Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Mairs & Power - Small Cap Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The Mairs & Power Small Cap Fund faced stock-selection headwinds in Q3 2025 but sees compelling value in small-cap equities as rate cuts and earnings stabilization unfold."
The Mairs & Power Small Cap Fund underperformed its benchmark indexes in Q3 2025 due to adverse stock selection, notably in the Materials and Information Technology sectors. Underperformance was led by detractors such as Inspire Medical, MGP Ingredients, and Knife River. However, strong performances from Medpace Holdings, AAR, and nVent PLC offset some losses. During the quarter, the fund actively deployed capital, adding Patrick Industries and Trex Company, and establishing a position in James Hardie Industries following its acquisition of long-term holding AZEK. The management team remains constructive, highlighting a historic valuation gap between small-cap and mega-cap stocks as a compelling opportunity for patient, long-term investors.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Mairs & Power Small Cap Fund faced stock-selection headwinds in Q3 2025 but sees compelling value in small-cap equities as rate cuts and earnings stabilization unfold....
Growth Outlook
Market outlook remains above average conviction: The Mairs & Power Small Cap Fund faced stock-selection headwinds in Q3 2025 but sees compelling value in small-cap equities as rate cuts and earnings stabilization unfold....
Risk Appetite
Risk appetite posture is moderate conviction: The Mairs & Power Small Cap Fund faced stock-selection headwinds in Q3 2025 but sees compelling value in small-cap equities as rate cuts and earnings stabilization unfold....
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Mairs & Power Small Cap Fund faced stock-selection headwinds in Q3 2025 but sees compelling value in small-cap equities as rate cuts and earnings stabilization unfold....
Forward Guidance
Forward guidance signal: The Mairs & Power Small Cap Fund faced stock-selection headwinds in Q3 2025 but sees compelling value in small-cap equities as rate cuts and earnings stabilization unfold....
Language Signal
Tone analysis indicates above average conviction language: The Mairs & Power Small Cap Fund faced stock-selection headwinds in Q3 2025 but sees compelling value in small-cap equities as rate cuts and earnings stabilization unfold....
Perceived Risk
Perceived risk level is evaluated as above average conviction. The Mairs & Power Small Cap Fund faced stock-selection headwinds in Q3 2025 but sees compelling value in small-cap equities as rate cuts and earnings stabilization unfold....
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Mairs & Power Small Cap Fund faced stock-selection headwinds in Q3 2025 but sees compelling value in small-cap equities as rate cuts and earnings stabilization unfold....
Time Horizon
Investment time horizon reflects a high conviction orientation. The Mairs & Power Small Cap Fund faced stock-selection headwinds in Q3 2025 but sees compelling value in small-cap equities as rate cuts and earnings stabilization unfold....
