Jensen Investment

Q4 2024 13F · by Robert McIver, CEO

As of: Dec 31, 2024
Filed: Feb 10, 2025
US stock: $11.0B · prev $12.0B
Positions: 85 · prev 87
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%

Moves67 since the prior filing

+1.3 pp in · −1.3 pp out

New 3 +1.24 pp
Added 14 +0.10 pp
Trimmed 45 −1.21 pp
Exited 5 −0.10 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.2% a year, about 19.4 years per position

Low
Moderate
High

Top 5 positions34% of US stock

MSFT Microsoft Corp trimmed+0.21 pp trimmed+0.217.8%
AAPL Apple Inc. trimmed+0.40 pp trimmed+0.407.5%
ACN Accenture PLC trimmed+0.44 pp trimmed+0.447.3%
MRSH Marsh trimmed+0.16 pp trimmed+0.165.8%
SYK Stryker Corporation trimmed+0.21 pp trimmed+0.215.8%

Positions85 in this filing · 5 exited


MSFTMicrosoft Corp	7.84%	2,055,344	$866M	trimmed−3%	+0.21 pp	47 q
AAPLApple Inc.	7.55%	3,329,243	$834M	trimmed−9%	+0.40 pp	39 q
ACNAccenture PLC	7.27%	2,282,326	$803M	trimmed−1%	+0.44 pp	47 q
MRSHMarsh	5.85%	3,040,551	$646M	trimmed−0%	+0.16 pp	15 q
SYKStryker Corporation	5.75%	1,763,522	$635M	trimmed−4%	+0.21 pp	47 q
GOOGLAlphabet Inc. Class A	5.54%	3,231,336	$612M	trimmed−14%	+0.35 pp	14 q
INTUIntuit Inc	5.52%	970,689	$610M	trimmed−1%	+0.41 pp	30 q
MAMastercard Incorporated	4.49%	941,593	$496M	trimmed−1%	+0.55 pp	38 q
ADPAutomatic Data Processing	4.40%	1,660,416	$486M	trimmed−5%	+0.34 pp	47 q
PEPPepsiCo, Inc.	3.52%	2,554,303	$388M	trimmed−1%	−0.16 pp	47 q
BRBroadridge Financial Solutions Inc	3.32%	1,622,179	$367M	trimmed−1%	+0.37 pp	31 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.28%	716,067	$362M	trimmed−2%	−0.27 pp	47 q
ZTSZoetis Inc.	3.13%	2,123,398	$346M	trimmed−1%	−0.38 pp	4 q
TXNTexas Instruments Incorporated	3.12%	1,835,681	$344M	trimmed−1%	−0.09 pp	25 q
KLACKLA Corporation	3.04%	533,827	$336M	trimmed−1%	−0.46 pp	7 q
EFXEquifax, Incorporated	2.84%	1,231,044	$314M	trimmed−1%	−0.21 pp	47 q
WMWaste Management, Inc.	2.71%	1,481,365	$299M	trimmed−1%	+0.10 pp	18 q
PGProcter & Gamble Company	2.62%	1,729,493	$290M	trimmed−6%	−0.05 pp	47 q
NKENike, Inc.	2.32%	3,387,637	$256M	trimmed−1%	−0.22 pp	47 q
JNJJohnson & Johnson	2.01%	1,534,765	$222M	trimmed−9%	−0.28 pp	47 q
CPRTCopart Inc	1.82%	3,506,594	$201M	trimmed−1%	+0.27 pp	20 q
HDHome Depot, Inc.	1.70%	484,242	$188M	trimmed−1%	+0.04 pp	18 q
SHWThe Sherwin-Williams Company	1.64%	534,062	$182M	trimmed−1%	−0.09 pp	3 q
MCDMcDonald's Corporation	1.60%	609,109	$177M	trimmed−1%	+0.03 pp	4 q
APHAmphenol Corporation	1.58%	2,519,676	$175M	trimmed−19%	−0.11 pp	47 q
VRSKVerisk Analytics, Inc.	1.24%	496,246	$137M	trimmed−29%	−0.32 pp	18 q
CDNSCadence Design Systems	1.15%	421,257	$127M	new	+1.15 pp	new
ORCLOracle Corp	0.22%	147,364	$25M	trimmed−1%	+0.01 pp	47 q
ADBEAdobe Inc.	0.18%	43,992	$20M	held	—	47 q
ECLEcolab, Inc.	0.15%	69,614	$16M	trimmed−1%	0.00 pp	47 q
WATWaters Corp	0.15%	44,412	$16M	trimmed−7%	+0.01 pp	47 q
ABTAbbott Laboratories	0.11%	103,378	$12M	held	—	47 q
CLXClorox Company	0.10%	70,495	$11M	added+21%	+0.02 pp	47 q
EMREmerson Electric Co.	0.10%	93,430	$12M	held	—	47 q
CTSHCognizant Technology Solutions	0.09%	125,609	$10M	held	—	47 q
CLColgate-Palmolive Company	0.08%	97,759	$9M	held	—	47 q
GISGeneral Mills, Inc.	0.08%	130,715	$8M	held	—	39 q
LHLabcorp Holdings Inc.	0.08%	36,590	$8M	held	—	3 q
GGenpact Limited	0.08%	195,485	$8M	added+3%	+0.02 pp	11 q
KOCoca-Cola Company	0.07%	125,358	$8M	trimmed−1%	−0.01 pp	47 q
CCKCrown Holdings Inc.	0.07%	89,318	$7M	trimmed−11%	−0.01 pp	37 q
EHCEncompass Health Corporation	0.07%	81,730	$8M	trimmed−11%	0.00 pp	29 q
KRThe Kroger Co.	0.07%	120,630	$7M	held	—	34 q
BAHBooz Allen Hamilton Holding Corporation	0.06%	47,440	$6M	added+10%	0.00 pp	6 q
KEYSKeysight Technologies, Inc.	0.06%	39,010	$6M	added+4%	+0.01 pp	7 q
MSCIMSCI, Inc.	0.06%	10,350	$6M	held	—	4 q
OMCOmnicom Group Inc.	0.06%	78,996	$7M	trimmed−0%	−0.01 pp	47 q
ROSTRoss Stores Inc	0.06%	40,800	$6M	new	+0.06 pp	new
TSCOTractor Supply Co	0.06%	126,150	$7M	held	—	30 q
CPBThe Campbell's Company	0.05%	129,428	$5M	added+4%	0.00 pp	34 q
CHDChurch & Dwight Co., Inc.	0.05%	56,010	$6M	held	—	20 q
DCIDonaldson Company, Inc.	0.05%	77,110	$5M	added+15%	+0.01 pp	22 q
FDSFactset Research Systems	0.05%	12,000	$6M	held	—	16 q
FFIVF5, Inc.	0.05%	22,280	$6M	trimmed−11%	0.00 pp	21 q
GNTXGentex Corp	0.05%	178,920	$5M	added+4%	+0.01 pp	15 q
VEEVVeeva Systems Inc.	0.05%	25,211	$5M	added+8%	+0.01 pp	3 q
ABBVAbbvie Inc.	0.04%	22,227	$4M	held	—	47 q
APDAir Products & Chemicals, Inc.	0.04%	14,580	$4M	added+11%	+0.01 pp	3 q
BBYBest Buy Company, Inc.	0.04%	56,875	$5M	held	—	43 q
TECHBio-Techne Corp.	0.04%	54,760	$4M	held	—	8 q
MANHManhattan Associates Inc	0.04%	16,030	$4M	trimmed−18%	−0.01 pp	12 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	20,538	$4M	added+1%	+0.01 pp	19 q
BDXBecton, Dickinson and Co.	0.03%	14,732	$3M	trimmed−62%	−0.05 pp	47 q
GPCGenuine Parts Company	0.03%	32,554	$4M	trimmed−33%	−0.03 pp	41 q
HOLXHologic Inc	0.03%	50,760	$4M	new	+0.03 pp	new
IDXXIdexx Laboratories Inc	0.03%	9,020	$4M	added+12%	0.00 pp	3 q
LIILennox International Inc.	0.03%	5,980	$4M	trimmed−27%	−0.01 pp	26 q
LEVILevi Strauss & Co. Class A	0.03%	213,270	$4M	added+6%	−0.01 pp	19 q
MMSMAXIMUS, Inc.	0.03%	44,220	$3M	held	—	18 q
ONON Semiconductor Corp	0.03%	47,840	$3M	added+18%	+0.01 pp	4 q
TROWT Rowe Price Group Inc	0.03%	31,950	$4M	held	—	47 q
TJXTJX Companies, Inc. (The)	0.03%	27,771	$3M	trimmed−1%	0.00 pp	47 q
MMM3M Company	0.03%	27,840	$4M	held	—	47 q
TTCToro Company (The)	0.03%	45,550	$4M	held	—	12 q
UPSUnited Parcel Service, Inc. Class B	0.03%	22,874	$3M	trimmed−4%	0.00 pp	47 q
AONAon plc Class A	0.03%	8,830	$3M	added+1%	0.00 pp	9 q
BALLBall Corporation	0.02%	44,441	$2M	trimmed−98%	−1.28 pp	11 q
MCHPMicrochip Technology Inc	0.02%	38,850	$2M	trimmed−17%	−0.01 pp	18 q
RTXRTX Corporation	0.02%	17,756	$2M	held	—	47 q
SBUXStarbucks Corp	0.02%	30,221	$3M	trimmed−98%	−1.05 pp	19 q
BMYBristol-Myers Squibb Co.	0.01%	26,375	$1M	held	—	40 q
KELKellanova	0.01%	11,432	$925,649	trimmed−19%	0.00 pp	4 q
MARMarriott International Class A	0.01%	2,970	$828,452	trimmed−7%	0.00 pp	2 q
PAYXPaychex Inc	0.01%	9,830	$1M	held	—	47 q
LINLinde plc	0.01%	1,505	$630,098	held	—	8 q
ULTAUlta Beauty, Inc.	—	−11,330	—	exited	−0.04 pp	—
URIUnited Rentals, Inc.	—	−4,650	—	exited	−0.03 pp	—
CRLCharles River Laboratories International, Inc.	—	−12,180	—	exited	−0.02 pp	—
POOLPool Corporation	—	−4,750	—	exited	−0.01 pp	—
SOLVSolventum Corporation	—	−6,635	—	exited	0.00 pp	—