Jensen Investment

Q3 2022 13F · by Robert McIver, CEO

As of: Sep 30, 2022
Filed: Nov 7, 2022
US stock: $11.5B · prev $12.1B
Positions: 81 · prev 81
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%

Moves45 since the prior filing

+1.6 pp in · −1.5 pp out

New 0 0.00 pp
Added 12 +1.58 pp
Trimmed 33 −1.51 pp
Exited 0 0.00 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.1% a year, about 16.5 years per position

Low
Moderate
High

Top 5 positions29% of US stock

Positions81 in this filing · 0 exited


PEPPepsiCo, Inc.	6.82%	4,800,068	$784M	trimmed−0%	+0.17 pp	38 q
MSFTMicrosoft Corp	6.16%	3,035,731	$707M	trimmed−0%	−0.32 pp	38 q
GOOGLAlphabet Inc. Class A	5.58%	6,696,180	$640M	trimmed−0%	−0.46 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.31%	1,207,362	$610M	added+8%	+0.57 pp	38 q
JNJJohnson & Johnson	5.11%	3,594,311	$587M	trimmed−1%	−0.20 pp	38 q
AAPLApple Inc.	5.05%	4,192,474	$579M	trimmed−0%	+0.29 pp	30 q
ACNAccenture PLC	4.50%	2,008,782	$517M	trimmed−0%	−0.13 pp	38 q
ADPAutomatic Data Processing	4.47%	2,267,024	$513M	trimmed−0%	+0.51 pp	38 q
SYKStryker Corporation	4.41%	2,502,486	$507M	trimmed−1%	+0.27 pp	38 q
BDXBecton, Dickinson and Co.	4.12%	2,123,375	$473M	trimmed−0%	−0.23 pp	38 q
PFEPfizer Inc.	3.80%	9,976,089	$437M	trimmed−1%	−0.56 pp	18 q
NKENike, Inc.	3.39%	4,681,749	$389M	added+7%	−0.30 pp	38 q
SBUXStarbucks Corp	3.19%	4,342,725	$366M	trimmed−0%	+0.44 pp	10 q
MRSHMarsh	2.88%	2,217,285	$331M	added+9%	+0.26 pp	6 q
INTUIntuit Inc	2.80%	829,424	$321M	trimmed−0%	+0.15 pp	21 q
PGProcter & Gamble Company	2.64%	2,404,595	$304M	trimmed−0%	−0.23 pp	38 q
MAMastercard Incorporated	2.53%	1,019,757	$290M	trimmed−0%	−0.14 pp	29 q
HDHome Depot, Inc.	2.43%	1,012,927	$280M	added+11%	+0.36 pp	9 q
TXNTexas Instruments Incorporated	2.43%	1,803,205	$279M	trimmed−0%	+0.13 pp	16 q
WMWaste Management, Inc.	2.34%	1,675,512	$268M	trimmed−0%	+0.21 pp	9 q
TJXTJX Companies, Inc. (The)	2.31%	4,263,130	$265M	trimmed−0%	+0.33 pp	38 q
EFXEquifax, Incorporated	2.30%	1,538,153	$264M	added+14%	+0.25 pp	38 q
BRBroadridge Financial Solutions Inc	2.16%	1,717,678	$248M	trimmed−1%	+0.11 pp	22 q
CTSHCognizant Technology Solutions	2.04%	4,076,186	$234M	trimmed−0%	−0.25 pp	38 q
UPSUnited Parcel Service, Inc. Class B	1.79%	1,269,669	$205M	trimmed−0%	−0.13 pp	38 q
APHAmphenol Corporation	1.69%	2,891,798	$194M	added+24%	+0.45 pp	38 q
MCOMoody's Corporation	1.56%	734,490	$179M	added+16%	+0.14 pp	3 q
VRSKVerisk Analytics, Inc.	1.37%	921,779	$157M	trimmed−2%	+0.02 pp	9 q
BALLBall Corporation	1.31%	3,103,935	$150M	added+20%	−0.16 pp	2 q
MMM3M Company	1.31%	1,361,055	$150M	trimmed−46%	−1.40 pp	38 q
ADBEAdobe Inc.	0.11%	44,967	$12M	held	—	38 q
WATWaters Corp	0.11%	46,772	$13M	held	—	38 q
ABTAbbott Laboratories	0.09%	106,425	$10M	held	—	38 q
ECLEcolab, Inc.	0.09%	73,780	$11M	trimmed−1%	0.00 pp	38 q
ORCLOracle Corp	0.09%	164,945	$10M	trimmed−8%	−0.01 pp	38 q
GISGeneral Mills, Inc.	0.07%	104,662	$8M	trimmed−23%	−0.02 pp	30 q
KOCoca-Cola Company	0.06%	131,323	$7M	trimmed−0%	−0.01 pp	38 q
CLColgate-Palmolive Company	0.06%	102,699	$7M	held	—	38 q
CPRTCopart Inc	0.06%	65,760	$7M	held	—	11 q
CCKCrown Holdings Inc.	0.06%	80,300	$7M	held	—	28 q
EMREmerson Electric Co.	0.06%	101,905	$7M	held	—	38 q
GPCGenuine Parts Company	0.06%	43,460	$6M	trimmed−22%	0.00 pp	32 q
99803EURLaboratory Crp Of Amer Hldgs	0.06%	33,040	$7M	trimmed−2%	−0.01 pp	14 q
MCHPMicrochip Technology Inc	0.06%	116,100	$7M	held	—	9 q
BBYBest Buy Company, Inc.	0.05%	88,690	$6M	held	—	34 q
CHDChurch & Dwight Co., Inc.	0.05%	83,320	$6M	trimmed−6%	−0.02 pp	11 q
EHCEncompass Health Corporation	0.05%	133,000	$6M	held	—	20 q
EXPDExpeditors International of Washington, Inc.	0.05%	62,300	$6M	held	—	24 q
FDSFactset Research Systems	0.05%	13,140	$5M	trimmed−26%	−0.01 pp	7 q
HASHasbro, Inc.	0.05%	86,900	$6M	trimmed−6%	−0.01 pp	20 q
KRThe Kroger Co.	0.05%	130,080	$6M	added+9%	0.00 pp	25 q
LEVILevi Strauss & Co. Class A	0.05%	365,150	$5M	held	—	10 q
OMCOmnicom Group Inc.	0.05%	90,664	$6M	held	—	38 q
CDNSCadence Design Systems	0.04%	30,690	$5M	trimmed−14%	0.00 pp	3 q
FFIVF5, Inc.	0.04%	31,300	$5M	held	—	12 q
GNTXGentex Corp	0.04%	195,910	$5M	held	—	6 q
KELKellanova	0.04%	58,110	$4M	held	—	12 q
MANHManhattan Associates Inc	0.04%	37,950	$5M	trimmed−3%	0.00 pp	3 q
GGenpact Limited	0.04%	106,380	$5M	held	—	2 q
ABBVAbbvie Inc.	0.03%	23,957	$3M	held	—	38 q
CPBThe Campbell's Company	0.03%	67,350	$3M	held	—	25 q
CRLCharles River Laboratories International, Inc.	0.03%	17,370	$3M	added×2.0	+0.01 pp	2 q
CLXClorox Company	0.03%	29,000	$4M	held	—	38 q
LIILennox International Inc.	0.03%	16,850	$4M	held	—	17 q
MMSMAXIMUS, Inc.	0.03%	58,280	$3M	held	—	9 q
TROWT Rowe Price Group Inc	0.03%	32,361	$3M	held	—	38 q
RMDResMed Inc.	0.03%	18,240	$4M	held	—	4 q
TTCToro Company (The)	0.03%	38,750	$3M	held	—	3 q
URIUnited Rentals, Inc.	0.03%	13,340	$4M	held	—	5 q
BMYBristol-Myers Squibb Co.	0.02%	26,375	$2M	held	—	31 q
CBRECbre Group, Inc.	0.02%	38,180	$3M	held	—	20 q
CRICarter's Inc.	0.02%	41,640	$3M	held	—	16 q
DCIDonaldson Company, Inc.	0.02%	44,880	$2M	held	—	13 q
LSTRLandstar System Inc	0.02%	16,760	$2M	held	—	32 q
POOLPool Corporation	0.02%	7,320	$2M	added+7%	0.00 pp	5 q
RTXRTX Corporation	0.02%	21,850	$2M	held	—	38 q
WSMWilliams-Sonoma, Inc.	0.02%	15,360	$2M	held	—	2 q
PAYXPaychex Inc	0.01%	9,830	$1M	held	—	38 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	16,340	$1M	added+2%	0.00 pp	10 q
TSCOTractor Supply Co	0.01%	5,770	$1M	held	—	21 q
99952EURLinde PLC/OLD	0.01%	4,195	$1M	held	—	16 q