| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.46% | 2.66% | 10.54% |
| 2025 | 2024 |
|---|---|
| 10.5% | 19.6% |
The Mairs & Power Growth Fund returned 10.54% in 2025, underperforming the S&P 500's 17.88% return due to stock selection challenges and avoiding overvalued AI-related companies. Key detractors included Fiserv and UnitedHealth Group, which experienced execution missteps and leadership uncertainty, while JPMorgan Chase and Roche were notable contributors. The fund added Zoetis and Intuitive Surgical during the fourth quarter, both companies positioned to leverage AI for long-term competitive advantages in animal health and robotic surgery respectively. The managers believe the market is entering a transition period for AI, with signals pointing to a higher risk phase given excessive capital flows and unusual financing structures. Despite underperformance from valuation discipline, the fund maintains its approach of investing in companies with durable competitive advantages at reasonable valuations. Looking ahead, they expect lower interest rates and improved small business conditions to support economic growth, while remaining cautious about AI-related structural unemployment risks and maintaining diversification across sectors and investment themes.
Focus on companies with durable competitive advantages that can harness AI and technological advancement for long-term growth, while maintaining valuation discipline in an environment of elevated AI-related valuations and market concentration.
The fund believes we are entering a transition period for AI, with the initial excitement of the building-out phase often short lived. They remain focused on identifying businesses that will harness technological advancement over the long-term, not just during the initial build-out, believing this approach will increase competitive advantages and growth rates while being prudent for compounding and protecting wealth.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 18 2026 | 2025 Q4 | FI, HRL, ISRG, JPM, MSFT, MSI, NVDA, NVT, RHHBY, TECH, UNH, ZTS | AI, growth, healthcare, large cap, technology, valuation | - | Mairs & Power Growth Fund underperformed in 2025 due to stock selection issues and avoiding overvalued AI stocks. Added Zoetis and Intuitive Surgical as AI beneficiaries with reasonable valuations. Believes AI cycle entering higher risk phase but maintains disciplined approach focused on durable competitive advantages and long-term value creation over short-term benchmark performance. |
| Oct 24 2025 | 2025 Q3 | AAPL, AMZN, CGNX, FAST, FI, GOOGL, HRL, JPM, META, MSFT, NVDA, NVT, PANW, TECH, TSLA, TSM, UNH, WK | AI, Automation, cybersecurity, Data centers, growth, healthcare, large cap, technology | - | Mairs & Power Growth Fund matched market returns in Q3 despite AI concentration driving performance. Added Cognex and Palo Alto Networks while trimming overvalued AI positions. Fund maintains disciplined valuation approach with exposure to housing recovery and discounted small caps, positioned for when market leadership broadens beyond current mega-cap AI dominance. |
| Jul 18 2025 | 2025 Q2 | AAPL, AMZN, CGNX, FAST, FI, GOOGL, HRL, JPM, META, MSFT, NVDA, NVT, PANW, TECH, TSLA, TSM, UNH, WK | AI, Automation, cybersecurity, financials, growth, healthcare, large cap, technology |
CGNX PANW |
Mairs & Power Growth Fund returned 7.99% in Q3, slightly trailing the AI-dominated S&P 500. Added Cognex and Palo Alto Networks to capitalize on machine vision and cybersecurity themes. Manager maintains valuation discipline amid concentrated market leadership, positioning for broader opportunity set while acknowledging risks from elevated valuations and narrow market breadth. |
| May 1 2025 | 2025 Q1 | AAPL, AMZN, FI, GOOGL, JPM, LFUS, META, MSFT, NVDA, NVT, RHHBY, TSLA, TSM, UNH, V, WEC | AI, growth, large cap, semiconductors, tariffs, technology, volatility | TSM | Mairs & Power Growth Fund fell 4.69% in Q1 as tariff uncertainty and DeepSeek's AI breakthrough ended the bull market. AI and tech holdings declined while defensive sectors outperformed. The fund trimmed overvalued positions, initiated TSMC, and used volatility to add attractive opportunities. Management maintains long-term focus on durable businesses with reasonable valuations despite policy-driven market uncertainty. |
| Dec 31 2024 | 2024 Q4 | AAPL, AMZN, AVGO, CLFD, CRM, FI, FUL, GGG, GOOGL, JPM, LFUS, META, MSFT, MSI, NVDA, RHHBY, TECH, TSLA, TTC, UNH | AI, Housing, long-term, Regional, small caps, technology, value |
CLFD MSFT NVDA |
Mairs & Power Growth Fund returned 19.62% in 2024, lagging the S&P 500 due to housing weakness and sector allocation. The fund leverages AI exposure through NVIDIA and Microsoft while capitalizing on small-cap valuations at 25-year lows. Management adds to high-conviction positions including new fiber optics play Clearfield, maintaining their 94-year disciplined value approach. |
| Sep 30 2024 | 2024 Q3 | AAPL, FI, GOOGL, JPM, KHC, LFUS, MSI, NVDA, ROK, TTC, UNH, WK | AI, healthcare, industrials, interest rates, small caps, technology, Valuations |
UNH TTC KHC |
Growth Fund up 19% year-to-date, trimming expensive AI names while adding to small-caps and Old Economy stocks positioned to benefit from Fed rate cuts. Key moves include adding Kraft-Heinz and increasing Toro position. UnitedHealth exemplifies strategy of finding AI beneficiaries at reasonable valuations. Market broadening beyond mega-cap Tech creates opportunities for disciplined stock pickers. |
| Jul 23 2024 | 2024 Q2 | AAPL, AMZN, GGG, GOOGL, JPM, LLY, META, MSFT, NVDA, NVT, QCOM, ROK, TECH, USB, WK | AI, growth, healthcare, industrials, large cap, semiconductors, technology |
QCOM NVT |
Mairs & Power Growth Fund leverages AI boom through Nvidia, Qualcomm, and Microsoft while finding value in beaten-down Healthcare and Industrial sectors. Fund trails S&P 500 slightly at 14.32% YTD but well-positioned for broader market participation as Fed rate cuts could benefit smaller companies currently hurt by high borrowing costs. |
| Apr 15 2024 | 2024 Q1 | AAPL, AMZN, CASY, FISV, JPM, LFUS, META, MSFT, NVDA, NVENT, RHHBY, TECH, TTC, ULTA, UNH, VZ, WK | AI, growth, healthcare, large cap, productivity, technology |
RHHBY VZ CASY ULTA |
Mairs & Power Growth Fund outperformed in Q1 2024 driven by large Technology positions, particularly Nvidia's 80% gain on AI demand. The fund is well-positioned for AI transformation through pick and shovel providers while finding value in Old Economy names like Casey's and Ulta that can leverage technology for growth. |
| Jan 28 2024 | 2023 Q4 | AAPL, AMZN, BBY, ECL, FUL, GGG, GOOGL, HRL, JNJ, MSFT, NVDA, PIPR, SCHW, SHW, TECH, TTC | AI, earnings, growth, inflation, large cap, Mid-caps, technology, value |
AAPL PIPR ABBY |
Mairs & Power Growth Fund outperformed in 2023 through strategic technology diversification, particularly the Magnificent 7 stocks. The managers see opportunities in undervalued mid-caps and value stocks while positioning for AI growth. Despite consumer spending concerns, they maintain long-term focus on companies with durable competitive advantages, expecting Fed rate cuts and earnings growth to support markets. |
| Sep 30 2023 | 2023 Q3 | AMZN, GOOGL, HRL, JPM, MSFT, NVDA, NVT, SCHW, T, TECH, TMUS, TTC, UNH, USB, VZ | AI, growth, healthcare, industrials, large cap, technology, Telecommunications, value | - | Mairs & Power Growth Fund posted 12.19% YTD returns, with Technology stock selection offsetting Healthcare and Industrials sector drags. The fund strategically added AI-capable companies like JPM and UNH while finding value opportunities in overlooked old economy names like Verizon. Despite macro headwinds from union activity and rate uncertainty, managers maintain long-term focus on durable competitive advantages. |
| Jun 30 2023 | 2023 Q2 | AMZN, GGG, GOOGL, HRL, JPM, LNT, MSFT, NVDA, SCHW, TTC, UNH, USB | AI, Banking, growth, healthcare, large cap, technology, value | - | Mairs & Power Growth Fund outperformed on strong technology stock selection, particularly Nvidia's 189% AI-driven surge. Strategic positioning in tech during last year's selloff paid off, though banking holdings faced headwinds. Managers maintain positive long-term outlook, continuing to invest in AI beneficiaries while opportunistically adding to undervalued traditional sectors at attractive prices. |
| Apr 19 2023 | 2023 Q1 | ECL, GOOG, HRL, JPM, LFUS, MSFT, NVDA, SCHW, TECH, UNH, USB, WFC | AI, Banking, growth, large cap, technology | - | Mairs & Power Growth Fund returned 7.27% in Q1 2023, hurt by banking sector volatility but helped by strong AI-related technology performance. The fund added to JPMorgan during bank selloff and is positioned to benefit from artificial intelligence commercialization and eventual bank recovery as rates stabilize. |
| Feb 2 2023 | 2022 Q4 | ECL, GOOGL, TECHNE, TTC, UNH | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI and increasing market concentration took center stage in 2025, driving market narrative with valuations pushing higher and bubble-like behaviors emerging. The fund believes AI is entering a transition period where initial excitement may be short-lived, with signals the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. |
Artificial Intelligence Technology Valuations Infrastructure |
Data CentersMcKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure, compared to $500 billion for cloud computing. This massive infrastructure buildout represents one of the largest capital deployment cycles in history. |
Infrastructure Capital Expenditure Cloud Computing | |
PharmaceuticalsAdded Zoetis which develops pharmaceuticals for companion animal and livestock markets, benefiting from scale and sustained R&D investment. The company is integrating generative AI into R&D processes to accelerate drug discovery and has limited exposure to concentrated buyers and generic competition. |
Animal Health Drug Discovery R&D | |
Medical DevicesAdded Intuitive Surgical which revolutionized minimally invasive surgery with da Vinci robotic systems. The company has over 10,000 systems worldwide performing three million procedures annually, creating attractive recurring revenue from specialized instruments that must be replaced regularly. |
Robotics Surgery Recurring Revenue | |
RatesFederal Reserve cut rates in the fourth quarter with cooling inflation giving policymakers confidence. Lower interest rates are expected to continue in 2026, and rate changes typically take around a year to work through the economy, potentially supporting small business hiring and consumer confidence. |
Federal Reserve Interest Rates Monetary Policy | |
| 2025 Q3 |
AIAI continues to dominate market performance with 40 AI-related stocks in the S&P 500 accounting for 75% of market returns since ChatGPT's 2022 launch. The fund remains excited about AI's potential to reshape industries and enhance productivity, having integrated AI tools into their own investment process. However, many AI-related stocks now appear generously valued, leading to selective position trimming where enthusiasm has outpaced fundamentals. |
Artificial Intelligence ChatGPT Machine Learning Automation Technology |
Data CentersThe AI and data-center buildout is fueling a multi-year capital-expenditure cycle extending beyond semiconductors to power generation, transmission, thermal management, and supporting components. By 2030, capital spending on AI data centers is projected to reach $6.7 trillion. AI data centers are massive power consumers expected to drive substantial long-term demand for utilities and critical equipment providers. |
Infrastructure Power Cooling Connectivity Capital Expenditure | |
CybersecurityThe fund added Palo Alto Networks, recognizing cybersecurity as a top corporate priority due to rising frequency and severity of cyberattacks. The growing cost of cybersecurity lapses, including regulatory fines and reputational damage, has intensified demand for comprehensive security solutions. AI has empowered bad actors to automate attacks, further underscoring the critical role of cybersecurity in the modern digital economy. |
Network Security Cloud Security Digital Threats Regulatory Compliance Enterprise Protection | |
AutomationThe fund added Cognex Corporation, a leader in machine vision technology, noting that the field has progressed more in six months than in two decades thanks to AI. Machine vision systems can now adapt and operate reliably in real-world conditions, accelerating adoption across logistics, automotive, packaging, and semiconductor markets. This trend benefits from manufacturing onshoring and growing demand for factory automation. |
Machine Vision Factory Automation Manufacturing Logistics Quality Control | |
| 2025 Q2 |
AIAI continues to dominate market performance with 40 AI-related stocks in the S&P 500 accounting for 75% of market returns since ChatGPT's 2022 launch. The infrastructure buildout is extraordinary with projected capital spending on AI data centers reaching $6.7 trillion by 2030. Machine vision technology has progressed more in the past six months than in the prior two decades thanks to AI, enabling systems to adapt and operate reliably in real-world conditions. |
Data Centers Machine Vision Infrastructure ChatGPT OpenAI |
CybersecurityThe growing cost of cybersecurity lapses, including punitive regulatory fines and reputational damage, has made digital defense a top corporate priority. As enterprises migrate to the cloud, they create new attack vectors demanding more integrated protection. AI has empowered bad actors to automate and personalize attacks, further intensifying the threat environment. |
Cloud Security Network Security Digital Threats Attack Vectors IT Security | |
AutomationMachine vision adoption is expected to accelerate meaningfully as AI enables these systems to function reliably in real-world conditions rather than only tightly controlled environments. The company stands to benefit from the broader trend of manufacturing onshoring in the United States and growing demand for factory automation. |
Machine Vision Factory Automation Manufacturing Onshoring Industrial | |
| 2025 Q1 |
AIThe emergence of DeepSeek, a Chinese AI startup, jolted the Information Technology sector by unveiling large language models with comparable functionality to American rivals at a fraction of the cost. This undermined prevailing wisdom that AI requires exorbitant computing power and called into question vast AI investments. The fund remains excited about AI prospects but less enthusiastic about lofty valuations and has been reducing positions accordingly. |
DeepSeek LLM Computing Valuations Technology |
Trade PolicyThe current presidential administration announced sweeping new tariffs that rattled markets and stoked fears of higher inflation and recession. Prospects of a prolonged trade war with China raise concerns about reigniting inflation and slowing economic growth. Tariffs are essentially a tax that businesses must absorb or pass to consumers, likely creating upward pressure on prices and inflation. |
Tariffs China Inflation Stagflation Uncertainty | |
SemiconductorsThe fund initiated a position in Taiwan Semiconductor Manufacturing Company (TSMC), the largest semiconductor manufacturing company with over 60% market share of advanced logic chips. TSMC has gained market share while competitors fell behind, with almost 70% of revenue from the U.S. The stock has been hit hard due to the Technology sector pullback, making its valuation attractive. |
TSMC Manufacturing Market Share Valuation Technology | |
VolatilityTariffs have introduced a high level of volatility in the markets, with the postpandemic bull market coming to a screeching halt. The fund expects more volatility in the months ahead as policies and their impact become clearer. However, volatility brings opportunities and the fund has been adding to positions and initiating new positions in companies they have been following for years. |
Markets Policies Opportunities Positioning Uncertainty | |
| 2024 Q4 |
AIAI remains in the forefront of investors' minds and the fund believes AI will have a profound impact on the economy and society. The fund is well-positioned to benefit from this emerging technology through enablers like NVIDIA and Microsoft, application software vendors, and adopters across various industries. AI's practical application is a key item being monitored with all investments to determine competitive landscape shifts. |
Artificial Intelligence Data Centers Cloud Machine Learning Deep Learning |
Small CapsSmall caps have underperformed large caps over the past 14 years but are trading at their lowest relative valuation versus large caps in more than 25 years. Small cap stocks currently trade at a 29% discount to the S&P 500 despite earnings growth estimates outpacing large cap companies for the next several years. The fund continues to add to small cap holdings given this backdrop. |
Valuation Discount Earnings Growth Underperformance Opportunity | |
HousingThe housing market remains in a slump as home buyers adjust to higher mortgage rates, with the U.S. housing market being the weakest since the Great Financial Crisis by some metrics. Two of the fund's largest holdings, Graco and Toro, are tied to housing market strength and have been hit by the downturn. The fund views this as a buying opportunity and has been adding to both positions. |
Mortgage Rates Downturn Buying Opportunity Weakness Recovery | |
| 2024 Q3 |
AIMore than 40% of S&P 500 companies cited AI in Q2 earnings calls. The fund remains excited about AI prospects but has been trimming positions due to lofty valuations. UnitedHealth Group is working on multiple AI use cases that could save billions in efficiencies, including call center automation. |
Artificial Intelligence Technology Automation Efficiency Valuations |
Small CapsSmall caps are more dependent on variable debt and should benefit from lower interest rates as borrowing costs decline. The fund is interested in adding to small-cap weighting given improved conditions with lower inflation and rates. |
Interest Rates Variable Debt Borrowing Costs Market Broadening | |
RatesThe Fed cut rates by 50 basis points in September, with potential for more cuts in November and December. Lower rates should benefit smaller companies and housing market, with mortgage rates declining from 8.01% peak to 6.13%. |
Federal Reserve Interest Rates Monetary Policy Housing | |
| 2024 Q2 |
AIThe fund is well-positioned to benefit from AI adoption through holdings in Nvidia, which continues to see immense demand for GPU chips powering generative AI. Companies like Qualcomm and nVent are also benefiting from AI market enthusiasm, with Qualcomm's technology playing a big role in AI inferencing on smartphones and nVent's liquid cooling solutions needed for AI datacenters. |
Nvidia GPUs Generative AI Inferencing Datacenters |
SemiconductorsNvidia extended its meteoric rise with 150% year-to-date returns, driven by cutting-edge GPU chip speed and the upcoming Blackwell architecture launch. Qualcomm maintains a near monopoly on cellular modems built through $60 billion in R&D over 10 years, resulting in 164,000 active patents. |
GPU Blackwell Modems Patents R&D | |
Data CentersnVent is positioned to benefit from AI datacenter growth through its liquid cooling solutions. The extreme heat generated by AI datacenters requires water-based cooling rather than traditional air cooling systems, providing a promising growth opportunity for nVent's thermal management technology. |
Liquid Cooling Thermal Management Server Cooling Heat Generation | |
| 2024 Q1 |
AIAI is driving transformative possibilities across industries, particularly healthcare, banking, and telecommunications. The fund holds positions in companies serving as pick and shovel providers of AI tools for businesses. AI could help companies relieve labor shortages, boost capital utilization, and make more efficient use of raw materials and supply chains. |
Artificial Intelligence Productivity Healthcare Telecommunications Automation |
TechnologyTechnology sector continues to drive market performance with the Magnificent 7 stocks accounting for majority of S&P 500 returns. The fund holds large positions in key technology names and benefited from their continued strength. Technology investments have proved highly profitable for the fund. |
Magnificent 7 Semiconductors Cloud Software Growth | |
HealthcareHealthcare is especially ripe to benefit from advancements in AI. Pharmaceutical companies have only scratched the surface in identifying potential life-saving molecules. AI could truncate drug development timelines considerably from the current decade-plus timeframe. |
Biotechnology Drug Development Pharmaceuticals Innovation AI Applications | |
| 2023 Q4 |
AIThe fund benefited from investors' enthusiasm for AI, particularly through holdings in the Magnificent 7 technology stocks. The managers are well positioned to take advantage of growing interest in artificial intelligence and are particularly interested in companies that can utilize AI to improve sales and profitability. |
Artificial Intelligence Technology Innovation Automation Machine Learning |
TechnologyTechnology investments paid off handsomely with the fund's concerted effort to diversify into technology stocks over the past few years. Major holdings like Microsoft, Alphabet, Amazon, and Nvidia drove outperformance, with the Magnificent 7 stocks dominating market returns. |
Software Cloud Semiconductors Digital Transformation Innovation | |
ValueThe managers anticipate value stocks could become in vogue again after growth outperformed value by 37% in 2023. They believe many mid-caps are trading at a discount and expect the valuation gap to close, finding compelling opportunities in old economy industries. |
Undervalued Discount Valuation Gap Mid-caps Old Economy | |
| 2023 Q3 |
AIAI remains in the forefront of investors' minds and will have a profound effect on the economy and society over the coming years. The fund believes AI will have the largest impact in the near term on large enterprises that can harness AI to increase workforce productivity and improve customer experience. They remain skeptical of lofty valuations and have been trimming holdings accordingly. |
Technology Productivity Enterprise Valuation Automation |
ValueThanks to excitement around AI, the fund is finding attractive opportunities in so-called old economy industries and value-oriented names. They remain true to their investment philosophy and strict valuation discipline, hunting for more value-oriented names that can potentially take advantage of AI to improve sales and profitability. |
Old Economy Discipline Opportunity Undervalued Contrarian | |
| 2023 Q2 |
AIThe fund sees artificial intelligence as a transformative technology similar to the internet, driving massive outperformance in technology stocks. They expect AI integration across productivity software and believe it will enable large-scale productivity improvements, though not overnight. |
Artificial Intelligence Technology Productivity Cloud Data Centers |
CloudCloud computing remains a key growth driver with Microsoft continuing to take market share through strong customer relationships and AI investments. Amazon's cloud business showed slightly slower growth as customers optimized existing capacity rather than adding incremental capacity. |
Cloud Computing Microsoft Amazon Infrastructure AI | |
| 2023 Q1 |
AIThe fund benefited from artificial intelligence exposure through NVIDIA, Alphabet, and Microsoft, which all gained from ChatGPT headlines and AI enthusiasm. In the current tight labor market, there is significant enthusiasm around the efficiency this technology could bring to many industries. |
Artificial Intelligence ChatGPT Hardware Efficiency Technology |
Credit StressSilicon Valley Bank failure led to nervousness about the entire banking industry, causing bank stocks to take a significant hit. The fund's bank holdings fell more than the Financials sector, though managers believe they will exit this banking event intact. |
Banking Crisis SVB Liquidity Deposits Capital |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 30, 2025 | Fund Letters | Mairs & Power - Growth Fund | CGNX | Cognex Corporation | Information Technology | Electronic Equipment, Instruments & Components | Bull | NASDAQ | AI, automotive, Factory Automation, Industrial technology, Logistics, Machine vision, manufacturing, Onshoring, semiconductors | Login |
| Sep 30, 2025 | Fund Letters | Mairs & Power - Growth Fund | PANW | Palo Alto Networks | Information Technology | Software | Bull | NASDAQ | AI, cloud security, cybersecurity, Digital Threats, Enterprise software, Network Security, platform, regulatory compliance | Login |
| Mar 31, 2025 | Fund Letters | Mairs & Power - Growth Fund | TSM | Taiwan Semiconductor Manufacturing Company | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | Advanced Logic, Foundry, manufacturing, market share, R&D, semiconductors, Taiwan, technology | Login |
| Dec 31, 2024 | Fund Letters | Mairs & Power - Growth Fund | CLFD | Clearfield, Inc. | Information Technology | Communications Equipment | Bull | NASDAQ | Artificial Intelligence, Cloud computing, Digital Divide, Fiber Optics, Government Infrastructure, Internet of Things, Labor Savings, Minneapolis, small-cap, telecommunications infrastructure | Login |
| Dec 31, 2024 | Fund Letters | Mairs & Power - Growth Fund | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Artificial Intelligence, Azure, Cloud computing, data centers, Enterprise software, Large Cap Technology, Monopoly, Office Productivity, Software | Login |
| Dec 31, 2024 | Fund Letters | Mairs & Power - Growth Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Artificial Intelligence, data centers, Deep Learning, Gaming, Graphics Processing, high-performance computing, machine learning, semiconductors, technology | Login |
| Sep 30, 2024 | Fund Letters | Mairs & Power - Growth Fund | UNH | UnitedHealth Group | Health Care | Health Care Services | Bull | NYSE | Artificial Intelligence, defensive, Healthcare services, large-cap, managed care, operational efficiency, Technology Transformation | Login |
| Sep 30, 2024 | Fund Letters | Mairs & Power - Growth Fund | TTC | Toro Company | Industrials | Machinery | Bull | NYSE | Cyclical, Equipment Manufacturing, Golf, housing market, infrastructure, Landscaping, machinery, Underground Drilling | Login |
| Sep 30, 2024 | Fund Letters | Mairs & Power - Growth Fund | KHC | Kraft Heinz | Consumer Staples | Packaged Foods & Meats | Bull | NASDAQ | consumer staples, dividend yield, Free Cash Flow, Iconic Brands, Operational Transformation, Packaged Foods, turnaround, Value | Login |
| Jun 30, 2024 | Fund Letters | Mairs & Power - Growth Fund | QCOM | Qualcomm Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | 5G Technology, AI inferencing, Cellular modems, patents, R&D, semiconductors, Smartphones, Wireless Communications | Login |
| Jun 30, 2024 | Fund Letters | Mairs & Power - Growth Fund | NVT | nVent Electric PLC | Industrials | Electrical Equipment | Bull | NYSE | AI datacenters, Datacenter infrastructure, Electronic protection, liquid cooling, Minneapolis, organic growth, spinoff, thermal management | Login |
| Mar 31, 2024 | Fund Letters | Mairs & Power - Growth Fund | RHHBY | Roche Holdings | Health Care | Pharmaceuticals | Bull | OTC | Artificial Intelligence, biologics, biotechnology, drug development, healthcare, pharmaceuticals, Swiss | Login |
| Mar 31, 2024 | Fund Letters | Mairs & Power - Growth Fund | VZ | Verizon Communications | Communication Services | Integrated Telecommunication Services | Bull | NYSE | Artificial Intelligence, Automation, Customer service, Digital Twin, generative AI, Network Optimization, telecommunications | Login |
| Mar 31, 2024 | Fund Letters | Mairs & Power - Growth Fund | CASY | Casey's General Stores | Consumer Staples | Food & Staples Retailing | Bull | NASDAQ | convenience stores, Fragmented Market, growth, Private-label, Regional, retail, Rural Markets | Login |
| Mar 31, 2024 | Fund Letters | Mairs & Power - Growth Fund | ULTA | Ulta Beauty | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Beauty Retail, Generation Z, loyalty program, Millennials, Specialty retail, store expansion, Suburban | Login |
| Dec 31, 2023 | Fund Letters | Mairs & Power - Growth Fund | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI, brand loyalty, consumer electronics, Ecosystem, Gen Z, market share, Millennials, services, Smartphones | Login |
| Dec 31, 2023 | Fund Letters | Mairs & Power - Growth Fund | PIPR | Piper Sandler Companies | Financials | Investment Banking & Brokerage | Bull | NYSE | Cyclical Recovery, financial services, Interest rates, investment banking, M&A, Minneapolis | Login |
| Dec 31, 2023 | Fund Letters | Mairs & Power - Growth Fund | ABBY | Best Buy Co., Inc. | Consumer Discretionary | Computer & Electronics Retail | Bull | NYSE | Brick-and-Mortar, consumer electronics, dividend, Electronics Retail, market share, Post-Pandemic Recovery | Login |
| TICKER | COMMENTARY |
|---|---|
| FI | Notable detractors from performance came from Fiserv (-43bps absolute and -39bps relative) |
| HRL | Other increasers included Hormel Foods |
| ISRG | ISRG shares appreciated in the fourth quarter after the company delivered strong Q3 results highlighting continued procedure growth and accelerating system placements. Procedure volumes rose in the mid-teens globally, with notable strength in general surgery and urology, while recurring instrument and accessory revenue grew faster than expectations. Management also reported that the early rollout of its next-generation robotic platform was tracking ahead of schedule, with utilization metrics trending positively across beta sites. |
| JPM | JPMorgan (JPM) has identified 42 AI-related stocks in the S&P 500, which today represent 45% of the index's market cap. They estimate that these stocks have accounted for 78% of S&P 500 returns, 66% of earnings growth, and 71% of capital spending growth since ChatGPT launched in November 2022. As it relates to the impact on the U.S. economy, JPM estimates tech sector capital spending contributed 40%-45% of U.S. GDP growth through the first 9 months of the year, up from less than 5% during the same period in 2023. |
| MSFT | MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand. |
| MSI | For Motorola Solutions (MSI), underlying results remain quite positive, but a recent acquisition is expected to dilute earnings at a time when tariff headwinds are expected to create near-term margin pressure. |
| NVDA | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| NVT | nVent had a positive 2025 due to surging data center demand related to liquid cooling of servers and a key acquisition helping to improve revenue. |
| RHHBY | Roche (RHHBY) was another positive performer in 2025, driven by a robust pipeline of new and innovative drugs making it to market and favorable regulatory approvals. |
| TECH | Bio-Techne is a leader in the life sciences research market with a broad portfolio of products that are used to enable discoveries of new drugs, therapeutics, and diagnostics. These products include over 6,000 proteins, 400,000 antibody types, and 2,400 diagnostic assays. Around 80% of the business is recurring revenues. We are encouraged by the new CEO's strategy to leverage the core business and expand the company's leadership position in protein research. Consternation surrounding the health of customer research spending gave us the opportunity to buy the stock at a discount to our estimate of intrinsic value. |
| UNH | We also added back a full position in UnitedHealth |
| ZTS | ZTS: $6B authorized August 2024; $1.5B used as of September 2025 |
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