HF Best Ideas
AnalysesQuarterly LettersInsightsChartsWarren AI
All funds

Jensen Investment Management

Dec 2025 → Sep 2026 · 4 funds

Our archive holds 6 letters from Jensen Investment Management, behind 18 investment theses and positions in 42 companies. Every quote below is copied verbatim from the letter it came from.

Get an email when this fund publishes its next letter

Jensen Investment Management’s own letters page
6
Letters
42
Companies
28
Moves
18
Theses

4 strategies

Jensen Investment Management publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 28 moves

  • New positionAmerican Express
    September 2026
    “We initiated positions in Intuitive Surgical Opinions expressed are those of Jensen Investment Management and are subject to change, not guaranteed and should not be considered investment advice. 4 | Jensen Quality Growth Equity Composite Fact Sheet 3Q 2026 Commentary jenseninvestment.com (ISRG), a global leader in robotic-assisted surgery, and American Express (AXP), a premium global brand with a differentiated customer rewards ecosystem.”
    Read the letter
  • TrimmedMicrosoft Corp
    September 2026
    “We also reduced positions in Apple (AAPL), Microsoft (MSFT), NVIDIA (NVDA), and Veeva Systems (VEEV) following strong share-price appreciation, driven by valuation and portfolio construction considerations rather than meaningful changes to our long-term assessments of the underlying businesses.”
    Read the letter
  • ExitedMcDonald’s Corp
    September 2026
    “At the same time, we exited our position in McDonald’s Corp (MCD) as our assessment of the company’s long-term outlook became less favorable due to increasing competition and deteriorating consumer perceptions of value.”
    Read the letter
  • TrimmedStryker Corp
    September 2026
    “We reduced our position during the quarter to account for the increased operational risks but continue to own Stryker given its durable competitive advantages, leading market positions, strong innovation pipeline, and attractive long-term growth opportunities.”
    Read the letter
  • AddedIDEXX Laboratories
    September 2026
    “We also added to TJX Companies (TJX), Cintas Corporation (CTAS), and IDEXX Laboratories (IDXX), building up positions we initiated during the second quarter.”
    Read the letter
  • New positionIntuitive Surgical
    September 2026
    “We initiated positions in Intuitive Surgical Opinions expressed are those of Jensen Investment Management and are subject to change, not guaranteed and should not be considered investment advice. 4 | Jensen Quality Growth Equity Composite Fact Sheet 3Q 2026 Commentary jenseninvestment.com (ISRG), a global leader in robotic-assisted surgery, and American Express (AXP), a premium global brand with a differentiated customer rewards ecosystem.”
    Read the letter
  • AddedTJX Companies
    September 2026
    “We also added to TJX Companies (TJX), Cintas Corporation (CTAS), and IDEXX Laboratories (IDXX), building up positions we initiated during the second quarter.”
    Read the letter
  • TrimmedVeeva Systems Inc
    September 2026
    “We also reduced positions in Apple (AAPL), Microsoft (MSFT), NVIDIA (NVDA), and Veeva Systems (VEEV) following strong share-price appreciation, driven by valuation and portfolio construction considerations rather than meaningful changes to our long-term assessments of the underlying businesses.”
    Read the letter
  • TrimmedNVIDIA Corp
    September 2026
    “We also reduced positions in Apple (AAPL), Microsoft (MSFT), NVIDIA (NVDA), and Veeva Systems (VEEV) following strong share-price appreciation, driven by valuation and portfolio construction considerations rather than meaningful changes to our long-term assessments of the underlying businesses.”
    Read the letter
  • AddedCintas Corporation
    September 2026
    “We also added to TJX Companies (TJX), Cintas Corporation (CTAS), and IDEXX Laboratories (IDXX), building up positions we initiated during the second quarter.”
    Read the letter
  • TrimmedApple Inc
    September 2026
    “We also reduced positions in Apple (AAPL), Microsoft (MSFT), NVIDIA (NVDA), and Veeva Systems (VEEV) following strong share-price appreciation, driven by valuation and portfolio construction considerations rather than meaningful changes to our long-term assessments of the underlying businesses.”
    Read the letter
  • ExitedMeta Platforms, Inc.
    August 2026
    “Our decision to exit Meta from the Jensen Quality Growth Strategy reflects a meaningful decline in our confidence that Meta will generate returns commensurate with the extraordinary level of capital it is investing in artificial intelligence (AI).”
    Read the letter
  • New positionTJX Companies Inc
    June 2026
    “During the quarter, we initiated positions in two quality companies, TJX Companies (TJX) and Amphenol Corporation (APH).”
    Read the letter
  • ExitedBest Buy Co. Inc.
    June 2026
    “During the quarter, the Quality Mid-Cap Investment Team initiated a position in Cintas Corporation (CTAS) and liquidated Best Buy Co., Inc. (BBY).”
    Read the letter
  • New positionCintas Corporation
    June 2026
    “During the quarter, the Quality Mid-Cap Investment Team initiated a position in Cintas Corporation (CTAS) and liquidated Best Buy Co., Inc. (BBY).”
    Read the letter
  • TrimmedMeta Platforms Inc
    June 2026
    “We also harvested gains in Meta (META) and Microsoft (MSFT) following strong share-price appreciation and reallocated capital to more attractively priced opportunities.”
    Read the letter
  • TrimmedKeysight Technologies Inc
    June 2026
    “During the quarter, we reduced the Portfolio’s position in Keysight Technologies, Inc. (KEYS), a manufacturer of instruments used in the design, simulation, manufacture, and testing of electronic systems.”
    Read the letter
  • TrimmedEquifax Inc
    June 2026
    “These changes included the full sale of Intuit (INTU) and a meaningful reduction in Broadridge (BR) and Equifax (EFX).”
    Read the letter
  • ExitedCopart Inc
    June 2026
    “We also exited Copart (CPRT), a position we’ve been decreasing over time due to deteriorating competitive advantages.”
    Read the letter
  • TrimmedBroadridge Financial Solutions Inc
    June 2026
    “These changes included the full sale of Intuit (INTU) and a meaningful reduction in Broadridge (BR) and Equifax (EFX).”
    Read the letter
  • AddedMotorola Solutions Inc
    June 2026
    “We also added to two existing positions, Motorola Solutions (MSI) and Waste Management (WM), as both quality defensive businesses had been trimmed at higher valuations in recent periods and warranted higher weights after valuation and growth prospects aligned to become more attractive during Q2 rebalancing.”
    Read the letter
  • TrimmedMicrosoft Corp
    June 2026
    “We also harvested gains in Meta (META) and Microsoft (MSFT) following strong share-price appreciation and reallocated capital to more attractively priced opportunities.”
    Read the letter
  • ExitedEquifax Inc
    June 2026
    “These changes included the full sale of Broadridge (BR) and Equifax (EFX).”
    Read the letter
  • ExitedBroadridge Financial Solutions Inc
    June 2026
    “These changes included the full sale of Broadridge (BR) and Equifax (EFX).”
    Read the letter
  • AddedKLA Corp
    June 2026
    “We also harvested gains in Alphabet and KLA Corp following strong share-price appreciation and reallocated capital to more attractively priced opportunities while maintaining significant exposure to both companies.”
    Read the letter
  • New positionAmphenol Corp
    June 2026
    “During the quarter, we initiated positions in two quality companies, TJX Companies (TJX) and Amphenol Corporation (APH).”
    Read the letter
  • AddedWaste Management Inc
    June 2026
    “We also added to two existing positions, Motorola Solutions (MSI) and Waste Management (WM), as both quality defensive businesses had been trimmed at higher valuations in recent periods and warranted higher weights after valuation and growth prospects aligned to become more attractive during Q2 rebalancing.”
    Read the letter
  • AddedAlphabet Inc
    June 2026
    “We also harvested gains in Alphabet and KLA Corp following strong share-price appreciation and reallocated capital to more attractively priced opportunities while maintaining significant exposure to both companies.”
    Read the letter

Companies held · 42

Every company Jensen Investment Management has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 18

  • Microsoft Corp
    September 2026

    Microsoft is viewed as a long-term AI winner thanks to its entrenched enterprise position, Azure momentum, and strategic optionality.

    Read the full thesis
  • Intuitive Surgical
    September 2026

    Intuitive Surgical is the clear leader in robotic-assisted surgery with recurring revenue, high switching costs, and long-term growth runway.

    Read the full thesis
  • American Express
    September 2026

    American Express is a structurally advantaged payments franchise with a premium brand, closed-loop network, and attractive long-term compounding potential.

    Read the full thesis
  • Meta Platforms, Inc.
    August 2026

    Meta Platforms is a dominant digital advertising and consumer technology company with massive user scale and network effects, but the fund sold it because soaring AI capex raised doubts about returns on invested capital.

    Read the full thesis
  • TJX Companies
    June 2026

    TJX Companies is a new position selected for its resilient end markets, attractive reinvestment opportunities, compounding growth runway, and appealing quality-growth valuation.

    Read the full thesis
  • Equifax
    June 2026

    Equifax is described as an exited holding because rapid technological change increased uncertainty around its long-term competitive environment and moat.

    Read the full thesis
  • Alimentation Couche-Tard
    June 2026

    Alimentation Couche-Tard is held as an enduring franchise with a resilient business model, dependable cash generation, and durable market position.

    Read the full thesis
  • Amphenol Corporation
    June 2026

    Amphenol Corporation has a strong competitive position in interconnect and sensor markets, with growth driven by AI, cloud, EVs, and industrial automation.

    Read the full thesis
  • Cintas Corporation
    June 2026

    Cintas Corporation benefits from scale, strong retention, high returns on capital, and an attractive long-term compounding profile.

    Read the full thesis
  • IDEXX Laboratories
    June 2026

    IDEXX Laboratories has durable competitive advantages, high recurring revenue, and strong long-term compounding potential.

    Read the full thesis
  • TJX Companies
    June 2026

    TJX Companies is a scale leader in off-price retail with resilient earnings, growth opportunities, and strong long-term free cash flow generation.

    Read the full thesis
  • Sherwin-Williams
    June 2026

    Sherwin-Williams is included among high-conviction quality compounders with dominant market positions and recurring revenue.

    Read the full thesis

Letter archive · 6

2026

2025

Get Jensen Investment Management’s next letter the day it lands

We track Jensen Investment Management alongside hundreds of other managers, read every letter, and pull out what they bought and sold. Warren AI reads the whole archive for you.

View plans→
Share this fund