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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Mairs & Power Growth Fund underperformed in 2025 due to its strict avoidance of overvalued AI stocks and operational setbacks in Fiserv and UnitedHealth. The fund remains committed to valuation discipline, utilizing pullbacks to establish new positions in high-quality healthcare compounders Zoetis and Intuitive Surgical."
For the year ending December 31, 2025, the Mairs & Power Growth Fund returned 10.54%, underperforming the S&P 500 Total Return (17.88%) and its Morningstar Large Blend peer group (15.55%). Underperformance was primarily driven by the fund's strict valuation discipline, which avoided high-flying AI-related megacaps trading at extreme premiums, as well as execution missteps in core holdings Fiserv (FI) and UnitedHealth Group (UNH). Top performers for the year included JPMorgan Chase (JPM) and Roche (RHHBY). To capitalize on long-term secular trends without paying speculative prices, the fund added positions in Zoetis (ZTS) and Intuitive Surgical (ISRG) during market pullbacks. The managers remain cautious on AI valuation bubbles and near-term consumer pressures but look forward to the lagging positive impact of interest rate cuts on the real economy in 2026.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Mairs & Power Growth Fund underperformed in 2025 due to its strict avoidance of overvalued AI stocks and operational setbacks in Fiserv and UnitedHealth. The fund remains committed...
Growth Outlook
Market outlook remains moderate conviction: Mairs & Power Growth Fund underperformed in 2025 due to its strict avoidance of overvalued AI stocks and operational setbacks in Fiserv and UnitedHealth. The fund remains committed...
Risk Appetite
Risk appetite posture is moderate conviction: Mairs & Power Growth Fund underperformed in 2025 due to its strict avoidance of overvalued AI stocks and operational setbacks in Fiserv and UnitedHealth. The fund remains committed...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Mairs & Power Growth Fund underperformed in 2025 due to its strict avoidance of overvalued AI stocks and operational setbacks in Fiserv and UnitedHealth. The fund remains committed...
Forward Guidance
Forward guidance signal: Mairs & Power Growth Fund underperformed in 2025 due to its strict avoidance of overvalued AI stocks and operational setbacks in Fiserv and UnitedHealth. The fund remains committed...
Language Signal
Tone analysis indicates above average conviction language: Mairs & Power Growth Fund underperformed in 2025 due to its strict avoidance of overvalued AI stocks and operational setbacks in Fiserv and UnitedHealth. The fund remains committed...
Perceived Risk
Perceived risk level is evaluated as above average conviction. Mairs & Power Growth Fund underperformed in 2025 due to its strict avoidance of overvalued AI stocks and operational setbacks in Fiserv and UnitedHealth. The fund remains committed...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Mairs & Power Growth Fund underperformed in 2025 due to its strict avoidance of overvalued AI stocks and operational setbacks in Fiserv and UnitedHealth. The fund remains committed...
Time Horizon
Investment time horizon reflects a high conviction orientation. Mairs & Power Growth Fund underperformed in 2025 due to its strict avoidance of overvalued AI stocks and operational setbacks in Fiserv and UnitedHealth. The fund remains committed...
