Mairs & Power

Q2 2025 13F · by Andrew Adams, CIO

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $10.1B · prev $9.6B
Positions: 235 · prev 221
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%

Moves218 since the prior filing

+4.9 pp in · −5.0 pp out

New 23 +0.37 pp
Added 100 +4.54 pp
Trimmed 86 −4.90 pp
Exited 9 −0.07 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.5 years per position

Low
Moderate
High

Top 5 positions32% of US stock

MSFT Microsoft Corp added+2.04 pp added+2.049.8%
NVDA Nvidia Corp added+2.53 pp added+2.539.1%
AMZN Amazon.Com Inc added+0.65 pp added+0.655.4%
JPM JPMorgan Chase & Co. trimmed+0.06 pp trimmed+0.064.3%
GGG Graco Inc added−0.04 pp added−0.043.4%

Positions235 in this filing · 9 exited


MSFTMicrosoft Corp	9.84%	2,004,808	$997M	added0%	+2.04 pp	49 q
NVDANvidia Corp	9.07%	5,812,871	$918M	added0%	+2.53 pp	25 q
AMZNAmazon.Com Inc	5.40%	2,492,861	$547M	added+4%	+0.65 pp	47 q
JPMJPMorgan Chase & Co.	4.30%	1,500,966	$435M	trimmed−10%	+0.06 pp	49 q
GGGGraco Inc	3.37%	3,976,890	$342M	added+1%	−0.04 pp	49 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.26%	1,057,160	$330M	added+17%	−1.68 pp	49 q
GOOGAlphabet Inc. Class C	3.16%	1,801,827	$320M	trimmed−12%	−0.17 pp	45 q
FISVFiserv, Inc.	2.95%	1,732,621	$299M	added+1%	−1.00 pp	49 q
LLYEli Lilly & Co.	2.81%	365,327	$285M	added0%	−0.32 pp	49 q
VVISA Inc.	2.79%	794,996	$282M	trimmed−4%	−0.22 pp	49 q
TTCToro Company (The)	2.55%	3,649,717	$258M	trimmed−0%	−0.21 pp	49 q
AAPLApple Inc.	2.31%	1,142,568	$234M	trimmed−16%	−0.82 pp	49 q
FASTFastenal Co	2.23%	5,372,759	$226M	trimmed−0%	+0.06 pp	49 q
ECLEcolab, Inc.	2.10%	788,929	$213M	added+2%	+0.06 pp	49 q
MSIMotorola Solutions, Inc. New	1.97%	475,106	$200M	trimmed−1%	−0.21 pp	28 q
LFUSLittelfuse Inc	1.94%	866,464	$196M	trimmed−2%	+0.13 pp	30 q
LNTAlliant Energy Corporation	1.82%	3,042,142	$184M	trimmed−0%	−0.22 pp	47 q
WFCWells Fargo & Co.	1.72%	2,174,403	$174M	trimmed−0%	+0.09 pp	49 q
NVTnVent Electric plc	1.70%	2,353,263	$172M	added0%	+0.42 pp	29 q
METAMeta Platforms, Inc. Class A	1.59%	218,761	$161M	added×8.6	+1.44 pp	26 q
SHWThe Sherwin-Williams Company	1.56%	460,613	$158M	trimmed−2%	−0.15 pp	26 q
WECWEC Energy Group, Inc.	1.54%	1,492,528	$156M	added+7%	−0.04 pp	41 q
JNJJohnson & Johnson	1.52%	1,010,469	$154M	added+1%	−0.20 pp	49 q
QCOMQualcomm Inc	1.47%	934,161	$149M	trimmed−2%	−0.05 pp	49 q
VZVerizon Communications	1.46%	3,413,917	$148M	trimmed−0%	−0.16 pp	49 q
FULH.B. Fuller Company	1.45%	2,448,249	$147M	added0%	+0.02 pp	49 q
TECHBio-Techne Corp.	1.38%	2,716,378	$140M	added+2%	−0.24 pp	44 q
ROKRockwell Automation, Inc.	1.35%	412,922	$137M	trimmed−1%	+0.22 pp	24 q
HRLHormel Foods Corporation	1.26%	4,220,403	$128M	trimmed−1%	−0.12 pp	49 q
ABTAbbott Laboratories	1.21%	901,941	$123M	trimmed−11%	−0.19 pp	49 q
TNCTennant Company	1.03%	1,352,658	$105M	trimmed−5%	−0.15 pp	49 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.00%	446,826	$101M	added+12%	+0.31 pp	2 q
ENTGEntegris Inc	0.89%	1,118,039	$90M	added+19%	+0.04 pp	15 q
CHRWC.H. Robinson Worldwide, Inc.	0.82%	863,550	$83M	trimmed−0%	−0.10 pp	49 q
PJCPiper Sandler Companies	0.68%	246,834	$69M	added+1%	+0.05 pp	10 q
CRMSalesforce, Inc.	0.68%	253,841	$69M	trimmed−0%	−0.03 pp	15 q
HONHoneywell International, Inc.	0.67%	293,197	$68M	trimmed−5%	−0.01 pp	49 q
KHCThe Kraft Heinz Company	0.61%	2,381,893	$62M	added0%	−0.14 pp	4 q
AXPAmerican Express Company	0.60%	189,988	$61M	trimmed−2%	+0.06 pp	49 q
CASYCasey's General Stores Inc	0.57%	113,916	$58M	trimmed−15%	−0.04 pp	49 q
DCIDonaldson Company, Inc.	0.57%	829,505	$58M	trimmed−26%	−0.21 pp	49 q
HDHome Depot, Inc.	0.56%	154,173	$57M	trimmed−0%	−0.03 pp	49 q
MMM3M Company	0.52%	344,366	$52M	added+74%	+0.22 pp	49 q
WKWorkiva Inc.	0.51%	757,819	$52M	added+3%	−0.07 pp	39 q
USBU.S. Bancorp	0.48%	1,070,161	$48M	trimmed−48%	−0.43 pp	49 q
TXNTexas Instruments Incorporated	0.47%	230,856	$48M	added+1%	+0.04 pp	20 q
MDTMedtronic plc	0.39%	455,290	$40M	trimmed−15%	−0.11 pp	43 q
DISThe Walt Disney Company	0.38%	311,433	$39M	trimmed−1%	+0.06 pp	49 q
CLFDClearfield, Inc.	0.33%	762,234	$33M	trimmed−11%	+0.07 pp	11 q
ADPAutomatic Data Processing	0.31%	101,383	$31M	trimmed−6%	−0.03 pp	49 q
SCHWThe Charles Schwab Corporation	0.30%	337,277	$31M	trimmed−34%	−0.11 pp	49 q
TGTTarget Corporation	0.29%	301,699	$30M	trimmed−29%	−0.17 pp	49 q
IDAIDACORP, Inc.	0.28%	244,510	$28M	new	+0.28 pp	new
PFGPrincipal Financial Group, Inc.	0.28%	362,798	$29M	trimmed−54%	−0.42 pp	49 q
BMIBadger Meter, Inc.	0.27%	111,377	$27M	trimmed−4%	+0.04 pp	49 q
PGProcter & Gamble Company	0.25%	156,286	$25M	trimmed−3%	−0.04 pp	49 q
XELXcel Energy, Inc.	0.25%	376,431	$26M	added+1%	−0.03 pp	49 q
MEDPMedpace Holdings, Inc.	0.24%	76,186	$24M	added×2.3	+0.14 pp	12 q
TRVThe Travelers Companies, Inc.	0.21%	80,313	$21M	added+15%	+0.02 pp	49 q
SYYSysco Corporation	0.20%	266,137	$20M	trimmed−19%	−0.06 pp	48 q
GNRCGenerac Holdings Inc	0.19%	131,617	$19M	trimmed−14%	−0.01 pp	46 q
SPYState Street SPDR S&P 500 ETF Trust	0.17%	27,790	$17M	added×3.1	+0.12 pp	49 q
ONBOld National Bancorp	0.16%	740,125	$16M	trimmed−13%	−0.03 pp	30 q
AMPAmeriprise Financial, Inc.	0.15%	28,008	$15M	added+1%	+0.01 pp	48 q
BRK.BBERKSHIRE HATHAWAY Class B	0.13%	26,092	$13M	added+6%	−0.01 pp	49 q
AIRAAR Corp.	0.11%	156,076	$11M	trimmed−13%	+0.01 pp	29 q
HSYThe Hershey Company	0.11%	67,015	$11M	trimmed−1%	−0.01 pp	49 q
JBTMJBT Marel Corporation	0.11%	89,864	$11M	trimmed−9%	−0.02 pp	14 q
ABBVAbbvie Inc.	0.09%	47,073	$9M	added+12%	0.00 pp	49 q
EMREmerson Electric Co.	0.09%	68,668	$9M	added+16%	+0.02 pp	49 q
HUBGHUB Group Inc	0.09%	277,099	$9M	trimmed−1%	−0.02 pp	49 q
INSPInspire Medical Systems, Inc.	0.09%	67,804	$9M	trimmed−4%	−0.03 pp	29 q
KNFKnife River Corporation	0.09%	113,916	$9M	trimmed−10%	−0.03 pp	7 q
PANWPalo Alto Networks, Inc.	0.08%	40,931	$8M	added+36%	+0.03 pp	10 q
PLXSPlexus Corp	0.08%	56,533	$8M	trimmed−10%	0.00 pp	21 q
QCRHQCR Holdings Inc	0.08%	117,624	$8M	trimmed−2%	−0.01 pp	34 q
ASBAssociated Banc-Corp	0.07%	297,935	$7M	trimmed−11%	−0.01 pp	49 q
CATCaterpillar Inc.	0.07%	19,361	$8M	added+17%	+0.01 pp	49 q
BKHBlack Hills Corporation	0.06%	109,398	$6M	trimmed−12%	−0.02 pp	34 q
CFRCullen/Frost Bankers Inc.	0.06%	43,428	$6M	trimmed−28%	−0.02 pp	36 q
GISGeneral Mills, Inc.	0.06%	119,611	$6M	added+10%	−0.01 pp	49 q
SCHBSchwab U.S. Broad Market ETF	0.06%	261,246	$6M	held	—	49 q
SOLVSolventum Corporation	0.06%	74,000	$6M	added×2.1	+0.03 pp	5 q
WTFCWintrust Financial Corp	0.06%	50,680	$6M	trimmed−22%	−0.02 pp	49 q
PNRPentair plc	0.06%	62,413	$6M	trimmed−0%	0.00 pp	45 q
BBYBest Buy Company, Inc.	0.05%	78,266	$5M	trimmed−90%	−0.53 pp	12 q
GLWCorning Incorporated	0.05%	93,220	$5M	added+4%	+0.01 pp	49 q
LTHLife Time Group Holdings, Inc.	0.05%	151,215	$5M	added+21%	+0.01 pp	4 q
MGPIMGP Ingredients Inc	0.05%	175,774	$5M	added+9%	0.00 pp	27 q
MCDMcDonald's Corporation	0.05%	17,976	$5M	added+35%	+0.01 pp	49 q
NWENorthWestern Energy Group, Inc.	0.05%	102,928	$5M	trimmed−17%	−0.02 pp	24 q
PIIPolaris Inc.	0.05%	113,536	$5M	added+35%	+0.01 pp	18 q
GOOGLAlphabet Inc. Class A	0.04%	23,877	$4M	added0%	0.00 pp	40 q
BRK.ABerkshire Hathaway Inc.	0.04%	5	$4M	trimmed−17%	−0.01 pp	48 q
CTASCintas Corp	0.04%	17,653	$4M	added+5%	0.00 pp	21 q
CGNXCognex Corp	0.04%	129,777	$4M	added×2.0	+0.02 pp	2 q
EXKExact Sciences Corp	0.04%	74,475	$4M	added+21%	+0.01 pp	11 q
XOMExxon Mobil Corp	0.04%	34,373	$4M	added+44%	+0.01 pp	49 q
THRMGentherm Inc	0.04%	142,939	$4M	trimmed−6%	0.00 pp	47 q
GBCIGlacier Bancorp Inc	0.04%	98,971	$4M	trimmed−23%	−0.02 pp	36 q
JAMFJamf Holding Corp.	0.04%	399,351	$4M	added0%	−0.01 pp	20 q
MRKMerck & Co., Inc.	0.04%	56,871	$5M	added+7%	−0.01 pp	49 q
OSKOshkosh Corp.	0.04%	37,790	$4M	trimmed−10%	0.00 pp	49 q
MINNMairs & Power Minnesota Municipal Bond ETF	0.04%	206,186	$4M	new	+0.04 pp	new
UPSUnited Parcel Service, Inc. Class B	0.04%	42,312	$4M	trimmed−13%	−0.02 pp	49 q
CVXChevron Corporation	0.03%	22,183	$3M	added+9%	−0.01 pp	49 q
COPConocoPhillips	0.03%	28,838	$3M	trimmed−9%	0.00 pp	49 q
COSTCostco Wholesale Corp	0.03%	3,188	$3M	added+18%	0.00 pp	49 q
IVViShares Core S&P 500 ETF	0.03%	5,120	$3M	added+10%	0.00 pp	49 q
ORCLOracle Corp	0.03%	14,275	$3M	added+4%	+0.01 pp	49 q
RDNTRadNet, Inc.	0.03%	57,731	$3M	new	+0.03 pp	new
WWDWoodward, Inc.	0.03%	14,000	$3M	held	—	12 q
ALRSAlerus Financial Corporation	0.02%	97,867	$2M	added0%	0.00 pp	15 q
AMGNAmgen Inc	0.02%	5,838	$2M	added+18%	0.00 pp	49 q
AMATApplied Materials Inc	0.02%	11,327	$2M	added+54%	+0.01 pp	34 q
CWANClearwater Analytics Hds-a	0.02%	94,140	$2M	added0%	−0.01 pp	3 q
KOCoca-Cola Company	0.02%	23,611	$2M	added+13%	0.00 pp	49 q
GEGE Aerospace	0.02%	7,825	$2M	added+14%	+0.01 pp	12 q
HWKNHawkins Inc	0.02%	13,420	$2M	added+1%	+0.01 pp	49 q
LOWLowe's Companies Inc.	0.02%	7,000	$2M	added+3%	0.00 pp	49 q
PFEPfizer Inc.	0.02%	77,459	$2M	added+5%	0.00 pp	49 q
SKYTSkyWater Technology	0.02%	163,920	$2M	added+16%	+0.01 pp	17 q
SYKStryker Corporation	0.02%	4,436	$2M	added+1%	0.00 pp	12 q
ULTAUlta Beauty, Inc.	0.02%	4,556	$2M	trimmed−94%	−0.26 pp	6 q
WMTWalmart Inc.	0.02%	16,182	$2M	added+8%	+0.01 pp	49 q
ADBEAdobe Inc.	0.01%	2,127	$822,894	added+3%	0.00 pp	39 q
OKLOOklo Inc.	0.01%	15,971	$894,216	held	—	4 q
AWKAmerican Water Works Company, Inc	0.01%	5,221	$726,293	added+2%	0.00 pp	12 q
AZEKThe AZEK Company Inc.	0.01%	23,927	$1M	trimmed−91%	−0.12 pp	16 q
BACBank of America Corporation	0.01%	20,342	$962,583	trimmed−9%	0.00 pp	49 q
BMOBank of Montreal	0.01%	6,746	$746,310	trimmed−1%	0.00 pp	12 q
BNYBank of New York Mellon Corporation	0.01%	5,888	$536,456	new	+0.01 pp	new
BAXBaxter International Inc.	0.01%	31,421	$951,428	added+3%	0.00 pp	49 q
BDXBecton, Dickinson and Co.	0.01%	7,155	$1M	trimmed−1%	−0.01 pp	49 q
BSXBoston Scientific Corp.	0.01%	10,409	$1M	added+1%	0.00 pp	12 q
BMYBristol-Myers Squibb Co.	0.01%	26,842	$1M	added+1%	−0.01 pp	49 q
AVGOBroadcom Inc.	0.01%	3,201	$882,356	trimmed−5%	0.00 pp	7 q
CVRXCVRx, Inc.	0.01%	144,281	$848,372	held	—	15 q
CMCanadian Imperial Bank of Commerce	0.01%	10,176	$720,766	held	—	12 q
CSCOCisco Systems, Inc. (DE)	0.01%	20,041	$1M	added+6%	0.00 pp	49 q
GEVGE Vernova Inc.	0.01%	1,000	$529,150	added+40%	+0.01 pp	5 q
IEXIDEX Corporation	0.01%	4,000	$702,280	held	—	12 q
IDXXIdexx Laboratories Inc	0.01%	2,224	$1M	trimmed−4%	0.00 pp	47 q
IBMInternational Business Machines Corporation	0.01%	3,774	$1M	added×2.7	+0.01 pp	4 q
QQQInvesco QQQ Trust, Series 1	0.01%	1,721	$949,372	added+7%	0.00 pp	22 q
EFAiShares MSCI EAFE ETF	0.01%	11,696	$1M	added+1%	0.00 pp	2 q
IWFiShares Russell 1000 Growth ETF	0.01%	1,746	$741,317	held	—	3 q
KMBKimberly-Clark Corp.	0.01%	10,969	$1M	added+16%	0.00 pp	49 q
MAMastercard Incorporated	0.01%	1,064	$597,904	added+5%	0.00 pp	31 q
MOSThe Mosaic Company	0.01%	31,280	$1M	added+3%	0.00 pp	12 q
NVECNVE Corp	0.01%	7,300	$537,353	held	—	12 q
NEENextEra Energy, Inc.	0.01%	10,527	$730,784	added×2.4	+0.01 pp	49 q
NSCNorfolk Southern Corp.	0.01%	3,054	$781,732	trimmed−4%	0.00 pp	49 q
PEPPepsiCo, Inc.	0.01%	9,536	$1M	added+27%	0.00 pp	49 q
PSXPhillips 66	0.01%	6,656	$794,061	trimmed−35%	0.00 pp	49 q
RTXRTX Corporation	0.01%	9,071	$1M	added+36%	0.00 pp	49 q
SHELShell plc	0.01%	7,504	$528,357	held	—	12 q
SCHFSchwab International Equity ETF	0.01%	30,000	$663,000	held	—	49 q
XLKState Street Technology Select Sector SPDR ETF	0.01%	4,246	$1M	added+1%	0.00 pp	26 q
SNASnap-on Incorporated	0.01%	3,588	$1M	added0%	0.00 pp	49 q
TMOThermo Fisher Scientific, Inc.	0.01%	1,616	$655,223	added+24%	0.00 pp	46 q
UNPUnion Pacific Corp.	0.01%	5,141	$1M	trimmed−9%	0.00 pp	37 q
VIGVanguard Dividend Appreciation ETF	0.01%	4,546	$930,430	added+58%	0.00 pp	34 q
VOVanguard Morningstar Mid-Cap ETF	0.01%	2,238	$626,260	added+10%	0.00 pp	5 q
VUGVanguard Morningstar Growth ETF	0.01%	1,178	$516,435	trimmed−6%	+0.01 pp	10 q
VCELVericel Corporation	0.01%	25,915	$1M	held	—	24 q
WABWabtec Inc.	0.01%	5,325	$1M	new	+0.01 pp	new
WYWeyerhaeuser Company	0.01%	37,601	$965,970	added+3%	0.00 pp	47 q
ZBHZimmer Biomet Holdings, Inc.	0.01%	14,280	$1M	trimmed−1%	−0.01 pp	49 q
AMCRAmcor plc	0.01%	107,557	$988,449	trimmed−9%	0.00 pp	25 q
TTTrane Technologies plc	0.01%	1,281	$560,322	held	—	10 q
CBChubb Limited	0.01%	2,466	$714,450	added+5%	0.00 pp	12 q
TAT&T Inc.	0.00%	11,327	$327,803	added0%	0.00 pp	49 q
AMDAdvanced Micro Devices	0.00%	1,773	$251,589	trimmed−13%	0.00 pp	7 q
AEBAAllete Inc	0.00%	4,288	$274,732	trimmed−13%	0.00 pp	49 q
MOAltria Group, Inc.	0.00%	5,156	$302,308	added+2%	0.00 pp	16 q
AMTAmerican Tower Corporation	0.00%	2,060	$455,301	added+2%	0.00 pp	30 q
ADSKAutodesk Inc	0.00%	801	$247,966	added0%	0.00 pp	4 q
AXGNAxogen, Inc.	0.00%	27,000	$292,950	added+59%	0.00 pp	24 q
BOHBank of Hawaii Corp.	0.00%	4,000	$270,120	held	—	7 q
BABoeing Company	0.00%	2,393	$501,405	trimmed−2%	0.00 pp	49 q
BRCBrady Corporation	0.00%	7,000	$475,790	held	—	12 q
CAHCardinal Health, Inc.	0.00%	2,121	$356,328	new	0.00 pp	new
CARRCarrier Global Corporation	0.00%	3,246	$237,575	held	—	8 q
CMGChipotle Mexican Grill, Inc.	0.00%	3,660	$205,509	new	0.00 pp	new
CIENCiena Corporation	0.00%	4,000	$325,320	new	0.00 pp	new
CLFCleveland-Cliffs Inc.	0.00%	16,000	$121,600	held	—	9 q
CLColgate-Palmolive Company	0.00%	2,224	$202,162	new	0.00 pp	new
DHRDanaher Corporation	0.00%	1,169	$230,924	added0%	0.00 pp	2 q
DEDeere & Company	0.00%	617	$313,738	held	—	20 q
DGIIDigi International Inc	0.00%	9,000	$313,740	held	—	28 q
DFAEDimensional Emerging Core Equity Market ETF	0.00%	9,850	$285,158	trimmed−21%	0.00 pp	3 q
EPDEnterprise Products Partners L.P.	0.00%	8,600	$266,686	new	0.00 pp	new
AJGArthur J. Gallagher & Co.	0.00%	760	$243,291	trimmed−5%	0.00 pp	4 q
GILDGilead Sciences Inc	0.00%	2,501	$277,286	new	0.00 pp	new
HOGHarley-Davidson, Inc.	0.00%	14,000	$330,400	new	0.00 pp	new
HIMXHimax Technologies, Inc.	0.00%	10,550	$94,212	held	—	2 q
HBANHuntington Bancshares Inc	0.00%	27,703	$464,302	trimmed−20%	−0.01 pp	17 q
ITWIllinois Tool Works Inc.	0.00%	1,759	$434,913	added+4%	0.00 pp	34 q
INTCIntel Corp	0.00%	14,681	$328,854	added+11%	0.00 pp	49 q
IAUiShares Gold Trust	0.00%	3,525	$219,819	new	0.00 pp	new
DVYiShares Select Dividend ETF	0.00%	2,105	$279,570	trimmed−51%	−0.01 pp	8 q
IXNiShares Global Tech ETF	0.00%	3,150	$290,777	held	—	7 q
IJRiShares Core S&P Small-Cap ETF	0.00%	3,053	$333,662	added+57%	0.00 pp	8 q
IBTGiShares iBonds Dec 2026 Term Treasury ETF	0.00%	14,255	$326,867	new	0.00 pp	new
IBTFiShares iBonds Dec 2025 Term Treasury ETF	0.00%	13,886	$324,446	new	0.00 pp	new
MSAMine Safety Incorporated	0.00%	1,470	$246,269	trimmed−1%	0.00 pp	9 q
MGNIMagnite, Inc.	0.00%	10,000	$241,200	new	0.00 pp	new
MRSHMarsh	0.00%	1,374	$300,411	trimmed−5%	0.00 pp	15 q
NEONeoGenomics, Inc.	0.00%	15,000	$109,650	new	0.00 pp	new
NEMNewmont Corporation	0.00%	5,000	$291,300	held	—	2 q
NKENike, Inc.	0.00%	4,382	$311,297	added+18%	0.00 pp	33 q
NTRSNorthern Trust Corp	0.00%	2,440	$309,368	added+14%	0.00 pp	14 q
NVSNovartis AG	0.00%	1,795	$217,213	new	0.00 pp	new
OTISOtis Worldwide Corporation	0.00%	2,128	$210,715	trimmed−3%	0.00 pp	4 q
PMPhilip Morris International Inc.	0.00%	2,637	$480,277	added+1%	0.00 pp	49 q
PLUGPlug Power Inc.	0.00%	10,000	$14,900	held	—	6 q
RFRegions Financial Corp.	0.00%	9,740	$229,085	trimmed−8%	0.00 pp	5 q
SEICSEI Investments Co	0.00%	3,300	$296,538	held	—	7 q
MDYState Street SPDR S&P MIDCAP 400 ETF Trust	0.00%	865	$490,005	new	0.00 pp	new
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF	0.00%	2,431	$222,996	new	0.00 pp	new
SHYFThe Shyft Group, Inc.	0.00%	10,000	$125,400	held	—	19 q
SONYSony Group Corporation	0.00%	8,175	$212,795	new	0.00 pp	new
RGRSturm, Ruger & Company, Inc.	0.00%	12,000	$430,800	held	—	12 q
TJXTJX Companies, Inc. (The)	0.00%	2,864	$353,675	added+1%	0.00 pp	7 q
TCMDTactile Systems Technology, Inc.	0.00%	12,500	$126,750	new	0.00 pp	new
UFCSUnited Fire Group Inc.	0.00%	9,000	$258,300	trimmed−26%	0.00 pp	12 q
VEUVanguard FTSE All-World Ex-US ETF	0.00%	3,178	$213,625	trimmed−6%	0.00 pp	2 q
VONEVanguard Russell 1000 ETF	0.00%	1,031	$288,866	held	—	4 q
VVVanguard Morningstar Large-Cap ETF	0.00%	817	$233,090	trimmed−0%	0.00 pp	5 q
VBVanguard Morningstar Small-Cap ETF	0.00%	1,568	$371,655	added+24%	0.00 pp	2 q
VSATViasat Inc	0.00%	13,000	$189,800	new	0.00 pp	new
WMWaste Management, Inc.	0.00%	1,088	$248,956	trimmed−4%	0.00 pp	6 q
ZTSZoetis Inc.	0.00%	1,490	$232,366	added+11%	0.00 pp	10 q
ACNAccenture PLC	0.00%	1,498	$447,737	added+49%	0.00 pp	20 q
NEOGNeogen Corp	—	−455,289	—	exited	−0.04 pp	—
CTVACorteva, Inc.	—	−8,949	—	exited	−0.01 pp	—
DDDuPont de Nemours, Inc.	—	−10,081	—	exited	−0.01 pp	—
VTIVanguard Morningstar Total Stock Market ETF	—	−2,585	—	exited	−0.01 pp	—
BPBP p.l.c.	—	−10,540	—	exited	0.00 pp	—
DOWDow Inc.	—	−10,801	—	exited	0.00 pp	—
PDCOPatterson Companies, Inc.	—	−9,150	—	exited	0.00 pp	—
SLBSLB Limited	—	−5,500	—	exited	0.00 pp	—
SU6Surmodics Inc	—	−7,626	—	exited	0.00 pp	—