ECL

ECL

ECL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	SGA – U.S. Large Cap Growth	-1.4%	2.8%	AAPL, ABBV, AMZN, AON, ARM, AVGO, AXP, CMG, COO, CP, CRM, DHR, ECL, GOOGL, GWW, INTU, IT, JNJ, META, MSFT, NFLX, NKE, NOW, NVDA, NVO, ORCL, PLTR, SNPS, SPGI, TSLA, UNH, V, WCN, WDAY, WM, YUM	AI, growth, large cap, momentum, Quality, technology, underperformance, valuation	AI infrastructure buildout remains a dominant market force driving speculation and momentum trading. While AI benefits some portfolio companies like Nvidia, Microsoft, Alphabet, Meta, and Amazon, the manager warns of bubble dynamics similar to the dot-com era. Historical parallels suggest infrastructure beneficiaries may face disappointment while long-term winners emerge later as companies building services on top of infrastructure.		View
2025 Q2	Jul 23, 2025	Madison Sustainable Equity Fund	6.1%	2.4%	AAPL, ADBE, AMZN, ANET, COST, ECL, GOOGL, JPM, KEYS, LIN, LLY, MSFT, NEE, NVDA, ORCL, PGR, TEL, TJX, TXN, V	AI, Cloud, growth, healthcare, large cap, Quality, sustainability, technology	Oracle's massive RPO growth of 359% driven by multi-billion AI infrastructure contracts, with OCI revenue projected to grow from $18 billion to $144 billion over four years. Alphabet's Google Cloud accelerated to 31.7% growth, benefiting from AI demand. Microsoft and NVIDIA highlighted for strong AI-driven earnings growth expectations.	UNH LLY PGR DHR NEE TEL JPM MSFT AAPL ORCL	View
2024 Q2	Jul 10, 2024	Aristotle Value Equity Fund	6.3%	12.3%	ADBE, ALC, AMGN, AMP, AWK, CCI, CTVA, DHR, ECL, LEN, LOW, MCHP, MLM, MSFT, OSK, PH, QCOM, VEEV, XYL	Homebuilders, infrastructure, large cap, semiconductors, technology, value, water	Microsoft continues to execute on AI catalysts across its businesses, particularly within cloud-based applications like Azure. The company detailed partnerships with NVIDIA and AMD to develop first-party silicon chips including its AI accelerator (Azure Maia) and CPU (Azure Cobalt). Qualcomm benefits as AI applications extend from the cloud to on-device.	AWK	View
2026 Q1	Apr 6, 2026	Mar Vista US Quality Select	-10.2%	-10.2%	ADI, CRM, DHR, ECL, GEV, INTU, JNJ, LIN, META, MSFT, NFLX, QXO, SAP, TSM	AI, energy, fundamentals, Geopolitical, large cap, Quality			View
2025 Q1	Mar 31, 2025	Madison Sustainable Equity Fund	-	-	A, AAPL, ACN, AMZN, COST, ECL, GOOGL, JPM, LIN, LLY, MSFT, NEE, ORCL, PGR, UPS, USB, V	financials, healthcare, Quality, sustainability, tariffs, technology	New tariffs announced by President Trump on April 2, 2025 are expected to erode business and consumer confidence, increase business costs, and keep inflation elevated. The impact is causing earnings estimate revisions and contributing to a more pronounced economic slowdown.		View
2024 Q4	Dec 31, 2024	Madison Sustainable Equity Fund	-2.1%	17.4%	AAPL, ADBE, AMZN, BLK, COST, DHR, ECL, GOOGL, JPM, KEYS, LIN, LLY, MCD, MSFT, NEE, ORCL, SCHW, TGT, UNH, V	financials, growth, healthcare, large cap, Quality, sustainability, technology	Google's Cloud business reported accelerating revenue growth from 29% to 35% year-over-year, showing the company is gaining traction with enterprise customers. Google has released a new quantum chip that has been well received by investors for its growth potential. Adobe continues to grow with professional creative designers and enterprise customers by integrating new GenAI features into its existing software applications.		View
2025 Q3	Oct 15, 2025	Madison Sustainable Equity Fund	6.5%	8.2%	AAPL, ADBE, AMZN, ANET, COST, ECL, GOOGL, JPM, KEYS, LIN, LLY, MSFT, NEE, NVDA, ORCL, PGR, TEL, TJX, TXN, V	growth, healthcare, large cap, Quality, Sustainable, technology	Oracle's massive RPO growth driven by AI infrastructure demand, with OCI revenue projected to increase from $18 billion to $144 billion over four years. Data center capital expenditure growth benefiting companies like Arista Networks. AI infrastructure companies generating strong performance in the quarter.	TJX TEL ANET GOOGL ORCL	View
2024 Q3	Sep 30, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	ABT, AMP, CASY, CHRW, ECL, FI, HRL, HSY, JPM, LFUS, LLY, LOW, MSI, NEOG, NVDA, PG, ROK, TECH, TTC, UPS	Balanced, Bonds, consumer, healthcare, industrials, rates, technology	The Federal Reserve cut its key lending rate by half a percentage point in September, with potential for additional cuts in November and December. Lower rates are expected to benefit smaller companies by reducing borrowing costs and improving earnings growth prospects.		View
2023 Q3	Sep 30, 2023	Mairs & Power – Balanced Fund	0.0%	11.0%	ABT, CRM, ECL, ENTG, GGG, GOOGL, HON, HRL, LLY, MSFT, MSI, TECH, TTC, TXN, USB, XEL	AI, Balanced, fixed income, growth, inflation, rates, technology, value	Artificial intelligence is creating efficiencies and driving investment opportunities, particularly in technology companies. The fund sees AI as crucial for creating workforce efficiencies amid changing labor dynamics. Microsoft's leadership in AI helped propel it to all-time highs this year.		View
2024 Q2	Jul 23, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	AAPL, AMP, AMZN, CASY, ECL, ENTG, FAST, GGG, GOOGL, HRL, HSY, JPM, LFUS, LLY, MDT, META, MSFT, NVDA, NVT, TECH	Balanced, dividends, healthcare, industrials, rates, technology, value	The fund acknowledges the AI-fueled technology boom surrounding the largest companies but maintains valuation discipline. While remaining positive on long-term AI prospects, the fund's diversified approach left it underexposed to the narrow AI leadership group that drove market returns.		View
2023 Q2	Jun 30, 2023	Mairs & Power – Balanced Fund	0.0%	11.0%	AAPL, AMZN, CRM, ECL, ENTG, FISV, GOOGL, GRCO, HD, HRL, LLY, META, MSFT, NTRS, NVDA, TSLA, TTC, TXN, USB, XEL	AI, Balanced, inflation, Regional Banks, technology, value	Artificial intelligence has driven significant outperformance in technology stocks, particularly benefiting mega-cap names like Microsoft, Alphabet, Amazon, and Nvidia. The fund maintains a favorable long-term view on technology given growth in AI, automation, and cloud computing, though valuations appear over-extended near-term.		View
2023 Q1	Apr 19, 2023	Mairs & Power - Growth Fund	0.0%	19.0%	ECL, GOOG, HRL, JPM, LFUS, MSFT, NVDA, SCHW, TECH, UNH, USB, WFC	AI, Banking, growth, large cap, technology	The fund benefited from artificial intelligence exposure through NVIDIA, Alphabet, and Microsoft, which all gained from ChatGPT headlines and AI enthusiasm. In the current tight labor market, there is significant enthusiasm around the efficiency this technology could bring to many industries.		View
2022 Q4	Feb 2, 2023	Mairs & Power - Growth Fund	0.0%	19.0%	ECL, GOOGL, TECHNE, TTC, UNH	-			View
2023 Q4	Jan 28, 2024	Mairs & Power - Growth Fund	0.0%	19.0%	AAPL, AMZN, BBY, ECL, FUL, GGG, GOOGL, HRL, JNJ, MSFT, NVDA, PIPR, SCHW, SHW, TECH, TTC	AI, earnings, growth, inflation, large cap, Mid-caps, technology, value	The fund benefited from investors' enthusiasm for AI, particularly through holdings in the Magnificent 7 technology stocks. The managers are well positioned to take advantage of growing interest in artificial intelligence and are particularly interested in companies that can utilize AI to improve sales and profitability.	ABBY PIPR AAPL	View
2023 Q4	Jan 28, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	AAPL, AXP, CRM, ECL, ENTG, FI, GGG, GOOGL, HRL, HSY, LLY, MSFT, NTRS, NVDA, RHHBY, SHW, TECH, TTC, TXN, V	Balanced, Consumer Staples, financials, growth, healthcare, inflation, technology, value	The fund notes investor enthusiasm for the emerging artificial intelligence market, which aided mega cap technology leadership. Microsoft has an emerging leadership position in AI, while Salesforce benefited from strong demand for AI offerings.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Aug 7, 2025	Seeking Alpha	Ian Bezek	Ecolab	Materials	Specialty Chemicals	Neutral	NYSE	—	View Pitch

BSD Shareholders of ECL

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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