The fund is co-managed by three experienced portfolio managers with deep regional expertise. Lead Manager Michael C. Marzolf assumed his role in July 2023, bringing 37 years of financial experience and joining Mairs & Power in December 2021. Co-Manager Andrew R. Adams founded the Small Cap Fund in 2011 and serves as Chief Investment Officer, maintaining continuity with the fund's original investment approach. Co-Manager Christopher D. Strom rounds out the team with additional portfolio management expertise. The management team operates within Mairs & Power, Inc., Minnesota's oldest privately owned investment firm founded in 1931. The firm manages approximately $12 billion in assets serving individuals, families, nonprofits, and institutions. The managers embrace their firm's preference for companies near their St. Paul office, leveraging direct relationships and on-the-ground research capabilities.

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Mairs & Power employs a consistent, long-term, regionally-focused investment approach that has remained unchanged for nearly 100 years. The fund seeks above-average, long-term appreciation by investing primarily in U.S. common stocks of small-cap companies with strong competitive positions, growth potential, capable management, and durable competitive advantages. The investment philosophy emphasizes direct engagement through facility tours and meetings with industry stakeholders to gain insights beyond traditional financial metrics. The team focuses on companies with strong returns on invested capital and maintains long-term holding periods with low portfolio turnover. The approach leverages the firm's geographic proximity to Upper Midwest companies, believing this provides an informational advantage on less-followed small-cap securities. The investment process remains rigorous and consistent across all firm products, emphasizing thorough research and high-conviction positioning.

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