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QG

Jensen Quality Growth Strategy

Performance

The table below shows how the Composite’s average annual returns compare with that for the S&P 500 and the Russell 1000 Growth index, which are unmanaged indexes of mostly larger-sized companies.

average annual total returns as of November 30, 2018

Year to Date 1 Year 3 Years 5 Years 10 Years
Gross 12.27% 12.38% 15.93% 13.22% 14.86%
Net 11.76% 11.83% 15.36% 12.67% 14.30%
S&P 500 5.11% 6.27% 12.16% 11.12% 14.32%
Russell 1000 Growth 7.75% 8.59% 13.97% 13.04% 16.54%

average annual total returns as of September 30, 2018

Quarter 1 Year 3 Years 5 Years 10 Years
Gross 8.82% 23.43% 20.04% 15.51% 12.49%
Net 8.69% 22.83% 19.45% 14.95% 11.94%
S&P 500 7.71% 17.91% 17.31% 13.95% 11.97%
Russell 1000 Growth 9.17% 26.30% 20.55% 16.58% 14.31%

average annual total returns as of December 31, 2017

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Gross -28.44% 30.05% 12.76% -0.24% 14.50% 33.34% 12.67% 2.47% 12.93% 24.23%
Net -28.79% 29.40% 12.20% -0.73% 13.93% 32.71% 12.12% 1.95% 12.39% 23.64%
S&P 500 -37.00% 26.46% 15.06% 2.11% 16.00% 32.39% 13.69% 1.38% 11.96% 21.83%
Russell 1000 Growth -38.44% 37.21% 16.71% 2.64% 15.26% 33.48% 13.05% 5.67% 7.08% 30.21%

Returns are shown in U.S. dollars gross and net of fees.

The Composite’s past performance is not necessarily an indication of how the Composite will perform in the future.

For purposes of compliance with the Global Investment Performance Standards (GIPS®), the “Firm” is defined as Jensen Investment Management, Inc.® (“Jensen”), an Oregon corporation and investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The firm provides investment advisory services to two pooled investment vehicles, institutional and private clients.

The Jensen Quality Growth Equity Composite (the “Composite”) includes all discretionary, fee paying institutional portfolios and pooled investment vehicles with an investment objective of long-term capital appreciation. Jensen’s approach to investing focuses on those companies with a record of achieving high returns over the long term and which are well positioned to maintain competitive advantages and continued high returns on equity and free cash flow.

The Composite was created in December 2003 and the minimum portfolio size for inclusion in the Composite is $250,000. The inception date of the composite performance was January 1, 1994. Effective August 1, 2009, a firm decision was made to lower the minimum investment size that qualified to be in the Jensen Quality Growth Equity Composite from $1,000,000 to $250,000.

Performance data shown represents past performance; past performance does not guarantee future results and other calculation methods may produce different results. There is the possibility of loss of principal value.

The S&P 500 Index is a market value weighted index consisting of 500 stocks chosen for market size, liquidity and industry group representation. The Russell 1000 Growth index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. These indexes are unmanaged, and you cannot invest directly in an index. Accounts in the Composite are non-diversified, meaning that they may concentrate their assets in fewer individual holdings than a diversified product, and therefore are more exposed to individual stock volatility than a diversified product.

Periods greater than 1 year represent average annual returns.

All returns reflect the reinvestment of all income.

Jensen Investment Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS®). To receive a complete list and description of Jensen’s composites and/or a presentation that adheres to GIPS® Standards, call 800.221.4384.