Mairs & Power

Q1 2018 13F · by Andrew Adams, CIO

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $8.1B · prev $8.6B
Positions: 203 · prev 199
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 1.9%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves171 since the prior filing

+2.9 pp in · −2.9 pp out

New 10 +0.27 pp
Added 64 +2.59 pp
Trimmed 91 −2.83 pp
Exited 6 −0.06 pp

The book

Diversified · behaves like 44 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 8.8 years per position

Low
Moderate
High

Top 5 positions20% of US stock

Positions203 in this filing · 6 exited


ECLEcolab, Inc.	4.61%	2,726,038	$374M	trimmed−2%	+0.28 pp	20 q
USBU.S. Bancorp	4.17%	6,688,312	$338M	added+1%	+0.06 pp	20 q
MMM3M Company	3.83%	1,413,957	$310M	trimmed−3%	−0.14 pp	20 q
HONHoneywell International, Inc.	3.70%	2,073,663	$300M	trimmed−7%	−0.26 pp	20 q
MDTMedtronic plc	3.63%	3,668,495	$294M	added+1%	+0.22 pp	14 q
JNJJohnson & Johnson	3.51%	2,221,696	$285M	added+1%	−0.04 pp	20 q
GGGGraco Inc	3.46%	6,130,112	$280M	trimmed−13%	−0.25 pp	20 q
ABTAbbott Laboratories	3.15%	4,257,369	$255M	trimmed−6%	+0.14 pp	20 q
DCIDonaldson Company, Inc.	3.07%	5,521,259	$249M	added+1%	−0.02 pp	20 q
HRLHormel Foods Corporation	2.96%	6,983,031	$240M	added+1%	+0.05 pp	20 q
GOOGAlphabet Inc. Class C	2.63%	206,786	$213M	added+19%	+0.52 pp	16 q
TECHBio-Techne Corp.	2.57%	1,378,347	$208M	trimmed−4%	+0.42 pp	15 q
DISThe Walt Disney Company	2.48%	2,002,124	$201M	added0%	−0.01 pp	20 q
CHRWC.H. Robinson Worldwide, Inc.	2.22%	1,915,406	$179M	trimmed−3%	+0.19 pp	20 q
unresolvedBemis Inc	2.20%	4,091,105	$178M	trimmed−6%	−0.20 pp	20 q
PNRPentair plc	2.07%	2,457,855	$167M	trimmed−5%	−0.05 pp	16 q
FASTFastenal Co	2.02%	3,002,204	$164M	added+1%	+0.13 pp	20 q
RHHBYRoche Holding Ltd S/	1.95%	5,518,834	$158M	added+1%	−0.04 pp	19 q
PFGPrincipal Financial Group, Inc.	1.94%	2,575,112	$157M	added0%	−0.16 pp	20 q
TTCToro Company (The)	1.92%	2,491,847	$156M	trimmed−2%	0.00 pp	20 q
PFEPfizer Inc.	1.85%	4,227,070	$150M	trimmed−10%	−0.13 pp	20 q
FULH.B. Fuller Company	1.83%	2,983,408	$148M	trimmed−2%	−0.08 pp	20 q
FISVFiserv, Inc.	1.82%	2,066,481	$147M	trimmed−2%	+0.22 pp	20 q
GISGeneral Mills, Inc.	1.76%	3,163,917	$143M	trimmed−6%	−0.56 pp	20 q
SLBSLB Limited	1.76%	2,203,625	$143M	trimmed−2%	0.00 pp	20 q
WFCWells Fargo & Co.	1.66%	2,558,751	$134M	trimmed−6%	−0.26 pp	20 q
AXPAmerican Express Company	1.53%	1,332,618	$124M	added+7%	+0.09 pp	20 q
ZBHZimmer Biomet Holdings, Inc.	1.49%	1,107,532	$121M	added0%	−0.05 pp	20 q
TGTTarget Corporation	1.37%	1,601,065	$111M	trimmed−18%	−0.11 pp	20 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.36%	514,976	$110M	trimmed−1%	+0.03 pp	20 q
UPSUnited Parcel Service, Inc. Class B	1.30%	1,007,460	$105M	trimmed−9%	−0.23 pp	20 q
GWBGreat Western Bancorp, Inc.	1.09%	2,189,133	$88M	added+1%	+0.09 pp	9 q
TNCTennant Company	1.00%	1,199,312	$81M	added+8%	+0.06 pp	20 q
LLYEli Lilly & Co.	0.99%	1,039,293	$80M	added+2%	0.00 pp	20 q
BMIBadger Meter, Inc.	0.97%	1,668,760	$79M	trimmed−9%	−0.05 pp	20 q
QCOMQualcomm Inc	0.93%	1,361,840	$75M	trimmed−1%	−0.09 pp	20 q
MSFTMicrosoft Corp	0.92%	815,184	$74M	added×5.5	+0.77 pp	20 q
CORCoresite Realty Corp	0.86%	698,123	$70M	added+38%	+0.19 pp	3 q
WUThe Western Union Company	0.86%	3,612,208	$69M	trimmed−20%	−0.14 pp	20 q
ASBAssociated Banc-Corp	0.84%	2,723,484	$68M	trimmed−8%	−0.04 pp	20 q
GLWCorning Incorporated	0.81%	2,364,095	$66M	trimmed−2%	−0.09 pp	20 q
HDHome Depot, Inc.	0.76%	346,171	$62M	trimmed−4%	−0.03 pp	20 q
SNASnap-on Incorporated	0.73%	402,535	$59M	added+5%	−0.04 pp	20 q
XOMExxon Mobil Corp	0.67%	728,221	$54M	trimmed−2%	−0.05 pp	20 q
BAXBaxter International Inc.	0.65%	808,632	$53M	trimmed−23%	−0.14 pp	20 q
CRAYCray, Inc.	0.60%	2,341,497	$48M	trimmed−12%	−0.15 pp	20 q
PRLBProto Labs, Inc.	0.53%	364,132	$43M	trimmed−6%	+0.07 pp	20 q
CVXChevron Corporation	0.51%	358,890	$41M	trimmed−0%	−0.01 pp	20 q
GNRCGenerac Holdings Inc	0.48%	851,835	$39M	trimmed−3%	−0.03 pp	17 q
PDCOPatterson Companies, Inc.	0.48%	1,754,348	$39M	trimmed−15%	−0.39 pp	20 q
EMREmerson Electric Co.	0.45%	539,534	$37M	trimmed−12%	−0.04 pp	20 q
SCHWThe Charles Schwab Corporation	0.44%	678,902	$35M	added×2.2	+0.26 pp	20 q
TRVThe Travelers Companies, Inc.	0.44%	259,464	$36M	trimmed−5%	+0.01 pp	20 q
NVECNVE Corp	0.43%	416,674	$35M	added+1%	+0.02 pp	20 q
unresolvedGeneral Electric Co	0.36%	2,149,229	$29M	trimmed−47%	−0.46 pp	20 q
THRMGentherm Inc	0.35%	838,525	$28M	added+16%	+0.08 pp	18 q
JPMJPMorgan Chase & Co.	0.34%	250,279	$28M	trimmed−2%	+0.02 pp	20 q
PGProcter & Gamble Company	0.34%	346,388	$27M	added+2%	−0.02 pp	20 q
KMBKimberly-Clark Corp.	0.29%	211,758	$23M	trimmed−1%	−0.01 pp	20 q
INTCIntel Corp	0.26%	406,322	$21M	added+1%	+0.04 pp	20 q
BMYBristol-Myers Squibb Co.	0.23%	291,902	$18M	trimmed−12%	−0.01 pp	20 q
IBMInternational Business Machines Corporation	0.23%	121,905	$19M	trimmed−5%	0.00 pp	20 q
ABBVAbbvie Inc.	0.20%	174,811	$17M	trimmed−4%	0.00 pp	20 q
LFUSLittelfuse Inc	0.19%	75,200	$16M	new	+0.19 pp	new
42OPhysicians Realty Trust	0.18%	948,310	$15M	added+2%	−0.01 pp	14 q
WTFCWintrust Financial Corp	0.18%	167,080	$14M	trimmed−5%	+0.01 pp	20 q
APOGApogee Enterprises Inc	0.17%	324,930	$14M	added+5%	+0.01 pp	20 q
CTLTCatalent, Inc.	0.17%	343,363	$14M	added0%	+0.01 pp	5 q
CFRCullen/Frost Bankers Inc.	0.17%	129,920	$14M	added+2%	+0.03 pp	7 q
GBCIGlacier Bancorp Inc	0.17%	368,130	$14M	trimmed−5%	−0.01 pp	7 q
HSYThe Hershey Company	0.16%	127,823	$13M	added+32%	+0.03 pp	20 q
XELXcel Energy, Inc.	0.16%	285,204	$13M	trimmed−1%	0.00 pp	20 q
AEBAAllete Inc	0.15%	172,043	$12M	trimmed−32%	−0.07 pp	20 q
CASYCasey's General Stores Inc	0.15%	108,900	$12M	trimmed−6%	0.00 pp	20 q
OSKOshkosh Corp.	0.15%	160,857	$12M	trimmed−8%	−0.03 pp	20 q
SPYState Street SPDR S&P 500 ETF Trust	0.15%	45,697	$12M	added+18%	+0.03 pp	20 q
ATUEnerpac Tool Group Corp.	0.14%	476,775	$11M	added+7%	+0.01 pp	13 q
MCSThe Marcus Corporation	0.13%	335,023	$10M	added+8%	+0.03 pp	8 q
UFCSUnited Fire Group Inc.	0.13%	220,572	$11M	trimmed−11%	0.00 pp	17 q
BKHBlack Hills Corporation	0.12%	181,110	$10M	held	—	5 q
HUBGHUB Group Inc	0.11%	220,080	$9M	trimmed−4%	−0.02 pp	20 q
PINCNPremier Inc-class A	0.11%	288,439	$9M	trimmed−20%	−0.01 pp	7 q
COPConocoPhillips	0.10%	133,673	$8M	trimmed−3%	+0.01 pp	20 q
VVISA Inc.	0.09%	62,596	$7M	added×8.1	+0.08 pp	20 q
UBSIUnited Bankshares Inc	0.08%	184,541	$7M	trimmed−6%	0.00 pp	4 q
VZVerizon Communications	0.08%	131,182	$6M	trimmed−3%	0.00 pp	20 q
WKWorkiva Inc.	0.08%	274,223	$6M	added+8%	+0.02 pp	10 q
ONBOld National Bancorp	0.07%	313,793	$5M	new	+0.07 pp	new
RAVNRaven Industries Inc	0.07%	162,066	$6M	held	—	12 q
TTSTile Shop Hldgs Inc	0.07%	903,710	$5M	added+23%	−0.01 pp	7 q
SSYSStratasys Inc (ISRAEL)	0.07%	289,745	$6M	trimmed−26%	−0.02 pp	20 q
AAPLApple Inc.	0.06%	31,188	$5M	added+78%	+0.03 pp	20 q
CYBECyberoptics Corp	0.06%	266,600	$5M	added+19%	+0.02 pp	5 q
DLXDeluxe Corporation	0.06%	63,880	$5M	trimmed−10%	0.00 pp	20 q
EMCIEmc Ins Group Inc	0.06%	190,528	$5M	held	—	9 q
HWKNHawkins Inc	0.06%	135,500	$5M	trimmed−20%	−0.01 pp	20 q
MRKMerck & Co., Inc.	0.06%	93,321	$5M	added+9%	0.00 pp	20 q
ADCAgree Realty Corporation	0.05%	90,699	$4M	trimmed−55%	−0.07 pp	20 q
BRK.BBERKSHIRE HATHAWAY Class B	0.05%	21,842	$4M	added+34%	+0.01 pp	20 q
OASOasis Petroleum Inc	0.05%	521,820	$4M	added+26%	+0.01 pp	10 q
QCRHQCR Holdings Inc	0.05%	90,975	$4M	held	—	5 q
BRK.ABerkshire Hathaway Inc.	0.04%	10	$3M	held	—	19 q
MDUMDU Resources Group, Inc.	0.04%	116,319	$3M	trimmed−4%	0.00 pp	20 q
SCHBSchwab U.S. Broad Market ETF	0.04%	45,370	$3M	held	—	20 q
unresolvedCalyxt Inc	0.03%	210,609	$3M	added×3.7	+0.02 pp	2 q
IINIntriCon Corporation	0.03%	109,400	$2M	added+62%	+0.01 pp	2 q
MCDMcDonald's Corporation	0.03%	15,504	$2M	added+5%	0.00 pp	20 q
PSXPhillips 66	0.03%	22,650	$2M	trimmed−1%	0.00 pp	20 q
TAT&T Inc.	0.02%	43,654	$2M	added+3%	0.00 pp	20 q
GOOGLAlphabet Inc. Class A	0.02%	1,348	$1M	added+45%	+0.01 pp	11 q
AMGNAmgen Inc	0.02%	9,948	$2M	added+25%	0.00 pp	20 q
BPBP p.l.c.	0.02%	31,672	$1M	trimmed−8%	0.00 pp	20 q
BABoeing Company	0.02%	3,752	$1M	trimmed−2%	+0.01 pp	20 q
CSIICardiovascular Systems, Inc.	0.02%	81,162	$2M	held	—	15 q
CSCOCisco Systems, Inc. (DE)	0.02%	33,784	$1M	added+14%	+0.01 pp	20 q
KOCoca-Cola Company	0.02%	31,385	$1M	added+59%	+0.01 pp	20 q
MTSCMTS Systems Corp	0.02%	34,875	$2M	trimmed−22%	−0.01 pp	20 q
ORCLOracle Corp	0.02%	32,242	$1M	trimmed−1%	0.00 pp	20 q
PEPPepsiCo, Inc.	0.02%	13,659	$1M	added+8%	0.00 pp	20 q
SCHFSchwab International Equity ETF	0.02%	49,000	$2M	added+23%	0.00 pp	20 q
UNPUnion Pacific Corp.	0.02%	9,244	$1M	trimmed−2%	+0.01 pp	8 q
UTXZRTX Corporation	0.02%	14,221	$2M	added+12%	0.00 pp	20 q
ADBEAdobe Inc.	0.01%	2,100	$454,000	trimmed−9%	+0.01 pp	10 q
MOAltria Group, Inc.	0.01%	7,207	$449,000	trimmed−14%	0.00 pp	20 q
AMZNAmazon.Com Inc	0.01%	586	$848,000	added+40%	0.00 pp	18 q
AMTAmerican Tower Corporation	0.01%	3,145	$457,000	new	+0.01 pp	new
AMATApplied Materials Inc	0.01%	8,327	$463,000	held	—	5 q
ADPAutomatic Data Processing	0.01%	5,052	$573,000	trimmed−25%	0.00 pp	20 q
BDXBecton, Dickinson and Co.	0.01%	4,096	$888,000	trimmed−5%	0.00 pp	20 q
CSXCSX Corporation	0.01%	9,200	$513,000	held	—	5 q
CATCaterpillar Inc.	0.01%	7,490	$1M	added+2%	0.00 pp	20 q
CLColgate-Palmolive Company	0.01%	9,247	$663,000	added+1%	0.00 pp	20 q
COSTCostco Wholesale Corp	0.01%	3,472	$654,000	added+21%	0.00 pp	20 q
unresolvedDowdupont Inc	0.01%	14,671	$935,000	trimmed−5%	0.00 pp	3 q
EXCExelon Corporation	0.01%	13,928	$543,000	held	—	20 q
FDXFedEx Corporation	0.01%	2,990	$718,000	trimmed−15%	0.00 pp	20 q
IPGPIPG Photonics Corporation	0.01%	2,000	$467,000	held	—	4 q
IDXXIdexx Laboratories Inc	0.01%	4,298	$823,000	held	—	18 q
ITWIllinois Tool Works Inc.	0.01%	3,649	$572,000	trimmed−14%	0.00 pp	5 q
DVYiShares Select Dividend ETF	0.01%	7,479	$711,000	trimmed−14%	0.00 pp	10 q
IVViShares Core S&P 500 ETF	0.01%	4,464	$1M	held	—	20 q
EFAiShares MSCI EAFE ETF	0.01%	7,506	$523,000	trimmed−17%	0.00 pp	20 q
IWRiShares Russell Mid-Cap ETF	0.01%	3,435	$709,000	held	—	12 q
IWDiShares Russell 1000 Value ETF	0.01%	4,835	$580,000	added+2%	0.00 pp	10 q
IWFiShares Russell 1000 Growth ETF	0.01%	6,545	$891,000	held	—	10 q
IWMiShares Russell 2000 ETF	0.01%	3,475	$528,000	held	—	10 q
LOWLowe's Companies Inc.	0.01%	5,369	$471,000	held	—	20 q
MAMastercard Incorporated	0.01%	2,645	$463,000	added+93%	+0.01 pp	2 q
NEENextEra Energy, Inc.	0.01%	2,753	$450,000	added+17%	+0.01 pp	20 q
NSCNorfolk Southern Corp.	0.01%	5,310	$721,000	trimmed−2%	0.00 pp	20 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.01%	37,002	$524,000	held	—	14 q
PMPhilip Morris International Inc.	0.01%	8,729	$868,000	added+3%	0.00 pp	20 q
PIIPolaris Inc.	0.01%	3,803	$436,000	trimmed−5%	0.00 pp	20 q
SPSCSPS Commerce, Inc.	0.01%	16,570	$1M	trimmed−38%	−0.01 pp	20 q
unresolvedShire PLC	0.01%	3,659	$547,000	trimmed−5%	0.00 pp	8 q
SBUXStarbucks Corp	0.01%	10,947	$634,000	trimmed−4%	0.00 pp	5 q
unresolvedTcf Financial Corp	0.01%	33,982	$775,000	trimmed−2%	0.00 pp	20 q
WECWEC Energy Group, Inc.	0.01%	7,369	$462,000	trimmed−2%	0.00 pp	12 q
WMTWalmart Inc.	0.01%	4,921	$438,000	held	—	20 q
WBAWalgreens Boots Alliance, Inc	0.01%	10,450	$684,000	trimmed−28%	0.00 pp	14 q
WYWeyerhaeuser Company	0.01%	18,570	$650,000	added+77%	+0.01 pp	18 q
LNTAlliant Energy Corporation	0.00%	7,228	$295,000	held	—	18 q
AMPAmeriprise Financial, Inc.	0.00%	2,331	$345,000	added+4%	0.00 pp	19 q
AMEAmetek, Inc.	0.00%	2,700	$205,000	new	0.00 pp	new
ALVAutoliv, Inc.	0.00%	1,910	$279,000	trimmed−17%	0.00 pp	14 q
BACBank of America Corporation	0.00%	12,538	$376,000	trimmed−4%	0.00 pp	20 q
BIIBBiogen Inc.	0.00%	1,025	$281,000	held	—	20 q
CAHCardinal Health, Inc.	0.00%	3,244	$203,000	trimmed−3%	0.00 pp	7 q
CELGCelgene Corp	0.00%	3,030	$270,000	new	0.00 pp	new
CNPCenterPoint Energy, Inc.	0.00%	7,709	$211,000	held	—	8 q
CERNCerner Corp	0.00%	4,455	$258,000	trimmed−15%	0.00 pp	4 q
CLXClorox Company	0.00%	1,513	$201,000	held	—	10 q
CMCSAComcast Corp	0.00%	8,014	$274,000	added+19%	0.00 pp	6 q
DEDeere & Company	0.00%	1,592	$247,000	added+8%	0.00 pp	2 q
DDominion Energy, Inc	0.00%	3,632	$245,000	trimmed−1%	0.00 pp	20 q
METAMeta Platforms, Inc. Class A	0.00%	1,361	$217,000	trimmed−18%	0.00 pp	5 q
FLTCorpay, Inc.	0.00%	1,000	$203,000	new	0.00 pp	new
IFFInternational Flavors & Fragrances Inc.	0.00%	2,466	$338,000	trimmed−3%	0.00 pp	20 q
IJHiShares Core S&P Mid-Cap ETF	0.00%	2,130	$400,000	held	—	14 q
IJTiShares S&P Small-Cap 600 Growth ETF	0.00%	1,655	$288,000	held	—	10 q
KELKellanova	0.00%	4,250	$276,000	held	—	20 q
LMTLockheed Martin Corp.	0.00%	974	$329,000	added+13%	0.00 pp	7 q
MRSHMarsh	0.00%	2,466	$204,000	trimmed−27%	0.00 pp	7 q
NEOGNeogen Corp	0.00%	3,765	$252,000	new	0.00 pp	new
NKENike, Inc.	0.00%	4,400	$292,000	held	—	4 q
NWBONorthwest Biothrputcs Inc	0.00%	12,500	$3,000	held	—	10 q
NVSNovartis AG	0.00%	3,250	$263,000	trimmed−13%	0.00 pp	20 q
NADNuveen Quality Municipal Income Fund	0.00%	12,323	$162,000	held	—	5 q
OTTROtter Tail Corp	0.00%	7,008	$304,000	held	—	5 q
PPGPPG Industries, Inc.	0.00%	2,020	$225,000	new	0.00 pp	new
PAYXPaychex Inc	0.00%	4,297	$265,000	added+7%	0.00 pp	3 q
PXGBXPraxair Inc	0.00%	2,051	$296,000	held	—	5 q
PCYOPure Cycle Corporation	0.00%	11,855	$112,000	held	—	20 q
RTNRaytheon Company	0.00%	1,375	$297,000	held	—	9 q
RDS.ARoyal Dutch Shell PLC	0.00%	5,320	$339,000	trimmed−16%	0.00 pp	20 q
SEICSEI Investments Co	0.00%	3,300	$247,000	held	—	3 q
SOThe Southern Company	0.00%	5,367	$240,000	new	0.00 pp	new
SYYSysco Corporation	0.00%	4,272	$256,000	trimmed−10%	0.00 pp	19 q
TMOThermo Fisher Scientific, Inc.	0.00%	1,460	$301,000	held	—	17 q
ULGXUrologix Inc	0.00%	20,000	$0	held	—	10 q
VIGVanguard Dividend Appreciation ETF	0.00%	3,204	$324,000	held	—	5 q
WABCWestamerica Bancorporation	0.00%	5,359	$311,000	held	—	20 q
ZTSZoetis Inc.	0.00%	4,140	$346,000	new	0.00 pp	new
unresolvedBank Mutual Corp	—	−249,453	—	exited	−0.03 pp	—
XLEState Street Energy Select Sector SPDR ETF	—	−24,231	—	exited	−0.02 pp	—
unresolvedCigna Corporation	—	−4,559	—	exited	−0.01 pp	—
ICFiShares Select U.S. REIT ETF	—	−2,515	—	exited	0.00 pp	—
UNUnilever N V -ny Shares	—	−4,400	—	exited	0.00 pp	—
VTIVanguard Morningstar Total Stock Market ETF	—	−2,001	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 3 defects · 6 unresolved
Accession: 0001104659-18-033238
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 2018-03-31
A security outside the official 13F list — CUSIP 771195104 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP 917273104 not on the Official 13(f) List for 2018-03-31

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