Mairs & Power

Q3 2017 13F

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $8.3B · prev $8.3B
Positions: 201 · prev 199
Options notional: $0
Documents: 1· no amendments

Picture97.9% US stock

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

US stock listed on a US exchange 97.9%
Foreign stock not listed in the US 2.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves162 since the prior filing

+1.6 pp in · −1.7 pp out

New 8 +0.14 pp
Added 62 +1.49 pp
Trimmed 86 −1.66 pp
Exited 6 −0.02 pp

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10.0% a year, about 10.0 years per position

Low
Moderate
High

Top 5 positions20% of US stock

ECL Ecolab, Inc. added−0.13 pp added−0.134.3%
USB U.S. Bancorp added+0.12 pp added+0.124.3%
MMM 3M Company trimmed−0.28 pp trimmed−0.283.9%
HON Honeywell International, Inc. added+0.22 pp added+0.223.9%
GGG Graco Inc trimmed−0.08 pp trimmed−0.083.9%

Positions201 in this filing · 6 exited


ECLEcolab, Inc.	4.30%	2,784,245	$358M	added+1%	−0.13 pp	18 q
USBU.S. Bancorp	4.25%	6,607,317	$354M	added0%	+0.12 pp	18 q
MMM3M Company	3.94%	1,563,810	$328M	trimmed−7%	−0.28 pp	18 q
HONHoneywell International, Inc.	3.87%	2,273,729	$322M	added0%	+0.22 pp	18 q
GGGGraco Inc	3.85%	2,592,983	$321M	trimmed−13%	−0.08 pp	18 q
JNJJohnson & Johnson	3.45%	2,209,403	$287M	trimmed−1%	−0.11 pp	18 q
MDTMedtronic plc	3.32%	3,554,055	$276M	added+2%	−0.42 pp	12 q
DCIDonaldson Company, Inc.	2.94%	5,337,294	$245M	added+1%	+0.04 pp	18 q
ABTAbbott Laboratories	2.93%	4,570,254	$244M	added+1%	+0.27 pp	18 q
HRLHormel Foods Corporation	2.63%	6,813,785	$219M	added+3%	−0.11 pp	18 q
unresolvedBemis Inc	2.43%	4,442,344	$202M	trimmed−7%	−0.25 pp	18 q
DISThe Walt Disney Company	2.35%	1,987,332	$196M	added+2%	−0.15 pp	18 q
FULH.B. Fuller Company	2.26%	3,236,359	$188M	trimmed−10%	+0.05 pp	18 q
PNRPentair plc	2.17%	2,661,115	$181M	trimmed−0%	+0.02 pp	14 q
GISGeneral Mills, Inc.	2.12%	3,419,231	$177M	added+1%	−0.15 pp	18 q
TECHBio-Techne Corp.	2.10%	1,444,480	$175M	trimmed−0%	+0.04 pp	13 q
RHHBYRoche Holding Ltd S/	2.07%	5,381,813	$172M	added+3%	+0.06 pp	17 q
PFEPfizer Inc.	2.04%	4,766,771	$170M	trimmed−2%	+0.06 pp	18 q
GOOGAlphabet Inc. Class C	2.00%	173,758	$167M	added+44%	+0.67 pp	14 q
PFGPrincipal Financial Group, Inc.	2.00%	2,592,454	$167M	added0%	0.00 pp	18 q
CHRWC.H. Robinson Worldwide, Inc.	1.95%	2,132,496	$162M	added+3%	+0.23 pp	18 q
SLBSLB Limited	1.91%	2,284,428	$159M	added+1%	+0.12 pp	18 q
TTCToro Company (The)	1.91%	2,557,573	$159M	trimmed−8%	−0.41 pp	18 q
WFCWells Fargo & Co.	1.89%	2,849,105	$157M	trimmed−0%	−0.03 pp	18 q
UPSUnited Parcel Service, Inc. Class B	1.74%	1,203,965	$145M	trimmed−3%	+0.08 pp	18 q
FISVFiserv, Inc.	1.65%	1,066,424	$138M	trimmed−5%	−0.01 pp	18 q
FASTFastenal Co	1.57%	2,871,088	$131M	added+18%	+0.29 pp	18 q
ZBHZimmer Biomet Holdings, Inc.	1.54%	1,096,486	$128M	added+2%	−0.13 pp	18 q
TGTTarget Corporation	1.47%	2,069,222	$122M	trimmed−10%	+0.01 pp	18 q
AXPAmerican Express Company	1.35%	1,247,502	$113M	added+2%	+0.11 pp	18 q
unresolvedGeneral Electric Co	1.27%	4,373,840	$106M	added+1%	−0.14 pp	18 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.24%	528,027	$103M	added0%	+0.06 pp	18 q
WUThe Western Union Company	1.11%	4,834,437	$93M	trimmed−3%	−0.03 pp	18 q
BMIBadger Meter, Inc.	1.10%	1,874,743	$92M	trimmed−13%	+0.07 pp	18 q
PDCOPatterson Companies, Inc.	1.08%	2,335,095	$90M	added0%	−0.24 pp	18 q
GWBGreat Western Bancorp, Inc.	1.05%	2,118,690	$87M	added+11%	+0.11 pp	7 q
LLYEli Lilly & Co.	1.00%	976,949	$84M	added+12%	+0.13 pp	18 q
QCOMQualcomm Inc	0.95%	1,528,324	$79M	trimmed−0%	−0.07 pp	18 q
ASBAssociated Banc-Corp	0.92%	3,144,615	$76M	trimmed−3%	−0.07 pp	18 q
BAXBaxter International Inc.	0.88%	1,166,500	$73M	trimmed−21%	−0.20 pp	18 q
GLWCorning Incorporated	0.88%	2,460,744	$74M	trimmed−3%	−0.04 pp	18 q
XOMExxon Mobil Corp	0.80%	814,916	$67M	trimmed−0%	0.00 pp	18 q
TNCTennant Company	0.78%	979,403	$65M	added+32%	+0.12 pp	18 q
HDHome Depot, Inc.	0.72%	366,873	$60M	added+83%	+0.35 pp	18 q
SNASnap-on Incorporated	0.68%	378,745	$56M	added+3%	−0.02 pp	18 q
CRAYCray, Inc.	0.67%	2,879,433	$56M	trimmed−12%	−0.06 pp	18 q
TRVThe Travelers Companies, Inc.	0.65%	442,785	$54M	trimmed−21%	−0.21 pp	18 q
GNRCGenerac Holdings Inc	0.53%	967,465	$44M	trimmed−5%	+0.09 pp	15 q
CVXChevron Corporation	0.52%	367,416	$43M	trimmed−2%	+0.05 pp	18 q
EMREmerson Electric Co.	0.51%	672,550	$42M	trimmed−12%	−0.04 pp	18 q
PRLBProto Labs, Inc.	0.48%	492,952	$40M	trimmed−3%	+0.07 pp	18 q
NVECNVE Corp	0.41%	432,219	$34M	added+1%	+0.01 pp	18 q
PGProcter & Gamble Company	0.37%	338,829	$31M	added+2%	+0.02 pp	18 q
JPMJPMorgan Chase & Co.	0.32%	277,580	$27M	trimmed−1%	+0.01 pp	18 q
THRMGentherm Inc	0.31%	700,075	$26M	added+4%	−0.01 pp	16 q
IBMInternational Business Machines Corporation	0.30%	171,092	$25M	trimmed−4%	−0.03 pp	18 q
KMBKimberly-Clark Corp.	0.30%	215,316	$25M	trimmed−1%	−0.04 pp	18 q
AEBAAllete Inc	0.27%	293,340	$23M	trimmed−26%	−0.07 pp	18 q
BMYBristol-Myers Squibb Co.	0.26%	339,845	$22M	trimmed−1%	+0.03 pp	18 q
SSYSStratasys Inc (ISRAEL)	0.24%	877,600	$20M	trimmed−32%	−0.12 pp	18 q
ABBVAbbvie Inc.	0.21%	198,125	$18M	trimmed−22%	−0.01 pp	18 q
GBCIGlacier Bancorp Inc	0.20%	448,220	$17M	added+3%	+0.01 pp	5 q
INTCIntel Corp	0.19%	412,693	$16M	added+1%	+0.02 pp	18 q
OSKOshkosh Corp.	0.19%	188,757	$16M	held	—	18 q
42OPhysicians Realty Trust	0.19%	908,610	$16M	added+6%	−0.02 pp	12 q
WTFCWintrust Financial Corp	0.19%	203,430	$16M	trimmed−3%	0.00 pp	18 q
APOGApogee Enterprises Inc	0.18%	307,830	$15M	added+7%	−0.02 pp	18 q
XELXcel Energy, Inc.	0.17%	292,284	$14M	trimmed−12%	−0.01 pp	18 q
CTLTCatalent, Inc.	0.16%	342,760	$14M	trimmed−0%	+0.01 pp	3 q
SCHWThe Charles Schwab Corporation	0.16%	301,938	$13M	added+1%	+0.01 pp	18 q
CASYCasey's General Stores Inc	0.15%	115,700	$13M	trimmed−0%	0.00 pp	18 q
CFRCullen/Frost Bankers Inc.	0.15%	134,370	$13M	held	—	5 q
ATUEnerpac Tool Group Corp.	0.14%	450,145	$12M	trimmed−11%	−0.01 pp	11 q
MSFTMicrosoft Corp	0.14%	153,369	$11M	added+1%	+0.01 pp	18 q
UFCSUnited Fire Group Inc.	0.14%	254,872	$12M	trimmed−0%	0.00 pp	15 q
CORCoresite Realty Corp	0.13%	99,300	$11M	new	+0.13 pp	new
ADCAgree Realty Corporation	0.12%	199,999	$10M	trimmed−6%	0.00 pp	18 q
BKHBlack Hills Corporation	0.12%	145,770	$10M	held	—	3 q
HUBGHUB Group Inc	0.12%	228,980	$10M	added+3%	+0.02 pp	18 q
PINCNPremier Inc-class A	0.12%	310,439	$10M	held	—	5 q
COPConocoPhillips	0.11%	180,564	$9M	trimmed−14%	0.00 pp	18 q
MCSThe Marcus Corporation	0.10%	288,723	$8M	added+10%	0.00 pp	6 q
TTSTile Shop Hldgs Inc	0.10%	643,110	$8M	added+67%	0.00 pp	5 q
SPYState Street SPDR S&P 500 ETF Trust	0.09%	29,720	$7M	added+10%	+0.01 pp	18 q
UBSIUnited Bankshares Inc	0.09%	195,479	$7M	trimmed−0%	0.00 pp	2 q
VZVerizon Communications	0.09%	147,588	$7M	trimmed−2%	+0.01 pp	18 q
HWKNHawkins Inc	0.08%	169,600	$7M	added+3%	−0.01 pp	18 q
EMCIEmc Ins Group Inc	0.07%	195,328	$5M	trimmed−0%	0.00 pp	7 q
HSYThe Hershey Company	0.07%	54,785	$6M	added+9%	0.00 pp	18 q
MRKMerck & Co., Inc.	0.07%	88,203	$6M	added+4%	0.00 pp	18 q
WKWorkiva Inc.	0.07%	284,423	$6M	trimmed−2%	0.00 pp	8 q
DLXDeluxe Corporation	0.06%	73,425	$5M	trimmed−3%	0.00 pp	18 q
MDUMDU Resources Group, Inc.	0.06%	192,370	$5M	trimmed−41%	−0.04 pp	18 q
RAVNRaven Industries Inc	0.06%	167,066	$5M	trimmed−5%	−0.01 pp	10 q
QCRHQCR Holdings Inc	0.05%	87,775	$4M	added+3%	0.00 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	0.04%	16,044	$3M	added+10%	+0.01 pp	18 q
CYBECyberoptics Corp	0.04%	194,200	$3M	added+19%	0.00 pp	3 q
OASOasis Petroleum Inc	0.04%	319,720	$3M	trimmed−9%	+0.01 pp	8 q
SPSCSPS Commerce, Inc.	0.04%	58,870	$3M	trimmed−0%	−0.01 pp	18 q
AAPLApple Inc.	0.03%	17,657	$3M	trimmed−0%	0.00 pp	18 q
unresolvedBank Mutual Corp	0.03%	249,453	$3M	held	—	18 q
BRK.ABerkshire Hathaway Inc.	0.03%	10	$3M	held	—	17 q
unresolvedBuffalo Wild Wings Inc	0.03%	20,335	$2M	held	—	18 q
CSIICardiovascular Systems, Inc.	0.03%	75,762	$2M	held	—	13 q
MTSCMTS Systems Corp	0.03%	45,570	$2M	added+7%	0.00 pp	18 q
MCDMcDonald's Corporation	0.03%	15,051	$2M	trimmed−3%	0.00 pp	18 q
PSXPhillips 66	0.03%	23,547	$2M	trimmed−1%	+0.01 pp	18 q
SCHBSchwab U.S. Broad Market ETF	0.03%	45,370	$3M	trimmed−1%	0.00 pp	18 q
TAT&T Inc.	0.02%	42,336	$2M	added+11%	0.00 pp	18 q
AMGNAmgen Inc	0.02%	8,129	$2M	trimmed−6%	0.00 pp	18 q
ORCLOracle Corp	0.02%	32,643	$2M	added+1%	0.00 pp	18 q
PEPPepsiCo, Inc.	0.02%	13,895	$2M	trimmed−7%	0.00 pp	18 q
SCHFSchwab International Equity ETF	0.02%	40,000	$1M	held	—	18 q
unresolvedShire PLC	0.02%	13,036	$2M	trimmed−18%	−0.01 pp	6 q
UTXZRTX Corporation	0.02%	14,057	$2M	trimmed−6%	0.00 pp	18 q
GOOGLAlphabet Inc. Class A	0.01%	922	$898,000	added+38%	0.00 pp	9 q
MOAltria Group, Inc.	0.01%	9,074	$575,000	added+20%	0.00 pp	18 q
AMATApplied Materials Inc	0.01%	8,327	$434,000	added+24%	+0.01 pp	3 q
ADPAutomatic Data Processing	0.01%	6,767	$740,000	added+16%	0.00 pp	18 q
BPBP p.l.c.	0.01%	28,741	$1M	trimmed−18%	0.00 pp	18 q
BDXBecton, Dickinson and Co.	0.01%	4,356	$854,000	held	—	18 q
BABoeing Company	0.01%	3,278	$833,000	added+47%	0.00 pp	18 q
unresolvedCigna Corporation	0.01%	4,559	$852,000	held	—	18 q
CSXCSX Corporation	0.01%	9,200	$499,000	added+12%	0.00 pp	3 q
CATCaterpillar Inc.	0.01%	7,362	$918,000	held	—	18 q
CERNCerner Corp	0.01%	6,205	$443,000	trimmed−3%	0.00 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.01%	27,535	$926,000	trimmed−1%	0.00 pp	18 q
KOCoca-Cola Company	0.01%	17,701	$797,000	added+4%	0.00 pp	18 q
CLColgate-Palmolive Company	0.01%	9,349	$681,000	held	—	18 q
COSTCostco Wholesale Corp	0.01%	3,002	$493,000	trimmed−2%	0.00 pp	18 q
unresolvedDowdupont Inc	0.01%	15,025	$1M	new	+0.01 pp	new
EXCExelon Corporation	0.01%	13,928	$525,000	held	—	18 q
FDXFedEx Corporation	0.01%	3,501	$790,000	added0%	0.00 pp	18 q
IDXXIdexx Laboratories Inc	0.01%	4,598	$715,000	held	—	16 q
ITWIllinois Tool Works Inc.	0.01%	4,226	$625,000	added+31%	0.00 pp	3 q
DVYiShares Select Dividend ETF	0.01%	12,434	$1M	added+67%	0.00 pp	8 q
IVViShares Core S&P 500 ETF	0.01%	4,614	$1M	trimmed−1%	0.00 pp	18 q
EFAiShares MSCI EAFE ETF	0.01%	12,539	$859,000	added+81%	0.00 pp	18 q
IWRiShares Russell Mid-Cap ETF	0.01%	3,610	$712,000	held	—	10 q
IWDiShares Russell 1000 Value ETF	0.01%	4,735	$561,000	held	—	8 q
IWFiShares Russell 1000 Growth ETF	0.01%	6,545	$819,000	held	—	8 q
IWMiShares Russell 2000 ETF	0.01%	3,475	$515,000	trimmed−5%	0.00 pp	8 q
LOWLowe's Companies Inc.	0.01%	5,369	$429,000	held	—	18 q
NSCNorfolk Southern Corp.	0.01%	5,615	$743,000	added+16%	0.00 pp	18 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.01%	37,002	$564,000	held	—	12 q
PMPhilip Morris International Inc.	0.01%	9,030	$1M	added+36%	0.00 pp	18 q
PIIPolaris Inc.	0.01%	4,008	$419,000	added+5%	+0.01 pp	18 q
SBUXStarbucks Corp	0.01%	11,634	$625,000	trimmed−2%	0.00 pp	3 q
unresolvedTcf Financial Corp	0.01%	34,654	$591,000	trimmed−32%	0.00 pp	18 q
UNPUnion Pacific Corp.	0.01%	9,680	$1M	trimmed−10%	0.00 pp	6 q
VVISA Inc.	0.01%	7,916	$833,000	trimmed−2%	0.00 pp	18 q
WECWEC Energy Group, Inc.	0.01%	7,494	$470,000	held	—	10 q
WMTWalmart Inc.	0.01%	5,496	$429,000	held	—	18 q
WBAWalgreens Boots Alliance, Inc	0.01%	15,164	$1M	trimmed−5%	−0.01 pp	12 q
ADBEAdobe Inc.	0.00%	2,300	$343,000	trimmed−2%	0.00 pp	8 q
LNTAlliant Energy Corporation	0.00%	7,228	$300,000	trimmed−17%	0.00 pp	16 q
AMZNAmazon.Com Inc	0.00%	429	$412,000	trimmed−10%	−0.01 pp	16 q
AMPAmeriprise Financial, Inc.	0.00%	2,241	$333,000	trimmed−0%	0.00 pp	17 q
ALVAutoliv, Inc.	0.00%	2,314	$286,000	held	—	12 q
BACBank of America Corporation	0.00%	13,025	$330,000	trimmed−7%	0.00 pp	18 q
BIIBBiogen Inc.	0.00%	1,053	$330,000	held	—	18 q
CVSCvs Health Corporation	0.00%	2,743	$223,000	trimmed−16%	0.00 pp	9 q
CAHCardinal Health, Inc.	0.00%	3,434	$230,000	held	—	5 q
CNPCenterPoint Energy, Inc.	0.00%	7,959	$232,000	trimmed−16%	0.00 pp	6 q
CLXClorox Company	0.00%	1,863	$246,000	held	—	8 q
CMCSAComcast Corp	0.00%	6,710	$258,000	held	—	4 q
CNSLConsolidated Communications Holdings, Inc.	0.00%	12,632	$241,000	new	0.00 pp	new
DDominion Energy, Inc	0.00%	3,936	$303,000	trimmed−11%	0.00 pp	18 q
ETVEaton Vance Tax-Managed Buy-Write Opportunities Fund	0.00%	13,000	$199,000	new	0.00 pp	new
METAMeta Platforms, Inc. Class A	0.00%	1,669	$285,000	held	—	3 q
IPGPIPG Photonics Corporation	0.00%	2,000	$370,000	held	—	2 q
IFFInternational Flavors & Fragrances Inc.	0.00%	2,531	$362,000	held	—	18 q
IJHiShares Core S&P Mid-Cap ETF	0.00%	2,130	$381,000	held	—	12 q
ICFiShares Select U.S. REIT ETF	0.00%	2,515	$253,000	held	—	8 q
IJTiShares S&P Small-Cap 600 Growth ETF	0.00%	1,655	$272,000	held	—	8 q
PFFiShares Trust iShares Preferred and Income Securities ETF	0.00%	5,500	$213,000	new	0.00 pp	new
KELKellanova	0.00%	4,250	$265,000	held	—	18 q
LMTLockheed Martin Corp.	0.00%	864	$268,000	held	—	5 q
MRSHMarsh	0.00%	3,366	$282,000	held	—	5 q
NEENextEra Energy, Inc.	0.00%	2,735	$401,000	added+8%	0.00 pp	18 q
NKENike, Inc.	0.00%	4,400	$228,000	trimmed−5%	0.00 pp	2 q
NWBONorthwest Biothrputcs Inc	0.00%	12,500	$2,000	held	—	8 q
NVSNovartis AG	0.00%	3,750	$322,000	trimmed−12%	0.00 pp	18 q
NADNuveen Quality Municipal Income Fund	0.00%	10,173	$144,000	held	—	3 q
OTTROtter Tail Corp	0.00%	7,008	$304,000	held	—	3 q
PAYXPaychex Inc	0.00%	4,391	$263,000	new	0.00 pp	new
PXGBXPraxair Inc	0.00%	2,051	$287,000	held	—	3 q
PCYOPure Cycle Corporation	0.00%	11,855	$89,000	held	—	18 q
RTNRaytheon Company	0.00%	1,435	$268,000	held	—	7 q
RDS.ARoyal Dutch Shell PLC	0.00%	6,320	$383,000	trimmed−7%	0.00 pp	18 q
SEICSEI Investments Co	0.00%	3,300	$201,000	new	0.00 pp	new
SYYSysco Corporation	0.00%	4,765	$257,000	trimmed−24%	0.00 pp	17 q
TXNTexas Instruments Incorporated	0.00%	3,300	$296,000	trimmed−10%	0.00 pp	7 q
TMOThermo Fisher Scientific, Inc.	0.00%	1,570	$297,000	trimmed−7%	0.00 pp	15 q
UNUnilever N V -ny Shares	0.00%	4,400	$260,000	held	—	3 q
ULGXUrologix Inc	0.00%	20,000	$0	held	—	8 q
VIGVanguard Dividend Appreciation ETF	0.00%	3,204	$304,000	trimmed−8%	0.00 pp	3 q
VTIVanguard Morningstar Total Stock Market ETF	0.00%	3,206	$415,000	trimmed−19%	−0.01 pp	3 q
WABCWestamerica Bancorporation	0.00%	5,359	$319,000	held	—	18 q
WYWeyerhaeuser Company	0.00%	10,507	$358,000	trimmed−7%	0.00 pp	16 q
CBChubb Limited	0.00%	1,424	$203,000	new	0.00 pp	new
unresolvedDu Pont E I De Nemours & Co	—	−10,863	—	exited	−0.01 pp	—
unresolvedVasco Data Sec Intl Inc	—	−74,826	—	exited	−0.01 pp	—
DUKDuke Energy Corporation	—	−2,704	—	exited	0.00 pp	—
unresolvedLandauer	—	−4,629	—	exited	0.00 pp	—
PPGPPG Industries, Inc.	—	−1,850	—	exited	0.00 pp	—
ACNAccenture PLC	—	−1,890	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 3 defects · 8 unresolved
Accession: 0001104659-17-068236
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 66737P600 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 771195104 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 917273104 not on the Official 13(f) List for 2017-09-30

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