Mairs & Power

Q2 2017 13F

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $8.3B · prev $8.2B
Positions: 199 · prev 203
Options notional: $0
Documents: 1· no amendments

Picture98.0% US stock

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

US stock listed on a US exchange 98.0%
Foreign stock not listed in the US 2.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves169 since the prior filing

+2.2 pp in · −2.2 pp out

New 4 +0.10 pp
Added 88 +2.08 pp
Trimmed 69 −0.53 pp
Exited 8 −1.63 pp

The book

Diversified · behaves like 44 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.2 years per position

Low
Moderate
High

Top 5 positions20% of US stock

Positions199 in this filing · 8 exited


ECLEcolab, Inc.	4.43%	2,758,510	$366M	added+1%	+0.24 pp	17 q
MMM3M Company	4.22%	1,675,597	$349M	trimmed−7%	−0.02 pp	17 q
USBU.S. Bancorp	4.13%	6,585,024	$342M	added0%	−0.01 pp	17 q
GGGGraco Inc	3.93%	2,977,003	$325M	trimmed−9%	+0.14 pp	17 q
MDTMedtronic plc	3.74%	3,485,426	$309M	added0%	+0.31 pp	11 q
HONHoneywell International, Inc.	3.65%	2,266,094	$302M	added0%	+0.18 pp	17 q
JNJJohnson & Johnson	3.56%	2,225,499	$294M	trimmed−0%	+0.16 pp	17 q
DCIDonaldson Company, Inc.	2.90%	5,259,183	$240M	added0%	−0.03 pp	17 q
HRLHormel Foods Corporation	2.74%	6,643,122	$227M	added+10%	+0.18 pp	17 q
unresolvedBemis Inc	2.68%	4,800,278	$222M	added0%	−0.19 pp	17 q
ABTAbbott Laboratories	2.66%	4,528,554	$220M	added+6%	+0.34 pp	17 q
DISThe Walt Disney Company	2.50%	1,943,935	$207M	added+3%	−0.11 pp	17 q
TTCToro Company (The)	2.32%	2,773,928	$192M	trimmed−8%	+0.01 pp	17 q
GISGeneral Mills, Inc.	2.27%	3,389,214	$188M	added+3%	−0.11 pp	17 q
FULH.B. Fuller Company	2.21%	3,584,162	$183M	added+1%	−0.04 pp	17 q
PNRPentair plc	2.15%	2,667,870	$178M	trimmed−0%	+0.10 pp	13 q
TECHBio-Techne Corp.	2.06%	1,448,987	$170M	added+4%	+0.33 pp	12 q
RHHBYRoche Holding Ltd S/	2.01%	5,225,487	$166M	added+3%	+0.03 pp	16 q
PFGPrincipal Financial Group, Inc.	2.00%	2,584,692	$166M	trimmed−1%	−0.01 pp	17 q
PFEPfizer Inc.	1.98%	4,868,827	$164M	trimmed−0%	−0.06 pp	17 q
WFCWells Fargo & Co.	1.92%	2,861,613	$159M	trimmed−0%	−0.04 pp	17 q
SLBSLB Limited	1.79%	2,254,352	$148M	added+2%	−0.33 pp	17 q
CHRWC.H. Robinson Worldwide, Inc.	1.72%	2,071,238	$142M	added+4%	−0.16 pp	17 q
ZBHZimmer Biomet Holdings, Inc.	1.67%	1,078,427	$138M	added+2%	+0.08 pp	17 q
FISVFiserv, Inc.	1.66%	1,124,857	$138M	trimmed−0%	+0.07 pp	17 q
UPSUnited Parcel Service, Inc. Class B	1.66%	1,238,058	$137M	added0%	+0.04 pp	17 q
TGTTarget Corporation	1.46%	2,311,116	$121M	trimmed−9%	−0.26 pp	17 q
unresolvedGeneral Electric Co	1.41%	4,323,574	$117M	added+1%	−0.15 pp	17 q
GOOGAlphabet Inc. Class C	1.33%	121,034	$110M	added+12%	+0.23 pp	13 q
PDCOPatterson Companies, Inc.	1.32%	2,327,065	$109M	added0%	+0.03 pp	17 q
FASTFastenal Co	1.28%	2,428,554	$106M	added+16%	−0.04 pp	17 q
AXPAmerican Express Company	1.24%	1,219,552	$103M	added+7%	+0.14 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.18%	525,772	$97M	added+28%	+0.36 pp	17 q
WUThe Western Union Company	1.14%	4,966,445	$95M	added0%	−0.10 pp	17 q
BAXBaxter International Inc.	1.08%	1,471,022	$89M	trimmed−10%	+0.04 pp	17 q
BMIBadger Meter, Inc.	1.03%	2,145,737	$86M	trimmed−1%	+0.06 pp	17 q
QCOMQualcomm Inc	1.02%	1,530,545	$85M	added0%	−0.05 pp	17 q
ASBAssociated Banc-Corp	0.99%	3,258,462	$82M	added+1%	+0.03 pp	17 q
GWBGreat Western Bancorp, Inc.	0.94%	1,900,349	$78M	added+37%	+0.22 pp	6 q
GLWCorning Incorporated	0.92%	2,538,634	$76M	trimmed−1%	+0.07 pp	17 q
LLYEli Lilly & Co.	0.87%	871,836	$72M	added+21%	+0.13 pp	17 q
TRVThe Travelers Companies, Inc.	0.86%	561,191	$71M	trimmed−0%	+0.03 pp	17 q
XOMExxon Mobil Corp	0.80%	817,679	$66M	trimmed−1%	−0.03 pp	17 q
CRAYCray, Inc.	0.73%	3,276,601	$60M	added+1%	−0.14 pp	17 q
SNASnap-on Incorporated	0.70%	366,391	$58M	added+9%	0.00 pp	17 q
TNCTennant Company	0.66%	740,436	$55M	added+37%	+0.18 pp	17 q
EMREmerson Electric Co.	0.55%	764,484	$46M	trimmed−43%	−0.44 pp	17 q
CVXChevron Corporation	0.47%	373,877	$39M	trimmed−1%	−0.02 pp	17 q
GNRCGenerac Holdings Inc	0.44%	1,013,346	$37M	added+4%	0.00 pp	14 q
PRLBProto Labs, Inc.	0.41%	508,277	$34M	added+23%	+0.15 pp	17 q
NVECNVE Corp	0.40%	429,225	$33M	trimmed−10%	−0.08 pp	17 q
HDHome Depot, Inc.	0.37%	200,972	$31M	added0%	+0.01 pp	17 q
SSYSStratasys Inc (ISRAEL)	0.36%	1,283,970	$30M	added0%	+0.04 pp	17 q
PGProcter & Gamble Company	0.35%	332,288	$29M	added+6%	+0.01 pp	17 q
AEBAAllete Inc	0.34%	394,933	$28M	added+1%	+0.02 pp	17 q
KMBKimberly-Clark Corp.	0.34%	216,845	$28M	trimmed−1%	−0.01 pp	17 q
IBMInternational Business Machines Corporation	0.33%	177,629	$27M	trimmed−1%	−0.05 pp	17 q
THRMGentherm Inc	0.32%	676,265	$26M	trimmed−7%	−0.03 pp	15 q
JPMJPMorgan Chase & Co.	0.31%	279,693	$26M	trimmed−1%	+0.01 pp	17 q
BMYBristol-Myers Squibb Co.	0.23%	343,043	$19M	trimmed−0%	0.00 pp	17 q
ABBVAbbvie Inc.	0.22%	254,944	$18M	trimmed−1%	+0.02 pp	17 q
42OPhysicians Realty Trust	0.21%	853,710	$17M	added+9%	+0.02 pp	11 q
APOGApogee Enterprises Inc	0.20%	288,330	$16M	added+13%	+0.01 pp	17 q
GBCIGlacier Bancorp Inc	0.19%	435,120	$16M	added+9%	+0.02 pp	4 q
WTFCWintrust Financial Corp	0.19%	209,330	$16M	added+8%	+0.03 pp	17 q
XELXcel Energy, Inc.	0.18%	331,123	$15M	trimmed−8%	−0.02 pp	17 q
INTCIntel Corp	0.17%	410,419	$14M	trimmed−2%	−0.01 pp	17 q
OSKOshkosh Corp.	0.16%	188,757	$13M	added0%	0.00 pp	17 q
ATUEnerpac Tool Group Corp.	0.15%	505,900	$12M	added+12%	0.00 pp	10 q
CASYCasey's General Stores Inc	0.15%	115,800	$12M	added+14%	+0.01 pp	17 q
CTLTCatalent, Inc.	0.15%	342,960	$12M	added+4%	+0.04 pp	2 q
CFRCullen/Frost Bankers Inc.	0.15%	134,370	$13M	added0%	0.00 pp	4 q
SCHWThe Charles Schwab Corporation	0.15%	298,393	$13M	added0%	0.00 pp	17 q
PINCNPremier Inc-class A	0.14%	310,439	$11M	added0%	+0.02 pp	4 q
UFCSUnited Fire Group Inc.	0.14%	255,072	$11M	added+5%	+0.01 pp	14 q
MSFTMicrosoft Corp	0.13%	151,331	$10M	added0%	+0.01 pp	17 q
ADCAgree Realty Corporation	0.12%	212,399	$10M	added+15%	+0.01 pp	17 q
BKHBlack Hills Corporation	0.12%	145,770	$10M	added+9%	+0.01 pp	2 q
COPConocoPhillips	0.11%	209,915	$9M	trimmed−9%	−0.03 pp	17 q
HUBGHUB Group Inc	0.10%	222,280	$9M	added+15%	−0.01 pp	17 q
MDUMDU Resources Group, Inc.	0.10%	324,015	$8M	trimmed−26%	−0.05 pp	17 q
MCSThe Marcus Corporation	0.10%	262,123	$8M	held	—	5 q
TTSTile Shop Hldgs Inc	0.10%	386,210	$8M	added+13%	+0.02 pp	4 q
HWKNHawkins Inc	0.09%	164,400	$8M	added0%	−0.01 pp	17 q
UBSIUnited Bankshares Inc	0.09%	195,779	$8M	new	+0.09 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.08%	27,098	$7M	added+4%	0.00 pp	17 q
VZVerizon Communications	0.08%	151,048	$7M	trimmed−3%	−0.01 pp	17 q
EMCIEmc Ins Group Inc	0.07%	195,528	$5M	added+3%	0.00 pp	6 q
HSYThe Hershey Company	0.07%	50,085	$5M	held	—	17 q
MRKMerck & Co., Inc.	0.07%	85,121	$5M	trimmed−6%	0.00 pp	17 q
RAVNRaven Industries Inc	0.07%	175,966	$6M	trimmed−23%	−0.01 pp	9 q
WKWorkiva Inc.	0.07%	289,423	$6M	trimmed−4%	+0.01 pp	7 q
DLXDeluxe Corporation	0.06%	76,000	$5M	trimmed−9%	−0.01 pp	17 q
QCRHQCR Holdings Inc	0.05%	84,967	$4M	added+53%	+0.02 pp	2 q
SPSCSPS Commerce, Inc.	0.05%	58,970	$4M	added0%	+0.01 pp	17 q
CYBECyberoptics Corp	0.04%	163,100	$3M	added+94%	+0.01 pp	2 q
AAPLApple Inc.	0.03%	17,736	$3M	added+8%	0.00 pp	17 q
unresolvedBank Mutual Corp	0.03%	249,453	$2M	held	—	17 q
BRK.ABerkshire Hathaway Inc.	0.03%	10	$3M	held	—	16 q
BRK.BBERKSHIRE HATHAWAY Class B	0.03%	14,544	$2M	added+4%	0.00 pp	17 q
unresolvedBuffalo Wild Wings Inc	0.03%	20,335	$3M	added0%	−0.01 pp	17 q
CSIICardiovascular Systems, Inc.	0.03%	75,762	$2M	held	—	12 q
MTSCMTS Systems Corp	0.03%	42,478	$2M	trimmed−3%	0.00 pp	17 q
MCDMcDonald's Corporation	0.03%	15,580	$2M	trimmed−4%	0.00 pp	17 q
OASOasis Petroleum Inc	0.03%	352,620	$3M	added+53%	−0.01 pp	7 q
SCHBSchwab U.S. Broad Market ETF	0.03%	45,730	$3M	held	—	17 q
unresolvedShire PLC	0.03%	15,981	$3M	trimmed−16%	−0.01 pp	5 q
TAT&T Inc.	0.02%	38,273	$1M	trimmed−0%	0.00 pp	17 q
AMGNAmgen Inc	0.02%	8,684	$1M	trimmed−2%	0.00 pp	17 q
ORCLOracle Corp	0.02%	32,433	$2M	added+6%	0.00 pp	17 q
PEPPepsiCo, Inc.	0.02%	14,864	$2M	trimmed−3%	0.00 pp	17 q
PSXPhillips 66	0.02%	23,836	$2M	trimmed−3%	0.00 pp	17 q
SCHFSchwab International Equity ETF	0.02%	40,000	$1M	held	—	17 q
UTXZRTX Corporation	0.02%	14,957	$2M	added+1%	0.00 pp	17 q
WBAWalgreens Boots Alliance, Inc	0.02%	15,916	$1M	added+11%	+0.01 pp	11 q
GOOGLAlphabet Inc. Class A	0.01%	668	$621,000	held	—	8 q
MOAltria Group, Inc.	0.01%	7,570	$564,000	added+7%	0.00 pp	17 q
AMZNAmazon.Com Inc	0.01%	475	$460,000	trimmed−2%	0.00 pp	15 q
ADPAutomatic Data Processing	0.01%	5,817	$596,000	added+18%	0.00 pp	17 q
BPBP p.l.c.	0.01%	34,393	$1M	trimmed−12%	−0.01 pp	17 q
BDXBecton, Dickinson and Co.	0.01%	4,356	$850,000	trimmed−6%	0.00 pp	17 q
BABoeing Company	0.01%	2,230	$441,000	added+2%	+0.01 pp	17 q
unresolvedCigna Corporation	0.01%	4,559	$763,000	added+1%	0.00 pp	17 q
CSXCSX Corporation	0.01%	8,200	$447,000	trimmed−2%	+0.01 pp	2 q
CATCaterpillar Inc.	0.01%	7,362	$791,000	trimmed−5%	0.00 pp	17 q
CERNCerner Corp	0.01%	6,405	$426,000	new	+0.01 pp	new
CSCOCisco Systems, Inc. (DE)	0.01%	27,851	$872,000	added+17%	0.00 pp	17 q
KOCoca-Cola Company	0.01%	16,991	$762,000	trimmed−9%	0.00 pp	17 q
CLColgate-Palmolive Company	0.01%	9,349	$693,000	trimmed−21%	0.00 pp	17 q
COSTCostco Wholesale Corp	0.01%	3,056	$489,000	trimmed−1%	0.00 pp	17 q
unresolvedDu Pont E I De Nemours & Co	0.01%	10,863	$877,000	held	—	12 q
EXCExelon Corporation	0.01%	13,928	$502,000	added×2.2	+0.01 pp	17 q
FDXFedEx Corporation	0.01%	3,490	$758,000	held	—	17 q
IDXXIdexx Laboratories Inc	0.01%	4,598	$742,000	held	—	15 q
ITWIllinois Tool Works Inc.	0.01%	3,226	$462,000	held	—	2 q
DVYiShares Select Dividend ETF	0.01%	7,434	$685,000	held	—	7 q
IVViShares Core S&P 500 ETF	0.01%	4,664	$1M	added+2%	0.00 pp	17 q
EFAiShares MSCI EAFE ETF	0.01%	6,939	$452,000	trimmed−7%	0.00 pp	17 q
IWRiShares Russell Mid-Cap ETF	0.01%	3,610	$694,000	held	—	9 q
IWDiShares Russell 1000 Value ETF	0.01%	4,735	$551,000	held	—	7 q
IWFiShares Russell 1000 Growth ETF	0.01%	6,545	$779,000	held	—	7 q
IWMiShares Russell 2000 ETF	0.01%	3,657	$515,000	held	—	7 q
LOWLowe's Companies Inc.	0.01%	5,369	$416,000	added+5%	0.00 pp	17 q
NSCNorfolk Southern Corp.	0.01%	4,823	$587,000	trimmed−4%	0.00 pp	17 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.01%	37,002	$593,000	held	—	11 q
PMPhilip Morris International Inc.	0.01%	6,619	$777,000	added+3%	0.00 pp	17 q
SBUXStarbucks Corp	0.01%	11,902	$694,000	added×2.1	+0.01 pp	2 q
unresolvedTcf Financial Corp	0.01%	51,190	$816,000	trimmed−39%	−0.01 pp	17 q
UNPUnion Pacific Corp.	0.01%	10,798	$1M	trimmed−4%	0.00 pp	5 q
unresolvedVasco Data Sec Intl Inc	0.01%	74,826	$1M	trimmed−54%	−0.02 pp	17 q
VTIVanguard Morningstar Total Stock Market ETF	0.01%	3,952	$492,000	trimmed−2%	0.00 pp	2 q
VVISA Inc.	0.01%	8,104	$760,000	added+29%	0.00 pp	17 q
WECWEC Energy Group, Inc.	0.01%	7,494	$460,000	trimmed−1%	0.00 pp	9 q
WMTWalmart Inc.	0.01%	5,496	$416,000	added+1%	+0.01 pp	17 q
ADBEAdobe Inc.	0.00%	2,342	$331,000	trimmed−8%	0.00 pp	7 q
LNTAlliant Energy Corporation	0.00%	8,728	$351,000	held	—	15 q
AMPAmeriprise Financial, Inc.	0.00%	2,251	$287,000	held	—	16 q
AMATApplied Materials Inc	0.00%	6,727	$278,000	held	—	2 q
ALVAutoliv, Inc.	0.00%	2,314	$254,000	held	—	11 q
BACBank of America Corporation	0.00%	14,025	$340,000	added+8%	0.00 pp	17 q
BIIBBiogen Inc.	0.00%	1,053	$286,000	added+3%	0.00 pp	17 q
CVSCvs Health Corporation	0.00%	3,254	$262,000	added+7%	0.00 pp	8 q
CAHCardinal Health, Inc.	0.00%	3,434	$268,000	added+15%	0.00 pp	4 q
CNPCenterPoint Energy, Inc.	0.00%	9,459	$259,000	added+1%	0.00 pp	5 q
CLXClorox Company	0.00%	1,863	$248,000	held	—	7 q
CMCSAComcast Corp	0.00%	6,710	$261,000	added+11%	0.00 pp	3 q
DDominion Energy, Inc	0.00%	4,445	$341,000	held	—	17 q
DUKDuke Energy Corporation	0.00%	2,704	$226,000	trimmed−4%	0.00 pp	2 q
METAMeta Platforms, Inc. Class A	0.00%	1,669	$252,000	added+17%	0.00 pp	2 q
IPGPIPG Photonics Corporation	0.00%	2,000	$290,000	new	0.00 pp	new
IFFInternational Flavors & Fragrances Inc.	0.00%	2,531	$342,000	trimmed−11%	0.00 pp	17 q
IJHiShares Core S&P Mid-Cap ETF	0.00%	2,130	$371,000	trimmed−17%	−0.01 pp	11 q
ICFiShares Select U.S. REIT ETF	0.00%	2,515	$254,000	held	—	7 q
IJTiShares S&P Small-Cap 600 Growth ETF	0.00%	1,655	$258,000	held	—	7 q
KELKellanova	0.00%	4,250	$295,000	held	—	17 q
unresolvedLandauer	0.00%	4,629	$242,000	held	—	4 q
LMTLockheed Martin Corp.	0.00%	864	$240,000	trimmed−19%	0.00 pp	4 q
MRSHMarsh	0.00%	3,366	$262,000	trimmed−33%	0.00 pp	4 q
NEENextEra Energy, Inc.	0.00%	2,522	$353,000	trimmed−1%	0.00 pp	17 q
NKENike, Inc.	0.00%	4,651	$274,000	new	0.00 pp	new
NWBONorthwest Biothrputcs Inc	0.00%	12,500	$2,000	held	—	7 q
NVSNovartis AG	0.00%	4,250	$355,000	trimmed−28%	−0.01 pp	17 q
NADNuveen Quality Municipal Income Fund	0.00%	10,173	$143,000	held	—	2 q
OTTROtter Tail Corp	0.00%	7,008	$278,000	held	—	2 q
PPGPPG Industries, Inc.	0.00%	1,850	$203,000	trimmed−46%	0.00 pp	2 q
PIIPolaris Inc.	0.00%	3,803	$351,000	added+10%	0.00 pp	17 q
PXGBXPraxair Inc	0.00%	2,051	$272,000	trimmed−28%	0.00 pp	2 q
PCYOPure Cycle Corporation	0.00%	11,855	$92,000	held	—	17 q
RTNRaytheon Company	0.00%	1,435	$232,000	added+4%	0.00 pp	6 q
RDS.ARoyal Dutch Shell PLC	0.00%	6,820	$363,000	held	—	17 q
SYYSysco Corporation	0.00%	6,265	$315,000	held	—	16 q
TXNTexas Instruments Incorporated	0.00%	3,655	$281,000	trimmed−6%	0.00 pp	6 q
TMOThermo Fisher Scientific, Inc.	0.00%	1,683	$294,000	held	—	14 q
UNUnilever N V -ny Shares	0.00%	4,400	$243,000	trimmed−45%	0.00 pp	2 q
ULGXUrologix Inc	0.00%	20,000	$0	trimmed−50%	0.00 pp	7 q
VIGVanguard Dividend Appreciation ETF	0.00%	3,473	$322,000	held	—	2 q
WABCWestamerica Bancorporation	0.00%	5,359	$300,000	held	—	17 q
WYWeyerhaeuser Company	0.00%	11,287	$378,000	trimmed−3%	0.00 pp	15 q
ACNAccenture PLC	0.00%	1,890	$234,000	held	—	8 q
unresolvedValspar Corp	—	−1,071,801	—	exited	−1.46 pp	—
unresolvedCardinal Financial Corp	—	−275,146	—	exited	−0.10 pp	—
unresolvedMOCON Inc.	—	−152,590	—	exited	−0.04 pp	—
unresolvedPrivatebancorp Inc	—	−25,275	—	exited	−0.02 pp	—
NSRGYNestle S.a S/	—	−5,685	—	exited	−0.01 pp	—
ROKRockwell Automation, Inc.	—	−1,923	—	exited	0.00 pp	—
BSVVanguard Short-Term Bond ETF	—	−3,500	—	exited	0.00 pp	—
CBChubb Limited	—	−1,862	—	exited	0.00 pp	—