These are Mairs & Power Fund's own holdings, not the firm's. Percentages are of the stock positions in its latest filing — the fund's cash and bonds are not included. Launched on November 11, 1958, this fund was built to give small investors a seat at the table of a St. Paul stock-picking firm that had until then mostly served institutions. It was the idea of George Mairs III, the founder's son, who urged his father to open a mutual fund as that vehicle was catching on, and he went on to run it himself for nearly half a century. One of the first hundred mutual funds in the country, it grew straight out of the family's buy-and-hold habit: hold a stock for a decade or two, trade rarely, and never stray far from home. The fund puts its money into quality Upper Midwest businesses it can reach from Minnesota — companies with durable advantages, strong returns on invested capital, and careful managers. Turnover has historically run below ten percent a year, and the fund treats its holdings as long-term partners, an active but not activist owner that does not push companies to change. Among the firm's lineup it is the purest expression of the house style: the broad growth strategy it launched first, years before the sibling funds for balanced, small-cap, and bond investors. Today the fund is led by Pete Johnson, who took over as lead manager in 2026, with Andrew Adams, the firm's chief investment officer, and Christopher Strom as co-managers. Adams had held the lead role for years before handing it to Johnson as part of a long-planned succession.
$5.35B
Period in review
Mairs & Power Fund opened new positions in Arthur J. Gallagher & Co., Cme Group Inc., and Bentley Systems, Incorporated, while exiting Johnson & Johnson, Qualcomm, and Wells Fargo. The fund substantially increased Waste Management, Intuitive Surgical, Sprouts Farmers Market, and Zoetis, and moderately added to Alphabet, Fiserv, and Workiva. Notable trims included UnitedHealth Group, Littelfuse, JPMorgan Chase, and Clearfield.
Full June 2026 recap →