Mairs & Power

Q3 2020 13F · by Andrew Adams, CIO

As of: Sep 30, 2020
Filed: Nov 16, 2020
US stock: $8.0B · prev $7.7B
Positions: 199 · prev 201
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%

Moves185 since the prior filing

+2.5 pp in · −2.4 pp out

New 11 +0.50 pp
Added 42 +1.96 pp
Trimmed 119 −2.34 pp
Exited 13 −0.06 pp

The book

Diversified · behaves like 41 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.4% a year, about 15.6 years per position

Low
Moderate
High

Top 5 positions22% of US stock

MSFT Microsoft Corp added+0.03 pp added+0.035.3%
GOOG Alphabet Inc. Class C trimmed−0.10 pp trimmed−0.105.2%
ECL Ecolab, Inc. trimmed−0.33 pp trimmed−0.334.0%
MDT Medtronic plc added+0.33 pp added+0.333.8%
USB U.S. Bancorp trimmed−0.26 pp trimmed−0.263.5%

Positions199 in this filing · 13 exited


MSFTMicrosoft Corp	5.33%	2,028,850	$427M	added+2%	+0.03 pp	30 q
GOOGAlphabet Inc. Class C	5.15%	280,736	$413M	trimmed−1%	−0.10 pp	26 q
ECLEcolab, Inc.	3.98%	1,595,498	$319M	trimmed−4%	−0.33 pp	30 q
MDTMedtronic plc	3.75%	2,891,372	$300M	added+1%	+0.33 pp	24 q
USBU.S. Bancorp	3.51%	7,830,487	$281M	trimmed−0%	−0.26 pp	30 q
GGGGraco Inc	3.40%	4,442,113	$273M	trimmed−4%	+0.50 pp	30 q
MMM3M Company	2.99%	1,496,471	$240M	trimmed−5%	−0.21 pp	30 q
NVDANvidia Corp	2.96%	438,037	$237M	trimmed−5%	+0.68 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.96%	759,733	$237M	trimmed−1%	+0.01 pp	30 q
JNJJohnson & Johnson	2.94%	1,582,071	$236M	trimmed−2%	−0.02 pp	30 q
TTCToro Company (The)	2.87%	2,739,422	$230M	added+2%	+0.53 pp	30 q
TECHBio-Techne Corp.	2.65%	855,383	$212M	trimmed−5%	−0.46 pp	25 q
HRLHormel Foods Corporation	2.54%	4,152,411	$203M	trimmed−2%	−0.13 pp	30 q
DISThe Walt Disney Company	2.47%	1,594,047	$198M	trimmed−10%	−0.11 pp	30 q
FISVFiserv, Inc.	2.47%	1,916,465	$197M	added+5%	+0.14 pp	30 q
VVISA Inc.	2.36%	945,907	$189M	added+13%	+0.25 pp	30 q
HONHoneywell International, Inc.	2.21%	1,073,093	$177M	trimmed−11%	−0.06 pp	30 q
DCIDonaldson Company, Inc.	2.08%	3,579,271	$166M	trimmed−3%	−0.16 pp	30 q
FASTFastenal Co	2.05%	3,647,753	$164M	trimmed−13%	−0.29 pp	30 q
ABTAbbott Laboratories	2.02%	1,482,904	$161M	trimmed−7%	+0.12 pp	30 q
CORCoresite Realty Corp	1.87%	1,261,708	$150M	added+1%	−0.11 pp	13 q
PFGPrincipal Financial Group, Inc.	1.83%	3,643,693	$147M	trimmed−0%	−0.15 pp	30 q
CHRWC.H. Robinson Worldwide, Inc.	1.69%	1,323,296	$135M	trimmed−26%	−0.17 pp	30 q
FULH.B. Fuller Company	1.68%	2,930,436	$134M	trimmed−1%	−0.04 pp	30 q
AXPAmerican Express Company	1.58%	1,258,275	$126M	trimmed−9%	−0.14 pp	30 q
MSIMotorola Solutions, Inc. New	1.52%	775,075	$122M	added+2%	+0.13 pp	9 q
QCOMQualcomm Inc	1.47%	997,872	$117M	added0%	+0.28 pp	30 q
LFUSLittelfuse Inc	1.44%	650,883	$115M	added+2%	+0.02 pp	11 q
ZBHZimmer Biomet Holdings, Inc.	1.43%	842,014	$115M	trimmed−14%	−0.10 pp	30 q
HDHome Depot, Inc.	1.41%	407,223	$113M	added+1%	+0.09 pp	30 q
LLYEli Lilly & Co.	1.27%	687,164	$102M	trimmed−2%	−0.23 pp	30 q
TGTTarget Corporation	1.21%	615,071	$97M	trimmed−3%	+0.22 pp	30 q
WFCWells Fargo & Co.	1.20%	4,081,214	$96M	added+3%	−0.12 pp	30 q
TNCTennant Company	1.19%	1,577,776	$95M	trimmed−1%	−0.16 pp	30 q
PFEPfizer Inc.	1.04%	2,268,642	$83M	trimmed−10%	−0.04 pp	30 q
NVTnVent Electric plc	0.99%	4,465,892	$79M	added+1%	−0.09 pp	10 q
GLWCorning Incorporated	0.82%	2,027,019	$66M	trimmed−8%	+0.07 pp	30 q
SHWThe Sherwin-Williams Company	0.76%	86,803	$60M	added0%	+0.11 pp	7 q
AIYActivision Blizzard Inc	0.75%	744,665	$60M	added+11%	+0.08 pp	3 q
GISGeneral Mills, Inc.	0.75%	971,575	$60M	trimmed−6%	−0.09 pp	30 q
SYYSysco Corporation	0.70%	900,572	$56M	trimmed−3%	+0.04 pp	29 q
UPSUnited Parcel Service, Inc. Class B	0.64%	307,709	$51M	trimmed−8%	+0.15 pp	30 q
BAXBaxter International Inc.	0.61%	602,470	$48M	added+1%	−0.06 pp	30 q
SCHWThe Charles Schwab Corporation	0.60%	1,328,710	$48M	trimmed−1%	+0.01 pp	30 q
ONBOld National Bancorp	0.54%	3,453,254	$43M	held	—	11 q
DGIIDigi International Inc	0.53%	2,704,121	$42M	added+4%	+0.13 pp	9 q
JAMFJamf Holding Corp.	0.46%	974,332	$37M	new	+0.46 pp	new
ELANElanco Animal Health Incorporated	0.44%	1,273,674	$36M	added+7%	+0.11 pp	7 q
ROKRockwell Automation, Inc.	0.43%	157,707	$35M	added0%	−0.01 pp	5 q
WKWorkiva Inc.	0.35%	501,833	$28M	trimmed−4%	−0.01 pp	20 q
PRLBProto Labs, Inc.	0.33%	203,415	$26M	trimmed−5%	+0.02 pp	30 q
PGProcter & Gamble Company	0.32%	182,545	$25M	trimmed−1%	+0.03 pp	30 q
GWBGreat Western Bancorp, Inc.	0.29%	1,867,226	$23M	trimmed−13%	−0.10 pp	19 q
JPMJPMorgan Chase & Co.	0.29%	239,276	$23M	trimmed−1%	−0.01 pp	30 q
NVECNVE Corp	0.28%	449,548	$22M	trimmed−3%	−0.09 pp	30 q
GNRCGenerac Holdings Inc	0.26%	109,224	$21M	trimmed−10%	+0.07 pp	27 q
THRMGentherm Inc	0.25%	490,511	$20M	trimmed−3%	−0.01 pp	28 q
BMIBadger Meter, Inc.	0.23%	281,217	$18M	trimmed−13%	−0.04 pp	30 q
INTCIntel Corp	0.23%	356,664	$18M	trimmed−2%	−0.05 pp	30 q
PNRPentair plc	0.22%	379,811	$17M	trimmed−29%	−0.05 pp	26 q
AAPLApple Inc.	0.20%	140,874	$16M	trimmed−4%	+0.02 pp	30 q
EMREmerson Electric Co.	0.20%	238,613	$16M	trimmed−9%	−0.01 pp	30 q
TRVThe Travelers Companies, Inc.	0.20%	149,609	$16M	trimmed−23%	−0.09 pp	30 q
XELXcel Energy, Inc.	0.20%	233,918	$16M	trimmed−1%	+0.01 pp	30 q
CFRCullen/Frost Bankers Inc.	0.19%	236,140	$15M	added+5%	−0.03 pp	17 q
CVXChevron Corporation	0.17%	186,677	$13M	trimmed−15%	−0.09 pp	30 q
CTLTCatalent, Inc.	0.16%	146,038	$13M	trimmed−23%	−0.02 pp	15 q
LNTAlliant Energy Corporation	0.15%	224,924	$12M	added×40.0	+0.15 pp	28 q
WTFCWintrust Financial Corp	0.15%	292,595	$12M	added0%	−0.02 pp	30 q
CCMPCMC Materials, Inc.	0.14%	79,025	$11M	trimmed−3%	−0.01 pp	7 q
OSKOshkosh Corp.	0.14%	149,035	$11M	trimmed−5%	−0.01 pp	30 q
INSPInspire Medical Systems, Inc.	0.13%	82,685	$11M	trimmed−21%	+0.01 pp	10 q
CASYCasey's General Stores Inc	0.12%	54,855	$10M	trimmed−6%	+0.01 pp	30 q
HSYThe Hershey Company	0.12%	67,085	$10M	trimmed−0%	+0.01 pp	30 q
42OPhysicians Realty Trust	0.12%	534,665	$10M	trimmed−1%	0.00 pp	24 q
BKHBlack Hills Corporation	0.11%	171,525	$9M	added0%	−0.02 pp	15 q
GBCIGlacier Bancorp Inc	0.11%	279,535	$9M	trimmed−0%	−0.02 pp	17 q
KMBKimberly-Clark Corp.	0.11%	57,648	$9M	trimmed−8%	−0.01 pp	30 q
ASBAssociated Banc-Corp	0.10%	656,076	$8M	trimmed−27%	−0.06 pp	30 q
AMCRAmcor plc	0.10%	695,048	$8M	trimmed−9%	0.00 pp	6 q
APOGApogee Enterprises Inc	0.08%	298,335	$6M	trimmed−25%	−0.04 pp	30 q
BMYBristol-Myers Squibb Co.	0.08%	107,900	$7M	trimmed−4%	−0.01 pp	30 q
EPACEnerpac Tool Group Corp.	0.08%	359,578	$7M	trimmed−10%	−0.01 pp	23 q
MRKMerck & Co., Inc.	0.08%	79,115	$7M	trimmed−2%	0.00 pp	30 q
NWENorthWestern Energy Group, Inc.	0.08%	132,710	$6M	added+4%	−0.01 pp	5 q
VZVerizon Communications	0.08%	109,687	$7M	trimmed−2%	0.00 pp	30 q
AIRAAR Corp.	0.07%	284,535	$5M	added+4%	0.00 pp	10 q
ABBVAbbvie Inc.	0.07%	68,138	$6M	trimmed−1%	−0.02 pp	30 q
BRK.BBERKSHIRE HATHAWAY Class B	0.07%	25,407	$5M	trimmed−1%	+0.01 pp	30 q
HUBGHUB Group Inc	0.07%	105,525	$5M	trimmed−22%	−0.01 pp	30 q
SNASnap-on Incorporated	0.07%	39,650	$6M	trimmed−10%	−0.01 pp	30 q
CSIICardiovascular Systems, Inc.	0.06%	127,205	$5M	added+5%	+0.01 pp	25 q
XOMExxon Mobil Corp	0.06%	132,186	$5M	trimmed−13%	−0.03 pp	30 q
IINIntriCon Corporation	0.06%	416,909	$5M	added+18%	0.00 pp	12 q
PDCOPatterson Companies, Inc.	0.06%	206,226	$5M	trimmed−4%	0.00 pp	30 q
SNBRQSleep Number Corp	0.06%	101,262	$5M	added+34%	+0.02 pp	2 q
MGPIMGP Ingredients Inc	0.05%	101,375	$4M	trimmed−14%	−0.01 pp	8 q
QCRHQCR Holdings Inc	0.05%	148,200	$4M	trimmed−0%	−0.01 pp	15 q
SPYState Street SPDR S&P 500 ETF Trust	0.05%	11,582	$4M	trimmed−19%	−0.01 pp	30 q
SLBSLB Limited	0.05%	232,940	$4M	trimmed−40%	−0.04 pp	30 q
SCHBSchwab U.S. Broad Market ETF	0.05%	45,370	$4M	held	—	30 q
CLBCore Laboratories Inc.	0.05%	274,442	$4M	trimmed−23%	−0.04 pp	9 q
MCSThe Marcus Corporation	0.04%	370,578	$3M	added+14%	−0.02 pp	18 q
MCDMcDonald's Corporation	0.04%	15,173	$3M	trimmed−0%	0.00 pp	30 q
PLXSPlexus Corp	0.04%	47,650	$3M	added+54%	+0.01 pp	2 q
UFCSUnited Fire Group Inc.	0.04%	147,113	$3M	trimmed−23%	−0.03 pp	27 q
GOOGLAlphabet Inc. Class A	0.03%	1,481	$2M	added+1%	0.00 pp	21 q
AMGNAmgen Inc	0.03%	8,455	$2M	added+1%	0.00 pp	30 q
BRK.ABerkshire Hathaway Inc.	0.03%	7	$2M	held	—	29 q
COPConocoPhillips	0.03%	66,073	$2M	trimmed−28%	−0.02 pp	30 q
CYBECyberoptics Corp	0.03%	69,719	$2M	trimmed−0%	0.00 pp	15 q
ENVEnvestnet, Inc.	0.03%	29,300	$2M	added+72%	+0.01 pp	2 q
RAVNRaven Industries Inc	0.03%	126,766	$3M	trimmed−10%	−0.01 pp	22 q
TXNTexas Instruments Incorporated	0.03%	19,460	$3M	new	+0.03 pp	new
AEBAAllete Inc	0.02%	35,483	$2M	trimmed−2%	−0.01 pp	30 q
AMZNAmazon.Com Inc	0.02%	611	$2M	added+1%	0.00 pp	28 q
unresolvedCalyxt Inc	0.02%	221,495	$1M	held	—	12 q
CSCOCisco Systems, Inc. (DE)	0.02%	34,400	$1M	trimmed−0%	0.00 pp	30 q
CTASCintas Corp	0.02%	4,009	$1M	added+1%	+0.01 pp	2 q
KOCoca-Cola Company	0.02%	27,829	$1M	trimmed−7%	0.00 pp	30 q
IDXXIdexx Laboratories Inc	0.02%	3,417	$1M	trimmed−0%	+0.01 pp	28 q
ORCLOracle Corp	0.02%	26,936	$2M	added+1%	0.00 pp	30 q
PEPPepsiCo, Inc.	0.02%	13,146	$2M	added0%	0.00 pp	30 q
SCHFSchwab International Equity ETF	0.02%	44,190	$1M	held	—	30 q
SU6Surmodics Inc	0.02%	44,198	$2M	trimmed−3%	−0.01 pp	5 q
UNPUnion Pacific Corp.	0.02%	9,202	$2M	trimmed−2%	0.00 pp	18 q
TAT&T Inc.	0.01%	36,280	$1M	trimmed−4%	0.00 pp	30 q
ADBEAdobe Inc.	0.01%	1,823	$894,000	trimmed−2%	0.00 pp	20 q
AMTAmerican Tower Corporation	0.01%	3,145	$760,000	trimmed−1%	0.00 pp	11 q
ADPAutomatic Data Processing	0.01%	4,764	$665,000	trimmed−8%	0.00 pp	30 q
BDXBecton, Dickinson and Co.	0.01%	4,494	$1M	trimmed−15%	−0.01 pp	30 q
BABoeing Company	0.01%	3,492	$577,000	trimmed−11%	0.00 pp	30 q
CSXCSX Corporation	0.01%	7,210	$560,000	trimmed−8%	0.00 pp	15 q
CATCaterpillar Inc.	0.01%	6,907	$1M	trimmed−6%	0.00 pp	30 q
COSTCostco Wholesale Corp	0.01%	3,352	$1M	trimmed−4%	0.00 pp	30 q
DLXDeluxe Corporation	0.01%	33,459	$861,000	trimmed−6%	0.00 pp	30 q
METAMeta Platforms, Inc. Class A	0.01%	2,865	$750,000	added+2%	0.00 pp	7 q
unresolvedGeneral Electric Co	0.01%	75,494	$470,000	trimmed−21%	0.00 pp	30 q
IBMInternational Business Machines Corporation	0.01%	8,492	$1M	trimmed−39%	−0.01 pp	30 q
IVViShares Core S&P 500 ETF	0.01%	3,258	$1M	trimmed−23%	−0.01 pp	30 q
EFAiShares MSCI EAFE ETF	0.01%	6,579	$419,000	added+5%	+0.01 pp	30 q
LOWLowe's Companies Inc.	0.01%	7,203	$1M	held	—	30 q
MDUMDU Resources Group, Inc.	0.01%	41,258	$928,000	trimmed−7%	0.00 pp	30 q
MTSCMTS Systems Corp	0.01%	30,625	$585,000	trimmed−3%	0.00 pp	30 q
MAMastercard Incorporated	0.01%	2,759	$933,000	added+3%	0.00 pp	12 q
NEENextEra Energy, Inc.	0.01%	1,830	$508,000	added0%	0.00 pp	30 q
NKENike, Inc.	0.01%	4,082	$512,000	trimmed−3%	0.00 pp	14 q
NSCNorfolk Southern Corp.	0.01%	3,860	$826,000	trimmed−6%	0.00 pp	30 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.01%	37,002	$522,000	held	—	24 q
PSXPhillips 66	0.01%	18,286	$948,000	trimmed−4%	−0.01 pp	30 q
POMPolymet Mining Corp	0.01%	119,016	$434,000	trimmed−88%	0.00 pp	6 q
RTXRTX Corporation	0.01%	12,948	$745,000	trimmed−1%	0.00 pp	30 q
XLKState Street Technology Select Sector SPDR ETF	0.01%	3,452	$403,000	held	—	7 q
SBUXStarbucks Corp	0.01%	9,595	$824,000	trimmed−3%	0.00 pp	15 q
TMOThermo Fisher Scientific, Inc.	0.01%	1,350	$596,000	trimmed−5%	0.00 pp	27 q
unresolvedTortoise Acquisition Corp	0.01%	20,000	$997,000	new	+0.01 pp	new
VIGVanguard Dividend Appreciation ETF	0.01%	3,204	$412,000	held	—	15 q
WECWEC Energy Group, Inc.	0.01%	7,319	$709,000	held	—	22 q
WMTWalmart Inc.	0.01%	4,804	$672,000	trimmed−0%	0.00 pp	30 q
WYWeyerhaeuser Company	0.01%	22,324	$637,000	trimmed−14%	0.00 pp	28 q
ZTSZoetis Inc.	0.01%	4,189	$693,000	added+1%	0.00 pp	11 q
AMPAmeriprise Financial, Inc.	0.00%	2,362	$364,000	trimmed−6%	0.00 pp	29 q
AMEAmetek, Inc.	0.00%	2,700	$268,000	held	—	2 q
AKXAnsys Inc	0.00%	890	$291,000	trimmed−10%	0.00 pp	6 q
AMATApplied Materials Inc	0.00%	5,677	$337,000	held	—	15 q
AXGNAxogen, Inc.	0.00%	22,000	$256,000	held	—	5 q
BPBP p.l.c.	0.00%	17,852	$312,000	trimmed−6%	−0.01 pp	30 q
BACBank of America Corporation	0.00%	11,879	$286,000	trimmed−8%	0.00 pp	30 q
BIIBBiogen Inc.	0.00%	1,025	$291,000	held	—	30 q
BXBlackstone Inc.	0.00%	5,500	$287,000	trimmed−21%	−0.01 pp	6 q
CARRCarrier Global Corporation	0.00%	8,592	$262,000	new	0.00 pp	new
CLColgate-Palmolive Company	0.00%	2,600	$201,000	new	0.00 pp	new
CMCSAComcast Corp	0.00%	8,282	$383,000	trimmed−9%	0.00 pp	16 q
CMICummins Inc.	0.00%	983	$208,000	new	0.00 pp	new
DHRDanaher Corporation	0.00%	971	$209,000	new	0.00 pp	new
DEDeere & Company	0.00%	997	$221,000	new	0.00 pp	new
DDominion Energy, Inc	0.00%	4,674	$369,000	held	—	30 q
DUKDuke Energy Corporation	0.00%	2,424	$215,000	new	0.00 pp	new
EXCExelon Corporation	0.00%	6,278	$225,000	held	—	30 q
FLTCorpay, Inc.	0.00%	1,000	$238,000	held	—	2 q
HWKNHawkins Inc	0.00%	6,500	$300,000	trimmed−85%	−0.02 pp	30 q
IPGPIPG Photonics Corporation	0.00%	1,500	$255,000	held	—	2 q
ITWIllinois Tool Works Inc.	0.00%	1,849	$357,000	held	—	15 q
QQQInvesco QQQ Trust, Series 1	0.00%	1,275	$354,000	held	—	3 q
IJTiShares S&P Small-Cap 600 Growth ETF	0.00%	1,655	$292,000	held	—	20 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.00%	1,350	$262,000	held	—	2 q
NVSNovartis AG	0.00%	2,830	$246,000	trimmed−7%	0.00 pp	30 q
OTISOtis Worldwide Corporation	0.00%	4,432	$277,000	trimmed−8%	0.00 pp	2 q
PAYXPaychex Inc	0.00%	2,730	$218,000	held	—	2 q
PMPhilip Morris International Inc.	0.00%	4,823	$362,000	held	—	30 q
PLUGPlug Power Inc.	0.00%	20,875	$280,000	trimmed−30%	0.00 pp	6 q
PCYOPure Cycle Corporation	0.00%	11,855	$107,000	held	—	30 q
MDYState Street SPDR S&P MIDCAP 400 ETF Trust	0.00%	779	$264,000	added+3%	0.00 pp	2 q
SOThe Southern Company	0.00%	4,373	$237,000	trimmed−6%	0.00 pp	7 q
TCFTcf Financial Corp	0.00%	13,671	$319,000	trimmed−6%	−0.01 pp	5 q
TSLATesla, Inc.	0.00%	500	$215,000	new	0.00 pp	new
VCELVericel Corporation	0.00%	21,000	$389,000	held	—	5 q
WBAWalgreens Boots Alliance, Inc	0.00%	8,050	$289,000	held	—	24 q
ACNAccenture PLC	0.00%	1,310	$296,000	new	0.00 pp	new
PINCNPremier Inc-class A	—	−76,569	—	exited	−0.03 pp	—
PCHPotlatchDeltic Corporation	—	−13,000	—	exited	−0.01 pp	—
XLEState Street Energy Select Sector SPDR ETF	—	−19,347	—	exited	−0.01 pp	—
VOOVanguard S&P 500 ETF	—	−1,386	—	exited	−0.01 pp	—
MOAltria Group, Inc.	—	−5,117	—	exited	0.00 pp	—
ADSKAutodesk Inc	—	−998	—	exited	0.00 pp	—
CAHCardinal Health, Inc.	—	−4,203	—	exited	0.00 pp	—
IJHiShares Core S&P Mid-Cap ETF	—	−1,880	—	exited	0.00 pp	—
KELKellanova	—	−4,250	—	exited	0.00 pp	—
LMTLockheed Martin Corp.	—	−906	—	exited	0.00 pp	—
PIIPolaris Inc.	—	−2,292	—	exited	0.00 pp	—
RETAReata Pharmaceuticals, Inc. Class A	—	−2,000	—	exited	0.00 pp	—
WABCWestamerica Bancorporation	—	−5,359	—	exited	0.00 pp	—