Mairs & Power

Q2 2019 13F · by Andrew Adams, CIO

As of: Jun 30, 2019
Filed: Aug 14, 2019
US stock: $8.3B · prev $8.2B
Positions: 218 · prev 212
Options notional: $0
Documents: 1· no amendments

Picture97.7% US stock

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

US stock listed on a US exchange 97.7%
Foreign stock not listed in the US 2.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves156 since the prior filing

+4.0 pp in · −4.1 pp out

New 12 +1.31 pp
Added 56 +2.68 pp
Trimmed 82 −2.74 pp
Exited 6 −1.38 pp

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.2 years per position

Low
Moderate
High

Top 5 positions20% of US stock

Positions218 in this filing · 6 exited


ECLEcolab, Inc.	4.34%	1,831,331	$362M	trimmed−10%	0.00 pp	25 q
USBU.S. Bancorp	4.17%	6,636,358	$348M	added0%	+0.30 pp	25 q
MMM3M Company	3.89%	1,869,922	$324M	added+8%	−0.50 pp	25 q
GOOGAlphabet Inc. Class C	3.82%	294,246	$318M	added+6%	−0.13 pp	21 q
MDTMedtronic plc	3.61%	3,087,062	$301M	added+1%	+0.22 pp	19 q
JNJJohnson & Johnson	3.45%	2,064,729	$288M	trimmed−1%	−0.07 pp	25 q
GGGGraco Inc	3.09%	5,134,621	$258M	trimmed−3%	−0.09 pp	25 q
DCIDonaldson Company, Inc.	3.05%	5,000,831	$254M	trimmed−1%	−0.02 pp	25 q
DISThe Walt Disney Company	3.00%	1,792,042	$250M	trimmed−8%	+0.38 pp	25 q
HRLHormel Foods Corporation	2.78%	5,724,858	$232M	trimmed−1%	−0.37 pp	25 q
HONHoneywell International, Inc.	2.72%	1,298,713	$227M	trimmed−19%	−0.37 pp	25 q
MSFTMicrosoft Corp	2.71%	1,684,774	$226M	added+3%	+0.36 pp	25 q
TECHBio-Techne Corp.	2.67%	1,068,146	$223M	trimmed−7%	−0.11 pp	20 q
ABTAbbott Laboratories	2.51%	2,490,019	$209M	trimmed−17%	−0.41 pp	25 q
FISVFiserv, Inc.	2.29%	2,095,171	$191M	added+3%	+0.11 pp	25 q
RHHBYRoche Holding Ltd S/	2.26%	5,362,258	$188M	added+4%	+0.10 pp	24 q
TTCToro Company (The)	2.23%	2,776,902	$186M	trimmed−2%	−0.13 pp	25 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.06%	704,389	$172M	added+33%	+0.47 pp	25 q
FASTFastenal Co	2.05%	5,248,832	$171M	trimmed−6%	−0.14 pp	25 q
PFGPrincipal Financial Group, Inc.	2.02%	2,901,102	$168M	added+1%	+0.27 pp	25 q
AXPAmerican Express Company	2.00%	1,353,592	$167M	trimmed−3%	+0.16 pp	25 q
CHRWC.H. Robinson Worldwide, Inc.	2.00%	1,977,322	$167M	added+3%	−0.02 pp	25 q
FULH.B. Fuller Company	1.53%	2,755,330	$128M	added+2%	−0.07 pp	25 q
CORCoresite Realty Corp	1.52%	1,098,484	$127M	added+1%	+0.11 pp	8 q
GISGeneral Mills, Inc.	1.51%	2,399,195	$126M	trimmed−12%	−0.20 pp	25 q
PFEPfizer Inc.	1.46%	2,816,195	$122M	trimmed−0%	0.00 pp	25 q
ZBHZimmer Biomet Holdings, Inc.	1.45%	1,027,772	$121M	trimmed−0%	−0.15 pp	25 q
VVISA Inc.	1.40%	670,972	$116M	added0%	+0.13 pp	25 q
WFCWells Fargo & Co.	1.32%	2,320,008	$110M	added+10%	+0.09 pp	25 q
QCOMQualcomm Inc	1.16%	1,265,699	$96M	added+1%	+0.30 pp	25 q
UPSUnited Parcel Service, Inc. Class B	1.13%	911,752	$94M	trimmed−0%	−0.11 pp	25 q
SLBSLB Limited	1.07%	2,242,136	$89M	added+4%	−0.07 pp	25 q
GWBGreat Western Bancorp, Inc.	1.00%	2,322,836	$83M	added+6%	+0.16 pp	14 q
TNCTennant Company	1.00%	1,356,566	$83M	added+4%	+0.01 pp	25 q
LFUSLittelfuse Inc	0.98%	463,507	$82M	added+22%	+0.13 pp	6 q
ONBOld National Bancorp	0.98%	4,917,112	$82M	trimmed−1%	−0.01 pp	6 q
LLYEli Lilly & Co.	0.90%	676,906	$75M	trimmed−2%	−0.18 pp	25 q
GLWCorning Incorporated	0.89%	2,228,998	$74M	added+6%	+0.04 pp	25 q
TGTTarget Corporation	0.87%	839,287	$73M	trimmed−7%	−0.01 pp	25 q
HDHome Depot, Inc.	0.76%	304,820	$63M	trimmed−2%	+0.03 pp	25 q
NVTnVent Electric plc	0.74%	2,483,743	$62M	added+15%	+0.03 pp	5 q
PNRPentair plc	0.73%	1,644,374	$61M	trimmed−0%	−0.16 pp	21 q
ASBAssociated Banc-Corp	0.67%	2,653,955	$56M	added+2%	−0.01 pp	25 q
NVDANvidia Corp	0.66%	333,265	$55M	new	+0.66 pp	new
AMCRAmcor plc	0.64%	4,617,788	$53M	new	+0.64 pp	new
BAXBaxter International Inc.	0.61%	619,435	$51M	trimmed−7%	−0.05 pp	25 q
MSIMotorola Solutions, Inc. New	0.61%	303,497	$51M	added+71%	+0.31 pp	4 q
BMIBadger Meter, Inc.	0.59%	829,401	$50M	trimmed−3%	+0.01 pp	25 q
SCHWThe Charles Schwab Corporation	0.58%	1,193,791	$48M	added+10%	+0.02 pp	25 q
GNRCGenerac Holdings Inc	0.57%	685,815	$48M	added+1%	+0.15 pp	22 q
TRVThe Travelers Companies, Inc.	0.42%	236,486	$35M	trimmed−1%	+0.02 pp	25 q
CVXChevron Corporation	0.36%	241,579	$30M	trimmed−5%	−0.02 pp	25 q
NVECNVE Corp	0.35%	418,683	$29M	added+1%	−0.14 pp	25 q
XOMExxon Mobil Corp	0.33%	357,513	$27M	trimmed−20%	−0.11 pp	25 q
JPMJPMorgan Chase & Co.	0.33%	247,263	$28M	trimmed−1%	+0.02 pp	25 q
EMREmerson Electric Co.	0.32%	402,820	$27M	trimmed−3%	−0.03 pp	25 q
PRLBProto Labs, Inc.	0.32%	232,179	$27M	trimmed−0%	+0.02 pp	25 q
PGProcter & Gamble Company	0.30%	229,767	$25M	trimmed−13%	−0.03 pp	25 q
SHWThe Sherwin-Williams Company	0.29%	53,374	$24M	added+2%	+0.02 pp	2 q
THRMGentherm Inc	0.26%	523,275	$22M	added0%	+0.03 pp	23 q
ELANElanco Animal Health Incorporated	0.25%	618,474	$21M	added+91%	+0.12 pp	2 q
CLBCore Laboratories Inc.	0.24%	382,541	$20M	added+15%	−0.04 pp	4 q
CFRCullen/Frost Bankers Inc.	0.23%	205,320	$19M	added+10%	+0.01 pp	12 q
INTCIntel Corp	0.22%	391,142	$19M	trimmed−0%	−0.04 pp	25 q
CTLTCatalent, Inc.	0.20%	312,358	$17M	held	—	10 q
SNASnap-on Incorporated	0.20%	98,281	$16M	trimmed−64%	−0.31 pp	25 q
APOGApogee Enterprises Inc	0.19%	359,130	$16M	trimmed−9%	+0.01 pp	25 q
KMBKimberly-Clark Corp.	0.19%	120,899	$16M	trimmed−9%	−0.01 pp	25 q
WTFCWintrust Financial Corp	0.19%	212,285	$16M	held	—	25 q
OSKOshkosh Corp.	0.18%	184,200	$15M	held	—	25 q
PDCOPatterson Companies, Inc.	0.17%	602,094	$14M	added0%	+0.01 pp	25 q
XELXcel Energy, Inc.	0.17%	242,485	$14M	trimmed−2%	0.00 pp	25 q
CASYCasey's General Stores Inc	0.15%	79,200	$12M	trimmed−6%	+0.02 pp	25 q
BKHBlack Hills Corporation	0.14%	153,050	$12M	trimmed−10%	−0.01 pp	10 q
GBCIGlacier Bancorp Inc	0.14%	292,485	$12M	added0%	0.00 pp	12 q
HSYThe Hershey Company	0.14%	87,423	$12M	trimmed−17%	−0.01 pp	25 q
HUBGHUB Group Inc	0.14%	285,995	$12M	added+5%	0.00 pp	25 q
BMYBristol-Myers Squibb Co.	0.13%	237,532	$11M	trimmed−5%	−0.01 pp	25 q
PINCNPremier Inc-class A	0.13%	275,909	$11M	held	—	12 q
AIRAAR Corp.	0.12%	275,370	$10M	added+27%	+0.03 pp	5 q
ATUEnerpac Tool Group Corp.	0.11%	360,508	$9M	held	—	18 q
INSPInspire Medical Systems, Inc.	0.11%	156,810	$10M	added0%	0.00 pp	5 q
DGIIDigi International Inc	0.10%	630,420	$8M	added×2.5	+0.06 pp	4 q
42OPhysicians Realty Trust	0.10%	475,095	$8M	trimmed−4%	−0.01 pp	19 q
RAVNRaven Industries Inc	0.10%	234,371	$8M	held	—	17 q
UFCSUnited Fire Group Inc.	0.10%	171,342	$8M	added+15%	+0.02 pp	22 q
AAPLApple Inc.	0.09%	37,200	$7M	added+12%	+0.01 pp	25 q
CCMPCMC Materials, Inc.	0.09%	66,080	$7M	added×2.2	+0.05 pp	2 q
COPConocoPhillips	0.08%	105,861	$6M	trimmed−3%	−0.01 pp	25 q
CRAYCray, Inc.	0.08%	181,847	$6M	trimmed−67%	−0.10 pp	25 q
MCSThe Marcus Corporation	0.08%	202,658	$7M	held	—	13 q
MRKMerck & Co., Inc.	0.08%	78,405	$7M	trimmed−5%	0.00 pp	25 q
VZVerizon Communications	0.08%	115,932	$7M	trimmed−3%	−0.01 pp	25 q
WKWorkiva Inc.	0.08%	117,733	$7M	trimmed−15%	−0.01 pp	15 q
ABBVAbbvie Inc.	0.07%	79,024	$6M	trimmed−7%	−0.01 pp	25 q
AEBAAllete Inc	0.07%	71,233	$6M	trimmed−5%	0.00 pp	25 q
CRZOCarrizo Oil & Gas Inc	0.07%	596,650	$6M	added+6%	−0.02 pp	4 q
IBMInternational Business Machines Corporation	0.07%	39,335	$5M	trimmed−8%	0.00 pp	25 q
IINIntriCon Corporation	0.07%	241,498	$6M	added+8%	0.00 pp	7 q
BRK.BBERKSHIRE HATHAWAY Class B	0.06%	22,396	$5M	added+1%	+0.01 pp	25 q
OASOasis Petroleum Inc	0.06%	914,455	$5M	added+14%	0.00 pp	15 q
SPYState Street SPDR S&P 500 ETF Trust	0.06%	16,261	$5M	trimmed−28%	−0.02 pp	25 q
CSIICardiovascular Systems, Inc.	0.05%	97,282	$4M	added+2%	+0.01 pp	20 q
CYBECyberoptics Corp	0.05%	237,284	$4M	added+9%	0.00 pp	10 q
HWKNHawkins Inc	0.05%	91,937	$4M	trimmed−7%	+0.01 pp	25 q
MGPIMGP Ingredients Inc	0.05%	66,200	$4M	held	—	3 q
QCRHQCR Holdings Inc	0.05%	125,830	$4M	added+7%	0.00 pp	10 q
UBSIUnited Bankshares Inc	0.05%	111,759	$4M	trimmed−14%	−0.01 pp	9 q
BRK.ABerkshire Hathaway Inc.	0.04%	11	$4M	held	—	24 q
EMCIEmc Ins Group Inc	0.04%	90,305	$3M	trimmed−20%	0.00 pp	14 q
FEYEFireEye, Inc.	0.04%	209,605	$3M	added+14%	0.00 pp	4 q
MCDMcDonald's Corporation	0.04%	14,806	$3M	held	—	25 q
SCHBSchwab U.S. Broad Market ETF	0.04%	45,370	$3M	held	—	25 q
TTSTile Shop Hldgs Inc	0.04%	824,865	$3M	trimmed−12%	−0.02 pp	12 q
unresolvedCalyxt Inc	0.03%	198,261	$2M	added+10%	−0.01 pp	7 q
TAT&T Inc.	0.02%	43,670	$1M	added+7%	0.00 pp	25 q
GOOGLAlphabet Inc. Class A	0.02%	1,510	$2M	added+6%	0.00 pp	16 q
AMGNAmgen Inc	0.02%	8,780	$2M	trimmed−3%	0.00 pp	25 q
BABoeing Company	0.02%	4,160	$2M	trimmed−0%	0.00 pp	25 q
CSCOCisco Systems, Inc. (DE)	0.02%	37,184	$2M	held	—	25 q
KOCoca-Cola Company	0.02%	28,642	$1M	trimmed−1%	0.00 pp	25 q
DLXDeluxe Corporation	0.02%	47,150	$2M	trimmed−5%	−0.01 pp	25 q
IVViShares Core S&P 500 ETF	0.02%	4,464	$1M	held	—	25 q
MDUMDU Resources Group, Inc.	0.02%	65,493	$2M	trimmed−5%	0.00 pp	25 q
MTSCMTS Systems Corp	0.02%	31,025	$2M	trimmed−5%	0.00 pp	25 q
ORCLOracle Corp	0.02%	30,549	$2M	trimmed−1%	0.00 pp	25 q
PEPPepsiCo, Inc.	0.02%	14,402	$2M	trimmed−0%	0.00 pp	25 q
PSXPhillips 66	0.02%	21,611	$2M	held	—	25 q
SCHFSchwab International Equity ETF	0.02%	50,190	$2M	held	—	25 q
UNPUnion Pacific Corp.	0.02%	8,759	$1M	trimmed−0%	0.00 pp	13 q
UTXZRTX Corporation	0.02%	14,236	$2M	added+12%	0.00 pp	25 q
ADBEAdobe Inc.	0.01%	2,050	$604,000	trimmed−1%	0.00 pp	15 q
AMZNAmazon.Com Inc	0.01%	601	$1M	trimmed−2%	0.00 pp	23 q
AMTAmerican Tower Corporation	0.01%	3,345	$684,000	held	—	6 q
ADPAutomatic Data Processing	0.01%	5,052	$835,000	held	—	25 q
BPBP p.l.c.	0.01%	20,694	$863,000	trimmed−15%	0.00 pp	25 q
BACBank of America Corporation	0.01%	14,955	$434,000	held	—	25 q
BDXBecton, Dickinson and Co.	0.01%	3,165	$798,000	held	—	25 q
BXBlackstone Inc.	0.01%	12,500	$555,000	new	+0.01 pp	new
CSXCSX Corporation	0.01%	7,950	$615,000	held	—	10 q
CATCaterpillar Inc.	0.01%	7,040	$959,000	held	—	25 q
CLColgate-Palmolive Company	0.01%	8,876	$636,000	held	—	25 q
COSTCostco Wholesale Corp	0.01%	3,422	$904,000	trimmed−1%	0.00 pp	25 q
unresolvedGeneral Electric Co	0.01%	101,701	$1M	trimmed−33%	−0.01 pp	25 q
IDXXIdexx Laboratories Inc	0.01%	3,398	$936,000	held	—	23 q
ITWIllinois Tool Works Inc.	0.01%	2,899	$437,000	held	—	10 q
DVYiShares Select Dividend ETF	0.01%	6,005	$598,000	added+1%	0.00 pp	15 q
IWRiShares Russell Mid-Cap ETF	0.01%	12,860	$718,000	held	—	17 q
IWDiShares Russell 1000 Value ETF	0.01%	4,025	$512,000	trimmed−1%	0.00 pp	15 q
IWFiShares Russell 1000 Growth ETF	0.01%	6,545	$1M	held	—	15 q
IWMiShares Russell 2000 ETF	0.01%	3,495	$543,000	added+1%	0.00 pp	15 q
LOWLowe's Companies Inc.	0.01%	7,369	$744,000	held	—	25 q
MAMastercard Incorporated	0.01%	2,695	$713,000	held	—	7 q
NSCNorfolk Southern Corp.	0.01%	4,360	$869,000	held	—	25 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.01%	37,002	$507,000	held	—	19 q
PMPhilip Morris International Inc.	0.01%	6,008	$472,000	trimmed−9%	0.00 pp	25 q
SBUXStarbucks Corp	0.01%	9,375	$786,000	trimmed−4%	0.00 pp	10 q
unresolvedTcf Financial Corp	0.01%	35,276	$733,000	trimmed−2%	0.00 pp	25 q
TMOThermo Fisher Scientific, Inc.	0.01%	2,060	$605,000	held	—	22 q
WECWEC Energy Group, Inc.	0.01%	7,369	$614,000	held	—	17 q
WMTWalmart Inc.	0.01%	4,596	$508,000	trimmed−1%	0.00 pp	25 q
WBAWalgreens Boots Alliance, Inc	0.01%	9,950	$544,000	held	—	19 q
WUThe Western Union Company	0.01%	36,009	$716,000	trimmed−69%	−0.02 pp	25 q
WYWeyerhaeuser Company	0.01%	17,758	$468,000	added+2%	0.00 pp	23 q
ZTSZoetis Inc.	0.01%	3,840	$436,000	held	—	6 q
LNTAlliant Energy Corporation	0.00%	5,618	$276,000	trimmed−22%	0.00 pp	23 q
MOAltria Group, Inc.	0.00%	4,392	$208,000	added+2%	0.00 pp	25 q
AMPAmeriprise Financial, Inc.	0.00%	2,331	$338,000	held	—	24 q
AMEAmetek, Inc.	0.00%	2,700	$245,000	held	—	2 q
AKXAnsys Inc	0.00%	990	$203,000	new	0.00 pp	new
AMATApplied Materials Inc	0.00%	7,477	$336,000	trimmed−10%	0.00 pp	10 q
BIIBBiogen Inc.	0.00%	1,025	$240,000	held	—	25 q
CELGCelgene Corp	0.00%	2,870	$265,000	held	—	2 q
CERNCerner Corp	0.00%	2,810	$206,000	new	0.00 pp	new
CLXClorox Company	0.00%	1,513	$232,000	held	—	15 q
CMCSAComcast Corp	0.00%	7,517	$318,000	trimmed−9%	0.00 pp	11 q
DEDeere & Company	0.00%	1,442	$239,000	held	—	7 q
DDominion Energy, Inc	0.00%	4,632	$358,000	held	—	25 q
EIMEaton Vance Municipal Bond Fund	0.00%	10,316	$128,000	trimmed−26%	0.00 pp	5 q
EWEdwards Lifesciences Corp	0.00%	1,320	$244,000	held	—	4 q
EPDEnterprise Products Partners L.P.	0.00%	9,200	$266,000	held	—	3 q
EXCExelon Corporation	0.00%	8,428	$404,000	trimmed−26%	−0.01 pp	25 q
METAMeta Platforms, Inc. Class A	0.00%	1,300	$251,000	held	—	2 q
FLTCorpay, Inc.	0.00%	1,000	$281,000	held	—	2 q
GPCGenuine Parts Company	0.00%	1,950	$202,000	held	—	2 q
HEIHEICO Corporation	0.00%	1,700	$227,000	trimmed−28%	0.00 pp	2 q
IPGPIPG Photonics Corporation	0.00%	1,500	$231,000	held	—	9 q
IFFInternational Flavors & Fragrances Inc.	0.00%	2,466	$358,000	held	—	25 q
EFAiShares MSCI EAFE ETF	0.00%	6,239	$410,000	held	—	25 q
IJHiShares Core S&P Mid-Cap ETF	0.00%	2,105	$409,000	held	—	19 q
IJTiShares S&P Small-Cap 600 Growth ETF	0.00%	1,655	$302,000	held	—	15 q
KELKellanova	0.00%	4,250	$228,000	held	—	25 q
LMTLockheed Martin Corp.	0.00%	606	$220,000	new	0.00 pp	new
MKCMcCormick & Company, Incorporated Non-VTG CS	0.00%	1,350	$209,000	held	—	2 q
MDLZMondelez International, Inc. Class A	0.00%	4,364	$235,000	held	—	2 q
NSRGYNestle S.a S/	0.00%	2,450	$253,000	held	—	2 q
NEENextEra Energy, Inc.	0.00%	1,656	$339,000	held	—	25 q
NKENike, Inc.	0.00%	4,400	$369,000	held	—	9 q
NOCNorthrop Grumman Corp.	0.00%	720	$233,000	trimmed−4%	0.00 pp	2 q
NWBONorthwest Biothrputcs Inc	0.00%	12,500	$3,000	held	—	15 q
NVSNovartis AG	0.00%	2,900	$265,000	held	—	25 q
OTTROtter Tail Corp	0.00%	3,800	$201,000	new	0.00 pp	new
PAYXPaychex Inc	0.00%	2,819	$232,000	trimmed−7%	0.00 pp	8 q
PLUGPlug Power Inc.	0.00%	30,000	$68,000	new	0.00 pp	new
PIIPolaris Inc.	0.00%	2,292	$209,000	new	0.00 pp	new
POMPolymet Mining Corp	0.00%	140,000	$60,000	new	0.00 pp	new
unresolvedPolymet Mining Corp RT	0.00%	140,000	$0	new	0.00 pp	new
PCYOPure Cycle Corporation	0.00%	11,855	$126,000	held	—	25 q
RTNRaytheon Company	0.00%	1,375	$239,000	held	—	14 q
REZIResideo Technologies, Inc.	0.00%	17,509	$384,000	trimmed−69%	−0.01 pp	3 q
RDS.ARoyal Dutch Shell PLC	0.00%	5,095	$332,000	held	—	25 q
XLKState Street Technology Select Sector SPDR ETF	0.00%	2,752	$215,000	held	—	2 q
SOThe Southern Company	0.00%	4,417	$244,000	held	—	2 q
SYYSysco Corporation	0.00%	5,272	$373,000	held	—	24 q
VIGVanguard Dividend Appreciation ETF	0.00%	3,204	$369,000	held	—	10 q
WABCWestamerica Bancorporation	0.00%	5,359	$330,000	held	—	25 q
ACNAccenture PLC	0.00%	1,191	$220,000	held	—	2 q
OREAllkem Ltd	0.00%	33,000	$65,000	new	0.00 pp	new
unresolvedBemis Inc	—	−2,026,656	—	exited	−1.37 pp	—
unresolvedDowdupont Inc	—	−9,579	—	exited	−0.01 pp	—
CNPCenterPoint Energy, Inc.	—	−6,798	—	exited	0.00 pp	—
GTXGarrett Motion Inc.	—	−14,154	—	exited	0.00 pp	—
NADNuveen Quality Municipal Income Fund	—	−20,144	—	exited	0.00 pp	—
SSYSStratasys Inc (ISRAEL)	—	−8,500	—	exited	0.00 pp	—