Jensen Investment

Q2 2021 13F · by Robert McIver, CEO

As of: Jun 30, 2021
Filed: May 6, 2021
US stock: $13.2B · prev $12.5B
Positions: 76 · prev 75
Options notional: $0
Documents: 1· no amendments

Picture93.1% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 93.1%
Foreign stock not listed in the US 6.9%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves66 since the prior filing

+8.5 pp in · −8.6 pp out

New 3 +8.20 pp
Added 20 +0.33 pp
Trimmed 41 −2.17 pp
Exited 2 −6.40 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions31% of US stock

MSFT Microsoft Corp trimmed+0.50 pp trimmed+0.507.2%
unresolved Google Inc. new+6.92 pp new+6.926.9%
PEP PepsiCo, Inc. trimmed−0.11 pp trimmed−0.116.0%
JNJ Johnson & Johnson trimmed−0.34 pp trimmed−0.345.5%
MMM 3M Company trimmed−0.19 pp trimmed−0.195.2%

Positions76 in this filing · 2 exited


MSFTMicrosoft Corp	7.24%	3,539,008	$959M	trimmed−1%	+0.50 pp	33 q
unresolvedGoogle Inc.	6.92%	374,990	$916M	new	+6.92 pp	new
PEPPepsiCo, Inc.	6.01%	5,363,441	$795M	trimmed−1%	−0.11 pp	33 q
JNJJohnson & Johnson	5.47%	4,393,310	$724M	trimmed−1%	−0.34 pp	33 q
MMM3M Company	5.23%	3,485,326	$692M	trimmed−1%	−0.19 pp	33 q
BDXBecton, Dickinson and Co.	4.97%	2,705,040	$658M	trimmed−1%	−0.33 pp	33 q
SYKStryker Corporation	4.82%	2,457,587	$638M	trimmed−1%	0.00 pp	33 q
ACNAccenture PLC	4.63%	2,080,159	$613M	trimmed−4%	−0.15 pp	33 q
AAPLApple Inc.	4.51%	4,353,552	$596M	trimmed−1%	+0.22 pp	25 q
NKENike, Inc.	4.37%	3,742,237	$578M	trimmed−0%	+0.38 pp	33 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.11%	1,356,696	$543M	trimmed−6%	−0.19 pp	33 q
INTUIntuit Inc	3.84%	1,036,341	$508M	trimmed−2%	+0.60 pp	16 q
PFEPfizer Inc.	3.37%	11,391,217	$446M	trimmed−1%	+0.04 pp	13 q
ADPAutomatic Data Processing	3.14%	2,094,070	$416M	trimmed−0%	−0.02 pp	33 q
SBUXStarbucks Corp	3.07%	3,638,543	$407M	added+17%	+0.35 pp	5 q
CTSHCognizant Technology Solutions	2.80%	5,342,630	$370M	trimmed−1%	−0.57 pp	33 q
HDHome Depot, Inc.	2.42%	1,006,043	$321M	trimmed−1%	−0.06 pp	4 q
EFXEquifax, Incorporated	2.39%	1,319,948	$316M	trimmed−17%	+0.09 pp	33 q
BRBroadridge Financial Solutions Inc	2.38%	1,947,670	$315M	trimmed−1%	−0.02 pp	17 q
TXNTexas Instruments Incorporated	2.31%	1,587,716	$305M	trimmed−1%	−0.11 pp	11 q
PGProcter & Gamble Company	2.25%	2,210,804	$298M	trimmed−0%	−0.15 pp	33 q
UPSUnited Parcel Service, Inc. Class B	2.17%	1,378,966	$287M	trimmed−5%	+0.20 pp	33 q
MAMastercard Incorporated	2.16%	784,036	$286M	trimmed−2%	−0.12 pp	24 q
WMWaste Management, Inc.	1.92%	1,813,247	$254M	trimmed−0%	+0.04 pp	4 q
TJXTJX Companies, Inc. (The)	1.75%	3,443,976	$232M	trimmed−1%	−0.09 pp	33 q
GISGeneral Mills, Inc.	1.54%	3,339,458	$203M	trimmed−51%	−1.79 pp	25 q
MRSHMarsh	1.26%	1,185,165	$167M	new	+1.26 pp	new
VRSKVerisk Analytics, Inc.	0.99%	747,647	$131M	added+1%	−0.05 pp	4 q
ADBEAdobe Inc.	0.20%	45,567	$27M	trimmed−0%	+0.03 pp	33 q
ECLEcolab, Inc.	0.12%	75,137	$15M	trimmed−1%	−0.01 pp	33 q
WATWaters Corp	0.12%	47,357	$16M	trimmed−0%	+0.01 pp	33 q
ORCLOracle Corp	0.11%	183,720	$14M	trimmed−0%	+0.01 pp	33 q
ABTAbbott Laboratories	0.09%	107,775	$12M	trimmed−0%	−0.01 pp	33 q
APHAmphenol Corporation	0.07%	139,912	$10M	trimmed−2%	−0.01 pp	33 q
EMREmerson Electric Co.	0.07%	102,387	$10M	trimmed−2%	−0.01 pp	33 q
CLColgate-Palmolive Company	0.06%	102,499	$8M	held	—	33 q
OMCOmnicom Group Inc.	0.06%	97,414	$8M	trimmed−13%	−0.01 pp	33 q
KOCoca-Cola Company	0.05%	131,804	$7M	trimmed−1%	−0.01 pp	33 q
TROWT Rowe Price Group Inc	0.05%	32,361	$6M	held	—	33 q
CLXClorox Company	0.04%	29,000	$5M	held	—	33 q
CPRTCopart Inc	0.04%	43,930	$6M	added+3%	0.00 pp	6 q
CCKCrown Holdings Inc.	0.04%	51,370	$5M	added+7%	0.00 pp	23 q
EHCEncompass Health Corporation	0.04%	62,560	$5M	added+9%	0.00 pp	15 q
EXPDExpeditors International of Washington, Inc.	0.04%	41,530	$5M	trimmed−6%	0.00 pp	19 q
FDSFactset Research Systems	0.04%	15,960	$5M	added+40%	+0.01 pp	2 q
GPCGenuine Parts Company	0.04%	39,400	$5M	trimmed−4%	0.00 pp	27 q
HASHasbro, Inc.	0.04%	55,220	$5M	added+17%	0.00 pp	15 q
HRCHill-rom Holdings, Inc.	0.04%	48,940	$6M	added+21%	0.00 pp	6 q
99803EURLaboratory Crp Of Amer Hldgs	0.04%	20,170	$6M	added+6%	0.00 pp	9 q
MCHPMicrochip Technology Inc	0.04%	33,110	$5M	added+43%	+0.01 pp	4 q
BBYBest Buy Company, Inc.	0.03%	39,980	$5M	added+20%	0.00 pp	29 q
CBRECbre Group, Inc.	0.03%	43,920	$4M	held	—	15 q
KRThe Kroger Co.	0.03%	99,110	$4M	added+18%	+0.01 pp	20 q
LSTRLandstar System Inc	0.03%	22,590	$4M	held	—	27 q
LIILennox International Inc.	0.03%	10,610	$4M	held	—	12 q
ABBVAbbvie Inc.	0.02%	24,257	$3M	held	—	33 q
CPBThe Campbell's Company	0.02%	47,220	$2M	held	—	20 q
CRICarter's Inc.	0.02%	25,660	$3M	added+14%	0.00 pp	11 q
CHDChurch & Dwight Co., Inc.	0.02%	36,930	$3M	added+42%	0.00 pp	6 q
DCIDonaldson Company, Inc.	0.02%	43,230	$3M	added+10%	0.00 pp	8 q
FFIVF5, Inc.	0.02%	15,580	$3M	added+19%	0.00 pp	7 q
GNTXGentex Corp	0.02%	98,560	$3M	new	+0.02 pp	new
KELKellanova	0.02%	38,550	$2M	added+11%	0.00 pp	7 q
LEVILevi Strauss & Co. Class A	0.02%	115,700	$3M	held	—	5 q
MMSMAXIMUS, Inc.	0.02%	29,430	$3M	trimmed−9%	0.00 pp	4 q
MLKNMillerKnoll, Inc.	0.02%	66,400	$3M	added+14%	0.00 pp	22 q
PAYXPaychex Inc	0.02%	29,320	$3M	held	—	33 q
RTXRTX Corporation	0.02%	23,350	$2M	trimmed−3%	+0.01 pp	33 q
TSCOTractor Supply Co	0.02%	11,000	$2M	held	—	16 q
BMYBristol-Myers Squibb Co.	0.01%	26,375	$2M	trimmed−3%	0.00 pp	26 q
GWWW.W. Grainger, Inc.	0.01%	2,850	$1M	trimmed−23%	0.00 pp	19 q
ONON Semiconductor Corp	0.01%	28,031	$1M	trimmed−31%	0.00 pp	15 q
SMGThe Scotts Miracle-Gro Company	0.01%	10,120	$2M	added+51%	0.00 pp	16 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	9,790	$1M	added+11%	0.00 pp	5 q
99952EURLinde PLC/OLD	0.01%	4,270	$1M	trimmed−6%	0.00 pp	11 q
RSReliance, Inc.	0.00%	2,056	$310,000	held	—	25 q
GOOGLAlphabet Inc. Class A	—	−387,010	—	exited	−6.39 pp	—
NTAPNetApp, Inc	—	−14,290	—	exited	−0.01 pp	—