Jensen Investment

Q3 2023 13F · by Robert McIver, CEO

As of: Sep 30, 2023
Filed: Nov 6, 2023
US stock: $12.7B · prev $13.6B
Positions: 83 · prev 82
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%

Moves75 since the prior filing

+5.0 pp in · −5.0 pp out

New 1 +0.01 pp
Added 28 +4.98 pp
Trimmed 46 −4.98 pp
Exited 0 0.00 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.7% a year, about 10.3 years per position

Low
Moderate
High

Top 5 positions32% of US stock

MSFT Microsoft Corp trimmed−0.08 pp trimmed−0.087.2%
GOOGL Alphabet Inc. Class A added+1.15 pp added+1.156.7%
PEP PepsiCo, Inc. added+0.08 pp added+0.086.6%
ACN Accenture PLC added+0.58 pp added+0.586.3%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) added+0.78 pp added+0.785.6%

Positions83 in this filing · 0 exited


MSFTMicrosoft Corp	7.22%	2,891,977	$913M	trimmed−1%	−0.08 pp	42 q
GOOGLAlphabet Inc. Class A	6.65%	6,431,788	$842M	added+3%	+1.15 pp	9 q
PEPPepsiCo, Inc.	6.60%	4,927,822	$835M	added+3%	+0.08 pp	42 q
ACNAccenture PLC	6.30%	2,594,621	$797M	added+3%	+0.58 pp	42 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.58%	1,400,591	$706M	added+3%	+0.78 pp	42 q
SYKStryker Corporation	5.43%	2,515,827	$688M	trimmed−3%	−0.35 pp	42 q
AAPLApple Inc.	5.42%	4,003,852	$685M	trimmed−3%	−0.43 pp	34 q
INTUIntuit Inc	4.54%	1,124,555	$575M	added+3%	+0.86 pp	25 q
MRSHMarsh	4.54%	3,016,476	$574M	added+3%	+0.50 pp	10 q
ADPAutomatic Data Processing	3.85%	2,027,440	$488M	trimmed−2%	+0.50 pp	42 q
NKENike, Inc.	3.74%	4,943,376	$473M	added+3%	−0.16 pp	42 q
SBUXStarbucks Corp	3.57%	4,956,442	$452M	added+3%	+0.06 pp	14 q
MAMastercard Incorporated	3.37%	1,078,169	$427M	added+3%	+0.34 pp	33 q
PFEPfizer Inc.	3.18%	12,115,840	$402M	added+3%	+0.01 pp	22 q
TXNTexas Instruments Incorporated	2.87%	2,281,848	$363M	added+3%	−0.06 pp	20 q
JNJJohnson & Johnson	2.81%	2,279,437	$355M	trimmed−19%	−0.61 pp	42 q
PGProcter & Gamble Company	2.77%	2,402,110	$350M	trimmed−3%	+0.02 pp	42 q
BRBroadridge Financial Solutions Inc	2.58%	1,825,339	$327M	added+2%	+0.41 pp	26 q
HDHome Depot, Inc.	2.56%	1,072,168	$324M	added+3%	+0.18 pp	13 q
EFXEquifax, Incorporated	2.53%	1,749,202	$320M	added+11%	−0.18 pp	42 q
APHAmphenol Corporation	2.29%	3,446,084	$289M	trimmed−1%	+0.12 pp	42 q
WMWaste Management, Inc.	2.13%	1,772,028	$270M	added+3%	−0.07 pp	13 q
KLACKLA Corporation	2.03%	560,075	$257M	added+32%	+0.52 pp	2 q
VRSKVerisk Analytics, Inc.	1.72%	921,432	$218M	trimmed−3%	+0.15 pp	13 q
MCOMoody's Corporation	1.66%	665,187	$210M	trimmed−8%	−0.17 pp	7 q
BALLBall Corporation	1.23%	3,126,992	$156M	added+3%	−0.06 pp	6 q
TJXTJX Companies, Inc. (The)	0.35%	498,657	$44M	trimmed−73%	−0.80 pp	42 q
ADBEAdobe Inc.	0.18%	44,917	$23M	trimmed−0%	+0.02 pp	42 q
ORCLOracle Corp	0.13%	157,260	$17M	trimmed−0%	−0.01 pp	42 q
WATWaters Corp	0.13%	59,442	$16M	added+9%	+0.02 pp	42 q
BDXBecton, Dickinson and Co.	0.12%	58,828	$15M	trimmed−92%	−1.37 pp	42 q
ECLEcolab, Inc.	0.10%	71,486	$12M	trimmed−1%	0.00 pp	42 q
ABTAbbott Laboratories	0.08%	103,403	$10M	trimmed−1%	0.00 pp	42 q
CTSHCognizant Technology Solutions	0.07%	131,734	$9M	trimmed−0%	+0.01 pp	42 q
EMREmerson Electric Co.	0.07%	94,377	$9M	trimmed−1%	+0.01 pp	42 q
KOCoca-Cola Company	0.06%	127,263	$7M	trimmed−1%	0.00 pp	42 q
CLColgate-Palmolive Company	0.06%	98,789	$7M	held	—	42 q
CCKCrown Holdings Inc.	0.06%	80,820	$7M	trimmed−3%	+0.01 pp	32 q
EHCEncompass Health Corporation	0.06%	105,540	$7M	trimmed−14%	0.00 pp	24 q
GISGeneral Mills, Inc.	0.06%	120,254	$8M	added+22%	0.00 pp	34 q
UPSUnited Parcel Service, Inc. Class B	0.06%	44,885	$7M	trimmed−97%	−1.90 pp	42 q
CPRTCopart Inc	0.05%	145,310	$6M	trimmed−3%	0.00 pp	15 q
KRThe Kroger Co.	0.05%	137,980	$6M	trimmed−3%	0.00 pp	29 q
99803EURLaboratory Crp Of Amer Hldgs	0.05%	32,710	$7M	added+2%	−0.01 pp	18 q
LIILennox International Inc.	0.05%	16,070	$6M	trimmed−24%	0.00 pp	21 q
OMCOmnicom Group Inc.	0.05%	83,901	$6M	trimmed−1%	−0.01 pp	42 q
BBYBest Buy Company, Inc.	0.04%	67,290	$5M	trimmed−3%	0.00 pp	38 q
CDNSCadence Design Systems	0.04%	19,920	$5M	trimmed−19%	0.00 pp	7 q
CRLCharles River Laboratories International, Inc.	0.04%	25,530	$5M	added+2%	0.00 pp	6 q
CHDChurch & Dwight Co., Inc.	0.04%	56,010	$5M	trimmed−6%	0.00 pp	15 q
FDSFactset Research Systems	0.04%	10,750	$5M	trimmed−3%	+0.01 pp	11 q
GNTXGentex Corp	0.04%	154,820	$5M	trimmed−18%	0.00 pp	10 q
GPCGenuine Parts Company	0.04%	39,090	$6M	added+6%	−0.01 pp	36 q
KELKellanova	0.04%	86,320	$5M	trimmed−3%	0.00 pp	16 q
MANHManhattan Associates Inc	0.04%	27,740	$5M	trimmed−13%	−0.01 pp	7 q
MCHPMicrochip Technology Inc	0.04%	72,840	$6M	trimmed−3%	−0.01 pp	13 q
MMM3M Company	0.04%	48,790	$5M	trimmed−0%	0.00 pp	42 q
TSCOTractor Supply Co	0.04%	24,050	$5M	added+19%	+0.01 pp	25 q
GGenpact Limited	0.04%	145,590	$5M	added+12%	0.00 pp	6 q
ABBVAbbvie Inc.	0.03%	22,237	$3M	trimmed−1%	+0.01 pp	42 q
CPBThe Campbell's Company	0.03%	82,810	$3M	added+57%	+0.01 pp	29 q
CLXClorox Company	0.03%	28,235	$4M	held	—	42 q
EXPDExpeditors International of Washington, Inc.	0.03%	30,010	$3M	trimmed−43%	−0.02 pp	28 q
FFIVF5, Inc.	0.03%	22,750	$4M	trimmed−3%	0.00 pp	16 q
KEYSKeysight Technologies, Inc.	0.03%	27,240	$4M	added+46%	+0.01 pp	2 q
LEVILevi Strauss & Co. Class A	0.03%	258,640	$4M	trimmed−3%	0.00 pp	14 q
TROWT Rowe Price Group Inc	0.03%	32,361	$3M	held	—	42 q
URIUnited Rentals, Inc.	0.03%	8,490	$4M	trimmed−14%	0.00 pp	9 q
WSMWilliams-Sonoma, Inc.	0.03%	22,760	$4M	added+32%	+0.01 pp	6 q
TECHBio-Techne Corp.	0.02%	42,000	$3M	trimmed−3%	−0.01 pp	3 q
CBRECbre Group, Inc.	0.02%	35,770	$3M	trimmed−3%	0.00 pp	24 q
DCIDonaldson Company, Inc.	0.02%	42,060	$3M	trimmed−3%	0.00 pp	17 q
MMSMAXIMUS, Inc.	0.02%	27,130	$2M	trimmed−57%	−0.02 pp	13 q
POOLPool Corporation	0.02%	8,240	$3M	trimmed−3%	0.00 pp	9 q
TTCToro Company (The)	0.02%	36,630	$3M	trimmed−3%	−0.01 pp	7 q
BAHBooz Allen Hamilton Holding Corporation	0.01%	16,310	$2M	new	+0.01 pp	new
BMYBristol-Myers Squibb Co.	0.01%	26,375	$2M	held	—	35 q
PAYXPaychex Inc	0.01%	9,830	$1M	held	—	42 q
RTXRTX Corporation	0.01%	21,615	$2M	held	—	42 q
RMDResMed Inc.	0.01%	11,720	$2M	trimmed−49%	−0.03 pp	8 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	17,610	$2M	held	—	14 q
AONAon plc Class A	0.01%	5,230	$2M	added+9%	0.00 pp	4 q
LINLinde plc	0.00%	1,573	$585,707	held	—	3 q