Jensen Investment

Q3 2025 13F · by Robert McIver, CEO

As of: Sep 30, 2025
Filed: Nov 5, 2025
US stock: $8.1B · prev $8.5B
Positions: 87 · prev 83
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%

Moves77 since the prior filing

+9.2 pp in · −9.1 pp out

New 5 +0.12 pp
Added 22 +9.06 pp
Trimmed 49 −9.09 pp
Exited 1 −0.03 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions34% of US stock

MSFT Microsoft Corp trimmed+0.62 pp trimmed+0.629.8%
AAPL Apple Inc. trimmed+1.71 pp trimmed+1.717.3%
MRSH Marsh trimmed−0.19 pp trimmed−0.196.0%
SYK Stryker Corporation trimmed−0.97 pp trimmed−0.975.6%
GOOGL Alphabet Inc. Class A trimmed+0.49 pp trimmed+0.495.4%

Positions87 in this filing · 1 exited


MSFTMicrosoft Corp	9.77%	1,519,446	$787M	trimmed−3%	+0.62 pp	50 q
AAPLApple Inc.	7.28%	2,303,255	$586M	trimmed−1%	+1.71 pp	42 q
MRSHMarsh	6.02%	2,406,645	$485M	trimmed−1%	−0.19 pp	18 q
SYKStryker Corporation	5.60%	1,220,050	$451M	trimmed−14%	−0.97 pp	50 q
GOOGLAlphabet Inc. Class A	5.40%	1,791,309	$435M	trimmed−25%	+0.49 pp	17 q
NVDANvidia Corp	5.00%	2,160,264	$403M	added+24%	+1.76 pp	2 q
INTUIntuit Inc	4.55%	536,978	$367M	trimmed−15%	−1.25 pp	33 q
LLYEli Lilly & Co.	4.39%	463,739	$354M	added×2.2	+2.50 pp	2 q
MAMastercard Incorporated	4.10%	581,527	$331M	trimmed−6%	+0.01 pp	41 q
ABTAbbott Laboratories	4.00%	2,409,429	$323M	added+1%	+0.21 pp	50 q
METAMeta Platforms, Inc. Class A	3.64%	399,933	$294M	added+97%	+1.88 pp	2 q
KLACKLA Corporation	3.51%	262,493	$283M	trimmed−33%	−0.57 pp	10 q
ADPAutomatic Data Processing	3.37%	924,421	$271M	trimmed−2%	−0.03 pp	50 q
BRBroadridge Financial Solutions Inc	3.25%	1,099,850	$262M	trimmed−15%	−0.44 pp	34 q
EFXEquifax, Incorporated	3.25%	1,022,492	$262M	trimmed−0%	+0.13 pp	50 q
WMWaste Management, Inc.	2.98%	1,086,589	$240M	trimmed−7%	−0.17 pp	21 q
CPRTCopart Inc	2.94%	5,263,823	$237M	trimmed−1%	−0.12 pp	23 q
SHWThe Sherwin-Williams Company	2.85%	663,607	$230M	added+19%	+0.60 pp	6 q
PGProcter & Gamble Company	2.75%	1,441,978	$222M	added+1%	+0.08 pp	50 q
CDNSCadence Design Systems	2.70%	620,210	$218M	trimmed−25%	−0.27 pp	4 q
MCDMcDonald's Corporation	1.89%	500,983	$152M	added0%	+0.18 pp	7 q
ZTSZoetis Inc.	1.60%	883,924	$129M	trimmed−45%	−1.35 pp	7 q
VEEVVeeva Systems Inc.	1.53%	413,213	$123M	added×20.2	+1.46 pp	6 q
APHAmphenol Corporation	1.34%	869,464	$108M	trimmed−67%	−1.68 pp	50 q
VRSKVerisk Analytics, Inc.	1.33%	424,645	$107M	added+51%	+0.30 pp	21 q
ACNAccenture PLC	0.96%	312,897	$77M	trimmed−76%	−3.69 pp	50 q
ORCLOracle Corp	0.50%	142,435	$40M	trimmed−2%	+0.13 pp	50 q
ECLEcolab, Inc.	0.23%	66,986	$18M	trimmed−1%	+0.02 pp	50 q
ADBEAdobe Inc.	0.19%	43,992	$16M	held	—	50 q
PEPPepsiCo, Inc.	0.16%	92,436	$13M	trimmed−11%	0.00 pp	50 q
WATWaters Corp	0.16%	43,936	$13M	held	—	50 q
EMREmerson Electric Co.	0.15%	91,900	$12M	trimmed−1%	+0.01 pp	50 q
CLColgate-Palmolive Company	0.12%	124,789	$10M	added+28%	+0.02 pp	50 q
CLXClorox Company	0.11%	73,465	$9M	added+4%	+0.01 pp	50 q
KOCoca-Cola Company	0.10%	124,487	$8M	added0%	0.00 pp	50 q
CTSHCognizant Technology Solutions	0.10%	123,726	$8M	held	—	50 q
LHLabcorp Holdings Inc.	0.09%	25,140	$7M	trimmed−8%	+0.01 pp	6 q
EHCEncompass Health Corporation	0.08%	50,660	$6M	trimmed−12%	0.00 pp	32 q
KEYSKeysight Technologies, Inc.	0.08%	35,430	$6M	held	—	10 q
MSCIMSCI, Inc.	0.08%	11,050	$6M	held	—	7 q
OMCOmnicom Group Inc.	0.08%	75,666	$6M	trimmed−1%	+0.02 pp	50 q
GISGeneral Mills, Inc.	0.07%	109,965	$6M	trimmed−12%	−0.01 pp	42 q
JNJJohnson & Johnson	0.07%	28,970	$5M	trimmed−93%	−0.68 pp	50 q
KRThe Kroger Co.	0.07%	80,240	$5M	held	—	37 q
NKENike, Inc.	0.07%	84,178	$6M	added0%	0.00 pp	50 q
ROSTRoss Stores Inc	0.07%	38,450	$6M	trimmed−4%	+0.01 pp	4 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.07%	19,120	$5M	added+10%	+0.02 pp	22 q
TSCOTractor Supply Co	0.07%	97,780	$6M	trimmed−11%	0.00 pp	33 q
CCKCrown Holdings Inc.	0.06%	49,228	$5M	trimmed−25%	−0.02 pp	40 q
DCIDonaldson Company, Inc.	0.06%	63,140	$5M	trimmed−5%	+0.01 pp	25 q
FFIVF5, Inc.	0.06%	14,520	$5M	trimmed−3%	+0.01 pp	24 q
GGenpact Limited	0.06%	116,625	$5M	trimmed−21%	−0.02 pp	14 q
ABBVAbbvie Inc.	0.05%	18,122	$4M	trimmed−18%	0.00 pp	50 q
BAHBooz Allen Hamilton Holding Corporation	0.05%	36,880	$4M	held	—	9 q
GNTXGentex Corp	0.05%	133,540	$4M	trimmed−17%	+0.01 pp	18 q
HOLXHologic Inc	0.05%	61,050	$4M	added+5%	+0.01 pp	4 q
MMM3M Company	0.05%	27,842	$4M	added0%	0.00 pp	50 q
CHDChurch & Dwight Co., Inc.	0.04%	34,550	$3M	trimmed−4%	0.00 pp	23 q
FDSFactset Research Systems	0.04%	11,810	$3M	added+14%	−0.01 pp	19 q
HDHome Depot, Inc.	0.04%	7,570	$3M	trimmed−95%	−0.65 pp	21 q
IDXXIdexx Laboratories Inc	0.04%	4,430	$3M	trimmed−57%	−0.03 pp	6 q
LEVILevi Strauss & Co. Class A	0.04%	137,260	$3M	trimmed−13%	+0.01 pp	22 q
TROWT Rowe Price Group Inc	0.04%	31,950	$3M	held	—	50 q
RTXRTX Corporation	0.04%	17,627	$3M	added0%	+0.01 pp	50 q
TJXTJX Companies, Inc. (The)	0.04%	23,198	$3M	trimmed−0%	+0.01 pp	50 q
TTCToro Company (The)	0.04%	43,470	$3M	added+10%	+0.01 pp	15 q
URIUnited Rentals, Inc.	0.04%	2,980	$3M	added+11%	+0.02 pp	3 q
AONAon plc Class A	0.04%	10,100	$4M	added+3%	0.00 pp	12 q
APDAir Products & Chemicals, Inc.	0.03%	9,032	$2M	trimmed−29%	−0.01 pp	6 q
BBYBest Buy Company, Inc.	0.03%	27,385	$2M	trimmed−34%	0.00 pp	46 q
CPBThe Campbell's Company	0.03%	79,868	$3M	trimmed−40%	−0.02 pp	37 q
FICOFair Isaac Corporation	0.03%	1,620	$2M	new	+0.03 pp	new
GWWW.W. Grainger, Inc.	0.03%	2,300	$2M	new	+0.03 pp	new
NDSNNordson Corp	0.03%	12,050	$3M	new	+0.03 pp	new
ONON Semiconductor Corp	0.03%	41,450	$2M	held	—	7 q
LULUlululemon athletica inc.	0.02%	8,220	$1M	new	+0.02 pp	new
TXNTexas Instruments Incorporated	0.02%	10,095	$2M	trimmed−40%	−0.02 pp	28 q
UPSUnited Parcel Service, Inc. Class B	0.02%	20,000	$2M	trimmed−8%	−0.01 pp	50 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	4,373	$2M	trimmed−58%	−0.02 pp	50 q
BDXBecton, Dickinson and Co.	0.01%	2,486	$465,305	trimmed−80%	−0.02 pp	50 q
BMYBristol-Myers Squibb Co.	0.01%	26,475	$1M	added0%	0.00 pp	43 q
KELKellanova	0.01%	6,372	$522,631	trimmed−44%	0.00 pp	7 q
LSTRLandstar System Inc	0.01%	6,250	$766,000	new	+0.01 pp	new
MANHManhattan Associates Inc	0.01%	5,150	$1M	trimmed−61%	−0.02 pp	15 q
PAYXPaychex Inc	0.01%	9,320	$1M	held	—	50 q
LINLinde plc	0.01%	1,380	$655,500	held	—	11 q
GPCGenuine Parts Company	0.00%	2,674	$370,616	trimmed−90%	−0.04 pp	44 q
TECHBio-Techne Corp.	—	−47,450	—	exited	−0.03 pp	—