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Mairs and Power

Dec 2024 → Sep 2025 · Publishes quarterly · 3 funds

Our archive holds 14 letters from Mairs and Power, behind 6 investment theses and positions in 39 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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14
Letters
39
Companies
15
Moves
6
Theses

3 strategies

Mairs and Power publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

What they bought and sold · 15 moves

  • ExitedHoneywell
    September 2025
    “The Fund exited its positions in Honeywell (HON), Principal Financial Group (PFG), Neogen (NEOG), and Target (TGT).”
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  • ExitedPrincipal Financial Group
    September 2025
    “The Fund exited its positions in Honeywell (HON), Principal Financial Group (PFG), Neogen (NEOG), and Target (TGT).”
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  • ExitedTarget
    September 2025
    “The Fund exited its positions in Honeywell (HON), Principal Financial Group (PFG), Neogen (NEOG), and Target (TGT).”
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  • ExitedNeogen
    September 2025
    “The Fund exited its positions in Honeywell (HON), Principal Financial Group (PFG), Neogen (NEOG), and Target (TGT).”
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  • AddedBio-Techne
    September 2025
    “We have taken advantage of the recent weakness to add to our Bio-Techne holdings.”
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  • ExitedAZEK Company
    September 2025
    “The Fund also started a position in James Hardie Industries after the company’s acquisition of our long-term holding, AZEK Company.”
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  • New positionTrex Company, Inc.
    September 2025
    “During the third quarter of 2025, the Fund initiated a position in Patrick Industries and Trex Company, Inc.”
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  • New positionCognex Corporation
    September 2025
    “During the third quarter, we added two new positions to the portfolio: Cognex Corporation and Palo Alto Networks.”
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  • TrimmedU.S. Bancorp
    September 2025
    “Separately, the Fund trimmed its holdings in U.S. Bancorp due to a declining competitive advantage position which we expect will weigh on long-term growth expectations.”
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  • TrimmedAlphabet
    September 2025
    “The Fund added new positions in WEC Energy Group (WEC) and Amazon (AMZN), while it trimmed existing positions in Alphabet (GOOG) and US Bank (USB).”
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  • New positionJames Hardie Industries
    September 2025
    “The Fund also started a position in James Hardie Industries after the company’s acquisition of our long-term holding, AZEK Company.”
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  • New positionAmazon
    September 2025
    “The Fund initiated a new position in Amazon, which is well positioned to continue capturing market share in retail distribution while also growing its market-leading cloud business.”
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  • New positionPatrick Industries
    September 2025
    “During the third quarter of 2025, the Fund initiated a position in Patrick Industries and Trex Company, Inc.”
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  • New positionWEC Energy Group
    September 2025
    “The Fund initiated a new position in WEC Energy earlier this year for two reasons: First, WEC operates in a stable service area with one of the most balanced regulatory environments for a utility.”
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  • New positionPalo Alto Networks, Inc.
    September 2025
    “During the third quarter, we added two new positions to the portfolio: Cognex Corporation and Palo Alto Networks.”
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Companies held · 39

Every company Mairs and Power has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 6

  • Cognex Corporation
    September 2025

    Cognex Corporation is well-positioned to lead the rapid advancement of machine vision technology driven by AI, benefiting from increased manufacturing onshoring and demand for factory automation.

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  • Palo Alto Networks
    September 2025

    Palo Alto Networks is a leading cybersecurity company that provides comprehensive solutions to protect organizations from increasing digital threats and evolving attack vectors.

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  • IDACORP
    June 2025

    IDACORP is well-positioned for consistent earnings growth and attractive shareholder returns due to robust population growth and increasing electric demand in southern Idaho and eastern Oregon.

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  • Medpace Holdings
    June 2025

    Medpace Holdings is a leading contract research organization specializing in clinical trials for small and mid-sized biotech and pharmaceutical companies, positioned well in a growing market with a strong competitive advantage.

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  • Taiwan Semiconductor Manufacturing Company
    March 2025

    Taiwan Semiconductor Manufacturing Company (TSMC) is the leading global semiconductor manufacturer with a dominant market share, strong cost discipline, and a promising outlook despite recent sector challenges.

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  • Clearfield
    December 2024

    Clearfield’s fiber solutions are well-positioned to benefit from rising telecom investments and government-funded broadband expansion

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Letter archive · 14

2025

2024

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