Mairs & Power

Q3 2022 13F · by Andrew Adams, CIO

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $7.9B · prev $8.3B
Positions: 221 · prev 202
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%

Moves209 since the prior filing

+1.2 pp in · −1.4 pp out

New 38 +0.27 pp
Added 68 +0.97 pp
Trimmed 84 −1.26 pp
Exited 19 −0.09 pp

The book

Focused · behaves like 40 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 added−0.20 pp added−0.206.0%
GOOG Alphabet Inc. Class C added−0.43 pp added−0.435.7%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) trimmed−0.04 pp trimmed−0.045.1%
USB U.S. Bancorp added−0.27 pp added−0.273.4%
AMZN Amazon.Com Inc trimmed+0.03 pp trimmed+0.033.4%

Positions221 in this filing · 19 exited


MSFTMicrosoft Corp	6.01%	2,044,042	$476M	added+1%	−0.20 pp	38 q
GOOGAlphabet Inc. Class C	5.68%	4,680,159	$450M	added0%	−0.43 pp	34 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.06%	794,763	$401M	trimmed−4%	−0.04 pp	38 q
USBU.S. Bancorp	3.41%	6,710,011	$271M	added+1%	−0.27 pp	38 q
AMZNAmazon.Com Inc	3.40%	2,384,857	$269M	trimmed−10%	+0.03 pp	36 q
TTCToro Company (The)	3.36%	3,083,178	$267M	added+1%	+0.60 pp	38 q
ECLEcolab, Inc.	3.25%	1,783,668	$258M	trimmed−1%	−0.07 pp	38 q
GGGGraco Inc	3.25%	4,297,629	$258M	added0%	+0.20 pp	38 q
JNJJohnson & Johnson	2.98%	1,445,685	$236M	trimmed−1%	−0.14 pp	38 q
MDTMedtronic plc	2.84%	2,785,370	$225M	added+8%	+0.08 pp	32 q
HRLHormel Foods Corporation	2.72%	4,743,685	$216M	trimmed−1%	+0.01 pp	38 q
TECHBio-Techne Corp.	2.41%	673,620	$191M	added+3%	−0.31 pp	33 q
FISVFiserv, Inc.	2.36%	1,998,658	$187M	trimmed−3%	+0.17 pp	38 q
LFUSLittelfuse Inc	2.23%	890,836	$177M	added+4%	−0.39 pp	19 q
LLYEli Lilly & Co.	2.03%	498,053	$161M	trimmed−5%	−0.01 pp	38 q
FULH.B. Fuller Company	1.96%	2,588,675	$156M	added+1%	+0.12 pp	38 q
QCOMQualcomm Inc	1.92%	1,346,280	$152M	added+2%	−0.11 pp	38 q
DCIDonaldson Company, Inc.	1.86%	3,013,809	$148M	trimmed−3%	+0.06 pp	38 q
WFCWells Fargo & Co.	1.85%	3,649,421	$147M	added0%	+0.14 pp	38 q
MSIMotorola Solutions, Inc. New	1.81%	640,730	$144M	trimmed−15%	−0.08 pp	17 q
ABTAbbott Laboratories	1.76%	1,438,192	$139M	trimmed−1%	−0.12 pp	38 q
FASTFastenal Co	1.73%	2,986,369	$137M	trimmed−1%	−0.07 pp	38 q
NVDANvidia Corp	1.64%	1,070,959	$130M	added+7%	−0.17 pp	14 q
SCHWThe Charles Schwab Corporation	1.54%	1,694,787	$122M	trimmed−17%	0.00 pp	38 q
SHWThe Sherwin-Williams Company	1.47%	569,613	$117M	trimmed−0%	−0.06 pp	15 q
NVTnVent Electric plc	1.47%	3,692,480	$117M	trimmed−3%	+0.04 pp	18 q
HONHoneywell International, Inc.	1.45%	688,226	$115M	trimmed−1%	0.00 pp	38 q
VVISA Inc.	1.43%	637,760	$113M	trimmed−0%	−0.08 pp	38 q
CHRWC.H. Robinson Worldwide, Inc.	1.32%	1,084,775	$104M	trimmed−6%	−0.09 pp	38 q
JPMJPMorgan Chase & Co.	1.27%	960,193	$100M	added+87%	+0.58 pp	38 q
PFGPrincipal Financial Group, Inc.	1.26%	1,379,898	$100M	added0%	+0.16 pp	38 q
TNCTennant Company	1.19%	1,673,332	$95M	added+1%	+0.01 pp	38 q
DISThe Walt Disney Company	1.11%	928,687	$88M	trimmed−3%	+0.02 pp	38 q
CRMSalesforce, Inc.	1.10%	604,688	$87M	added+12%	+0.03 pp	4 q
SYYSysco Corporation	1.09%	1,221,816	$86M	trimmed−13%	−0.34 pp	37 q
TGTTarget Corporation	1.08%	576,633	$86M	added+1%	+0.11 pp	38 q
HDHome Depot, Inc.	1.07%	307,299	$85M	trimmed−10%	−0.05 pp	38 q
ROKRockwell Automation, Inc.	0.94%	346,760	$75M	added+11%	+0.20 pp	13 q
MMM3M Company	0.92%	660,842	$73M	trimmed−11%	−0.23 pp	38 q
ENTGEntegris Inc	0.85%	813,055	$68M	added+10%	+0.04 pp	4 q
WKWorkiva Inc.	0.78%	796,742	$62M	added+13%	+0.22 pp	28 q
DGIIDigi International Inc	0.69%	1,574,060	$54M	trimmed−19%	+0.12 pp	17 q
NTRSNorthern Trust Corp	0.69%	636,165	$54M	added+7%	0.00 pp	3 q
PIIPolaris Inc.	0.58%	477,186	$46M	trimmed−0%	+0.01 pp	7 q
JAMFJamf Holding Corp.	0.55%	1,954,509	$43M	added+4%	−0.01 pp	9 q
ONBOld National Bancorp	0.54%	2,611,595	$43M	held	—	19 q
AXPAmerican Express Company	0.51%	298,090	$40M	trimmed−2%	+0.01 pp	38 q
GNRCGenerac Holdings Inc	0.50%	221,617	$39M	added+49%	+0.12 pp	35 q
LNTAlliant Energy Corporation	0.49%	726,317	$38M	trimmed−6%	−0.05 pp	36 q
UPSUnited Parcel Service, Inc. Class B	0.49%	241,721	$39M	trimmed−1%	−0.05 pp	38 q
BAXBaxter International Inc.	0.35%	519,187	$28M	added0%	−0.05 pp	38 q
SNBRQSleep Number Corp	0.34%	808,342	$27M	added+35%	+0.12 pp	10 q
INSPInspire Medical Systems, Inc.	0.30%	132,007	$23M	added0%	+0.01 pp	18 q
GTLSChart Inds Inc	0.26%	110,205	$20M	added+3%	+0.05 pp	2 q
PFEPfizer Inc.	0.26%	471,093	$21M	trimmed−7%	−0.06 pp	38 q
AAPLApple Inc.	0.24%	137,587	$19M	added+2%	+0.02 pp	38 q
THRMGentherm Inc	0.24%	388,981	$19M	added+4%	−0.04 pp	36 q
PGProcter & Gamble Company	0.24%	153,355	$19M	trimmed−6%	−0.04 pp	38 q
XELXcel Energy, Inc.	0.23%	281,628	$18M	trimmed−1%	−0.01 pp	38 q
CFRCullen/Frost Bankers Inc.	0.21%	127,837	$17M	trimmed−2%	+0.03 pp	25 q
GISGeneral Mills, Inc.	0.21%	212,460	$16M	trimmed−18%	−0.02 pp	38 q
BMIBadger Meter, Inc.	0.20%	170,594	$16M	trimmed−2%	+0.03 pp	38 q
TRVThe Travelers Companies, Inc.	0.18%	95,202	$15M	added+7%	0.00 pp	38 q
CASYCasey's General Stores Inc	0.17%	65,688	$13M	trimmed−9%	+0.01 pp	38 q
GBCIGlacier Bancorp Inc	0.17%	270,912	$13M	trimmed−2%	+0.01 pp	25 q
HSYThe Hershey Company	0.17%	62,717	$14M	trimmed−6%	0.00 pp	38 q
WTFCWintrust Financial Corp	0.17%	161,425	$13M	trimmed−0%	+0.01 pp	38 q
TXNTexas Instruments Incorporated	0.16%	81,350	$13M	added+4%	+0.02 pp	9 q
AIRAAR Corp.	0.14%	310,529	$11M	added+3%	−0.01 pp	18 q
OSKOshkosh Corp.	0.14%	153,221	$11M	added+7%	0.00 pp	38 q
GLWCorning Incorporated	0.13%	347,071	$10M	trimmed−0%	0.00 pp	38 q
PLXSPlexus Corp	0.13%	114,697	$10M	trimmed−3%	+0.02 pp	10 q
CTLTCatalent, Inc.	0.12%	130,348	$9M	added0%	−0.05 pp	23 q
FIBKFirst Interstate BancSystem, Inc. (DE)	0.11%	217,223	$9M	trimmed−0%	+0.01 pp	3 q
BKHBlack Hills Corporation	0.10%	116,090	$8M	trimmed−0%	0.00 pp	23 q
HUBGHUB Group Inc	0.10%	110,009	$8M	trimmed−13%	−0.01 pp	38 q
MCSThe Marcus Corporation	0.10%	545,680	$8M	trimmed−7%	0.00 pp	26 q
QCRHQCR Holdings Inc	0.10%	155,876	$8M	trimmed−0%	0.00 pp	23 q
ABBVAbbvie Inc.	0.09%	53,913	$7M	added+6%	0.00 pp	38 q
ASBAssociated Banc-Corp	0.09%	372,597	$7M	added+8%	+0.01 pp	38 q
ADPAutomatic Data Processing	0.09%	30,012	$7M	trimmed−8%	+0.01 pp	38 q
EMREmerson Electric Co.	0.09%	101,937	$7M	added+6%	0.00 pp	38 q
MGPIMGP Ingredients Inc	0.09%	69,348	$7M	trimmed−4%	0.00 pp	16 q
BRK.BBERKSHIRE HATHAWAY Class B	0.08%	23,533	$6M	trimmed−0%	0.00 pp	38 q
MRKMerck & Co., Inc.	0.08%	75,132	$6M	added+32%	+0.02 pp	38 q
NWENorthWestern Energy Group, Inc.	0.08%	121,858	$6M	trimmed−0%	−0.01 pp	13 q
42OPhysicians Realty Trust	0.08%	424,394	$6M	trimmed−0%	−0.01 pp	32 q
SPYState Street SPDR S&P 500 ETF Trust	0.08%	17,067	$6M	trimmed−29%	−0.03 pp	38 q
PNRPentair plc	0.08%	163,277	$7M	added+3%	−0.01 pp	34 q
AZEKThe AZEK Company Inc.	0.07%	324,256	$5M	trimmed−0%	0.00 pp	5 q
BMYBristol-Myers Squibb Co.	0.07%	79,677	$6M	added+17%	+0.01 pp	38 q
CVXChevron Corporation	0.07%	35,869	$5M	added+12%	+0.01 pp	38 q
ALTRAltair Engineering Inc. Class A	0.06%	110,525	$5M	added+34%	+0.01 pp	2 q
INTCIntel Corp	0.06%	179,771	$5M	trimmed−6%	−0.03 pp	38 q
JBTMJBT Marel Corporation	0.06%	57,558	$5M	added+52%	+0.01 pp	3 q
MEDPMedpace Holdings, Inc.	0.06%	31,455	$5M	new	+0.06 pp	new
ENVEnvestnet, Inc.	0.05%	97,806	$4M	trimmed−0%	−0.01 pp	10 q
XOMExxon Mobil Corp	0.05%	43,759	$4M	added+9%	+0.01 pp	38 q
SCHBSchwab U.S. Broad Market ETF	0.05%	90,740	$4M	held	—	38 q
ALRSAlerus Financial Corporation	0.04%	141,199	$3M	trimmed−0%	0.00 pp	4 q
BRK.ABerkshire Hathaway Inc.	0.04%	7	$3M	held	—	37 q
CATCaterpillar Inc.	0.04%	18,095	$3M	added×2.5	+0.02 pp	38 q
COPConocoPhillips	0.04%	28,466	$3M	added×2.4	+0.03 pp	38 q
ELANElanco Animal Health Incorporated	0.04%	259,353	$3M	trimmed−29%	−0.05 pp	15 q
MCDMcDonald's Corporation	0.04%	14,551	$3M	added+6%	0.00 pp	38 q
PRLBProto Labs, Inc.	0.04%	76,835	$3M	trimmed−7%	−0.01 pp	38 q
VZVerizon Communications	0.04%	77,389	$3M	added+2%	−0.01 pp	38 q
ZBHZimmer Biomet Holdings, Inc.	0.04%	31,100	$3M	trimmed−11%	0.00 pp	38 q
GOOGLAlphabet Inc. Class A	0.03%	27,480	$3M	added+1%	−0.01 pp	29 q
AMGNAmgen Inc	0.03%	8,935	$2M	trimmed−1%	0.00 pp	38 q
BDXBecton, Dickinson and Co.	0.03%	8,893	$2M	added×2.4	+0.02 pp	38 q
KMBKimberly-Clark Corp.	0.03%	19,414	$2M	trimmed−10%	−0.01 pp	38 q
NEOGNeogen Corp	0.03%	149,416	$2M	new	+0.03 pp	new
AMCRAmcor plc	0.03%	248,624	$3M	added+30%	0.00 pp	14 q
AIYActivision Blizzard Inc	0.02%	21,551	$2M	trimmed−26%	−0.01 pp	11 q
CTASCintas Corp	0.02%	3,860	$1M	added0%	0.00 pp	10 q
KOCoca-Cola Company	0.02%	28,507	$2M	added+5%	0.00 pp	38 q
COSTCostco Wholesale Corp	0.02%	3,131	$1M	trimmed−1%	0.00 pp	38 q
IVViShares Core S&P 500 ETF	0.02%	3,751	$1M	added+1%	0.00 pp	38 q
LOWLowe's Companies Inc.	0.02%	7,124	$1M	added+4%	+0.01 pp	38 q
MOSThe Mosaic Company	0.02%	39,000	$2M	new	+0.02 pp	new
ORCLOracle Corp	0.02%	27,579	$2M	trimmed−0%	0.00 pp	38 q
PEPPepsiCo, Inc.	0.02%	10,928	$2M	trimmed−8%	0.00 pp	38 q
SKYTSkyWater Technology	0.02%	204,256	$2M	trimmed−0%	+0.01 pp	6 q
SNASnap-on Incorporated	0.02%	9,744	$2M	added+2%	0.00 pp	38 q
SU6Surmodics Inc	0.02%	63,084	$2M	trimmed−12%	−0.01 pp	13 q
UNPUnion Pacific Corp.	0.02%	8,129	$2M	held	—	26 q
WYWeyerhaeuser Company	0.02%	52,281	$1M	added×2.5	+0.01 pp	36 q
TAT&T Inc.	0.01%	37,646	$577,000	added+63%	0.00 pp	38 q
AEBAAllete Inc	0.01%	18,571	$929,000	added+8%	0.00 pp	38 q
AMTAmerican Tower Corporation	0.01%	2,214	$475,000	held	—	19 q
AWKAmerican Water Works Company, Inc	0.01%	5,026	$654,000	new	+0.01 pp	new
AMPAmeriprise Financial, Inc.	0.01%	2,175	$548,000	held	—	37 q
AMATApplied Materials Inc	0.01%	8,151	$668,000	added×2.2	+0.01 pp	23 q
BPBP p.l.c.	0.01%	19,750	$564,000	new	+0.01 pp	new
BACBank of America Corporation	0.01%	21,978	$664,000	added+82%	+0.01 pp	38 q
BMOBank of Montreal	0.01%	9,000	$789,000	new	+0.01 pp	new
BSXBoston Scientific Corp.	0.01%	10,768	$417,000	new	+0.01 pp	new
CVRXCVRx, Inc.	0.01%	90,638	$846,000	held	—	4 q
CMCanadian Imperial Bank of Commerce	0.01%	10,176	$445,000	new	+0.01 pp	new
CSCOCisco Systems, Inc. (DE)	0.01%	27,273	$1M	trimmed−9%	−0.01 pp	38 q
GEGE Aerospace	0.01%	8,195	$507,000	new	+0.01 pp	new
HOGHarley-Davidson, Inc.	0.01%	14,458	$504,000	new	+0.01 pp	new
HWKNHawkins Inc	0.01%	13,320	$519,000	held	—	38 q
HBANHuntington Bancshares Inc	0.01%	53,635	$707,000	added×2.8	+0.01 pp	6 q
HYLNHyliion Holdings Corp.	0.01%	172,767	$496,000	held	—	8 q
IEXIDEX Corporation	0.01%	4,000	$799,000	new	+0.01 pp	new
IDXXIdexx Laboratories Inc	0.01%	3,503	$1M	trimmed−3%	−0.01 pp	36 q
QQQInvesco QQQ Trust, Series 1	0.01%	1,746	$467,000	trimmed−38%	0.00 pp	11 q
MAMastercard Incorporated	0.01%	1,735	$493,000	trimmed−1%	0.00 pp	20 q
NEENextEra Energy, Inc.	0.01%	5,691	$446,000	held	—	38 q
NSCNorfolk Southern Corp.	0.01%	4,254	$892,000	trimmed−0%	0.00 pp	38 q
PDCOPatterson Companies, Inc.	0.01%	48,630	$1M	added×2.9	0.00 pp	38 q
PSXPhillips 66	0.01%	8,798	$710,000	added×2.3	+0.01 pp	38 q
RTXRTX Corporation	0.01%	9,117	$746,000	trimmed−13%	0.00 pp	38 q
SHELShell plc	0.01%	13,920	$693,000	new	+0.01 pp	new
SLBSLB Limited	0.01%	19,500	$700,000	new	+0.01 pp	new
SCHFSchwab International Equity ETF	0.01%	15,000	$422,000	trimmed−44%	0.00 pp	38 q
XLKState Street Technology Select Sector SPDR ETF	0.01%	3,452	$410,000	held	—	15 q
SBUXStarbucks Corp	0.01%	8,256	$696,000	trimmed−15%	0.00 pp	23 q
SYKStryker Corporation	0.01%	4,000	$810,000	new	+0.01 pp	new
RGRSturm, Ruger & Company, Inc.	0.01%	12,000	$609,000	new	+0.01 pp	new
TSLATesla, Inc.	0.01%	1,554	$412,000	held	—	9 q
TMOThermo Fisher Scientific, Inc.	0.01%	1,204	$611,000	held	—	35 q
UFCSUnited Fire Group Inc.	0.01%	28,000	$804,000	new	+0.01 pp	new
VLOValero Energy Corporation	0.01%	4,800	$513,000	new	+0.01 pp	new
VCELVericel Corporation	0.01%	26,490	$615,000	held	—	13 q
WMTWalmart Inc.	0.01%	7,063	$916,000	added+38%	0.00 pp	38 q
WWDWoodward, Inc.	0.01%	14,000	$1M	new	+0.01 pp	new
CBChubb Limited	0.01%	2,324	$423,000	new	+0.01 pp	new
ADBEAdobe Inc.	0.00%	1,354	$373,000	trimmed−0%	−0.01 pp	28 q
MOAltria Group, Inc.	0.00%	5,027	$203,000	trimmed−8%	0.00 pp	5 q
AXGNAxogen, Inc.	0.00%	25,200	$300,000	held	—	13 q
BOHBank of Hawaii Corp.	0.00%	4,000	$304,000	new	0.00 pp	new
BCSBarclays PLC	0.00%	30,000	$192,000	new	0.00 pp	new
BBYBest Buy Company, Inc.	0.00%	5,500	$348,000	new	0.00 pp	new
BIIBBiogen Inc.	0.00%	1,025	$274,000	held	—	38 q
BABoeing Company	0.00%	2,844	$344,000	held	—	38 q
BRCBrady Corporation	0.00%	7,000	$292,000	new	0.00 pp	new
CSXCSX Corporation	0.00%	14,587	$389,000	trimmed−9%	−0.01 pp	23 q
CCJCameco Corporation	0.00%	12,000	$318,000	new	0.00 pp	new
CEGConstellation Energy Corporation	0.00%	2,866	$238,000	new	0.00 pp	new
CMICummins Inc.	0.00%	1,164	$237,000	held	—	7 q
DAKTDaktronics Inc	0.00%	23,000	$62,000	new	0.00 pp	new
DHRDanaher Corporation	0.00%	871	$225,000	held	—	9 q
DEDeere & Company	0.00%	1,181	$394,000	added+15%	0.00 pp	9 q
DDominion Energy, Inc	0.00%	3,377	$233,000	trimmed−32%	0.00 pp	38 q
EPDEnterprise Products Partners L.P.	0.00%	9,600	$228,000	added+12%	0.00 pp	8 q
EXCExelon Corporation	0.00%	8,739	$327,000	new	0.00 pp	new
METAMeta Platforms, Inc. Class A	0.00%	1,665	$226,000	trimmed−36%	−0.01 pp	15 q
FFord Motor Company	0.00%	15,000	$168,000	held	—	7 q
GMGeneral Motors Company	0.00%	7,179	$230,000	new	0.00 pp	new
GPCGenuine Parts Company	0.00%	1,950	$291,000	held	—	7 q
ITWIllinois Tool Works Inc.	0.00%	2,151	$389,000	held	—	23 q
IBMInternational Business Machines Corporation	0.00%	2,442	$290,000	trimmed−26%	−0.01 pp	38 q
IJRiShares Core S&P Small-Cap ETF	0.00%	2,588	$226,000	trimmed−28%	0.00 pp	4 q
LUMNLumen Technologies, Inc.	0.00%	20,000	$146,000	new	0.00 pp	new
MDUMDU Resources Group, Inc.	0.00%	9,133	$250,000	new	0.00 pp	new
MRSHMarsh	0.00%	1,436	$214,000	held	—	4 q
NVECNVE Corp	0.00%	7,500	$350,000	new	0.00 pp	new
NNDMNano Dimension Ltd.	0.00%	10,000	$24,000	held	—	4 q
NEMNewmont Corporation	0.00%	8,000	$336,000	new	0.00 pp	new
NKENike, Inc.	0.00%	4,501	$374,000	held	—	22 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.00%	31,200	$375,000	held	—	32 q
PAYXPaychex Inc	0.00%	2,730	$306,000	held	—	10 q
PMPhilip Morris International Inc.	0.00%	4,023	$334,000	trimmed−2%	0.00 pp	38 q
PLUGPlug Power Inc.	0.00%	10,000	$210,000	held	—	14 q
RFRegions Financial Corp.	0.00%	15,000	$301,000	new	0.00 pp	new
SHYFThe Shyft Group, Inc.	0.00%	10,000	$204,000	trimmed−23%	0.00 pp	8 q
SWBISmith & Wesson Brands, Inc.	0.00%	10,000	$104,000	new	0.00 pp	new
SONSonoco Products Company	0.00%	5,000	$284,000	new	0.00 pp	new
SONYSony Group Corporation	0.00%	3,470	$222,000	held	—	8 q
SOThe Southern Company	0.00%	3,500	$238,000	held	—	15 q
SSUPSuperior Industries Intl	0.00%	12,500	$38,000	held	—	3 q
VIGVanguard Dividend Appreciation ETF	0.00%	2,791	$377,000	added+20%	0.00 pp	23 q
VTIVanguard Morningstar Total Stock Market ETF	0.00%	1,136	$204,000	trimmed−10%	0.00 pp	8 q
VODVodafone Group PLC	0.00%	11,431	$130,000	new	0.00 pp	new
WECWEC Energy Group, Inc.	0.00%	4,144	$371,000	trimmed−41%	−0.01 pp	30 q
ZBRAZebra Technologies Corporation	0.00%	1,000	$262,000	new	0.00 pp	new
ACNAccenture PLC	0.00%	791	$204,000	trimmed−4%	0.00 pp	9 q
RIGTransocean LTD.	0.00%	10,000	$25,000	new	0.00 pp	new
CCMPCMC Materials, Inc.	—	−12,000	—	exited	−0.03 pp	—
CYBECyberoptics Corp	—	−76,639	—	exited	−0.03 pp	—
CMBMFCambium Networks Corp Ord	—	−126,339	—	exited	−0.02 pp	—
EPACEnerpac Tool Group Corp.	—	−56,606	—	exited	−0.01 pp	—
CXCemex S.A.B. de C.V.	—	−17,000	—	exited	0.00 pp	—
CMCSAComcast Corp	—	−5,504	—	exited	0.00 pp	—
DUKDuke Energy Corporation	—	−2,274	—	exited	0.00 pp	—
HPQHP Inc.	—	−6,171	—	exited	0.00 pp	—
EFAiShares MSCI EAFE ETF	—	−5,945	—	exited	0.00 pp	—
IEFAiShares Core MSCI EAFE ETF	—	−3,937	—	exited	0.00 pp	—
KELKellanova	—	−4,471	—	exited	0.00 pp	—
LMTLockheed Martin Corp.	—	−508	—	exited	0.00 pp	—
MPCMarathon Petroleum Corporation	—	−2,500	—	exited	0.00 pp	—
MKCMcCormick & Company, Incorporated Non-VTG CS	—	−2,700	—	exited	0.00 pp	—
MDLZMondelez International, Inc. Class A	—	−3,609	—	exited	0.00 pp	—
OTTROtter Tail Corp	—	−3,800	—	exited	0.00 pp	—
VNQVanguard Real Estate ETF	—	−2,854	—	exited	0.00 pp	—
WBAWalgreens Boots Alliance, Inc	—	−6,515	—	exited	0.00 pp	—
ZTSZoetis Inc.	—	−1,306	—	exited	0.00 pp	—