Jensen Investment

Q1 2025 13F · by Robert McIver, CEO

As of: Mar 31, 2025
Filed: May 9, 2025
US stock: $9.0B · prev $11.0B
Positions: 84 · prev 85
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

+3.5 pp in · −3.6 pp out

New 1 +0.02 pp
Added 6 +3.48 pp
Trimmed 66 −3.54 pp
Exited 2 −0.05 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.6 years per position

Low
Moderate
High

Top 5 positions34% of US stock

Positions84 in this filing · 2 exited


MSFTMicrosoft Corp	7.38%	1,777,503	$667M	trimmed−14%	−0.46 pp	48 q
MRSHMarsh	7.10%	2,629,686	$642M	trimmed−14%	+1.25 pp	16 q
AAPLApple Inc.	6.94%	2,826,376	$628M	trimmed−15%	−0.61 pp	40 q
ACNAccenture PLC	6.33%	1,835,563	$573M	trimmed−20%	−0.94 pp	48 q
SYKStryker Corporation	6.25%	1,517,463	$565M	trimmed−14%	+0.50 pp	48 q
INTUIntuit Inc	5.63%	829,379	$509M	trimmed−15%	+0.11 pp	31 q
GOOGLAlphabet Inc. Class A	4.74%	2,771,379	$429M	trimmed−14%	−0.80 pp	15 q
ADPAutomatic Data Processing	4.34%	1,283,564	$392M	trimmed−23%	−0.06 pp	48 q
MAMastercard Incorporated	4.18%	688,859	$378M	trimmed−27%	−0.31 pp	39 q
BRBroadridge Financial Solutions Inc	3.72%	1,386,609	$336M	trimmed−15%	+0.40 pp	32 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.52%	607,378	$318M	trimmed−15%	+0.24 pp	48 q
KLACKLA Corporation	3.43%	456,126	$310M	trimmed−15%	+0.39 pp	8 q
ZTSZoetis Inc.	3.32%	1,821,403	$300M	trimmed−14%	+0.19 pp	5 q
WMWaste Management, Inc.	3.26%	1,274,581	$295M	trimmed−14%	+0.55 pp	19 q
EFXEquifax, Incorporated	2.87%	1,066,437	$260M	trimmed−13%	+0.03 pp	48 q
PGProcter & Gamble Company	2.81%	1,491,809	$254M	trimmed−14%	+0.19 pp	48 q
CPRTCopart Inc	2.39%	3,812,090	$216M	added+9%	+0.57 pp	21 q
TXNTexas Instruments Incorporated	2.33%	1,174,106	$211M	trimmed−36%	−0.79 pp	26 q
SHWThe Sherwin-Williams Company	2.25%	581,472	$203M	added+9%	+0.61 pp	4 q
ABTAbbott Laboratories	2.00%	1,365,785	$181M	added×13.2	+1.89 pp	48 q
APHAmphenol Corporation	1.83%	2,517,591	$165M	trimmed−0%	+0.25 pp	48 q
MCDMcDonald's Corporation	1.80%	520,282	$163M	trimmed−15%	+0.20 pp	5 q
PEPPepsiCo, Inc.	1.78%	1,071,955	$161M	trimmed−58%	−1.74 pp	48 q
NKENike, Inc.	1.61%	2,300,636	$146M	trimmed−32%	−0.71 pp	48 q
CDNSCadence Design Systems	1.54%	547,156	$139M	added+30%	+0.39 pp	2 q
HDHome Depot, Inc.	1.22%	302,128	$111M	trimmed−38%	−0.48 pp	19 q
JNJJohnson & Johnson	1.13%	614,750	$102M	trimmed−60%	−0.88 pp	48 q
VRSKVerisk Analytics, Inc.	1.08%	329,275	$98M	trimmed−34%	−0.16 pp	19 q
ORCLOracle Corp	0.23%	147,089	$21M	trimmed−0%	+0.01 pp	48 q
ADBEAdobe Inc.	0.19%	43,992	$17M	held	—	48 q
ECLEcolab, Inc.	0.19%	68,986	$17M	trimmed−1%	+0.04 pp	48 q
WATWaters Corp	0.18%	44,332	$16M	trimmed−0%	+0.03 pp	48 q
CLXClorox Company	0.11%	67,185	$10M	trimmed−5%	+0.01 pp	48 q
CTSHCognizant Technology Solutions	0.11%	125,009	$10M	trimmed−0%	+0.02 pp	48 q
EMREmerson Electric Co.	0.11%	92,600	$10M	trimmed−1%	+0.01 pp	48 q
KOCoca-Cola Company	0.10%	124,728	$9M	trimmed−1%	+0.03 pp	48 q
CLColgate-Palmolive Company	0.10%	97,759	$9M	held	—	48 q
EHCEncompass Health Corporation	0.08%	70,830	$7M	trimmed−13%	+0.01 pp	30 q
GISGeneral Mills, Inc.	0.08%	122,745	$7M	trimmed−6%	0.00 pp	40 q
GGenpact Limited	0.08%	142,735	$7M	trimmed−27%	0.00 pp	12 q
CCKCrown Holdings Inc.	0.07%	75,418	$7M	trimmed−16%	0.00 pp	38 q
LHLabcorp Holdings Inc.	0.07%	28,520	$7M	trimmed−22%	−0.01 pp	4 q
OMCOmnicom Group Inc.	0.07%	76,566	$6M	trimmed−3%	+0.01 pp	48 q
CPBThe Campbell's Company	0.06%	132,568	$5M	added+2%	+0.01 pp	35 q
CHDChurch & Dwight Co., Inc.	0.06%	45,580	$5M	trimmed−19%	+0.01 pp	21 q
KEYSKeysight Technologies, Inc.	0.06%	33,800	$5M	trimmed−13%	0.00 pp	8 q
KRThe Kroger Co.	0.06%	84,340	$6M	trimmed−30%	−0.01 pp	35 q
MSCIMSCI, Inc.	0.06%	9,240	$5M	trimmed−11%	0.00 pp	5 q
TSCOTractor Supply Co	0.06%	106,390	$6M	trimmed−16%	0.00 pp	31 q
VEEVVeeva Systems Inc.	0.06%	21,851	$5M	trimmed−13%	+0.01 pp	4 q
ABBVAbbvie Inc.	0.05%	22,227	$5M	held	—	48 q
DCIDonaldson Company, Inc.	0.05%	66,810	$4M	trimmed−13%	0.00 pp	23 q
FDSFactset Research Systems	0.05%	10,400	$5M	trimmed−13%	0.00 pp	17 q
ROSTRoss Stores Inc	0.05%	37,810	$5M	trimmed−7%	−0.01 pp	2 q
MMM3M Company	0.05%	27,840	$4M	held	—	48 q
APDAir Products & Chemicals, Inc.	0.04%	12,640	$4M	trimmed−13%	0.00 pp	4 q
BBYBest Buy Company, Inc.	0.04%	47,375	$3M	trimmed−17%	0.00 pp	44 q
BAHBooz Allen Hamilton Holding Corporation	0.04%	36,880	$4M	trimmed−22%	−0.02 pp	7 q
FFIVF5, Inc.	0.04%	14,990	$4M	trimmed−33%	−0.01 pp	22 q
GNTXGentex Corp	0.04%	161,540	$4M	trimmed−10%	−0.01 pp	16 q
GPCGenuine Parts Company	0.04%	26,604	$3M	trimmed−18%	+0.01 pp	42 q
HOLXHologic Inc	0.04%	51,330	$3M	added+1%	+0.01 pp	2 q
IDXXIdexx Laboratories Inc	0.04%	8,190	$3M	trimmed−9%	+0.01 pp	4 q
TJXTJX Companies, Inc. (The)	0.04%	26,359	$3M	trimmed−5%	+0.01 pp	48 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	20,538	$3M	held	—	20 q
AONAon plc Class A	0.04%	8,830	$4M	held	—	10 q
BDXBecton, Dickinson and Co.	0.03%	13,322	$3M	trimmed−10%	0.00 pp	48 q
TECHBio-Techne Corp.	0.03%	47,450	$3M	trimmed−13%	−0.01 pp	9 q
LEVILevi Strauss & Co. Class A	0.03%	184,800	$3M	trimmed−13%	0.00 pp	20 q
MANHManhattan Associates Inc	0.03%	13,880	$2M	trimmed−13%	−0.01 pp	13 q
TROWT Rowe Price Group Inc	0.03%	31,950	$3M	held	—	48 q
RTXRTX Corporation	0.03%	17,676	$2M	trimmed−0%	+0.01 pp	48 q
TTCToro Company (The)	0.03%	39,470	$3M	trimmed−13%	0.00 pp	13 q
UPSUnited Parcel Service, Inc. Class B	0.03%	21,870	$2M	trimmed−4%	0.00 pp	48 q
BMYBristol-Myers Squibb Co.	0.02%	26,375	$2M	held	—	41 q
MCHPMicrochip Technology Inc	0.02%	28,200	$1M	trimmed−27%	0.00 pp	19 q
ONON Semiconductor Corp	0.02%	41,450	$2M	trimmed−13%	−0.01 pp	5 q
PAYXPaychex Inc	0.02%	9,830	$2M	held	—	48 q
URIUnited Rentals, Inc.	0.02%	2,680	$2M	new	+0.02 pp	new
KELKellanova	0.01%	11,432	$943,026	held	—	5 q
LIILennox International Inc.	0.01%	2,240	$1M	trimmed−63%	−0.02 pp	27 q
MARMarriott International Class A	0.01%	2,970	$707,454	held	—	3 q
SBUXStarbucks Corp	0.01%	5,823	$571,178	trimmed−81%	−0.01 pp	20 q
LINLinde plc	0.01%	1,445	$672,850	trimmed−4%	0.00 pp	9 q
MMSMAXIMUS, Inc.	—	−44,220	—	exited	−0.03 pp	—
BALLBall Corporation	—	−44,441	—	exited	−0.02 pp	—