Mairs & Power

Q2 2015 13F

As of: Jun 30, 2015
Filed: Aug 14, 2015
US stock: $7.1B · prev $7.3B
Positions: 181 · prev 187
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 1.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves161 since the prior filing

+1.1 pp in · −1.1 pp out

New 5 +0.04 pp
Added 59 +1.08 pp
Trimmed 86 −1.04 pp
Exited 11 −0.10 pp

The book

Diversified · behaves like 44 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.8% a year, about 21.0 years per position

Low
Moderate
High

Top 5 positions19% of US stock

Positions181 in this filing · 11 exited


MMM3M Company	4.00%	1,829,391	$282M	trimmed−1%	−0.19 pp	9 q
ECLEcolab, Inc.	3.97%	2,480,463	$280M	trimmed−0%	+0.07 pp	9 q
USBU.S. Bancorp	3.83%	6,230,576	$270M	added+1%	+0.11 pp	9 q
HONHoneywell International, Inc.	3.43%	2,379,377	$243M	added0%	+0.02 pp	9 q
MDTMedtronic plc	3.37%	3,213,444	$238M	trimmed−1%	−0.12 pp	3 q
unresolvedValspar Corp	3.31%	2,860,538	$234M	trimmed−1%	−0.05 pp	9 q
TGTTarget Corporation	3.09%	2,670,684	$218M	trimmed−8%	−0.20 pp	9 q
unresolvedBemis Inc	3.03%	4,756,768	$214M	added+1%	+0.04 pp	9 q
JNJJohnson & Johnson	2.98%	2,158,264	$210M	added+2%	+0.05 pp	9 q
GGGGraco Inc	2.85%	2,834,638	$201M	added+5%	+0.17 pp	9 q
EMREmerson Electric Co.	2.81%	3,587,028	$199M	trimmed−0%	+0.01 pp	9 q
SLBSLB Limited	2.73%	2,234,641	$193M	trimmed−4%	+0.05 pp	9 q
DCIDonaldson Company, Inc.	2.64%	5,216,445	$187M	added0%	−0.05 pp	9 q
GISGeneral Mills, Inc.	2.61%	3,304,687	$184M	added+1%	+0.05 pp	9 q
PNRPentair plc	2.60%	2,674,279	$184M	trimmed−0%	+0.28 pp	5 q
HRLHormel Foods Corporation	2.49%	3,117,022	$176M	trimmed−2%	+0.01 pp	9 q
TTCToro Company (The)	2.38%	2,478,710	$168M	trimmed−12%	−0.33 pp	9 q
BAXBaxter International Inc.	2.31%	2,333,273	$163M	trimmed−0%	+0.11 pp	9 q
WFCWells Fargo & Co.	2.24%	2,807,444	$158M	added0%	+0.14 pp	9 q
PFGPrincipal Financial Group, Inc.	2.12%	2,924,324	$150M	added0%	+0.05 pp	9 q
unresolvedSt Jude Med Inc	2.11%	2,044,623	$149M	trimmed−8%	+0.10 pp	9 q
FULH.B. Fuller Company	1.96%	3,405,955	$138M	added0%	−0.04 pp	9 q
TECHBio-Techne Corp.	1.92%	1,377,442	$136M	trimmed−0%	+0.02 pp	4 q
CHRWC.H. Robinson Worldwide, Inc.	1.82%	2,057,233	$128M	added+1%	−0.22 pp	9 q
UPSUnited Parcel Service, Inc. Class B	1.77%	1,293,524	$125M	trimmed−1%	+0.02 pp	9 q
FISVFiserv, Inc.	1.70%	1,452,916	$120M	trimmed−7%	0.00 pp	9 q
unresolvedGeneral Electric Co	1.70%	4,509,376	$120M	trimmed−16%	−0.12 pp	9 q
MTSCMTS Systems Corp	1.52%	1,554,735	$107M	trimmed−6%	−0.20 pp	9 q
DISThe Walt Disney Company	1.51%	933,543	$107M	trimmed−1%	+0.15 pp	9 q
WUThe Western Union Company	1.39%	4,846,471	$99M	trimmed−18%	−0.30 pp	9 q
RHHBYRoche Holding Ltd S/	1.35%	2,712,376	$95M	added0%	+0.07 pp	8 q
FASTFastenal Co	1.30%	2,169,396	$92M	added0%	+0.06 pp	9 q
QCOMQualcomm Inc	1.18%	1,332,810	$83M	added+3%	−0.05 pp	9 q
BMIBadger Meter, Inc.	1.16%	1,287,112	$82M	added0%	+0.10 pp	9 q
PFEPfizer Inc.	1.12%	2,351,483	$79M	trimmed−1%	−0.01 pp	9 q
CRAYCray, Inc.	1.01%	2,409,508	$71M	added+2%	+0.09 pp	9 q
PDCOPatterson Companies, Inc.	1.00%	1,445,676	$70M	trimmed−0%	+0.03 pp	9 q
ASBAssociated Banc-Corp	0.95%	3,322,238	$67M	added+1%	+0.11 pp	9 q
XOMExxon Mobil Corp	0.90%	760,929	$63M	added+2%	+0.03 pp	9 q
TRVThe Travelers Companies, Inc.	0.87%	632,849	$61M	trimmed−0%	−0.08 pp	9 q
GLWCorning Incorporated	0.84%	3,014,714	$59M	trimmed−0%	−0.10 pp	9 q
ZBHZimmer Biomet Holdings, Inc.	0.81%	526,485	$58M	trimmed−1%	−0.05 pp	9 q
SSYSStratasys Inc (ISRAEL)	0.73%	1,483,188	$52M	added+44%	−0.02 pp	9 q
MDUMDU Resources Group, Inc.	0.71%	2,569,615	$50M	added+3%	−0.02 pp	9 q
DLXDeluxe Corporation	0.69%	791,502	$49M	trimmed−2%	−0.08 pp	9 q
NVECNVE Corp	0.58%	525,250	$41M	trimmed−21%	−0.05 pp	9 q
IBMInternational Business Machines Corporation	0.50%	216,180	$35M	added0%	+0.02 pp	9 q
AXPAmerican Express Company	0.46%	418,200	$33M	added×4.1	+0.35 pp	9 q
GNRCGenerac Holdings Inc	0.46%	816,295	$32M	added+3%	−0.07 pp	6 q
unresolvedG & K Services Cl A	0.45%	458,638	$32M	trimmed−1%	−0.01 pp	9 q
CVXChevron Corporation	0.42%	306,157	$30M	added+2%	−0.01 pp	9 q
COPConocoPhillips	0.41%	475,107	$29M	trimmed−0%	0.00 pp	9 q
HDHome Depot, Inc.	0.34%	218,472	$24M	trimmed−3%	−0.01 pp	9 q
LLYEli Lilly & Co.	0.32%	268,269	$22M	trimmed−6%	+0.03 pp	9 q
PGProcter & Gamble Company	0.31%	283,355	$22M	trimmed−0%	−0.01 pp	9 q
JPMJPMorgan Chase & Co.	0.28%	294,767	$20M	trimmed−3%	+0.03 pp	9 q
BMYBristol-Myers Squibb Co.	0.27%	282,983	$19M	trimmed−4%	+0.01 pp	9 q
ABBVAbbvie Inc.	0.26%	268,776	$18M	trimmed−1%	+0.04 pp	9 q
KMBKimberly-Clark Corp.	0.25%	167,075	$18M	trimmed−1%	0.00 pp	9 q
ABTAbbott Laboratories	0.24%	341,838	$17M	trimmed−3%	+0.01 pp	9 q
XELXcel Energy, Inc.	0.23%	509,462	$16M	trimmed−2%	−0.02 pp	9 q
AEBAAllete Inc	0.20%	302,457	$14M	added+4%	−0.01 pp	9 q
INTCIntel Corp	0.18%	421,545	$13M	trimmed−0%	0.00 pp	9 q
VZVerizon Communications	0.13%	198,195	$9M	trimmed−5%	−0.01 pp	9 q
BPBP p.l.c.	0.12%	204,020	$8M	trimmed−13%	0.00 pp	9 q
SNASnap-on Incorporated	0.11%	47,021	$7M	trimmed−2%	+0.01 pp	9 q
MSFTMicrosoft Corp	0.10%	160,857	$7M	trimmed−3%	+0.01 pp	9 q
UFCSUnited Fire Group Inc.	0.10%	207,893	$7M	added+1%	+0.01 pp	6 q
WTFCWintrust Financial Corp	0.10%	135,910	$7M	added+12%	+0.02 pp	9 q
APOGApogee Enterprises Inc	0.09%	114,700	$6M	trimmed−10%	+0.01 pp	9 q
HWKNHawkins Inc	0.09%	159,723	$6M	added+1%	+0.01 pp	9 q
unresolvedPrivatebancorp Inc	0.09%	166,550	$7M	added+1%	+0.01 pp	9 q
ADCAgree Realty Corporation	0.08%	204,060	$6M	added+14%	0.00 pp	9 q
HSYThe Hershey Company	0.08%	67,400	$6M	held	—	9 q
MRKMerck & Co., Inc.	0.08%	102,874	$6M	trimmed−2%	0.00 pp	9 q
unresolvedCardinal Financial Corp	0.07%	238,406	$5M	added+4%	+0.01 pp	3 q
CASYCasey's General Stores Inc	0.07%	53,620	$5M	added+11%	+0.01 pp	9 q
THRMGentherm Inc	0.07%	95,095	$5M	trimmed−14%	−0.01 pp	7 q
OSKOshkosh Corp.	0.07%	122,880	$5M	added+26%	0.00 pp	9 q
unresolvedVasco Data Sec Intl Inc	0.07%	154,806	$5M	trimmed−3%	+0.02 pp	9 q
ATUEnerpac Tool Group Corp.	0.06%	191,340	$4M	added+21%	+0.01 pp	2 q
HUBGHUB Group Inc	0.06%	107,130	$4M	added+29%	+0.02 pp	9 q
42OPhysicians Realty Trust	0.06%	261,920	$4M	added+8%	0.00 pp	3 q
unresolvedBuffalo Wild Wings Inc	0.05%	23,530	$4M	added+31%	+0.01 pp	9 q
CSIICardiovascular Systems, Inc.	0.05%	134,182	$4M	added+13%	−0.01 pp	4 q
PRLBProto Labs, Inc.	0.05%	50,774	$3M	trimmed−4%	0.00 pp	9 q
SPSCSPS Commerce, Inc.	0.05%	52,710	$3M	trimmed−8%	0.00 pp	9 q
unresolvedTcf Financial Corp	0.05%	233,217	$4M	trimmed−37%	−0.03 pp	9 q
unresolvedManitowoc Inc	0.04%	140,950	$3M	added+9%	0.00 pp	8 q
unresolvedMOCON Inc.	0.04%	176,505	$3M	added+3%	0.00 pp	9 q
RAVNRaven Industries Inc	0.04%	130,284	$3M	new	+0.04 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.04%	14,891	$3M	trimmed−24%	−0.02 pp	9 q
SCHWThe Charles Schwab Corporation	0.04%	85,508	$3M	trimmed−1%	0.00 pp	9 q
SCHBSchwab U.S. Broad Market ETF	0.04%	49,730	$2M	held	—	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.04%	20,796	$3M	trimmed−3%	+0.01 pp	9 q
unresolvedVascular Solutions	0.04%	91,353	$3M	trimmed−20%	−0.01 pp	9 q
unresolvedBank Mutual Corp	0.03%	291,413	$2M	added+1%	0.00 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	0.03%	13,723	$2M	trimmed−5%	0.00 pp	9 q
unresolvedCabelas Inc. Cl A	0.03%	36,450	$2M	added+14%	+0.01 pp	9 q
NOGNorthern Oil and Gas, Inc.	0.03%	264,880	$2M	added+12%	0.00 pp	8 q
PSXPhillips 66	0.03%	25,667	$2M	trimmed−7%	0.00 pp	9 q
WDRWaddell & Reed Financial, Inc.	0.03%	52,000	$2M	added+34%	0.00 pp	9 q
TAT&T Inc.	0.02%	39,263	$1M	added+4%	0.00 pp	9 q
AMGNAmgen Inc	0.02%	10,891	$2M	trimmed−0%	0.00 pp	9 q
AAPLApple Inc.	0.02%	13,923	$2M	trimmed−19%	−0.01 pp	9 q
IVViShares Core S&P 500 ETF	0.02%	5,621	$1M	trimmed−1%	0.00 pp	9 q
MCDMcDonald's Corporation	0.02%	16,803	$2M	trimmed−2%	0.00 pp	9 q
ORCLOracle Corp	0.02%	27,274	$1M	trimmed−4%	0.00 pp	9 q
PEPPepsiCo, Inc.	0.02%	11,582	$1M	trimmed−0%	0.00 pp	9 q
RYRoyal Bank of Canada	0.02%	17,690	$1M	trimmed−1%	+0.01 pp	9 q
SCHFSchwab International Equity ETF	0.02%	43,000	$1M	held	—	9 q
UTXZRTX Corporation	0.02%	10,412	$1M	trimmed−5%	0.00 pp	9 q
MOAltria Group, Inc.	0.01%	9,323	$456,000	added+5%	0.00 pp	9 q
ADPAutomatic Data Processing	0.01%	4,877	$391,000	trimmed−2%	0.00 pp	9 q
BMOBank of Montreal	0.01%	6,150	$365,000	trimmed−1%	0.00 pp	9 q
BDXBecton, Dickinson and Co.	0.01%	5,217	$739,000	added+4%	0.00 pp	9 q
BRK.ABerkshire Hathaway Inc.	0.01%	3	$615,000	held	—	8 q
BIIBBiogen Inc.	0.01%	1,095	$442,000	trimmed−2%	0.00 pp	9 q
BABoeing Company	0.01%	2,902	$403,000	trimmed−3%	0.00 pp	9 q
unresolvedCigna Corporation	0.01%	4,695	$761,000	added+4%	0.00 pp	9 q
CSCOCisco Systems, Inc. (DE)	0.01%	23,481	$645,000	added+2%	0.00 pp	9 q
KOCoca-Cola Company	0.01%	21,959	$861,000	trimmed−9%	0.00 pp	9 q
CLColgate-Palmolive Company	0.01%	8,973	$587,000	held	—	9 q
COSTCostco Wholesale Corp	0.01%	2,798	$378,000	added+6%	0.00 pp	9 q
DAKTDaktronics Inc	0.01%	78,140	$927,000	trimmed−13%	0.00 pp	9 q
DDominion Energy, Inc	0.01%	5,971	$399,000	held	—	9 q
FDXFedEx Corporation	0.01%	3,467	$591,000	added+3%	0.00 pp	9 q
FTAFirst Trust Large Cap Value AlphaDEX Fund (based on the Defined Large Cap Value Index--symbol DEFILVOI)	0.01%	14,690	$624,000	held	—	7 q
IFFInternational Flavors & Fragrances Inc.	0.01%	4,000	$437,000	held	—	9 q
EFAiShares MSCI EAFE ETF	0.01%	7,412	$471,000	held	—	9 q
IJHiShares Core S&P Mid-Cap ETF	0.01%	2,555	$383,000	held	—	3 q
LOWLowe's Companies Inc.	0.01%	6,419	$430,000	added+6%	0.00 pp	9 q
NVSNovartis AG	0.01%	4,080	$401,000	held	—	9 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.01%	37,002	$525,000	held	—	3 q
PMPhilip Morris International Inc.	0.01%	8,158	$654,000	added+9%	0.00 pp	9 q
PIIPolaris Inc.	0.01%	4,104	$608,000	held	—	9 q
RDS.ARoyal Dutch Shell PLC	0.01%	11,570	$660,000	trimmed−45%	−0.01 pp	9 q
unresolvedSigma Aldrich Corp	0.01%	5,593	$779,000	trimmed−0%	0.00 pp	9 q
SU6Surmodics Inc	0.01%	31,690	$742,000	trimmed−20%	0.00 pp	9 q
TNCTennant Company	0.01%	7,900	$516,000	held	—	9 q
VBVanguard Morningstar Small-Cap ETF	0.01%	5,170	$628,000	held	—	8 q
VVISA Inc.	0.01%	8,457	$568,000	added+5%	0.00 pp	9 q
WMTWalmart Inc.	0.01%	10,062	$714,000	trimmed−5%	0.00 pp	9 q
WBAWalgreens Boots Alliance, Inc	0.01%	12,245	$1M	trimmed−2%	0.00 pp	3 q
LNTAlliant Energy Corporation	0.00%	4,364	$252,000	held	—	7 q
ALNYAlnylam Pharmaceuticals, Inc.	0.00%	2,200	$264,000	held	—	3 q
AMZNAmazon.Com Inc	0.00%	728	$316,000	held	—	7 q
AMPAmeriprise Financial, Inc.	0.00%	2,391	$299,000	held	—	8 q
APCAnadarko Petroleum Corp	0.00%	3,056	$239,000	trimmed−2%	0.00 pp	9 q
ALVAutoliv, Inc.	0.00%	2,664	$311,000	held	—	3 q
BACBank of America Corporation	0.00%	13,811	$235,000	trimmed−81%	−0.02 pp	9 q
CATCaterpillar Inc.	0.00%	4,112	$349,000	trimmed−5%	0.00 pp	9 q
CELGCelgene Corp	0.00%	1,776	$206,000	held	—	2 q
CMCSAComcast Corp	0.00%	3,839	$231,000	added+2%	0.00 pp	9 q
DHRDanaher Corporation	0.00%	2,399	$205,000	trimmed−6%	0.00 pp	7 q
unresolvedDu Pont E I De Nemours & Co	0.00%	5,212	$333,000	trimmed−31%	−0.01 pp	4 q
EXCExelon Corporation	0.00%	8,379	$263,000	held	—	9 q
unresolvedGoogle Inc.	0.00%	493	$266,000	added+2%	0.00 pp	9 q
GOOGAlphabet Inc. Class C	0.00%	495	$258,000	added+3%	0.00 pp	5 q
unresolvedHalyard Health Inc	0.00%	6,013	$244,000	trimmed−59%	−0.01 pp	3 q
IEXIDEX Corporation	0.00%	4,072	$320,000	held	—	9 q
IDXXIdexx Laboratories Inc	0.00%	3,998	$256,000	trimmed−9%	0.00 pp	7 q
IAUiShares Gold Trust	0.00%	27,435	$311,000	new	0.00 pp	new
EEMiShares MSCI Emerging Markets ETF	0.00%	6,596	$261,000	new	0.00 pp	new
IWRiShares Russell Mid-Cap ETF	0.00%	1,381	$235,000	new	0.00 pp	new
IJTiShares S&P Small-Cap 600 Growth ETF	0.00%	1,655	$217,000	held	—	3 q
KELKellanova	0.00%	3,850	$241,000	held	—	9 q
NEENextEra Energy, Inc.	0.00%	3,078	$302,000	trimmed−7%	0.00 pp	9 q
NKENike, Inc.	0.00%	2,700	$292,000	held	—	4 q
NSCNorfolk Southern Corp.	0.00%	3,237	$283,000	held	—	9 q
POMPolymet Mining Corp	0.00%	10,000	$11,000	held	—	9 q
PCYOPure Cycle Corporation	0.00%	11,855	$62,000	held	—	9 q
SBUXStarbucks Corp	0.00%	4,140	$222,000	trimmed−9%	0.00 pp	7 q
SYYSysco Corporation	0.00%	6,834	$247,000	trimmed−1%	0.00 pp	8 q
TXNTexas Instruments Incorporated	0.00%	4,500	$232,000	held	—	4 q
TMOThermo Fisher Scientific, Inc.	0.00%	2,335	$303,000	trimmed−2%	0.00 pp	6 q
VEAVanguard FTSE Developed Markets ETF	0.00%	5,420	$215,000	added+5%	0.00 pp	2 q
VWOVanguard FTSE Emerging Markets ETF	0.00%	6,534	$267,000	trimmed−31%	−0.01 pp	6 q
WECWEC Energy Group, Inc.	0.00%	4,777	$215,000	new	0.00 pp	new
WABCWestamerica Bancorporation	0.00%	5,359	$271,000	held	—	9 q
WYWeyerhaeuser Company	0.00%	9,572	$302,000	added+39%	0.00 pp	7 q
MURMurphy Oil Corp.	—	−53,900	—	exited	−0.03 pp	—
GPCGenuine Parts Company	—	−13,550	—	exited	−0.02 pp	—
LNCLincoln National Corp.	—	−20,000	—	exited	−0.02 pp	—
unresolvedIngersoll-Rand Plc	—	−24,900	—	exited	−0.02 pp	—
MINTPIMCO Enhanced Short Maturity Active Exchange-Traded Fund	—	−7,117	—	exited	−0.01 pp	—
KMXCarMax Inc.	—	−3,000	—	exited	0.00 pp	—
DUKDuke Energy Corporation	—	−2,656	—	exited	0.00 pp	—
unresolvedIntegrys Energy Group	—	−3,880	—	exited	0.00 pp	—
unresolvedPershing Gold Corp	—	−80,000	—	exited	0.00 pp	—
UNPUnion Pacific Corp.	—	−2,333	—	exited	0.00 pp	—
RIGTransocean LTD.	—	−10,000	—	exited	0.00 pp	—