Mairs & Power

Q2 2014 13F

As of: Jun 30, 2014
Filed: Aug 14, 2014
US stock: $7.1B · prev $6.7B
Positions: 196 · prev 205
Options notional: $0
Documents: 1· no amendments

Picture98.8% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 98.8%
Foreign stock not listed in the US 1.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves166 since the prior filing

+3.3 pp in · −3.3 pp out

New 4 +2.54 pp
Added 66 +0.72 pp
Trimmed 83 −0.34 pp
Exited 13 −2.97 pp

The book

Diversified · behaves like 43 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.0 years per position

Low
Moderate
High

Top 5 positions19% of US stock

MMM 3M Company trimmed+0.04 pp trimmed+0.044.2%
unresolved Medtronic Inc added−0.01 pp added−0.013.8%
USB U.S. Bancorp trimmed−0.13 pp trimmed−0.133.7%
SLB SLB Limited trimmed+0.47 pp trimmed+0.473.6%
ECL Ecolab, Inc. added+0.30 pp added+0.303.5%

Positions196 in this filing · 13 exited


MMM3M Company	4.24%	2,088,281	$299M	trimmed−0%	+0.04 pp	5 q
unresolvedMedtronic Inc	3.75%	4,146,152	$264M	added+1%	−0.01 pp	5 q
USBU.S. Bancorp	3.68%	5,985,530	$259M	trimmed−0%	−0.13 pp	5 q
SLBSLB Limited	3.56%	2,130,854	$251M	trimmed−0%	+0.47 pp	5 q
ECLEcolab, Inc.	3.54%	2,245,013	$250M	added+11%	+0.30 pp	5 q
unresolvedValspar Corp	3.49%	3,229,252	$246M	added0%	+0.04 pp	5 q
EMREmerson Electric Co.	3.37%	3,578,058	$237M	added+4%	−0.02 pp	5 q
HONHoneywell International, Inc.	3.08%	2,336,758	$217M	added+1%	−0.11 pp	5 q
JNJJohnson & Johnson	2.96%	1,996,199	$209M	trimmed−1%	+0.03 pp	5 q
TGTTarget Corporation	2.91%	3,539,923	$205M	added+2%	−0.21 pp	5 q
DCIDonaldson Company, Inc.	2.70%	4,506,485	$191M	added+6%	+0.03 pp	5 q
unresolvedBemis Inc	2.69%	4,662,315	$190M	added+11%	+0.24 pp	5 q
GGGGraco Inc	2.59%	2,336,312	$182M	added+1%	+0.04 pp	5 q
TTCToro Company (The)	2.56%	2,842,565	$181M	trimmed−4%	−0.20 pp	5 q
PNRPentair plc	2.54%	2,484,231	$179M	new	+2.54 pp	new
BAXBaxter International Inc.	2.40%	2,342,897	$169M	added0%	−0.15 pp	5 q
GISGeneral Mills, Inc.	2.39%	3,208,132	$169M	added0%	−0.07 pp	5 q
WFCWells Fargo & Co.	2.35%	3,156,113	$166M	trimmed−1%	0.00 pp	5 q
FULH.B. Fuller Company	2.32%	3,394,113	$163M	added0%	−0.10 pp	5 q
HRLHormel Foods Corporation	2.27%	3,238,747	$160M	trimmed−1%	−0.12 pp	5 q
PFGPrincipal Financial Group, Inc.	2.07%	2,892,721	$146M	added+11%	+0.29 pp	5 q
unresolvedSt Jude Med Inc	2.06%	2,097,512	$145M	trimmed−0%	+0.03 pp	5 q
unresolvedGeneral Electric Co	2.02%	5,421,350	$142M	added+1%	−0.04 pp	5 q
CHRWC.H. Robinson Worldwide, Inc.	1.88%	2,077,097	$132M	added+2%	+0.31 pp	5 q
UPSUnited Parcel Service, Inc. Class B	1.86%	1,278,197	$131M	added+3%	+0.07 pp	5 q
MTSCMTS Systems Corp	1.73%	1,795,884	$122M	added+1%	−0.08 pp	5 q
FISVFiserv, Inc.	1.58%	1,852,325	$112M	trimmed−3%	−0.02 pp	5 q
WUThe Western Union Company	1.45%	5,889,724	$102M	added+3%	+0.07 pp	5 q
unresolvedTechne Corp	1.44%	1,095,391	$101M	added+10%	+0.18 pp	5 q
FASTFastenal Co	1.29%	1,836,448	$91M	trimmed−0%	−0.05 pp	5 q
DISThe Walt Disney Company	1.19%	980,881	$84M	trimmed−1%	+0.01 pp	5 q
RHHBYRoche Holding Ltd S/	1.16%	2,184,810	$81M	added+2%	−0.04 pp	4 q
PDCOPatterson Companies, Inc.	1.15%	2,045,634	$81M	trimmed−0%	−0.12 pp	5 q
GLWCorning Incorporated	1.11%	3,580,460	$79M	trimmed−14%	−0.17 pp	5 q
PFEPfizer Inc.	1.08%	2,573,296	$76M	added0%	−0.14 pp	5 q
unresolvedTcf Financial Corp	1.04%	4,500,563	$74M	added+1%	−0.06 pp	5 q
XOMExxon Mobil Corp	0.96%	669,064	$67M	added+4%	+0.03 pp	5 q
ZBHZimmer Biomet Holdings, Inc.	0.94%	637,320	$66M	trimmed−4%	+0.01 pp	5 q
BMIBadger Meter, Inc.	0.93%	1,246,498	$66M	added+11%	+0.01 pp	5 q
QCOMQualcomm Inc	0.86%	765,434	$61M	added0%	−0.03 pp	5 q
ASBAssociated Banc-Corp	0.85%	3,317,783	$60M	added+1%	−0.03 pp	5 q
CRAYCray, Inc.	0.85%	2,260,887	$60M	added+66%	+0.10 pp	5 q
TRVThe Travelers Companies, Inc.	0.85%	639,802	$60M	trimmed−1%	+0.03 pp	5 q
MDUMDU Resources Group, Inc.	0.79%	1,595,461	$56M	added0%	−0.02 pp	5 q
DLXDeluxe Corporation	0.66%	795,327	$47M	trimmed−2%	+0.03 pp	5 q
INTCIntel Corp	0.61%	1,391,341	$43M	trimmed−1%	+0.07 pp	5 q
COPConocoPhillips	0.55%	452,802	$39M	added+1%	+0.08 pp	5 q
NVECNVE Corp	0.53%	674,314	$37M	added0%	−0.04 pp	5 q
unresolvedG & K Services Cl A	0.50%	674,461	$35M	added+3%	−0.09 pp	5 q
IBMInternational Business Machines Corporation	0.47%	184,172	$33M	added+10%	−0.01 pp	5 q
CVXChevron Corporation	0.35%	187,336	$24M	trimmed−0%	+0.02 pp	5 q
PGProcter & Gamble Company	0.31%	278,035	$22M	added+6%	0.00 pp	5 q
BPBP p.l.c.	0.29%	394,186	$21M	trimmed−4%	0.00 pp	5 q
HDHome Depot, Inc.	0.28%	242,662	$20M	trimmed−2%	−0.01 pp	5 q
XELXcel Energy, Inc.	0.27%	591,122	$19M	added+1%	+0.01 pp	5 q
KMBKimberly-Clark Corp.	0.26%	161,863	$18M	trimmed−1%	−0.01 pp	5 q
LLYEli Lilly & Co.	0.26%	291,300	$18M	trimmed−1%	0.00 pp	5 q
JPMJPMorgan Chase & Co.	0.25%	302,358	$17M	added+13%	+0.01 pp	5 q
SU6Surmodics Inc	0.22%	738,470	$16M	trimmed−0%	−0.03 pp	5 q
ABTAbbott Laboratories	0.21%	368,808	$15M	added+7%	+0.01 pp	5 q
ABBVAbbvie Inc.	0.21%	264,316	$15M	trimmed−2%	0.00 pp	5 q
BMYBristol-Myers Squibb Co.	0.20%	293,539	$14M	trimmed−1%	−0.03 pp	5 q
AEBAAllete Inc	0.17%	235,124	$12M	added+4%	−0.01 pp	5 q
VZVerizon Communications	0.15%	214,852	$11M	added+1%	0.00 pp	5 q
AXPAmerican Express Company	0.12%	90,475	$9M	trimmed−3%	0.00 pp	5 q
MSFTMicrosoft Corp	0.10%	175,547	$7M	trimmed−9%	−0.02 pp	5 q
SNASnap-on Incorporated	0.10%	61,506	$7M	added+5%	0.00 pp	5 q
MRKMerck & Co., Inc.	0.09%	107,546	$6M	trimmed−6%	−0.01 pp	5 q
HSYThe Hershey Company	0.08%	58,600	$6M	added×3.0	+0.05 pp	5 q
SPYState Street SPDR S&P 500 ETF Trust	0.08%	29,551	$6M	added+10%	+0.01 pp	5 q
ADCAgree Realty Corporation	0.06%	132,200	$4M	added+6%	0.00 pp	5 q
APOGApogee Enterprises Inc	0.06%	131,100	$5M	added+28%	+0.01 pp	5 q
THRMGentherm Inc	0.06%	92,885	$4M	trimmed−22%	0.00 pp	3 q
unresolvedPrivatebancorp Inc	0.06%	148,300	$4M	added+15%	0.00 pp	5 q
WTFCWintrust Financial Corp	0.06%	91,100	$4M	added+13%	0.00 pp	5 q
unresolvedBuffalo Wild Wings Inc	0.05%	20,900	$3M	trimmed−21%	−0.01 pp	5 q
GNRCGenerac Holdings Inc	0.05%	72,900	$4M	added+64%	+0.01 pp	2 q
HWKNHawkins Inc	0.05%	99,100	$4M	held	—	5 q
HUBGHUB Group Inc	0.05%	65,500	$3M	added+8%	+0.01 pp	5 q
unresolvedManitowoc Inc	0.05%	106,500	$4M	held	—	4 q
MURMurphy Oil Corp.	0.05%	53,100	$4M	held	—	5 q
OSKOshkosh Corp.	0.05%	64,500	$4M	held	—	5 q
PRLBProto Labs, Inc.	0.05%	38,904	$3M	added+11%	+0.01 pp	5 q
unresolvedVascular Solutions	0.05%	164,121	$4M	added+22%	0.00 pp	5 q
SSYSStratasys Inc (ISRAEL)	0.05%	30,380	$3M	held	—	5 q
CASYCasey's General Stores Inc	0.04%	38,900	$3M	held	—	5 q
GTLSChart Inds Inc	0.04%	37,800	$3M	added+26%	0.00 pp	5 q
unresolvedMOCON Inc.	0.04%	157,574	$2M	added+1%	0.00 pp	5 q
NOGNorthern Oil and Gas, Inc.	0.04%	171,120	$3M	trimmed−3%	0.00 pp	4 q
unresolvedAdvent Software Inc	0.03%	65,100	$2M	added+39%	+0.01 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	0.03%	15,064	$2M	trimmed−12%	0.00 pp	5 q
unresolvedCabelas Inc. Cl A	0.03%	32,100	$2M	added+14%	0.00 pp	5 q
unresolvedKodiak Oil & Gas Corp	0.03%	147,400	$2M	trimmed−15%	0.00 pp	5 q
unresolvedLandauer	0.03%	50,829	$2M	held	—	5 q
MCDMcDonald's Corporation	0.03%	21,149	$2M	trimmed−1%	0.00 pp	5 q
OASOasis Petroleum Inc	0.03%	37,500	$2M	trimmed−31%	0.00 pp	5 q
PSXPhillips 66	0.03%	27,760	$2M	trimmed−1%	0.00 pp	5 q
RDS.ARoyal Dutch Shell PLC	0.03%	22,020	$2M	held	—	5 q
SPSCSPS Commerce, Inc.	0.03%	33,900	$2M	added+28%	+0.01 pp	5 q
SCHWThe Charles Schwab Corporation	0.03%	86,610	$2M	held	—	5 q
SCHBSchwab U.S. Broad Market ETF	0.03%	50,230	$2M	held	—	5 q
UFCSUnited Fire Group Inc.	0.03%	62,064	$2M	added×9.4	+0.03 pp	2 q
unresolvedVasco Data Sec Intl Inc	0.03%	169,116	$2M	trimmed−16%	+0.01 pp	5 q
TAT&T Inc.	0.02%	39,988	$1M	trimmed−6%	0.00 pp	5 q
AMGNAmgen Inc	0.02%	10,991	$1M	added+2%	0.00 pp	5 q
AAPLApple Inc.	0.02%	16,108	$1M	added+9%	0.00 pp	5 q
BACBank of America Corporation	0.02%	74,050	$1M	trimmed−10%	0.00 pp	5 q
unresolvedBank Mutual Corp	0.02%	296,313	$2M	added+2%	−0.01 pp	5 q
DAKTDaktronics Inc	0.02%	103,450	$1M	trimmed−57%	−0.03 pp	5 q
FTAFirst Trust Large Cap Value AlphaDEX Fund (based on the Defined Large Cap Value Index--symbol DEFILVOI)	0.02%	27,759	$1M	added+14%	+0.01 pp	3 q
GPCGenuine Parts Company	0.02%	14,050	$1M	held	—	5 q
ORCLOracle Corp	0.02%	41,553	$2M	trimmed−1%	−0.01 pp	5 q
PEPPepsiCo, Inc.	0.02%	12,736	$1M	trimmed−2%	0.00 pp	5 q
RYRoyal Bank of Canada	0.02%	18,423	$1M	held	—	5 q
SCHFSchwab International Equity ETF	0.02%	43,000	$1M	held	—	5 q
unresolvedSigma Aldrich Corp	0.02%	11,064	$1M	held	—	5 q
UTXZRTX Corporation	0.02%	10,140	$1M	trimmed−9%	0.00 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	21,266	$2M	trimmed−1%	−0.01 pp	5 q
WDRWaddell & Reed Financial, Inc.	0.02%	17,900	$1M	held	—	5 q
unresolvedIngersoll-Rand Plc	0.02%	25,341	$2M	trimmed−1%	0.00 pp	5 q
AMZNAmazon.Com Inc	0.01%	1,153	$374,000	trimmed−3%	0.00 pp	3 q
APCAnadarko Petroleum Corp	0.01%	3,305	$362,000	trimmed−11%	+0.01 pp	5 q
ADPAutomatic Data Processing	0.01%	5,202	$412,000	held	—	5 q
BOHBank of Hawaii Corp.	0.01%	10,000	$587,000	held	—	5 q
BMOBank of Montreal	0.01%	6,636	$488,000	trimmed−31%	0.00 pp	5 q
BDXBecton, Dickinson and Co.	0.01%	5,088	$602,000	trimmed−2%	0.00 pp	5 q
BRK.ABerkshire Hathaway Inc.	0.01%	3	$570,000	held	—	4 q
BIIBBiogen Inc.	0.01%	1,125	$355,000	held	—	5 q
BABoeing Company	0.01%	3,257	$414,000	added+36%	+0.01 pp	5 q
unresolvedCigna Corporation	0.01%	4,500	$414,000	trimmed−8%	0.00 pp	5 q
CSCOCisco Systems, Inc. (DE)	0.01%	27,064	$673,000	trimmed−47%	−0.01 pp	5 q
KOCoca-Cola Company	0.01%	24,728	$1M	trimmed−25%	−0.01 pp	5 q
CLColgate-Palmolive Company	0.01%	9,693	$661,000	held	—	5 q
DDominion Energy, Inc	0.01%	6,871	$491,000	trimmed−3%	0.00 pp	5 q
FDXFedEx Corporation	0.01%	3,420	$518,000	trimmed−1%	0.00 pp	5 q
IDXXIdexx Laboratories Inc	0.01%	2,999	$401,000	trimmed−40%	0.00 pp	3 q
IFFInternational Flavors & Fragrances Inc.	0.01%	4,000	$417,000	held	—	5 q
IVViShares Core S&P 500 ETF	0.01%	3,503	$690,000	trimmed−46%	−0.01 pp	5 q
EFAiShares MSCI EAFE ETF	0.01%	7,578	$518,000	trimmed−17%	0.00 pp	5 q
LNCLincoln National Corp.	0.01%	20,000	$1M	held	—	5 q
unresolvedMinnesota Muni Income Portfoli	0.01%	31,200	$514,000	held	—	5 q
MUSAMurphy USA Inc.	0.01%	12,500	$611,000	held	—	4 q
NSCNorfolk Southern Corp.	0.01%	3,437	$354,000	trimmed−1%	0.00 pp	5 q
NVSNovartis AG	0.01%	4,105	$372,000	held	—	5 q
PMPhilip Morris International Inc.	0.01%	7,869	$663,000	trimmed−28%	0.00 pp	5 q
MINTPIMCO Enhanced Short Maturity Active Exchange-Traded Fund	0.01%	7,162	$726,000	held	—	5 q
PIIPolaris Inc.	0.01%	4,542	$592,000	added0%	0.00 pp	5 q
RGRSturm, Ruger & Company, Inc.	0.01%	16,600	$980,000	held	—	5 q
TNCTennant Company	0.01%	9,200	$702,000	held	—	5 q
VWOVanguard FTSE Emerging Markets ETF	0.01%	8,705	$375,000	trimmed−15%	0.00 pp	2 q
VBVanguard Morningstar Small-Cap ETF	0.01%	5,385	$631,000	held	—	4 q
VVISA Inc.	0.01%	1,954	$412,000	added+1%	0.00 pp	5 q
WMTWalmart Inc.	0.01%	12,057	$905,000	added+9%	0.00 pp	5 q
unresolvedWalgreen Co	0.01%	12,663	$939,000	held	—	5 q
ALLEAllegion Public Limited Company	0.01%	7,832	$444,000	trimmed−7%	0.00 pp	3 q
unresolvedAirgas Inc	0.00%	2,000	$218,000	trimmed−33%	0.00 pp	3 q
LNTAlliant Energy Corporation	0.00%	4,564	$278,000	held	—	3 q
MOAltria Group, Inc.	0.00%	7,406	$311,000	trimmed−24%	−0.01 pp	5 q
AMPAmeriprise Financial, Inc.	0.00%	2,391	$287,000	trimmed−2%	0.00 pp	4 q
9990302DApache Corp	0.00%	2,696	$271,000	trimmed−4%	0.00 pp	5 q
CVSCvs Health Corporation	0.00%	3,402	$256,000	added+1%	0.00 pp	3 q
KMXCarMax Inc.	0.00%	3,875	$202,000	new	0.00 pp	new
CATCaterpillar Inc.	0.00%	2,586	$281,000	trimmed−5%	0.00 pp	5 q
CNPCenterPoint Energy, Inc.	0.00%	9,790	$250,000	held	—	5 q
CMCSAComcast Corp	0.00%	3,773	$203,000	trimmed−38%	0.00 pp	5 q
COSTCostco Wholesale Corp	0.00%	2,266	$261,000	trimmed−10%	0.00 pp	5 q
DHRDanaher Corporation	0.00%	4,442	$350,000	trimmed−22%	−0.01 pp	3 q
DUKDuke Energy Corporation	0.00%	2,906	$216,000	trimmed−5%	0.00 pp	2 q
EPDEnterprise Products Partners L.P.	0.00%	2,746	$215,000	new	0.00 pp	new
EXCExelon Corporation	0.00%	7,648	$279,000	held	—	5 q
unresolvedGlaxosmithkline PLC	0.00%	3,846	$206,000	trimmed−14%	0.00 pp	2 q
unresolvedGoogle Inc.	0.00%	527	$308,000	trimmed−6%	−0.01 pp	5 q
GOOGAlphabet Inc. Class C	0.00%	527	$303,000	new	0.00 pp	new
IEXIDEX Corporation	0.00%	4,072	$329,000	held	—	5 q
unresolvedIntegrys Energy Group	0.00%	4,380	$312,000	held	—	5 q
IAUiShares Gold Trust	0.00%	16,346	$211,000	held	—	3 q
EEMiShares MSCI Emerging Markets ETF	0.00%	5,741	$248,000	trimmed−34%	−0.01 pp	5 q
IWRiShares Russell Mid-Cap ETF	0.00%	1,845	$300,000	trimmed−3%	0.00 pp	4 q
IWMiShares Russell 2000 ETF	0.00%	2,542	$302,000	trimmed−13%	−0.01 pp	5 q
KELKellanova	0.00%	4,677	$307,000	added+15%	0.00 pp	5 q
LOWLowe's Companies Inc.	0.00%	5,877	$282,000	trimmed−9%	0.00 pp	5 q
NEENextEra Energy, Inc.	0.00%	3,393	$348,000	trimmed−6%	−0.01 pp	5 q
unresolvedPershing Gold Corp	0.00%	50,000	$18,000	added+68%	0.00 pp	4 q
POMPolymet Mining Corp	0.00%	10,000	$11,000	held	—	5 q
unresolvedPowershares Fin Pfd ETF	0.00%	12,581	$229,000	held	—	2 q
PCYOPure Cycle Corporation	0.00%	11,855	$80,000	held	—	5 q
unresolvedSonus Networks	0.00%	15,000	$54,000	held	—	5 q
SBUXStarbucks Corp	0.00%	3,180	$246,000	trimmed−24%	0.00 pp	3 q
SRCLStericycle Inc	0.00%	2,901	$344,000	trimmed−27%	−0.01 pp	3 q
SYYSysco Corporation	0.00%	6,787	$254,000	held	—	4 q
TMOThermo Fisher Scientific, Inc.	0.00%	1,785	$211,000	trimmed−7%	0.00 pp	2 q
TSCOTractor Supply Co	0.00%	4,274	$258,000	trimmed−19%	−0.01 pp	3 q
SLCAU.s. Silica Holdings, Inc.	0.00%	5,400	$299,000	held	—	3 q
UNPUnion Pacific Corp.	0.00%	2,274	$227,000	trimmed−12%	0.00 pp	2 q
WABCWestamerica Bancorporation	0.00%	5,359	$280,000	held	—	5 q
WYWeyerhaeuser Company	0.00%	6,870	$227,000	trimmed−55%	−0.01 pp	3 q
unresolvedPentair Ltd	—	−2,527,275	—	exited	−2.97 pp	—
CCitigroup Inc.	—	−5,102	—	exited	0.00 pp	—
ECHOEcho Global Logistics Inc	—	−17,393	—	exited	0.00 pp	—
ITWIllinois Tool Works Inc.	—	−3,676	—	exited	0.00 pp	—
IVWiShares S&P 500 Growth ETF	—	−2,030	—	exited	0.00 pp	—
IJRiShares Core S&P Small-Cap ETF	—	−2,345	—	exited	0.00 pp	—
IJTiShares S&P Small-Cap 600 Growth ETF	—	−1,790	—	exited	0.00 pp	—
USALiberty All-Star Equity Fund	—	−11,729	—	exited	0.00 pp	—
LULUlululemon athletica inc.	—	−3,900	—	exited	0.00 pp	—
unresolvedMead Johnson Nut'n Co	—	−2,622	—	exited	0.00 pp	—
unresolvedSirona Dental Systems Inc	—	−3,000	—	exited	0.00 pp	—
unresolvedSynovus Financial Corp	—	−11,140	—	exited	0.00 pp	—
VIGVanguard Dividend Appreciation ETF	—	−2,709	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 31 unresolved
Accession: 0001104659-14-060845
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 715302105 not on the Official 13(f) List for 2014-06-30
A security outside the official 13F list — CUSIP 771195104 not on the Official 13(f) List for 2014-06-30

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