Jensen Investment

Q2 2025 13F · by Robert McIver, CEO

As of: Jun 30, 2025
Filed: Aug 8, 2025
US stock: $8.5B · prev $9.0B
Positions: 83 · 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%

Moves70 since the prior filing

+12.0 pp in · −12.2 pp out

New 3 +6.89 pp
Added 15 +5.13 pp
Trimmed 48 −12.11 pp
Exited 4 −0.05 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 42% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions33% of US stock

Positions83 in this filing · 4 exited


MSFTMicrosoft Corp	9.15%	1,569,529	$781M	trimmed−12%	+1.77 pp	49 q
SYKStryker Corporation	6.57%	1,417,621	$561M	trimmed−7%	+0.32 pp	49 q
MRSHMarsh	6.21%	2,423,637	$530M	trimmed−8%	−0.89 pp	17 q
INTUIntuit Inc	5.80%	628,445	$495M	trimmed−24%	+0.17 pp	32 q
AAPLApple Inc.	5.57%	2,317,269	$475M	trimmed−18%	−1.37 pp	41 q
GOOGLAlphabet Inc. Class A	4.91%	2,375,178	$419M	trimmed−14%	+0.17 pp	16 q
ACNAccenture PLC	4.65%	1,327,010	$397M	trimmed−28%	−1.68 pp	49 q
MAMastercard Incorporated	4.09%	620,967	$349M	trimmed−10%	−0.09 pp	40 q
KLACKLA Corporation	4.08%	389,028	$348M	trimmed−15%	+0.65 pp	9 q
ABTAbbott Laboratories	3.79%	2,378,563	$324M	added+74%	+1.79 pp	49 q
BRBroadridge Financial Solutions Inc	3.69%	1,297,083	$315M	trimmed−6%	−0.03 pp	33 q
ADPAutomatic Data Processing	3.40%	940,786	$290M	trimmed−27%	−0.94 pp	49 q
NVDANvidia Corp	3.24%	1,747,996	$276M	new	+3.24 pp	new
WMWaste Management, Inc.	3.15%	1,174,028	$269M	trimmed−8%	−0.11 pp	20 q
EFXEquifax, Incorporated	3.12%	1,026,607	$266M	trimmed−4%	+0.25 pp	49 q
CPRTCopart Inc	3.06%	5,315,861	$261M	added+39%	+0.67 pp	22 q
APHAmphenol Corporation	3.02%	2,612,009	$258M	added+4%	+1.19 pp	49 q
CDNSCadence Design Systems	2.97%	823,396	$254M	added+50%	+1.43 pp	3 q
ZTSZoetis Inc.	2.95%	1,615,431	$252M	trimmed−11%	−0.37 pp	6 q
PGProcter & Gamble Company	2.67%	1,431,200	$228M	trimmed−4%	−0.14 pp	49 q
SHWThe Sherwin-Williams Company	2.25%	558,255	$192M	trimmed−4%	0.00 pp	5 q
LLYEli Lilly & Co.	1.89%	206,612	$161M	new	+1.89 pp	new
METAMeta Platforms, Inc. Class A	1.76%	203,412	$150M	new	+1.76 pp	new
MCDMcDonald's Corporation	1.71%	499,014	$146M	trimmed−4%	−0.09 pp	6 q
VRSKVerisk Analytics, Inc.	1.03%	281,734	$88M	trimmed−14%	−0.05 pp	20 q
JNJJohnson & Johnson	0.75%	416,198	$64M	trimmed−32%	−0.38 pp	49 q
HDHome Depot, Inc.	0.69%	160,587	$59M	trimmed−47%	−0.53 pp	20 q
ORCLOracle Corp	0.37%	145,209	$32M	trimmed−1%	+0.14 pp	49 q
ECLEcolab, Inc.	0.21%	67,986	$18M	trimmed−1%	+0.02 pp	49 q
ADBEAdobe Inc.	0.20%	43,992	$17M	held	—	49 q
WATWaters Corp	0.18%	43,936	$15M	trimmed−1%	0.00 pp	49 q
PEPPepsiCo, Inc.	0.16%	104,162	$14M	trimmed−90%	−1.62 pp	49 q
EMREmerson Electric Co.	0.14%	92,600	$12M	held	—	49 q
CTSHCognizant Technology Solutions	0.11%	123,726	$10M	trimmed−1%	0.00 pp	49 q
CLXClorox Company	0.10%	70,965	$9M	added+6%	−0.01 pp	49 q
KOCoca-Cola Company	0.10%	124,478	$9M	trimmed−0%	0.00 pp	49 q
CLColgate-Palmolive Company	0.10%	97,699	$9M	trimmed−0%	0.00 pp	49 q
CCKCrown Holdings Inc.	0.08%	65,368	$7M	trimmed−13%	+0.01 pp	39 q
EHCEncompass Health Corporation	0.08%	57,560	$7M	trimmed−19%	0.00 pp	31 q
GISGeneral Mills, Inc.	0.08%	125,215	$6M	added+2%	0.00 pp	41 q
LHLabcorp Holdings Inc.	0.08%	27,340	$7M	trimmed−4%	+0.01 pp	5 q
GGenpact Limited	0.08%	148,195	$7M	added+4%	0.00 pp	13 q
IDXXIdexx Laboratories Inc	0.07%	10,410	$6M	added+27%	+0.03 pp	5 q
KEYSKeysight Technologies, Inc.	0.07%	35,430	$6M	added+5%	+0.01 pp	9 q
KRThe Kroger Co.	0.07%	80,240	$6M	trimmed−5%	+0.01 pp	36 q
MSCIMSCI, Inc.	0.07%	11,050	$6M	added+20%	+0.01 pp	6 q
NKENike, Inc.	0.07%	83,798	$6M	trimmed−96%	−1.54 pp	49 q
TSCOTractor Supply Co	0.07%	109,490	$6M	added+3%	+0.01 pp	32 q
VEEVVeeva Systems Inc.	0.07%	20,411	$6M	trimmed−7%	+0.01 pp	5 q
OMCOmnicom Group Inc.	0.06%	76,066	$5M	trimmed−1%	−0.01 pp	49 q
ROSTRoss Stores Inc	0.06%	39,930	$5M	added+6%	+0.01 pp	3 q
ABBVAbbvie Inc.	0.05%	22,227	$4M	held	—	49 q
BAHBooz Allen Hamilton Holding Corporation	0.05%	36,880	$4M	held	—	8 q
CPBThe Campbell's Company	0.05%	133,568	$4M	added+1%	−0.01 pp	36 q
DCIDonaldson Company, Inc.	0.05%	66,810	$5M	held	—	24 q
FDSFactset Research Systems	0.05%	10,400	$5M	held	—	18 q
FFIVF5, Inc.	0.05%	14,990	$4M	held	—	23 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	17,338	$4M	trimmed−16%	+0.01 pp	21 q
MMM3M Company	0.05%	27,800	$4M	trimmed−0%	0.00 pp	49 q
APDAir Products & Chemicals, Inc.	0.04%	12,640	$4M	held	—	5 q
CHDChurch & Dwight Co., Inc.	0.04%	36,150	$3M	trimmed−21%	−0.02 pp	22 q
GNTXGentex Corp	0.04%	161,540	$4M	held	—	17 q
GPCGenuine Parts Company	0.04%	26,604	$3M	held	—	43 q
HOLXHologic Inc	0.04%	58,230	$4M	added+13%	0.00 pp	3 q
TROWT Rowe Price Group Inc	0.04%	31,950	$3M	held	—	49 q
TXNTexas Instruments Incorporated	0.04%	16,727	$3M	trimmed−99%	−2.29 pp	27 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.04%	10,406	$3M	trimmed−98%	−3.48 pp	49 q
AONAon plc Class A	0.04%	9,800	$3M	added+11%	0.00 pp	11 q
BDXBecton, Dickinson and Co.	0.03%	12,502	$2M	trimmed−6%	0.00 pp	49 q
BBYBest Buy Company, Inc.	0.03%	41,675	$3M	trimmed−12%	−0.01 pp	45 q
TECHBio-Techne Corp.	0.03%	47,450	$2M	held	—	10 q
LEVILevi Strauss & Co. Class A	0.03%	157,900	$3M	trimmed−15%	0.00 pp	21 q
MANHManhattan Associates Inc	0.03%	13,080	$3M	trimmed−6%	0.00 pp	14 q
ONON Semiconductor Corp	0.03%	41,450	$2M	held	—	6 q
RTXRTX Corporation	0.03%	17,586	$3M	trimmed−1%	0.00 pp	49 q
TJXTJX Companies, Inc. (The)	0.03%	23,249	$3M	trimmed−12%	−0.01 pp	49 q
TTCToro Company (The)	0.03%	39,470	$3M	held	—	14 q
UPSUnited Parcel Service, Inc. Class B	0.03%	21,840	$2M	trimmed−0%	0.00 pp	49 q
PAYXPaychex Inc	0.02%	9,320	$1M	trimmed−5%	0.00 pp	49 q
URIUnited Rentals, Inc.	0.02%	2,680	$2M	held	—	2 q
BMYBristol-Myers Squibb Co.	0.01%	26,375	$1M	held	—	42 q
KELKellanova	0.01%	11,432	$909,187	held	—	6 q
LINLinde plc	0.01%	1,380	$647,468	trimmed−5%	0.00 pp	10 q
MCHPMicrochip Technology Inc	—	−28,200	—	exited	−0.02 pp	—
LIILennox International Inc.	—	−2,240	—	exited	−0.01 pp	—
MARMarriott International Class A	—	−2,970	—	exited	−0.01 pp	—
SBUXStarbucks Corp	—	−5,823	—	exited	−0.01 pp	—