Jensen Investment Management

In Q2 2026, Jensen Investment Management held 83 US-listed stocks worth $4.1bn. Its biggest move was cutting Meta Platforms (68% fewer shares, now 1.5%), followed by adding to Amphenol Ord (173% more shares, now 2.6%). It started 1 new position and sold out of 2. Its largest holding is Alphabet at 6.9%.

Source: SEC Form 13F for Q2 2026, filed 7 Aug 2026, and the funds’ Form N-PORT filings. How we use them

Latest 13F

Q2 2026

Filed 7 Aug 2026

Fund assets

$3.0bn

1 US-registered fund

Q3 2026 13F due

26 days

Expected Mon 9 Nov

What changed in Q2 2026

New positions

Cintas1.4% of the portfolio

Added to

Amphenol Ord+173% shares, now 2.6%
TJX Companies+2073% shares, now 1.9%
Motorola Solutions+64% shares, now 2.8%
IDEXX Laboratories+2861% shares, now 1.4%
Coca-Cola0.0% shares, now 0.2%

Trimmed

Meta Platforms-68% shares, now 1.5%
Apple-46% shares, now 6.0%
Microsoft-37% shares, now 6.7%
Broadridge Financial Solutions-56% shares, now 1.3%
Equifax-53% shares, now 1.4%

Sold out

Best Buywas under 0.1%
Bajaj Financewas under 0.1%

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

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7% of the $3.0bn of shares held in Jensen Investment Management’s one US-registered fund, Jensen Quality Growth Fund, by value, are not in its 13F. Those holdings are marked with a gold dot below.

US holdings from the 13F

Q2 2026, filed 7 Aug 2026 (filing): 1 new, 8 added to, 69 trimmed, 2 sold out. Select a row to see it over time. How this works

Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

AlphabetGOOG	$285m	797,098	6.9%$285m	Trimmed -45%	8.2%
MicrosoftMSFT	$275m	737,144	6.7%$275m	Trimmed -37%	8.6%
Amazon.comAMZN	$251m	1,054,136	6.1%$251m	Trimmed -14%	5.0%
AppleAAPL	$249m	860,969	6.0%$249m	Trimmed -46%	8.0%
NVIDIANVDA	$240m	1,197,487	5.8%$240m	Trimmed -27%	5.6%
KLAKLAC	$238m	790,391	5.8%$238m	Trimmed -52%	4.8%
StrykerSYK	$186m	589,670	4.5%$186m	Trimmed -15%	4.5%
Sherwin WilliamsSHW	$186m	539,035	4.5%$186m	Trimmed -14%	4.0%
Eli Lilly & CoLLY	$184m	153,735	4.5%$184m	Trimmed -33%	4.2%
MastercardMA	$179m	347,714	4.3%$179m	Trimmed -29%	4.8%
Marsh & Mclennan CompaniesMRSH	$164m	984,904	4.0%$164m	Trimmed -14%	3.9%
BroadcomAVGO	$148m	392,082	3.6%$148m	Trimmed -12%	2.7%
Waste ManagementWM	$141m	631,052	3.4%$141m	Trimmed -3.1%	3.0%
Procter & GamblePG	$126m	860,442	3.1%$126m	Trimmed -14%	2.8%
Cadence Design SystemsCDNS	$116m	308,555	2.8%$116m	Trimmed -39%	2.8%
Motorola SolutionsMSI	$116m	278,721	2.8%$116m	Added +64%	1.4%
Amphenol OrdAPH	$108m	614,660	2.6%$108m	Added +173%	0.6%
Abbott LaboratoriesABT	$80.3m	885,262	1.9%$80.3m	Trimmed -40%	3.0%
Veeva SystemsVEEV	$79.8m	449,489	1.9%$79.8m	Trimmed -21%	2.0%
TJX CompaniesTJX	$76.2m	503,180	1.9%$76.2m	Added +2073%	0.1%
Verisk AnalyticsVRSK	$68.1m	379,127	1.6%$68.1m	Trimmed -21%	1.8%
Meta PlatformsMETA	$61.7m	109,456	1.5%$61.7m	Trimmed -68%	3.9%
McdonaldsMCD	$61.0m	225,570	1.5%$61.0m	Trimmed -18%	1.7%
EquifaxEFX	$58.8m	370,551	1.4%$58.8m	Trimmed -53%	2.8%
CintasCTAS	$56.7m	333,630	1.4%$56.7m	New	–
IDEXX LaboratoriesIDXX	$55.6m	105,709	1.4%$55.6m	Added +2861%	0.0%
Broadridge Financial SolutionsBR	$52.1m	380,126	1.3%$52.1m	Trimmed -56%	2.7%
CopartCPRT	$35.1m	1,243,675	0.8%$35.1m	Trimmed -22%	1.1%
Automatic Data ProcessingADP	$18.5m	82,492	0.5%$18.5m	Trimmed -21%	0.4%
OracleORCL	$17.4m	118,394	0.4%$17.4m	Trimmed -2.0%	0.3%
EcolabECL	$16.3m	58,436	0.4%$16.3m	Trimmed -0.7%	0.3%
Trust for Professional ManagMINN	$14.8m	544,862	0.4%$14.8m	Trimmed -5.2%	0.3%
WatersWAT	$14.5m	38,566	0.3%$14.5m	Trimmed -0.5%	0.2%
PepsicoPEP	$10.8m	79,927	0.3%$10.8m	Trimmed -1.7%	0.3%
Colgate-PalmoliveCL	$10.6m	115,229	0.3%$10.6m	Trimmed -2.9%	0.2%
Emerson ElectricEMR	$10.5m	73,691	0.3%$10.5m	Trimmed -1.1%	0.2%
Coca-ColaKO	$9.1m	111,668	0.2%$9.1m	Added 0.0%	0.2%
AonAON	$8.6m	25,789	0.2%$8.6m	Added +0.9%	0.2%
Taiwan Semiconductor ManufacturingTSM	$7.6m	15,884	0.2%$7.6m	Trimmed -3.3%	0.1%
AdobeADBE	$6.9m	33,545	0.2%$6.9m	Trimmed -0.8%	0.2%
AccentureACN	$6.5m	52,235	0.2%$6.5m	Trimmed -10%	0.2%
Crown HoldingsCCK	$5.9m	52,583	0.1%$5.9m	Trimmed -7.6%	0.1%
Clorox CompanyCLX	$4.6m	47,805	0.1%$4.6m	Added +3.6%	0.1%
Labcorp Holdings OrdLH	$4.5m	16,050	0.1%$4.5m	Trimmed -13%	0.1%
3mMMM	$4.5m	27,618	0.1%$4.5m	Trimmed 0.0%	0.1%
Cognizant Technology SolutionsCTSH	$4.0m	103,867	0.1%$4.0m	Trimmed -2.4%	0.1%
Encompass HealthEHC	$4.0m	39,260	0.1%$4.0m	Trimmed -22%	0.1%
W.W. GraingerGWW	$3.7m	2,732	0.1%$3.7m	Trimmed -13%	0.1%
T Rowe Price GroupTROW	$3.6m	31,950	0.1%$3.6m	Unchanged	0.1%
Ross StoresROST	$3.6m	16,872	0.1%$3.6m	Trimmed -23%	0.1%
MSCIMSCI	$3.6m	6,410	0.1%$3.6m	Trimmed -17%	0.1%
KrogerKR	$3.5m	62,390	0.1%$3.5m	Trimmed -5.9%	0.1%
RTXRTX	$3.3m	17,586	0.1%$3.3m	Trimmed -0.1%	0.1%
Keysight TechnologiesKEYS	$3.2m	9,127	0.1%$3.2m	Trimmed -46%	0.1%
Levi Strauss & CoLEVI	$3.2m	128,120	0.1%$3.2m	Trimmed -8.1%	0.1%
F5 NetworksFFIV	$3.1m	7,470	0.1%$3.1m	Trimmed -44%	0.1%
Church & DwightCHD	$3.1m	31,740	0.1%$3.1m	Trimmed -8.1%	0.1%
NikeNKE	$2.9m	71,344	0.1%$2.9m	Trimmed -4.8%	0.1%
Tractor SupplyTSCO	$2.8m	89,840	0.1%$2.8m	Trimmed -8.1%	0.1%
AbbvieABBV	$2.8m	11,064	0.1%$2.8m	Trimmed -0.7%	0.1%
GentexGNTX	$2.7m	108,470	0.1%$2.7m	Trimmed -19%	0.1%
Johnson & JohnsonJNJ	$2.2m	8,797	0.1%$2.2m	Trimmed -9.9%	0.1%
United RentalsURI	$2.2m	1,902	0.1%$2.2m	Trimmed -12%	0.0%
ToroTTC	$2.1m	21,423	0.1%$2.1m	Trimmed -8.1%	0.0%
GenpactG	$2.0m	73,655	0.1%$2.0m	Trimmed -21%	0.1%
IntuitINTU	$2.0m	7,526	0.1%$2.0m	Trimmed -93%	0.9%
Air Products & ChemicalsAPD	$1.6m	5,491	0.0%$1.6m	Trimmed -29%	0.0%
Omnicom GroupOMC	$1.6m	22,054	0.0%$1.6m	Unchanged	0.0%
NordsonNDSN	$1.3m	4,360	0.0%$1.3m	Trimmed -38%	0.0%
DonaldsonDCI	$1.2m	13,490	0.0%$1.2m	Trimmed -42%	0.0%
AmdocsDOX	$1.1m	21,660	0.0%$1.1m	Added +22%	0.0%
FerrariRACE	$998k	2,682	0.0%$998k	Unchanged	0.0%
Fair IsaacFICO	$884k	740	0.0%$884k	Trimmed -41%	0.0%
Booz Allen Hamilton Holding CorBAH	$772k	12,730	0.0%$772k	Trimmed -8.1%	0.0%
LindeLIN	$669k	1,290	0.0%$669k	Unchanged	0.0%
Manhattan AssociatesMANH	$565k	4,060	0.0%$565k	Trimmed -8.1%	0.0%
Campbell'sCPB	$484k	21,735	0.0%$484k	Trimmed -31%	0.0%
General MillsGIS	$437k	12,546	0.0%$437k	Trimmed -30%	0.0%
Texas InstrumentsTXN	$372k	1,247	0.0%$372k	Trimmed -11%	0.0%
UnitedHealth GroupUNH	$357k	859	0.0%$357k	Trimmed -42%	0.0%
Genuine PartsGPC	$315k	2,674	0.0%$315k	Unchanged	0.0%
Becton Dickinson & CoBDX	$309k	2,040	0.0%$309k	Trimmed -4.7%	0.0%
Home DepotHD	$281k	797	0.0%$281k	Trimmed -45%	0.0%
Best BuyBBY	–	–	–	Sold out	0.0%
Bajaj FinanceBAF	–	–	–	Sold out	0.0%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2013

2015

2017

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

MSFTAAPLGOOGACNPEPSYKEverything else

Q2 2026

Q4 2013Q2 2026

Jensen Quality Growth Fund

1 year+3.5%

10 yearsa year+11.7%

Yearly costs0.60%

Total returns after fees for the JENYX, Class Y share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 31 May 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 31 May 2026. Costs are the expense ratio in the annual report to 31 May 2026, about $61 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 31 May 2026, from the fund’s N-PORT filing. Net assets $3.0bn. Changes are against 28 Feb 2026: 3 new, 4 added to, 16 trimmed, 2 sold out. The 13F is at 30 Jun 2026, so a gold dot can also mean the fund bought the shares after that date.

Jensen Quality Growth Fund holdings with change from the previous filing

Amazon.comAMZN	United States	7.5%	Unchanged	4.8%
MicrosoftMSFT	United States	7.5%	Trimmed -39%	8.9%
AlphabetGOOGL	United States	7.4%	Trimmed -44%	9.0%
AppleAAPL	United States	7.1%	Trimmed -48%	9.6%
NVIDIANVDA	United States	6.7%	Trimmed -36%	7.3%
Eli Lilly & CoLLY	United States	5.5%	Trimmed -6.5%	4.7%
MastercardMA	United States	4.9%	Trimmed -9.2%	4.8%
BroadcomAVGO	United States	4.7%	Added +140%	1.2%
StrykerSYK	United States	4.4%	Unchanged	4.6%
Sherwin-WilliamsSHW	United States	4.2%	Unchanged	4.2%
KLAKLAC	United States	4.1%	Trimmed -41%	4.7%
Marsh & McLennan CosMRSH	United States	4.1%	Unchanged	4.0%
Cadence Design SystemsCDNS	United States	3.7%	Trimmed -13%	2.9%
Waste ManagementWM	United States	3.4%	Trimmed -15%	3.8%
Procter & GamblePG	United States	3.0%	Trimmed -6.4%	3.2%
Motorola SolutionsMSI	United States	3.0%	Added +76%	1.7%
Veeva SystemsVEEV	United States	2.2%	Added +283%	0.5%
Meta PlatformsMETA	United States	2.0%	Trimmed -62%	4.5%
Verisk AnalyticsVRSK	United States	1.9%	Added +36%	1.4%
Broadridge Financial SolutionsBR	United States	1.9%	Trimmed -23%	2.5%
Abbott LaboratoriesABT	United States	1.8%	Trimmed -41%	3.4%
McDonald'sMCD	United States	1.7%	Trimmed -12%	2.0%
AmphenolAPH	United States	1.6%	New	–
EquifaxEFX	United States	1.5%	Trimmed -40%	2.7%
IDEXX LaboratoriesIDXX	United States	1.5%	New	–
CintasCTAS	United States	1.5%	New	–
CopartCPRT	United States	1.0%	Trimmed -20%	1.3%
		–	Sold out	1.2%
		–	Sold out	0.7%

Look-through earnings

Jensen Investment Management’s share of the profits of the US companies it holds. How this works

For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.

Look-through earnings, Q2 2026

$174m

Last 12 months, holdings with SEC financials

Price paid for those earnings

23.1×

Value of those holdings ÷ their earnings

Earnings per share growth

+26.8%

Same holdings, against a year earlier

Portfolio covered

98%

Of the 13F value

$215m2017

$282m2018

$331m2019

$339m2020

$470m2021

$486m2022

$469m2023

$410m2024

$264m2025

$106m2026*

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Holdings behind

Look-through earnings by holding, Q2 2026

KLAKLAC	0.6%	$4.8bn	$29.0m	$8.2m	+20.3%
AlphabetGOOG	0.01%	$244bn	$15.8m	$7.3m	+109.4%
Amazon.comAMZN	0.01%	$135bn	$13.1m	$6.1m	+89.8%
MicrosoftMSFT	0.01%	$134bn	$13.2m	$3.5m	+31.6%
NVIDIANVDA	0.00%	$193bn	$9.5m	$2.9m	+125.0%
Marsh & Mclennan CompaniesMRSH	0.2%	$4.0bn	$8.1m	$2.6m	-1.0%
StrykerSYK	0.1%	$3.7bn	$5.7m	$1.9m	+27.9%
Sherwin WilliamsSHW	0.2%	$2.7bn	$5.9m	$1.8m	+7.9%
AppleAAPL	0.01%	$129bn	$7.5m	$1.7m	+31.9%
MastercardMA	0.04%	$16bn	$6.4m	$1.7m	+23.2%
Broadridge Financial SolutionsBR	0.3%	$1.1bn	$3.7m	$1.3m	+35.6%
Waste ManagementWM	0.2%	$2.9bn	$4.5m	$1.2m	+5.3%
Eli Lilly & CoLLY	0.02%	$27bn	$4.6m	$1.2m	+94.9%
Procter & GamblePG	0.04%	$16bn	$5.7m	$1.1m	+1.8%
BroadcomAVGO	0.01%	$38bn	$3.1m	$1.1m	+101.0%
Motorola SolutionsMSI	0.2%	$2.1bn	$3.6m	$929k	+1.8%
Amphenol OrdAPH	0.05%	$5.1bn	$2.5m	$844k	+59.6%
Veeva SystemsVEEV	0.3%	$1.0bn	$2.8m	$745k	+27.3%
TJX CompaniesTJX	0.05%	$6.1bn	$2.7m	$685k	+23.2%
Meta PlatformsMETA	0.00%	$68bn	$2.9m	$676k	-4.6%
Verisk AnalyticsVRSK	0.3%	$886m	$2.6m	$662k	+3.7%
EquifaxEFX	0.3%	$691m	$2.1m	$572k	+13.3%
Abbott LaboratoriesABT	0.05%	$5.4bn	$2.8m	$471k	-61.0%
IDEXX LaboratoriesIDXX	0.1%	$1.1bn	$1.5m	$451k	+18.1%
CopartCPRT	0.1%	$1.5bn	$2.0m	$432k	-0.8%
CintasCTAS	0.08%	$2.0bn	$1.6m	$421k	+11.9%
Cadence Design SystemsCDNS	0.1%	$1.4bn	$1.5m	$410k	+34.6%
Automatic Data ProcessingADP	0.02%	$4.4bn	$905k	$201k	+9.8%
OracleORCL	0.00%	$17bn	$691k	$171k	+34.7%
EcolabECL	0.02%	$2.1bn	$438k	$111k	+0.2%

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

US holdings by sector

Technology41.3%
Consumer discretionary16.5%
Health care12.7%
Communication and media8.4%
Financials4.5%
Insurance4.2%
Industrials4.1%
Materials3.9%
Utilities3.4%
Consumer staples0.6%
Other0.1%
Not classified0.4%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$13bnQ3 ’23

$13bnQ4 ’23

$13bnQ1 ’24

$12bnQ2 ’24

$12bnQ3 ’24

$11bnQ4 ’24

$9.0bnQ1 ’25

$8.5bnQ2 ’25

$8.1bnQ3 ’25

$6.4bnQ4 ’25

$5.1bnQ1 ’26

$4.1bnQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.