Mairs & Power

Q4 2023 13F · by Andrew Adams, CIO

As of: Dec 31, 2023
Filed: Feb 14, 2024
US stock: $9.5B · prev $8.5B
Positions: 231 · prev 214
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%

Moves196 since the prior filing

+1.8 pp in · −1.8 pp out

New 20 +0.12 pp
Added 55 +1.64 pp
Trimmed 118 −1.74 pp
Exited 3 −0.04 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.8 years per position

Low
Moderate
High

Top 5 positions25% of US stock

MSFT Microsoft Corp trimmed+0.24 pp trimmed+0.247.8%
GOOG Alphabet Inc. Class C trimmed−0.26 pp trimmed−0.265.0%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) added−0.29 pp added−0.294.5%
AMZN Amazon.Com Inc trimmed−0.05 pp trimmed−0.053.9%
NVDA Nvidia Corp trimmed−0.24 pp trimmed−0.243.9%

Positions231 in this filing · 3 exited


MSFTMicrosoft Corp	7.83%	1,975,744	$743M	trimmed−4%	+0.24 pp	43 q
GOOGAlphabet Inc. Class C	4.97%	3,343,819	$471M	trimmed−1%	−0.26 pp	39 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.50%	811,055	$427M	added0%	−0.29 pp	43 q
AMZNAmazon.Com Inc	3.93%	2,452,975	$373M	trimmed−8%	−0.05 pp	41 q
NVDANvidia Corp	3.89%	746,438	$370M	trimmed−8%	−0.24 pp	19 q
GGGGraco Inc	3.68%	4,024,787	$349M	trimmed−4%	+0.10 pp	43 q
TTCToro Company (The)	3.26%	3,225,547	$310M	added+1%	+0.13 pp	43 q
JPMJPMorgan Chase & Co.	3.10%	1,727,101	$294M	added+2%	+0.23 pp	43 q
USBU.S. Bancorp	2.75%	6,037,103	$261M	trimmed−4%	+0.31 pp	43 q
FISVFiserv, Inc.	2.72%	1,943,707	$258M	trimmed−0%	+0.13 pp	43 q
ECLEcolab, Inc.	2.56%	1,226,530	$243M	trimmed−13%	−0.23 pp	43 q
MDTMedtronic plc	2.55%	2,937,957	$242M	trimmed−1%	−0.17 pp	37 q
TECHBio-Techne Corp.	2.50%	3,079,483	$238M	added+1%	+0.06 pp	38 q
LFUSLittelfuse Inc	2.42%	859,245	$230M	trimmed−2%	−0.13 pp	24 q
LLYEli Lilly & Co.	2.41%	392,689	$229M	trimmed−8%	−0.28 pp	43 q
FASTFastenal Co	2.18%	3,190,597	$207M	trimmed−1%	+0.11 pp	43 q
QCOMQualcomm Inc	2.13%	1,399,244	$202M	trimmed−4%	+0.22 pp	43 q
JNJJohnson & Johnson	2.09%	1,264,667	$198M	trimmed−6%	−0.37 pp	43 q
FULH.B. Fuller Company	1.95%	2,276,800	$185M	trimmed−4%	+0.05 pp	43 q
HRLHormel Foods Corporation	1.85%	5,459,039	$175M	added+2%	−0.54 pp	43 q
NVTnVent Electric plc	1.78%	2,853,642	$169M	trimmed−12%	−0.24 pp	23 q
LNTAlliant Energy Corporation	1.72%	3,173,484	$163M	added+2%	−0.05 pp	41 q
VVISA Inc.	1.72%	627,753	$163M	added0%	+0.03 pp	43 q
MSIMotorola Solutions, Inc. New	1.66%	502,457	$157M	trimmed−6%	−0.04 pp	22 q
SHWThe Sherwin-Williams Company	1.55%	473,053	$148M	trimmed−16%	−0.14 pp	20 q
HONHoneywell International, Inc.	1.50%	677,823	$142M	added0%	+0.04 pp	43 q
ABTAbbott Laboratories	1.49%	1,285,461	$141M	trimmed−1%	+0.01 pp	43 q
WFCWells Fargo & Co.	1.44%	2,783,702	$137M	trimmed−3%	+0.06 pp	43 q
VZVerizon Communications	1.35%	3,386,406	$128M	added+29%	+0.35 pp	43 q
DCIDonaldson Company, Inc.	1.30%	1,888,681	$123M	trimmed−3%	−0.06 pp	43 q
ENTGEntegris Inc	1.26%	998,159	$120M	trimmed−12%	+0.01 pp	9 q
ROKRockwell Automation, Inc.	1.26%	384,684	$119M	added+2%	0.00 pp	18 q
TNCTennant Company	1.20%	1,224,709	$114M	trimmed−8%	+0.04 pp	43 q
AAPLApple Inc.	1.19%	584,900	$113M	added×3.9	+0.89 pp	43 q
SYYSysco Corporation	1.09%	1,412,120	$103M	added+1%	+0.01 pp	42 q
SCHWThe Charles Schwab Corporation	1.07%	1,469,537	$101M	trimmed−1%	+0.12 pp	43 q
PFGPrincipal Financial Group, Inc.	0.99%	1,191,691	$94M	trimmed−0%	−0.02 pp	43 q
WKWorkiva Inc.	0.82%	768,573	$78M	trimmed−3%	−0.12 pp	33 q
CRMSalesforce, Inc.	0.77%	279,155	$73M	trimmed−2%	+0.09 pp	9 q
TGTTarget Corporation	0.69%	458,228	$65M	trimmed−0%	+0.09 pp	43 q
HDHome Depot, Inc.	0.65%	178,942	$62M	trimmed−4%	−0.01 pp	43 q
CHRWC.H. Robinson Worldwide, Inc.	0.53%	576,746	$50M	added+1%	−0.05 pp	43 q
AXPAmerican Express Company	0.48%	241,580	$45M	trimmed−3%	+0.04 pp	43 q
BBYBest Buy Company, Inc.	0.44%	532,167	$42M	added×92.6	+0.44 pp	6 q
PIIPolaris Inc.	0.37%	369,884	$35M	trimmed−2%	−0.09 pp	12 q
DISThe Walt Disney Company	0.36%	383,004	$35M	added+4%	+0.01 pp	43 q
TXNTexas Instruments Incorporated	0.33%	184,568	$31M	added+32%	+0.07 pp	14 q
UPSUnited Parcel Service, Inc. Class B	0.32%	191,829	$30M	trimmed−5%	−0.05 pp	43 q
MMM3M Company	0.30%	256,353	$28M	trimmed−5%	0.00 pp	43 q
ONBOld National Bancorp	0.29%	1,603,286	$27M	trimmed−26%	−0.08 pp	24 q
GNRCGenerac Holdings Inc	0.28%	204,682	$26M	trimmed−5%	0.00 pp	40 q
BMIBadger Meter, Inc.	0.23%	141,376	$22M	trimmed−3%	−0.02 pp	43 q
PJCPiper Sandler Companies	0.23%	123,095	$22M	added×3.1	+0.16 pp	4 q
XELXcel Energy, Inc.	0.23%	353,276	$22M	added+6%	+0.01 pp	43 q
THRMGentherm Inc	0.22%	395,006	$21M	added+9%	−0.01 pp	41 q
ADPAutomatic Data Processing	0.21%	86,231	$20M	added+3%	−0.03 pp	43 q
PGProcter & Gamble Company	0.20%	132,336	$19M	trimmed−2%	−0.03 pp	43 q
HSYThe Hershey Company	0.19%	97,220	$18M	added+24%	+0.01 pp	43 q
TRVThe Travelers Companies, Inc.	0.16%	77,836	$15M	trimmed−3%	+0.01 pp	43 q
AZEKThe AZEK Company Inc.	0.15%	383,353	$15M	trimmed−5%	+0.01 pp	10 q
WTFCWintrust Financial Corp	0.15%	151,765	$14M	trimmed−8%	0.00 pp	43 q
ALTRAltair Engineering Inc. Class A	0.14%	160,198	$13M	trimmed−12%	+0.01 pp	7 q
INSPInspire Medical Systems, Inc.	0.14%	64,609	$13M	added+3%	−0.01 pp	23 q
CASYCasey's General Stores Inc	0.13%	43,327	$12M	trimmed−17%	−0.04 pp	43 q
HUBGHUB Group Inc	0.13%	129,052	$12M	added+31%	+0.04 pp	43 q
JAMFJamf Holding Corp.	0.13%	666,246	$12M	trimmed−35%	−0.08 pp	14 q
NTRSNorthern Trust Corp	0.13%	151,532	$13M	trimmed−33%	−0.06 pp	8 q
AIRAAR Corp.	0.12%	184,126	$11M	trimmed−12%	−0.03 pp	23 q
CFRCullen/Frost Bankers Inc.	0.12%	103,607	$11M	trimmed−3%	+0.01 pp	30 q
PLXSPlexus Corp	0.11%	95,492	$10M	trimmed−9%	0.00 pp	15 q
GISGeneral Mills, Inc.	0.10%	148,896	$10M	trimmed−4%	−0.02 pp	43 q
JBTMJBT Marel Corporation	0.10%	96,927	$10M	trimmed−3%	−0.02 pp	8 q
MEDPMedpace Holdings, Inc.	0.10%	31,189	$10M	trimmed−16%	−0.01 pp	6 q
SPYState Street SPDR S&P 500 ETF Trust	0.10%	20,518	$10M	added×2.0	+0.05 pp	43 q
ASBAssociated Banc-Corp	0.09%	399,310	$9M	added+14%	+0.02 pp	43 q
BRK.BBERKSHIRE HATHAWAY Class B	0.09%	24,308	$9M	trimmed−10%	−0.02 pp	43 q
GBCIGlacier Bancorp Inc	0.09%	214,730	$9M	trimmed−6%	+0.01 pp	30 q
QCRHQCR Holdings Inc	0.09%	151,155	$9M	trimmed−4%	0.00 pp	28 q
ABBVAbbvie Inc.	0.08%	47,284	$7M	trimmed−1%	0.00 pp	43 q
EMREmerson Electric Co.	0.08%	77,481	$8M	trimmed−4%	−0.01 pp	43 q
MGPIMGP Ingredients Inc	0.08%	80,693	$8M	added+5%	−0.02 pp	21 q
BKHBlack Hills Corporation	0.07%	129,190	$7M	trimmed−2%	−0.01 pp	28 q
CLFDClearfield, Inc.	0.07%	229,181	$7M	added+5%	0.00 pp	5 q
DGIIDigi International Inc	0.07%	255,527	$7M	trimmed−75%	−0.25 pp	22 q
MRKMerck & Co., Inc.	0.07%	61,984	$7M	added+4%	0.00 pp	43 q
NEOGNeogen Corp	0.07%	321,804	$6M	added+36%	+0.02 pp	6 q
NWENorthWestern Energy Group, Inc.	0.07%	124,530	$6M	trimmed−2%	0.00 pp	18 q
PNRPentair plc	0.07%	94,081	$7M	trimmed−3%	0.00 pp	39 q
CTLTCatalent, Inc.	0.06%	137,182	$6M	trimmed−33%	−0.05 pp	28 q
KNFKnife River Corporation	0.06%	84,705	$6M	new	+0.06 pp	new
OSKOshkosh Corp.	0.06%	53,125	$6M	trimmed−11%	−0.01 pp	43 q
42OPhysicians Realty Trust	0.06%	422,188	$6M	trimmed−2%	0.00 pp	37 q
GOOGLAlphabet Inc. Class A	0.05%	35,721	$5M	added+26%	+0.01 pp	34 q
BAXBaxter International Inc.	0.05%	120,953	$5M	trimmed−32%	−0.03 pp	43 q
CATCaterpillar Inc.	0.05%	17,580	$5M	held	—	43 q
GLWCorning Incorporated	0.05%	164,196	$5M	trimmed−14%	−0.02 pp	43 q
PANWPalo Alto Networks, Inc.	0.05%	15,044	$4M	added+43%	+0.02 pp	4 q
PFEPfizer Inc.	0.05%	174,976	$5M	trimmed−32%	−0.05 pp	43 q
SCHBSchwab U.S. Broad Market ETF	0.05%	84,000	$5M	trimmed−1%	0.00 pp	43 q
CVXChevron Corporation	0.04%	24,578	$4M	trimmed−3%	−0.01 pp	43 q
IVViShares Core S&P 500 ETF	0.04%	7,031	$3M	trimmed−8%	0.00 pp	43 q
MCDMcDonald's Corporation	0.04%	13,894	$4M	trimmed−2%	0.00 pp	43 q
ALRSAlerus Financial Corporation	0.03%	124,294	$3M	trimmed−12%	0.00 pp	9 q
BRK.ABerkshire Hathaway Inc.	0.03%	6	$3M	held	—	42 q
BMYBristol-Myers Squibb Co.	0.03%	53,302	$3M	added+6%	0.00 pp	43 q
CVRXCVRx, Inc.	0.03%	91,903	$3M	trimmed−45%	0.00 pp	9 q
COPConocoPhillips	0.03%	25,019	$3M	added+1%	0.00 pp	43 q
COSTCostco Wholesale Corp	0.03%	4,936	$3M	added+43%	+0.01 pp	43 q
XOMExxon Mobil Corp	0.03%	31,387	$3M	trimmed−0%	−0.01 pp	43 q
INTCIntel Corp	0.03%	49,087	$2M	trimmed−29%	0.00 pp	43 q
MCSThe Marcus Corporation	0.03%	192,346	$3M	trimmed−8%	−0.01 pp	31 q
ORCLOracle Corp	0.03%	25,960	$3M	trimmed−1%	0.00 pp	43 q
XLVState Street Health Care Select Sector SPDR ETF	0.03%	19,483	$3M	new	+0.03 pp	new
XLPState Street Consumer Staples Select Sector SPDR ETF	0.03%	44,420	$3M	new	+0.03 pp	new
AMGNAmgen Inc	0.02%	7,465	$2M	trimmed−0%	0.00 pp	43 q
BDXBecton, Dickinson and Co.	0.02%	7,884	$2M	trimmed−0%	0.00 pp	43 q
CTASCintas Corp	0.02%	3,809	$2M	held	—	15 q
KOCoca-Cola Company	0.02%	24,306	$1M	added+1%	0.00 pp	43 q
EXKExact Sciences Corp	0.02%	23,800	$2M	held	—	5 q
IDXXIdexx Laboratories Inc	0.02%	2,777	$2M	trimmed−2%	+0.01 pp	41 q
QQQInvesco QQQ Trust, Series 1	0.02%	4,704	$2M	added+98%	+0.01 pp	16 q
KMBKimberly-Clark Corp.	0.02%	14,089	$2M	trimmed−5%	0.00 pp	43 q
LOWLowe's Companies Inc.	0.02%	6,972	$2M	trimmed−1%	0.00 pp	43 q
PEPPepsiCo, Inc.	0.02%	9,220	$2M	added0%	0.00 pp	43 q
XLKState Street Technology Select Sector SPDR ETF	0.02%	8,089	$2M	added+5%	+0.01 pp	20 q
SKYTSkyWater Technology	0.02%	224,540	$2M	held	—	11 q
SNASnap-on Incorporated	0.02%	7,655	$2M	trimmed−3%	0.00 pp	43 q
UNPUnion Pacific Corp.	0.02%	5,910	$1M	trimmed−15%	0.00 pp	31 q
WYWeyerhaeuser Company	0.02%	45,993	$2M	trimmed−11%	0.00 pp	41 q
WWDWoodward, Inc.	0.02%	14,000	$2M	held	—	6 q
ZBHZimmer Biomet Holdings, Inc.	0.02%	18,295	$2M	trimmed−12%	−0.01 pp	43 q
AMCRAmcor plc	0.02%	184,010	$2M	trimmed−3%	0.00 pp	19 q
ADBEAdobe Inc.	0.01%	1,860	$1M	added+1%	0.00 pp	33 q
AEBAAllete Inc	0.01%	12,188	$745,418	trimmed−10%	0.00 pp	43 q
AMTAmerican Tower Corporation	0.01%	2,211	$477,311	trimmed−8%	+0.01 pp	24 q
AWKAmerican Water Works Company, Inc	0.01%	5,000	$659,950	held	—	6 q
AMPAmeriprise Financial, Inc.	0.01%	1,895	$719,778	trimmed−12%	0.00 pp	42 q
AMATApplied Materials Inc	0.01%	7,477	$1M	held	—	28 q
BPBP p.l.c.	0.01%	14,850	$525,690	trimmed−5%	0.00 pp	6 q
BACBank of America Corporation	0.01%	25,117	$845,689	trimmed−2%	0.00 pp	43 q
BMOBank of Montreal	0.01%	9,000	$890,460	held	—	6 q
BABoeing Company	0.01%	2,501	$651,911	trimmed−6%	0.00 pp	43 q
BSXBoston Scientific Corp.	0.01%	10,335	$597,466	added0%	0.00 pp	6 q
CMCanadian Imperial Bank of Commerce	0.01%	10,176	$489,873	held	—	6 q
CSCOCisco Systems, Inc. (DE)	0.01%	20,001	$1M	trimmed−2%	0.00 pp	43 q
CLFCleveland-Cliffs Inc.	0.01%	26,000	$530,920	held	—	3 q
METAMeta Platforms, Inc. Class A	0.01%	2,080	$736,237	added0%	0.00 pp	20 q
GEGE Aerospace	0.01%	6,866	$876,308	trimmed−8%	0.00 pp	6 q
HWKNHawkins Inc	0.01%	13,320	$937,994	held	—	43 q
HBANHuntington Bancshares Inc	0.01%	40,546	$515,745	trimmed−5%	0.00 pp	11 q
IEXIDEX Corporation	0.01%	4,000	$868,440	held	—	6 q
DVYiShares Select Dividend ETF	0.01%	8,350	$978,792	added+12%	0.00 pp	2 q
MAMastercard Incorporated	0.01%	1,255	$535,270	added+39%	+0.01 pp	25 q
MOSThe Mosaic Company	0.01%	39,000	$1M	held	—	6 q
NVECNVE Corp	0.01%	7,300	$572,539	trimmed−1%	0.00 pp	6 q
NKENike, Inc.	0.01%	4,646	$504,416	added+2%	0.00 pp	27 q
NSCNorfolk Southern Corp.	0.01%	3,722	$879,806	held	—	43 q
PDCOPatterson Companies, Inc.	0.01%	42,730	$1M	trimmed−0%	0.00 pp	43 q
PSXPhillips 66	0.01%	7,680	$1M	added0%	0.00 pp	43 q
RTXRTX Corporation	0.01%	8,621	$725,371	trimmed−4%	0.00 pp	43 q
SHELShell plc	0.01%	13,920	$915,936	held	—	6 q
SLBSLB Limited	0.01%	14,625	$761,085	held	—	6 q
SCHFSchwab International Equity ETF	0.01%	15,000	$554,400	held	—	43 q
SBUXStarbucks Corp	0.01%	5,417	$520,089	trimmed−10%	0.00 pp	28 q
SYKStryker Corporation	0.01%	4,012	$1M	trimmed−1%	0.00 pp	6 q
RGRSturm, Ruger & Company, Inc.	0.01%	12,000	$545,400	held	—	6 q
TMOThermo Fisher Scientific, Inc.	0.01%	1,631	$865,718	added+4%	0.00 pp	40 q
UFCSUnited Fire Group Inc.	0.01%	24,000	$482,880	trimmed−8%	0.00 pp	6 q
VIGVanguard Dividend Appreciation ETF	0.01%	3,882	$661,493	trimmed−13%	0.00 pp	28 q
VUGVanguard Morningstar Growth ETF	0.01%	1,543	$479,688	held	—	4 q
VCELVericel Corporation	0.01%	25,915	$922,833	held	—	18 q
WMTWalmart Inc.	0.01%	6,883	$1M	trimmed−0%	0.00 pp	43 q
CBChubb Limited	0.01%	3,002	$678,452	added+1%	0.00 pp	6 q
TAT&T Inc.	0.00%	17,884	$300,094	trimmed−23%	0.00 pp	43 q
AMDAdvanced Micro Devices	0.00%	1,552	$228,780	new	0.00 pp	new
MOAltria Group, Inc.	0.00%	5,040	$203,298	added0%	0.00 pp	10 q
AMEAmetek, Inc.	0.00%	1,471	$242,553	held	—	5 q
ADSKAutodesk Inc	0.00%	825	$200,871	new	0.00 pp	new
AXGNAxogen, Inc.	0.00%	17,000	$116,110	trimmed−23%	0.00 pp	18 q
BOHBank of Hawaii Corp.	0.00%	4,000	$289,840	new	0.00 pp	new
BIIBBiogen Inc.	0.00%	950	$245,832	held	—	43 q
BRCBrady Corporation	0.00%	7,000	$410,830	held	—	6 q
AVGOBroadcom Inc.	0.00%	240	$267,900	new	0.00 pp	new
CAHCardinal Health, Inc.	0.00%	2,238	$225,590	new	0.00 pp	new
CARRCarrier Global Corporation	0.00%	3,960	$227,502	held	—	2 q
CMGChipotle Mexican Grill, Inc.	0.00%	100	$228,696	new	0.00 pp	new
CLColgate-Palmolive Company	0.00%	3,001	$239,210	held	—	5 q
CMCSAComcast Corp	0.00%	4,961	$217,540	trimmed−6%	0.00 pp	2 q
DAKTDaktronics Inc	0.00%	19,000	$161,120	held	—	6 q
DHRDanaher Corporation	0.00%	1,226	$283,623	added+1%	0.00 pp	14 q
DEDeere & Company	0.00%	857	$342,689	trimmed−0%	0.00 pp	14 q
ELANElanco Animal Health Incorporated	0.00%	13,442	$200,286	trimmed−83%	−0.01 pp	20 q
ETEnergy Transfer LP	0.00%	27,500	$379,500	new	0.00 pp	new
FFord Motor Company	0.00%	15,600	$190,164	held	—	12 q
GPCGenuine Parts Company	0.00%	1,700	$235,450	trimmed−13%	0.00 pp	12 q
HOGHarley-Davidson, Inc.	0.00%	12,200	$449,448	trimmed−15%	−0.01 pp	6 q
ITWIllinois Tool Works Inc.	0.00%	1,639	$429,320	added+1%	0.00 pp	28 q
IBMInternational Business Machines Corporation	0.00%	1,302	$212,942	new	0.00 pp	new
IXNiShares Global Tech ETF	0.00%	3,150	$214,767	new	0.00 pp	new
EFAiShares MSCI EAFE ETF	0.00%	2,792	$210,377	new	0.00 pp	new
IWOiShares Russell 2000 Growth ETF	0.00%	1,547	$390,184	trimmed−22%	−0.01 pp	2 q
IJRiShares Core S&P Small-Cap ETF	0.00%	1,946	$210,655	trimmed−16%	0.00 pp	2 q
LMTLockheed Martin Corp.	0.00%	958	$434,204	trimmed−7%	0.00 pp	4 q
MSAMine Safety Incorporated	0.00%	1,490	$251,557	added+1%	0.00 pp	3 q
MRSHMarsh	0.00%	2,159	$409,066	trimmed−1%	0.00 pp	9 q
MDLZMondelez International, Inc. Class A	0.00%	3,745	$271,250	added+10%	0.00 pp	5 q
MURMurphy Oil Corp.	0.00%	5,000	$213,300	held	—	2 q
NEMNewmont Corporation	0.00%	8,000	$331,120	held	—	6 q
NEENextEra Energy, Inc.	0.00%	4,114	$249,884	trimmed−9%	0.00 pp	43 q
NVSNovartis AG	0.00%	2,024	$204,363	new	0.00 pp	new
NMSNuveen Minnesota Quality Municipal Income Fund	0.00%	31,200	$342,576	held	—	37 q
JPCNuveen Preferred & Income Opportunities Fund	0.00%	26,999	$182,513	new	0.00 pp	new
PAYXPaychex Inc	0.00%	3,445	$410,334	trimmed−17%	−0.01 pp	15 q
PMPhilip Morris International Inc.	0.00%	4,740	$445,939	trimmed−0%	−0.01 pp	43 q
RFRegions Financial Corp.	0.00%	15,000	$290,700	held	—	6 q
SEICSEI Investments Co	0.00%	3,300	$209,715	new	0.00 pp	new
XLUState Street Utilities Select Sector SPDR ETF	0.00%	6,685	$423,361	new	0.00 pp	new
SHYFThe Shyft Group, Inc.	0.00%	10,000	$122,200	held	—	13 q
SWBISmith & Wesson Brands, Inc.	0.00%	10,000	$135,600	held	—	6 q
SNAPSnap Inc.	0.00%	10,000	$169,300	held	—	3 q
SONSonoco Products Company	0.00%	5,035	$281,305	added+1%	0.00 pp	6 q
SU6Surmodics Inc	0.00%	10,000	$363,500	held	—	18 q
TJXTJX Companies, Inc. (The)	0.00%	2,715	$254,694	new	0.00 pp	new
TSLATesla, Inc.	0.00%	1,554	$386,138	held	—	4 q
URIUnited Rentals, Inc.	0.00%	595	$341,185	added+8%	0.00 pp	4 q
VGTVanguard Information Technology ETF	0.00%	420	$203,280	new	0.00 pp	new
WECWEC Energy Group, Inc.	0.00%	4,209	$354,272	trimmed−3%	0.00 pp	35 q
ZTSZoetis Inc.	0.00%	1,923	$379,543	held	—	4 q
ACNAccenture PLC	0.00%	736	$258,270	added+1%	0.00 pp	14 q
LINLinde plc	0.00%	523	$214,801	new	0.00 pp	new
TTTrane Technologies plc	0.00%	1,144	$279,022	trimmed−3%	0.00 pp	4 q
SNBRQSleep Number Corp	—	−149,958	—	exited	−0.04 pp	—
PLUGPlug Power Inc.	—	−10,000	—	exited	0.00 pp	—
VRTXVertex Pharmaceuticals Inc	—	−755	—	exited	0.00 pp	—