Jensen Investment

Q4 2022 13F · by Robert McIver, CEO

As of: Dec 31, 2022
Filed: Apr 5, 2023
US stock: $12.8B · prev $11.5B
Positions: 84 · prev 81
Options notional: $0
Documents: 1· 1 amendment

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%

Moves67 since the prior filing

+4.3 pp in · −4.3 pp out

New 3 +0.01 pp
Added 32 +4.33 pp
Trimmed 32 −4.34 pp
Exited 0 0.00 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.9 years per position

Low
Moderate
High

Top 5 positions29% of US stock

PEP PepsiCo, Inc. added+0.14 pp added+0.147.0%
MSFT Microsoft Corp added−0.18 pp added−0.186.0%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) added+0.47 pp added+0.475.8%
SYK Stryker Corporation added+0.63 pp added+0.635.0%
ACN Accenture PLC added+0.40 pp added+0.404.9%

Revealed late, restated

restated 0 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Apr 5, 2023 ↗

Positions84 in this filing · 0 exited


PEPPepsiCo, Inc.	6.96%	4,928,971	$890M	added+3%	+0.14 pp	39 q
MSFTMicrosoft Corp	5.98%	3,189,608	$765M	added+5%	−0.18 pp	39 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.78%	1,393,098	$739M	added+15%	+0.47 pp	39 q
SYKStryker Corporation	5.04%	2,638,283	$645M	added+5%	+0.63 pp	39 q
ACNAccenture PLC	4.90%	2,346,332	$626M	added+17%	+0.40 pp	39 q
GOOGLAlphabet Inc. Class A	4.87%	7,060,890	$623M	added+5%	−0.71 pp	6 q
JNJJohnson & Johnson	4.55%	3,295,827	$582M	trimmed−8%	−0.56 pp	39 q
NKENike, Inc.	4.51%	4,927,342	$577M	added+5%	+1.12 pp	39 q
AAPLApple Inc.	4.28%	4,215,594	$548M	added+1%	−0.77 pp	31 q
PFEPfizer Inc.	4.22%	10,525,974	$539M	added+6%	+0.42 pp	19 q
BDXBecton, Dickinson and Co.	4.00%	2,009,608	$511M	trimmed−5%	−0.12 pp	39 q
ADPAutomatic Data Processing	3.98%	2,131,343	$509M	trimmed−6%	−0.49 pp	39 q
SBUXStarbucks Corp	3.55%	4,581,042	$454M	added+5%	+0.36 pp	11 q
MRSHMarsh	3.38%	2,615,464	$433M	added+18%	+0.50 pp	7 q
INTUIntuit Inc	3.07%	1,008,492	$393M	added+22%	+0.27 pp	22 q
PGProcter & Gamble Company	3.00%	2,528,561	$383M	added+5%	+0.36 pp	39 q
MAMastercard Incorporated	2.92%	1,073,562	$373M	added+5%	+0.39 pp	30 q
TXNTexas Instruments Incorporated	2.71%	2,095,669	$346M	added+16%	+0.28 pp	17 q
HDHome Depot, Inc.	2.64%	1,068,790	$338M	added+6%	+0.21 pp	10 q
EFXEquifax, Incorporated	2.45%	1,611,758	$313M	added+5%	+0.15 pp	39 q
TJXTJX Companies, Inc. (The)	2.34%	3,764,523	$300M	trimmed−12%	+0.03 pp	39 q
WMWaste Management, Inc.	2.17%	1,767,591	$277M	added+6%	−0.17 pp	10 q
APHAmphenol Corporation	2.12%	3,560,430	$271M	added+23%	+0.43 pp	39 q
UPSUnited Parcel Service, Inc. Class B	2.08%	1,526,736	$265M	added+20%	+0.29 pp	39 q
BRBroadridge Financial Solutions Inc	1.91%	1,820,083	$244M	added+6%	−0.25 pp	23 q
MCOMoody's Corporation	1.60%	736,240	$205M	added0%	+0.04 pp	4 q
VRSKVerisk Analytics, Inc.	1.34%	971,744	$171M	added+5%	−0.03 pp	10 q
BALLBall Corporation	1.24%	3,112,930	$159M	added0%	−0.07 pp	3 q
WATWaters Corp	0.13%	46,742	$16M	trimmed−0%	+0.02 pp	39 q
ADBEAdobe Inc.	0.12%	45,191	$15M	added+1%	+0.01 pp	39 q
ORCLOracle Corp	0.11%	165,260	$14M	added0%	+0.02 pp	39 q
ABTAbbott Laboratories	0.09%	106,425	$12M	held	—	39 q
CTSHCognizant Technology Solutions	0.08%	173,743	$10M	trimmed−96%	−1.96 pp	39 q
ECLEcolab, Inc.	0.08%	73,740	$11M	trimmed−0%	−0.01 pp	39 q
MMM3M Company	0.08%	84,672	$10M	trimmed−94%	−1.23 pp	39 q
EMREmerson Electric Co.	0.07%	99,055	$10M	trimmed−3%	+0.01 pp	39 q
GISGeneral Mills, Inc.	0.07%	102,532	$9M	trimmed−2%	0.00 pp	31 q
KOCoca-Cola Company	0.06%	129,123	$8M	trimmed−2%	0.00 pp	39 q
CLColgate-Palmolive Company	0.06%	100,999	$8M	trimmed−2%	0.00 pp	39 q
CPRTCopart Inc	0.06%	117,110	$7M	trimmed−11%	0.00 pp	12 q
EHCEncompass Health Corporation	0.06%	126,680	$8M	trimmed−5%	+0.01 pp	21 q
99803EURLaboratory Crp Of Amer Hldgs	0.06%	33,040	$8M	held	—	15 q
OMCOmnicom Group Inc.	0.06%	88,035	$7M	trimmed−3%	+0.01 pp	39 q
BBYBest Buy Company, Inc.	0.05%	83,110	$7M	trimmed−6%	0.00 pp	35 q
CHDChurch & Dwight Co., Inc.	0.05%	77,290	$6M	trimmed−7%	0.00 pp	12 q
CCKCrown Holdings Inc.	0.05%	80,300	$7M	held	—	29 q
GPCGenuine Parts Company	0.05%	37,940	$7M	trimmed−13%	−0.01 pp	33 q
KRThe Kroger Co.	0.05%	130,080	$6M	held	—	26 q
MCHPMicrochip Technology Inc	0.05%	91,600	$6M	trimmed−21%	−0.01 pp	10 q
CDNSCadence Design Systems	0.04%	29,670	$5M	trimmed−3%	0.00 pp	4 q
CRLCharles River Laboratories International, Inc.	0.04%	23,080	$5M	added+33%	+0.01 pp	3 q
EXPDExpeditors International of Washington, Inc.	0.04%	54,200	$6M	trimmed−13%	−0.01 pp	25 q
FDSFactset Research Systems	0.04%	11,480	$5M	trimmed−13%	−0.01 pp	8 q
FFIVF5, Inc.	0.04%	31,300	$4M	held	—	13 q
GNTXGentex Corp	0.04%	195,910	$5M	held	—	7 q
HASHasbro, Inc.	0.04%	79,870	$5M	trimmed−8%	−0.01 pp	21 q
KELKellanova	0.04%	64,760	$5M	added+11%	0.00 pp	13 q
LEVILevi Strauss & Co. Class A	0.04%	365,150	$6M	held	—	11 q
MANHManhattan Associates Inc	0.04%	44,130	$5M	added+16%	0.00 pp	4 q
MMSMAXIMUS, Inc.	0.04%	65,160	$5M	added+12%	+0.01 pp	10 q
GGenpact Limited	0.04%	106,380	$5M	held	—	3 q
ABBVAbbvie Inc.	0.03%	23,867	$4M	trimmed−0%	0.00 pp	39 q
CPBThe Campbell's Company	0.03%	61,090	$3M	trimmed−9%	0.00 pp	26 q
CLXClorox Company	0.03%	28,410	$4M	trimmed−2%	0.00 pp	39 q
LIILennox International Inc.	0.03%	16,850	$4M	held	—	18 q
TROWT Rowe Price Group Inc	0.03%	32,361	$4M	held	—	39 q
RMDResMed Inc.	0.03%	17,470	$4M	trimmed−4%	0.00 pp	5 q
TTCToro Company (The)	0.03%	34,570	$4M	trimmed−11%	0.00 pp	4 q
URIUnited Rentals, Inc.	0.03%	11,840	$4M	trimmed−11%	0.00 pp	6 q
CBRECbre Group, Inc.	0.02%	38,180	$3M	held	—	21 q
CRICarter's Inc.	0.02%	35,140	$3M	trimmed−16%	0.00 pp	17 q
DCIDonaldson Company, Inc.	0.02%	44,880	$3M	held	—	14 q
LSTRLandstar System Inc	0.02%	15,700	$3M	trimmed−6%	0.00 pp	33 q
POOLPool Corporation	0.02%	8,790	$3M	added+20%	0.00 pp	6 q
RTXRTX Corporation	0.02%	21,850	$2M	held	—	39 q
BMYBristol-Myers Squibb Co.	0.01%	26,375	$2M	held	—	32 q
PAYXPaychex Inc	0.01%	9,830	$1M	held	—	39 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	18,720	$1M	added+15%	0.00 pp	11 q
TSCOTractor Supply Co	0.01%	5,770	$1M	held	—	22 q
WSMWilliams-Sonoma, Inc.	0.01%	15,360	$2M	held	—	3 q
AONAon plc Class A	0.01%	3,640	$1M	new	+0.01 pp	new
99952EURLinde PLC/OLD	0.01%	3,530	$1M	trimmed−16%	0.00 pp	17 q
RSReliance, Inc.	0.00%	1,140	$230,782	new	0.00 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.00%	630	$240,931	new	0.00 pp	new