Mairs and Power

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

Funds · 3

• Mairs and Power Growth Fund5
• Mairs and Power Small Cap Fund5
• Mairs and Power Balanced Fund4