Mairs & Power

Q2 2023 13F · by Andrew Adams, CIO

As of: Jun 30, 2023
Filed: Aug 14, 2023
US stock: $9.2B · prev $8.7B
Positions: 226 · prev 236
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%

Moves201 since the prior filing

+1.3 pp in · −1.2 pp out

New 9 0.00 pp
Added 50 +1.26 pp
Trimmed 123 −1.21 pp
Exited 19 −0.03 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.4% a year, about 10.7 years per position

Low
Moderate
High

Top 5 positions25% of US stock

MSFT Microsoft Corp trimmed+0.40 pp trimmed+0.407.6%
GOOG Alphabet Inc. Class C trimmed−0.17 pp trimmed−0.174.6%
NVDA Nvidia Corp trimmed+0.63 pp trimmed+0.634.3%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) added−0.14 pp added−0.144.1%
GGG Graco Inc trimmed+0.34 pp trimmed+0.343.9%

Positions226 in this filing · 19 exited


MSFTMicrosoft Corp	7.64%	2,062,032	$702M	trimmed−5%	+0.40 pp	41 q
GOOGAlphabet Inc. Class C	4.56%	3,463,375	$419M	trimmed−12%	−0.17 pp	37 q
NVDANvidia Corp	4.28%	930,090	$393M	trimmed−18%	+0.63 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.11%	786,669	$378M	added+1%	−0.14 pp	41 q
GGGGraco Inc	3.92%	4,170,745	$360M	trimmed−2%	+0.34 pp	41 q
AMZNAmazon.Com Inc	3.86%	2,724,396	$355M	trimmed−0%	+0.60 pp	39 q
TTCToro Company (The)	3.31%	2,994,084	$304M	added+2%	−0.44 pp	41 q
ECLEcolab, Inc.	3.06%	1,507,934	$282M	trimmed−11%	−0.17 pp	41 q
LFUSLittelfuse Inc	2.83%	892,175	$260M	trimmed−0%	+0.06 pp	22 q
TECHBio-Techne Corp.	2.72%	3,059,638	$250M	added+1%	+0.13 pp	36 q
MDTMedtronic plc	2.70%	2,821,667	$249M	trimmed−0%	+0.07 pp	35 q
FISVFiserv, Inc.	2.69%	1,963,441	$248M	trimmed−3%	+0.05 pp	41 q
JPMJPMorgan Chase & Co.	2.61%	1,648,888	$240M	added+28%	+0.68 pp	41 q
JNJJohnson & Johnson	2.53%	1,402,915	$232M	trimmed−1%	−0.01 pp	41 q
USBU.S. Bancorp	2.52%	7,025,737	$232M	added+3%	−0.33 pp	41 q
LLYEli Lilly & Co.	2.42%	474,821	$223M	trimmed−13%	+0.25 pp	41 q
HRLHormel Foods Corporation	2.30%	5,254,994	$211M	added+3%	−0.04 pp	41 q
FASTFastenal Co	2.09%	3,251,334	$192M	added+1%	+0.09 pp	41 q
NVTnVent Electric plc	1.92%	3,409,444	$176M	trimmed−1%	+0.22 pp	21 q
QCOMQualcomm Inc	1.85%	1,426,477	$170M	added0%	−0.24 pp	41 q
FULH.B. Fuller Company	1.83%	2,349,845	$168M	trimmed−1%	−0.04 pp	41 q
MSIMotorola Solutions, Inc. New	1.71%	535,290	$157M	trimmed−7%	−0.20 pp	20 q
SHWThe Sherwin-Williams Company	1.64%	567,573	$151M	trimmed−0%	+0.16 pp	18 q
VVISA Inc.	1.62%	625,954	$149M	trimmed−1%	−0.02 pp	41 q
ABTAbbott Laboratories	1.55%	1,303,639	$142M	trimmed−1%	+0.01 pp	41 q
LNTAlliant Energy Corporation	1.55%	2,717,431	$143M	added×2.5	+0.88 pp	39 q
DCIDonaldson Company, Inc.	1.52%	2,240,555	$140M	trimmed−8%	−0.31 pp	41 q
HONHoneywell International, Inc.	1.47%	651,037	$135M	trimmed−1%	+0.01 pp	41 q
WFCWells Fargo & Co.	1.43%	3,070,848	$131M	trimmed−1%	+0.09 pp	41 q
ENTGEntegris Inc	1.36%	1,125,182	$125M	added+3%	+0.32 pp	7 q
ROKRockwell Automation, Inc.	1.34%	374,691	$123M	added+8%	+0.17 pp	16 q
TNCTennant Company	1.27%	1,441,384	$117M	trimmed−6%	+0.06 pp	41 q
SYYSysco Corporation	1.13%	1,399,243	$104M	added+1%	−0.10 pp	40 q
PFGPrincipal Financial Group, Inc.	0.99%	1,202,659	$91M	trimmed−1%	−0.06 pp	41 q
SCHWThe Charles Schwab Corporation	0.94%	1,531,870	$87M	added0%	+0.02 pp	41 q
WKWorkiva Inc.	0.89%	806,108	$82M	trimmed−5%	−0.11 pp	31 q
CRMSalesforce, Inc.	0.70%	303,841	$64M	trimmed−30%	−0.29 pp	7 q
TGTTarget Corporation	0.66%	459,110	$61M	trimmed−2%	−0.24 pp	41 q
CHRWC.H. Robinson Worldwide, Inc.	0.65%	634,264	$60M	trimmed−12%	−0.18 pp	41 q
HDHome Depot, Inc.	0.64%	190,104	$59M	trimmed−5%	−0.04 pp	41 q
DISThe Walt Disney Company	0.49%	508,646	$45M	trimmed−46%	−0.59 pp	41 q
PIIPolaris Inc.	0.49%	376,096	$45M	trimmed−3%	0.00 pp	10 q
AXPAmerican Express Company	0.48%	251,725	$44M	trimmed−4%	−0.02 pp	41 q
DGIIDigi International Inc	0.47%	1,087,358	$43M	trimmed−7%	+0.01 pp	20 q
GNRCGenerac Holdings Inc	0.47%	287,985	$43M	trimmed−18%	+0.03 pp	38 q
UPSUnited Parcel Service, Inc. Class B	0.41%	210,713	$38M	trimmed−8%	−0.10 pp	41 q
NTRSNorthern Trust Corp	0.36%	445,497	$33M	trimmed−6%	−0.12 pp	6 q
MMM3M Company	0.35%	317,465	$32M	trimmed−41%	−0.31 pp	41 q
JAMFJamf Holding Corp.	0.34%	1,598,326	$31M	trimmed−32%	−0.18 pp	12 q
ONBOld National Bancorp	0.33%	2,163,702	$30M	trimmed−16%	−0.10 pp	22 q
AAPLApple Inc.	0.32%	150,723	$29M	trimmed−2%	+0.03 pp	41 q
CTLTCatalent, Inc.	0.32%	683,931	$30M	trimmed−21%	−0.33 pp	26 q
BMIBadger Meter, Inc.	0.24%	151,633	$22M	trimmed−8%	+0.01 pp	41 q
PGProcter & Gamble Company	0.23%	139,303	$21M	trimmed−7%	−0.03 pp	41 q
THRMGentherm Inc	0.22%	362,601	$20M	trimmed−2%	−0.04 pp	39 q
XELXcel Energy, Inc.	0.22%	328,198	$20M	added+18%	0.00 pp	41 q
TXNTexas Instruments Incorporated	0.21%	109,732	$20M	added+34%	+0.03 pp	12 q
INSPInspire Medical Systems, Inc.	0.19%	52,615	$17M	trimmed−51%	−0.10 pp	21 q
ADPAutomatic Data Processing	0.16%	68,686	$15M	added×2.3	+0.08 pp	41 q
HSYThe Hershey Company	0.16%	60,540	$15M	trimmed−1%	−0.02 pp	41 q
WTFCWintrust Financial Corp	0.16%	203,918	$15M	added+11%	+0.01 pp	41 q
AIRAAR Corp.	0.15%	239,427	$14M	trimmed−5%	−0.01 pp	21 q
CASYCasey's General Stores Inc	0.15%	56,108	$14M	added0%	+0.01 pp	41 q
TRVThe Travelers Companies, Inc.	0.15%	81,680	$14M	trimmed−8%	−0.03 pp	41 q
GISGeneral Mills, Inc.	0.14%	162,112	$12M	trimmed−13%	−0.04 pp	41 q
ALTRAltair Engineering Inc. Class A	0.13%	157,605	$12M	added+3%	0.00 pp	5 q
AZEKThe AZEK Company Inc.	0.13%	403,973	$12M	added+5%	+0.03 pp	8 q
CFRCullen/Frost Bankers Inc.	0.13%	115,293	$12M	trimmed−3%	−0.01 pp	28 q
PFEPfizer Inc.	0.13%	325,182	$12M	trimmed−12%	−0.04 pp	41 q
JBTMJBT Marel Corporation	0.12%	89,969	$11M	added+11%	+0.02 pp	6 q
BAXBaxter International Inc.	0.11%	221,565	$10M	trimmed−12%	−0.01 pp	41 q
PLXSPlexus Corp	0.11%	101,877	$10M	added+8%	0.00 pp	13 q
BRK.BBERKSHIRE HATHAWAY Class B	0.10%	25,816	$9M	trimmed−0%	+0.01 pp	41 q
MEDPMedpace Holdings, Inc.	0.10%	37,085	$9M	added+5%	+0.02 pp	4 q
CLFDClearfield, Inc.	0.09%	176,290	$8M	added+73%	+0.04 pp	3 q
HUBGHUB Group Inc	0.09%	105,913	$9M	trimmed−4%	−0.02 pp	41 q
MGPIMGP Ingredients Inc	0.09%	73,860	$8M	added+5%	+0.01 pp	19 q
BKHBlack Hills Corporation	0.08%	122,350	$7M	added+5%	0.00 pp	26 q
GLWCorning Incorporated	0.08%	220,161	$8M	trimmed−22%	−0.04 pp	41 q
EMREmerson Electric Co.	0.08%	83,744	$8M	trimmed−8%	−0.01 pp	41 q
GBCIGlacier Bancorp Inc	0.08%	229,425	$7M	added0%	−0.03 pp	28 q
PNRPentair plc	0.08%	110,295	$7M	trimmed−10%	0.00 pp	37 q
ABBVAbbvie Inc.	0.07%	49,573	$7M	trimmed−6%	−0.03 pp	41 q
ASBAssociated Banc-Corp	0.07%	370,903	$6M	held	—	41 q
MRKMerck & Co., Inc.	0.07%	59,733	$7M	trimmed−11%	−0.01 pp	41 q
NWENorthWestern Energy Group, Inc.	0.07%	117,495	$7M	added+6%	0.00 pp	16 q
OSKOshkosh Corp.	0.07%	69,971	$6M	trimmed−22%	−0.02 pp	41 q
42OPhysicians Realty Trust	0.07%	433,204	$6M	added+2%	0.00 pp	35 q
QCRHQCR Holdings Inc	0.07%	157,420	$6M	added+6%	−0.01 pp	26 q
SPYState Street SPDR S&P 500 ETF Trust	0.07%	15,293	$7M	added+15%	+0.01 pp	41 q
MCSThe Marcus Corporation	0.06%	375,483	$6M	trimmed−16%	−0.02 pp	29 q
CATCaterpillar Inc.	0.05%	17,655	$4M	trimmed−1%	0.00 pp	41 q
MCDMcDonald's Corporation	0.05%	14,671	$4M	trimmed−1%	0.00 pp	41 q
NEOGNeogen Corp	0.05%	194,909	$4M	added+40%	+0.02 pp	4 q
SCHBSchwab U.S. Broad Market ETF	0.05%	84,720	$4M	trimmed−6%	0.00 pp	41 q
SNBRQSleep Number Corp	0.05%	163,543	$4M	trimmed−2%	−0.01 pp	13 q
GOOGLAlphabet Inc. Class A	0.04%	30,931	$4M	trimmed−3%	0.00 pp	32 q
BRK.ABerkshire Hathaway Inc.	0.04%	7	$4M	held	—	40 q
BMYBristol-Myers Squibb Co.	0.04%	61,783	$4M	trimmed−21%	−0.02 pp	41 q
CVXChevron Corporation	0.04%	26,210	$4M	trimmed−17%	−0.02 pp	41 q
XOMExxon Mobil Corp	0.04%	32,555	$3M	trimmed−26%	−0.02 pp	41 q
ORCLOracle Corp	0.04%	28,455	$3M	trimmed−3%	+0.01 pp	41 q
PJCPiper Sandler Companies	0.04%	25,698	$3M	added×2.6	+0.02 pp	2 q
ZBHZimmer Biomet Holdings, Inc.	0.04%	22,655	$3M	trimmed−14%	0.00 pp	41 q
ALRSAlerus Financial Corporation	0.03%	141,199	$3M	held	—	7 q
CVRXCVRx, Inc.	0.03%	166,573	$3M	added+37%	+0.02 pp	7 q
COPConocoPhillips	0.03%	24,825	$3M	trimmed−8%	0.00 pp	41 q
FIBKFirst Interstate BancSystem, Inc. (DE)	0.03%	110,947	$3M	trimmed−0%	−0.01 pp	6 q
INTCIntel Corp	0.03%	89,909	$3M	trimmed−29%	−0.02 pp	41 q
PANWPalo Alto Networks, Inc.	0.03%	9,989	$3M	trimmed−3%	+0.01 pp	2 q
SNASnap-on Incorporated	0.03%	8,545	$2M	trimmed−8%	0.00 pp	41 q
AMGNAmgen Inc	0.02%	7,637	$2M	trimmed−13%	0.00 pp	41 q
BDXBecton, Dickinson and Co.	0.02%	8,041	$2M	trimmed−9%	−0.01 pp	41 q
CTASCintas Corp	0.02%	4,000	$2M	trimmed−4%	0.00 pp	13 q
KOCoca-Cola Company	0.02%	28,176	$2M	trimmed−13%	0.00 pp	41 q
COSTCostco Wholesale Corp	0.02%	3,625	$2M	added+1%	0.00 pp	41 q
ELANElanco Animal Health Incorporated	0.02%	151,873	$2M	trimmed−29%	0.00 pp	18 q
EXKExact Sciences Corp	0.02%	23,800	$2M	held	—	3 q
IDXXIdexx Laboratories Inc	0.02%	2,828	$1M	held	—	39 q
IVViShares Core S&P 500 ETF	0.02%	3,441	$2M	trimmed−8%	0.00 pp	41 q
KMBKimberly-Clark Corp.	0.02%	16,286	$2M	trimmed−5%	−0.01 pp	41 q
LOWLowe's Companies Inc.	0.02%	7,124	$2M	held	—	41 q
PDCOPatterson Companies, Inc.	0.02%	43,355	$1M	trimmed−10%	+0.01 pp	41 q
PEPPepsiCo, Inc.	0.02%	9,833	$2M	trimmed−2%	0.00 pp	41 q
SKYTSkyWater Technology	0.02%	225,150	$2M	added+10%	−0.01 pp	9 q
VZVerizon Communications	0.02%	53,919	$2M	trimmed−26%	−0.01 pp	41 q
WYWeyerhaeuser Company	0.02%	43,031	$1M	trimmed−19%	0.00 pp	39 q
WWDWoodward, Inc.	0.02%	14,000	$2M	held	—	4 q
AMCRAmcor plc	0.02%	217,684	$2M	trimmed−3%	−0.01 pp	17 q
ADBEAdobe Inc.	0.01%	2,217	$1M	held	—	31 q
AEBAAllete Inc	0.01%	16,254	$942,244	trimmed−10%	0.00 pp	41 q
AWKAmerican Water Works Company, Inc	0.01%	5,440	$776,560	held	—	4 q
AMPAmeriprise Financial, Inc.	0.01%	2,162	$718,130	added0%	0.00 pp	40 q
AMATApplied Materials Inc	0.01%	7,691	$1M	added0%	0.00 pp	26 q
BPBP p.l.c.	0.01%	16,850	$594,637	held	—	4 q
BACBank of America Corporation	0.01%	28,183	$808,570	added+14%	0.00 pp	41 q
BMOBank of Montreal	0.01%	9,000	$812,790	held	—	4 q
BABoeing Company	0.01%	2,528	$533,812	trimmed−1%	0.00 pp	41 q
BSXBoston Scientific Corp.	0.01%	10,796	$583,956	added0%	0.00 pp	4 q
CSCOCisco Systems, Inc. (DE)	0.01%	19,626	$1M	trimmed−4%	0.00 pp	41 q
METAMeta Platforms, Inc. Class A	0.01%	2,525	$724,625	trimmed−3%	0.00 pp	18 q
GEGE Aerospace	0.01%	7,530	$827,171	trimmed−5%	0.00 pp	4 q
HOGHarley-Davidson, Inc.	0.01%	14,350	$505,264	trimmed−1%	0.00 pp	4 q
HWKNHawkins Inc	0.01%	13,320	$635,231	held	—	41 q
IEXIDEX Corporation	0.01%	4,000	$861,040	held	—	4 q
QQQInvesco QQQ Trust, Series 1	0.01%	2,390	$882,914	trimmed−1%	0.00 pp	14 q
LMTLockheed Martin Corp.	0.01%	1,028	$473,271	held	—	2 q
MOSThe Mosaic Company	0.01%	39,000	$1M	held	—	4 q
NVECNVE Corp	0.01%	7,500	$730,800	held	—	4 q
NKENike, Inc.	0.01%	4,999	$551,740	added+1%	0.00 pp	25 q
NSCNorfolk Southern Corp.	0.01%	4,017	$910,895	trimmed−9%	0.00 pp	41 q
PAYXPaychex Inc	0.01%	4,807	$537,759	trimmed−2%	0.00 pp	13 q
PMPhilip Morris International Inc.	0.01%	5,018	$489,857	trimmed−12%	0.00 pp	41 q
PSXPhillips 66	0.01%	7,989	$761,991	trimmed−15%	0.00 pp	41 q
RTXRTX Corporation	0.01%	9,580	$938,457	trimmed−3%	0.00 pp	41 q
SHELShell plc	0.01%	13,920	$840,490	held	—	4 q
SLBSLB Limited	0.01%	15,646	$768,532	trimmed−17%	0.00 pp	4 q
SCHFSchwab International Equity ETF	0.01%	15,000	$534,750	held	—	41 q
XLKState Street Technology Select Sector SPDR ETF	0.01%	7,409	$1M	held	—	18 q
SBUXStarbucks Corp	0.01%	6,919	$685,366	trimmed−5%	0.00 pp	26 q
SYKStryker Corporation	0.01%	4,075	$1M	trimmed−7%	0.00 pp	4 q
RGRSturm, Ruger & Company, Inc.	0.01%	12,000	$635,520	held	—	4 q
TMOThermo Fisher Scientific, Inc.	0.01%	1,742	$908,889	added0%	0.00 pp	38 q
UNPUnion Pacific Corp.	0.01%	5,629	$1M	trimmed−34%	−0.01 pp	29 q
UFCSUnited Fire Group Inc.	0.01%	26,000	$589,160	trimmed−7%	0.00 pp	4 q
VIGVanguard Dividend Appreciation ETF	0.01%	4,341	$705,109	added+21%	0.00 pp	26 q
VUGVanguard Morningstar Growth ETF	0.01%	1,793	$507,347	trimmed−51%	0.00 pp	2 q
VCELVericel Corporation	0.01%	25,915	$973,627	trimmed−0%	0.00 pp	16 q
WMTWalmart Inc.	0.01%	7,457	$1M	trimmed−1%	0.00 pp	41 q
CBChubb Limited	0.01%	3,070	$591,159	added+1%	0.00 pp	4 q
TAT&T Inc.	0.00%	24,416	$389,435	trimmed−3%	−0.01 pp	41 q
AIYActivision Blizzard Inc	0.00%	3,152	$265,714	trimmed−25%	0.00 pp	14 q
AMDAdvanced Micro Devices	0.00%	3,000	$341,730	held	—	2 q
MOAltria Group, Inc.	0.00%	7,064	$320,011	added0%	0.00 pp	8 q
AMTAmerican Tower Corporation	0.00%	2,223	$431,129	added0%	−0.01 pp	22 q
AMEAmetek, Inc.	0.00%	1,471	$238,125	held	—	3 q
AXGNAxogen, Inc.	0.00%	22,000	$200,860	held	—	16 q
BCSBarclays PLC	0.00%	20,000	$157,200	held	—	4 q
BBYBest Buy Company, Inc.	0.00%	5,500	$450,725	trimmed−22%	−0.01 pp	4 q
BIIBBiogen Inc.	0.00%	1,025	$291,971	held	—	41 q
BLQADBlackrock Inc	0.00%	380	$262,633	new	0.00 pp	new
BRCBrady Corporation	0.00%	7,000	$332,990	held	—	4 q
AVGOBroadcom Inc.	0.00%	519	$450,196	added+3%	0.00 pp	2 q
CMCanadian Imperial Bank of Commerce	0.00%	10,176	$434,312	held	—	4 q
CAHCardinal Health, Inc.	0.00%	2,238	$211,648	new	0.00 pp	new
CMGChipotle Mexican Grill, Inc.	0.00%	100	$213,900	new	0.00 pp	new
CLFCleveland-Cliffs Inc.	0.00%	26,000	$435,760	new	0.00 pp	new
CLColgate-Palmolive Company	0.00%	3,651	$281,273	trimmed−8%	0.00 pp	3 q
CMICummins Inc.	0.00%	1,042	$255,457	held	—	10 q
DAKTDaktronics Inc	0.00%	19,000	$121,600	trimmed−17%	0.00 pp	4 q
DHRDanaher Corporation	0.00%	1,376	$330,240	added0%	0.00 pp	12 q
DEDeere & Company	0.00%	932	$377,637	trimmed−8%	0.00 pp	12 q
EWEdwards Lifesciences Corp	0.00%	2,938	$277,142	trimmed−16%	0.00 pp	2 q
EPDEnterprise Products Partners L.P.	0.00%	12,310	$324,369	held	—	11 q
FFord Motor Company	0.00%	15,600	$236,028	held	—	10 q
GPCGenuine Parts Company	0.00%	1,950	$329,999	held	—	10 q
HBANHuntington Bancshares Inc	0.00%	42,621	$459,454	trimmed−19%	−0.01 pp	9 q
ITWIllinois Tool Works Inc.	0.00%	1,624	$406,260	held	—	26 q
EFAiShares MSCI EAFE ETF	0.00%	2,792	$202,420	new	0.00 pp	new
MSAMine Safety Incorporated	0.00%	1,470	$255,721	new	0.00 pp	new
MRSHMarsh	0.00%	2,172	$408,510	added+2%	0.00 pp	7 q
MAMastercard Incorporated	0.00%	911	$358,296	trimmed−13%	0.00 pp	23 q
MDLZMondelez International, Inc. Class A	0.00%	3,409	$248,652	trimmed−3%	0.00 pp	3 q
NEMNewmont Corporation	0.00%	8,000	$341,280	held	—	4 q
NEENextEra Energy, Inc.	0.00%	5,012	$371,890	trimmed−37%	−0.01 pp	41 q
NMSNuveen Minnesota Quality Municipal Income Fund	0.00%	31,200	$348,816	held	—	35 q
OTISOtis Worldwide Corporation	0.00%	2,276	$202,587	trimmed−8%	0.00 pp	3 q
OTTROtter Tail Corp	0.00%	2,800	$221,088	held	—	2 q
PLUGPlug Power Inc.	0.00%	10,000	$103,900	held	—	17 q
RFRegions Financial Corp.	0.00%	15,000	$267,300	held	—	4 q
SHYFThe Shyft Group, Inc.	0.00%	10,000	$220,600	held	—	11 q
SWBISmith & Wesson Brands, Inc.	0.00%	10,000	$130,400	held	—	4 q
SNAPSnap Inc.	0.00%	10,000	$118,400	new	0.00 pp	new
SONSonoco Products Company	0.00%	5,000	$295,100	held	—	4 q
SOThe Southern Company	0.00%	2,960	$207,940	trimmed−42%	0.00 pp	18 q
SU6Surmodics Inc	0.00%	10,000	$313,100	held	—	16 q
TSLATesla, Inc.	0.00%	1,554	$406,791	trimmed−5%	0.00 pp	2 q
URIUnited Rentals, Inc.	0.00%	950	$423,102	added+27%	0.00 pp	2 q
VLOValero Energy Corporation	0.00%	1,725	$202,343	trimmed−58%	−0.01 pp	4 q
VOTVanguard Morningstar Mid-Cap Growth ETF	0.00%	1,110	$228,405	held	—	2 q
VRTXVertex Pharmaceuticals Inc	0.00%	655	$230,501	new	0.00 pp	new
WECWEC Energy Group, Inc.	0.00%	4,714	$415,963	trimmed−32%	−0.01 pp	33 q
ZTSZoetis Inc.	0.00%	1,923	$331,160	held	—	2 q
ACNAccenture PLC	0.00%	1,123	$346,535	trimmed−9%	0.00 pp	12 q
LINLinde plc	0.00%	532	$202,735	new	0.00 pp	new
TTTrane Technologies plc	0.00%	1,179	$225,496	held	—	2 q
ENVEnvestnet, Inc.	—	−49,786	—	exited	−0.03 pp	—
AEPAmerican Electric Power Company, Inc.	—	−2,268	—	exited	0.00 pp	—
ADIAnalog Devices, Inc.	—	−1,402	—	exited	0.00 pp	—
BOHBank of Hawaii Corp.	—	−4,000	—	exited	0.00 pp	—
GTLSChart Inds Inc	—	−2,435	—	exited	0.00 pp	—
CMCSAComcast Corp	—	−7,003	—	exited	0.00 pp	—
DUKDuke Energy Corporation	—	−2,109	—	exited	0.00 pp	—
EXCExelon Corporation	—	−8,878	—	exited	0.00 pp	—
FDXFedEx Corporation	—	−1,365	—	exited	0.00 pp	—
IBMInternational Business Machines Corporation	—	−2,162	—	exited	0.00 pp	—
IJHiShares Core S&P Mid-Cap ETF	—	−809	—	exited	0.00 pp	—
IJRiShares Core S&P Small-Cap ETF	—	−2,454	—	exited	0.00 pp	—
LUMNLumen Technologies, Inc.	—	−20,000	—	exited	0.00 pp	—
MDUMDU Resources Group, Inc.	—	−7,800	—	exited	0.00 pp	—
NVSNovartis AG	—	−2,280	—	exited	0.00 pp	—
POMPolymet Mining Corp	—	−54,000	—	exited	0.00 pp	—
VGTVanguard Information Technology ETF	—	−547	—	exited	0.00 pp	—
VOVanguard Morningstar Mid-Cap ETF	—	−1,491	—	exited	0.00 pp	—
VTVVanguard Morningstar Value ETF	—	−2,662	—	exited	0.00 pp	—