Jensen Investment Management, Inc. (“Jensen”) is an independent, employee-
owned investment advisory firm that was established in 1988 in the Portland,
Oregon area. Jensen provides investment management services to a wide array
of individual and institutional clients, including private clients, pension plans,
foundations, endowments, and other businesses. In addition, Jensen acts as the
investment adviser to three mutual funds (collectively the “Funds”): the Jensen
Quality Growth Fund, the Jensen Global Quality Growth Fund, and the Jensen
Quality Value Fund. Jensen also acts as an investment adviser to a collective
investment fund (“CIF”).
Jensen is wholly owned by its employees. Jensen’s principal owners are Eric
Schoenstein, Managing Director – Chief Investment Officer and Portfolio Manager,
and Robert McIver, Managing Director – President and Portfolio Manager, each of
whom owns more than 25% but less than 50% of the firm. The remainder of
Jensen is owned by 21 employees, each of whom owns less than 25% of the firm.
These employee-owners are:
• Rama Balasubramanian, Director - Operations and Information Systems
• Phil Bennett, Director – Institutional Sales & Client Services
• Allen Bond, Managing Director and Portfolio Manager
• Robert Brinker, Manager - Information Systems
• Adam Calamar, Portfolio Manager
• Richard Clark, Director – Business Development
• Shannon Contreras, Managing Director – Finance
• MaryAnn Dahl, Manager – Private Client
• Sarah Doxsee, Compliance Officer
• Adam Dunn, Manager, Director – Trading
• Philomena Ferree, Manager - Private Client
• Dorothy Friedrich, Director - Marketing
• Gabriel Goddard, Managing Director, Chief Compliance Officer and General
Counsel
• Kurt Havnaer, Portfolio Manager
• Tyra Pratt, Portfolio Manager
• Keith Reiland, Director - Private Client
• Todd Schoen, Senior Compliance Officer
• Alex Sorosky, Manager – Sales & Client Services
• Sarah Stevens – Manager, Operations – Private Client
• Kevin Walkush, Portfolio Manager
• Jeff Wilson, Portfolio Manager
As of December 31, 2023, Jensen managed $13,438,448,705 (USD) in assets, all of
which are managed on a discretionary basis. Regulatory assets under
management are calculated using the methodologies applied in Jensen’s Form
ADV Part 1. Jensen defines “discretionary” as all assets over which it has (i)
investment discretion, (ii) trading authority, (iii) and for which it charges an
investment management fee. As of December 31, 2023, Jensen had Assets Under
Advisement (“AUA”) totaling $1,568,947,275. AUA are assets in model delivery
program relationships for which Jensen does not maintain investment discretion
over the assets.
The primary goal of Jensen's equity investment strategies is to provide long-term
capital appreciation for its clients. Jensen currently offers three primary
investment strategies: the Jensen Quality Growth Strategy, the Jensen Global
Quality Growth Strategy, and the Jensen Quality Value Strategy.
As discussed in further detail below in
Item 8 - Methods of Analysis, Investment
Strategies and Risk of Loss, each Strategy’s Investment Team selects the securities
for investment in the respective strategies they manage. Clients whose accounts
are invested in the Jensen Quality Growth Strategy, Jensen Global Quality Growth
Strategy, and/or the Jensen Quality Value Strategy via a separately managed
account are permitted to impose reasonable restrictions such as restrictions
regarding investments
in specific securities, types of securities, industry sectors,
tax sensitivities, etc.
In addition to investments in the Jensen Quality Growth Strategy, the Jensen
Global Quality Growth Strategy, and the Jensen Quality Value Strategy, either in a
separately managed account or via an investment in the Fund(s), depending on
each client’s needs, Jensen has discretion to invest client assets in: (i) exchange-
listed domestic securities; (ii) domestic securities traded over-the-counter; (iii)
foreign securities; (iv) corporate debt securities (other than commercial paper); (v)
commercial paper; (vi) certificates of deposit; (vii) municipal securities; (viii)
proprietary or non-proprietary mutual fund shares; (ix) United States government
and government agency securities, etc. Jensen also purchases other types of
securities for clients if directed to do so by the client.
Jensen has contractual relationships with investment advisers in which Jensen
provides a model of one or more of its investment strategies to the advisers (also
known as a model delivery program). In these relationships, Jensen does not have
investment discretion over the investment adviser’s client account(s) nor does
Jensen communicate directly with the investment adviser’s clients. Jensen
receives an investment management fee directly from the adviser.
Jensen acts as a sub-advisor for several investment advisers. At the direction of
the investment adviser, Jensen invests the assets of the adviser’s clients in one or
more of Jensen’s investment strategies. While Jensen maintains investment
discretion over the implementation of assets in the adviser’s client accounts,
Jensen does not enter into an investment management agreement or maintain
direct communication with the adviser’s clients. The investment adviser is
responsible for determining whether a specific Jensen investment strategy is
suitable for its clients. Typically, Jensen receives an investment management fee
directly from the adviser.
In addition, Jensen manages accounts that are set up as dual-contract
relationships. In these cases, the client executes separate investment management
agreements with both an independent adviser and with Jensen. Jensen is not a
party to the agreement between the client and the independent adviser. For these
relationships, Jensen receives an investment management fee directly from the
client or from the independent adviser. The client also pays a separate investment
management fee to the independent adviser as set forth in the investment
management agreement with the adviser.
Jensen acts as the investment adviser for a CIF that is available only to qualified
retirement plans.
Mutual Fund Portfolio Management
As noted above, Jensen provides investment advisory services to the Jensen
Quality Growth Fund, the Jensen Global Quality Growth Fund, and the Jensen
Quality Value Fund, all of which are mutual funds registered under the Investment
Company Act of 1940.
Jensen serves as the investment manager of the Funds and continuously manages
each Fund's assets based on the investment goals and objectives as outlined in
each Fund’s prospectus. Interested investors should refer to the Funds’
prospectuses and Statements of Additional Information (“SAI”) for important
information regarding objectives, investment policies, risks, fees, and additional
disclosures. These documents are available online at
www.jenseninvestment.com.
Prior to making any investment in the Funds, investors and prospective investors
should carefully review these documents for a comprehensive understanding of
the terms and conditions applicable for investment.