Jensen Investment Mgmt Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

Jensen’s investment style is implicitly rooted in the "Quality" factor. This typically involves a rigorous screening process for companies with high return on equity (ROE), consistent earnings growth, and formidable "moats" or competitive advantages. In the context of the first quarter of 2026, we see this philosophy manifest in their heavy weighting toward companies that dominate their respective ecosystems—Microsoft, Alphabet, and Apple. However, the current report reveals a fascinating period of "portfolio pruning." While the total number of stocks remains relatively high, the institution has engaged in significant trimming of its largest winners, suggesting a transition from a "buy-and-hold" phase to a "valuation-sensitive optimization" phase.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The most striking feature of Jensen’s allocation is the overwhelming concentration in the Technology sector, which accounts for nearly 40% of the total portfolio. When combined with Communication Services (12.13%) and Healthcare (14.27%), these three sectors represent over 66% of the firm's total assets. This high level of concentration indicates a firm belief that long-term value creation is currently localized in innovation-driven industries. From a macro perspective, this suggests that Jensen is largely looking past short-term interest rate fluctuations or inflationary pressures, focusing instead on the secular growth of the digital economy and the aging global demographic that drives healthcare demand.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Microsoft remains the undisputed #1 holding in the Jensen portfolio, representing 8.55% of total assets. However, the 11.74% reduction in shares this quarter is a significant strategic move. Microsoft is the definition of a "conviction holding"—a company with an impenetrable moat across cloud (Azure), productivity (Office), and now AI (Copilot). The decision to trim this position likely stems from two factors: risk management and valuation discipline. With a weight that previously exceeded 10%, Microsoft was becoming a "single-stock risk" for the fund. By harvesting gains, Jensen is adhering to its diversification protocols. Furthermore, as Microsoft's valuation reached historic highs in early 2026, the firm likely saw an opportunity to reallocate capital to areas with higher immediate growth "alpha." Despite the trim, Microsoft remains the "ballast stone" of the portfolio, providing a foundation of high-margin, recurring software revenue.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The 83.47% addition to Veeva Systems, totaling an estimated $45 million , represents a significant move into vertical software. Veeva dominates the life sciences cloud market, providing critical CRM and data management tools for pharmaceutical companies. This is a "valuation trough mining" operation. Veeva has faced some headwinds in recent years as the biotech funding environment cooled, but its competitive position remains unchallenged. Jensen is likely betting on a recovery in the life sciences sector and the long-term "stickiness" of Veeva’s platform. This move also bridges the gap between Jensen’s Technology and Healthcare allocations, as Veeva sits at the intersection of both.

The total estimated buy scale across these top additions is roughly $190 million to $200 million . When compared to the massive cash recouped from selling NVIDIA, Apple, and Microsoft (which we will discuss in the next section), it is clear that Jensen is engaged in a "Strategic Reallocation." They are not necessarily putting new capital to work; they are "recycling" profits from the 2024-2025 tech winners into the "laggards" or "infrastructure plays" of 2026. This is a classic hallmark of a disciplined institutional manager who refuses to let their winners become an outsized portion of the risk profile.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The 27.59% reduction in NVIDIA is the most significant "cash-out" operation in the portfolio, totaling an estimated $108 million . This is a textbook "Strategic Retreat." After a multi-year run where NVIDIA became the face of the AI revolution, Jensen has decided that the risk-reward profile is no longer skewed in their favor. This is not a "sell-all" signal—NVIDIA remains a top-5 holding—but it is a clear statement that the firm believes the "hyper-growth" phase of the chip cycle may be cooling. They are locking in gains to protect the overall portfolio from a potential valuation reset in the semiconductor space.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is clear: 1. Harvest the Giants : Jensen sold over $250 million worth of NVIDIA, Apple, and Microsoft. This was not a loss of faith but a rational harvesting of gains from companies that have reached massive market caps and high valuations. 2. Fund the Backbone : The firm reallocated a portion of those gains into Broadcom (networking/infrastructure) and Amazon (cloud/logistics). This suggests a belief that the "picks and shovels" of the next digital era are now more attractive than the "end-products." 3. Prune the Legacy : The aggressive selling of ADP and Intuit indicates a move away from traditional service-oriented software that may be vulnerable to AI disruption or valuation compression. 4. Maintain the Buffer : By keeping a significant presence in Healthcare (Stryker, Eli Lilly) and Industrials (Marsh & McLennan), Jensen ensures the portfolio remains resilient.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.