Mairs & Power

Q4 2017 13F

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $8.6B · prev $8.3B
Positions: 199 · prev 201
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%

Moves154 since the prior filing

+1.8 pp in · −1.7 pp out

New 5 +0.05 pp
Added 41 +1.71 pp
Trimmed 101 −1.70 pp
Exited 7 −0.03 pp

The book

Diversified · behaves like 44 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.0% a year, about 19.9 years per position

Low
Moderate
High

Top 5 positions20% of US stock

ECL Ecolab, Inc. trimmed+0.03 pp trimmed+0.034.3%
USB U.S. Bancorp added−0.14 pp added−0.144.1%
MMM 3M Company trimmed+0.03 pp trimmed+0.034.0%
HON Honeywell International, Inc. trimmed+0.09 pp trimmed+0.094.0%
GGG Graco Inc trimmed−0.14 pp trimmed−0.143.7%

Positions199 in this filing · 7 exited


ECLEcolab, Inc.	4.33%	2,781,523	$373M	trimmed−0%	+0.03 pp	19 q
USBU.S. Bancorp	4.11%	6,616,185	$354M	added0%	−0.14 pp	19 q
MMM3M Company	3.97%	1,453,342	$342M	trimmed−7%	+0.03 pp	19 q
HONHoneywell International, Inc.	3.96%	2,228,709	$342M	trimmed−2%	+0.09 pp	19 q
GGGGraco Inc	3.71%	7,080,554	$320M	trimmed−9%	−0.14 pp	19 q
JNJJohnson & Johnson	3.55%	2,191,819	$306M	trimmed−1%	+0.10 pp	19 q
MDTMedtronic plc	3.41%	3,640,623	$294M	added+2%	+0.09 pp	13 q
DCIDonaldson Company, Inc.	3.09%	5,452,784	$267M	added+2%	+0.15 pp	19 q
ABTAbbott Laboratories	3.01%	4,543,385	$259M	trimmed−1%	+0.08 pp	19 q
HRLHormel Foods Corporation	2.91%	6,908,732	$251M	added+1%	+0.28 pp	19 q
DISThe Walt Disney Company	2.49%	1,994,337	$214M	added0%	+0.14 pp	19 q
unresolvedBemis Inc	2.40%	4,340,372	$207M	trimmed−2%	−0.03 pp	19 q
GISGeneral Mills, Inc.	2.32%	3,370,573	$200M	trimmed−1%	+0.20 pp	19 q
TECHBio-Techne Corp.	2.15%	1,434,557	$186M	trimmed−1%	+0.05 pp	14 q
PNRPentair plc	2.12%	2,588,087	$183M	trimmed−3%	−0.05 pp	15 q
GOOGAlphabet Inc. Class C	2.11%	173,867	$182M	added0%	+0.11 pp	15 q
PFGPrincipal Financial Group, Inc.	2.10%	2,570,791	$181M	trimmed−1%	+0.10 pp	19 q
CHRWC.H. Robinson Worldwide, Inc.	2.03%	1,964,572	$175M	trimmed−8%	+0.08 pp	19 q
RHHBYRoche Holding Ltd S/	1.99%	5,440,074	$172M	added+1%	−0.08 pp	18 q
PFEPfizer Inc.	1.98%	4,717,328	$171M	trimmed−1%	−0.06 pp	19 q
TTCToro Company (The)	1.92%	2,533,497	$165M	trimmed−1%	+0.01 pp	19 q
WFCWells Fargo & Co.	1.92%	2,723,202	$165M	trimmed−4%	+0.03 pp	19 q
FULH.B. Fuller Company	1.91%	3,055,149	$165M	trimmed−6%	−0.35 pp	19 q
FASTFastenal Co	1.89%	2,978,136	$163M	added+4%	+0.32 pp	19 q
SLBSLB Limited	1.76%	2,254,556	$152M	trimmed−1%	−0.15 pp	19 q
FISVFiserv, Inc.	1.60%	1,049,095	$138M	trimmed−2%	−0.05 pp	19 q
ZBHZimmer Biomet Holdings, Inc.	1.54%	1,102,964	$133M	added+1%	0.00 pp	19 q
UPSUnited Parcel Service, Inc. Class B	1.53%	1,109,804	$132M	trimmed−8%	−0.21 pp	19 q
TGTTarget Corporation	1.48%	1,959,061	$128M	trimmed−5%	+0.01 pp	19 q
AXPAmerican Express Company	1.44%	1,250,766	$124M	added0%	+0.09 pp	19 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.33%	521,174	$115M	trimmed−1%	+0.09 pp	19 q
BMIBadger Meter, Inc.	1.02%	1,840,923	$88M	trimmed−2%	−0.08 pp	19 q
QCOMQualcomm Inc	1.02%	1,376,106	$88M	trimmed−10%	+0.07 pp	19 q
GWBGreat Western Bancorp, Inc.	1.00%	2,159,848	$86M	added+2%	−0.05 pp	8 q
WUThe Western Union Company	1.00%	4,528,446	$86M	trimmed−6%	−0.11 pp	19 q
LLYEli Lilly & Co.	0.99%	1,014,481	$86M	added+4%	−0.01 pp	19 q
TNCTennant Company	0.94%	1,113,845	$81M	added+14%	+0.16 pp	19 q
GLWCorning Incorporated	0.90%	2,420,615	$77M	trimmed−2%	+0.02 pp	19 q
ASBAssociated Banc-Corp	0.88%	2,974,075	$76M	trimmed−5%	−0.04 pp	19 q
PDCOPatterson Companies, Inc.	0.87%	2,068,212	$75M	trimmed−11%	−0.21 pp	19 q
unresolvedGeneral Electric Co	0.82%	4,057,394	$71M	trimmed−7%	−0.45 pp	19 q
BAXBaxter International Inc.	0.79%	1,050,079	$68M	trimmed−10%	−0.09 pp	19 q
HDHome Depot, Inc.	0.79%	359,016	$68M	trimmed−2%	+0.07 pp	19 q
SNASnap-on Incorporated	0.77%	382,710	$67M	added+1%	+0.09 pp	19 q
CRAYCray, Inc.	0.75%	2,667,257	$65M	trimmed−7%	+0.08 pp	19 q
XOMExxon Mobil Corp	0.72%	743,247	$62M	trimmed−9%	−0.08 pp	19 q
CORCoresite Realty Corp	0.67%	504,268	$57M	added×5.1	+0.54 pp	2 q
CVXChevron Corporation	0.52%	360,651	$45M	trimmed−2%	0.00 pp	19 q
GNRCGenerac Holdings Inc	0.51%	881,725	$44M	trimmed−9%	−0.02 pp	16 q
EMREmerson Electric Co.	0.49%	612,576	$43M	trimmed−9%	−0.02 pp	19 q
PRLBProto Labs, Inc.	0.46%	385,402	$40M	trimmed−22%	−0.02 pp	19 q
TRVThe Travelers Companies, Inc.	0.43%	272,337	$37M	trimmed−38%	−0.22 pp	19 q
NVECNVE Corp	0.41%	413,804	$36M	trimmed−4%	0.00 pp	19 q
PGProcter & Gamble Company	0.36%	339,840	$31M	added0%	−0.01 pp	19 q
JPMJPMorgan Chase & Co.	0.32%	255,181	$27M	trimmed−8%	0.00 pp	19 q
KMBKimberly-Clark Corp.	0.30%	213,268	$26M	trimmed−1%	0.00 pp	19 q
THRMGentherm Inc	0.27%	723,730	$23M	added+3%	−0.04 pp	17 q
BMYBristol-Myers Squibb Co.	0.24%	332,592	$20M	trimmed−2%	−0.02 pp	19 q
IBMInternational Business Machines Corporation	0.23%	127,868	$20M	trimmed−25%	−0.07 pp	19 q
AEBAAllete Inc	0.22%	253,368	$19M	trimmed−14%	−0.05 pp	19 q
INTCIntel Corp	0.22%	401,948	$19M	trimmed−3%	+0.03 pp	19 q
ABBVAbbvie Inc.	0.20%	182,032	$18M	trimmed−8%	−0.01 pp	19 q
42OPhysicians Realty Trust	0.19%	926,610	$17M	added+2%	0.00 pp	13 q
GBCIGlacier Bancorp Inc	0.18%	388,060	$15M	trimmed−13%	−0.02 pp	6 q
OSKOshkosh Corp.	0.18%	174,757	$16M	trimmed−7%	−0.01 pp	19 q
SCHWThe Charles Schwab Corporation	0.18%	309,713	$16M	added+3%	+0.02 pp	19 q
WTFCWintrust Financial Corp	0.17%	175,880	$14M	trimmed−14%	−0.02 pp	19 q
APOGApogee Enterprises Inc	0.16%	308,430	$14M	added0%	−0.02 pp	19 q
CTLTCatalent, Inc.	0.16%	342,760	$14M	held	—	4 q
XELXcel Energy, Inc.	0.16%	287,264	$14M	trimmed−2%	−0.01 pp	19 q
CASYCasey's General Stores Inc	0.15%	115,800	$13M	added0%	0.00 pp	19 q
MSFTMicrosoft Corp	0.15%	149,389	$13M	trimmed−3%	+0.01 pp	19 q
CFRCullen/Frost Bankers Inc.	0.14%	127,620	$12M	trimmed−5%	−0.01 pp	6 q
ATUEnerpac Tool Group Corp.	0.13%	446,375	$11M	trimmed−1%	−0.01 pp	12 q
BKHBlack Hills Corporation	0.13%	181,110	$11M	added+24%	+0.01 pp	4 q
HSYThe Hershey Company	0.13%	97,027	$11M	added+77%	+0.06 pp	19 q
HUBGHUB Group Inc	0.13%	228,980	$11M	held	—	19 q
UFCSUnited Fire Group Inc.	0.13%	247,672	$11M	trimmed−3%	−0.01 pp	16 q
ADCAgree Realty Corporation	0.12%	200,199	$10M	added0%	0.00 pp	19 q
PINCNPremier Inc-class A	0.12%	359,839	$11M	added+16%	0.00 pp	6 q
SPYState Street SPDR S&P 500 ETF Trust	0.12%	38,670	$10M	added+30%	+0.03 pp	19 q
MCSThe Marcus Corporation	0.10%	309,423	$8M	added+7%	0.00 pp	7 q
COPConocoPhillips	0.09%	137,386	$8M	trimmed−24%	−0.02 pp	19 q
SSYSStratasys Inc (ISRAEL)	0.09%	394,130	$8M	trimmed−55%	−0.15 pp	19 q
TTSTile Shop Hldgs Inc	0.08%	736,510	$7M	added+15%	−0.02 pp	6 q
UBSIUnited Bankshares Inc	0.08%	195,769	$7M	added0%	−0.01 pp	3 q
VZVerizon Communications	0.08%	134,638	$7M	trimmed−9%	−0.01 pp	19 q
HWKNHawkins Inc	0.07%	169,600	$6M	held	—	19 q
DLXDeluxe Corporation	0.06%	70,618	$5M	trimmed−4%	0.00 pp	19 q
EMCIEmc Ins Group Inc	0.06%	190,528	$5M	trimmed−2%	−0.01 pp	8 q
MRKMerck & Co., Inc.	0.06%	85,392	$5M	trimmed−3%	−0.01 pp	19 q
RAVNRaven Industries Inc	0.06%	162,066	$6M	trimmed−3%	0.00 pp	11 q
WKWorkiva Inc.	0.06%	254,223	$5M	trimmed−11%	−0.01 pp	9 q
QCRHQCR Holdings Inc	0.05%	90,975	$4M	added+4%	0.00 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	0.04%	16,244	$3M	added+1%	0.00 pp	19 q
CYBECyberoptics Corp	0.04%	224,700	$3M	added+16%	0.00 pp	4 q
MDUMDU Resources Group, Inc.	0.04%	121,631	$3M	trimmed−37%	−0.02 pp	19 q
OASOasis Petroleum Inc	0.04%	412,720	$3M	added+29%	0.00 pp	9 q
AAPLApple Inc.	0.03%	17,492	$3M	trimmed−1%	0.00 pp	19 q
unresolvedBank Mutual Corp	0.03%	249,453	$3M	held	—	19 q
BRK.ABerkshire Hathaway Inc.	0.03%	10	$3M	held	—	18 q
MTSCMTS Systems Corp	0.03%	44,480	$2M	trimmed−2%	0.00 pp	19 q
MCDMcDonald's Corporation	0.03%	14,751	$3M	trimmed−2%	0.00 pp	19 q
PSXPhillips 66	0.03%	22,959	$2M	trimmed−3%	0.00 pp	19 q
SCHBSchwab U.S. Broad Market ETF	0.03%	45,370	$3M	held	—	19 q
TAT&T Inc.	0.02%	42,231	$2M	trimmed−0%	0.00 pp	19 q
AMGNAmgen Inc	0.02%	7,963	$1M	trimmed−2%	0.00 pp	19 q
BPBP p.l.c.	0.02%	33,942	$1M	added+16%	+0.01 pp	19 q
CSIICardiovascular Systems, Inc.	0.02%	81,162	$2M	added+7%	−0.01 pp	14 q
IINIntriCon Corporation	0.02%	67,400	$1M	new	+0.02 pp	new
ORCLOracle Corp	0.02%	32,643	$2M	held	—	19 q
PEPPepsiCo, Inc.	0.02%	12,650	$2M	trimmed−9%	0.00 pp	19 q
SPSCSPS Commerce, Inc.	0.02%	26,870	$1M	trimmed−54%	−0.02 pp	19 q
SCHFSchwab International Equity ETF	0.02%	40,000	$1M	held	—	19 q
XLEState Street Energy Select Sector SPDR ETF	0.02%	24,231	$2M	new	+0.02 pp	new
UTXZRTX Corporation	0.02%	12,719	$2M	trimmed−10%	0.00 pp	19 q
GOOGLAlphabet Inc. Class A	0.01%	928	$978,000	added+1%	0.00 pp	10 q
MOAltria Group, Inc.	0.01%	8,427	$602,000	trimmed−7%	0.00 pp	19 q
AMZNAmazon.Com Inc	0.01%	419	$490,000	trimmed−2%	+0.01 pp	17 q
ADPAutomatic Data Processing	0.01%	6,767	$793,000	held	—	19 q
BDXBecton, Dickinson and Co.	0.01%	4,317	$924,000	trimmed−1%	0.00 pp	19 q
BABoeing Company	0.01%	3,843	$1M	added+17%	0.00 pp	19 q
unresolvedCigna Corporation	0.01%	4,559	$926,000	held	—	19 q
CSXCSX Corporation	0.01%	9,200	$506,000	held	—	4 q
unresolvedCalyxt Inc	0.01%	57,500	$1M	new	+0.01 pp	new
CATCaterpillar Inc.	0.01%	7,362	$1M	held	—	19 q
CSCOCisco Systems, Inc. (DE)	0.01%	29,521	$1M	added+7%	0.00 pp	19 q
KOCoca-Cola Company	0.01%	19,701	$904,000	added+11%	0.00 pp	19 q
CLColgate-Palmolive Company	0.01%	9,194	$694,000	trimmed−2%	0.00 pp	19 q
COSTCostco Wholesale Corp	0.01%	2,876	$535,000	trimmed−4%	0.00 pp	19 q
unresolvedDowdupont Inc	0.01%	15,512	$1M	added+3%	0.00 pp	2 q
EXCExelon Corporation	0.01%	13,928	$549,000	held	—	19 q
FDXFedEx Corporation	0.01%	3,501	$874,000	held	—	19 q
IDXXIdexx Laboratories Inc	0.01%	4,298	$672,000	trimmed−7%	0.00 pp	17 q
ITWIllinois Tool Works Inc.	0.01%	4,226	$705,000	held	—	4 q
DVYiShares Select Dividend ETF	0.01%	8,709	$858,000	trimmed−30%	0.00 pp	9 q
IVViShares Core S&P 500 ETF	0.01%	4,464	$1M	trimmed−3%	0.00 pp	19 q
EFAiShares MSCI EAFE ETF	0.01%	9,031	$635,000	trimmed−28%	0.00 pp	19 q
IWRiShares Russell Mid-Cap ETF	0.01%	3,435	$715,000	trimmed−5%	0.00 pp	11 q
IWDiShares Russell 1000 Value ETF	0.01%	4,735	$589,000	held	—	9 q
IWFiShares Russell 1000 Growth ETF	0.01%	6,545	$881,000	held	—	9 q
IWMiShares Russell 2000 ETF	0.01%	3,475	$530,000	held	—	9 q
LOWLowe's Companies Inc.	0.01%	5,369	$499,000	held	—	19 q
NSCNorfolk Southern Corp.	0.01%	5,410	$784,000	trimmed−4%	0.00 pp	19 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.01%	37,002	$544,000	held	—	13 q
PMPhilip Morris International Inc.	0.01%	8,441	$892,000	trimmed−7%	0.00 pp	19 q
PIIPolaris Inc.	0.01%	4,008	$497,000	held	—	19 q
unresolvedShire PLC	0.01%	3,868	$600,000	trimmed−70%	−0.01 pp	7 q
SBUXStarbucks Corp	0.01%	11,447	$657,000	trimmed−2%	0.00 pp	4 q
unresolvedTcf Financial Corp	0.01%	34,654	$710,000	held	—	19 q
UNPUnion Pacific Corp.	0.01%	9,405	$1M	trimmed−3%	0.00 pp	7 q
VVISA Inc.	0.01%	7,696	$877,000	trimmed−3%	0.00 pp	19 q
WECWEC Energy Group, Inc.	0.01%	7,494	$498,000	held	—	11 q
WMTWalmart Inc.	0.01%	4,921	$486,000	trimmed−10%	0.00 pp	19 q
WBAWalgreens Boots Alliance, Inc	0.01%	14,564	$1M	trimmed−4%	0.00 pp	13 q
ADBEAdobe Inc.	0.00%	2,300	$403,000	held	—	9 q
LNTAlliant Energy Corporation	0.00%	7,228	$308,000	held	—	17 q
AMPAmeriprise Financial, Inc.	0.00%	2,241	$380,000	held	—	18 q
AMATApplied Materials Inc	0.00%	8,327	$426,000	held	—	4 q
ALVAutoliv, Inc.	0.00%	2,314	$294,000	held	—	13 q
BACBank of America Corporation	0.00%	13,003	$384,000	trimmed−0%	0.00 pp	19 q
BIIBBiogen Inc.	0.00%	1,025	$327,000	trimmed−3%	0.00 pp	19 q
CAHCardinal Health, Inc.	0.00%	3,344	$205,000	trimmed−3%	0.00 pp	6 q
CNPCenterPoint Energy, Inc.	0.00%	7,709	$219,000	trimmed−3%	0.00 pp	7 q
CERNCerner Corp	0.00%	5,255	$354,000	trimmed−15%	−0.01 pp	3 q
CLXClorox Company	0.00%	1,513	$225,000	trimmed−19%	0.00 pp	9 q
CMCSAComcast Corp	0.00%	6,710	$269,000	held	—	5 q
DEDeere & Company	0.00%	1,480	$232,000	new	0.00 pp	new
DDominion Energy, Inc	0.00%	3,659	$297,000	trimmed−7%	0.00 pp	19 q
METAMeta Platforms, Inc. Class A	0.00%	1,669	$295,000	held	—	4 q
IPGPIPG Photonics Corporation	0.00%	2,000	$428,000	held	—	3 q
IFFInternational Flavors & Fragrances Inc.	0.00%	2,531	$386,000	held	—	19 q
IJHiShares Core S&P Mid-Cap ETF	0.00%	2,130	$404,000	held	—	13 q
ICFiShares Select U.S. REIT ETF	0.00%	2,515	$255,000	held	—	9 q
IJTiShares S&P Small-Cap 600 Growth ETF	0.00%	1,655	$282,000	held	—	9 q
KELKellanova	0.00%	4,250	$289,000	held	—	19 q
LMTLockheed Martin Corp.	0.00%	864	$277,000	held	—	6 q
MRSHMarsh	0.00%	3,366	$274,000	held	—	6 q
MAMastercard Incorporated	0.00%	1,368	$207,000	new	0.00 pp	new
NEENextEra Energy, Inc.	0.00%	2,361	$369,000	trimmed−14%	0.00 pp	19 q
NKENike, Inc.	0.00%	4,400	$275,000	held	—	3 q
NWBONorthwest Biothrputcs Inc	0.00%	12,500	$3,000	held	—	9 q
NVSNovartis AG	0.00%	3,750	$315,000	held	—	19 q
NADNuveen Quality Municipal Income Fund	0.00%	12,323	$173,000	added+21%	0.00 pp	4 q
OTTROtter Tail Corp	0.00%	7,008	$312,000	held	—	4 q
PAYXPaychex Inc	0.00%	4,019	$274,000	trimmed−8%	0.00 pp	2 q
PXGBXPraxair Inc	0.00%	2,051	$317,000	held	—	4 q
PCYOPure Cycle Corporation	0.00%	11,855	$99,000	held	—	19 q
RTNRaytheon Company	0.00%	1,375	$258,000	trimmed−4%	0.00 pp	8 q
RDS.ARoyal Dutch Shell PLC	0.00%	6,320	$422,000	held	—	19 q
SEICSEI Investments Co	0.00%	3,300	$237,000	held	—	2 q
SYYSysco Corporation	0.00%	4,765	$289,000	held	—	18 q
TMOThermo Fisher Scientific, Inc.	0.00%	1,460	$277,000	trimmed−7%	0.00 pp	16 q
UNUnilever N V -ny Shares	0.00%	4,400	$248,000	held	—	4 q
ULGXUrologix Inc	0.00%	20,000	$0	held	—	9 q
VIGVanguard Dividend Appreciation ETF	0.00%	3,204	$327,000	held	—	4 q
VTIVanguard Morningstar Total Stock Market ETF	0.00%	2,001	$275,000	trimmed−38%	0.00 pp	4 q
WABCWestamerica Bancorporation	0.00%	5,359	$319,000	held	—	19 q
WYWeyerhaeuser Company	0.00%	10,507	$370,000	held	—	17 q
unresolvedBuffalo Wild Wings Inc	—	−20,335	—	exited	−0.03 pp	—
CVSCvs Health Corporation	—	−2,743	—	exited	0.00 pp	—
CNSLConsolidated Communications Holdings, Inc.	—	−12,632	—	exited	0.00 pp	—
ETVEaton Vance Tax-Managed Buy-Write Opportunities Fund	—	−13,000	—	exited	0.00 pp	—
PFFiShares Trust iShares Preferred and Income Securities ETF	—	−5,500	—	exited	0.00 pp	—
TXNTexas Instruments Incorporated	—	−3,300	—	exited	0.00 pp	—
CBChubb Limited	—	−1,424	—	exited	0.00 pp	—