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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Mairs & Power – Power Fund 2026 Q1 Investor Letter | Buyside Digest

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Primary Source Intelligence • Q1 2026 Letter Analysis

Mairs & Power – Power Fund Quarterly Analysis

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

Fund Returns

QTD-4%

YTD-4%

Annualized+11.53%

Positioning StanceNEUTRAL

Market CapLarge Cap

Digest Analysis

Quick Take

"Mairs & Power outperformed during Middle East energy crisis through disciplined stock selection, particularly in Industrials and Technology."

Executive Summary

Mairs & Power outperformed during Middle East energy crisis through disciplined stock selection, particularly in Industrials and Technology. Added defensive positions in Sprouts, Ameriprise, and Waste Management while maintaining conviction in Microsoft despite AI spending concerns. Reduced Materials exposure from 2022 lessons. Emphasizes long-term quality focus over short-term geopolitical reactions, viewing volatility as opportunity for patient capital deployment.

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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%)

The fund demonstrates moderate-high conviction through maintaining Microsoft as largest position despite concerns, adding three new positions with detailed investment rationales, and specific position sizing language. However, the diversified portfolio structure and acknowledgment of multiple scenarios prevents a higher score.

Growth Outlook

38%

BearishBullish

Neutral (38%)

The manager acknowledges significant risks from Middle East conflict and energy price disruption but maintains that corporate earnings outlook remains bright and the US economy is less energy-reliant than in past decades. Mixed cautious and constructive elements with uncertainty around conflict duration.

Risk Appetite

15%

DefensiveAggressive

Defensive (15%)

The fund added three new positions during the quarter and maintains conviction in existing holdings like Microsoft, showing selective risk-taking. However, they previously reduced Materials exposure and acknowledge lack of Energy exposure as a headwind, indicating measured rather than aggressive positioning.

Capital Deployment

25%

De-riskingDeploying

De-risking (25%)

The fund added three new positions (Sprouts, Ameriprise, Waste Management) during the quarter, indicating moderate deployment activity. However, no cash level changes are disclosed and the manager describes using volatility for selective opportunities rather than aggressive deployment.

Forward Guidance

10%

CautiousExpansionary

Cautious (10%)

Manager states they will continue emphasizing long-term discipline and use market volatility to add positions at compelling valuations. However, much depends on conflict duration and they are not aggressively deploying but rather selectively monitoring opportunities.

Language Signal

BearishBullish

Bearish (5%)

Language is balanced with roughly equal mentions of risks (conflict, inflation, uncertainty) and opportunities (earnings growth, attractive valuations, quality businesses). Slightly more constructive than bearish but largely neutral in directional language.

Perceived Risk

72%

Low RiskElevated

Elevated Risk (72%)

Manager identifies multiple specific risks including Middle East conflict, energy price disruption, inflation reintroduction, supply chain impacts through Strait of Hormuz, and potential for broader economic impacts. Detailed discussion of risk scenarios and their potential persistence indicates high perceived risk environment.

Opportunity Density

55%

ScarceAbundant

Selective (55%)

Manager sees selective opportunities, adding three new positions and noting that volatility creates attractive entry points for disciplined investors. However, emphasizes selectivity and patience rather than describing a broad opportunity set, indicating moderate opportunity density.

Time Horizon

75%

Short-TermLong-Term

Decade+ (75%)

Strong emphasis on long-term discipline, patient capital, and allowing time and fundamentals to do the heavy lifting. Manager discusses multi-year demographic trends for Ameriprise and states approach is designed to navigate full market cycles, indicating a multi-year investment horizon.