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Jensen Investment Management
Jensen Investment Management
2026Q1 · filed May 5, 202684 positions · $5.07Btop-5 35%
2026Q1 brief
Jensen's $5.07B quality-growth portfolio made no new entries in Q1 2026, staying true to its high-ROIC, buy-and-hold mandate, but notable rotations reveal evolving sector preferences. The most striking move was a near-tripling of AVGO (+149.8% to 2.7%) and a near-doubling of VEEV (+83.5% to 2.0%), signaling increased confidence in AI-driven semiconductor demand and vertical SaaS durability. Conversely, NVDA was trimmed by 27.6% (still a top-4 holding at 5.6%), suggesting Jensen is locking in gains after NVDA's run rather than abandoning the AI thesis—rotating within semis from pure-play GPU to broader chip infrastructure via AVGO. Consumer defensive and cyclical positions saw meaningful cuts: MCD down 37.7%, WM down 34.9%, and PG down 22.2%, hinting at a deliberate de-emphasis of slower-growth, rate-sensitive names. The five exits (including LULU and ON) were all sub-0.05% positions, consistent with portfolio housekeeping rather than strategic shifts. Watch whether AVGO continues to climb toward top-5 status and whether further defensive trims signal a full rotation into compounding tech.
AI-generated. Not investment advice.
Holdings (84) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | MSFT | 8.5% | $433M | |||
| 2 | GOOGL | 8.2% | $417M | |||
| 3 | AAPL | 8.0% | $405M | |||
| 4 | NVDA | 5.6% | $285M | |||
| 5 | AMZN | 5.0% | $254M | |||
| 6 | MA | 4.8% | $245M | |||
| 7 | KLAC | 4.8% | $244M | |||
| 8 | SYK | 4.5% | $229M | |||
| 9 | LLY | 4.2% | $212M | |||
| 10 | SHW | 4.0% | $201M | |||
| 11 | MRSH | 3.9% | $200M | |||
| 12 | META | 3.8% | $195M | |||
| 13 | ABT | 3.0% | $153M | |||
| 14 | WM | 3.0% | $150M | |||
| 15 | PG | 2.8% | $144M | |||
| 16 | EFX | 2.8% | $141M | |||
| 17 | CDNS | 2.8% | $141M | |||
| 18 | BR | 2.7% | $139M | |||
| 19 | AVGO | 2.7% | $138M | |||
| 20 | VEEV | 2.0% | $100M | |||
| 21 | VRSK | 1.8% | $91M | |||
| 22 | MCD | 1.7% | $86M | |||
| 23 | MSI | 1.4% | $74M | |||
| 24 | CPRT | 1.0% | $53M | |||
| 25 | INTU | 0.9% | $45M | |||
| 26 | APH | 0.6% | $28M | |||
| 27 | ADP | 0.4% | $21M | |||
| 28 | ORCL | 0.3% | $18M | |||
| 29 | ECL | 0.3% | $16M | |||
| 30 | JGRW | 0.3% | $14M | |||
| 31 | PEP | 0.2% | $13M | |||
| 32 | ACN | 0.2% | $12M | |||
| 33 | WAT | 0.2% | $12M | |||
| 34 | CL | 0.2% | $10M | |||
| 35 | EMR | 0.2% | $10M | |||
| 36 | KO | 0.2% | $8M | |||
| 37 | AON | 0.2% | $8M | |||
| 38 | ADBE | 0.2% | $8M | |||
| 39 | CTSH | 0.1% | $7M | |||
| 40 | CCK | 0.1% | $6M | |||
| 41 | TSM | 0.1% | $6M | |||
| 42 | LH | 0.1% | $5M | |||
| 43 | EHC | 0.1% | $5M | |||
| 44 | KR | 0.1% | $5M | |||
| 45 | KEYS | 0.1% | $5M | |||
| 46 | CLX | 0.1% | $5M | |||
| 47 | ROST | 0.1% | $5M | |||
| 48 | TSCO | 0.1% | $4M | |||
| 49 | MSCI | 0.1% | $4M | |||
| 50 | MMM | 0.1% | $4M | |||
| 51 | NKE | 0.1% | $4M | |||
| 52 | FFIV | 0.1% | $4M | |||
| 53 | TJX | 0.1% | $4M | |||
| 54 | G3922B107 | 0.1% | $3M | |||
| 55 | GWW | 0.1% | $3M | |||
| 56 | RTX | 0.1% | $3M | |||
| 57 | CHD | 0.1% | $3M | |||
| 58 | GNTX | 0.1% | $3M | |||
| 59 | TROW | 0.1% | $3M | |||
| 60 | LEVI | 0.1% | $3M | |||
| 61 | ABBV | <0.1% | $2M | |||
| 62 | JNJ | <0.1% | $2M | |||
| 63 | APD | <0.1% | $2M | |||
| 64 | TTC | <0.1% | $2M | |||
| 65 | IDXX | <0.1% | $2M | |||
| 66 | DCI | <0.1% | $2M | |||
| 67 | NDSN | <0.1% | $2M | |||
| 68 | OMC | <0.1% | $2M | |||
| 69 | BBY | <0.1% | $2M | |||
| 70 | URI | <0.1% | $2M | |||
| 71 | FICO | <0.1% | $1M | |||
| 72 | DOX | <0.1% | $1M | |||
| 73 | BAH | <0.1% | $1M | |||
| 74 | RACE | <0.1% | $908K | |||
| 75 | Y0547D153 | <0.1% | $820K | |||
| 76 | CPB | <0.1% | $700K | |||
| 77 | GIS | <0.1% | $664K | |||
| 78 | LIN | <0.1% | $640K | |||
| 79 | MANH | <0.1% | $588K | |||
| 80 | HD | <0.1% | $481K | |||
| 81 | UNH | <0.1% | $403K | |||
| 82 | BDX | <0.1% | $336K | |||
| 83 | GPC | <0.1% | $283K | |||
| 84 | TXN | <0.1% | $272K |
Sort↑
- 1MSFT8.5%$433MMicrosoft Corpthis Q hold·40q
- 2GOOGL8.2%$417MAlphabet Inc-cl Athis Q hold·38q
- 3AAPL8.0%$405MApple Incthis Q hold·40q
- 4NVDA5.6%$285MNvidia Corpthis Q -28%·4q
- 5AMZN5.0%$254MAmazon.com Incthis Q hold·2q
- 6MA4.8%$245MMastercard Inc - Athis Q hold·40q
- 7KLAC4.8%$244MKla Corpthis Q hold·12q
- 8SYK4.5%$229MStryker Corpthis Q hold·40q
- 9LLY4.2%$212MEli Lilly & COthis Q hold·4q
- 10SHW4.0%$201MSherwin-williams Co/thethis Q hold·8q
- 11MRSH3.9%$200MMarsh & Mclennan Costhis Q hold·20q
- 12META3.8%$195MMeta Platforms Inc-class Athis Q hold·4q
- 13ABT3.0%$153MAbbott Laboratoriesthis Q -21%·40q
- 14WM3.0%$150MWaste Management Incthis Q -35%·23q
- 15PG2.8%$144MProcter & Gamble Co/thethis Q -22%·40q
- 16EFX2.8%$141MEquifax Incthis Q hold·40q
- 17CDNS2.8%$141MCadence Design Sys Incthis Q hold·14q
- 18BR2.7%$139MBroadridge Financial Solutiothis Q hold·36q
- 19AVGO2.7%$138MBroadcom Incthis Q +150%·2q
- 20VEEV2.0%$100MVeeva Systems Inc-class Athis Q +83%·8q
- 21VRSK1.8%$91MVerisk Analytics Incthis Q hold·23q
- 22MCD1.7%$86MMcdonald's Corpthis Q -38%·9q
- 23MSI1.4%$74MMotorola Solutions Incthis Q hold·2q
- 24CPRT1.0%$53MCopart Incthis Q -26%·25q
- 25INTU0.9%$45MIntuit Incthis Q -62%·35q
- 26APH0.6%$28MAmphenol Corp-cl Athis Q hold·40q
- 27ADP0.4%$21MAutomatic Data Processingthis Q -83%·40q
- 28ORCL0.3%$18MOracle Corpthis Q hold·40q
- 29ECL0.3%$16MEcolab Incthis Q hold·40q
- 30JGRW0.3%$14MJensen Quality Growth Etfthis Q hold·2q
- 31PEP0.2%$13MPepsico Incthis Q hold·40q
- 32ACN0.2%$12MAccenture Plc Class Athis Q hold·40q
- 33WAT0.2%$12MWaters Corpthis Q hold·40q
- 34CL0.2%$10MColgate-palmolive COthis Q hold·40q
- 35EMR0.2%$10MEmerson Electric COthis Q hold·40q
- 36KO0.2%$8MCoca-cola Co/thethis Q hold·40q
- 37AON0.2%$8MAon Plc Registered Shsthis Q +141%·14q
- 38ADBE0.2%$8MAdobe Incthis Q hold·40q
- 39CTSH0.1%$7MCognizant Tech Solutions-athis Q hold·40q
- 40CCK0.1%$6MCrown Holdings Incthis Q hold·40q
- 41TSM0.1%$6MTaiwan Semiconductor-sp Adrthis Q hold·24q
- 42LH0.1%$5MLabcorp Holdings Incthis Q hold·8q
- 43EHC0.1%$5MEncompass Health Corpthis Q hold·34q
- 44KR0.1%$5MKroger COthis Q hold·39q
- 45KEYS0.1%$5MKeysight Technologies INthis Q -39%·12q
- 46CLX0.1%$5MClorox Companythis Q -33%·40q
- 47ROST0.1%$5MRoss Stores Incthis Q hold·6q
- 48TSCO0.1%$4MTractor Supply Companythis Q hold·35q
- 49MSCI0.1%$4MMsci Incthis Q -21%·9q
- 50MMM0.1%$4M3M COthis Q hold·40q
- 51NKE0.1%$4MNike Inc -cl Bthis Q hold·40q
- 52FFIV0.1%$4MF5 Incthis Q hold·26q
- 53TJX0.1%$4MTjx Companies Incthis Q hold·40q
- 54G3922B1070.1%$3MGenpact Limitedthis Q -20%·16q
- 55GWW0.1%$3MWW Grainger Incthis Q hold·25q
- 56RTX0.1%$3MRtx Corpthis Q hold·24q
- 57CHD0.1%$3MChurch & Dwight CO Incthis Q hold·25q
- 58GNTX0.1%$3MGentex Corpthis Q hold·20q
- 59TROW0.1%$3MT Rowe Price Group Incthis Q hold·40q
- 60LEVI0.1%$3MLevi Strauss & Co- Class Athis Q hold·24q
- 61ABBV<0.1%$2MAbbvie Incthis Q hold·40q
- 62JNJ<0.1%$2MJohnson & Johnsonthis Q hold·40q
- 63APD<0.1%$2MAir Products & Chemicals Incthis Q hold·8q
- 64TTC<0.1%$2MToro COthis Q -46%·17q
- 65IDXX<0.1%$2MIdexx Laboratories Incthis Q hold·8q
- 66DCI<0.1%$2MDonaldson CO Incthis Q -42%·27q
- 67NDSN<0.1%$2MNordson Corpthis Q -42%·3q
- 68OMC<0.1%$2MOmnicom Groupthis Q -35%·40q
- 69BBY<0.1%$2MBest Buy CO Incthis Q hold·40q
- 70URI<0.1%$2MUnited Rentals Incthis Q hold·18q
- 71FICO<0.1%$1MFair Isaac Corpthis Q hold·3q
- 72DOX<0.1%$1MAmdocs Limitedthis Q +93%·2q
- 73BAH<0.1%$1MBooz Allen Hamilton Holdingsthis Q hold·11q
- 74RACE<0.1%$908KFerrari N.v.this Q hold·2q
- 75Y0547D153<0.1%$820KBajaj Finance Limitedthis Q hold·2q
- 76CPB<0.1%$700KThe Campbell's Companythis Q hold·39q
- 77GIS<0.1%$664KGeneral Mills Incthis Q hold·40q
- 78LIN<0.1%$640KLinde Plcthis Q hold·13q
- 79MANH<0.1%$588KManhattan Associates Incthis Q hold·17q
- 80HD<0.1%$481KHome Depot Incthis Q -41%·23q
- 81UNH<0.1%$403KUnitedhealth Group Incthis Q -62%·40q
- 82BDX<0.1%$336KBecton Dickinson And COthis Q hold·40q
- 83GPC<0.1%$283KGenuine Parts COthis Q hold·40q
- 84TXN<0.1%$272KTexas Instruments Incthis Q -86%·32q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| NVDA | Nvidia Corp | TRIM | 5.6% | -28% | $285M |
| ABT | Abbott Laboratories | TRIM | 3.0% | -21% | $153M |
| WM | Waste Management Inc | TRIM | 3.0% | -35% | $150M |
| PG | Procter & Gamble Co/the | TRIM | 2.8% | -22% | $144M |
| INTU | Intuit Inc | TRIM | 0.9% | -62% | $45M |
| AVGO | Broadcom Inc | ADD | 2.7% | +150% | $138M |
| ADP | Automatic Data Processing | TRIM | 0.4% | -83% | $21M |
| MCD | Mcdonald's Corp | TRIM | 1.7% | -38% | $86M |
| VEEV | Veeva Systems Inc-class A | ADD | 2.0% | +83% | $100M |
| CPRT | Copart Inc | TRIM | 1.0% | -26% | $53M |
| AON | Aon Plc Registered Shs | ADD | 0.2% | +141% | $8M |
| CLX | Clorox Company | TRIM | 0.1% | -33% | $5M |
| KEYS | Keysight Technologies IN | TRIM | 0.1% | -39% | $5M |
| MSCI | Msci Inc | TRIM | 0.1% | -21% | $4M |
| G3922B107 | Genpact Limited | TRIM | 0.1% | -20% | $3M |
| DCI | Donaldson CO Inc | TRIM | <0.1% | -42% | $2M |
| TTC | Toro CO | TRIM | <0.1% | -46% | $2M |
| FDS | Factset Research Systems Inc | EXIT | 0.1% | -100% | $0 |
| NDSN | Nordson Corp | TRIM | <0.1% | -42% | $2M |
| OMC | Omnicom Group | TRIM | <0.1% | -35% | $2M |
| HO1 | Hologic Inc | EXIT | <0.1% | -100% | $0 |
| TXN | Texas Instruments Inc | TRIM | <0.1% | -86% | $272K |
| DOX | Amdocs Limited | ADD | <0.1% | +93% | $1M |
| UNH | Unitedhealth Group Inc | TRIM | <0.1% | -62% | $403K |
| ON | ON Semiconductor | EXIT | <0.1% | -100% | $0 |
| HD | Home Depot Inc | TRIM | <0.1% | -41% | $481K |
| LULU | Lululemon Athletica Inc | EXIT | <0.1% | -100% | $0 |
| LSTR | Landstar System Inc | EXIT | <0.1% | -100% | $0 |
- TRIMNVDA5.6%Nvidia CorpΔ -28%·$285M
- TRIMABT3.0%Abbott LaboratoriesΔ -21%·$153M
- TRIMWM3.0%Waste Management IncΔ -35%·$150M
- TRIMPG2.8%Procter & Gamble Co/theΔ -22%·$144M
- TRIMINTU0.9%Intuit IncΔ -62%·$45M
- ADDAVGO2.7%Broadcom IncΔ +150%·$138M
- TRIMADP0.4%Automatic Data ProcessingΔ -83%·$21M
- TRIMMCD1.7%Mcdonald's CorpΔ -38%·$86M
- ADDVEEV2.0%Veeva Systems Inc-class AΔ +83%·$100M
- TRIMCPRT1.0%Copart IncΔ -26%·$53M
- ADDAON0.2%Aon Plc Registered ShsΔ +141%·$8M
- TRIMCLX0.1%Clorox CompanyΔ -33%·$5M
- TRIMKEYS0.1%Keysight Technologies INΔ -39%·$5M
- TRIMMSCI0.1%Msci IncΔ -21%·$4M
- TRIMG3922B1070.1%Genpact LimitedΔ -20%·$3M
- TRIMDCI<0.1%Donaldson CO IncΔ -42%·$2M
- TRIMTTC<0.1%Toro COΔ -46%·$2M
- EXITFDS0.1%Factset Research Systems IncΔ -100%·$0
- TRIMNDSN<0.1%Nordson CorpΔ -42%·$2M
- TRIMOMC<0.1%Omnicom GroupΔ -35%·$2M
- EXITHO1<0.1%Hologic IncΔ -100%·$0
- TRIMTXN<0.1%Texas Instruments IncΔ -86%·$272K
- ADDDOX<0.1%Amdocs LimitedΔ +93%·$1M
- TRIMUNH<0.1%Unitedhealth Group IncΔ -62%·$403K
- EXITON<0.1%ON SemiconductorΔ -100%·$0
- TRIMHD<0.1%Home Depot IncΔ -41%·$481K
- EXITLULU<0.1%Lululemon Athletica IncΔ -100%·$0
- EXITLSTR<0.1%Landstar System IncΔ -100%·$0
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001106129). Not investment advice.