Of the fewer than 250 companies that have met our initial threshold for inclusion in the Jensen Quality Universe, approximately 30 companies make the final cut for participation in the Jensen Quality Growth Fund. We believe these quality businesses to be successful, well-managed companies that are attractively valued and positioned for long-term leadership in their industries.
Tab Handle: philosophy
A consistent, sustainable investment process is vital to weathering all economic climates. The strength of our investment philosophy is based on an unwavering commitment to investing in quality businesses. We believe these quality companies possess sustainable competitive advantages, creating value as profitable businesses that can, over time, provide attractive returns with less risk than the overall market. Derived from this singular philosophy, we offer both our quality growth and quality value strategies through mutual funds.
Tab Handle: process
We conduct fundamental analysis of the qualifying businesses on a bottom-up basis without regard to sector, industry group or market capitalization. To determine future value creation, we analyze both the growth and the use of free cash flow to benefit shareholders. Our proprietary discounted cash flow analysis and other metrics allow us to determine what we believe to be the full value of the business. We will purchase the stock only when its current market price represents a discount to our valuation.
Our sell discipline monitors the key tenets of our buy discipline: sustainable competitive advantages, growth, value creation and price. We will sell a company if:
- Company fundamentals deteriorate below our minimum business standard of a 15% return on equity, on an annual basis, indicating a possible loss of competitive advantage
- The market price of a business exceeds our estimate 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
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.
Tab Handle: performance
The tables shown below illustrate the Fund's returns and the Fund's performance from year to year (on a calendar basis). The tables show how the Fund's average annual returns compare with those for the S&P 500 Index and Russell 1000 Growth Index.
Subtab Handle: jqgf-month-end
Average Annual Total Returns as of August 31, 2015
|Year to Date||1 Year||3 Years||5 Years||10 Years||15 Years|
|Russell 1000 Growth||0.96%||4.26%||15.30%||17.40%||8.41%||1.69%|
Subtab Handle: jqgf-quarter-end
Average Annual Total Returns as of June 30, 2015
|Quarter||1 Year||3 Years||5 Years||10 Years||15 Years|
|Russell 1000 Growth||0.12%||10.56%||17.99%||18.59%||9.10%||2.19%|
Subtab Handle: jqgf-annual
Average Annual Total Returns as of December 31, 2014
|Russell 1000 Growth||5.26%||9.07%||11.81%||-38.44%||37.21%||16.71%||2.64%||15.26%||33.48%||13.05%|
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and the value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. All returns include the reinvestment of dividends and capital gains.
The performance shown above for the class I Shares for periods prior to July 30, 2003 represents the performance for the original share class of the Fund, the J Shares. The J Shares were first offered on August 3, 1992, while the I Shares were first offered on July 30, 2003. Performance for other Fund share classes will differ.
The S&P 500 is a broad based, market value weighted index consisting of 500 stocks, and is widely recognized as representative of the equity market in general. The index is unmanaged and you cannot invest directly in an index.
The Fund is non-diversified, 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.
For more complete information about the Jensen Quality Growth Fund 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.
Tab Handle: riskmanagement
Risk Management is an integral component of our investment philosophy and process. At Jensen we work to manage risk in three vital areas.
- Independent and internally generated fundamental research on eligible companies with a long-term view
- Insistence on holding companies with high quality earnings and free cash flow
- Buying stocks at a price below our determination of full value with continuous monitoring
- Mandatory sell discipline
- Compliance monitors adherence to investment guidelines
- Trading systems designed to prevent violations of restrictions
- Off-site disaster recovery and operating ability
- Independent and employee-owned firm
- Team-based portfolio management
- Depth of staff in investment and client services
- Investment team invests alongside clients
Tab Handle: distributionhistory
Ordinary Income Dividend DistributionS
An Ordinary Income Dividend Distribution was paid to shareholders on September 17, 2015. The record date, ex-dividend date, and payable/reinvestment date were as follows:
Record Date: September 16, 2015
Ex-dividend Date: September 17, 2015
Payable/Reinvestment Date: September 17, 2015
Ordinary Income Dividend Distributions by Share Class:
Class J - $0.100 per share
Class I - $0.123 per share
Class R - $0.063 per share
Short-Term Capital Gains Distributions
The Jensen Quality Growth Fund did not make any short-term capital gains distributions for 2014.
Long-Term Capital Gains DistributionS
A Long-Term Capital Gains Distribution was paid to shareholders on December 18, 2014. The record date, ex-dividend date, and payable/reinvestment date were as follows:
Record Date: December 17, 2014
Ex-dividend Date: December 18, 2014
Payable/Reinvestment Date: December 18, 2014
Long-Term Capital Gains Distributions by Share Class:
Class J - $1.631 per share
Class R - $1.631 per share
Class I - $1.631 per share
The closing net asset value (NAV) for each share class on December 18, 2014 was reduced by the amount of the distribution, plus or minus any market activity for the day. As always, please consult your tax advisor for information specific to your particular situation.
- Symbol: JENSX
Annual Operating Expense Ratio: 0.88%
- Symbol: JENIX
Annual Operating Expense Ratio: 0.63%
- Symbol: JENRX
Annual Operating Expense Ratio: 1.25%
Holdings As of 09/30/15
- pdf06/30/14 - JQGF Holdings
- pdf04/11/14 - JQGF Holdings
- pdf03/31/14 - JQGF Holdings
- pdf03/20/14 - JQGF Holdings
- pdf11/21/14 - JQGF Holdings
- pdf03/31/2015 - JQGF Holdings
- pdf09/30/14 - JQGF Holdings
- pdf06/30/2015 - JQGF Holdings
- pdf03/17/2015 - JQGF Holdings
- pdf08/13/2015 - JQGF Holdings
- pdf01/02/15 - JQGF Holdings
- pdf09/23/2015 - JQGF Holdings
- pdf12/31/14 - JQGF Holdings
Commentary & Fund Fact Sheets As of 06/30/15
Commentary & Fund Fact Sheets Archive
- pdf2Q 2014 - JQGF Fact Sheet - J Shares
- pdf2Q 2014 - JQGF Fact Sheet - I Shares
- pdf1Q 2014 - JQGF Fact Sheet - J Shares
- pdf1Q 2014 - JQGF Fact Sheet - I Shares
- pdf1Q 2015 - JQGF Fact Sheet - J Shares
- pdf1Q 2015 - JQGF Fact Sheet - I Shares
- pdf3Q 2014 - JQGF Fact Sheet - I Shares
- pdf3Q 2014 - JQGF Fact Sheet - J Shares
- pdf4Q 2014 - JQGF Fact Sheet - I Shares
- pdf4Q 2014 - JQGF Fact Sheet - J Shares
Prospectus As of 09/30/14
- pdf9/30/15 - JQGF Class J_ I Prospectus
- pdf9/30/15 - JQGF Class J_ I Summary Prospectus
- pdfJensen Quality Growth Fund SAI
- pdf9/30/15 - JQGF Class R Prospectus
- pdf9/30/15 - JQGF Class R Summary Prospectus