Jensen Investment

Q3 2020 13F · by Robert McIver, CEO

As of: Sep 30, 2020
Filed: Nov 3, 2020
US stock: $11.3B · prev $10.4B
Positions: 78 · prev 74
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%

Moves69 since the prior filing

+4.8 pp in · −4.8 pp out

New 5 +3.00 pp
Added 40 +1.79 pp
Trimmed 23 −4.78 pp
Exited 1 −0.02 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.0 years per position

Low
Moderate
High

Top 5 positions30% of US stock

MSFT Microsoft Corp trimmed−0.83 pp trimmed−0.837.1%
PEP PepsiCo, Inc. added−0.20 pp added−0.206.5%
JNJ Johnson & Johnson added−0.11 pp added−0.115.7%
GOOGL Alphabet Inc. Class A added−0.24 pp added−0.245.5%
BDX Becton, Dickinson and Co. trimmed−0.62 pp trimmed−0.625.5%

Positions78 in this filing · 1 exited


MSFTMicrosoft Corp	7.13%	3,825,925	$805M	trimmed−6%	−0.83 pp	30 q
PEPPepsiCo, Inc.	6.50%	5,297,453	$734M	added0%	−0.20 pp	30 q
JNJJohnson & Johnson	5.70%	4,318,348	$643M	added0%	−0.11 pp	30 q
GOOGLAlphabet Inc. Class A	5.55%	427,532	$627M	added0%	−0.24 pp	17 q
BDXBecton, Dickinson and Co.	5.50%	2,668,891	$621M	trimmed−0%	−0.62 pp	30 q
MMM3M Company	4.89%	3,443,499	$552M	added0%	−0.25 pp	30 q
NKENike, Inc.	4.79%	4,307,572	$541M	added0%	+0.76 pp	30 q
ACNAccenture PLC	4.70%	2,349,179	$531M	added0%	−0.12 pp	30 q
AAPLApple Inc.	4.65%	4,536,562	$525M	trimmed−24%	−0.53 pp	22 q
SYKStryker Corporation	4.47%	2,422,843	$505M	added+6%	+0.53 pp	30 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.91%	1,415,753	$441M	trimmed−11%	−0.59 pp	30 q
PFEPfizer Inc.	3.63%	11,168,803	$410M	added+7%	+0.37 pp	10 q
GISGeneral Mills, Inc.	3.62%	6,617,710	$408M	added+8%	+0.01 pp	22 q
CTSHCognizant Technology Solutions	3.25%	5,284,820	$367M	trimmed0%	+0.38 pp	30 q
UPSUnited Parcel Service, Inc. Class B	3.25%	2,200,961	$367M	trimmed−27%	+0.04 pp	30 q
INTUIntuit Inc	3.13%	1,083,919	$354M	added0%	+0.07 pp	13 q
MAMastercard Incorporated	2.50%	834,734	$282M	added0%	+0.14 pp	21 q
VFCV.F. Corporation	2.33%	3,750,235	$263M	added0%	+0.15 pp	7 q
PGProcter & Gamble Company	2.31%	1,874,956	$261M	trimmed−4%	+0.07 pp	30 q
SBUXStarbucks Corp	2.28%	2,999,657	$258M	added+14%	+0.43 pp	2 q
ADPAutomatic Data Processing	2.23%	1,807,026	$252M	added+29%	+0.24 pp	30 q
BRBroadridge Financial Solutions Inc	2.23%	1,909,854	$252M	added0%	−0.07 pp	14 q
EFXEquifax, Incorporated	2.12%	1,521,920	$239M	added+13%	−0.10 pp	30 q
HDHome Depot, Inc.	1.99%	809,175	$225M	new	+1.99 pp	new
TXNTexas Instruments Incorporated	1.98%	1,567,791	$224M	added0%	+0.08 pp	8 q
TJXTJX Companies, Inc. (The)	1.68%	3,403,555	$189M	added0%	+0.04 pp	30 q
WMWaste Management, Inc.	0.99%	985,830	$112M	new	+0.99 pp	new
APHAmphenol Corporation	0.72%	747,828	$81M	trimmed−1%	+0.03 pp	30 q
OMCOmnicom Group Inc.	0.53%	1,202,973	$60M	trimmed−27%	−0.33 pp	30 q
ADBEAdobe Inc.	0.20%	46,652	$23M	trimmed−7%	−0.01 pp	30 q
ECLEcolab, Inc.	0.13%	75,992	$15M	trimmed−2%	−0.02 pp	30 q
ABTAbbott Laboratories	0.11%	109,275	$12M	trimmed−4%	+0.01 pp	30 q
ORCLOracle Corp	0.10%	192,283	$11M	trimmed−94%	−1.63 pp	30 q
WATWaters Corp	0.09%	50,042	$10M	trimmed−10%	−0.01 pp	30 q
CLColgate-Palmolive Company	0.07%	104,499	$8M	trimmed−8%	−0.01 pp	30 q
EMREmerson Electric Co.	0.07%	120,542	$8M	trimmed−91%	−0.71 pp	30 q
KOCoca-Cola Company	0.06%	134,930	$7M	trimmed−7%	0.00 pp	30 q
CLXClorox Company	0.05%	29,000	$6M	trimmed−9%	−0.02 pp	30 q
TROWT Rowe Price Group Inc	0.04%	32,436	$4M	held	—	30 q
ABBVAbbvie Inc.	0.02%	25,405	$2M	held	—	30 q
CBRECbre Group, Inc.	0.02%	40,670	$2M	added+13%	0.00 pp	12 q
CPBThe Campbell's Company	0.02%	35,270	$2M	added+51%	+0.01 pp	17 q
CPRTCopart Inc	0.02%	18,050	$2M	added+26%	+0.01 pp	3 q
CCKCrown Holdings Inc.	0.02%	31,380	$2M	added+18%	0.00 pp	20 q
EHCEncompass Health Corporation	0.02%	36,530	$2M	added+35%	0.00 pp	12 q
EXPDExpeditors International of Washington, Inc.	0.02%	21,490	$2M	added+15%	+0.01 pp	16 q
GPCGenuine Parts Company	0.02%	20,850	$2M	added+21%	+0.01 pp	24 q
HRCHill-rom Holdings, Inc.	0.02%	22,970	$2M	added+71%	+0.01 pp	3 q
99803EURLaboratory Crp Of Amer Hldgs	0.02%	11,090	$2M	added+12%	0.00 pp	6 q
LIILennox International Inc.	0.02%	7,860	$2M	held	—	9 q
ONON Semiconductor Corp	0.02%	82,391	$2M	added+12%	+0.01 pp	12 q
PAYXPaychex Inc	0.02%	29,090	$2M	added+6%	0.00 pp	30 q
RTXRTX Corporation	0.02%	34,973	$2M	trimmed−11%	0.00 pp	30 q
99952EURLinde PLC/OLD	0.02%	8,020	$2M	trimmed−9%	0.00 pp	8 q
BBYBest Buy Company, Inc.	0.01%	15,110	$2M	trimmed−3%	0.00 pp	26 q
BMYBristol-Myers Squibb Co.	0.01%	27,175	$2M	held	—	23 q
CRICarter's Inc.	0.01%	15,090	$1M	added+12%	0.00 pp	8 q
CHDChurch & Dwight Co., Inc.	0.01%	14,590	$1M	held	—	3 q
DCIDonaldson Company, Inc.	0.01%	33,570	$2M	added+56%	0.00 pp	5 q
FFIVF5, Inc.	0.01%	12,360	$2M	added+48%	0.00 pp	4 q
GWWW.W. Grainger, Inc.	0.01%	3,700	$1M	held	—	16 q
HASHasbro, Inc.	0.01%	18,230	$2M	added+41%	0.00 pp	12 q
KELKellanova	0.01%	25,330	$2M	added+48%	0.00 pp	4 q
KRThe Kroger Co.	0.01%	42,760	$1M	added+45%	0.00 pp	17 q
LSTRLandstar System Inc	0.01%	11,730	$1M	held	—	24 q
LEVILevi Strauss & Co. Class A	0.01%	105,570	$1M	added+81%	0.00 pp	2 q
MMSMAXIMUS, Inc.	0.01%	16,730	$1M	new	+0.01 pp	new
MCHPMicrochip Technology Inc	0.01%	10,040	$1M	new	+0.01 pp	new
MLKNMillerKnoll, Inc.	0.01%	19,620	$592,000	held	—	19 q
NTAPNetApp, Inc	0.01%	17,400	$763,000	added+26%	0.00 pp	12 q
SMGThe Scotts Miracle-Gro Company	0.01%	6,710	$1M	held	—	13 q
TDCTeradata Corporation	0.01%	34,760	$789,000	added+25%	0.00 pp	26 q
TSCOTractor Supply Co	0.01%	9,500	$1M	trimmed−7%	0.00 pp	13 q
XLNXXilinx Inc	0.01%	8,760	$913,000	added+36%	0.00 pp	3 q
RSReliance, Inc.	0.00%	4,201	$429,000	trimmed−3%	0.00 pp	22 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.00%	6,670	$541,000	added+81%	0.00 pp	2 q
VRSKVerisk Analytics, Inc.	0.00%	2,370	$439,000	new	0.00 pp	new
MDTMedtronic plc	0.00%	5,090	$529,000	held	—	26 q
VARVarian Medical Systems, Inc.	—	−13,010	—	exited	−0.02 pp	—