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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Mairs & Power Small Cap Fund lagged its benchmark in 2025 due to a speculative, risk-on environment, but the managers maintain high conviction in their quality-first approach as small-cap earnings show strong signs of recovery amidst historically cheap valuations."
In 2025, the Mairs & Power Small Cap Fund returned 3.98%, underperforming the Russell 2000 TR Index which gained 12.81%. Relative underperformance was driven by adverse stock selection in Health Care, IT, and Materials, alongside a speculative rally in unprofitable small-cap names. Despite these headwinds, the managers see significant opportunity ahead as small-cap earnings recover (13% growth in 2025, 15% projected for 2026) and valuations remain heavily discounted relative to large-cap peers. The fund continues to execute its disciplined, quality-compounder strategy, adding Bentley Systems in Q4.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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