The fund underperformed the S&P 500 in Q2 2026, returning 10.94% net of fees amid a broader market rally led by AI and semiconductor stocks.
Jensen Investment Management’s Quality Growth Equity Strategy reduced its position in Broadridge Financial Solutions (BR) during Q2 2026, as the fund trailed the S&P 500’s 15.20% return with a 10.94% gain net of fees. US equities surged on easing geopolitical tensions, resilient consumer spending, and AI-driven investment, with semiconductor stocks leading the rally.
The fund’s performance lagged due to its focus on high-quality, defensive stocks, which underperformed lower-quality and momentum-driven equities. Strong stock selection in Communication Services and zero exposure to Energy and Utilities supported returns, while Industrials and Information Technology detracted. The portfolio remains diversified across quality compounders, AI beneficiaries, and defensive sectors.
Broadridge Financial Solutions, a provider of investor communications and tech solutions, was among the holdings trimmed in the quarter.