Jensen Investment Management
Jensen Quality Growth Equity Composite
Mega-cap Quality
Dec 2025 → Sep 2026
Our archive holds 3 letters from this strategy, behind 13 investment theses and positions in 27 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years — follow all of Jensen Investment Management for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD+1.9%index +12.8%
- 1Y+1.3%index +15.7%
- 3Y · /yr+9.0%index +22.9%
- 5Y · /yr+5.9%index +13.8%
- 10Y · /yr+11.4%index +15.3%
- Inception · /yr+10.2%index +11.0%
Index: S&P 500 Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Jensen Quality Growth Equity Composite | +1.9% | +1.3% | +9.0% | +5.9% | +11.4% | +10.2% |
| S&P 500 Index | +12.8% | +15.7% | +22.9% | +13.8% | +15.3% | +11.0% |
Calendar years
- 2025+5.1%index +17.9%
- 2024+10.3%index +25.0%
- 2023+17.0%index +26.3%
- 2022−16.3%index −18.1%
- 2021+30.3%index +28.7%
- 2020+18.6%index +18.4%
- 2019+29.2%index +31.5%
- 2018+2.3%index −4.4%
- 2017+23.3%index +21.8%
- 2016+12.1%index +12.0%
Since inception: Since Inception (01/01/1994)
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
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.
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.
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.
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.
We also added to TJX Companies (TJX), Cintas Corporation (CTAS), and IDEXX Laboratories (IDXX), building up positions we initiated during the second quarter.
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.
We also added to TJX Companies (TJX), Cintas Corporation (CTAS), and IDEXX Laboratories (IDXX), building up positions we initiated during the second quarter.
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.
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.
We also added to TJX Companies (TJX), Cintas Corporation (CTAS), and IDEXX Laboratories (IDXX), building up positions we initiated during the second quarter.
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.
These changes included the full sale of Intuit (INTU) and a meaningful reduction in Broadridge (BR) and Equifax (EFX).
These changes included the full sale of Intuit (INTU) and a meaningful reduction in Broadridge (BR) and Equifax (EFX).
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.
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.
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.
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.
Also held
Its investment theses
- Microsoft CorpSep 2026Microsoft is viewed as a long-term AI winner thanks to its entrenched enterprise position, Azure momentum, and strategic optionality.
- Intuitive SurgicalSep 2026Intuitive Surgical is the clear leader in robotic-assisted surgery with recurring revenue, high switching costs, and long-term growth runway.
- American ExpressSep 2026American Express is a structurally advantaged payments franchise with a premium brand, closed-loop network, and attractive long-term compounding potential.
- Amphenol CorporationJun 2026Amphenol Corporation has a strong competitive position in interconnect and sensor markets, with growth driven by AI, cloud, EVs, and industrial automation.
- Cintas CorporationJun 2026Cintas Corporation benefits from scale, strong retention, high returns on capital, and an attractive long-term compounding profile.
- IDEXX LaboratoriesJun 2026IDEXX Laboratories has durable competitive advantages, high recurring revenue, and strong long-term compounding potential.
- TJX CompaniesJun 2026TJX Companies is a scale leader in off-price retail with resilient earnings, growth opportunities, and strong long-term free cash flow generation.
- Sherwin-WilliamsJun 2026Sherwin-Williams is included among high-conviction quality compounders with dominant market positions and recurring revenue.
- Amazon.com IncDec 2025Amazon is a dominant platform across e-commerce, AWS, and retail advertising with a deep moat, strong FCF growth and improving margins at a more attractive valuation.
- Microsoft CorpDec 2025Microsoft is a scaled cloud and enterprise software leader investing in AI infrastructure, with durable moats and long-term compounding potential despite near-term margin and FCF pressures.