Jensen Investment

Q4 2025 13F · by Robert McIver, CEO

As of: Dec 31, 2025
Filed: Feb 10, 2026
US stock: $6.4B · prev $8.1B
Positions: 89 · 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%

Moves82 since the prior filing

+8.3 pp in · −8.5 pp out

New 7 +6.42 pp
Added 6 +1.93 pp
Trimmed 64 −6.82 pp
Exited 5 −1.65 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions37% of US stock

MSFT Microsoft Corp trimmed+0.33 pp trimmed+0.3310.1%
AAPL Apple Inc. trimmed+1.18 pp trimmed+1.188.5%
GOOGL Alphabet Inc. Class A trimmed+2.15 pp trimmed+2.157.5%
NVDA Nvidia Corp added+1.61 pp added+1.616.6%
MA Mastercard Incorporated trimmed+0.24 pp trimmed+0.244.3%

Positions89 in this filing · 5 exited


MSFTMicrosoft Corp	10.10%	1,326,840	$642M	trimmed−13%	+0.33 pp	51 q
AAPLApple Inc.	8.46%	1,978,272	$538M	trimmed−14%	+1.18 pp	43 q
GOOGLAlphabet Inc. Class A	7.55%	1,532,213	$480M	trimmed−14%	+2.15 pp	18 q
NVDANvidia Corp	6.61%	2,253,736	$420M	added+4%	+1.61 pp	3 q
MAMastercard Incorporated	4.34%	482,740	$276M	trimmed−17%	+0.24 pp	42 q
LLYEli Lilly & Co.	4.22%	249,827	$268M	trimmed−46%	−0.17 pp	3 q
AMZNAmazon.Com Inc	4.12%	1,133,670	$262M	new	+4.12 pp	new
SYKStryker Corporation	4.05%	731,545	$257M	trimmed−40%	−1.55 pp	51 q
METAMeta Platforms, Inc. Class A	3.80%	366,040	$242M	trimmed−8%	+0.16 pp	3 q
ABTAbbott Laboratories	3.69%	1,873,063	$235M	trimmed−22%	−0.31 pp	51 q
KLACKLA Corporation	3.62%	189,514	$230M	trimmed−28%	+0.11 pp	11 q
WMWaste Management, Inc.	3.46%	1,000,459	$220M	trimmed−8%	+0.48 pp	22 q
MRSHMarsh	3.16%	1,084,317	$201M	trimmed−55%	−2.86 pp	19 q
SHWThe Sherwin-Williams Company	3.15%	618,261	$200M	trimmed−7%	+0.30 pp	7 q
PGProcter & Gamble Company	2.89%	1,282,207	$184M	trimmed−11%	+0.14 pp	51 q
INTUIntuit Inc	2.84%	272,978	$181M	trimmed−49%	−1.71 pp	34 q
EFXEquifax, Incorporated	2.81%	824,439	$179M	trimmed−19%	−0.44 pp	51 q
BRBroadridge Financial Solutions Inc	2.70%	769,449	$172M	trimmed−30%	−0.55 pp	35 q
CDNSCadence Design Systems	2.60%	529,665	$166M	trimmed−15%	−0.10 pp	5 q
ADPAutomatic Data Processing	2.56%	633,763	$163M	trimmed−31%	−0.81 pp	51 q
MCDMcDonald's Corporation	2.13%	443,278	$135M	trimmed−12%	+0.24 pp	8 q
VRSKVerisk Analytics, Inc.	1.57%	445,596	$100M	added+5%	+0.24 pp	22 q
CPRTCopart Inc	1.34%	2,168,517	$85M	trimmed−59%	−1.60 pp	24 q
VEEVVeeva Systems Inc.	1.08%	308,753	$69M	trimmed−25%	−0.45 pp	7 q
MSIMotorola Solutions, Inc. New	1.06%	175,236	$67M	new	+1.06 pp	new
AVGOBroadcom Inc.	0.97%	178,441	$62M	new	+0.97 pp	new
APHAmphenol Corporation	0.49%	230,488	$31M	trimmed−73%	−0.85 pp	51 q
ORCLOracle Corp	0.38%	124,373	$24M	trimmed−13%	−0.12 pp	51 q
ACNAccenture PLC	0.28%	66,424	$18M	trimmed−79%	−0.68 pp	51 q
ECLEcolab, Inc.	0.25%	59,960	$16M	trimmed−10%	+0.02 pp	51 q
WATWaters Corp	0.23%	38,736	$15M	trimmed−12%	+0.07 pp	51 q
JGRWJensen Quality Growth ETF	0.22%	517,847	$14M	new	+0.22 pp	new
ADBEAdobe Inc.	0.19%	34,597	$12M	trimmed−21%	0.00 pp	51 q
PEPPepsiCo, Inc.	0.19%	82,002	$12M	trimmed−11%	+0.03 pp	51 q
EMREmerson Electric Co.	0.16%	74,900	$10M	trimmed−19%	+0.01 pp	51 q
CLColgate-Palmolive Company	0.15%	118,934	$9M	trimmed−5%	+0.03 pp	51 q
CTSHCognizant Technology Solutions	0.14%	107,726	$9M	trimmed−13%	+0.04 pp	51 q
KOCoca-Cola Company	0.12%	111,652	$8M	trimmed−10%	+0.02 pp	51 q
CLXClorox Company	0.11%	68,465	$7M	trimmed−7%	0.00 pp	51 q
CCKCrown Holdings Inc.	0.09%	56,903	$6M	added+16%	+0.03 pp	41 q
KEYSKeysight Technologies, Inc.	0.09%	27,730	$6M	trimmed−22%	+0.01 pp	11 q
LHLabcorp Holdings Inc.	0.09%	22,820	$6M	trimmed−9%	0.00 pp	7 q
MSCIMSCI, Inc.	0.09%	9,850	$6M	trimmed−11%	+0.01 pp	8 q
GGenpact Limited	0.09%	116,625	$5M	held	—	15 q
EHCEncompass Health Corporation	0.08%	50,660	$5M	held	—	33 q
KRThe Kroger Co.	0.08%	80,240	$5M	held	—	38 q
NKENike, Inc.	0.08%	76,785	$5M	trimmed−9%	+0.01 pp	51 q
ROSTRoss Stores Inc	0.08%	26,944	$5M	trimmed−30%	+0.01 pp	5 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.08%	17,120	$5M	trimmed−10%	+0.01 pp	23 q
TSCOTractor Supply Co	0.08%	97,780	$5M	held	—	34 q
MMM3M Company	0.07%	27,829	$4M	trimmed−0%	+0.02 pp	51 q
DCIDonaldson Company, Inc.	0.06%	40,070	$4M	trimmed−37%	0.00 pp	26 q
FFIVF5, Inc.	0.06%	14,100	$4M	trimmed−3%	0.00 pp	25 q
TJXTJX Companies, Inc. (The)	0.06%	23,159	$4M	trimmed−0%	+0.02 pp	51 q
AONAon plc Class A	0.06%	10,603	$4M	added+5%	+0.02 pp	13 q
CHDChurch & Dwight Co., Inc.	0.05%	34,550	$3M	held	—	24 q
FDSFactset Research Systems	0.05%	11,810	$3M	held	—	20 q
GNTXGentex Corp	0.05%	133,540	$3M	held	—	19 q
GWWW.W. Grainger, Inc.	0.05%	3,140	$3M	added+37%	+0.02 pp	2 q
NDSNNordson Corp	0.05%	12,050	$3M	held	—	2 q
TROWT Rowe Price Group Inc	0.05%	31,950	$3M	held	—	51 q
RTXRTX Corporation	0.05%	17,607	$3M	trimmed−0%	+0.01 pp	51 q
TTCToro Company (The)	0.05%	43,470	$3M	held	—	16 q
ABBVAbbvie Inc.	0.04%	11,144	$3M	trimmed−39%	−0.01 pp	51 q
APDAir Products & Chemicals, Inc.	0.04%	9,035	$2M	added0%	+0.01 pp	7 q
IDXXIdexx Laboratories Inc	0.04%	3,571	$2M	trimmed−19%	0.00 pp	7 q
LEVILevi Strauss & Co. Class A	0.04%	118,640	$2M	trimmed−14%	0.00 pp	23 q
OMCOmnicom Group Inc.	0.04%	34,054	$3M	trimmed−55%	−0.04 pp	51 q
BBYBest Buy Company, Inc.	0.03%	24,735	$2M	trimmed−10%	0.00 pp	47 q
FICOFair Isaac Corporation	0.03%	1,250	$2M	trimmed−23%	0.00 pp	2 q
HOLXHologic Inc	0.03%	28,000	$2M	trimmed−54%	−0.02 pp	5 q
JNJJohnson & Johnson	0.03%	10,266	$2M	trimmed−65%	−0.04 pp	51 q
TXNTexas Instruments Incorporated	0.03%	9,665	$2M	trimmed−4%	+0.01 pp	29 q
URIUnited Rentals, Inc.	0.03%	2,151	$2M	trimmed−28%	−0.01 pp	4 q
BAHBooz Allen Hamilton Holding Corporation	0.02%	16,450	$1M	trimmed−55%	−0.03 pp	10 q
ONON Semiconductor Corp	0.02%	21,406	$1M	trimmed−48%	−0.01 pp	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	3,941	$1M	trimmed−10%	0.00 pp	51 q
RACEFerrari N.V.	0.02%	2,600	$960,856	new	+0.02 pp	new
BAFBajaj Finance Ltd	0.02%	95,800	$1M	new	+0.02 pp	new
BDXBecton, Dickinson and Co.	0.01%	2,486	$482,458	held	—	51 q
CPBThe Campbell's Company	0.01%	31,418	$875,620	trimmed−61%	−0.02 pp	38 q
GISGeneral Mills, Inc.	0.01%	17,845	$829,793	trimmed−84%	−0.06 pp	43 q
GPCGenuine Parts Company	0.01%	2,674	$328,795	held	—	45 q
HDHome Depot, Inc.	0.01%	2,495	$858,530	trimmed−67%	−0.03 pp	22 q
LSTRLandstar System Inc	0.01%	5,350	$768,795	trimmed−14%	0.00 pp	2 q
LULUlululemon athletica inc.	0.01%	3,920	$814,615	trimmed−52%	−0.01 pp	2 q
MANHManhattan Associates Inc	0.01%	4,420	$766,030	trimmed−14%	0.00 pp	16 q
DOXAmdocs Limited	0.01%	9,250	$744,718	new	+0.01 pp	new
LINLinde plc	0.01%	1,290	$550,043	trimmed−7%	0.00 pp	12 q
ZTSZoetis Inc.	—	−883,924	—	exited	−1.60 pp	—
UPSUnited Parcel Service, Inc. Class B	—	−20,000	—	exited	−0.02 pp	—
BMYBristol-Myers Squibb Co.	—	−26,475	—	exited	−0.01 pp	—
KELKellanova	—	−6,372	—	exited	−0.01 pp	—
PAYXPaychex Inc	—	−9,320	—	exited	−0.01 pp	—