Jensen Investment

Q2 2020 13F · by Robert McIver, CEO

As of: Jun 30, 2020
Filed: Aug 7, 2020
US stock: $10.4B · prev $8.9B
Positions: 74 · 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%

Moves68 since the prior filing

+6.3 pp in · −6.3 pp out

New 3 +1.86 pp
Added 44 +4.42 pp
Trimmed 17 −6.30 pp
Exited 4 −0.01 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.1 years per position

Low
Moderate
High

Top 5 positions32% of US stock

Positions74 in this filing · 4 exited


MSFTMicrosoft Corp	7.96%	4,086,908	$832M	trimmed−3%	+0.50 pp	29 q
PEPPepsiCo, Inc.	6.70%	5,289,882	$700M	added0%	−0.40 pp	29 q
BDXBecton, Dickinson and Co.	6.12%	2,671,628	$639M	trimmed−0%	−0.76 pp	29 q
JNJJohnson & Johnson	5.81%	4,314,368	$607M	trimmed−0%	−0.53 pp	29 q
GOOGLAlphabet Inc. Class A	5.79%	426,374	$605M	added0%	+0.25 pp	16 q
AAPLApple Inc.	5.18%	1,483,804	$541M	trimmed−0%	+0.95 pp	21 q
MMM3M Company	5.14%	3,439,064	$536M	added0%	−0.11 pp	29 q
ACNAccenture PLC	4.82%	2,346,548	$504M	added0%	+0.54 pp	29 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.50%	1,593,018	$470M	added+5%	+0.27 pp	29 q
NKENike, Inc.	4.03%	4,296,162	$421M	added0%	+0.05 pp	29 q
SYKStryker Corporation	3.94%	2,286,403	$412M	added+26%	+0.57 pp	29 q
GISGeneral Mills, Inc.	3.61%	6,122,089	$377M	added+7%	+0.23 pp	21 q
PFEPfizer Inc.	3.26%	10,406,823	$340M	added+7%	−0.30 pp	9 q
UPSUnited Parcel Service, Inc. Class B	3.21%	3,018,976	$336M	trimmed−1%	+0.03 pp	29 q
INTUIntuit Inc	3.06%	1,080,829	$320M	added0%	+0.28 pp	12 q
CTSHCognizant Technology Solutions	2.87%	5,284,840	$300M	trimmed−0%	+0.12 pp	29 q
MAMastercard Incorporated	2.36%	832,639	$246M	added0%	+0.11 pp	20 q
BRBroadridge Financial Solutions Inc	2.30%	1,901,214	$240M	added0%	+0.28 pp	13 q
PGProcter & Gamble Company	2.24%	1,958,251	$234M	added×3.0	+1.44 pp	29 q
EFXEquifax, Incorporated	2.22%	1,347,335	$232M	added×2.2	+1.39 pp	29 q
VFCV.F. Corporation	2.18%	3,742,735	$228M	added0%	−0.08 pp	6 q
ADPAutomatic Data Processing	1.99%	1,396,294	$208M	added0%	−0.14 pp	29 q
TXNTexas Instruments Incorporated	1.90%	1,563,711	$199M	added0%	+0.15 pp	7 q
SBUXStarbucks Corp	1.85%	2,627,865	$193M	new	+1.85 pp	new
ORCLOracle Corp	1.73%	3,278,006	$181M	trimmed−0%	−0.05 pp	29 q
TJXTJX Companies, Inc. (The)	1.64%	3,397,645	$172M	added0%	−0.18 pp	29 q
OMCOmnicom Group Inc.	0.86%	1,646,438	$90M	trimmed−53%	−1.31 pp	29 q
EMREmerson Electric Co.	0.78%	1,305,375	$81M	trimmed−56%	−0.82 pp	29 q
APHAmphenol Corporation	0.69%	753,993	$72M	trimmed−1%	+0.07 pp	29 q
ADBEAdobe Inc.	0.21%	49,922	$22M	held	—	29 q
ECLEcolab, Inc.	0.15%	77,552	$15M	trimmed−63%	−0.22 pp	29 q
ABTAbbott Laboratories	0.10%	114,175	$10M	held	—	29 q
WATWaters Corp	0.10%	55,702	$10M	trimmed−3%	−0.02 pp	29 q
CLColgate-Palmolive Company	0.08%	113,699	$8M	held	—	29 q
CLXClorox Company	0.07%	31,820	$7M	held	—	29 q
KOCoca-Cola Company	0.06%	145,712	$7M	trimmed−2%	−0.01 pp	29 q
TROWT Rowe Price Group Inc	0.04%	32,436	$4M	held	—	29 q
ABBVAbbvie Inc.	0.02%	25,405	$2M	held	—	29 q
BMYBristol-Myers Squibb Co.	0.02%	27,175	$2M	held	—	22 q
CBRECbre Group, Inc.	0.02%	35,900	$2M	added+7%	+0.01 pp	11 q
CCKCrown Holdings Inc.	0.02%	26,630	$2M	added+9%	0.00 pp	19 q
EHCEncompass Health Corporation	0.02%	27,080	$2M	added+19%	0.00 pp	11 q
99803EURLaboratory Crp Of Amer Hldgs	0.02%	9,920	$2M	added+18%	+0.01 pp	5 q
LIILennox International Inc.	0.02%	7,860	$2M	added+43%	+0.01 pp	8 q
PAYXPaychex Inc	0.02%	27,570	$2M	added+6%	0.00 pp	29 q
RTXRTX Corporation	0.02%	39,273	$2M	trimmed−99%	−4.24 pp	29 q
VARVarian Medical Systems, Inc.	0.02%	13,010	$2M	added+14%	+0.01 pp	29 q
99952EURLinde PLC/OLD	0.02%	8,800	$2M	held	—	7 q
BBYBest Buy Company, Inc.	0.01%	15,550	$1M	added+1%	0.00 pp	25 q
CPBThe Campbell's Company	0.01%	23,350	$1M	added+27%	0.00 pp	16 q
CRICarter's Inc.	0.01%	13,520	$1M	added+8%	0.00 pp	7 q
CHDChurch & Dwight Co., Inc.	0.01%	14,590	$1M	added×2.8	+0.01 pp	2 q
CPRTCopart Inc	0.01%	14,290	$1M	added×2.8	+0.01 pp	2 q
DCIDonaldson Company, Inc.	0.01%	21,560	$1M	added+72%	0.00 pp	4 q
EXPDExpeditors International of Washington, Inc.	0.01%	18,670	$1M	added+12%	0.00 pp	15 q
FFIVF5, Inc.	0.01%	8,330	$1M	added+46%	0.00 pp	3 q
GPCGenuine Parts Company	0.01%	17,200	$1M	added+16%	0.00 pp	23 q
GWWW.W. Grainger, Inc.	0.01%	3,700	$1M	added+4%	0.00 pp	15 q
HASHasbro, Inc.	0.01%	12,960	$971,000	added+27%	0.00 pp	11 q
HRCHill-rom Holdings, Inc.	0.01%	13,470	$1M	added+93%	0.00 pp	2 q
KELKellanova	0.01%	17,110	$1M	added+16%	0.00 pp	3 q
KRThe Kroger Co.	0.01%	29,390	$995,000	added+5%	0.00 pp	16 q
LSTRLandstar System Inc	0.01%	11,730	$1M	added+3%	0.00 pp	23 q
LEVILevi Strauss & Co. Class A	0.01%	58,330	$782,000	new	+0.01 pp	new
NTAPNetApp, Inc	0.01%	13,840	$614,000	added+8%	0.00 pp	11 q
ONON Semiconductor Corp	0.01%	73,471	$1M	added+15%	0.00 pp	11 q
SMGThe Scotts Miracle-Gro Company	0.01%	6,710	$902,000	trimmed−15%	0.00 pp	12 q
TDCTeradata Corporation	0.01%	27,710	$576,000	added+7%	0.00 pp	25 q
TSCOTractor Supply Co	0.01%	10,170	$1M	trimmed−31%	0.00 pp	12 q
XLNXXilinx Inc	0.01%	6,420	$632,000	added+16%	+0.01 pp	2 q
MLKNMillerKnoll, Inc.	0.00%	19,620	$463,000	held	—	18 q
RSReliance, Inc.	0.00%	4,311	$409,000	trimmed−44%	−0.01 pp	21 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.00%	3,690	$209,000	new	0.00 pp	new
MDTMedtronic plc	0.00%	5,090	$467,000	held	—	25 q
CTXSCitrix Systems Inc	—	−3,800	—	exited	−0.01 pp	—
HN9Hanesbrands Inc	—	−52,360	—	exited	0.00 pp	—
MIDDMiddleby Corp	—	−7,720	—	exited	0.00 pp	—
WUThe Western Union Company	—	−13,480	—	exited	0.00 pp	—