Fund Manager: Robert Millen

Fund Currently Managed

Jensen Portfolio (JENSX), co-manager since July, 2000.

Investment Style Overview

Oversees concentrated (up to 25-stock) portfolio of large companies that consistently grow earnings and sales, as well as generate strong returns on equity and cash flow. Looks to buy shares trading at discount to the estimated value of the company.

Key Stock Selection Criteria

*ROE of at least 15% in each of the past 10 years.

*Trading at discount of at least 40% to company’s estimated intrinsic value.

*Low debt.

Key Sell Criteria

*ROE decreases below minimum threshold.

*Valuation becomes pricey.

*Identifies better investment.

Biographical Notes

Robert Millen is a principal and portfolio manager with Jensen Investment Management Inc., his employer since 2000. He was previously with Principal Financial Group and Wellmark Insurance Co., and served as president of First Interstate Bank in Des Moines, Iowa, from 1981 to 1990. He holds a BBA from the University of Iowa, and a graduate degree in banking from Rutgers University.