Mairs & Power

Q4 2018 13F · by Andrew Adams, CIO

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $7.4B · prev $8.6B
Positions: 200 · prev 216
Options notional: $0
Documents: 1· no amendments

Picture97.8% US stock

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

US stock listed on a US exchange 97.8%
Foreign stock not listed in the US 2.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves173 since the prior filing

+1.3 pp in · −1.2 pp out

New 4 +0.11 pp
Added 64 +1.14 pp
Trimmed 85 −1.19 pp
Exited 20 0.00 pp

The book

Diversified · behaves like 44 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.2% a year, about 10.9 years per position

Low
Moderate
High

Top 5 positions21% of US stock

MMM 3M Company added+0.37 pp added+0.374.5%
ECL Ecolab, Inc. trimmed−0.01 pp trimmed−0.014.4%
USB U.S. Bancorp added+0.02 pp added+0.024.1%
MDT Medtronic plc trimmed+0.08 pp trimmed+0.083.8%
GOOG Alphabet Inc. Class C added+0.19 pp added+0.193.7%

Positions200 in this filing · 20 exited


MMM3M Company	4.48%	1,741,526	$332M	added+4%	+0.37 pp	23 q
ECLEcolab, Inc.	4.41%	2,218,872	$327M	trimmed−8%	−0.01 pp	23 q
USBU.S. Bancorp	4.12%	6,675,009	$305M	added0%	+0.02 pp	23 q
MDTMedtronic plc	3.79%	3,087,458	$281M	trimmed−5%	+0.08 pp	17 q
GOOGAlphabet Inc. Class C	3.73%	266,780	$276M	added+5%	+0.19 pp	19 q
JNJJohnson & Johnson	3.68%	2,111,439	$272M	trimmed−1%	+0.24 pp	23 q
HRLHormel Foods Corporation	3.44%	5,970,756	$255M	trimmed−14%	+0.26 pp	23 q
ABTAbbott Laboratories	3.09%	3,167,495	$229M	trimmed−8%	+0.15 pp	23 q
GGGGraco Inc	3.08%	5,454,607	$228M	added0%	+0.14 pp	23 q
HONHoneywell International, Inc.	3.05%	1,713,508	$226M	trimmed−1%	−0.32 pp	23 q
DCIDonaldson Company, Inc.	2.92%	4,993,732	$217M	trimmed−2%	−0.53 pp	23 q
DISThe Walt Disney Company	2.85%	1,926,430	$211M	trimmed−0%	+0.22 pp	23 q
TECHBio-Techne Corp.	2.32%	1,190,362	$172M	added+2%	−0.46 pp	18 q
RHHBYRoche Holding Ltd S/	2.23%	5,311,489	$165M	trimmed−3%	+0.31 pp	22 q
TTCToro Company (The)	2.13%	2,825,029	$158M	added+8%	+0.31 pp	23 q
FASTFastenal Co	2.07%	2,938,652	$154M	added0%	+0.09 pp	23 q
CHRWC.H. Robinson Worldwide, Inc.	2.05%	1,807,348	$152M	added0%	−0.01 pp	23 q
MSFTMicrosoft Corp	2.03%	1,481,678	$150M	added+14%	+0.30 pp	23 q
FISVFiserv, Inc.	1.98%	1,993,637	$147M	trimmed−1%	+0.04 pp	23 q
unresolvedBemis Inc	1.85%	2,980,866	$137M	trimmed−6%	+0.06 pp	23 q
AXPAmerican Express Company	1.78%	1,384,970	$132M	added+1%	+0.07 pp	23 q
PFEPfizer Inc.	1.71%	2,899,508	$127M	trimmed−17%	−0.07 pp	23 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.63%	484,013	$121M	trimmed−1%	+0.11 pp	23 q
PFGPrincipal Financial Group, Inc.	1.57%	2,642,510	$117M	added+1%	−0.21 pp	23 q
FULH.B. Fuller Company	1.53%	2,649,377	$113M	added+5%	+0.01 pp	23 q
GISGeneral Mills, Inc.	1.44%	2,745,435	$107M	trimmed−6%	−0.01 pp	23 q
ZBHZimmer Biomet Holdings, Inc.	1.44%	1,026,524	$106M	trimmed−1%	−0.15 pp	23 q
LLYEli Lilly & Co.	1.32%	844,709	$98M	trimmed−10%	+0.15 pp	23 q
WFCWells Fargo & Co.	1.30%	2,088,210	$96M	trimmed−1%	+0.01 pp	23 q
UPSUnited Parcel Service, Inc. Class B	1.20%	911,395	$89M	added+2%	−0.01 pp	23 q
CORCoresite Realty Corp	1.12%	949,513	$83M	added+9%	0.00 pp	6 q
ONBOld National Bancorp	1.03%	4,948,112	$76M	added+4%	−0.04 pp	4 q
PNRPentair plc	1.00%	1,970,551	$74M	trimmed−3%	−0.02 pp	19 q
GWBGreat Western Bancorp, Inc.	0.98%	2,319,120	$72M	added+5%	−0.10 pp	12 q
SLBSLB Limited	0.97%	1,998,399	$72M	trimmed−5%	−0.53 pp	23 q
VVISA Inc.	0.97%	547,435	$72M	added+4%	+0.05 pp	23 q
QCOMQualcomm Inc	0.96%	1,245,612	$71M	trimmed−3%	−0.11 pp	23 q
BMIBadger Meter, Inc.	0.90%	1,349,172	$66M	trimmed−10%	−0.03 pp	23 q
TNCTennant Company	0.89%	1,271,938	$66M	added+7%	−0.16 pp	23 q
TGTTarget Corporation	0.88%	990,369	$65M	trimmed−6%	−0.20 pp	23 q
GLWCorning Incorporated	0.87%	2,127,806	$64M	trimmed−1%	−0.01 pp	23 q
HDHome Depot, Inc.	0.73%	316,360	$54M	trimmed−0%	−0.04 pp	23 q
ASBAssociated Banc-Corp	0.69%	2,578,515	$51M	added+3%	−0.07 pp	23 q
BAXBaxter International Inc.	0.65%	727,309	$48M	trimmed−0%	0.00 pp	23 q
NVTnVent Electric plc	0.65%	2,160,439	$49M	trimmed−0%	−0.03 pp	3 q
LFUSLittelfuse Inc	0.63%	272,503	$47M	added+61%	+0.24 pp	4 q
SNASnap-on Incorporated	0.60%	304,256	$44M	trimmed−23%	−0.24 pp	23 q
SCHWThe Charles Schwab Corporation	0.54%	960,680	$40M	added+22%	+0.09 pp	23 q
XOMExxon Mobil Corp	0.46%	503,980	$34M	trimmed−10%	−0.09 pp	23 q
GNRCGenerac Holdings Inc	0.45%	675,840	$34M	trimmed−9%	−0.04 pp	20 q
CRAYCray, Inc.	0.43%	1,476,267	$32M	trimmed−27%	−0.07 pp	23 q
NVECNVE Corp	0.43%	365,830	$32M	added+18%	+0.05 pp	23 q
PRLBProto Labs, Inc.	0.41%	266,579	$30M	trimmed−0%	−0.09 pp	23 q
TRVThe Travelers Companies, Inc.	0.40%	248,970	$30M	trimmed−1%	+0.02 pp	23 q
PGProcter & Gamble Company	0.39%	317,492	$29M	trimmed−7%	+0.06 pp	23 q
CVXChevron Corporation	0.38%	257,334	$28M	trimmed−1%	+0.01 pp	23 q
EMREmerson Electric Co.	0.36%	442,564	$26M	trimmed−3%	−0.05 pp	23 q
JPMJPMorgan Chase & Co.	0.33%	249,252	$24M	added0%	0.00 pp	23 q
THRMGentherm Inc	0.30%	552,895	$22M	trimmed−25%	−0.09 pp	21 q
KMBKimberly-Clark Corp.	0.28%	181,432	$21M	trimmed−4%	+0.03 pp	23 q
INTCIntel Corp	0.25%	395,306	$19M	added0%	+0.03 pp	23 q
SPYState Street SPDR S&P 500 ETF Trust	0.24%	71,631	$18M	added×3.7	+0.17 pp	23 q
CFRCullen/Frost Bankers Inc.	0.19%	160,445	$14M	added+8%	+0.01 pp	10 q
BMYBristol-Myers Squibb Co.	0.18%	255,356	$13M	trimmed−0%	−0.01 pp	23 q
WTFCWintrust Financial Corp	0.18%	196,115	$13M	added+17%	+0.01 pp	23 q
HSYThe Hershey Company	0.17%	119,693	$13M	trimmed−4%	+0.02 pp	23 q
MSIMotorola Solutions, Inc. New	0.17%	112,144	$13M	added+15%	+0.02 pp	2 q
XELXcel Energy, Inc.	0.17%	251,792	$12M	trimmed−2%	+0.03 pp	23 q
GBCIGlacier Bancorp Inc	0.16%	292,705	$12M	trimmed−21%	−0.02 pp	10 q
APOGApogee Enterprises Inc	0.15%	384,840	$11M	added+18%	−0.01 pp	23 q
BKHBlack Hills Corporation	0.15%	176,840	$11M	trimmed−27%	−0.01 pp	8 q
CASYCasey's General Stores Inc	0.15%	84,650	$11M	trimmed−22%	−0.01 pp	23 q
OSKOshkosh Corp.	0.15%	184,360	$11M	added+8%	+0.01 pp	23 q
PDCOPatterson Companies, Inc.	0.15%	573,822	$11M	trimmed−2%	−0.02 pp	23 q
CLBCore Laboratories Inc.	0.15%	184,225	$11M	added+79%	+0.01 pp	2 q
CTLTCatalent, Inc.	0.13%	312,918	$10M	added0%	−0.04 pp	8 q
PINCNPremier Inc-class A	0.13%	265,949	$10M	trimmed−3%	−0.02 pp	10 q
ABBVAbbvie Inc.	0.12%	99,141	$9M	trimmed−14%	−0.01 pp	23 q
HUBGHUB Group Inc	0.12%	244,565	$9M	added+18%	+0.01 pp	23 q
UFCSUnited Fire Group Inc.	0.12%	161,052	$9M	trimmed−18%	0.00 pp	20 q
ATUEnerpac Tool Group Corp.	0.11%	379,818	$8M	trimmed−3%	−0.02 pp	16 q
MCSThe Marcus Corporation	0.11%	210,448	$8M	trimmed−25%	−0.03 pp	11 q
42OPhysicians Realty Trust	0.11%	496,015	$8M	trimmed−28%	−0.03 pp	17 q
AIRAAR Corp.	0.09%	177,220	$7M	added+45%	+0.02 pp	3 q
COPConocoPhillips	0.09%	110,804	$7M	trimmed−5%	−0.01 pp	23 q
INSPInspire Medical Systems, Inc.	0.09%	156,565	$7M	added+22%	+0.03 pp	3 q
MRKMerck & Co., Inc.	0.09%	88,148	$7M	trimmed−1%	+0.02 pp	23 q
VZVerizon Communications	0.09%	119,969	$7M	trimmed−0%	+0.02 pp	23 q
WKWorkiva Inc.	0.09%	178,563	$6M	added0%	+0.01 pp	13 q
AEBAAllete Inc	0.08%	76,063	$6M	trimmed−8%	+0.01 pp	23 q
RAVNRaven Industries Inc	0.08%	172,621	$6M	added+6%	−0.01 pp	15 q
AAPLApple Inc.	0.07%	33,803	$5M	added+3%	−0.02 pp	23 q
IBMInternational Business Machines Corporation	0.07%	46,587	$5M	trimmed−29%	−0.05 pp	23 q
TTSTile Shop Hldgs Inc	0.07%	1,014,275	$6M	added+10%	−0.01 pp	10 q
UBSIUnited Bankshares Inc	0.07%	156,369	$5M	held	—	7 q
BRK.BBERKSHIRE HATHAWAY Class B	0.06%	22,333	$5M	held	—	23 q
CRZOCarrizo Oil & Gas Inc	0.06%	382,060	$4M	added×2.3	+0.01 pp	2 q
EMCIEmc Ins Group Inc	0.06%	129,673	$4M	trimmed−34%	0.00 pp	12 q
HWKNHawkins Inc	0.06%	110,757	$5M	trimmed−10%	0.00 pp	23 q
BRK.ABerkshire Hathaway Inc.	0.05%	11	$3M	added+10%	+0.01 pp	22 q
CYBECyberoptics Corp	0.05%	222,654	$4M	trimmed−4%	0.00 pp	8 q
IINIntriCon Corporation	0.05%	146,205	$4M	added+65%	−0.01 pp	5 q
OASOasis Petroleum Inc	0.05%	714,625	$4M	added+55%	−0.03 pp	13 q
REZIResideo Technologies, Inc.	0.05%	197,798	$4M	new	+0.05 pp	new
FEYEFireEye, Inc.	0.04%	184,425	$3M	added+32%	+0.01 pp	2 q
MCDMcDonald's Corporation	0.04%	14,996	$3M	added+4%	+0.01 pp	23 q
QCRHQCR Holdings Inc	0.04%	103,750	$3M	added+5%	−0.01 pp	8 q
SCHBSchwab U.S. Broad Market ETF	0.04%	45,370	$3M	held	—	23 q
WUThe Western Union Company	0.04%	155,387	$3M	trimmed−30%	−0.01 pp	23 q
unresolvedCalyxt Inc	0.03%	179,301	$2M	added+59%	+0.01 pp	5 q
CSIICardiovascular Systems, Inc.	0.03%	83,112	$2M	added+9%	0.00 pp	18 q
DLXDeluxe Corporation	0.03%	49,756	$2M	trimmed−11%	−0.01 pp	23 q
DGIIDigi International Inc	0.03%	223,895	$2M	added×2.5	+0.02 pp	2 q
GTXGarrett Motion Inc.	0.03%	158,671	$2M	new	+0.03 pp	new
MGPIMGP Ingredients Inc	0.03%	45,300	$3M	new	+0.03 pp	new
PSXPhillips 66	0.03%	22,136	$2M	added+2%	0.00 pp	23 q
TAT&T Inc.	0.02%	46,279	$1M	added+6%	0.00 pp	23 q
GOOGLAlphabet Inc. Class A	0.02%	1,428	$1M	added+4%	0.00 pp	14 q
AMGNAmgen Inc	0.02%	9,323	$2M	trimmed−3%	0.00 pp	23 q
BABoeing Company	0.02%	3,869	$1M	held	—	23 q
CSCOCisco Systems, Inc. (DE)	0.02%	38,184	$2M	added+4%	0.00 pp	23 q
KOCoca-Cola Company	0.02%	29,953	$1M	added+5%	0.00 pp	23 q
unresolvedGeneral Electric Co	0.02%	210,879	$2M	trimmed−66%	−0.06 pp	23 q
IVViShares Core S&P 500 ETF	0.02%	4,464	$1M	held	—	23 q
MDUMDU Resources Group, Inc.	0.02%	69,543	$2M	trimmed−8%	0.00 pp	23 q
MTSCMTS Systems Corp	0.02%	31,615	$1M	trimmed−9%	0.00 pp	23 q
ORCLOracle Corp	0.02%	31,259	$1M	trimmed−3%	0.00 pp	23 q
PEPPepsiCo, Inc.	0.02%	14,627	$2M	added+10%	0.00 pp	23 q
SCHFSchwab International Equity ETF	0.02%	50,190	$1M	held	—	23 q
UNPUnion Pacific Corp.	0.02%	8,510	$1M	added+5%	0.00 pp	11 q
UTXZRTX Corporation	0.02%	13,959	$1M	trimmed−2%	0.00 pp	23 q
ADBEAdobe Inc.	0.01%	2,100	$475,000	held	—	13 q
AMZNAmazon.Com Inc	0.01%	616	$925,000	held	—	21 q
AMTAmerican Tower Corporation	0.01%	3,345	$529,000	held	—	4 q
ADPAutomatic Data Processing	0.01%	5,052	$662,000	held	—	23 q
BPBP p.l.c.	0.01%	27,282	$1M	added+9%	0.00 pp	23 q
BACBank of America Corporation	0.01%	15,455	$381,000	added+21%	+0.01 pp	23 q
BDXBecton, Dickinson and Co.	0.01%	3,280	$739,000	held	—	23 q
CSXCSX Corporation	0.01%	7,950	$494,000	held	—	8 q
CATCaterpillar Inc.	0.01%	7,040	$895,000	held	—	23 q
CLColgate-Palmolive Company	0.01%	8,876	$528,000	trimmed−2%	0.00 pp	23 q
COSTCostco Wholesale Corp	0.01%	3,522	$717,000	held	—	23 q
unresolvedDowdupont Inc	0.01%	10,938	$585,000	trimmed−4%	0.00 pp	6 q
EXCExelon Corporation	0.01%	11,428	$515,000	trimmed−17%	0.00 pp	23 q
IDXXIdexx Laboratories Inc	0.01%	3,398	$632,000	trimmed−21%	0.00 pp	21 q
DVYiShares Select Dividend ETF	0.01%	5,959	$532,000	trimmed−20%	0.00 pp	13 q
EFAiShares MSCI EAFE ETF	0.01%	6,539	$384,000	held	—	23 q
IWRiShares Russell Mid-Cap ETF	0.01%	13,740	$639,000	held	—	15 q
IWDiShares Russell 1000 Value ETF	0.01%	4,810	$534,000	trimmed−1%	0.00 pp	13 q
IWFiShares Russell 1000 Growth ETF	0.01%	6,545	$857,000	held	—	13 q
IWMiShares Russell 2000 ETF	0.01%	3,475	$465,000	held	—	13 q
LOWLowe's Companies Inc.	0.01%	7,369	$681,000	added+37%	0.00 pp	23 q
MAMastercard Incorporated	0.01%	2,695	$508,000	held	—	5 q
NSCNorfolk Southern Corp.	0.01%	4,560	$682,000	held	—	23 q
NADNuveen Quality Municipal Income Fund	0.01%	32,125	$403,000	trimmed−4%	+0.01 pp	8 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.01%	41,302	$501,000	held	—	17 q
PMPhilip Morris International Inc.	0.01%	7,203	$481,000	trimmed−5%	0.00 pp	23 q
SBUXStarbucks Corp	0.01%	9,775	$630,000	trimmed−9%	0.00 pp	8 q
unresolvedTcf Financial Corp	0.01%	36,226	$706,000	added+6%	0.00 pp	23 q
TMOThermo Fisher Scientific, Inc.	0.01%	2,060	$461,000	held	—	20 q
WECWEC Energy Group, Inc.	0.01%	7,369	$510,000	held	—	15 q
WMTWalmart Inc.	0.01%	4,621	$430,000	held	—	23 q
WBAWalgreens Boots Alliance, Inc	0.01%	10,150	$694,000	trimmed−3%	0.00 pp	17 q
WYWeyerhaeuser Company	0.01%	18,975	$415,000	added+2%	0.00 pp	21 q
LNTAlliant Energy Corporation	0.00%	7,228	$305,000	held	—	21 q
MOAltria Group, Inc.	0.00%	6,082	$300,000	trimmed−4%	0.00 pp	23 q
AMPAmeriprise Financial, Inc.	0.00%	2,331	$243,000	held	—	22 q
AMATApplied Materials Inc	0.00%	9,202	$301,000	held	—	8 q
BIIBBiogen Inc.	0.00%	1,025	$308,000	held	—	23 q
CLXClorox Company	0.00%	1,513	$233,000	held	—	13 q
CMCSAComcast Corp	0.00%	8,485	$289,000	added+12%	0.00 pp	9 q
DEDeere & Company	0.00%	1,592	$237,000	held	—	5 q
DDominion Energy, Inc	0.00%	4,632	$331,000	added+28%	0.00 pp	23 q
EIMEaton Vance Municipal Bond Fund	0.00%	14,025	$158,000	trimmed−18%	0.00 pp	3 q
EWEdwards Lifesciences Corp	0.00%	1,320	$202,000	held	—	2 q
EPDEnterprise Products Partners L.P.	0.00%	9,200	$226,000	new	0.00 pp	new
FDXFedEx Corporation	0.00%	2,140	$345,000	held	—	23 q
IPGPIPG Photonics Corporation	0.00%	2,000	$227,000	held	—	7 q
ITWIllinois Tool Works Inc.	0.00%	2,899	$367,000	trimmed−3%	0.00 pp	8 q
IFFInternational Flavors & Fragrances Inc.	0.00%	2,466	$331,000	held	—	23 q
VMOInvesco Municipal Opportunity Trust	0.00%	10,000	$112,000	held	—	3 q
IJHiShares Core S&P Mid-Cap ETF	0.00%	2,105	$350,000	held	—	17 q
IJTiShares S&P Small-Cap 600 Growth ETF	0.00%	1,655	$267,000	held	—	13 q
KELKellanova	0.00%	4,250	$242,000	held	—	23 q
NEENextEra Energy, Inc.	0.00%	1,656	$288,000	trimmed−30%	0.00 pp	23 q
NKENike, Inc.	0.00%	4,400	$326,000	trimmed−5%	0.00 pp	7 q
NWBONorthwest Biothrputcs Inc	0.00%	12,500	$3,000	held	—	13 q
NVSNovartis AG	0.00%	2,900	$249,000	trimmed−9%	0.00 pp	23 q
NUWNuveen AMT-Free Municipal Value Fund	0.00%	13,000	$192,000	held	—	3 q
PAYXPaychex Inc	0.00%	3,919	$255,000	held	—	6 q
PMLPimco Municipal Income Fund II Of Beneficial Int.	0.00%	14,700	$196,000	held	—	3 q
PIIPolaris Inc.	0.00%	3,623	$278,000	trimmed−2%	0.00 pp	23 q
PCYOPure Cycle Corporation	0.00%	11,855	$118,000	held	—	23 q
RTNRaytheon Company	0.00%	1,375	$211,000	held	—	12 q
RDS.ARoyal Dutch Shell PLC	0.00%	5,320	$310,000	held	—	23 q
CWBState Street SPDR Bloomberg Convertible Securities ETF	0.00%	5,548	$260,000	trimmed−6%	0.00 pp	3 q
SYYSysco Corporation	0.00%	5,272	$330,000	added+23%	0.00 pp	22 q
VIGVanguard Dividend Appreciation ETF	0.00%	3,204	$314,000	held	—	8 q
WABCWestamerica Bancorporation	0.00%	5,359	$298,000	held	—	23 q
ZTSZoetis Inc.	0.00%	3,840	$328,000	trimmed−7%	0.00 pp	4 q
AMEAmetek, Inc.	—	−2,700	—	exited	0.00 pp	—
unresolvedBlackrock Muni Hldgs	—	−11,350	—	exited	0.00 pp	—
CELGCelgene Corp	—	−2,940	—	exited	0.00 pp	—
CNPCenterPoint Energy, Inc.	—	−7,359	—	exited	0.00 pp	—
CERNCerner Corp	—	−3,210	—	exited	0.00 pp	—
unresolvedEaton Vance Muni Bond II	—	−10,000	—	exited	0.00 pp	—
FLTCorpay, Inc.	—	−1,000	—	exited	0.00 pp	—
HEIHEICO Corporation	—	−2,345	—	exited	0.00 pp	—
ICFiShares Select U.S. REIT ETF	—	−2,013	—	exited	0.00 pp	—
LMTLockheed Martin Corp.	—	−606	—	exited	0.00 pp	—
NEOGNeogen Corp	—	−2,965	—	exited	0.00 pp	—
NSRGYNestle S.a S/	—	−2,650	—	exited	0.00 pp	—
NOCNorthrop Grumman Corp.	—	−747	—	exited	0.00 pp	—
PXGBXPraxair Inc	—	−2,032	—	exited	0.00 pp	—
SEICSEI Investments Co	—	−3,300	—	exited	0.00 pp	—
XLKState Street Technology Select Sector SPDR ETF	—	−2,752	—	exited	0.00 pp	—
unresolvedShire PLC	—	−1,346	—	exited	0.00 pp	—
SU6Surmodics Inc	—	−3,300	—	exited	0.00 pp	—
ACNAccenture PLC	—	−1,191	—	exited	0.00 pp	—
SSYSStratasys Inc (ISRAEL)	—	−13,300	—	exited	0.00 pp	—