Fund Evaluator:
Jensen Quality Mid Cap I (JNVIX)
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Best Performing in Mid-Cap Blend Over the Last Year
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Fund Details
Jensen Quality Mid Cap I Overview
Jensen Quality Mid Cap I (JNVIX) is an actively managed U.S. Equity Mid-Cap Blend fund. Jensen launched the fund in 2010.
The investment seeks long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowing for investment purposes) in equity securities of companies meeting the criteria for “quality” and “mid-capitalization” as determined by the Adviser. The Adviser considers a company to be a “mid-capitalization” company if it is listed in the Russell Midcap® Index at the time that the Adviser creates the fund’s investable universe.
About Jensen Quality Mid Cap I (JNVIX)
There are 3 members of the management team with an average tenure of 11.62 years: Adam Calamar (2013), Tyra Pratt (2021), Kurt Havnaer (2010). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and MSCI US Mid Cap 450 NR USD index with a weighting of 100%. Jensen Quality Mid Cap I has 37 securities in its portfolio. The top 10 holdings constitute 40.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Jensen Quality Mid Cap I is part of the Equity global asset class and is within the U.S. Equity fund group. Jensen Quality Mid Cap I has 1.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.2%. There is 1.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Jensen Quality Mid Cap I has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $20 million in total assets, which is below the $1 billion average for the Mid-Cap Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
JNVIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Jensen Quality Mid Cap I expense ratio is high compared to funds in the Mid-Cap Blend category. Jensen Quality Mid Cap I has an expense ratio of 0.82%, which is 16% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Jensen Quality Mid Cap I has a portfolio turnover rate of 29%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 53% for the Mid-Cap Blend category.
Recently, in the month of August 2026, Jensen Quality Mid Cap I returned 3.0%, which earned it a grade of A, as the Mid-Cap Blend category had an average return of 0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Jensen Quality Mid Cap I has a trailing yield of 0.56%, which is above the 0.48% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Jensen Quality Mid Cap I Grades
Year to date, the fund has returned 6.9%, 6.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 0.8% over the past year (grade of F), 6.9% over the past three years (grade of F) and 4.1% per year over the past five years (grade of F) and 8.5% per year over the past 10 years (grade of F).
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JNVIX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JNVIX Return (NAV) | 3.0% | 7.6% | 0.8% | 6.9% | 4.1% | 8.5% |
| JNVIX Grade | A | A | F | F | F | F |
| +/- Category | 2.3% | 4.8% | -14.6% | -6.9% | -3.1% | -1.9% |
| Mid-Cap Blend Avg | 0.7% | 2.8% | 15.4% | 13.8% | 7.2% | 10.4% |
| JNVIX Tax Cost Ratio | na | na | 2.6% | 1.5% | 1.2% | 1.2% |
JNVIX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JNVIX Return (NAV) | 6.9% | -2.4% | 9.7% | 18.8% | -15.6% | 27.9% | 15.1% | 26.7% | -8.7% | 15.3% | 16.0% |
| JNVIX Grade | F | F | F | B | D | A | B | D | B | D | C |
| +/- Category | -6.8% | -10.3% | -3.8% | 2.4% | -0.4% | 3.6% | 1.7% | -1.9% | 1.5% | -0.9% | 1.5% |
| Mid-Cap Blend Avg | 13.6% | 7.9% | 13.5% | 16.4% | -15.2% | 24.2% | 13.4% | 28.6% | -10.2% | 16.2% | 14.5% |
| Risk Measures | |
| Standard Deviation: | 13.4% |
| Total Risk Index: | 1.10 - Above Average |
| Category Risk Index: | 0.86 - Low |
| Category Risk Grade: | A (9% Rank) |
| Beta: | 0.69 |
| R-Squared: | 45% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.6% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $90 Mil |
| Fund Total Assets: | $ 21 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 29% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 16.4 years | |||
| Average Tenure: 11.6 years | |||
| Managers (Year): Havnaer Kurt (2010), Calamar Adam (2013), Pratt Tyra (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 37 |
| % in Top 10 Holdings: | 40.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.8% |
Portfolio Allocation |
|
| Domestic Stock: | 97.2% |
| Foreign Stock: | 1.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.0% |
Purchase Information
| Fund Family: | Jensen |
| Phone Number: | 800-992-4144 |
| Website: | www.jenseninvestment.com |
| Status: | Open |
| Inception Date: | March 31, 2010 |
| Min. Initial Purchase: | $250,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.82% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Jensen Quality Mid Cap I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
