Mairs & Power

Q1 2023 13F · by Andrew Adams, CIO

As of: Mar 31, 2023
Filed: May 15, 2023
US stock: $8.7B · prev $8.3B
Positions: 236 · prev 227
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%

Moves208 since the prior filing

+2.8 pp in · −2.7 pp out

New 23 +0.06 pp
Added 80 +2.73 pp
Trimmed 91 −2.67 pp
Exited 14 −0.01 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.1 years per position

Low
Moderate
High

Top 5 positions24% of US stock

MSFT Microsoft Corp added+1.24 pp added+1.247.2%
GOOG Alphabet Inc. Class C trimmed+0.13 pp trimmed+0.134.7%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) added−0.72 pp added−0.724.3%
TTC Toro Company (The) trimmed−0.26 pp trimmed−0.263.8%
NVDA Nvidia Corp trimmed+1.23 pp trimmed+1.233.6%

Positions236 in this filing · 14 exited


MSFTMicrosoft Corp	7.24%	2,176,326	$627M	added+5%	+1.24 pp	40 q
GOOGAlphabet Inc. Class C	4.73%	3,938,703	$410M	trimmed−9%	+0.13 pp	36 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.25%	779,313	$368M	added0%	−0.72 pp	40 q
TTCToro Company (The)	3.75%	2,926,565	$325M	trimmed−0%	−0.26 pp	40 q
NVDANvidia Corp	3.65%	1,138,758	$316M	trimmed−17%	+1.23 pp	16 q
GGGGraco Inc	3.58%	4,247,553	$310M	trimmed−1%	+0.11 pp	40 q
AMZNAmazon.Com Inc	3.26%	2,732,442	$282M	added+9%	+0.72 pp	38 q
ECLEcolab, Inc.	3.23%	1,693,219	$280M	trimmed−5%	+0.11 pp	40 q
USBU.S. Bancorp	2.85%	6,851,434	$247M	added+3%	−0.63 pp	40 q
LFUSLittelfuse Inc	2.77%	894,425	$240M	added0%	+0.40 pp	21 q
FISVFiserv, Inc.	2.64%	2,021,538	$228M	added0%	+0.18 pp	40 q
MDTMedtronic plc	2.63%	2,822,396	$228M	added+1%	+0.01 pp	34 q
TECHBio-Techne Corp.	2.59%	3,025,978	$224M	added+8%	−0.21 pp	35 q
JNJJohnson & Johnson	2.54%	1,422,013	$220M	trimmed−0%	−0.49 pp	40 q
HRLHormel Foods Corporation	2.34%	5,077,966	$203M	added+8%	−0.23 pp	40 q
LLYEli Lilly & Co.	2.17%	548,438	$188M	added+14%	+0.04 pp	40 q
QCOMQualcomm Inc	2.09%	1,421,151	$181M	added+1%	+0.23 pp	40 q
FASTFastenal Co	2.00%	3,206,679	$173M	added+8%	+0.31 pp	40 q
JPMJPMorgan Chase & Co.	1.93%	1,286,279	$168M	added+31%	+0.35 pp	40 q
MSIMotorola Solutions, Inc. New	1.91%	577,225	$165M	trimmed−4%	+0.04 pp	19 q
FULH.B. Fuller Company	1.87%	2,363,566	$162M	trimmed−4%	−0.25 pp	40 q
DCIDonaldson Company, Inc.	1.83%	2,432,943	$159M	trimmed−13%	−0.16 pp	40 q
NVTnVent Electric plc	1.70%	3,435,076	$148M	trimmed−3%	+0.05 pp	20 q
VVISA Inc.	1.64%	629,139	$142M	trimmed−1%	+0.06 pp	40 q
ABTAbbott Laboratories	1.54%	1,318,972	$134M	trimmed−1%	−0.22 pp	40 q
SHWThe Sherwin-Williams Company	1.48%	568,885	$128M	trimmed0%	−0.15 pp	17 q
HONHoneywell International, Inc.	1.46%	660,546	$126M	trimmed−3%	−0.29 pp	40 q
WFCWells Fargo & Co.	1.34%	3,109,185	$116M	trimmed−2%	−0.24 pp	40 q
SYYSysco Corporation	1.23%	1,384,743	$107M	added+13%	+0.10 pp	39 q
TNCTennant Company	1.21%	1,532,716	$105M	trimmed−6%	0.00 pp	40 q
ROKRockwell Automation, Inc.	1.17%	345,789	$101M	added0%	+0.10 pp	15 q
DISThe Walt Disney Company	1.08%	935,348	$94M	added0%	+0.10 pp	40 q
PFGPrincipal Financial Group, Inc.	1.05%	1,218,735	$91M	trimmed−6%	−0.26 pp	40 q
ENTGEntegris Inc	1.04%	1,097,544	$90M	added+10%	+0.26 pp	6 q
WKWorkiva Inc.	1.00%	849,391	$87M	trimmed−0%	+0.14 pp	30 q
CRMSalesforce, Inc.	0.99%	431,448	$86M	trimmed−28%	+0.03 pp	6 q
SCHWThe Charles Schwab Corporation	0.92%	1,525,015	$80M	added0%	−0.60 pp	40 q
TGTTarget Corporation	0.90%	469,197	$78M	trimmed−10%	−0.04 pp	40 q
CHRWC.H. Robinson Worldwide, Inc.	0.83%	723,136	$72M	trimmed−33%	−0.36 pp	40 q
HDHome Depot, Inc.	0.68%	199,949	$59M	trimmed−22%	−0.29 pp	40 q
LNTAlliant Energy Corporation	0.67%	1,087,797	$58M	added+60%	+0.22 pp	38 q
MMM3M Company	0.66%	541,909	$57M	trimmed−10%	−0.21 pp	40 q
CTLTCatalent, Inc.	0.65%	861,686	$57M	added×6.6	+0.58 pp	25 q
JAMFJamf Holding Corp.	0.52%	2,336,393	$45M	added+12%	−0.01 pp	11 q
UPSUnited Parcel Service, Inc. Class B	0.51%	229,596	$45M	trimmed−5%	+0.01 pp	40 q
AXPAmerican Express Company	0.50%	261,115	$43M	trimmed−10%	−0.02 pp	40 q
PIIPolaris Inc.	0.49%	386,145	$43M	trimmed−2%	+0.01 pp	9 q
NTRSNorthern Trust Corp	0.48%	472,928	$42M	trimmed−7%	−0.06 pp	5 q
DGIIDigi International Inc	0.46%	1,172,759	$39M	trimmed−11%	−0.12 pp	19 q
GNRCGenerac Holdings Inc	0.44%	350,844	$38M	added+22%	+0.09 pp	37 q
ONBOld National Bancorp	0.43%	2,563,595	$37M	held	—	21 q
AAPLApple Inc.	0.29%	153,909	$25M	added+12%	+0.08 pp	40 q
INSPInspire Medical Systems, Inc.	0.29%	107,313	$25M	trimmed−15%	−0.09 pp	20 q
THRMGentherm Inc	0.26%	371,320	$22M	trimmed−4%	−0.04 pp	38 q
PGProcter & Gamble Company	0.26%	149,315	$22M	added+1%	−0.01 pp	40 q
BMIBadger Meter, Inc.	0.23%	165,233	$20M	trimmed−2%	+0.01 pp	40 q
XELXcel Energy, Inc.	0.22%	278,370	$19M	trimmed−0%	−0.02 pp	40 q
GISGeneral Mills, Inc.	0.18%	186,461	$16M	trimmed−10%	−0.03 pp	40 q
HSYThe Hershey Company	0.18%	61,045	$16M	trimmed−0%	+0.01 pp	40 q
TXNTexas Instruments Incorporated	0.18%	81,714	$15M	added+1%	+0.02 pp	11 q
TRVThe Travelers Companies, Inc.	0.18%	88,593	$15M	trimmed−7%	−0.03 pp	40 q
PFEPfizer Inc.	0.17%	370,830	$15M	trimmed−16%	−0.10 pp	40 q
AIRAAR Corp.	0.16%	252,457	$14M	trimmed−19%	−0.01 pp	20 q
WTFCWintrust Financial Corp	0.15%	183,558	$13M	added+14%	−0.01 pp	40 q
CASYCasey's General Stores Inc	0.14%	56,093	$12M	trimmed−2%	−0.01 pp	40 q
CFRCullen/Frost Bankers Inc.	0.14%	118,907	$13M	trimmed−3%	−0.06 pp	27 q
ALTRAltair Engineering Inc. Class A	0.13%	153,075	$11M	added+22%	+0.06 pp	4 q
BAXBaxter International Inc.	0.12%	252,960	$10M	trimmed−22%	−0.08 pp	40 q
GLWCorning Incorporated	0.12%	283,173	$10M	trimmed−15%	−0.01 pp	40 q
GBCIGlacier Bancorp Inc	0.11%	229,360	$10M	trimmed−0%	−0.03 pp	27 q
HUBGHUB Group Inc	0.11%	110,113	$9M	added0%	0.00 pp	40 q
PLXSPlexus Corp	0.11%	94,452	$9M	trimmed−3%	−0.01 pp	12 q
ABBVAbbvie Inc.	0.10%	52,911	$8M	trimmed−0%	0.00 pp	40 q
AZEKThe AZEK Company Inc.	0.10%	383,523	$9M	added+6%	+0.01 pp	7 q
JBTMJBT Marel Corporation	0.10%	81,214	$9M	added+18%	+0.02 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	0.09%	25,837	$8M	added+14%	+0.01 pp	40 q
EMREmerson Electric Co.	0.09%	90,865	$8M	trimmed−10%	−0.03 pp	40 q
OSKOshkosh Corp.	0.09%	89,996	$7M	trimmed−27%	−0.04 pp	40 q
ASBAssociated Banc-Corp	0.08%	370,903	$7M	added0%	−0.02 pp	40 q
ADPAutomatic Data Processing	0.08%	29,861	$7M	added0%	−0.01 pp	40 q
BKHBlack Hills Corporation	0.08%	116,545	$7M	added+19%	0.00 pp	25 q
MGPIMGP Ingredients Inc	0.08%	70,515	$7M	added+35%	+0.01 pp	18 q
MCSThe Marcus Corporation	0.08%	445,738	$7M	trimmed−15%	−0.01 pp	28 q
MEDPMedpace Holdings, Inc.	0.08%	35,450	$7M	added+13%	0.00 pp	3 q
MRKMerck & Co., Inc.	0.08%	67,237	$7M	trimmed−8%	−0.02 pp	40 q
QCRHQCR Holdings Inc	0.08%	149,125	$7M	added0%	−0.01 pp	25 q
PNRPentair plc	0.08%	122,327	$7M	trimmed−22%	0.00 pp	36 q
NWENorthWestern Energy Group, Inc.	0.07%	111,120	$6M	added+3%	−0.01 pp	15 q
42OPhysicians Realty Trust	0.07%	426,504	$6M	trimmed−5%	−0.01 pp	34 q
BMYBristol-Myers Squibb Co.	0.06%	78,025	$5M	trimmed−1%	−0.01 pp	40 q
CVXChevron Corporation	0.06%	31,550	$5M	trimmed−10%	−0.02 pp	40 q
XOMExxon Mobil Corp	0.06%	44,121	$5M	trimmed−0%	0.00 pp	40 q
SPYState Street SPDR S&P 500 ETF Trust	0.06%	13,336	$5M	trimmed−80%	−0.25 pp	40 q
SNBRQSleep Number Corp	0.06%	166,308	$5M	trimmed−30%	−0.01 pp	12 q
CATCaterpillar Inc.	0.05%	17,920	$4M	trimmed−0%	0.00 pp	40 q
CLFDClearfield, Inc.	0.05%	101,755	$5M	added×3.8	+0.02 pp	2 q
INTCIntel Corp	0.05%	126,246	$4M	trimmed−27%	−0.01 pp	40 q
MCDMcDonald's Corporation	0.05%	14,849	$4M	added+4%	0.00 pp	40 q
SCHBSchwab U.S. Broad Market ETF	0.05%	90,020	$4M	held	—	40 q
GOOGLAlphabet Inc. Class A	0.04%	31,740	$3M	added+16%	+0.01 pp	31 q
BRK.ABerkshire Hathaway Inc.	0.04%	7	$3M	held	—	39 q
FIBKFirst Interstate BancSystem, Inc. (DE)	0.04%	111,269	$3M	trimmed−45%	−0.05 pp	5 q
ZBHZimmer Biomet Holdings, Inc.	0.04%	26,481	$3M	trimmed−11%	−0.01 pp	40 q
ALRSAlerus Financial Corporation	0.03%	141,199	$2M	held	—	6 q
BDXBecton, Dickinson and Co.	0.03%	8,863	$2M	trimmed−0%	0.00 pp	40 q
COPConocoPhillips	0.03%	27,030	$3M	trimmed−7%	−0.01 pp	40 q
ENVEnvestnet, Inc.	0.03%	49,786	$3M	trimmed−42%	−0.03 pp	12 q
KMBKimberly-Clark Corp.	0.03%	17,231	$2M	trimmed−10%	0.00 pp	40 q
NEOGNeogen Corp	0.03%	139,013	$3M	trimmed−5%	0.00 pp	3 q
ORCLOracle Corp	0.03%	29,367	$3M	added+6%	0.00 pp	40 q
SKYTSkyWater Technology	0.03%	204,450	$2M	added0%	+0.01 pp	8 q
SNASnap-on Incorporated	0.03%	9,287	$2M	trimmed−4%	0.00 pp	40 q
VZVerizon Communications	0.03%	72,701	$3M	added+1%	0.00 pp	40 q
AMCRAmcor plc	0.03%	224,784	$3M	trimmed−4%	0.00 pp	16 q
AMGNAmgen Inc	0.02%	8,754	$2M	trimmed−2%	−0.01 pp	40 q
CTASCintas Corp	0.02%	4,150	$2M	added+8%	0.00 pp	12 q
KOCoca-Cola Company	0.02%	32,284	$2M	added+15%	0.00 pp	40 q
COSTCostco Wholesale Corp	0.02%	3,604	$2M	added+15%	0.00 pp	40 q
ELANElanco Animal Health Incorporated	0.02%	214,726	$2M	trimmed−4%	−0.01 pp	17 q
EXKExact Sciences Corp	0.02%	23,800	$2M	held	—	2 q
IDXXIdexx Laboratories Inc	0.02%	2,828	$1M	trimmed−9%	0.00 pp	38 q
IVViShares Core S&P 500 ETF	0.02%	3,751	$2M	held	—	40 q
LOWLowe's Companies Inc.	0.02%	7,124	$1M	held	—	40 q
MOSThe Mosaic Company	0.02%	39,000	$2M	held	—	3 q
PANWPalo Alto Networks, Inc.	0.02%	10,260	$2M	new	+0.02 pp	new
PEPPepsiCo, Inc.	0.02%	10,047	$2M	trimmed−4%	0.00 pp	40 q
PJCPiper Sandler Companies	0.02%	9,993	$1M	new	+0.02 pp	new
UNPUnion Pacific Corp.	0.02%	8,563	$2M	added+5%	0.00 pp	28 q
WYWeyerhaeuser Company	0.02%	53,132	$2M	trimmed−0%	0.00 pp	38 q
WWDWoodward, Inc.	0.02%	14,000	$1M	held	—	3 q
TAT&T Inc.	0.01%	25,298	$486,987	added+2%	0.00 pp	40 q
ADBEAdobe Inc.	0.01%	2,217	$854,365	added+67%	0.00 pp	30 q
AEBAAllete Inc	0.01%	18,154	$1M	trimmed−2%	0.00 pp	40 q
AMTAmerican Tower Corporation	0.01%	2,214	$452,409	held	—	21 q
AWKAmerican Water Works Company, Inc	0.01%	5,440	$796,906	added+8%	0.00 pp	3 q
AMPAmeriprise Financial, Inc.	0.01%	2,158	$661,427	trimmed−1%	0.00 pp	39 q
AMATApplied Materials Inc	0.01%	7,675	$942,720	held	—	25 q
BPBP p.l.c.	0.01%	16,850	$639,289	held	—	3 q
BACBank of America Corporation	0.01%	24,683	$705,934	added+14%	0.00 pp	40 q
BMOBank of Montreal	0.01%	9,000	$801,990	held	—	3 q
BBYBest Buy Company, Inc.	0.01%	7,050	$551,804	added+28%	0.00 pp	3 q
BABoeing Company	0.01%	2,566	$545,095	trimmed−2%	0.00 pp	40 q
BSXBoston Scientific Corp.	0.01%	10,768	$538,723	held	—	3 q
CVRXCVRx, Inc.	0.01%	121,343	$1M	added+34%	−0.01 pp	6 q
CSCOCisco Systems, Inc. (DE)	0.01%	20,431	$1M	trimmed−9%	0.00 pp	40 q
METAMeta Platforms, Inc. Class A	0.01%	2,615	$554,223	added+57%	+0.01 pp	17 q
GEGE Aerospace	0.01%	7,946	$759,638	trimmed−2%	0.00 pp	3 q
HOGHarley-Davidson, Inc.	0.01%	14,458	$548,970	held	—	3 q
HWKNHawkins Inc	0.01%	13,320	$583,150	held	—	40 q
HBANHuntington Bancshares Inc	0.01%	52,621	$589,355	held	—	8 q
IEXIDEX Corporation	0.01%	4,000	$924,120	held	—	3 q
QQQInvesco QQQ Trust, Series 1	0.01%	2,406	$772,158	added+38%	0.00 pp	13 q
LMTLockheed Martin Corp.	0.01%	1,028	$485,966	new	+0.01 pp	new
NVECNVE Corp	0.01%	7,500	$622,425	held	—	3 q
NEENextEra Energy, Inc.	0.01%	7,957	$613,326	added+40%	0.00 pp	40 q
NKENike, Inc.	0.01%	4,949	$606,945	added+10%	0.00 pp	24 q
NSCNorfolk Southern Corp.	0.01%	4,401	$933,012	added+3%	0.00 pp	40 q
PDCOPatterson Companies, Inc.	0.01%	48,180	$1M	held	—	40 q
PAYXPaychex Inc	0.01%	4,900	$561,491	added+61%	+0.01 pp	12 q
PMPhilip Morris International Inc.	0.01%	5,683	$552,672	added+32%	0.00 pp	40 q
PSXPhillips 66	0.01%	9,394	$952,364	added+5%	0.00 pp	40 q
RTXRTX Corporation	0.01%	9,902	$969,703	added+9%	0.00 pp	40 q
SHELShell plc	0.01%	13,920	$800,957	held	—	3 q
SLBSLB Limited	0.01%	18,775	$921,853	trimmed−8%	0.00 pp	3 q
SCHFSchwab International Equity ETF	0.01%	15,000	$522,000	held	—	40 q
XLKState Street Technology Select Sector SPDR ETF	0.01%	7,409	$1M	added×2.1	0.00 pp	17 q
SBUXStarbucks Corp	0.01%	7,267	$756,667	trimmed−2%	0.00 pp	25 q
SYKStryker Corporation	0.01%	4,375	$1M	added+9%	0.00 pp	3 q
RGRSturm, Ruger & Company, Inc.	0.01%	12,000	$689,280	held	—	3 q
TMOThermo Fisher Scientific, Inc.	0.01%	1,739	$1M	added+44%	0.00 pp	37 q
UFCSUnited Fire Group Inc.	0.01%	28,000	$743,400	held	—	3 q
VLOValero Energy Corporation	0.01%	4,105	$573,058	trimmed−14%	0.00 pp	3 q
VIGVanguard Dividend Appreciation ETF	0.01%	3,591	$553,050	added+29%	0.00 pp	25 q
VUGVanguard Morningstar Growth ETF	0.01%	3,674	$916,443	new	+0.01 pp	new
VCELVericel Corporation	0.01%	25,965	$761,294	trimmed−0%	0.00 pp	15 q
WECWEC Energy Group, Inc.	0.01%	6,956	$659,359	added+60%	+0.01 pp	32 q
WMTWalmart Inc.	0.01%	7,507	$1M	added+6%	0.00 pp	40 q
CBChubb Limited	0.01%	3,034	$589,142	added+31%	0.00 pp	3 q
AIYActivision Blizzard Inc	0.00%	4,195	$359,050	trimmed−78%	−0.02 pp	13 q
AMDAdvanced Micro Devices	0.00%	3,000	$294,030	new	0.00 pp	new
MOAltria Group, Inc.	0.00%	7,062	$315,103	added+40%	0.00 pp	7 q
AEPAmerican Electric Power Company, Inc.	0.00%	2,268	$206,365	new	0.00 pp	new
AMEAmetek, Inc.	0.00%	1,471	$213,780	held	—	2 q
ADIAnalog Devices, Inc.	0.00%	1,402	$276,502	new	0.00 pp	new
AXGNAxogen, Inc.	0.00%	22,000	$207,900	trimmed−10%	0.00 pp	15 q
BOHBank of Hawaii Corp.	0.00%	4,000	$208,320	held	—	3 q
BCSBarclays PLC	0.00%	20,000	$143,800	trimmed−33%	0.00 pp	3 q
BIIBBiogen Inc.	0.00%	1,025	$284,981	held	—	40 q
BRCBrady Corporation	0.00%	7,000	$376,110	held	—	3 q
AVGOBroadcom Inc.	0.00%	505	$323,978	new	0.00 pp	new
CMCanadian Imperial Bank of Commerce	0.00%	10,176	$431,666	held	—	3 q
GTLSChart Inds Inc	0.00%	2,435	$305,349	trimmed−96%	−0.08 pp	4 q
CLColgate-Palmolive Company	0.00%	3,961	$297,669	added+23%	0.00 pp	2 q
CMCSAComcast Corp	0.00%	7,003	$265,484	new	0.00 pp	new
CMICummins Inc.	0.00%	1,042	$248,913	held	—	9 q
DAKTDaktronics Inc	0.00%	23,000	$130,410	held	—	3 q
DHRDanaher Corporation	0.00%	1,371	$345,547	added+46%	0.00 pp	11 q
DEDeere & Company	0.00%	1,016	$419,486	trimmed−14%	−0.01 pp	11 q
DUKDuke Energy Corporation	0.00%	2,109	$203,455	new	0.00 pp	new
EWEdwards Lifesciences Corp	0.00%	3,498	$289,390	new	0.00 pp	new
EPDEnterprise Products Partners L.P.	0.00%	12,310	$318,829	added+43%	0.00 pp	10 q
EXCExelon Corporation	0.00%	8,878	$371,899	added+2%	0.00 pp	3 q
FDXFedEx Corporation	0.00%	1,365	$311,889	new	0.00 pp	new
FFord Motor Company	0.00%	15,600	$196,560	added+4%	0.00 pp	9 q
GPCGenuine Parts Company	0.00%	1,950	$326,255	held	—	9 q
ITWIllinois Tool Works Inc.	0.00%	1,624	$395,363	trimmed−25%	−0.01 pp	25 q
IBMInternational Business Machines Corporation	0.00%	2,162	$283,417	trimmed−11%	0.00 pp	40 q
IJHiShares Core S&P Mid-Cap ETF	0.00%	809	$202,379	new	0.00 pp	new
IJRiShares Core S&P Small-Cap ETF	0.00%	2,454	$237,302	trimmed−5%	0.00 pp	6 q
LUMNLumen Technologies, Inc.	0.00%	20,000	$53,000	held	—	3 q
MDUMDU Resources Group, Inc.	0.00%	7,800	$237,744	trimmed−12%	0.00 pp	3 q
MRSHMarsh	0.00%	2,140	$356,417	added+44%	0.00 pp	6 q
MAMastercard Incorporated	0.00%	1,046	$380,127	added+42%	0.00 pp	22 q
MDLZMondelez International, Inc. Class A	0.00%	3,509	$244,647	held	—	2 q
NEMNewmont Corporation	0.00%	8,000	$392,160	held	—	3 q
NVSNovartis AG	0.00%	2,280	$209,760	held	—	2 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.00%	31,200	$377,520	held	—	34 q
OTISOtis Worldwide Corporation	0.00%	2,476	$208,974	trimmed−4%	0.00 pp	2 q
OTTROtter Tail Corp	0.00%	2,800	$202,356	new	0.00 pp	new
PLUGPlug Power Inc.	0.00%	10,000	$117,200	held	—	16 q
POMPolymet Mining Corp	0.00%	54,000	$116,100	new	0.00 pp	new
RFRegions Financial Corp.	0.00%	15,000	$278,400	held	—	3 q
SHYFThe Shyft Group, Inc.	0.00%	10,000	$227,500	held	—	10 q
SWBISmith & Wesson Brands, Inc.	0.00%	10,000	$123,100	held	—	3 q
SONSonoco Products Company	0.00%	5,000	$305,000	held	—	3 q
SOThe Southern Company	0.00%	5,060	$352,075	added+45%	0.00 pp	17 q
SU6Surmodics Inc	0.00%	10,000	$227,800	trimmed−81%	−0.02 pp	15 q
TSLATesla, Inc.	0.00%	1,644	$341,064	new	0.00 pp	new
URIUnited Rentals, Inc.	0.00%	750	$296,820	new	0.00 pp	new
VGTVanguard Information Technology ETF	0.00%	547	$210,852	new	0.00 pp	new
VOTVanguard Morningstar Mid-Cap Growth ETF	0.00%	1,110	$216,328	new	0.00 pp	new
VOVanguard Morningstar Mid-Cap ETF	0.00%	1,491	$314,482	new	0.00 pp	new
VTVVanguard Morningstar Value ETF	0.00%	2,662	$367,649	new	0.00 pp	new
ZTSZoetis Inc.	0.00%	1,923	$320,064	new	0.00 pp	new
ACNAccenture PLC	0.00%	1,231	$351,832	added+56%	0.00 pp	11 q
TTTrane Technologies plc	0.00%	1,179	$216,912	new	0.00 pp	new
PRLBProto Labs, Inc.	—	−21,572	—	exited	−0.01 pp	—
CSXCSX Corporation	—	−10,087	—	exited	0.00 pp	—
CCJCameco Corporation	—	−12,000	—	exited	0.00 pp	—
CEGConstellation Energy Corporation	—	−2,866	—	exited	0.00 pp	—
GMGeneral Motors Company	—	−7,179	—	exited	0.00 pp	—
HYLNHyliion Holdings Corp.	—	−138,347	—	exited	0.00 pp	—
EFAiShares MSCI EAFE ETF	—	−3,156	—	exited	0.00 pp	—
IWViShares Russell 3000 ETF	—	−1,115	—	exited	0.00 pp	—
MSAMine Safety Incorporated	—	−1,470	—	exited	0.00 pp	—
MURMurphy Oil Corp.	—	−5,000	—	exited	0.00 pp	—
NNDMNano Dimension Ltd.	—	−10,000	—	exited	0.00 pp	—
VTIVanguard Morningstar Total Stock Market ETF	—	−1,136	—	exited	0.00 pp	—
VODVodafone Group PLC	—	−11,431	—	exited	0.00 pp	—
RIGTransocean LTD.	—	−10,000	—	exited	0.00 pp	—