Sell Discipline
Our investment team monitors the key tenets of our buy discipline —
sustainable competitive advantages, value creation and price.
We will remain invested in a business unless:
> Company fundamentals deteriorate below our minimum business
standard of a 15% return on equity, indicating a loss of competitive advantage
> The market price of a business
exceeds
100% of full value
> It is displaced by a better investment that allows an upgrade to the portfolio’s quality, growth outlook and/or valuation metrics
The Fund is nondiversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.
There is no assurance that the investment process will lead to successful investing or that the stated objective(s) will be met.
For more complete information about The Jensen Portfolio including investment objectives, risks, fees and expenses, please go to Prospectus, or call 800.992.4144. Read the prospectus carefully before you invest or send money.
Return on Equity (ROE): Is equal to a company's after-tax earnings (excluding non-recurring items) divided by its average stockholder equity for the year.
Free Cash Flow: Is equal to the after-tax net income of a company plus depreciation and amortization less capital expenditures.
