Jensen Investment

Q1 2020 13F · by Robert McIver, CEO

As of: Mar 31, 2020
Filed: May 7, 2020
US stock: $8.9B · prev $10.1B
Positions: 75 · prev 75
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%

Moves66 since the prior filing

+3.9 pp in · −3.9 pp out

New 4 +0.01 pp
Added 35 +3.84 pp
Trimmed 23 −3.83 pp
Exited 4 −0.02 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.8 years per position

Low
Moderate
High

Top 5 positions33% of US stock

Positions75 in this filing · 4 exited


MSFTMicrosoft Corp	7.46%	4,220,466	$666M	trimmed−6%	+0.46 pp	28 q
PEPPepsiCo, Inc.	7.10%	5,279,378	$634M	added+10%	+0.60 pp	28 q
BDXBecton, Dickinson and Co.	6.88%	2,674,584	$615M	added+7%	+0.12 pp	28 q
JNJJohnson & Johnson	6.34%	4,318,640	$566M	added+11%	+0.71 pp	28 q
GOOGLAlphabet Inc. Class A	5.54%	425,460	$494M	added+28%	+1.13 pp	15 q
MMM3M Company	5.25%	3,433,474	$469M	added+12%	−0.14 pp	28 q
ACNAccenture PLC	4.28%	2,342,903	$383M	added+15%	+0.03 pp	28 q
UTXZRTX Corporation	4.26%	4,029,413	$380M	added+2%	−1.62 pp	28 q
AAPLApple Inc.	4.23%	1,484,004	$377M	trimmed−7%	−0.44 pp	20 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.23%	1,515,333	$378M	added+2%	−0.11 pp	28 q
NKENike, Inc.	3.98%	4,291,312	$355M	added+23%	+0.49 pp	28 q
PFEPfizer Inc.	3.56%	9,749,740	$318M	added+10%	+0.11 pp	8 q
GISGeneral Mills, Inc.	3.38%	5,712,265	$301M	added+11%	+0.65 pp	20 q
SYKStryker Corporation	3.37%	1,808,115	$301M	added+40%	+0.67 pp	28 q
UPSUnited Parcel Service, Inc. Class B	3.18%	3,041,296	$284M	added+12%	+0.04 pp	28 q
INTUIntuit Inc	2.78%	1,079,482	$248M	added+11%	+0.25 pp	11 q
CTSHCognizant Technology Solutions	2.75%	5,291,716	$246M	added+11%	−0.19 pp	28 q
VFCV.F. Corporation	2.26%	3,736,160	$202M	added+12%	−1.03 pp	5 q
MAMastercard Incorporated	2.25%	832,189	$201M	added+32%	+0.38 pp	19 q
OMCOmnicom Group Inc.	2.17%	3,528,448	$194M	added+2%	−0.62 pp	28 q
ADPAutomatic Data Processing	2.13%	1,393,325	$190M	added×12.2	+1.94 pp	28 q
BRBroadridge Financial Solutions Inc	2.02%	1,898,168	$180M	added+15%	−0.01 pp	12 q
TJXTJX Companies, Inc. (The)	1.82%	3,394,165	$162M	added+42%	+0.37 pp	28 q
ORCLOracle Corp	1.78%	3,292,616	$159M	trimmed−48%	−1.57 pp	28 q
TXNTexas Instruments Incorporated	1.75%	1,559,826	$156M	added+18%	+0.07 pp	6 q
EMREmerson Electric Co.	1.60%	2,994,710	$143M	added0%	−0.65 pp	28 q
EFXEquifax, Incorporated	0.83%	621,043	$74M	added×5.3	+0.67 pp	28 q
PGProcter & Gamble Company	0.80%	652,046	$72M	trimmed−11%	−0.11 pp	28 q
APHAmphenol Corporation	0.62%	758,033	$55M	trimmed−19%	−0.38 pp	28 q
ECLEcolab, Inc.	0.37%	210,852	$33M	trimmed−76%	−1.30 pp	28 q
ADBEAdobe Inc.	0.18%	49,922	$16M	trimmed−5%	+0.01 pp	28 q
WATWaters Corp	0.12%	57,148	$10M	trimmed−77%	−0.45 pp	28 q
ABTAbbott Laboratories	0.10%	114,175	$9M	trimmed−1%	0.00 pp	28 q
CLColgate-Palmolive Company	0.08%	113,699	$8M	added+3%	0.00 pp	28 q
KOCoca-Cola Company	0.07%	148,262	$7M	trimmed−1%	−0.01 pp	28 q
CLXClorox Company	0.06%	31,820	$6M	trimmed−6%	+0.01 pp	28 q
TROWT Rowe Price Group Inc	0.04%	32,436	$3M	trimmed−1%	0.00 pp	28 q
ABBVAbbvie Inc.	0.02%	25,405	$2M	held	—	28 q
BMYBristol-Myers Squibb Co.	0.02%	27,175	$2M	held	—	21 q
CCKCrown Holdings Inc.	0.02%	24,330	$1M	added+16%	0.00 pp	18 q
EHCEncompass Health Corporation	0.02%	22,710	$1M	trimmed−10%	0.00 pp	10 q
PAYXPaychex Inc	0.02%	26,060	$2M	held	—	28 q
99952EURLinde PLC/OLD	0.02%	8,800	$2M	trimmed−51%	−0.02 pp	6 q
BBYBest Buy Company, Inc.	0.01%	15,430	$880,000	trimmed−7%	0.00 pp	24 q
CBRECbre Group, Inc.	0.01%	33,650	$1M	added+16%	−0.01 pp	10 q
CPBThe Campbell's Company	0.01%	18,320	$846,000	trimmed−20%	0.00 pp	15 q
CRICarter's Inc.	0.01%	12,490	$821,000	held	—	6 q
CTXSCitrix Systems Inc	0.01%	3,800	$538,000	trimmed−46%	0.00 pp	15 q
DCIDonaldson Company, Inc.	0.01%	12,510	$483,000	added+52%	+0.01 pp	3 q
EXPDExpeditors International of Washington, Inc.	0.01%	16,730	$1M	held	—	14 q
FFIVF5, Inc.	0.01%	5,720	$610,000	added+19%	0.00 pp	2 q
GPCGenuine Parts Company	0.01%	14,820	$998,000	added+8%	0.00 pp	22 q
GWWW.W. Grainger, Inc.	0.01%	3,560	$885,000	held	—	14 q
HASHasbro, Inc.	0.01%	10,180	$728,000	held	—	10 q
HRCHill-rom Holdings, Inc.	0.01%	6,990	$703,000	new	+0.01 pp	new
KELKellanova	0.01%	14,750	$885,000	added+49%	0.00 pp	2 q
KRThe Kroger Co.	0.01%	28,060	$845,000	trimmed−26%	0.00 pp	15 q
99803EURLaboratory Crp Of Amer Hldgs	0.01%	8,380	$1M	added+1%	0.00 pp	4 q
LSTRLandstar System Inc	0.01%	11,340	$1M	held	—	22 q
LIILennox International Inc.	0.01%	5,500	$1M	added+48%	0.00 pp	7 q
NTAPNetApp, Inc	0.01%	12,870	$537,000	held	—	10 q
ONON Semiconductor Corp	0.01%	63,871	$795,000	trimmed−6%	−0.01 pp	10 q
RSReliance, Inc.	0.01%	7,711	$675,000	trimmed−4%	0.00 pp	20 q
SMGThe Scotts Miracle-Gro Company	0.01%	7,940	$813,000	trimmed−21%	0.00 pp	11 q
TDCTeradata Corporation	0.01%	26,000	$533,000	held	—	24 q
TSCOTractor Supply Co	0.01%	14,660	$1M	held	—	11 q
VARVarian Medical Systems, Inc.	0.01%	11,440	$1M	held	—	28 q
MDTMedtronic plc	0.01%	5,090	$459,000	held	—	24 q
CHDChurch & Dwight Co., Inc.	0.00%	5,180	$332,000	new	0.00 pp	new
CPRTCopart Inc	0.00%	5,070	$347,000	new	0.00 pp	new
HN9Hanesbrands Inc	0.00%	52,360	$412,000	added+18%	−0.01 pp	10 q
MIDDMiddleby Corp	0.00%	7,720	$439,000	trimmed−11%	−0.01 pp	9 q
MLKNMillerKnoll, Inc.	0.00%	19,620	$436,000	added+17%	−0.01 pp	17 q
WUThe Western Union Company	0.00%	13,480	$244,000	trimmed−50%	−0.01 pp	20 q
XLNXXilinx Inc	0.00%	5,520	$430,000	new	0.00 pp	new
CHHChoice Hotels Intnl.	—	−9,520	—	exited	−0.01 pp	—
CBRLCracker Barrel Old Country Store, Inc,.	—	−4,810	—	exited	−0.01 pp	—
ROKRockwell Automation, Inc.	—	−2,300	—	exited	0.00 pp	—
SBUXStarbucks Corp	—	−2,300	—	exited	0.00 pp	—