Estimated return — disclosed long book
What Jensen Investment Management Inc’s US-listed long positions did, derived from the share counts and market values in consecutive 13F filings, shown against SPY over exactly the same quarters. This is not the fund’s return. A 13F excludes shorts, bonds, cash, non-US listings and derivatives, says nothing about fees or leverage, and only sees positions held at both quarter ends. The fund figure is a price return while SPY is a total return, so the comparison is tilted against the manager by roughly a dividend yield.
Q2 2026
+5.8%
SPY +15.1%▼ -9.3%
2026 YTD(2Q so far)
-5.0%
SPY +10.1%▼ -15.1%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +5.1% | +17.7% | -12.6% |
| 2024 | +8.2% | +24.9% | -16.6% |
| 2023 | +16.0% | +26.2% | -10.1% |
| 2022 | -17.0% | -18.2% | +1.1% |
| 2021 | +27.3% | +28.7% | -1.4% |
| 2020 | +14.1% | +18.3% | -4.2% |
| 2019 | +29.5% | +31.2% | -1.7% |
| 2018 | -0.9% | -4.6% | +3.7% |
| 2017 | +22.8% | +21.7% | +1.1% |
| 2016 | +10.5% | +12.0% | -1.5% |
| 20152/4 Q | +1.2% | +0.1% | +1.0% |
| 20143/4 Q | +20.2% | +11.6% | +8.6% |
Years marked n/4 Qare built from fewer than four quarters, and the benchmark shown beside them covers the same partial set — so the difference is like-for-like, but the year is not a full year.