Mairs & Power

Q2 2020 13F · by Andrew Adams, CIO

As of: Jun 30, 2020
Filed: Aug 14, 2020
US stock: $7.7B · prev $6.9B
Positions: 201 · prev 198
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves166 since the prior filing

+4.6 pp in · −4.6 pp out

New 14 +0.10 pp
Added 46 +4.52 pp
Trimmed 95 −1.64 pp
Exited 11 −2.99 pp

The book

Diversified · behaves like 41 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 6.9 years per position

Low
Moderate
High

Top 5 positions22% of US stock

MSFT Microsoft Corp added+1.00 pp added+1.005.3%
GOOG Alphabet Inc. Class C trimmed+0.37 pp trimmed+0.375.3%
ECL Ecolab, Inc. trimmed+0.37 pp trimmed+0.374.3%
USB U.S. Bancorp added+0.23 pp added+0.233.8%
MDT Medtronic plc added−0.30 pp added−0.303.4%

Positions201 in this filing · 11 exited


MSFTMicrosoft Corp	5.30%	1,994,612	$406M	added+7%	+1.00 pp	29 q
GOOGAlphabet Inc. Class C	5.25%	284,210	$402M	trimmed−1%	+0.37 pp	25 q
ECLEcolab, Inc.	4.31%	1,658,057	$330M	trimmed−4%	+0.37 pp	29 q
USBU.S. Bancorp	3.77%	7,835,135	$288M	added+11%	+0.23 pp	29 q
MDTMedtronic plc	3.42%	2,851,219	$261M	added+1%	−0.30 pp	23 q
MMM3M Company	3.20%	1,572,385	$245M	trimmed−11%	−0.34 pp	29 q
TECHBio-Techne Corp.	3.11%	901,958	$238M	trimmed−12%	+0.28 pp	24 q
JNJJohnson & Johnson	2.96%	1,608,487	$226M	trimmed−8%	−0.39 pp	29 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.95%	766,538	$226M	trimmed−3%	+0.08 pp	29 q
GGGGraco Inc	2.90%	4,621,742	$222M	trimmed−2%	−0.46 pp	29 q
HRLHormel Foods Corporation	2.67%	4,236,988	$205M	trimmed−2%	−0.27 pp	29 q
DISThe Walt Disney Company	2.58%	1,773,762	$198M	added0%	+0.08 pp	29 q
FASTFastenal Co	2.34%	4,186,853	$179M	trimmed−11%	+0.19 pp	29 q
TTCToro Company (The)	2.34%	2,697,743	$179M	added+9%	−0.01 pp	29 q
FISVFiserv, Inc.	2.33%	1,826,301	$178M	added+8%	−0.01 pp	29 q
NVDANvidia Corp	2.28%	459,029	$174M	trimmed−4%	+0.43 pp	5 q
HONHoneywell International, Inc.	2.27%	1,203,638	$174M	trimmed−0%	−0.08 pp	29 q
DCIDonaldson Company, Inc.	2.24%	3,688,482	$172M	trimmed−15%	−0.21 pp	29 q
VVISA Inc.	2.11%	836,394	$162M	added+5%	+0.24 pp	29 q
CORCoresite Realty Corp	1.98%	1,250,030	$151M	trimmed−1%	−0.15 pp	12 q
PFGPrincipal Financial Group, Inc.	1.98%	3,643,977	$151M	added+9%	+0.45 pp	29 q
ABTAbbott Laboratories	1.90%	1,590,820	$145M	trimmed−9%	−0.11 pp	29 q
CHRWC.H. Robinson Worldwide, Inc.	1.86%	1,799,960	$142M	trimmed−15%	−0.18 pp	29 q
AXPAmerican Express Company	1.72%	1,382,917	$132M	added+3%	+0.04 pp	29 q
FULH.B. Fuller Company	1.72%	2,955,076	$132M	added+5%	+0.58 pp	29 q
ZBHZimmer Biomet Holdings, Inc.	1.53%	978,497	$117M	trimmed−1%	+0.07 pp	29 q
LLYEli Lilly & Co.	1.50%	701,532	$115M	trimmed−13%	−0.13 pp	29 q
LFUSLittelfuse Inc	1.42%	636,413	$109M	added+5%	+0.24 pp	10 q
MSIMotorola Solutions, Inc. New	1.39%	760,323	$107M	added+55%	+0.44 pp	8 q
TNCTennant Company	1.35%	1,591,947	$103M	added+6%	+0.08 pp	29 q
HDHome Depot, Inc.	1.32%	402,860	$101M	trimmed−1%	+0.21 pp	29 q
WFCWells Fargo & Co.	1.32%	3,946,057	$101M	added+68%	+0.34 pp	29 q
QCOMQualcomm Inc	1.19%	995,335	$91M	trimmed−0%	+0.20 pp	29 q
PFEPfizer Inc.	1.08%	2,519,921	$82M	trimmed−8%	−0.23 pp	29 q
NVTnVent Electric plc	1.08%	4,406,512	$83M	added+13%	+0.12 pp	9 q
TGTTarget Corporation	0.99%	633,930	$76M	trimmed−4%	+0.10 pp	29 q
GISGeneral Mills, Inc.	0.84%	1,038,356	$64M	trimmed−29%	−0.28 pp	29 q
GLWCorning Incorporated	0.75%	2,207,240	$57M	trimmed−8%	+0.03 pp	29 q
AIYActivision Blizzard Inc	0.67%	673,212	$51M	added+23%	+0.19 pp	2 q
BAXBaxter International Inc.	0.67%	593,757	$51M	trimmed−2%	−0.05 pp	29 q
SYYSysco Corporation	0.66%	924,749	$51M	added+8%	+0.09 pp	28 q
SHWThe Sherwin-Williams Company	0.65%	86,663	$50M	added+1%	+0.07 pp	6 q
ONBOld National Bancorp	0.62%	3,453,254	$48M	added+4%	−0.02 pp	10 q
SCHWThe Charles Schwab Corporation	0.59%	1,345,940	$45M	trimmed−0%	−0.07 pp	29 q
UPSUnited Parcel Service, Inc. Class B	0.49%	334,877	$37M	trimmed−18%	−0.07 pp	29 q
ROKRockwell Automation, Inc.	0.44%	157,502	$34M	added+7%	+0.12 pp	4 q
DGIIDigi International Inc	0.40%	2,603,318	$30M	added+15%	+0.09 pp	8 q
GWBGreat Western Bancorp, Inc.	0.39%	2,150,181	$30M	trimmed−13%	−0.35 pp	18 q
NVECNVE Corp	0.37%	462,583	$29M	added+5%	+0.04 pp	29 q
WKWorkiva Inc.	0.36%	521,443	$28M	added×2.3	+0.25 pp	19 q
ELANElanco Animal Health Incorporated	0.33%	1,185,757	$25M	added+1%	−0.05 pp	6 q
PRLBProto Labs, Inc.	0.31%	213,963	$24M	trimmed−7%	+0.06 pp	29 q
JPMJPMorgan Chase & Co.	0.30%	241,912	$23M	trimmed−0%	−0.02 pp	29 q
PGProcter & Gamble Company	0.29%	183,891	$22M	trimmed−4%	−0.02 pp	29 q
TRVThe Travelers Companies, Inc.	0.29%	193,864	$22M	trimmed−11%	−0.03 pp	29 q
INTCIntel Corp	0.28%	363,246	$22M	trimmed−0%	−0.01 pp	29 q
BMIBadger Meter, Inc.	0.27%	324,651	$20M	trimmed−16%	−0.03 pp	29 q
PNRPentair plc	0.27%	538,441	$20M	trimmed−30%	−0.07 pp	25 q
CVXChevron Corporation	0.26%	219,404	$20M	added0%	+0.03 pp	29 q
THRMGentherm Inc	0.26%	504,108	$20M	trimmed−0%	+0.03 pp	27 q
CFRCullen/Frost Bankers Inc.	0.22%	224,580	$17M	added+6%	+0.05 pp	16 q
EMREmerson Electric Co.	0.21%	262,778	$16M	trimmed−4%	+0.02 pp	29 q
GNRCGenerac Holdings Inc	0.19%	121,668	$15M	trimmed−35%	−0.06 pp	26 q
XELXcel Energy, Inc.	0.19%	235,870	$15M	trimmed−1%	−0.02 pp	29 q
AAPLApple Inc.	0.18%	36,752	$13M	trimmed−1%	+0.04 pp	29 q
CTLTCatalent, Inc.	0.18%	189,183	$14M	trimmed−27%	−0.02 pp	14 q
WTFCWintrust Financial Corp	0.17%	292,420	$13M	added+11%	+0.04 pp	29 q
ASBAssociated Banc-Corp	0.16%	898,719	$12M	trimmed−36%	−0.10 pp	29 q
CCMPCMC Materials, Inc.	0.15%	81,235	$11M	trimmed−3%	+0.01 pp	6 q
OSKOshkosh Corp.	0.15%	157,370	$11M	trimmed−5%	−0.01 pp	29 q
BKHBlack Hills Corporation	0.13%	171,520	$10M	added+19%	0.00 pp	14 q
GBCIGlacier Bancorp Inc	0.13%	279,590	$10M	trimmed−5%	−0.02 pp	16 q
APOGApogee Enterprises Inc	0.12%	399,965	$9M	added+14%	+0.01 pp	29 q
INSPInspire Medical Systems, Inc.	0.12%	104,625	$9M	trimmed−31%	−0.01 pp	9 q
KMBKimberly-Clark Corp.	0.12%	62,859	$9M	trimmed−13%	−0.02 pp	29 q
42OPhysicians Realty Trust	0.12%	538,135	$9M	added+8%	+0.02 pp	23 q
CASYCasey's General Stores Inc	0.11%	58,280	$9M	trimmed−0%	0.00 pp	29 q
HSYThe Hershey Company	0.11%	67,210	$9M	trimmed−7%	−0.03 pp	29 q
AMCRAmcor plc	0.10%	761,126	$8M	trimmed−15%	−0.01 pp	5 q
ABBVAbbvie Inc.	0.09%	69,029	$7M	trimmed−2%	+0.01 pp	29 q
BMYBristol-Myers Squibb Co.	0.09%	112,272	$7M	trimmed−24%	−0.03 pp	29 q
EPACEnerpac Tool Group Corp.	0.09%	398,058	$7M	added+4%	0.00 pp	22 q
XOMExxon Mobil Corp	0.09%	151,231	$7M	trimmed−3%	0.00 pp	29 q
NWENorthWestern Energy Group, Inc.	0.09%	127,710	$7M	added×2.1	+0.04 pp	4 q
SLBSLB Limited	0.09%	386,231	$7M	trimmed−39%	−0.04 pp	29 q
CLBCore Laboratories Inc.	0.09%	356,982	$7M	trimmed−67%	−0.07 pp	8 q
HUBGHUB Group Inc	0.08%	134,700	$6M	trimmed−18%	−0.03 pp	29 q
MRKMerck & Co., Inc.	0.08%	80,830	$6M	trimmed−1%	−0.01 pp	29 q
SNASnap-on Incorporated	0.08%	44,038	$6M	trimmed−9%	0.00 pp	29 q
VZVerizon Communications	0.08%	111,564	$6M	trimmed−3%	−0.01 pp	29 q
AIRAAR Corp.	0.07%	272,360	$6M	trimmed−5%	0.00 pp	9 q
UFCSUnited Fire Group Inc.	0.07%	190,618	$5M	added0%	−0.02 pp	26 q
BRK.BBERKSHIRE HATHAWAY Class B	0.06%	25,647	$5M	trimmed−6%	−0.01 pp	29 q
IINIntriCon Corporation	0.06%	353,782	$5M	added+4%	0.00 pp	11 q
MGPIMGP Ingredients Inc	0.06%	118,315	$4M	added0%	+0.01 pp	7 q
MCSThe Marcus Corporation	0.06%	326,148	$4M	added+22%	+0.01 pp	17 q
PDCOPatterson Companies, Inc.	0.06%	214,316	$5M	trimmed−20%	0.00 pp	29 q
QCRHQCR Holdings Inc	0.06%	148,315	$5M	added0%	0.00 pp	14 q
SPYState Street SPDR S&P 500 ETF Trust	0.06%	14,314	$4M	added0%	+0.01 pp	29 q
CSIICardiovascular Systems, Inc.	0.05%	121,075	$4M	trimmed−3%	−0.01 pp	24 q
COPConocoPhillips	0.05%	91,696	$4M	trimmed−5%	+0.01 pp	29 q
MCDMcDonald's Corporation	0.04%	15,223	$3M	trimmed−1%	0.00 pp	29 q
RAVNRaven Industries Inc	0.04%	140,386	$3M	trimmed−0%	0.00 pp	21 q
SCHBSchwab U.S. Broad Market ETF	0.04%	45,370	$3M	held	—	29 q
SNBRQSleep Number Corp	0.04%	75,712	$3M	new	+0.04 pp	new
AEBAAllete Inc	0.03%	36,048	$2M	trimmed−4%	0.00 pp	29 q
GOOGLAlphabet Inc. Class A	0.03%	1,464	$2M	held	—	20 q
AMGNAmgen Inc	0.03%	8,380	$2M	held	—	29 q
CYBECyberoptics Corp	0.03%	69,744	$2M	trimmed−67%	−0.02 pp	14 q
PLXSPlexus Corp	0.03%	30,950	$2M	new	+0.03 pp	new
PINCNPremier Inc-class A	0.03%	76,569	$3M	trimmed−33%	−0.02 pp	16 q
SU6Surmodics Inc	0.03%	45,498	$2M	added+1%	+0.01 pp	4 q
AMZNAmazon.Com Inc	0.02%	607	$2M	added+8%	0.00 pp	27 q
BDXBecton, Dickinson and Co.	0.02%	5,261	$1M	added+18%	+0.01 pp	29 q
BRK.ABerkshire Hathaway Inc.	0.02%	7	$2M	held	—	28 q
CSCOCisco Systems, Inc. (DE)	0.02%	34,489	$2M	trimmed−4%	0.00 pp	29 q
KOCoca-Cola Company	0.02%	29,942	$1M	trimmed−2%	0.00 pp	29 q
ENVEnvestnet, Inc.	0.02%	17,000	$1M	new	+0.02 pp	new
HWKNHawkins Inc	0.02%	42,002	$2M	trimmed−14%	−0.01 pp	29 q
IBMInternational Business Machines Corporation	0.02%	13,996	$2M	trimmed−10%	−0.01 pp	29 q
IVViShares Core S&P 500 ETF	0.02%	4,214	$1M	held	—	29 q
ORCLOracle Corp	0.02%	26,775	$1M	held	—	29 q
PEPPepsiCo, Inc.	0.02%	13,089	$2M	trimmed−2%	0.00 pp	29 q
PSXPhillips 66	0.02%	19,111	$1M	held	—	29 q
SCHFSchwab International Equity ETF	0.02%	44,190	$1M	held	—	29 q
UNPUnion Pacific Corp.	0.02%	9,402	$2M	trimmed−10%	0.00 pp	17 q
TAT&T Inc.	0.01%	37,914	$1M	trimmed−12%	−0.01 pp	29 q
ADBEAdobe Inc.	0.01%	1,868	$813,000	trimmed−12%	0.00 pp	19 q
AMTAmerican Tower Corporation	0.01%	3,172	$820,000	held	—	10 q
ADPAutomatic Data Processing	0.01%	5,172	$770,000	held	—	29 q
BPBP p.l.c.	0.01%	19,056	$444,000	trimmed−15%	0.00 pp	29 q
BXBlackstone Inc.	0.01%	7,000	$397,000	trimmed−18%	0.00 pp	5 q
BABoeing Company	0.01%	3,942	$723,000	trimmed−7%	0.00 pp	29 q
CSXCSX Corporation	0.01%	7,835	$546,000	held	—	14 q
unresolvedCalyxt Inc	0.01%	221,495	$1M	held	—	11 q
CATCaterpillar Inc.	0.01%	7,375	$933,000	held	—	29 q
CTASCintas Corp	0.01%	3,984	$1M	new	+0.01 pp	new
COSTCostco Wholesale Corp	0.01%	3,493	$1M	held	—	29 q
DLXDeluxe Corporation	0.01%	35,709	$841,000	trimmed−4%	0.00 pp	29 q
METAMeta Platforms, Inc. Class A	0.01%	2,814	$639,000	trimmed−1%	0.00 pp	6 q
unresolvedGeneral Electric Co	0.01%	95,296	$651,000	trimmed−6%	0.00 pp	29 q
IDXXIdexx Laboratories Inc	0.01%	3,420	$1M	held	—	27 q
LOWLowe's Companies Inc.	0.01%	7,203	$973,000	held	—	29 q
MDUMDU Resources Group, Inc.	0.01%	44,583	$989,000	trimmed−6%	0.00 pp	29 q
MTSCMTS Systems Corp	0.01%	31,425	$553,000	added0%	0.00 pp	29 q
MAMastercard Incorporated	0.01%	2,676	$791,000	held	—	11 q
NEENextEra Energy, Inc.	0.01%	1,822	$438,000	held	—	29 q
NKENike, Inc.	0.01%	4,190	$411,000	trimmed−6%	0.00 pp	13 q
NSCNorfolk Southern Corp.	0.01%	4,110	$722,000	held	—	29 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.01%	37,002	$527,000	held	—	23 q
POMPolymet Mining Corp	0.01%	1,000,469	$408,000	added+8%	+0.01 pp	5 q
PCHPotlatchDeltic Corporation	0.01%	13,000	$494,000	trimmed−35%	0.00 pp	3 q
RTXRTX Corporation	0.01%	13,094	$807,000	added+5%	−0.01 pp	29 q
XLEState Street Energy Select Sector SPDR ETF	0.01%	19,347	$732,000	trimmed−7%	0.00 pp	3 q
SBUXStarbucks Corp	0.01%	9,871	$726,000	added+1%	0.00 pp	14 q
TCFTcf Financial Corp	0.01%	14,483	$426,000	held	—	4 q
TMOThermo Fisher Scientific, Inc.	0.01%	1,425	$516,000	trimmed−2%	0.00 pp	26 q
VOOVanguard S&P 500 ETF	0.01%	1,386	$393,000	trimmed−46%	0.00 pp	3 q
WECWEC Energy Group, Inc.	0.01%	7,319	$642,000	held	—	21 q
WMTWalmart Inc.	0.01%	4,813	$577,000	held	—	29 q
WYWeyerhaeuser Company	0.01%	26,049	$585,000	trimmed−16%	0.00 pp	27 q
ZTSZoetis Inc.	0.01%	4,159	$570,000	trimmed−1%	0.00 pp	10 q
LNTAlliant Energy Corporation	0.00%	5,618	$269,000	held	—	27 q
MOAltria Group, Inc.	0.00%	5,117	$201,000	new	0.00 pp	new
AMPAmeriprise Financial, Inc.	0.00%	2,511	$377,000	held	—	28 q
AMEAmetek, Inc.	0.00%	2,700	$241,000	new	0.00 pp	new
AKXAnsys Inc	0.00%	990	$289,000	held	—	5 q
AMATApplied Materials Inc	0.00%	5,677	$343,000	trimmed−26%	−0.01 pp	14 q
ADSKAutodesk Inc	0.00%	998	$239,000	new	0.00 pp	new
AXGNAxogen, Inc.	0.00%	22,000	$203,000	held	—	4 q
BACBank of America Corporation	0.00%	12,843	$305,000	trimmed−4%	0.00 pp	29 q
BIIBBiogen Inc.	0.00%	1,025	$274,000	held	—	29 q
CAHCardinal Health, Inc.	0.00%	4,203	$219,000	held	—	3 q
CMCSAComcast Corp	0.00%	9,132	$356,000	trimmed−1%	0.00 pp	15 q
DDominion Energy, Inc	0.00%	4,674	$379,000	held	—	29 q
EXCExelon Corporation	0.00%	6,278	$228,000	held	—	29 q
FLTCorpay, Inc.	0.00%	1,000	$252,000	new	0.00 pp	new
IPGPIPG Photonics Corporation	0.00%	1,500	$241,000	new	0.00 pp	new
ITWIllinois Tool Works Inc.	0.00%	1,849	$323,000	trimmed−21%	0.00 pp	14 q
QQQInvesco QQQ Trust, Series 1	0.00%	1,275	$316,000	held	—	2 q
EFAiShares MSCI EAFE ETF	0.00%	6,239	$380,000	held	—	29 q
IJHiShares Core S&P Mid-Cap ETF	0.00%	1,880	$334,000	held	—	23 q
IJTiShares S&P Small-Cap 600 Growth ETF	0.00%	1,655	$281,000	held	—	19 q
KELKellanova	0.00%	4,250	$281,000	held	—	29 q
LMTLockheed Martin Corp.	0.00%	906	$331,000	held	—	5 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.00%	1,350	$242,000	new	0.00 pp	new
NVSNovartis AG	0.00%	3,030	$265,000	held	—	29 q
OTISOtis Worldwide Corporation	0.00%	4,801	$273,000	new	0.00 pp	new
PAYXPaychex Inc	0.00%	2,730	$207,000	new	0.00 pp	new
PMPhilip Morris International Inc.	0.00%	4,823	$338,000	trimmed−4%	−0.01 pp	29 q
PLUGPlug Power Inc.	0.00%	30,000	$246,000	held	—	5 q
PIIPolaris Inc.	0.00%	2,292	$212,000	new	0.00 pp	new
PCYOPure Cycle Corporation	0.00%	11,855	$109,000	held	—	29 q
RETAReata Pharmaceuticals, Inc. Class A	0.00%	2,000	$312,000	held	—	3 q
MDYState Street SPDR S&P MIDCAP 400 ETF Trust	0.00%	754	$245,000	new	0.00 pp	new
XLKState Street Technology Select Sector SPDR ETF	0.00%	3,452	$361,000	added+10%	0.00 pp	6 q
SOThe Southern Company	0.00%	4,632	$240,000	held	—	6 q
VIGVanguard Dividend Appreciation ETF	0.00%	3,204	$375,000	held	—	14 q
VCELVericel Corporation	0.00%	21,000	$290,000	held	—	4 q
WBAWalgreens Boots Alliance, Inc	0.00%	8,050	$341,000	held	—	23 q
WABCWestamerica Bancorporation	0.00%	5,359	$308,000	held	—	29 q
RHHBYRoche Holding Ltd S/	—	−4,976,619	—	exited	−2.95 pp	—
UBSIUnited Bankshares Inc	—	−47,004	—	exited	−0.02 pp	—
CLColgate-Palmolive Company	—	−7,276	—	exited	−0.01 pp	—
FEYEFireEye, Inc.	—	−42,525	—	exited	−0.01 pp	—
BTZBlackRock Credit Allocation Income Trust	—	−11,351	—	exited	0.00 pp	—
CLXClorox Company	—	−1,513	—	exited	0.00 pp	—
DUKDuke Energy Corporation	—	−2,974	—	exited	0.00 pp	—
EWEdwards Lifesciences Corp	—	−4,443	—	exited	0.00 pp	—
EPDEnterprise Products Partners L.P.	—	−10,434	—	exited	0.00 pp	—
NWBONorthwest Biothrputcs Inc	—	−12,500	—	exited	0.00 pp	—
OREAllkem Ltd	—	−33,000	—	exited	0.00 pp	—