Mairs & Power

Q2 2022 13F · by Andrew Adams, CIO

As of: Jun 30, 2022
Filed: Aug 15, 2022
US stock: $8.3B · prev $9.9B
Positions: 202 · prev 216
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%

Moves182 since the prior filing

−0.2 pp in · +0.4 pp out

New 2 +0.26 pp
Added 42 −0.50 pp
Trimmed 122 +0.43 pp
Exited 16 −0.07 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.6 years per position

Low
Moderate
High

Top 5 positions24% of US stock

MSFT Microsoft Corp trimmed−0.17 pp trimmed−0.176.2%
GOOG Alphabet Inc. Class C added−0.37 pp added−0.376.1%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) trimmed+0.57 pp trimmed+0.575.1%
USB U.S. Bancorp trimmed+0.08 pp trimmed+0.083.7%
AMZN Amazon.Com Inc added−0.65 pp added−0.653.4%

Positions202 in this filing · 16 exited


MSFTMicrosoft Corp	6.21%	2,017,073	$518M	trimmed−2%	−0.17 pp	37 q
GOOGAlphabet Inc. Class C	6.11%	232,892	$509M	added+1%	−0.37 pp	33 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.10%	827,962	$425M	trimmed−6%	+0.57 pp	37 q
USBU.S. Bancorp	3.68%	6,671,577	$307M	trimmed−1%	+0.08 pp	37 q
AMZNAmazon.Com Inc	3.37%	2,643,640	$281M	added+8%	−0.65 pp	35 q
ECLEcolab, Inc.	3.32%	1,800,550	$277M	trimmed−0%	+0.11 pp	37 q
JNJJohnson & Johnson	3.12%	1,466,649	$260M	trimmed−6%	+0.34 pp	37 q
GGGGraco Inc	3.05%	4,285,088	$255M	added+4%	+0.15 pp	37 q
TTCToro Company (The)	2.76%	3,041,764	$231M	added+6%	+0.30 pp	37 q
MDTMedtronic plc	2.76%	2,567,393	$230M	trimmed−3%	−0.18 pp	31 q
TECHBio-Techne Corp.	2.72%	655,930	$227M	trimmed−0%	−0.15 pp	32 q
HRLHormel Foods Corporation	2.71%	4,769,968	$226M	trimmed−5%	+0.10 pp	37 q
LFUSLittelfuse Inc	2.62%	860,512	$219M	added+3%	+0.52 pp	18 q
FISVFiserv, Inc.	2.19%	2,052,978	$183M	added+1%	+0.12 pp	37 q
LLYEli Lilly & Co.	2.04%	524,244	$170M	trimmed−20%	+0.16 pp	37 q
QCOMQualcomm Inc	2.03%	1,323,077	$169M	added+9%	+0.16 pp	37 q
MSIMotorola Solutions, Inc. New	1.89%	750,521	$157M	trimmed−3%	0.00 pp	16 q
ABTAbbott Laboratories	1.88%	1,447,572	$157M	trimmed−1%	+0.14 pp	37 q
FULH.B. Fuller Company	1.84%	2,550,675	$154M	trimmed−0%	+0.14 pp	37 q
NVDANvidia Corp	1.81%	996,479	$151M	added+3%	−0.84 pp	13 q
DCIDonaldson Company, Inc.	1.80%	3,114,007	$150M	trimmed−6%	+0.07 pp	37 q
FASTFastenal Co	1.80%	3,014,625	$150M	trimmed−7%	−0.14 pp	37 q
WFCWells Fargo & Co.	1.71%	3,642,314	$143M	added+2%	−0.04 pp	37 q
SCHWThe Charles Schwab Corporation	1.54%	2,031,913	$128M	added+4%	−0.11 pp	37 q
SHWThe Sherwin-Williams Company	1.53%	569,976	$128M	trimmed−0%	+0.09 pp	14 q
VVISA Inc.	1.51%	639,372	$126M	trimmed−22%	−0.32 pp	37 q
HONHoneywell International, Inc.	1.45%	694,838	$121M	trimmed−3%	+0.05 pp	37 q
SYYSysco Corporation	1.43%	1,408,422	$119M	trimmed−7%	+0.19 pp	36 q
NVTnVent Electric plc	1.43%	3,813,538	$119M	trimmed−0%	+0.09 pp	17 q
CHRWC.H. Robinson Worldwide, Inc.	1.41%	1,158,056	$117M	trimmed−13%	−0.03 pp	37 q
TNCTennant Company	1.18%	1,661,213	$98M	trimmed−0%	−0.14 pp	37 q
MMM3M Company	1.15%	742,599	$96M	trimmed−19%	−0.22 pp	37 q
HDHome Depot, Inc.	1.12%	341,618	$94M	trimmed−18%	−0.14 pp	37 q
PFGPrincipal Financial Group, Inc.	1.10%	1,379,293	$92M	trimmed−3%	+0.05 pp	37 q
DISThe Walt Disney Company	1.09%	962,017	$91M	added+1%	−0.23 pp	37 q
CRMSalesforce, Inc.	1.07%	540,972	$89M	added+38%	+0.23 pp	3 q
TGTTarget Corporation	0.97%	571,793	$81M	added+3%	−0.21 pp	37 q
ENTGEntegris Inc	0.81%	736,653	$68M	added+38%	+0.11 pp	3 q
ROKRockwell Automation, Inc.	0.74%	311,063	$62M	added+33%	+0.08 pp	12 q
JPMJPMorgan Chase & Co.	0.69%	514,254	$58M	added+2%	0.00 pp	37 q
NTRSNorthern Trust Corp	0.69%	595,516	$57M	added+13%	+0.07 pp	2 q
DGIIDigi International Inc	0.57%	1,949,713	$47M	trimmed−21%	+0.03 pp	16 q
PIIPolaris Inc.	0.57%	477,280	$47M	added+2%	+0.07 pp	6 q
JAMFJamf Holding Corp.	0.56%	1,881,452	$47M	added+12%	−0.03 pp	8 q
WKWorkiva Inc.	0.56%	707,606	$47M	added+48%	−0.01 pp	27 q
LNTAlliant Energy Corporation	0.54%	770,745	$45M	trimmed−0%	+0.05 pp	35 q
UPSUnited Parcel Service, Inc. Class B	0.54%	244,751	$45M	added0%	+0.01 pp	37 q
AXPAmerican Express Company	0.50%	303,213	$42M	trimmed−10%	−0.13 pp	37 q
ONBOld National Bancorp	0.46%	2,611,595	$39M	trimmed−0%	+0.03 pp	18 q
BAXBaxter International Inc.	0.40%	518,245	$33M	added+1%	0.00 pp	37 q
GNRCGenerac Holdings Inc	0.38%	149,217	$31M	added+76%	+0.13 pp	34 q
PFEPfizer Inc.	0.32%	505,488	$27M	trimmed−16%	+0.01 pp	37 q
INSPInspire Medical Systems, Inc.	0.29%	131,751	$24M	trimmed−1%	−0.05 pp	17 q
THRMGentherm Inc	0.28%	375,210	$23M	trimmed−1%	0.00 pp	35 q
PGProcter & Gamble Company	0.28%	162,369	$23M	trimmed−4%	+0.02 pp	37 q
XELXcel Energy, Inc.	0.24%	284,948	$20M	trimmed−2%	+0.03 pp	37 q
GISGeneral Mills, Inc.	0.23%	258,186	$19M	trimmed−16%	+0.02 pp	37 q
AAPLApple Inc.	0.22%	134,609	$18M	trimmed−2%	−0.02 pp	37 q
SNBRQSleep Number Corp	0.22%	600,236	$19M	added+9%	−0.06 pp	9 q
GTLSChart Inds Inc	0.21%	106,785	$18M	new	+0.21 pp	new
CFRCullen/Frost Bankers Inc.	0.18%	130,849	$15M	trimmed−4%	−0.01 pp	24 q
TRVThe Travelers Companies, Inc.	0.18%	88,816	$15M	trimmed−5%	+0.01 pp	37 q
BMIBadger Meter, Inc.	0.17%	174,737	$14M	trimmed−2%	−0.01 pp	37 q
CTLTCatalent, Inc.	0.17%	130,283	$14M	added+5%	+0.03 pp	22 q
HSYThe Hershey Company	0.17%	66,937	$14M	trimmed−16%	0.00 pp	37 q
CASYCasey's General Stores Inc	0.16%	72,246	$13M	trimmed−0%	+0.02 pp	37 q
GBCIGlacier Bancorp Inc	0.16%	277,389	$13M	trimmed−0%	+0.02 pp	24 q
WTFCWintrust Financial Corp	0.16%	161,532	$13M	trimmed−0%	+0.01 pp	37 q
AIRAAR Corp.	0.15%	302,131	$13M	trimmed−13%	−0.02 pp	17 q
OSKOshkosh Corp.	0.14%	143,308	$12M	trimmed−0%	−0.01 pp	37 q
TXNTexas Instruments Incorporated	0.14%	78,299	$12M	added0%	0.00 pp	8 q
GLWCorning Incorporated	0.13%	348,287	$11M	trimmed−17%	−0.03 pp	37 q
HUBGHUB Group Inc	0.11%	126,007	$9M	added+5%	+0.02 pp	37 q
PLXSPlexus Corp	0.11%	118,833	$9M	trimmed−0%	+0.01 pp	9 q
SPYState Street SPDR S&P 500 ETF Trust	0.11%	23,869	$9M	trimmed−32%	−0.05 pp	37 q
BKHBlack Hills Corporation	0.10%	116,185	$8M	trimmed−4%	+0.01 pp	22 q
FIBKFirst Interstate BancSystem, Inc. (DE)	0.10%	217,462	$8M	trimmed−1%	+0.02 pp	2 q
MCSThe Marcus Corporation	0.10%	587,415	$9M	trimmed−0%	0.00 pp	25 q
QCRHQCR Holdings Inc	0.10%	156,068	$8M	trimmed−0%	+0.01 pp	22 q
ABBVAbbvie Inc.	0.09%	50,888	$8M	added+2%	+0.01 pp	37 q
ELANElanco Animal Health Incorporated	0.09%	364,382	$7M	trimmed−12%	−0.02 pp	14 q
EMREmerson Electric Co.	0.09%	96,151	$8M	trimmed−5%	−0.01 pp	37 q
INTCIntel Corp	0.09%	190,352	$7M	trimmed−5%	−0.01 pp	37 q
MGPIMGP Ingredients Inc	0.09%	72,525	$7M	trimmed−0%	+0.03 pp	15 q
NWENorthWestern Energy Group, Inc.	0.09%	121,984	$7M	trimmed−0%	+0.02 pp	12 q
42OPhysicians Realty Trust	0.09%	424,694	$7M	trimmed−19%	0.00 pp	31 q
PNRPentair plc	0.09%	158,232	$7M	trimmed−14%	−0.01 pp	33 q
ASBAssociated Banc-Corp	0.08%	343,881	$6M	trimmed−0%	0.00 pp	37 q
ADPAutomatic Data Processing	0.08%	32,760	$7M	trimmed−1%	0.00 pp	37 q
BRK.BBERKSHIRE HATHAWAY Class B	0.08%	23,623	$6M	trimmed−1%	−0.01 pp	37 q
AZEKThe AZEK Company Inc.	0.07%	324,726	$5M	added+6%	−0.01 pp	4 q
BMYBristol-Myers Squibb Co.	0.06%	67,939	$5M	trimmed−1%	+0.01 pp	37 q
CVXChevron Corporation	0.06%	31,944	$5M	trimmed−32%	−0.02 pp	37 q
ENVEnvestnet, Inc.	0.06%	97,845	$5M	trimmed−0%	−0.01 pp	9 q
MRKMerck & Co., Inc.	0.06%	56,843	$5M	trimmed−5%	+0.01 pp	37 q
ALTRAltair Engineering Inc. Class A	0.05%	82,550	$4M	new	+0.05 pp	new
JBTMJBT Marel Corporation	0.05%	37,848	$4M	added×2.2	+0.03 pp	2 q
PRLBProto Labs, Inc.	0.05%	82,403	$4M	trimmed−10%	0.00 pp	37 q
SCHBSchwab U.S. Broad Market ETF	0.05%	90,740	$4M	held	—	37 q
VZVerizon Communications	0.05%	76,183	$4M	trimmed−14%	0.00 pp	37 q
ALRSAlerus Financial Corporation	0.04%	141,296	$3M	held	—	3 q
GOOGLAlphabet Inc. Class A	0.04%	1,366	$3M	added+3%	0.00 pp	28 q
XOMExxon Mobil Corp	0.04%	40,110	$3M	trimmed−6%	0.00 pp	37 q
KMBKimberly-Clark Corp.	0.04%	21,686	$3M	trimmed−13%	+0.01 pp	37 q
MCDMcDonald's Corporation	0.04%	13,701	$3M	trimmed−4%	0.00 pp	37 q
ZBHZimmer Biomet Holdings, Inc.	0.04%	34,826	$4M	trimmed−59%	−0.07 pp	37 q
AIYActivision Blizzard Inc	0.03%	29,254	$2M	trimmed−53%	−0.02 pp	10 q
AMGNAmgen Inc	0.03%	8,993	$2M	added+3%	+0.01 pp	37 q
BRK.ABerkshire Hathaway Inc.	0.03%	7	$3M	held	—	36 q
CCMPCMC Materials, Inc.	0.03%	12,000	$2M	trimmed−51%	−0.02 pp	14 q
CYBECyberoptics Corp	0.03%	76,639	$3M	held	—	22 q
SU6Surmodics Inc	0.03%	71,533	$3M	trimmed−0%	0.00 pp	12 q
AMCRAmcor plc	0.03%	191,699	$2M	trimmed−10%	+0.01 pp	13 q
CATCaterpillar Inc.	0.02%	7,295	$1M	trimmed−4%	0.00 pp	37 q
CSCOCisco Systems, Inc. (DE)	0.02%	30,115	$1M	trimmed−13%	0.00 pp	37 q
CTASCintas Corp	0.02%	3,845	$1M	held	—	9 q
KOCoca-Cola Company	0.02%	27,075	$2M	trimmed−6%	0.00 pp	37 q
COSTCostco Wholesale Corp	0.02%	3,176	$2M	trimmed−0%	0.00 pp	37 q
IDXXIdexx Laboratories Inc	0.02%	3,597	$1M	added+2%	0.00 pp	35 q
IVViShares Core S&P 500 ETF	0.02%	3,701	$1M	trimmed−9%	0.00 pp	37 q
ORCLOracle Corp	0.02%	27,650	$2M	trimmed−0%	0.00 pp	37 q
PEPPepsiCo, Inc.	0.02%	11,845	$2M	trimmed−5%	0.00 pp	37 q
SNASnap-on Incorporated	0.02%	9,519	$2M	held	—	37 q
UNPUnion Pacific Corp.	0.02%	8,129	$2M	trimmed−5%	0.00 pp	25 q
CMBMFCambium Networks Corp Ord	0.02%	126,339	$2M	trimmed−33%	−0.03 pp	5 q
TAT&T Inc.	0.01%	23,043	$483,000	trimmed−13%	0.00 pp	37 q
ADBEAdobe Inc.	0.01%	1,358	$497,000	added+3%	0.00 pp	27 q
AEBAAllete Inc	0.01%	17,138	$1M	trimmed−7%	0.00 pp	37 q
AMTAmerican Tower Corporation	0.01%	2,214	$566,000	added+9%	0.00 pp	18 q
AMPAmeriprise Financial, Inc.	0.01%	2,175	$517,000	held	—	36 q
BDXBecton, Dickinson and Co.	0.01%	3,751	$925,000	trimmed−9%	0.00 pp	37 q
CSXCSX Corporation	0.01%	16,007	$465,000	trimmed−20%	0.00 pp	22 q
CVRXCVRx, Inc.	0.01%	90,638	$545,000	held	—	3 q
COPConocoPhillips	0.01%	11,829	$1M	trimmed−5%	0.00 pp	37 q
EPACEnerpac Tool Group Corp.	0.01%	56,606	$1M	trimmed−78%	−0.05 pp	30 q
METAMeta Platforms, Inc. Class A	0.01%	2,608	$421,000	held	—	14 q
HWKNHawkins Inc	0.01%	13,320	$480,000	held	—	37 q
HYLNHyliion Holdings Corp.	0.01%	172,767	$556,000	held	—	7 q
IBMInternational Business Machines Corporation	0.01%	3,308	$467,000	trimmed−11%	+0.01 pp	37 q
QQQInvesco QQQ Trust, Series 1	0.01%	2,813	$788,000	trimmed−1%	0.00 pp	10 q
LOWLowe's Companies Inc.	0.01%	6,873	$1M	trimmed−4%	0.00 pp	37 q
MAMastercard Incorporated	0.01%	1,755	$554,000	added+19%	0.00 pp	19 q
NEENextEra Energy, Inc.	0.01%	5,691	$441,000	added+6%	+0.01 pp	37 q
NKENike, Inc.	0.01%	4,501	$460,000	added+1%	0.00 pp	21 q
NSCNorfolk Southern Corp.	0.01%	4,274	$971,000	trimmed−2%	0.00 pp	37 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.01%	31,200	$462,000	held	—	31 q
PDCOPatterson Companies, Inc.	0.01%	16,930	$513,000	held	—	37 q
RTXRTX Corporation	0.01%	10,427	$1M	trimmed−3%	0.00 pp	37 q
SCHFSchwab International Equity ETF	0.01%	26,697	$840,000	trimmed−38%	−0.01 pp	37 q
XLKState Street Technology Select Sector SPDR ETF	0.01%	3,452	$439,000	held	—	14 q
SKYTSkyWater Technology	0.01%	204,511	$1M	held	—	5 q
SBUXStarbucks Corp	0.01%	9,755	$745,000	trimmed−1%	0.00 pp	22 q
TMOThermo Fisher Scientific, Inc.	0.01%	1,204	$654,000	held	—	34 q
VCELVericel Corporation	0.01%	26,490	$667,000	held	—	12 q
WECWEC Energy Group, Inc.	0.01%	7,019	$706,000	trimmed−1%	0.00 pp	29 q
WMTWalmart Inc.	0.01%	5,112	$622,000	trimmed−7%	0.00 pp	37 q
WYWeyerhaeuser Company	0.01%	21,005	$696,000	trimmed−7%	0.00 pp	35 q
MOAltria Group, Inc.	0.00%	5,475	$229,000	added0%	0.00 pp	4 q
AMATApplied Materials Inc	0.00%	3,651	$332,000	trimmed−1%	0.00 pp	22 q
AXGNAxogen, Inc.	0.00%	25,200	$206,000	trimmed−3%	0.00 pp	12 q
BACBank of America Corporation	0.00%	12,044	$375,000	held	—	37 q
BIIBBiogen Inc.	0.00%	1,025	$209,000	held	—	37 q
BABoeing Company	0.00%	2,844	$389,000	trimmed−3%	−0.01 pp	37 q
CXCemex S.A.B. de C.V.	0.00%	17,000	$67,000	held	—	2 q
CMCSAComcast Corp	0.00%	5,504	$216,000	trimmed−19%	0.00 pp	23 q
CMICummins Inc.	0.00%	1,164	$225,000	trimmed−11%	0.00 pp	6 q
DHRDanaher Corporation	0.00%	871	$221,000	trimmed−31%	0.00 pp	8 q
DEDeere & Company	0.00%	1,031	$309,000	trimmed−14%	−0.01 pp	8 q
DDominion Energy, Inc	0.00%	5,002	$399,000	trimmed−10%	0.00 pp	37 q
DUKDuke Energy Corporation	0.00%	2,274	$244,000	trimmed−5%	0.00 pp	8 q
EPDEnterprise Products Partners L.P.	0.00%	8,600	$210,000	held	—	7 q
FFord Motor Company	0.00%	15,000	$167,000	held	—	6 q
GPCGenuine Parts Company	0.00%	1,950	$259,000	added+15%	0.00 pp	6 q
HPQHP Inc.	0.00%	6,171	$202,000	held	—	2 q
HBANHuntington Bancshares Inc	0.00%	19,032	$229,000	held	—	5 q
ITWIllinois Tool Works Inc.	0.00%	2,151	$392,000	held	—	22 q
EFAiShares MSCI EAFE ETF	0.00%	5,945	$372,000	trimmed−12%	0.00 pp	37 q
IJRiShares Core S&P Small-Cap ETF	0.00%	3,603	$333,000	trimmed−8%	0.00 pp	3 q
IEFAiShares Core MSCI EAFE ETF	0.00%	3,937	$232,000	trimmed−22%	0.00 pp	3 q
KELKellanova	0.00%	4,471	$319,000	trimmed−28%	0.00 pp	3 q
LMTLockheed Martin Corp.	0.00%	508	$218,000	held	—	2 q
MPCMarathon Petroleum Corporation	0.00%	2,500	$206,000	held	—	2 q
MRSHMarsh	0.00%	1,436	$223,000	trimmed−37%	0.00 pp	3 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.00%	2,700	$225,000	held	—	9 q
MDLZMondelez International, Inc. Class A	0.00%	3,609	$224,000	held	—	6 q
NNDMNano Dimension Ltd.	0.00%	10,000	$31,000	held	—	3 q
OTTROtter Tail Corp	0.00%	3,800	$255,000	held	—	2 q
PAYXPaychex Inc	0.00%	2,730	$311,000	trimmed−52%	−0.01 pp	9 q
PMPhilip Morris International Inc.	0.00%	4,123	$407,000	trimmed−5%	0.00 pp	37 q
PSXPhillips 66	0.00%	3,898	$320,000	trimmed−17%	0.00 pp	37 q
PLUGPlug Power Inc.	0.00%	10,000	$166,000	held	—	13 q
SHYFThe Shyft Group, Inc.	0.00%	13,000	$242,000	trimmed−4%	0.00 pp	7 q
SONYSony Group Corporation	0.00%	3,470	$284,000	held	—	7 q
SOThe Southern Company	0.00%	3,500	$250,000	held	—	14 q
SSUPSuperior Industries Intl	0.00%	12,500	$49,000	held	—	2 q
TSLATesla, Inc.	0.00%	518	$349,000	held	—	8 q
VIGVanguard Dividend Appreciation ETF	0.00%	2,328	$334,000	trimmed−17%	0.00 pp	22 q
VNQVanguard Real Estate ETF	0.00%	2,854	$260,000	trimmed−25%	0.00 pp	3 q
VTIVanguard Morningstar Total Stock Market ETF	0.00%	1,256	$237,000	trimmed−48%	−0.01 pp	7 q
WBAWalgreens Boots Alliance, Inc	0.00%	6,515	$247,000	added+5%	0.00 pp	31 q
ZTSZoetis Inc.	0.00%	1,306	$224,000	trimmed−16%	0.00 pp	18 q
ACNAccenture PLC	0.00%	820	$228,000	added+4%	0.00 pp	8 q
IINIntriCon Corporation	—	−268,845	—	exited	−0.06 pp	—
DLXDeluxe Corporation	—	−29,719	—	exited	−0.01 pp	—
AMDAdvanced Micro Devices	—	−1,864	—	exited	0.00 pp	—
BXBlackstone Inc.	—	−2,427	—	exited	0.00 pp	—
BSXBoston Scientific Corp.	—	−5,337	—	exited	0.00 pp	—
CARRCarrier Global Corporation	—	−5,571	—	exited	0.00 pp	—
IWRiShares Russell Mid-Cap ETF	—	−5,439	—	exited	0.00 pp	—
NVECNVE Corp	—	−6,710	—	exited	0.00 pp	—
NVSNovartis AG	—	−2,309	—	exited	0.00 pp	—
OTISOtis Worldwide Corporation	—	−2,984	—	exited	0.00 pp	—
SSLSasol Limited	—	−8,595	—	exited	0.00 pp	—
SLBSLB Limited	—	−5,228	—	exited	0.00 pp	—
STTState Street Corporation	—	−2,357	—	exited	0.00 pp	—
VGTVanguard Information Technology ETF	—	−610	—	exited	0.00 pp	—
VUGVanguard Morningstar Growth ETF	—	−803	—	exited	0.00 pp	—
CLBCore Laboratories Inc.	—	−8,685	—	exited	0.00 pp	—