Mairs & Power

Q3 2021 13F · by Andrew Adams, CIO

As of: Sep 30, 2021
Filed: Nov 15, 2021
US stock: $10.0B · prev $10.1B
Positions: 210 · prev 212
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%

Moves168 since the prior filing

+2.3 pp in · −2.3 pp out

New 6 +0.04 pp
Added 56 +2.24 pp
Trimmed 98 −2.28 pp
Exited 8 −0.02 pp

The book

Focused · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.5% a year, about 10.5 years per position

Low
Moderate
High

Top 5 positions23% of US stock

GOOG Alphabet Inc. Class C trimmed+0.11 pp trimmed+0.116.2%
MSFT Microsoft Corp trimmed+0.22 pp trimmed+0.225.9%
USB U.S. Bancorp added+0.21 pp added+0.213.9%
ECL Ecolab, Inc. added+0.15 pp added+0.153.8%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) added−0.01 pp added−0.013.6%

Positions210 in this filing · 8 exited


GOOGAlphabet Inc. Class C	6.18%	231,756	$618M	trimmed−5%	+0.11 pp	30 q
MSFTMicrosoft Corp	5.88%	2,083,530	$587M	trimmed−1%	+0.22 pp	34 q
USBU.S. Bancorp	3.88%	6,520,325	$388M	added0%	+0.21 pp	34 q
ECLEcolab, Inc.	3.82%	1,827,848	$381M	added+1%	+0.15 pp	34 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.64%	930,760	$364M	added+1%	−0.01 pp	34 q
AMZNAmazon.Com Inc	3.52%	107,105	$352M	added+30%	+0.73 pp	32 q
MDTMedtronic plc	3.43%	2,736,081	$343M	trimmed−1%	+0.04 pp	28 q
TECHBio-Techne Corp.	3.21%	662,634	$321M	trimmed−9%	−0.03 pp	29 q
GGGGraco Inc	2.91%	4,156,346	$291M	trimmed−0%	−0.20 pp	34 q
NVDANvidia Corp	2.77%	1,334,471	$276M	trimmed−11%	−0.21 pp	10 q
TTCToro Company (The)	2.54%	2,606,863	$254M	trimmed−1%	−0.33 pp	34 q
JNJJohnson & Johnson	2.50%	1,547,344	$250M	added+1%	−0.01 pp	34 q
VVISA Inc.	2.36%	1,057,340	$236M	trimmed−0%	−0.09 pp	34 q
FISVFiserv, Inc.	2.27%	2,091,360	$227M	trimmed−0%	+0.06 pp	34 q
LFUSLittelfuse Inc	2.12%	773,841	$211M	added+3%	+0.22 pp	15 q
HRLHormel Foods Corporation	1.95%	4,760,257	$195M	added+5%	−0.19 pp	34 q
DCIDonaldson Company, Inc.	1.92%	3,337,119	$192M	trimmed0%	−0.18 pp	34 q
MSIMotorola Solutions, Inc. New	1.90%	815,724	$190M	added+1%	+0.17 pp	13 q
ABTAbbott Laboratories	1.78%	1,508,686	$178M	added0%	+0.05 pp	34 q
FASTFastenal Co	1.76%	3,402,094	$176M	trimmed−3%	−0.05 pp	34 q
FULH.B. Fuller Company	1.75%	2,708,536	$175M	added0%	+0.05 pp	34 q
MMM3M Company	1.73%	985,502	$173M	trimmed−16%	−0.57 pp	34 q
WFCWells Fargo & Co.	1.71%	3,681,737	$171M	trimmed−10%	−0.11 pp	34 q
DISThe Walt Disney Company	1.70%	1,005,768	$170M	trimmed−1%	−0.07 pp	34 q
HONHoneywell International, Inc.	1.56%	734,465	$156M	trimmed−2%	−0.06 pp	34 q
SHWThe Sherwin-Williams Company	1.56%	558,222	$156M	added+1%	+0.08 pp	11 q
LLYEli Lilly & Co.	1.53%	663,205	$153M	trimmed−2%	0.00 pp	34 q
CORCoresite Realty Corp	1.47%	1,057,458	$147M	trimmed−11%	−0.10 pp	17 q
QCOMQualcomm Inc	1.46%	1,131,938	$146M	added0%	−0.13 pp	34 q
HDHome Depot, Inc.	1.39%	422,022	$139M	added+1%	+0.07 pp	34 q
TGTTarget Corporation	1.28%	561,185	$128M	added+1%	−0.05 pp	34 q
NVTnVent Electric plc	1.25%	3,857,826	$125M	added0%	+0.06 pp	14 q
TNCTennant Company	1.24%	1,677,146	$124M	added+1%	−0.07 pp	34 q
SCHWThe Charles Schwab Corporation	1.16%	1,591,721	$116M	added+20%	+0.21 pp	34 q
CHRWC.H. Robinson Worldwide, Inc.	1.14%	1,309,032	$114M	trimmed−0%	−0.07 pp	34 q
PFGPrincipal Financial Group, Inc.	1.07%	1,663,323	$107M	trimmed−7%	−0.05 pp	34 q
AXPAmerican Express Company	1.05%	623,906	$105M	trimmed−7%	−0.04 pp	34 q
AIYActivision Blizzard Inc	0.86%	1,109,875	$86M	added+13%	−0.07 pp	7 q
SYYSysco Corporation	0.75%	950,978	$75M	added+48%	+0.26 pp	33 q
PFEPfizer Inc.	0.70%	1,635,633	$70M	trimmed−17%	−0.06 pp	34 q
GLWCorning Incorporated	0.63%	1,717,562	$63M	added0%	−0.06 pp	34 q
JAMFJamf Holding Corp.	0.59%	1,528,526	$59M	added+12%	+0.14 pp	5 q
WKWorkiva Inc.	0.59%	418,481	$59M	trimmed−8%	+0.09 pp	24 q
DGIIDigi International Inc	0.54%	2,580,738	$54M	trimmed−2%	+0.01 pp	13 q
BAXBaxter International Inc.	0.46%	575,964	$46M	added0%	0.00 pp	34 q
UPSUnited Parcel Service, Inc. Class B	0.46%	249,738	$45M	trimmed−2%	−0.06 pp	34 q
LNTAlliant Energy Corporation	0.44%	776,895	$43M	added+1%	+0.01 pp	32 q
ROKRockwell Automation, Inc.	0.44%	149,187	$44M	trimmed−5%	−0.01 pp	9 q
ONBOld National Bancorp	0.43%	2,520,934	$43M	trimmed−1%	−0.01 pp	15 q
INSPInspire Medical Systems, Inc.	0.40%	172,203	$40M	trimmed−3%	+0.06 pp	14 q
THRMGentherm Inc	0.39%	485,634	$39M	trimmed−5%	+0.03 pp	32 q
ELANElanco Animal Health Incorporated	0.37%	1,144,356	$36M	trimmed−1%	−0.03 pp	11 q
JPMJPMorgan Chase & Co.	0.36%	222,062	$36M	added+1%	+0.02 pp	34 q
GNRCGenerac Holdings Inc	0.35%	86,254	$35M	trimmed−4%	−0.02 pp	31 q
PIIPolaris Inc.	0.32%	264,467	$32M	added+59%	+0.10 pp	3 q
SNBRQSleep Number Corp	0.31%	328,069	$31M	added×4.1	+0.22 pp	6 q
ZBHZimmer Biomet Holdings, Inc.	0.31%	211,847	$31M	trimmed−16%	−0.09 pp	34 q
PGProcter & Gamble Company	0.26%	186,350	$26M	added+2%	+0.02 pp	34 q
GISGeneral Mills, Inc.	0.21%	356,475	$21M	trimmed−22%	−0.07 pp	34 q
GWBGreat Western Bancorp, Inc.	0.21%	649,898	$21M	trimmed−16%	−0.04 pp	23 q
BMIBadger Meter, Inc.	0.20%	200,256	$20M	trimmed−2%	0.00 pp	34 q
AAPLApple Inc.	0.19%	136,897	$19M	trimmed−2%	0.00 pp	34 q
WTFCWintrust Financial Corp	0.19%	234,941	$19M	trimmed−0%	+0.01 pp	34 q
CFRCullen/Frost Bankers Inc.	0.18%	151,912	$18M	trimmed−18%	−0.02 pp	21 q
XELXcel Energy, Inc.	0.18%	282,443	$18M	added+19%	+0.02 pp	34 q
CTLTCatalent, Inc.	0.16%	119,806	$16M	trimmed−0%	+0.03 pp	19 q
GBCIGlacier Bancorp Inc	0.15%	268,432	$15M	added+8%	+0.01 pp	21 q
OSKOshkosh Corp.	0.15%	142,975	$15M	added+6%	−0.02 pp	34 q
TRVThe Travelers Companies, Inc.	0.15%	101,384	$15M	trimmed−8%	−0.01 pp	34 q
PNRPentair plc	0.15%	204,355	$15M	trimmed−10%	0.00 pp	30 q
CCMPCMC Materials, Inc.	0.14%	112,041	$14M	added+7%	−0.02 pp	11 q
TXNTexas Instruments Incorporated	0.14%	73,050	$14M	added+60%	+0.05 pp	5 q
EMREmerson Electric Co.	0.13%	132,956	$13M	trimmed−12%	−0.01 pp	34 q
HSYThe Hershey Company	0.13%	76,635	$13M	added+9%	+0.01 pp	34 q
AIRAAR Corp.	0.12%	381,569	$12M	added+14%	−0.01 pp	14 q
CASYCasey's General Stores Inc	0.12%	65,835	$12M	trimmed−0%	−0.01 pp	34 q
INTCIntel Corp	0.12%	217,878	$12M	trimmed−1%	0.00 pp	34 q
PRLBProto Labs, Inc.	0.12%	183,598	$12M	trimmed−25%	−0.10 pp	34 q
MCSThe Marcus Corporation	0.10%	562,031	$10M	added+11%	−0.01 pp	22 q
42OPhysicians Realty Trust	0.10%	565,804	$10M	trimmed−12%	−0.02 pp	28 q
BKHBlack Hills Corporation	0.09%	140,721	$9M	added0%	0.00 pp	19 q
ENVEnvestnet, Inc.	0.08%	97,996	$8M	trimmed−0%	+0.01 pp	6 q
NWENorthWestern Energy Group, Inc.	0.08%	141,133	$8M	added0%	0.00 pp	9 q
PLXSPlexus Corp	0.08%	94,685	$8M	trimmed−0%	−0.01 pp	6 q
QCRHQCR Holdings Inc	0.08%	147,945	$8M	trimmed−0%	+0.01 pp	19 q
ASBAssociated Banc-Corp	0.07%	345,553	$7M	trimmed−11%	−0.01 pp	34 q
BRK.BBERKSHIRE HATHAWAY Class B	0.07%	23,998	$7M	trimmed−1%	0.00 pp	34 q
HUBGHUB Group Inc	0.07%	107,576	$7M	added+14%	+0.01 pp	34 q
IINIntriCon Corporation	0.07%	390,164	$7M	added+5%	−0.01 pp	16 q
CVXChevron Corporation	0.06%	63,459	$6M	trimmed−6%	−0.01 pp	34 q
EPACEnerpac Tool Group Corp.	0.06%	311,559	$6M	added+7%	−0.02 pp	27 q
SPYState Street SPDR S&P 500 ETF Trust	0.06%	14,843	$6M	added+51%	+0.02 pp	34 q
ABBVAbbvie Inc.	0.05%	50,678	$5M	added0%	−0.01 pp	34 q
BMYBristol-Myers Squibb Co.	0.05%	77,105	$5M	trimmed−7%	0.00 pp	34 q
CSIICardiovascular Systems, Inc.	0.05%	167,060	$5M	trimmed−0%	−0.02 pp	29 q
MGPIMGP Ingredients Inc	0.05%	72,661	$5M	trimmed−10%	0.00 pp	12 q
MRKMerck & Co., Inc.	0.05%	64,028	$5M	trimmed−4%	0.00 pp	34 q
PDCOPatterson Companies, Inc.	0.05%	155,565	$5M	trimmed−27%	−0.01 pp	34 q
SCHBSchwab U.S. Broad Market ETF	0.05%	45,370	$5M	held	—	34 q
VZVerizon Communications	0.05%	94,381	$5M	trimmed−3%	0.00 pp	34 q
ADPAutomatic Data Processing	0.04%	18,877	$4M	held	—	34 q
AZEKThe AZEK Company Inc.	0.04%	111,026	$4M	new	+0.04 pp	new
KMBKimberly-Clark Corp.	0.04%	33,875	$4M	trimmed−13%	−0.01 pp	34 q
MCDMcDonald's Corporation	0.04%	14,647	$4M	added+4%	+0.01 pp	34 q
SKYTSkyWater Technology	0.04%	138,465	$4M	added+41%	+0.01 pp	2 q
GOOGLAlphabet Inc. Class A	0.03%	1,278	$3M	trimmed−13%	−0.01 pp	25 q
BRK.ABerkshire Hathaway Inc.	0.03%	7	$3M	held	—	33 q
CYBECyberoptics Corp	0.03%	79,806	$3M	trimmed−36%	−0.02 pp	19 q
XOMExxon Mobil Corp	0.03%	54,867	$3M	trimmed−10%	−0.01 pp	34 q
SU6Surmodics Inc	0.03%	60,520	$3M	trimmed−0%	0.00 pp	9 q
AMCRAmcor plc	0.03%	287,663	$3M	trimmed−7%	−0.01 pp	10 q
CMBMFCambium Networks Corp Ord	0.03%	96,514	$3M	added×2.2	+0.01 pp	2 q
AMGNAmgen Inc	0.02%	8,630	$2M	added+3%	0.00 pp	34 q
CTASCintas Corp	0.02%	3,959	$2M	held	—	6 q
KOCoca-Cola Company	0.02%	29,579	$2M	added+10%	+0.01 pp	34 q
IDXXIdexx Laboratories Inc	0.02%	3,404	$2M	held	—	32 q
IVViShares Core S&P 500 ETF	0.02%	3,955	$2M	trimmed−5%	0.00 pp	34 q
ORCLOracle Corp	0.02%	26,096	$2M	held	—	34 q
PEPPepsiCo, Inc.	0.02%	12,100	$2M	added+2%	0.00 pp	34 q
SCHFSchwab International Equity ETF	0.02%	43,000	$2M	added+8%	0.00 pp	34 q
SNASnap-on Incorporated	0.02%	10,685	$2M	trimmed−3%	0.00 pp	34 q
UNPUnion Pacific Corp.	0.02%	8,427	$2M	held	—	22 q
TAT&T Inc.	0.01%	28,733	$776,000	trimmed−4%	0.00 pp	34 q
ADBEAdobe Inc.	0.01%	1,310	$754,000	trimmed−13%	0.00 pp	24 q
AEBAAllete Inc	0.01%	22,997	$1M	trimmed−8%	−0.01 pp	34 q
AMTAmerican Tower Corporation	0.01%	2,020	$536,000	trimmed−27%	0.00 pp	15 q
AMPAmeriprise Financial, Inc.	0.01%	2,362	$624,000	held	—	33 q
AMATApplied Materials Inc	0.01%	5,477	$705,000	held	—	19 q
BACBank of America Corporation	0.01%	13,355	$567,000	added+6%	0.00 pp	34 q
BDXBecton, Dickinson and Co.	0.01%	3,884	$955,000	trimmed−5%	0.00 pp	34 q
BABoeing Company	0.01%	3,525	$775,000	trimmed−2%	0.00 pp	34 q
CSXCSX Corporation	0.01%	19,242	$572,000	held	—	19 q
CATCaterpillar Inc.	0.01%	6,822	$1M	trimmed−2%	0.00 pp	34 q
CSCOCisco Systems, Inc. (DE)	0.01%	26,987	$1M	trimmed−6%	−0.01 pp	34 q
COPConocoPhillips	0.01%	13,754	$932,000	trimmed−19%	0.00 pp	34 q
COSTCostco Wholesale Corp	0.01%	2,656	$1M	trimmed−18%	0.00 pp	34 q
DLXDeluxe Corporation	0.01%	30,095	$1M	added+4%	0.00 pp	34 q
METAMeta Platforms, Inc. Class A	0.01%	2,820	$957,000	trimmed−2%	0.00 pp	11 q
HYLNHyliion Holdings Corp.	0.01%	148,367	$1M	trimmed−0%	−0.01 pp	4 q
IBMInternational Business Machines Corporation	0.01%	5,335	$741,000	trimmed−31%	0.00 pp	34 q
LOWLowe's Companies Inc.	0.01%	7,235	$1M	added+4%	0.00 pp	34 q
MAMastercard Incorporated	0.01%	1,438	$500,000	trimmed−42%	0.00 pp	16 q
MVSTMicrovast Holdings, Inc.	0.01%	70,100	$576,000	held	—	3 q
NVECNVE Corp	0.01%	18,494	$1M	trimmed−81%	−0.06 pp	34 q
NKENike, Inc.	0.01%	4,037	$586,000	held	—	18 q
NSCNorfolk Southern Corp.	0.01%	4,373	$1M	trimmed−1%	0.00 pp	34 q
RTXRTX Corporation	0.01%	9,876	$849,000	held	—	34 q
XLKState Street Technology Select Sector SPDR ETF	0.01%	3,452	$515,000	held	—	11 q
SHYFThe Shyft Group, Inc.	0.01%	13,200	$502,000	held	—	4 q
SBUXStarbucks Corp	0.01%	8,499	$938,000	added0%	0.00 pp	19 q
TMOThermo Fisher Scientific, Inc.	0.01%	1,150	$657,000	trimmed−0%	0.00 pp	31 q
VTIVanguard Morningstar Total Stock Market ETF	0.01%	2,504	$556,000	trimmed−1%	0.00 pp	4 q
VCELVericel Corporation	0.01%	27,200	$1M	trimmed−2%	0.00 pp	9 q
WECWEC Energy Group, Inc.	0.01%	7,319	$646,000	held	—	26 q
WMTWalmart Inc.	0.01%	5,251	$732,000	trimmed−2%	0.00 pp	34 q
WYWeyerhaeuser Company	0.01%	22,550	$802,000	held	—	32 q
MOAltria Group, Inc.	0.00%	5,019	$228,000	new	0.00 pp	new
AMEAmetek, Inc.	0.00%	2,411	$299,000	held	—	6 q
ADSKAutodesk Inc	0.00%	825	$235,000	held	—	4 q
AXGNAxogen, Inc.	0.00%	27,299	$431,000	held	—	9 q
BPBP p.l.c.	0.00%	7,526	$206,000	trimmed−9%	0.00 pp	34 q
BIIBBiogen Inc.	0.00%	1,025	$290,000	held	—	34 q
BXBlackstone Inc.	0.00%	4,100	$477,000	held	—	10 q
BSXBoston Scientific Corp.	0.00%	4,768	$207,000	new	0.00 pp	new
CARRCarrier Global Corporation	0.00%	5,700	$295,000	trimmed−9%	0.00 pp	5 q
CMCSAComcast Corp	0.00%	5,597	$313,000	trimmed−3%	0.00 pp	20 q
CMICummins Inc.	0.00%	928	$208,000	held	—	3 q
DHRDanaher Corporation	0.00%	921	$280,000	held	—	5 q
DEDeere & Company	0.00%	913	$306,000	held	—	5 q
DDominion Energy, Inc	0.00%	4,632	$338,000	held	—	34 q
DUKDuke Energy Corporation	0.00%	2,574	$251,000	held	—	5 q
EPDEnterprise Products Partners L.P.	0.00%	9,600	$208,000	held	—	4 q
EXCExelon Corporation	0.00%	6,278	$303,000	held	—	34 q
FLTCorpay, Inc.	0.00%	1,000	$261,000	held	—	6 q
FFord Motor Company	0.00%	19,000	$269,000	held	—	3 q
GEGE Aerospace	0.00%	2,336	$241,000	new	0.00 pp	new
GPCGenuine Parts Company	0.00%	1,950	$236,000	held	—	3 q
HWKNHawkins Inc	0.00%	13,320	$465,000	added+2%	0.00 pp	34 q
HBANHuntington Bancshares Inc	0.00%	28,117	$435,000	added0%	0.00 pp	2 q
IPGPIPG Photonics Corporation	0.00%	1,500	$238,000	held	—	6 q
ITWIllinois Tool Works Inc.	0.00%	1,799	$372,000	trimmed−3%	0.00 pp	19 q
QQQInvesco QQQ Trust, Series 1	0.00%	1,255	$449,000	held	—	7 q
IXNiShares Global Tech ETF	0.00%	3,684	$209,000	held	—	2 q
EFAiShares MSCI EAFE ETF	0.00%	3,092	$241,000	held	—	34 q
IWRiShares Russell Mid-Cap ETF	0.00%	3,348	$262,000	held	—	2 q
MDUMDU Resources Group, Inc.	0.00%	7,933	$235,000	trimmed−60%	−0.01 pp	34 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.00%	2,700	$219,000	held	—	6 q
MDLZMondelez International, Inc. Class A	0.00%	4,471	$260,000	added+29%	0.00 pp	3 q
NEENextEra Energy, Inc.	0.00%	2,888	$227,000	trimmed−53%	0.00 pp	34 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.00%	31,200	$499,000	held	—	28 q
OTISOtis Worldwide Corporation	0.00%	2,784	$229,000	trimmed−8%	0.00 pp	6 q
PAYXPaychex Inc	0.00%	2,730	$307,000	held	—	6 q
PMPhilip Morris International Inc.	0.00%	4,823	$457,000	held	—	34 q
PSXPhillips 66	0.00%	5,901	$413,000	trimmed−17%	−0.01 pp	34 q
PLUGPlug Power Inc.	0.00%	10,000	$255,000	held	—	10 q
PCYOPure Cycle Corporation	0.00%	11,855	$158,000	held	—	34 q
RETAReata Pharmaceuticals, Inc. Class A	0.00%	2,000	$201,000	held	—	2 q
SONYSony Group Corporation	0.00%	2,125	$235,000	trimmed−3%	0.00 pp	4 q
SOThe Southern Company	0.00%	4,158	$258,000	held	—	11 q
XYZBlock, Inc.	0.00%	1,000	$240,000	new	0.00 pp	new
TSLATesla, Inc.	0.00%	518	$402,000	held	—	5 q
VIGVanguard Dividend Appreciation ETF	0.00%	2,791	$429,000	trimmed−4%	0.00 pp	19 q
VGTVanguard Information Technology ETF	0.00%	780	$313,000	held	—	4 q
VUGVanguard Morningstar Growth ETF	0.00%	803	$233,000	held	—	4 q
WBAWalgreens Boots Alliance, Inc	0.00%	7,225	$340,000	trimmed−8%	0.00 pp	28 q
XYLXylem Inc	0.00%	1,620	$200,000	new	0.00 pp	new
ZTSZoetis Inc.	0.00%	1,617	$314,000	trimmed−55%	−0.01 pp	15 q
ACNAccenture PLC	0.00%	1,310	$419,000	held	—	5 q
TTTrane Technologies plc	0.00%	1,179	$204,000	held	—	4 q
CLBCore Laboratories Inc.	0.00%	9,085	$252,000	trimmed−13%	0.00 pp	13 q
RAVNRaven Industries Inc	—	−29,386	—	exited	−0.02 pp	—
AKXAnsys Inc	—	−677	—	exited	0.00 pp	—
unresolvedCalyxt Inc	—	−47,740	—	exited	0.00 pp	—
CERNCerner Corp	—	−2,560	—	exited	0.00 pp	—
unresolvedGeneral Electric Co	—	−29,049	—	exited	0.00 pp	—
NVSNovartis AG	—	−2,530	—	exited	0.00 pp	—
SEICSEI Investments Co	—	−3,300	—	exited	0.00 pp	—
SLBSLB Limited	—	−10,000	—	exited	0.00 pp	—