Fund trims 12-stock portfolio

What happened: Jensen Quality Mid Cap Fund, managed by Jensen Investment Management, sold 1,170,437 shares of Donaldson Company (DCI) in Q1 2025, valued at approximately $30.30 million. This trim represents a 5.64% change in the fund's 13F reportable assets under management (AUM). Additionally, the fund sold 70,437 shares of Photronics in Q1 2026, valued at around $2.55 million.

Market impact: The fund's actions indicate a bearish stance on DCI and Photronics, potentially influencing other investors' views on these stocks. The sell-offs could put downward pressure on their share prices, affecting the mid-cap and small-cap tech sectors.

What to watch next: DCI's earnings report, scheduled for May 2025, will provide insight into the fund's valuation concerns. For Photronics, the upcoming Q2 2026 earnings release in late July will offer clarity on the fund's decision to trim its position. Additionally, any further fund activity reported in subsequent 13F filings will help track Jensen's investment thesis evolution.