Mairs & Power

Q4 2020 13F · by Andrew Adams, CIO

As of: Dec 31, 2020
Filed: Feb 16, 2021
US stock: $9.0B · prev $8.0B
Positions: 213 · prev 199
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%

Moves184 since the prior filing

+2.9 pp in · −2.9 pp out

New 16 +0.05 pp
Added 65 +2.82 pp
Trimmed 101 −2.91 pp
Exited 2 −0.01 pp

The book

Diversified · behaves like 42 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.5 years per position

Low
Moderate
High

Top 5 positions22% of US stock

GOOG Alphabet Inc. Class C added+0.37 pp added+0.375.5%
MSFT Microsoft Corp added−0.31 pp added−0.315.0%
USB U.S. Bancorp trimmed+0.50 pp trimmed+0.504.0%
ECL Ecolab, Inc. trimmed−0.16 pp trimmed−0.163.8%
MDT Medtronic plc added+0.02 pp added+0.023.8%

Positions213 in this filing · 2 exited


GOOGAlphabet Inc. Class C	5.52%	283,533	$497M	added+1%	+0.37 pp	27 q
MSFTMicrosoft Corp	5.02%	2,030,202	$452M	added0%	−0.31 pp	31 q
USBU.S. Bancorp	4.01%	7,741,033	$361M	trimmed−1%	+0.50 pp	31 q
ECLEcolab, Inc.	3.82%	1,588,022	$344M	trimmed−0%	−0.16 pp	31 q
MDTMedtronic plc	3.77%	2,898,014	$339M	added0%	+0.02 pp	25 q
GGGGraco Inc	3.49%	4,340,508	$314M	trimmed−2%	+0.09 pp	31 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.02%	775,924	$272M	added+2%	+0.06 pp	31 q
TECHBio-Techne Corp.	2.99%	848,081	$269M	trimmed−1%	+0.34 pp	26 q
TTCToro Company (The)	2.88%	2,731,795	$259M	trimmed−0%	+0.01 pp	31 q
JNJJohnson & Johnson	2.73%	1,563,367	$246M	trimmed−1%	−0.21 pp	31 q
MMM3M Company	2.71%	1,394,671	$244M	trimmed−7%	−0.28 pp	31 q
VVISA Inc.	2.53%	1,039,168	$227M	added+10%	+0.17 pp	31 q
FISVFiserv, Inc.	2.47%	1,949,629	$222M	added+2%	0.00 pp	31 q
NVDANvidia Corp	2.27%	391,496	$204M	trimmed−11%	−0.69 pp	7 q
DISThe Walt Disney Company	2.26%	1,123,690	$204M	trimmed−30%	−0.21 pp	31 q
HRLHormel Foods Corporation	2.20%	4,250,522	$198M	added+2%	−0.34 pp	31 q
DCIDonaldson Company, Inc.	2.18%	3,513,835	$196M	trimmed−2%	+0.10 pp	31 q
LFUSLittelfuse Inc	2.04%	719,475	$183M	added+11%	+0.60 pp	12 q
FASTFastenal Co	1.97%	3,623,891	$177M	trimmed−1%	−0.08 pp	31 q
HONHoneywell International, Inc.	1.96%	831,275	$177M	trimmed−23%	−0.25 pp	31 q
PFGPrincipal Financial Group, Inc.	1.80%	3,265,172	$162M	trimmed−10%	−0.03 pp	31 q
ABTAbbott Laboratories	1.78%	1,460,945	$160M	trimmed−1%	−0.24 pp	31 q
CORCoresite Realty Corp	1.75%	1,257,888	$158M	trimmed−0%	−0.12 pp	14 q
FULH.B. Fuller Company	1.69%	2,934,328	$152M	added0%	+0.01 pp	31 q
QCOMQualcomm Inc	1.67%	984,567	$150M	trimmed−1%	+0.20 pp	31 q
WFCWells Fargo & Co.	1.51%	4,505,304	$136M	added+10%	+0.31 pp	31 q
MSIMotorola Solutions, Inc. New	1.50%	792,368	$135M	added+2%	−0.02 pp	10 q
AMZNAmazon.Com Inc	1.46%	40,354	$131M	added×66.0	+1.44 pp	29 q
CHRWC.H. Robinson Worldwide, Inc.	1.35%	1,292,240	$121M	trimmed−2%	−0.34 pp	31 q
LLYEli Lilly & Co.	1.34%	713,076	$120M	added+4%	+0.07 pp	31 q
AXPAmerican Express Company	1.29%	963,061	$116M	trimmed−23%	−0.29 pp	31 q
TNCTennant Company	1.28%	1,645,057	$115M	added+4%	+0.09 pp	31 q
HDHome Depot, Inc.	1.20%	407,525	$108M	added0%	−0.21 pp	31 q
TGTTarget Corporation	1.18%	603,200	$106M	trimmed−2%	−0.03 pp	31 q
NVTnVent Electric plc	1.17%	4,531,394	$106M	added+1%	+0.18 pp	11 q
ZBHZimmer Biomet Holdings, Inc.	0.94%	549,443	$85M	trimmed−35%	−0.49 pp	31 q
AIYActivision Blizzard Inc	0.91%	881,281	$82M	added+18%	+0.16 pp	4 q
PFEPfizer Inc.	0.85%	2,071,554	$76M	trimmed−9%	−0.19 pp	31 q
SCHWThe Charles Schwab Corporation	0.78%	1,327,187	$70M	trimmed−0%	+0.18 pp	31 q
SHWThe Sherwin-Williams Company	0.71%	86,885	$64M	added0%	−0.05 pp	8 q
GLWCorning Incorporated	0.70%	1,758,686	$63M	trimmed−13%	−0.12 pp	31 q
ONBOld National Bancorp	0.61%	3,311,874	$55M	trimmed−4%	+0.07 pp	12 q
DGIIDigi International Inc	0.55%	2,619,485	$50M	trimmed−3%	+0.02 pp	10 q
BAXBaxter International Inc.	0.53%	597,458	$48M	trimmed−1%	−0.08 pp	31 q
UPSUnited Parcel Service, Inc. Class B	0.53%	282,651	$48M	trimmed−8%	−0.11 pp	31 q
SYYSysco Corporation	0.50%	602,477	$45M	trimmed−33%	−0.20 pp	30 q
WKWorkiva Inc.	0.45%	445,802	$41M	trimmed−11%	+0.10 pp	21 q
ROKRockwell Automation, Inc.	0.44%	157,707	$40M	held	—	6 q
ELANElanco Animal Health Incorporated	0.43%	1,272,509	$39M	trimmed−0%	−0.01 pp	8 q
GISGeneral Mills, Inc.	0.41%	624,984	$37M	trimmed−36%	−0.34 pp	31 q
GWBGreat Western Bancorp, Inc.	0.41%	1,770,223	$37M	trimmed−5%	+0.12 pp	20 q
JAMFJamf Holding Corp.	0.38%	1,129,055	$34M	added+16%	−0.08 pp	2 q
THRMGentherm Inc	0.35%	483,341	$32M	trimmed−1%	+0.10 pp	29 q
JPMJPMorgan Chase & Co.	0.34%	238,793	$30M	trimmed−0%	+0.05 pp	31 q
PRLBProto Labs, Inc.	0.34%	200,510	$31M	trimmed−1%	+0.01 pp	31 q
LNTAlliant Energy Corporation	0.30%	515,221	$27M	added×2.3	+0.15 pp	29 q
PGProcter & Gamble Company	0.28%	179,854	$25M	trimmed−1%	−0.04 pp	31 q
GNRCGenerac Holdings Inc	0.26%	104,779	$24M	trimmed−4%	0.00 pp	28 q
BMIBadger Meter, Inc.	0.24%	232,495	$22M	trimmed−17%	+0.01 pp	31 q
NVECNVE Corp	0.24%	379,293	$21M	trimmed−16%	−0.04 pp	31 q
CFRCullen/Frost Bankers Inc.	0.23%	234,387	$20M	trimmed−1%	+0.04 pp	18 q
AAPLApple Inc.	0.22%	149,832	$20M	added+6%	+0.02 pp	31 q
EMREmerson Electric Co.	0.20%	218,429	$18M	trimmed−8%	0.00 pp	31 q
TRVThe Travelers Companies, Inc.	0.20%	129,063	$18M	trimmed−14%	0.00 pp	31 q
PNRPentair plc	0.19%	316,409	$17M	trimmed−17%	−0.03 pp	27 q
WTFCWintrust Financial Corp	0.18%	258,429	$16M	trimmed−12%	+0.03 pp	31 q
INSPInspire Medical Systems, Inc.	0.17%	82,685	$16M	held	—	11 q
XELXcel Energy, Inc.	0.17%	234,098	$16M	added0%	−0.03 pp	31 q
INTCIntel Corp	0.16%	297,285	$15M	trimmed−17%	−0.07 pp	31 q
CCMPCMC Materials, Inc.	0.15%	88,249	$13M	added+12%	+0.01 pp	8 q
CTLTCatalent, Inc.	0.15%	126,455	$13M	trimmed−13%	−0.01 pp	16 q
GBCIGlacier Bancorp Inc	0.14%	279,434	$13M	trimmed−0%	+0.03 pp	18 q
OSKOshkosh Corp.	0.14%	144,918	$12M	trimmed−3%	0.00 pp	31 q
AIRAAR Corp.	0.12%	297,035	$11M	added+4%	+0.05 pp	11 q
BKHBlack Hills Corporation	0.12%	171,533	$11M	added0%	+0.01 pp	16 q
HSYThe Hershey Company	0.12%	72,384	$11M	added+8%	0.00 pp	31 q
ASBAssociated Banc-Corp	0.11%	554,562	$9M	trimmed−15%	+0.01 pp	31 q
42OPhysicians Realty Trust	0.11%	570,629	$10M	added+7%	−0.01 pp	25 q
CASYCasey's General Stores Inc	0.10%	52,599	$9M	trimmed−4%	−0.02 pp	31 q
CVXChevron Corporation	0.09%	97,887	$8M	trimmed−48%	−0.08 pp	31 q
EPACEnerpac Tool Group Corp.	0.09%	341,245	$8M	trimmed−5%	+0.01 pp	24 q
NWENorthWestern Energy Group, Inc.	0.09%	137,495	$8M	added+4%	+0.01 pp	6 q
SNBRQSleep Number Corp	0.09%	101,234	$8M	trimmed−0%	+0.03 pp	3 q
ABBVAbbvie Inc.	0.08%	67,463	$7M	trimmed−1%	+0.01 pp	31 q
IINIntriCon Corporation	0.08%	383,962	$7M	trimmed−8%	+0.02 pp	13 q
KMBKimberly-Clark Corp.	0.08%	54,461	$7M	trimmed−6%	−0.03 pp	31 q
PDCOPatterson Companies, Inc.	0.08%	228,322	$7M	added+11%	+0.02 pp	31 q
BRK.BBERKSHIRE HATHAWAY Class B	0.07%	26,529	$6M	added+4%	0.00 pp	31 q
BMYBristol-Myers Squibb Co.	0.07%	103,874	$6M	trimmed−4%	−0.01 pp	31 q
CSIICardiovascular Systems, Inc.	0.07%	134,300	$6M	added+6%	+0.01 pp	26 q
MRKMerck & Co., Inc.	0.07%	81,771	$7M	added+3%	−0.01 pp	31 q
QCRHQCR Holdings Inc	0.07%	148,330	$6M	added0%	+0.02 pp	16 q
VZVerizon Communications	0.07%	108,475	$6M	trimmed−1%	−0.01 pp	31 q
AMCRAmcor plc	0.07%	573,098	$7M	trimmed−18%	−0.03 pp	7 q
HUBGHUB Group Inc	0.06%	93,359	$5M	trimmed−12%	−0.01 pp	31 q
MCSThe Marcus Corporation	0.06%	371,478	$5M	added0%	+0.02 pp	19 q
XOMExxon Mobil Corp	0.05%	108,926	$4M	trimmed−18%	−0.01 pp	31 q
MGPIMGP Ingredients Inc	0.05%	91,159	$4M	trimmed−10%	0.00 pp	9 q
PLXSPlexus Corp	0.05%	59,450	$5M	added+25%	+0.01 pp	3 q
RAVNRaven Industries Inc	0.05%	133,861	$4M	added+6%	+0.02 pp	23 q
SCHBSchwab U.S. Broad Market ETF	0.05%	45,370	$4M	held	—	31 q
SNASnap-on Incorporated	0.05%	25,110	$4M	trimmed−37%	−0.02 pp	31 q
ENVEnvestnet, Inc.	0.04%	48,000	$4M	added+64%	+0.01 pp	3 q
MCDMcDonald's Corporation	0.04%	15,320	$3M	added+1%	0.00 pp	31 q
TXNTexas Instruments Incorporated	0.04%	21,145	$3M	added+9%	+0.01 pp	2 q
CLBCore Laboratories Inc.	0.04%	122,345	$3M	trimmed−55%	−0.01 pp	10 q
GOOGLAlphabet Inc. Class A	0.03%	1,498	$3M	added+1%	0.00 pp	22 q
BRK.ABerkshire Hathaway Inc.	0.03%	7	$2M	held	—	30 q
CYBECyberoptics Corp	0.03%	125,703	$3M	added+80%	0.00 pp	16 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	7,936	$3M	trimmed−31%	−0.02 pp	31 q
SLBSLB Limited	0.03%	123,711	$3M	trimmed−47%	−0.02 pp	31 q
UFCSUnited Fire Group Inc.	0.03%	117,030	$3M	trimmed−20%	−0.01 pp	28 q
AEBAAllete Inc	0.02%	33,763	$2M	trimmed−5%	0.00 pp	31 q
AMGNAmgen Inc	0.02%	8,490	$2M	added0%	−0.01 pp	31 q
APOGApogee Enterprises Inc	0.02%	44,892	$1M	trimmed−85%	−0.06 pp	31 q
CSCOCisco Systems, Inc. (DE)	0.02%	34,313	$2M	trimmed−0%	0.00 pp	31 q
CTASCintas Corp	0.02%	4,009	$1M	held	—	3 q
KOCoca-Cola Company	0.02%	28,021	$2M	added+1%	0.00 pp	31 q
COPConocoPhillips	0.02%	54,699	$2M	trimmed−17%	−0.01 pp	31 q
HYLNHyliion Holdings Corp.	0.02%	101,600	$2M	new	+0.02 pp	new
IDXXIdexx Laboratories Inc	0.02%	3,404	$2M	trimmed−0%	0.00 pp	29 q
IVViShares Core S&P 500 ETF	0.02%	3,619	$1M	added+11%	+0.01 pp	31 q
MTSCMTS Systems Corp	0.02%	29,329	$2M	trimmed−4%	+0.01 pp	31 q
ORCLOracle Corp	0.02%	28,368	$2M	added+5%	0.00 pp	31 q
PEPPepsiCo, Inc.	0.02%	13,089	$2M	trimmed−0%	0.00 pp	31 q
SCHFSchwab International Equity ETF	0.02%	44,190	$2M	held	—	31 q
SU6Surmodics Inc	0.02%	44,487	$2M	added+1%	0.00 pp	6 q
UNPUnion Pacific Corp.	0.02%	9,702	$2M	added+5%	0.00 pp	19 q
TAT&T Inc.	0.01%	34,996	$1M	trimmed−4%	0.00 pp	31 q
ADBEAdobe Inc.	0.01%	1,829	$915,000	added0%	0.00 pp	21 q
AMTAmerican Tower Corporation	0.01%	3,145	$706,000	held	—	12 q
AMPAmeriprise Financial, Inc.	0.01%	2,362	$459,000	held	—	30 q
AMATApplied Materials Inc	0.01%	5,728	$494,000	added+1%	+0.01 pp	16 q
ADPAutomatic Data Processing	0.01%	4,627	$815,000	trimmed−3%	0.00 pp	31 q
AXGNAxogen, Inc.	0.01%	28,700	$514,000	added+30%	+0.01 pp	6 q
BDXBecton, Dickinson and Co.	0.01%	4,219	$1M	trimmed−6%	0.00 pp	31 q
BABoeing Company	0.01%	3,662	$784,000	added+5%	0.00 pp	31 q
CSXCSX Corporation	0.01%	7,210	$654,000	held	—	16 q
unresolvedCalyxt Inc	0.01%	222,060	$937,000	added0%	−0.01 pp	13 q
CATCaterpillar Inc.	0.01%	7,189	$1M	added+4%	0.00 pp	31 q
COSTCostco Wholesale Corp	0.01%	3,432	$1M	added+2%	0.00 pp	31 q
DLXDeluxe Corporation	0.01%	30,033	$877,000	trimmed−10%	0.00 pp	31 q
METAMeta Platforms, Inc. Class A	0.01%	2,671	$730,000	trimmed−7%	0.00 pp	8 q
unresolvedGeneral Electric Co	0.01%	68,976	$745,000	trimmed−9%	0.00 pp	31 q
IBMInternational Business Machines Corporation	0.01%	10,483	$1M	added+23%	0.00 pp	31 q
EFAiShares MSCI EAFE ETF	0.01%	6,239	$455,000	trimmed−5%	0.00 pp	31 q
LOWLowe's Companies Inc.	0.01%	6,969	$1M	trimmed−3%	0.00 pp	31 q
MDUMDU Resources Group, Inc.	0.01%	33,540	$883,000	trimmed−19%	0.00 pp	31 q
MAMastercard Incorporated	0.01%	2,778	$992,000	added+1%	0.00 pp	13 q
NFLXNetFlix Inc	0.01%	1,255	$679,000	new	+0.01 pp	new
NEENextEra Energy, Inc.	0.01%	6,648	$513,000	trimmed−9%	0.00 pp	31 q
NKENike, Inc.	0.01%	4,082	$577,000	held	—	15 q
NSCNorfolk Southern Corp.	0.01%	4,826	$1M	added+25%	0.00 pp	31 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.01%	31,200	$463,000	trimmed−16%	0.00 pp	25 q
PSXPhillips 66	0.01%	16,474	$1M	trimmed−10%	0.00 pp	31 q
PLUGPlug Power Inc.	0.01%	20,000	$678,000	trimmed−4%	+0.01 pp	7 q
RTXRTX Corporation	0.01%	11,770	$842,000	trimmed−9%	0.00 pp	31 q
SHYFThe Shyft Group, Inc.	0.01%	18,900	$536,000	new	+0.01 pp	new
SBUXStarbucks Corp	0.01%	8,546	$914,000	trimmed−11%	0.00 pp	16 q
TCFTcf Financial Corp	0.01%	13,333	$494,000	trimmed−2%	+0.01 pp	6 q
TSLATesla, Inc.	0.01%	1,818	$1M	added×3.6	+0.01 pp	2 q
TMOThermo Fisher Scientific, Inc.	0.01%	1,355	$631,000	added0%	0.00 pp	28 q
VIGVanguard Dividend Appreciation ETF	0.01%	3,204	$452,000	held	—	16 q
VCELVericel Corporation	0.01%	28,500	$880,000	added+36%	+0.01 pp	6 q
VTRSViatris Inc.	0.01%	57,215	$1M	new	+0.01 pp	new
WECWEC Energy Group, Inc.	0.01%	7,319	$674,000	held	—	23 q
WMTWalmart Inc.	0.01%	4,798	$692,000	trimmed−0%	0.00 pp	31 q
WYWeyerhaeuser Company	0.01%	23,250	$780,000	added+4%	0.00 pp	29 q
ZTSZoetis Inc.	0.01%	3,637	$602,000	trimmed−13%	0.00 pp	12 q
AMEAmetek, Inc.	0.00%	2,411	$292,000	trimmed−11%	0.00 pp	3 q
AKXAnsys Inc	0.00%	890	$324,000	held	—	7 q
ADSKAutodesk Inc	0.00%	998	$305,000	new	0.00 pp	new
BPBP p.l.c.	0.00%	14,074	$289,000	trimmed−21%	0.00 pp	31 q
BACBank of America Corporation	0.00%	12,129	$368,000	added+2%	0.00 pp	31 q
BIIBBiogen Inc.	0.00%	1,025	$251,000	held	—	31 q
BXBlackstone Inc.	0.00%	5,500	$356,000	held	—	7 q
CARRCarrier Global Corporation	0.00%	8,302	$313,000	trimmed−3%	0.00 pp	2 q
CERNCerner Corp	0.00%	2,560	$201,000	new	0.00 pp	new
CLColgate-Palmolive Company	0.00%	2,600	$222,000	held	—	2 q
CMCSAComcast Corp	0.00%	8,553	$448,000	added+3%	0.00 pp	17 q
DHRDanaher Corporation	0.00%	921	$205,000	trimmed−5%	0.00 pp	2 q
DEDeere & Company	0.00%	997	$268,000	held	—	2 q
DDominion Energy, Inc	0.00%	4,674	$351,000	held	—	31 q
DUKDuke Energy Corporation	0.00%	2,488	$228,000	added+3%	0.00 pp	2 q
EPDEnterprise Products Partners L.P.	0.00%	10,200	$200,000	new	0.00 pp	new
EXCExelon Corporation	0.00%	6,278	$265,000	held	—	31 q
FRCBFirst Republic Bk CA	0.00%	1,392	$205,000	new	0.00 pp	new
FLTCorpay, Inc.	0.00%	1,000	$273,000	held	—	3 q
HWKNHawkins Inc	0.00%	6,500	$340,000	held	—	31 q
IPGPIPG Photonics Corporation	0.00%	1,500	$336,000	held	—	3 q
ITWIllinois Tool Works Inc.	0.00%	1,849	$377,000	held	—	16 q
QQQInvesco QQQ Trust, Series 1	0.00%	1,275	$400,000	held	—	4 q
IJHiShares Core S&P Mid-Cap ETF	0.00%	972	$223,000	new	0.00 pp	new
IJTiShares S&P Small-Cap 600 Growth ETF	0.00%	3,310	$378,000	held	—	21 q
LMTLockheed Martin Corp.	0.00%	633	$225,000	new	0.00 pp	new
MKCMcCormick & Company, Incorporated Non-VTG CS	0.00%	2,700	$258,000	held	—	3 q
NVSNovartis AG	0.00%	2,700	$255,000	trimmed−5%	0.00 pp	31 q
OTISOtis Worldwide Corporation	0.00%	4,283	$289,000	trimmed−3%	0.00 pp	3 q
PAYXPaychex Inc	0.00%	2,730	$254,000	held	—	3 q
PMPhilip Morris International Inc.	0.00%	4,877	$404,000	added+1%	0.00 pp	31 q
POMPolymet Mining Corp	0.00%	83,266	$284,000	trimmed−30%	−0.01 pp	7 q
PCYOPure Cycle Corporation	0.00%	11,855	$133,000	held	—	31 q
RETAReata Pharmaceuticals, Inc. Class A	0.00%	2,000	$247,000	new	0.00 pp	new
MDYState Street SPDR S&P MIDCAP 400 ETF Trust	0.00%	534	$224,000	trimmed−31%	0.00 pp	3 q
XLKState Street Technology Select Sector SPDR ETF	0.00%	3,452	$449,000	held	—	8 q
SONYSony Group Corporation	0.00%	2,515	$254,000	new	0.00 pp	new
SOThe Southern Company	0.00%	4,260	$262,000	trimmed−3%	0.00 pp	8 q
VGTVanguard Information Technology ETF	0.00%	780	$276,000	new	0.00 pp	new
VUGVanguard Morningstar Growth ETF	0.00%	803	$203,000	new	0.00 pp	new
VTIVanguard Morningstar Total Stock Market ETF	0.00%	1,689	$329,000	new	0.00 pp	new
WBAWalgreens Boots Alliance, Inc	0.00%	8,050	$321,000	held	—	25 q
ACNAccenture PLC	0.00%	1,310	$342,000	held	—	2 q
TTTrane Technologies plc	0.00%	1,381	$200,000	new	0.00 pp	new
unresolvedTortoise Acquisition Corp	—	−20,000	—	exited	−0.01 pp	—
CMICummins Inc.	—	−983	—	exited	0.00 pp	—