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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Mairs & Power - Balanced Fund 2026 Q1 Investor Letter | Buyside Digest

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Primary Source Intelligence • Q1 2026 Letter Analysis

Mairs & Power - Balanced Fund Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Mairs & Power - Balanced Fund. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD-2%

YTD-2%

Annualized+9.28%

Positioning StanceNEUTRAL

GeographyUS

Digest Analysis

Quick Take

"Balanced fund outperformed benchmark despite Middle East conflict driving energy prices and inflation concerns. Strong stock selection in Technology and defensive positioning in Utilities offset Healthcare headwinds."

Executive Summary

Balanced fund outperformed benchmark despite Middle East conflict driving energy prices and inflation concerns. Strong stock selection in Technology and defensive positioning in Utilities offset Healthcare headwinds. Added cybersecurity exposure via Palo Alto Networks while eliminating Salesforce. Fund's quality-focused, valuation-disciplined approach delivered relative outperformance during geopolitically-driven market volatility.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

68%

CautiousHigh

Moderate (68%)

Fund demonstrates moderate-high conviction through specific position additions and eliminations with clear rationale. Names individual holdings with thesis explanations and sizing context. Maintains disciplined approach with 16 named positions and clear sector allocation decisions.

Growth Outlook

38%

BearishBullish

Neutral (38%)

Manager acknowledges increased uncertainty from Middle East conflict and inflation risks but maintains that economic conditions were generally encouraging prior to escalation. Sees corporate earnings as bright spot with broadening beyond tech companies.

Risk Appetite

15%

DefensiveAggressive

Defensive (15%)

Fund maintains selective positioning with new additions in cybersecurity and waste management while eliminating underperforming positions. Overweight to defensive Utilities but still actively deploying capital in quality opportunities.

Capital Deployment

20%

De-riskingDeploying

De-risking (20%)

Fund added two new positions (Palo Alto Networks and Waste Management) while eliminating one (Salesforce), indicating selective net deployment. No cash level changes mentioned but portfolio activity suggests modest capital rotation and deployment.

Forward Guidance

45%

CautiousExpansionary

Neutral (45%)

Manager takes cautious wait-and-see approach given geopolitical uncertainty. Emphasizes patience and discipline rather than aggressive deployment, noting much depends on conflict duration and commodity market impacts.

Language Signal

43%

BearishBullish

Balanced (43%)

Language balances opportunity identification with risk acknowledgment. Uses terms like uncertainty, volatility, headwinds, and threats while also discussing attractive valuations and earnings growth prospects.

Perceived Risk

65%

Low RiskElevated

Elevated Risk (65%)

Manager identifies multiple specific risks including Middle East conflict, inflation pressures, commodity disruptions, and broader economic impacts. Discusses geopolitical uncertainty and potential for prolonged challenges with meaningful detail.

Opportunity Density

55%

ScarceAbundant

Selective (55%)

Manager sees selective opportunities in reasonably valued, high-quality businesses across specific sectors like Utilities, Industrials, and Health Care. Emphasizes selectivity and discipline rather than abundant opportunities.

Time Horizon

75%

Short-TermLong-Term

Decade+ (75%)

Fund emphasizes long-term discipline and consistent investment process. Focuses on durable competitive advantages and sustainable long-term returns. Avoids short-term market timing in favor of multi-year business quality assessment.