Jensen Investment

Q1 2023 13F · by Robert McIver, CEO

As of: Mar 31, 2023
Filed: May 8, 2023
US stock: $12.7B · prev $12.8B
Positions: 81 · prev 84
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%

Moves64 since the prior filing

+2.0 pp in · −2.0 pp out

New 2 +0.03 pp
Added 14 +1.96 pp
Trimmed 43 −2.00 pp
Exited 5 −0.05 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.6% a year, about 15.1 years per position

Low
Moderate
High

Top 5 positions30% of US stock

Positions81 in this filing · 5 exited


MSFTMicrosoft Corp	6.90%	3,082,963	$876M	trimmed−3%	+0.92 pp	40 q
PEPPepsiCo, Inc.	6.77%	4,745,892	$858M	trimmed−4%	−0.19 pp	40 q
SYKStryker Corporation	5.64%	2,550,264	$716M	trimmed−3%	+0.60 pp	40 q
ACNAccenture PLC	5.56%	2,493,633	$705M	added+6%	+0.66 pp	40 q
AAPLApple Inc.	5.21%	4,067,784	$660M	trimmed−4%	+0.93 pp	32 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.99%	1,346,008	$633M	trimmed−3%	−0.79 pp	40 q
GOOGLAlphabet Inc. Class A	4.93%	6,203,089	$626M	trimmed−12%	+0.06 pp	7 q
NKENike, Inc.	4.51%	4,766,511	$572M	trimmed−3%	0.00 pp	40 q
SBUXStarbucks Corp	3.81%	4,769,555	$483M	added+4%	+0.26 pp	12 q
INTUIntuit Inc	3.76%	1,083,014	$477M	added+7%	+0.69 pp	23 q
MRSHMarsh	3.76%	2,894,598	$477M	added+11%	+0.38 pp	8 q
PFEPfizer Inc.	3.70%	11,617,395	$469M	added+10%	−0.52 pp	20 q
ADPAutomatic Data Processing	3.56%	2,059,198	$452M	trimmed−3%	−0.42 pp	40 q
JNJJohnson & Johnson	3.37%	2,786,087	$427M	trimmed−15%	−1.18 pp	40 q
TXNTexas Instruments Incorporated	3.18%	2,192,271	$404M	added+5%	+0.47 pp	18 q
MAMastercard Incorporated	2.94%	1,038,008	$373M	trimmed−3%	+0.02 pp	31 q
PGProcter & Gamble Company	2.84%	2,441,851	$360M	trimmed−3%	−0.16 pp	40 q
BDXBecton, Dickinson and Co.	2.62%	1,353,836	$332M	trimmed−33%	−1.38 pp	40 q
EFXEquifax, Incorporated	2.45%	1,557,813	$311M	trimmed−3%	0.00 pp	40 q
HDHome Depot, Inc.	2.32%	1,031,578	$294M	trimmed−3%	−0.32 pp	11 q
UPSUnited Parcel Service, Inc. Class B	2.22%	1,473,140	$282M	trimmed−4%	+0.14 pp	40 q
APHAmphenol Corporation	2.19%	3,442,476	$278M	trimmed−3%	+0.07 pp	40 q
WMWaste Management, Inc.	2.17%	1,705,758	$276M	trimmed−4%	0.00 pp	11 q
BRBroadridge Financial Solutions Inc	2.02%	1,763,639	$256M	trimmed−3%	+0.11 pp	24 q
TJXTJX Companies, Inc. (The)	1.78%	2,934,891	$226M	trimmed−22%	−0.56 pp	40 q
MCOMoody's Corporation	1.69%	712,097	$214M	trimmed−3%	+0.09 pp	5 q
VRSKVerisk Analytics, Inc.	1.41%	939,027	$179M	trimmed−3%	+0.07 pp	11 q
BALLBall Corporation	1.29%	3,008,136	$163M	trimmed−3%	+0.05 pp	4 q
ADBEAdobe Inc.	0.14%	45,029	$17M	trimmed−0%	+0.02 pp	40 q
ORCLOracle Corp	0.11%	159,645	$14M	trimmed−3%	0.00 pp	40 q
WATWaters Corp	0.11%	45,802	$14M	trimmed−2%	−0.02 pp	40 q
ECLEcolab, Inc.	0.09%	73,066	$12M	trimmed−1%	+0.01 pp	40 q
ABTAbbott Laboratories	0.08%	106,153	$11M	trimmed−0%	−0.01 pp	40 q
CTSHCognizant Technology Solutions	0.07%	139,640	$8M	trimmed−20%	−0.01 pp	40 q
EMREmerson Electric Co.	0.07%	98,220	$8M	trimmed−1%	0.00 pp	40 q
GISGeneral Mills, Inc.	0.07%	104,862	$9M	added+2%	0.00 pp	32 q
KOCoca-Cola Company	0.06%	128,723	$8M	trimmed−0%	0.00 pp	40 q
CLColgate-Palmolive Company	0.06%	100,799	$8M	trimmed−0%	0.00 pp	40 q
CPRTCopart Inc	0.06%	104,210	$8M	trimmed−11%	0.00 pp	13 q
KRThe Kroger Co.	0.06%	147,260	$7M	added+13%	+0.01 pp	27 q
99803EURLaboratory Crp Of Amer Hldgs	0.06%	33,040	$7M	held	—	16 q
MCHPMicrochip Technology Inc	0.06%	89,300	$7M	trimmed−3%	+0.01 pp	11 q
OMCOmnicom Group Inc.	0.06%	86,330	$8M	trimmed−2%	0.00 pp	40 q
CDNSCadence Design Systems	0.05%	29,670	$6M	held	—	5 q
CHDChurch & Dwight Co., Inc.	0.05%	71,990	$6M	trimmed−7%	0.00 pp	13 q
CCKCrown Holdings Inc.	0.05%	80,300	$7M	held	—	30 q
EHCEncompass Health Corporation	0.05%	126,680	$7M	held	—	22 q
EXPDExpeditors International of Washington, Inc.	0.05%	54,200	$6M	held	—	26 q
GPCGenuine Parts Company	0.05%	37,940	$6M	held	—	34 q
MANHManhattan Associates Inc	0.05%	44,130	$7M	held	—	5 q
MMM3M Company	0.05%	63,275	$7M	trimmed−25%	−0.03 pp	40 q
BBYBest Buy Company, Inc.	0.04%	71,810	$5M	trimmed−14%	−0.01 pp	36 q
CRLCharles River Laboratories International, Inc.	0.04%	25,780	$5M	added+12%	0.00 pp	4 q
FDSFactset Research Systems	0.04%	11,480	$5M	held	—	9 q
FFIVF5, Inc.	0.04%	31,300	$4M	held	—	14 q
GNTXGentex Corp	0.04%	195,910	$5M	held	—	8 q
KELKellanova	0.04%	85,300	$6M	added+32%	0.00 pp	14 q
LIILennox International Inc.	0.04%	21,480	$5M	added+27%	+0.01 pp	19 q
LEVILevi Strauss & Co. Class A	0.04%	311,850	$6M	trimmed−15%	0.00 pp	12 q
MMSMAXIMUS, Inc.	0.04%	65,160	$5M	held	—	11 q
GGenpact Limited	0.04%	110,420	$5M	added+4%	0.00 pp	4 q
ABBVAbbvie Inc.	0.03%	23,867	$4M	held	—	40 q
CLXClorox Company	0.03%	28,235	$4M	trimmed−1%	0.00 pp	40 q
HASHasbro, Inc.	0.03%	71,470	$4M	trimmed−11%	−0.01 pp	22 q
TROWT Rowe Price Group Inc	0.03%	32,361	$4M	held	—	40 q
RMDResMed Inc.	0.03%	19,650	$4M	added+12%	0.00 pp	6 q
TTCToro Company (The)	0.03%	34,570	$4M	held	—	5 q
URIUnited Rentals, Inc.	0.03%	10,180	$4M	trimmed−14%	0.00 pp	7 q
TECHBio-Techne Corp.	0.02%	37,270	$3M	new	+0.02 pp	new
CBRECbre Group, Inc.	0.02%	38,180	$3M	held	—	22 q
CPBThe Campbell's Company	0.02%	54,480	$3M	trimmed−11%	−0.01 pp	27 q
DCIDonaldson Company, Inc.	0.02%	44,880	$3M	held	—	15 q
POOLPool Corporation	0.02%	8,790	$3M	held	—	7 q
RTXRTX Corporation	0.02%	21,850	$2M	held	—	40 q
BMYBristol-Myers Squibb Co.	0.01%	26,375	$2M	held	—	33 q
PAYXPaychex Inc	0.01%	9,830	$1M	held	—	40 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	17,540	$2M	trimmed−6%	0.00 pp	12 q
TSCOTractor Supply Co	0.01%	5,770	$1M	held	—	23 q
WSMWilliams-Sonoma, Inc.	0.01%	15,360	$2M	held	—	4 q
AONAon plc Class A	0.01%	4,100	$1M	added+13%	0.00 pp	2 q
LINLinde plc	0.01%	2,715	$949,960	new	+0.01 pp	new
CRICarter's Inc.	—	−35,140	—	exited	−0.02 pp	—
LSTRLandstar System Inc	—	−15,700	—	exited	−0.02 pp	—
99952EURLinde PLC/OLD	—	−3,530	—	exited	−0.01 pp	—
RSReliance, Inc.	—	−1,140	—	exited	0.00 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−630	—	exited	0.00 pp	—