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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Quarterly shareholder letter for Jensen Investment.
High-conviction value and fundamental strategy for Jensen Investment.
Long-term value creation focused on fundamental earnings power.
As of Aug 4, 2026
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The fund holds 36 positions with named, sized holdings in the top 10 (ranging from 3.46% to 4.89%). The manager provides specific thesis summaries for each discussed position, uses language like 'core holding' repeatedly, and explains why positions are held through volatility (e.g., Kroger, Tractor Supply despite underperformance). The investment process is highly disciplined with clear, falsifiable criteria (15%+ ROE for 10 consecutive years). However, the diversified 36-position portfolio and hedged language on some holdings ('appears to be,' 'we believe') prevent this from reaching high conviction territory. This scores in the 0.65-0.75 range for moderate-high conviction with clear theses but meaningful diversification.
Growth Outlook
The manager rates the market outlook at 0.35, expressing a cautious view due to persistent inflation, geopolitical conflict (Iran War), elevated energy prices, and a cautious consumer. They explicitly warn that market conditions are expected to remain unpredictable throughout 2026.
Risk Appetite
Risk appetite is positioned at 0.45. While remaining almost fully invested in equities (99.30%), they have trimmed positions like Donaldson and Clorox, and liquidated several names (FactSet, Hologic, ON Semi, Lululemon, Landstar) in response to changing risk dynamics, showing a disciplined and defensive stance toward capital preservation.
Capital Deployment
Portfolio changes were minimal during the quarter: one new position initiated (Cintas), one position liquidated (Best Buy), one position trimmed for valuation (Keysight), and one position increased (IDEXX). Cash remained at 1.27% versus 0.95% equity exposure, essentially unchanged. The manager describes this as 'driven by valuation and fundamental analysis' rather than a directional deployment view. This represents rotation and rebalancing rather than net deployment or de-risking, scoring near 0.00 to +0.10 for neutral activity.
Forward Guidance
The score is set to 0.50 as the team displays a stable, long-term monitoring posture. They initiated three new positions (AON, SHW, CDNS) and liquidated several others, demonstrating selective activity rather than aggressive deployment or wholesale capital pullback.
Language Signal
Bullish language includes 'constructive outlook,' 'resilient economic activity,' 'healthy corporate fundamentals,' 'strong corporate earnings,' and positive commentary on specific holdings ('core holding,' 'attractively valued,' 'solid market position'). Bearish/cautious language includes 'important risks persist,' 'uncertain Federal Reserve policy,' 'subdued consumer sentiment,' 'potential geopolitical turmoil,' 'heightened market volatility,' and discussion of competitive pressures on several holdings. The balance tilts mildly positive but with meaningful risk acknowledgment, scoring around +0.30.
Perceived Risk
Perceived risk is high at 0.70. The manager identifies persistent inflation, geopolitical warfare in Iran, and the far-reaching threat of AI disintermediation across multiple business services and technology software sectors as key headwinds.
Opportunity Density
The manager describes a selective opportunity set. The fund initiated only one new position (Cintas) during the quarter and liquidated one (Best Buy due to increasing competition). The commentary emphasizes that many high-performing stocks 'are not consistent with our strategy,' indicating a constrained opportunity set within the quality criteria. However, the manager does identify attractive valuations on several holdings (Levi Strauss, United Rentals, Kroger, Motorola, Copart, Cintas, IDEXX) and increased one position. This suggests selective opportunities in defined areas rather than abundance, scoring in the 0.50-0.60 range.
Time Horizon
The manager emphasizes 'long-term capital appreciation' as the objective and states 'we believe that over a full market cycle, the shares of these higher-quality businesses will outperform.' The letter discusses 'compounding shareholder capital and value creation over time' and notes that 'over shorter time periods, relative performance differences are to be expected.' The 10-year ROE requirement and focus on 'enduring competitive advantages' and 'attractive long-term growth prospects' indicate a multi-year horizon. However, the manager also discusses quarterly results, near-term catalysts (LMR order growth for Motorola), and makes tactical adjustments (trimming Keysight for valuation), preventing this from reaching the 0.85+ permanent capital range. This scores around 0.70-0.75 for a clear multi-year thesis with some attention to near-term developments.
Top Conviction Themes
Key Catalysts
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