Mairs & Power

Q3 2014 13F

As of: Sep 30, 2014
Filed: Nov 14, 2014
US stock: $6.9B · prev $7.1B
Positions: 193 · prev 196
Options notional: $0
Documents: 1· no amendments

Picture98.7% US stock

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

US stock listed on a US exchange 98.7%
Foreign stock not listed in the US 1.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves166 since the prior filing

+2.6 pp in · −2.5 pp out

New 7 +1.54 pp
Added 68 +1.03 pp
Trimmed 81 −1.03 pp
Exited 10 −1.49 pp

The book

Diversified · behaves like 44 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.7 years per position

Low
Moderate
High

Top 5 positions19% of US stock

MMM 3M Company trimmed+0.07 pp trimmed+0.074.3%
ECL Ecolab, Inc. added+0.24 pp added+0.243.8%
USB U.S. Bancorp trimmed−0.03 pp trimmed−0.033.6%
unresolved Valspar Corp trimmed+0.01 pp trimmed+0.013.5%
unresolved Medtronic Inc trimmed−0.34 pp trimmed−0.343.4%

Positions193 in this filing · 10 exited


MMM3M Company	4.31%	2,085,896	$296M	trimmed−0%	+0.07 pp	6 q
ECLEcolab, Inc.	3.78%	2,253,374	$259M	added0%	+0.24 pp	6 q
USBU.S. Bancorp	3.65%	5,974,704	$250M	trimmed−0%	−0.03 pp	6 q
unresolvedValspar Corp	3.50%	3,037,594	$240M	trimmed−6%	+0.01 pp	6 q
unresolvedMedtronic Inc	3.41%	3,768,038	$233M	trimmed−9%	−0.34 pp	6 q
EMREmerson Electric Co.	3.29%	3,597,380	$225M	added+1%	−0.08 pp	6 q
TGTTarget Corporation	3.24%	3,536,984	$222M	trimmed−0%	+0.33 pp	6 q
HONHoneywell International, Inc.	3.18%	2,343,389	$218M	added0%	+0.10 pp	6 q
SLBSLB Limited	3.16%	2,127,719	$216M	trimmed−0%	−0.40 pp	6 q
JNJJohnson & Johnson	3.09%	1,987,137	$212M	trimmed−0%	+0.13 pp	6 q
DCIDonaldson Company, Inc.	2.78%	4,694,139	$191M	added+4%	+0.08 pp	6 q
unresolvedBemis Inc	2.61%	4,711,779	$179M	added+1%	−0.08 pp	6 q
PNRPentair plc	2.52%	2,639,745	$173M	added+6%	−0.02 pp	2 q
GGGGraco Inc	2.51%	2,355,210	$172M	added+1%	−0.08 pp	6 q
TTCToro Company (The)	2.49%	2,879,015	$171M	added+1%	−0.07 pp	6 q
BAXBaxter International Inc.	2.45%	2,336,628	$168M	trimmed−0%	+0.05 pp	6 q
HRLHormel Foods Corporation	2.42%	3,229,384	$166M	trimmed−0%	+0.15 pp	6 q
GISGeneral Mills, Inc.	2.35%	3,198,351	$161M	trimmed−0%	−0.04 pp	6 q
PFGPrincipal Financial Group, Inc.	2.21%	2,884,947	$151M	trimmed−0%	+0.14 pp	6 q
WFCWells Fargo & Co.	2.20%	2,901,347	$150M	trimmed−8%	−0.15 pp	6 q
unresolvedGeneral Electric Co	2.01%	5,385,678	$138M	trimmed−1%	−0.01 pp	6 q
CHRWC.H. Robinson Worldwide, Inc.	2.00%	2,067,308	$137M	trimmed−0%	+0.12 pp	6 q
FULH.B. Fuller Company	1.97%	3,393,877	$135M	trimmed−0%	−0.35 pp	6 q
UPSUnited Parcel Service, Inc. Class B	1.87%	1,301,325	$128M	added+2%	+0.01 pp	6 q
unresolvedSt Jude Med Inc	1.83%	2,090,259	$126M	trimmed−0%	−0.23 pp	6 q
FISVFiserv, Inc.	1.73%	1,836,656	$119M	trimmed−1%	+0.15 pp	6 q
MTSCMTS Systems Corp	1.68%	1,683,003	$115M	trimmed−6%	−0.05 pp	6 q
TECHBio-Techne Corp.	1.49%	1,090,022	$102M	new	+1.49 pp	new
WUThe Western Union Company	1.38%	5,893,110	$95M	added0%	−0.07 pp	6 q
FASTFastenal Co	1.32%	2,014,110	$90M	added+10%	+0.03 pp	6 q
RHHBYRoche Holding Ltd S/	1.29%	2,391,096	$88M	added+9%	+0.13 pp	5 q
DISThe Walt Disney Company	1.26%	966,021	$86M	trimmed−2%	+0.07 pp	6 q
PFEPfizer Inc.	1.13%	2,630,017	$78M	added+2%	+0.05 pp	6 q
QCOMQualcomm Inc	1.08%	985,973	$74M	added+29%	+0.22 pp	6 q
PDCOPatterson Companies, Inc.	1.02%	1,688,274	$70M	trimmed−17%	−0.13 pp	6 q
GLWCorning Incorporated	0.96%	3,407,515	$66M	trimmed−5%	−0.15 pp	6 q
XOMExxon Mobil Corp	0.93%	674,809	$63M	added+1%	−0.03 pp	6 q
ZBHZimmer Biomet Holdings, Inc.	0.93%	630,696	$63M	trimmed−1%	−0.01 pp	6 q
BMIBadger Meter, Inc.	0.92%	1,251,426	$63M	added0%	−0.01 pp	6 q
CRAYCray, Inc.	0.91%	2,363,720	$62M	added+5%	+0.06 pp	6 q
unresolvedTcf Financial Corp	0.89%	3,936,046	$61M	trimmed−13%	−0.15 pp	6 q
MDUMDU Resources Group, Inc.	0.87%	2,150,235	$60M	added+35%	+0.08 pp	6 q
TRVThe Travelers Companies, Inc.	0.87%	637,071	$60M	trimmed−0%	+0.02 pp	6 q
ASBAssociated Banc-Corp	0.84%	3,323,837	$58M	added0%	−0.01 pp	6 q
DLXDeluxe Corporation	0.64%	796,364	$44M	added0%	−0.02 pp	6 q
NVECNVE Corp	0.63%	670,774	$43M	trimmed−1%	+0.10 pp	6 q
IBMInternational Business Machines Corporation	0.55%	198,670	$38M	added+8%	+0.08 pp	6 q
unresolvedG & K Services Cl A	0.54%	671,366	$37M	trimmed−0%	+0.04 pp	6 q
COPConocoPhillips	0.50%	446,452	$34M	trimmed−1%	−0.05 pp	6 q
GNRCGenerac Holdings Inc	0.42%	713,820	$29M	added×9.8	+0.37 pp	3 q
PGProcter & Gamble Company	0.34%	280,954	$24M	added+1%	+0.03 pp	6 q
CVXChevron Corporation	0.33%	188,632	$23M	added+1%	−0.02 pp	6 q
HDHome Depot, Inc.	0.32%	240,801	$22M	trimmed−1%	+0.04 pp	6 q
JPMJPMorgan Chase & Co.	0.27%	302,894	$18M	added0%	+0.02 pp	6 q
LLYEli Lilly & Co.	0.27%	289,827	$19M	trimmed−1%	+0.01 pp	6 q
XELXcel Energy, Inc.	0.26%	587,122	$18M	trimmed−1%	−0.01 pp	6 q
BPBP p.l.c.	0.25%	396,921	$17M	added+1%	−0.04 pp	6 q
KMBKimberly-Clark Corp.	0.25%	160,525	$17M	trimmed−1%	−0.01 pp	6 q
INTCIntel Corp	0.24%	474,966	$17M	trimmed−66%	−0.37 pp	6 q
ABTAbbott Laboratories	0.22%	359,970	$15M	trimmed−2%	+0.01 pp	6 q
ABBVAbbvie Inc.	0.22%	263,837	$15M	trimmed−0%	+0.01 pp	6 q
BMYBristol-Myers Squibb Co.	0.22%	294,435	$15M	added0%	+0.02 pp	6 q
SU6Surmodics Inc	0.19%	728,390	$13M	trimmed−1%	−0.03 pp	6 q
AEBAAllete Inc	0.18%	273,849	$12M	added+16%	+0.01 pp	6 q
VZVerizon Communications	0.16%	213,502	$11M	trimmed−1%	+0.01 pp	6 q
AXPAmerican Express Company	0.12%	91,475	$8M	added+1%	0.00 pp	6 q
MSFTMicrosoft Corp	0.12%	171,978	$8M	trimmed−2%	+0.02 pp	6 q
SNASnap-on Incorporated	0.11%	60,921	$7M	trimmed−1%	+0.01 pp	6 q
HSYThe Hershey Company	0.09%	65,921	$6M	added+12%	+0.01 pp	6 q
MRKMerck & Co., Inc.	0.09%	106,735	$6M	trimmed−1%	0.00 pp	6 q
SPYState Street SPDR S&P 500 ETF Trust	0.08%	26,411	$5M	trimmed−11%	0.00 pp	6 q
APOGApogee Enterprises Inc	0.07%	125,400	$5M	trimmed−4%	+0.01 pp	6 q
ADCAgree Realty Corporation	0.06%	146,300	$4M	added+11%	0.00 pp	6 q
unresolvedPrivatebancorp Inc	0.06%	139,900	$4M	trimmed−6%	0.00 pp	6 q
unresolvedVascular Solutions	0.06%	161,170	$4M	trimmed−2%	+0.01 pp	6 q
WTFCWintrust Financial Corp	0.06%	91,100	$4M	held	—	6 q
THRMGentherm Inc	0.05%	88,185	$4M	trimmed−5%	−0.01 pp	4 q
HWKNHawkins Inc	0.05%	99,100	$4M	held	—	6 q
OSKOshkosh Corp.	0.05%	75,000	$3M	added+16%	0.00 pp	6 q
UFCSUnited Fire Group Inc.	0.05%	132,332	$4M	added×2.1	+0.02 pp	3 q
SSYSStratasys Inc (ISRAEL)	0.05%	30,380	$4M	held	—	6 q
unresolvedBuffalo Wild Wings Inc	0.04%	19,127	$3M	trimmed−8%	−0.01 pp	6 q
CSIICardiovascular Systems, Inc.	0.04%	111,842	$3M	new	+0.04 pp	new
CASYCasey's General Stores Inc	0.04%	39,000	$3M	added0%	0.00 pp	6 q
HUBGHUB Group Inc	0.04%	65,500	$3M	held	—	6 q
unresolvedManitowoc Inc	0.04%	106,500	$2M	held	—	5 q
MURMurphy Oil Corp.	0.04%	53,200	$3M	added0%	−0.01 pp	6 q
NOGNorthern Oil and Gas, Inc.	0.04%	170,900	$2M	trimmed−0%	0.00 pp	5 q
PRLBProto Labs, Inc.	0.04%	39,547	$3M	added+2%	−0.01 pp	6 q
SCHWThe Charles Schwab Corporation	0.04%	83,322	$2M	trimmed−4%	+0.01 pp	6 q
unresolvedVasco Data Sec Intl Inc	0.04%	139,316	$3M	trimmed−18%	+0.01 pp	6 q
unresolvedAdvent Software Inc	0.03%	65,100	$2M	held	—	6 q
AAPLApple Inc.	0.03%	17,277	$2M	added+7%	+0.01 pp	6 q
unresolvedBank Mutual Corp	0.03%	288,613	$2M	trimmed−3%	+0.01 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	0.03%	15,814	$2M	added+5%	0.00 pp	6 q
unresolvedCabelas Inc. Cl A	0.03%	32,100	$2M	held	—	6 q
GTLSChart Inds Inc	0.03%	37,939	$2M	added0%	−0.01 pp	6 q
MCDMcDonald's Corporation	0.03%	21,393	$2M	added+1%	0.00 pp	6 q
unresolvedMOCON Inc.	0.03%	157,574	$2M	held	—	6 q
PSXPhillips 66	0.03%	28,827	$2M	added+4%	0.00 pp	6 q
SPSCSPS Commerce, Inc.	0.03%	33,900	$2M	held	—	6 q
SCHBSchwab U.S. Broad Market ETF	0.03%	50,230	$2M	held	—	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.03%	21,258	$2M	trimmed−0%	+0.01 pp	6 q
TAT&T Inc.	0.02%	40,618	$1M	added+2%	0.00 pp	6 q
AMGNAmgen Inc	0.02%	10,941	$2M	trimmed−0%	0.00 pp	6 q
BACBank of America Corporation	0.02%	73,350	$1M	trimmed−1%	0.00 pp	6 q
DAKTDaktronics Inc	0.02%	91,000	$1M	trimmed−12%	0.00 pp	6 q
FTAFirst Trust Large Cap Value AlphaDEX Fund (based on the Defined Large Cap Value Index--symbol DEFILVOI)	0.02%	25,544	$1M	trimmed−8%	0.00 pp	4 q
GPCGenuine Parts Company	0.02%	14,050	$1M	held	—	6 q
unresolvedKodiak Oil & Gas Corp	0.02%	111,200	$2M	trimmed−25%	−0.01 pp	6 q
LNCLincoln National Corp.	0.02%	20,000	$1M	held	—	6 q
OASOasis Petroleum Inc	0.02%	37,500	$2M	held	—	6 q
ORCLOracle Corp	0.02%	41,998	$2M	added+1%	0.00 pp	6 q
PEPPepsiCo, Inc.	0.02%	12,852	$1M	added+1%	0.00 pp	6 q
RYRoyal Bank of Canada	0.02%	18,423	$1M	held	—	6 q
RDS.ARoyal Dutch Shell PLC	0.02%	22,077	$2M	added0%	−0.01 pp	6 q
SCHFSchwab International Equity ETF	0.02%	44,655	$1M	added+4%	0.00 pp	6 q
UTXZRTX Corporation	0.02%	10,340	$1M	added+2%	0.00 pp	6 q
unresolvedIngersoll-Rand Plc	0.02%	25,236	$1M	trimmed−0%	0.00 pp	6 q
ADPAutomatic Data Processing	0.01%	5,202	$432,000	held	—	6 q
BOHBank of Hawaii Corp.	0.01%	10,000	$568,000	held	—	6 q
BMOBank of Montreal	0.01%	6,636	$489,000	held	—	6 q
BDXBecton, Dickinson and Co.	0.01%	5,053	$575,000	trimmed−1%	0.00 pp	6 q
BRK.ABerkshire Hathaway Inc.	0.01%	3	$621,000	held	—	5 q
BIIBBiogen Inc.	0.01%	1,170	$387,000	added+4%	0.00 pp	6 q
BABoeing Company	0.01%	3,211	$409,000	trimmed−1%	0.00 pp	6 q
unresolvedCigna Corporation	0.01%	4,500	$408,000	held	—	6 q
CSCOCisco Systems, Inc. (DE)	0.01%	27,115	$682,000	added0%	0.00 pp	6 q
KOCoca-Cola Company	0.01%	23,694	$1M	trimmed−4%	0.00 pp	6 q
CLColgate-Palmolive Company	0.01%	9,693	$632,000	held	—	6 q
DHRDanaher Corporation	0.01%	4,760	$362,000	added+7%	+0.01 pp	4 q
DDominion Energy, Inc	0.01%	6,771	$468,000	trimmed−1%	0.00 pp	6 q
unresolvedDu Pont E I De Nemours & Co	0.01%	8,907	$639,000	new	+0.01 pp	new
FDXFedEx Corporation	0.01%	3,380	$546,000	trimmed−1%	0.00 pp	6 q
unresolvedGoogle Inc.	0.01%	618	$364,000	added+17%	+0.01 pp	6 q
GOOGAlphabet Inc. Class C	0.01%	625	$361,000	added+19%	+0.01 pp	2 q
IDXXIdexx Laboratories Inc	0.01%	3,199	$377,000	added+7%	0.00 pp	4 q
IFFInternational Flavors & Fragrances Inc.	0.01%	4,000	$384,000	held	—	6 q
IVViShares Core S&P 500 ETF	0.01%	4,573	$907,000	added+31%	0.00 pp	6 q
EFAiShares MSCI EAFE ETF	0.01%	6,665	$427,000	trimmed−12%	0.00 pp	6 q
LOWLowe's Companies Inc.	0.01%	6,576	$348,000	added+12%	+0.01 pp	6 q
unresolvedMinnesota Muni Income Portfoli	0.01%	31,200	$484,000	held	—	6 q
NVSNovartis AG	0.01%	4,331	$408,000	added+6%	0.00 pp	6 q
PMPhilip Morris International Inc.	0.01%	7,852	$655,000	trimmed−0%	0.00 pp	6 q
MINTPIMCO Enhanced Short Maturity Active Exchange-Traded Fund	0.01%	7,342	$744,000	added+3%	0.00 pp	6 q
PIIPolaris Inc.	0.01%	4,542	$680,000	held	—	6 q
unresolvedSigma Aldrich Corp	0.01%	6,564	$893,000	trimmed−41%	−0.01 pp	6 q
RGRSturm, Ruger & Company, Inc.	0.01%	16,600	$808,000	held	—	6 q
TNCTennant Company	0.01%	7,900	$530,000	trimmed−14%	0.00 pp	6 q
VWOVanguard FTSE Emerging Markets ETF	0.01%	11,119	$464,000	added+28%	0.00 pp	3 q
VBVanguard Morningstar Small-Cap ETF	0.01%	5,385	$596,000	held	—	5 q
VVISA Inc.	0.01%	2,030	$433,000	added+4%	0.00 pp	6 q
WDRWaddell & Reed Financial, Inc.	0.01%	17,946	$928,000	added0%	−0.01 pp	6 q
WMTWalmart Inc.	0.01%	11,972	$915,000	trimmed−1%	0.00 pp	6 q
unresolvedWalgreen Co	0.01%	12,595	$747,000	trimmed−1%	0.00 pp	6 q
unresolvedAirgas Inc	0.00%	2,000	$221,000	held	—	4 q
LNTAlliant Energy Corporation	0.00%	4,497	$249,000	trimmed−1%	0.00 pp	4 q
MOAltria Group, Inc.	0.00%	7,406	$340,000	held	—	6 q
AMZNAmazon.Com Inc	0.00%	1,003	$323,000	trimmed−13%	−0.01 pp	4 q
AMPAmeriprise Financial, Inc.	0.00%	2,391	$295,000	held	—	5 q
APCAnadarko Petroleum Corp	0.00%	3,143	$319,000	trimmed−5%	−0.01 pp	6 q
9990302DApache Corp	0.00%	2,996	$281,000	added+11%	0.00 pp	6 q
CVSCvs Health Corporation	0.00%	4,243	$338,000	added+25%	0.00 pp	4 q
CATCaterpillar Inc.	0.00%	3,072	$304,000	added+19%	0.00 pp	6 q
CNPCenterPoint Energy, Inc.	0.00%	9,390	$230,000	trimmed−4%	0.00 pp	6 q
CMCSAComcast Corp	0.00%	3,773	$203,000	held	—	6 q
COSTCostco Wholesale Corp	0.00%	2,191	$275,000	trimmed−3%	0.00 pp	6 q
DUKDuke Energy Corporation	0.00%	2,906	$217,000	held	—	3 q
EXCExelon Corporation	0.00%	7,648	$261,000	held	—	6 q
IEXIDEX Corporation	0.00%	4,130	$299,000	added+1%	0.00 pp	6 q
unresolvedIntegrys Energy Group	0.00%	4,380	$284,000	held	—	6 q
IAUiShares Gold Trust	0.00%	16,346	$191,000	held	—	4 q
EEMiShares MSCI Emerging Markets ETF	0.00%	5,041	$210,000	trimmed−12%	0.00 pp	6 q
IWRiShares Russell Mid-Cap ETF	0.00%	1,516	$240,000	trimmed−18%	0.00 pp	5 q
KELKellanova	0.00%	4,450	$274,000	trimmed−5%	0.00 pp	6 q
NEENextEra Energy, Inc.	0.00%	3,308	$311,000	trimmed−3%	0.00 pp	6 q
NKENike, Inc.	0.00%	2,721	$243,000	new	0.00 pp	new
NSCNorfolk Southern Corp.	0.00%	2,637	$294,000	trimmed−23%	−0.01 pp	6 q
unresolvedPershing Gold Corp	0.00%	75,000	$23,000	added+50%	0.00 pp	5 q
unresolvedPetro Riv Oil Corp	0.00%	15,000	$1,000	new	0.00 pp	new
POMPolymet Mining Corp	0.00%	10,000	$11,000	held	—	6 q
unresolvedPowershares Fin Pfd ETF	0.00%	10,581	$191,000	trimmed−16%	0.00 pp	3 q
PCYOPure Cycle Corporation	0.00%	11,855	$77,000	held	—	6 q
SPGSimon Property Group, Inc.	0.00%	1,249	$205,000	new	0.00 pp	new
unresolvedSonus Networks	0.00%	15,000	$51,000	held	—	6 q
SBUXStarbucks Corp	0.00%	2,885	$218,000	trimmed−9%	0.00 pp	4 q
SRCLStericycle Inc	0.00%	2,005	$234,000	trimmed−31%	0.00 pp	4 q
SYYSysco Corporation	0.00%	6,934	$263,000	added+2%	0.00 pp	5 q
TXNTexas Instruments Incorporated	0.00%	4,653	$222,000	new	0.00 pp	new
TMOThermo Fisher Scientific, Inc.	0.00%	2,381	$290,000	added+33%	0.00 pp	3 q
UNPUnion Pacific Corp.	0.00%	2,235	$242,000	trimmed−2%	0.00 pp	3 q
WABCWestamerica Bancorporation	0.00%	5,359	$249,000	held	—	6 q
WYWeyerhaeuser Company	0.00%	7,038	$224,000	added+2%	0.00 pp	4 q
unresolvedTechne Corp	—	−1,095,391	—	exited	−1.44 pp	—
unresolvedLandauer	—	−50,829	—	exited	−0.03 pp	—
MUSAMurphy USA Inc.	—	−12,500	—	exited	−0.01 pp	—
ALLEAllegion Public Limited Company	—	−7,832	—	exited	−0.01 pp	—
KMXCarMax Inc.	—	−3,875	—	exited	0.00 pp	—
EPDEnterprise Products Partners L.P.	—	−5,492	—	exited	0.00 pp	—
unresolvedGlaxosmithkline PLC	—	−3,846	—	exited	0.00 pp	—
IWMiShares Russell 2000 ETF	—	−2,542	—	exited	0.00 pp	—
TSCOTractor Supply Co	—	−4,274	—	exited	0.00 pp	—
SLCAU.s. Silica Holdings, Inc.	—	−5,400	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 4 defects · 30 unresolved
Accession: 0001104659-14-080852
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 09073M104 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 715302105 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 71647K105 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 771195104 not on the Official 13(f) List for 2014-09-30

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