01%	4,810	$739,000	held	—	19 q
EXPDExpeditors International of Washington, Inc.	0.01%	16,730	$1M	added+20%	0.00 pp	13 q
FFIVF5, Inc.	0.01%	4,820	$673,000	new	+0.01 pp	new
GPCGenuine Parts Company	0.01%	13,670	$1M	added+24%	0.00 pp	21 q
GWWW.W. Grainger, Inc.	0.01%	3,560	$1M	held	—	13 q
HN9Hanesbrands Inc	0.01%	44,270	$657,000	added+46%	+0.01 pp	9 q
HASHasbro, Inc.	0.01%	10,180	$1M	added+22%	0.00 pp	9 q
KELKellanova	0.01%	9,900	$685,000	new	+0.01 pp	new
KRThe Kroger Co.	0.01%	37,990	$1M	trimmed−10%	0.00 pp	14 q
99803EURLaboratory Crp Of Amer Hldgs	0.01%	8,280	$1M	added+14%	0.00 pp	3 q
LSTRLandstar System Inc	0.01%	11,340	$1M	added+16%	0.00 pp	21 q
LIILennox International Inc.	0.01%	3,710	$905,000	held	—	6 q
MIDDMiddleby Corp	0.01%	8,650	$947,000	trimmed−8%	0.00 pp	8 q
MLKNMillerKnoll, Inc.	0.01%	16,840	$701,000	held	—	16 q
NTAPNetApp, Inc	0.01%	12,870	$801,000	trimmed−22%	0.00 pp	9 q
RSReliance, Inc.	0.01%	8,071	$967,000	trimmed−23%	0.00 pp	19 q
SMGThe Scotts Miracle-Gro Company	0.01%	10,060	$1M	held	—	10 q
TDCTeradata Corporation	0.01%	26,000	$696,000	trimmed−21%	0.00 pp	23 q
TSCOTractor Supply Co	0.01%	14,660	$1M	added+29%	0.00 pp	10 q
WUThe Western Union Company	0.01%	26,980	$723,000	trimmed−14%	0.00 pp	19 q
MDTMedtronic plc	0.01%	5,090	$577,000	held	—	23 q
DCIDonaldson Company, Inc.	0.00%	8,250	$475,000	held	—	2 q
ROKRockwell Automation, Inc.	0.00%	2,300	$466,000	trimmed−51%	−0.01 pp	3 q
SBUXStarbucks Corp	0.00%	2,300	$202,000	new	0.00 pp	new
AMGAffiliated Managers Group	—	−6,860	—	exited	−0.01 pp	—
HSYThe Hershey Company	—	−5,770	—	exited	−0.01 pp	—
EMNEastman Chemical Company	—	−6,100	—	exited	0.00 pp	—
OIO-I Glass, Inc.	—	−32,620	—	exited	0.00 pp	—