Jensen Quality Growth Fund | |||||||
Class J Shares | Class R Shares | Class I Shares | Class Y Shares | ||||||||||
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6653
The Jensen Quality Growth Fund Inc.
(Exact name of registrant as specified in charter)
5500 Meadows Road, Suite 200
Lake Oswego, OR 97035-8234
(Address of principal executive offices) (Zip code)
Robert McIver
5500 Meadows Road, Suite 200
Lake Oswego, OR 97035-8234
(Name and address of agent for service)
(800) 221-4384
Registrant’s telephone number, including area code
Date of fiscal year end: May 31
Date of reporting period: May 31, 2024
Item 1. Reports to Stockholders.
(a) |
Jensen Quality Growth Fund | ||
Class J | JENSX | ||
Annual Shareholder Report | May 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class J | $87 | 0.81% |
Jensen Quality Growth Fund | PAGE 1 | TSR_AR_476313101 |
1 Year | 5 Year | 10 Year | |
Class J | 14.29 | 12.57 | 12.10 |
S&P 500 Index | 28.19 | 15.80 | 12.69 |
* | The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $9,438,338,907 |
Number of Holdings | 27 |
Net Advisory Fee | $49,066,231 |
Portfolio Turnover | 10% |
Top 10 Issuers | (%) |
Alphabet, Inc. | 7.9% |
Microsoft Corp. | 7.7% |
Apple, Inc. | 6.3% |
Marsh & McLennan Cos., Inc. | 5.8% |
Accenture PLC | 5.8% |
Stryker Corp. | 5.5% |
Intuit, Inc. | 5.1% |
UnitedHealth Group, Inc. | 4.7% |
PepsiCo, Inc. | 4.4% |
Mastercard, Inc. | 3.9% |
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
Jensen Quality Growth Fund | PAGE 2 | TSR_AR_476313101 |
Jensen Quality Growth Fund | ||
Class R | JENRX | ||
Annual Shareholder Report | May 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class R | $144 | 1.35% |
Jensen Quality Growth Fund | PAGE 1 | TSR_AR_476313200 |
1 Year | 5 Year | 10 Year | |
Class R | 13.68 | 12.04 | 11.64 |
S&P 500 Index | 28.19 | 15.80 | 12.69 |
* | The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $9,438,338,907 |
Number of Holdings | 27 |
Net Advisory Fee | $49,066,231 |
Portfolio Turnover | 10% |
Top 10 Issuers | (%) |
Alphabet, Inc. | 7.9% |
Microsoft Corp. | 7.7% |
Apple, Inc. | 6.3% |
Marsh & McLennan Cos., Inc. | 5.8% |
Accenture PLC | 5.8% |
Stryker Corp. | 5.5% |
Intuit, Inc. | 5.1% |
UnitedHealth Group, Inc. | 4.7% |
PepsiCo, Inc. | 4.4% |
Mastercard, Inc. | 3.9% |
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
Jensen Quality Growth Fund | PAGE 2 | TSR_AR_476313200 |
Jensen Quality Growth Fund | ||
Class I | JENIX | ||
Annual Shareholder Report | May 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class I | $64 | 0.60% |
Jensen Quality Growth Fund | PAGE 1 | TSR_AR_476313309 |
1 Year | 5 Year | 10 Year | |
Class I | 14.53 | 12.81 | 12.37 |
S&P 500 Index | 28.19 | 15.80 | 12.69 |
* | The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $9,438,338,907 |
Number of Holdings | 27 |
Net Advisory Fee | $49,066,231 |
Portfolio Turnover | 10% |
Top 10 Issuers | (%) |
Alphabet, Inc. | 7.9% |
Microsoft Corp. | 7.7% |
Apple, Inc. | 6.3% |
Marsh & McLennan Cos., Inc. | 5.8% |
Accenture PLC | 5.8% |
Stryker Corp. | 5.5% |
Intuit, Inc. | 5.1% |
UnitedHealth Group, Inc. | 4.7% |
PepsiCo, Inc. | 4.4% |
Mastercard, Inc. | 3.9% |
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
Jensen Quality Growth Fund | PAGE 2 | TSR_AR_476313309 |
Jensen Quality Growth Fund | ||
Class Y | JENYX | ||
Annual Shareholder Report | May 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class Y | $56 | 0.52% |
Jensen Quality Growth Fund | PAGE 1 | TSR_AR_476313408 |
1 Year | 5 Year | Since Inception (09/30/2016) | |
Class Y | 14.63 | 12.91 | 13.26 |
S&P 500 Index | 28.19 | 15.80 | 14.32 |
* | The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $9,438,338,907 |
Number of Holdings | 27 |
Net Advisory Fee | $49,066,231 |
Portfolio Turnover | 10% |
Top 10 Issuers | (%) |
Alphabet, Inc. | 7.9% |
Microsoft Corp. | 7.7% |
Apple, Inc. | 6.3% |
Marsh & McLennan Cos., Inc. | 5.8% |
Accenture PLC | 5.8% |
Stryker Corp. | 5.5% |
Intuit, Inc. | 5.1% |
UnitedHealth Group, Inc. | 4.7% |
PepsiCo, Inc. | 4.4% |
Mastercard, Inc. | 3.9% |
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
Jensen Quality Growth Fund | PAGE 2 | TSR_AR_476313408 |
(b) | Not applicable |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. Incorporated by reference to the Registrant’s Form N-CSR filed August 4, 2017.
Item 3. Audit Committee Financial Expert.
The registrant’s board of [trustees/directors] has determined that there is at least one audit committee financial expert serving on its audit committee. Kathleen J. Kee, Kenneth Thrasher, and Janet G. Hamilton PhD, CFA, are the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. “Other services” provided by the principal accountant were. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
FYE 5/31/2024 | FYE 5/31/2023 | |
(a) Audit Fees | 25,200 | 23,100 |
(b) Audit-Related Fees | 0 | 0 |
(c) Tax Fees | 4,750 | 4,500 |
(d) All Other Fees | 0 | 0 |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
FYE 5/31/24 | FYE 5/31/23 | |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
Non-Audit Related Fees | FYE 5/31/2024 | FYE 5/31/2023 |
Registrant | 4,750 | 4,500 |
Registrant’s Investment Adviser | 36,500 | 28,000 |
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
(i) Not applicable
(j) Not applicable
Item 5. Audit Committee of Listed Registrants.
Not applicable
Item 6. Investments.
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form. |
(b) | Not Applicable |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
Jensen Quality Growth Fund | |||||||
Class J Shares | Class R Shares | Class I Shares | Class Y Shares | ||||||||||
Shares | Value | ||||||
COMMON STOCKS — 99.7% | |||||||
Beverages — 4.4% | |||||||
PepsiCo, Inc. | 2,375,000 | $410,637,500 | |||||
Commercial Services & Supplies — 2.9% | |||||||
Waste Management, Inc. | 1,290,000 | 271,841,700 | |||||
Containers & Packaging — 1.5% | |||||||
Ball Corp. | 2,050,000 | 142,331,500 | |||||
Electronic Equipment, Instruments & Components — 2.4% | |||||||
Amphenol Corp. - Class A | 1,716,000 | 227,146,920 | |||||
Financial Services — 3.9% | |||||||
Mastercard, Inc. - Class A | 817,000 | 365,256,190 | |||||
Health Care Equipment & Supplies — 5.5% | |||||||
Stryker Corp. | 1,532,000 | 522,549,880 | |||||
Health Care Providers & Services — 4.7% | |||||||
UnitedHealth Group, Inc. | 895,000 | 443,356,150 | |||||
Hotels, Restaurants & Leisure — 4.2% | |||||||
McDonald’s Corp. | 356,000 | 92,164,840 | |||||
Starbucks Corp. | 3,840,000 | 308,044,800 | |||||
400,209,640 | |||||||
Household Products — 2.7% | |||||||
Procter & Gamble Co. | 1,566,000 | 257,669,640 | |||||
Insurance — 5.8% | |||||||
Marsh & McLennan Cos., Inc. | 2,642,000 | 548,426,360 | |||||
Interactive Media & Services — 7.9% | |||||||
Alphabet, Inc. - Class A(a) | 4,331,000 | 747,097,500 | |||||
IT Services — 5.8% | |||||||
Accenture PLC - Class A | 1,942,000 | 548,207,180 | |||||
Pharmaceuticals — 4.7% | |||||||
Johnson & Johnson | 1,548,000 | 227,045,160 | |||||
Zoetis, Inc. | 1,280,000 | 217,036,800 | |||||
444,081,960 | |||||||
Professional Services — 11.2% | |||||||
Automatic Data Processing, Inc. | 1,433,000 | 350,970,360 | |||||
Broadridge Financial Solutions, Inc. | 1,389,000 | 278,869,530 | |||||
Equifax, Inc. | 1,124,000 | 260,082,360 | |||||
Verisk Analytics, Inc. | 679,000 | 171,637,620 | |||||
1,061,559,870 | |||||||
Semiconductors & Semiconductor Equipment — 7.1% | |||||||
KLA Corp. | 434,000 | 329,636,020 | |||||
Texas Instruments, Inc. | 1,764,000 | 343,997,640 | |||||
673,633,660 | |||||||
1 |
Shares | Value | ||||||
COMMON STOCKS (Continued) | |||||||
Software — 12.8% | |||||||
Intuit, Inc. | 846,000 | $487,668,240 | |||||
Microsoft Corp. | 1,745,000 | 724,401,850 | |||||
1,212,070,090 | |||||||
Specialty Retail — 2.3% | |||||||
Home Depot, Inc. | 638,000 | 213,647,060 | |||||
Technology Hardware, Storage & Peripherals — 6.3% | |||||||
Apple, Inc. | 3,099,000 | 595,782,750 | |||||
Textiles, Apparel & Luxury Goods — 3.4% | |||||||
NIKE, Inc. - Class B | 3,425,000 | 325,546,250 | |||||
TOTAL COMMON STOCKS (Cost $4,714,709,374) | 9,411,051,800 | ||||||
SHORT-TERM INVESTMENTS — 0.3% | |||||||
Money Market Funds — 0.3% | |||||||
First American Treasury Obligations Fund - Class X, 5.22%(b) | 28,967,179 | 28,967,179 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $28,967,179) | 28,967,179 | ||||||
TOTAL INVESTMENTS — 100.0% (Cost $4,743,676,553) | $9,440,018,979 | ||||||
Liabilities in Excess of Other Assets — 0.0%(c) | (1,680,072) | ||||||
TOTAL NET ASSETS — 100.0% | $9,438,338,907 | ||||||
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
(c) | Represents less than 0.05% of net assets. |
2 |
Assets: | ||||
Investment, at value (Cost $4,743,676,553) | $9,440,018,979 | |||
Dividend and interest income receivable | 6,166,767 | |||
Receivable for capital stock issued | 4,147,222 | |||
Other assets | 266,852 | |||
Total assets | 9,450,599,820 | |||
Liabilities: | ||||
Payable to Investment Adviser | 3,947,046 | |||
Payable for capital stock redeemed | 5,566,329 | |||
Accrued distribution fees | 853,313 | |||
Accrued director fees | 90,785 | |||
Accrued expenses and other liabilities | 1,803,440 | |||
Total liabilities | 12,260,913 | |||
Total Net Assets | $9,438,338,907 | |||
Net Assets Consist of: | ||||
Capital stock | 4,417,664,123 | |||
Total distributable earnings | 5,020,674,784 | |||
Total Net Assets | $9,438,338,907 | |||
Net Assets Consist of: | ||||
Class J Shares | ||||
Net Assets | $2,385,457,184 | |||
Shares outstanding | 39,193,144 | |||
Net Asset Value - Offering Price and Redemption Price Per Share (2,000,000,000 shares authorized) | $60.86 | |||
Class R Shares | ||||
Net Assets | $14,365,668 | |||
Shares outstanding | 237,444 | |||
Net Asset Value - Offering Price and Redemption Price Per Share (1,000,000,000 shares authorized) | $60.50 | |||
Class I Shares | ||||
Net Assets | $4,998,911,833 | |||
Shares outstanding | 82,230,969 | |||
Net Asset Value - Offering Price and Redemption Price Per Share (1,000,000,000 shares authorized) | $60.79 | |||
Class Y Shares | ||||
Net Assets | $2,039,604,222 | |||
Shares outstanding | 33,557,394 | |||
Net Asset Value - Offering Price and Redemption Price Per Share (1,000,000,000 shares authorized) | $60.78 | |||
3 |
Investment Income: | ||||
Dividend income | $152,077,061 | |||
Interest income | 6,716,662 | |||
Total investment income | 158,793,723 | |||
Expenses: | ||||
Investment advisory fees | 49,066,231 | |||
12b-1 fees - Class J | 6,092,670 | |||
Shareholder servicing fees - Class I | 3,997,708 | |||
Administration fees | 1,585,522 | |||
Sub-transfer agent expenses - Class J | 1,032,494 | |||
Fund accounting fees | 552,970 | |||
Directors’ fees and expenses | 414,449 | |||
Reports to shareholders - Class I | 283,941 | |||
Transfer agent expenses | 273,686 | |||
Custody fees | 262,279 | |||
Federal and state registration fees | 253,624 | |||
Other | 153,182 | |||
Reports to shareholders - Class Y | 146,537 | |||
Professional fees | 145,860 | |||
Chief Compliance Officer fees | 100,008 | |||
Reports to shareholders - Class J | 84,900 | |||
12b-1 fees - Class R | 71,070 | |||
Transfer agent fees - Class J | 40,797 | |||
Shareholder servicing fees - Class R | 23,231 | |||
Transfer agent fees - Class R | 22,777 | |||
Transfer agent fees - Class Y | 18,251 | |||
Transfer agent fees - Class I | 16,055 | |||
Interest expense | 8,244 | |||
Reports to shareholders - Class R | 844 | |||
Total expenses | 64,647,330 | |||
Net Investment Income | 94,146,393 | |||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | ||||
Net realized gain on investment transactions | 804,236,239 | |||
Change in unrealized appreciation/depreciation on investments | 483,239,484 | |||
Net realized and unrealized gain on investments | 1,287,475,723 | |||
Net Increase in Net Assets Resulting from Operations | $1,381,622,116 | |||
4 |
Year Ended May 31, 2024 | Year Ended May 31, 2023 | ||||||
Operations: | |||||||
Net investment income | $94,146,393 | $105,077,071 | |||||
Net realized gain on investment transactions | 804,236,239 | 338,979,430 | |||||
Change in unrealized appreciation/depreciation on investments | 483,239,484 | (200,761,543) | |||||
Net increase in net assets resulting from operations | 1,381,622,116 | 243,294,958 | |||||
Capital Share Transactions: | |||||||
Shares Sold - Class J | 141,966,666 | 225,858,703 | |||||
Shares Sold - Class R | 2,185,506 | 2,231,395 | |||||
Shares Sold - Class I | 735,476,591 | 1,029,928,367 | |||||
Shares Sold - Class Y | 349,264,831 | 882,978,110 | |||||
Shares issued in reinvestment of dividends - Class J | 178,973,032 | 68,403,205 | |||||
Shares issued in reinvestment of dividends - Class R | 961,777 | 380,075 | |||||
Shares issued in reinvestment of dividends - Class I | 378,940,634 | 142,409,876 | |||||
Shares issued in reinvestment of dividends - Class Y | 165,966,595 | 74,379,953 | |||||
Shares redeemed - Class J | (441,451,900) | (366,840,232) | |||||
Shares redeemed - Class R | (3,154,969) | (6,604,069) | |||||
Shares redeemed - Class I | (1,321,668,479) | (989,100,871) | |||||
Shares redeemed - Class Y | (1,452,695,646) | (873,801,273) | |||||
Net Increase (Decrease) | (1,265,235,362) | 190,223,239 | |||||
Dividends and Distributions to Shareholders: | |||||||
Dividends and distributions to shareholders - Class J | (181,763,494) | (69,452,241) | |||||
Dividends and distributions to shareholders - Class R | (961,777) | (380,078) | |||||
Dividends and distributions to shareholders - Class I | (397,318,116) | (149,818,028) | |||||
Dividends and distributions to shareholders - Class Y | (206,955,087) | (96,681,208) | |||||
Total dividends and distributions | (786,998,474) | (316,331,555) | |||||
Increase (Decrease) in Net Assets | (670,611,720) | 117,186,642 | |||||
Net Assets: | |||||||
Beginning of Year | 10,108,950,627 | 9,991,763,985 | |||||
End of Year | $9,438,338,907 | $10,108,950,627 | |||||
5 |
Year ended May 31, | ||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of year | $57.43 | $57.86 | $60.00 | $49.46 | $47.79 | |||||||||||
Income from investment operations: | ||||||||||||||||
Net investment income(1) | 0.46 | 0.50 | 0.44 | 0.52 | 0.58 | |||||||||||
Net realized and unrealized gains on investments | 7.57 | 0.75 | 1.83 | 15.63 | 5.30 | |||||||||||
Total from investment operations | 8.03 | 1.25 | 2.27 | 16.15 | 5.88 | |||||||||||
Less distributions: | ||||||||||||||||
Dividends from net investment income | (0.46) | (0.49) | (0.40) | (0.52) | (0.54) | |||||||||||
Distributions from capital gains | (4.14) | (1.19) | (4.01) | (5.09) | (3.67) | |||||||||||
Total distributions | (4.60) | (1.68) | (4.41) | (5.61) | (4.21) | |||||||||||
Net asset value, end of year | $60.86 | $57.43 | $57.86 | $60.00 | $49.46 | |||||||||||
Total return | 14.29% | 2.29% | 2.92% | 33.95% | 12.15% | |||||||||||
Supplemental data and ratios: | ||||||||||||||||
Net assets, end of year (000’s) | $2,385,457 | $2,363,726 | $2,455,146 | $2,549,594 | $2,422,553 | |||||||||||
Ratio of expenses to average net assets | 0.81% | 0.82% | 0.81% | 0.82% | 0.84% | |||||||||||
Ratio of net investment income to average net assets | 0.73% | 0.88% | 0.69% | 0.89% | 1.11% | |||||||||||
Porfolio turnover rate | 10.46% | 15.67% | 10.87% | 12.33% | 23.38% | |||||||||||
(1) | Net investment income per share is calculated using the ending accumulated net investment income balances prior to consideration or adjustments for permanent book-to-tax differences. |
6 |
Year ended May 31, | ||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of year | $57.10 | $57.49 | $59.66 | $49.18 | $47.53 | |||||||||||
Income from investment operations: | ||||||||||||||||
Net investment income(1) | 0.12 | 0.26 | 0.16 | 0.25 | 0.34 | |||||||||||
Net realized and unrealized gains on investments | 7.54 | 0.74 | 1.81 | 15.57 | 5.30 | |||||||||||
Total from investment operations | 7.66 | 1.00 | 1.97 | 15.82 | 5.64 | |||||||||||
Less distributions: | ||||||||||||||||
Dividends from net investment income | (0.12) | (0.20) | (0.13) | (0.25) | (0.32) | |||||||||||
Distributions from capital gains | (4.14) | (1.19) | (4.01) | (5.09) | (3.67) | |||||||||||
Total distributions | (4.26) | (1.39) | (4.14) | (5.34) | (3.99) | |||||||||||
Net asset value, end of year | $60.50 | $57.10 | $57.49 | $59.66 | $49.18 | |||||||||||
Total return | 13.68% | 1.83% | 2.44% | 33.36% | 11.66% | |||||||||||
Supplemental data and ratios: | ||||||||||||||||
Net assets, end of year (000’s) | $14,366 | $13,531 | $17,801 | $26,380 | $23,995 | |||||||||||
Ratio of expenses to average net assets | 1.34% | 1.29% | 1.26% | 1.26% | 1.27% | |||||||||||
Ratio of net investment income to average net assets | 0.20% | 0.41% | 0.23% | 0.44% | 0.68% | |||||||||||
Porfolio turnover rate | 10.46% | 15.67% | 10.87% | 12.33% | 23.38% | |||||||||||
(1) | Net investment income per share is calculated using the ending accumulated net investment income balances prior to consideration or adjustments for permanent book-to-tax differences. |
7 |
Year ended May 31, | ||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of year | $57.38 | $57.82 | $59.99 | $49.46 | $47.81 | |||||||||||
Income from investment operations: | ||||||||||||||||
Net investment income(1) | 0.57 | 0.61 | 0.57 | 0.61 | 0.66 | |||||||||||
Net realized and unrealized gains on investments | 7.58 | 0.76 | 1.84 | 15.65 | 5.34 | |||||||||||
Total from investment operations | 8.15 | 1.37 | 2.41 | 16.26 | 6.00 | |||||||||||
Less distributions: | ||||||||||||||||
Dividends from net investment income | (0.60) | (0.62) | (0.57) | (0.64) | (0.68) | |||||||||||
Distributions from capital gains | (4.14) | (1.19) | (4.01) | (5.09) | (3.67) | |||||||||||
Total distributions | (4.74) | (1.81) | (4.58) | (5.73) | (4.35) | |||||||||||
Net asset value, end of year | $60.79 | $57.38 | $57.82 | $59.99 | $49.46 | |||||||||||
Total return | 14.53% | 2.51% | 3.14% | 34.24% | 12.41% | |||||||||||
Supplemental data and ratios: | ||||||||||||||||
Net assets, end of year (000’s) | $4,998,912 | $4,909,180 | $4,762,505 | $5,003,474 | $4,002,485 | |||||||||||
Ratio of expenses to average net assets | 0.60% | 0.61% | 0.61% | 0.61% | 0.60% | |||||||||||
Ratio of net investment income to average net assets | 0.95% | 1.09% | 0.89% | 1.10% | 1.37% | |||||||||||
Porfolio turnover rate | 10.46% | 15.67% | 10.87% | 12.33% | 23.38% | |||||||||||
(1) | Net investment income per share is calculated using the ending accumulated net investment income balances prior to consideration or adjustments for permanent book-to-tax differences. |
8 |
Year ended May 31, | ||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of year | $57.37 | $57.82 | $59.98 | $49.46 | $47.80 | |||||||||||
Income from investment operations: | ||||||||||||||||
Net investment income(1) | 0.62 | 0.66 | 0.62 | 0.66 | 0.73 | |||||||||||
Net realized and unrealized gains on investments | 7.58 | 0.75 | 1.84 | 15.64 | 5.31 | |||||||||||
Total from investment operations | 8.20 | 1.41 | 2.46 | 16.30 | 6.04 | |||||||||||
Less distributions: | ||||||||||||||||
Dividends from net investment income | (0.65) | (0.67) | (0.61) | (0.69) | (0.71) | |||||||||||
Distributions from capital gains | (4.14) | (1.19) | (4.01) | (5.09) | (3.67) | |||||||||||
Total distributions | (4.79) | (1.86) | (4.62) | (5.78) | (4.38) | |||||||||||
Net asset value, end of year | $60.78 | $57.37 | $57.82 | $59.98 | $49.46 | |||||||||||
Total return | 14.63% | 2.59% | 3.23% | 34.34% | 12.51% | |||||||||||
Supplemental data and ratios: | ||||||||||||||||
Net assets, end of year (000’s) | $2,039,604 | $2,822,513 | $2,756,312 | $2,755,356 | $2,306,038 | |||||||||||
Ratio of expenses to average net assets | 0.52% | 0.52% | 0.52% | 0.52% | 0.54% | |||||||||||
Ratio of net investment income to average net assets | 1.03% | 1.17% | 0.98% | 1.18% | 1.46% | |||||||||||
Porfolio turnover rate | 10.46% | 15.67% | 10.87% | 12.33% | 23.38% | |||||||||||
(1) | Net investment income per share is calculated using the ending accumulated net investment income balances prior to consideration or adjustments for permanent book-to-tax differences. |
9 |
10 |
Investments at Value | Total | Level 1 | Level 2 | Level 3 | |||||||||
Total Common Stocks* | $9,411,051,800 | $9,411,051,800 | $ — | $ — | |||||||||
Total Money Market Fund | 28,967,179 | 28,967,179 | — | — | |||||||||
Total Investments | $9,440,018,979 | $9,440,018,979 | $— | $— | |||||||||
* | For further information regarding security characteristics and industry classifications, please see the Schedule of Investments. |
11 |
12 |
Year Ended May 31, | |||||||
2024 | 2023 | ||||||
Class R | |||||||
Shares sold | 36,625 | 40,376 | |||||
Shares issued in reinvestment of dividends | 16,432 | 6,892 | |||||
Shares redeemed | (52,599) | (119,902) | |||||
Net decrease | 458 | (72,634) | |||||
Shares outstanding: | |||||||
Beginning of year | 236,986 | 309,620 | |||||
End of year | 237,444 | 236,986 | |||||
Class J | |||||||
Shares sold | 2,365,586 | 4,031,942 | |||||
Shares issued in reinvestment of dividends | 3,039,710 | 1,237,255 | |||||
Shares redeemed | (7,367,350) | (6,546,978) | |||||
Net decrease | (1,962,054) | (1,277,781) | |||||
Shares outstanding: | |||||||
Beginning of year | 41,155,198 | 42,432,979 | |||||
End of year | 39,193,144 | 41,155,198 | |||||
Class I | |||||||
Shares sold | 12,274,794 | 18,407,562 | |||||
Shares issued in reinvestment of dividends | 6,444,223 | 2,581,241 | |||||
Shares redeemed | (22,044,809) | (17,801,411) | |||||
Net increase (decrease) | (3,325,792) | 3,187,392 | |||||
Shares outstanding: | |||||||
Beginning of year | 85,556,761 | 82,369,369 | |||||
End of year | 82,230,969 | 85,556,761 | |||||
Class Y | |||||||
Shares sold | 5,820,915 | 15,935,174 | |||||
Shares issued in reinvestment of dividends | 2,822,846 | 1,348,362 | |||||
Shares redeemed | (24,282,543) | (15,759,798) | |||||
Net increase | (15,638,782) | 1,523,738 | |||||
Shares outstanding: | |||||||
Beginning of year | 49,196,176 | 47,672,438 | |||||
End of year | 33,557,394 | 49,196,176 | |||||
13 |
Cost of investments | $4,751,974,079 | |||
Gross unrealized appreciation | $4,783,949,637 | |||
Gross unrealized depreciation | (95,904,737) | |||
Net unrealized appreciation | 4,688,044,900 | |||
Undistributed ordinary income | 11,429,364 | |||
Undistributed long-term capital gain | 321,200,523 | |||
Distributable earnings | 332,629,887 | |||
Other accumulated gains | (3) | |||
Total distributable earnings | $5,020,674,784 | |||
14 |
15 |
16 |
Jensen Quality Growth Fund | ||||||||||
Class J Shares | Class R Shares | Class I Shares | Class Y Shares | |||||||
Investment Adviser Jensen Investment Management, Inc. 5500 Meadows Road, Suite 200 Lake Oswego, OR 97035 800.992.4144 Fund Administrator, Transfer Agent and Fund Accountant U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, WI 53202 Custodian U.S. Bank, N.A. Custody Operations 1555 N. RiverCenter Drive, Suite 302 Milwaukee, WI 53212 Legal Counsel Stoel Rives LLP 760 SW Ninth Avenue, Suite 3000 Portland, OR 97205 Independent Registered Public Accounting Firm Cohen & Company, Ltd. 342 North Water Street, Suite 830 Milwaukee, WI 53202 Distributor Quasar Distributors, LLC 111 East Kilborn Avenue, Suite 2200 Milwaukee, WI 53202 This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus. | |
(b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) | The Registrant’s [Principal Executive Officer] and [Principal Financial Officer] have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) | Not Applicable |
(b) | Not Applicable |
Item 19. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to the Registrant’s Form N-CSR filed August 4, 2017. |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | The Jensen Quality Growth Fund Inc. |
By (Signature and Title)* | /s/ Robert McIver | ||
Robert McIver, President |
Date | 08/05/2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Robert McIver | ||
Robert McIver, President |
Date | 08/05/2024 |
By (Signature and Title)* | /s/ Shannon Contreras | ||
Shannon Contreras, Treasurer |
Date | 08/05/2024 |
* Print the name and title of each signing officer under his or her signature.
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