Mairs & Power

In Q2 2026, Mairs & Power held 232 US-listed stocks worth $11bn. Its biggest move was adding to Palo Alto Networks (13% more shares, now 1.9%), followed by adding to Alphabet (4% more shares, now 5.6%). It started 11 new positions and sold out of 8. Its largest holding is NVIDIA at 8.6%.

Source: SEC Form 13F for Q2 2026, filed 14 Aug 2026, and the funds’ Form N-PORT filings. How we use them

Latest 13F

Q2 2026

Filed 14 Aug 2026

Fund assets

$5.8bn

2 US-registered funds

Q3 2026 13F due

26 days

Expected Mon 16 Nov

What changed in Q2 2026

New positions

Arthur J Gallagher & Co0.7% of the portfolio
CME Group0.4% of the portfolio
Honeywell Aerospace0.2% of the portfolio
Mge Energyunder 0.1% of the portfolio
Lam Researchunder 0.1% of the portfolio

Added to

Palo Alto Networks+13% shares, now 1.9%
Alphabet+4.2% shares, now 5.6%
Waste Management+48% shares, now 1.2%
Cognex+6.9% shares, now 0.9%
Bentley Systems+311% shares, now 0.3%

Trimmed

Graco-0.5% shares, now 2.6%
Wells Fargo & Company-36% shares, now 0.7%
Johnson & Johnson-27% shares, now 1.0%
Verizon Communications-0.7% shares, now 1.3%
JPMorgan Chase-12% shares, now 2.8%

Sold out

Honeywell Internationalwas 0.5%
Ulta Beautywas under 0.1%
Murphy Oilwas under 0.1%
Sei Investmentswas under 0.1%
United Therapeuticswas under 0.1%

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

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3% of the $5.8bn of shares held in Mairs & Power’s 2 US-registered funds, by value, are not in its 13F. Those holdings are marked with a gold dot below.

US holdings from the 13F

Q2 2026, filed 14 Aug 2026 (filing): 11 new, 53 added to, 106 trimmed, 8 sold out. Select a row to see it over time. How this works

Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

NVIDIANVDA	$942m	4,707,792	8.6%$942m	Trimmed -1.1%	8.5%
MicrosoftMSFT	$728m	1,950,737	6.7%$728m	Added +0.4%	7.3%
Amazon.comAMZN	$620m	2,599,441	5.7%$620m	Trimmed -0.1%	5.5%
AlphabetGOOG	$614m	1,737,567	5.6%$614m	Added +4.2%	4.9%
Eli Lilly & CoLLY	$386m	322,129	3.5%$386m	Trimmed -1.3%	3.1%
Nvent ElectricNVT	$348m	2,052,813	3.2%$348m	Trimmed -0.7%	2.5%
AppleAAPL	$329m	1,138,448	3.0%$329m	Trimmed -5.8%	3.1%
JPMorgan ChaseJPM	$302m	923,550	2.8%$302m	Trimmed -12%	3.2%
VisaV	$292m	852,050	2.7%$292m	Added +1.3%	2.6%
GracoGGG	$287m	3,797,451	2.6%$287m	Trimmed -0.5%	3.3%
LittelfuseLFUS	$274m	602,104	2.5%$274m	Trimmed -17%	2.5%
ToroTTC	$261m	2,676,474	2.4%$261m	Trimmed -1.6%	2.6%
EntegrisENTG	$234m	1,301,640	2.1%$234m	Trimmed -3.1%	1.6%
UnitedHealth GroupUNH	$233m	559,951	2.1%$233m	Trimmed -24%	2.0%
Taiwan Semiconductor ManufacturingTSM	$227m	476,245	2.1%$227m	Trimmed -2.1%	1.7%
Motorola SolutionsMSI	$226m	544,876	2.1%$226m	Added +0.8%	2.4%
EcolabECL	$217m	777,541	2.0%$217m	Added +2.1%	2.1%
WEC Energy GroupWEC	$209m	1,787,905	1.9%$209m	Trimmed -6.4%	2.3%
Palo Alto NetworksPANW	$205m	599,841	1.9%$205m	Added +13%	0.9%
Alliant EnergyLNT	$203m	2,657,913	1.9%$203m	Trimmed -8.0%	2.1%
Bio-TechneTECH	$191m	2,700,698	1.8%$191m	Trimmed -1.8%	1.5%
Meta PlatformsMETA	$188m	332,871	1.7%$188m	Added +2.5%	1.9%
FastenalFAST	$186m	3,870,891	1.7%$186m	Trimmed -1.3%	1.9%
Sherwin WilliamsSHW	$152m	440,586	1.4%$152m	Added +0.6%	1.4%
CH Robinson WorldwideCHRW	$145m	770,708	1.3%$145m	Trimmed -9.1%	1.4%
Fuller HBFUL	$142m	2,435,168	1.3%$142m	Added +3.1%	1.5%
Verizon CommunicationsVZ	$139m	3,291,850	1.3%$139m	Trimmed -0.7%	1.7%
Waste ManagementWM	$132m	591,025	1.2%$132m	Added +48%	0.9%
Rockwell AutomationROK	$128m	257,811	1.2%$128m	Trimmed -9.1%	1.0%
FiservFISV	$112m	2,293,029	1.0%$112m	Added +6.5%	1.2%
Johnson & JohnsonJNJ	$107m	423,010	1.0%$107m	Trimmed -27%	1.4%
Ameriprise FinancialAMP	$98.2m	214,056	0.9%$98.2m	Added +8.6%	0.9%
CognexCGNX	$94.7m	1,307,856	0.9%$94.7m	Added +6.9%	0.6%
Hormel FoodsHRL	$84.3m	3,398,047	0.8%$84.3m	Trimmed -0.6%	0.8%
Casey’s General StoresCASY	$72.4m	91,125	0.7%$72.4m	Trimmed -5.0%	0.7%
Wells Fargo & CompanyWFC	$72.1m	872,186	0.7%$72.1m	Trimmed -36%	1.1%
Arthur J Gallagher & CoAJG	$71.5m	311,539	0.7%$71.5m	New	–
Abbott LaboratoriesABT	$66.2m	729,358	0.6%$66.2m	Added +1.1%	0.8%
Texas InstrumentsTXN	$64.8m	217,453	0.6%$64.8m	Trimmed -5.9%	0.5%
TennantTNC	$59.7m	681,800	0.6%$59.7m	Trimmed -15%	0.6%
Intuitive SurgicalISRG	$58.2m	146,459	0.5%$58.2m	Added +47%	0.5%
3mMMM	$56.6m	349,350	0.5%$56.6m	Trimmed -0.7%	0.5%
Home DepotHD	$53.8m	152,452	0.5%$53.8m	Trimmed -0.6%	0.5%
Travelers CompaniesTRV	$51.7m	156,482	0.5%$51.7m	Added +9.9%	0.4%
American ExpressAXP	$49.3m	145,612	0.5%$49.3m	Trimmed -2.2%	0.5%
IdacorpIDA	$46.9m	309,970	0.4%$46.9m	Added +2.9%	0.4%
Medpace HoldingsMEDP	$45.9m	86,715	0.4%$45.9m	Added +1.2%	0.4%
CME GroupCME	$43.2m	195,585	0.4%$43.2m	New	–
DonaldsonDCI	$41.6m	463,717	0.4%$41.6m	Trimmed -7.1%	0.4%
WorkivaWK	$40.2m	829,491	0.4%$40.2m	Added +16%	0.4%
Piper Sandler CompaniesPIPR	$39.4m	544,505	0.4%$39.4m	Trimmed -0.3%	0.4%
Sprouts Farmers MarketSFM	$38.2m	451,826	0.3%$38.2m	Added +55%	0.2%
Procter & GamblePG	$36.0m	245,423	0.3%$36.0m	Added +0.8%	0.4%
US BancorpUSB	$33.9m	561,453	0.3%$33.9m	Trimmed -6.7%	0.3%
ZoetisZTS	$33.6m	467,515	0.3%$33.6m	Added +54%	0.4%
QualcommQCOM	$33.2m	179,832	0.3%$33.2m	Trimmed -62%	0.6%
Xcel EnergyXEL	$31.5m	392,497	0.3%$31.5m	Trimmed -2.4%	0.3%
Bentley SystemsBSY	$29.0m	970,114	0.3%$29.0m	Added +311%	0.1%
Automatic Data ProcessingADP	$28.5m	127,173	0.3%$28.5m	Added +2.2%	0.3%
MedtronicMDT	$28.4m	363,349	0.3%$28.4m	Trimmed -9.6%	0.4%
Generac HoldingsGNRC	$27.3m	93,395	0.3%$27.3m	Trimmed -6.4%	0.2%
Honeywell AerospaceHONA	$22.1m	100,041	0.2%$22.1m	New	–
CorningGLW	$21.8m	85,447	0.2%$21.8m	Trimmed -3.2%	0.1%
TargetTGT	$20.8m	159,261	0.2%$20.8m	Trimmed -5.7%	0.2%
Charles SchwabSCHW	$20.0m	216,288	0.2%$20.0m	Trimmed -13%	0.2%
CaterpillarCAT	$19.3m	18,102	0.2%$19.3m	Trimmed -1.9%	0.1%
Walt DisneyDIS	$16.7m	173,626	0.1%$16.7m	Trimmed -28%	0.2%
Berkshire HathawayBRK.B	$15.5m	23,595	0.1%$15.5m	Trimmed -1.4%	0.1%
Ishares TrEFA	$15.5m	67,724	0.1%$15.5m	Added +100%	0.1%
ClearfieldCLFD	$15.3m	385,257	0.1%$15.3m	Trimmed -47%	0.2%
Badger MeterBMI	$14.8m	99,464	0.1%$14.8m	Trimmed -5.1%	0.2%
Principal Financial GroupPFG	$14.6m	135,283	0.1%$14.6m	Trimmed -17%	0.1%
Vanguard Index FdsVOO	$14.2m	63,050	0.1%$14.2m	Added +82%	0.1%
AarAIR	$12.0m	83,933	0.1%$12.0m	Trimmed -6.1%	0.1%
PlexusPLXS	$11.8m	39,276	0.1%$11.8m	Trimmed -14%	0.1%
AbbvieABBV	$11.2m	44,702	0.1%$11.2m	Trimmed -1.4%	0.1%
Exxon MobilEXMOC	$11.2m	81,802	0.1%$11.2m	Trimmed -2.1%	0.1%
AmbarellaAMBA	$10.8m	126,353	0.1%$10.8m	Added +7.5%	0.1%
Knife RiverKNF	$10.7m	128,377	0.1%$10.7m	Trimmed -4.5%	0.1%
HersheyHSY	$10.7m	61,044	0.1%$10.7m	Trimmed -5.4%	0.1%
Trust for Professional ManagMINN	$10.5m	470,668	0.1%$10.5m	Added +15%	0.1%
Old National Bancorp IndONB	$10.1m	389,291	0.1%$10.1m	Trimmed -10%	0.1%
JBT MarelJBTM	$9.8m	67,465	0.1%$9.8m	Added +14%	0.1%
Wintrust FinancialWTFC	$9.4m	58,659	0.1%$9.4m	Added +1.6%	0.1%
Emerson ElectricEMR	$9.1m	63,235	0.1%$9.1m	Trimmed -2.3%	0.1%
Qcr HoldingsQCRH	$8.9m	91,002	0.1%$8.9m	Unchanged	0.1%
Patrick IndustriesPATK	$8.5m	94,824	0.1%$8.5m	Added +64%	0.1%
Schwab Strategic TrSCHB	$8.4m	291,832	0.1%$8.4m	Unchanged	0.1%
Associated Banc-CorpASB	$8.3m	270,040	0.1%$8.3m	Unchanged	0.1%
RadnetRDNT	$8.2m	133,116	0.1%$8.2m	Unchanged	0.1%
Applied MaterialsAMAT	$8.0m	11,007	0.1%$8.0m	Trimmed -2.8%	0.0%
Black HillsBKH	$7.3m	98,285	0.1%$7.3m	Unchanged	0.1%
Life Time Group HoldingsLTH	$7.0m	172,317	0.1%$7.0m	Unchanged	0.1%
ChevronCVX	$6.8m	41,147	0.1%$6.8m	Added +5.5%	0.1%
Merck & Co.MRK	$6.6m	51,519	0.1%$6.6m	Added +2.3%	0.1%
Cullen/Frost BankersCFR	$6.6m	42,696	0.1%$6.6m	Unchanged	0.1%
Alerus FinancialALRS	$6.3m	203,417	0.1%$6.3m	Added +156%	0.0%
James Hardie IndustriesJHX	$6.3m	240,716	0.1%$6.3m	Trimmed 0.0%	0.1%
Spdr S&P 500 Etf TrustSPY	$6.2m	8,279	0.1%$6.2m	Trimmed -69%	0.2%
WoodwardWWD	$6.0m	14,000	0.1%$6.0m	Unchanged	0.1%
TrexTREX	$5.8m	116,022	0.1%$5.8m	Unchanged	0.0%
Hub GroupHUBG	$5.7m	129,879	0.1%$5.7m	Trimmed -19%	0.1%
SolventumSOLV	$5.6m	72,441	0.1%$5.6m	Trimmed -0.1%	0.1%
Glacier BancorpGBCI	$5.5m	106,200	0.1%$5.5m	Unchanged	0.1%
OshkoshOSK	$5.1m	33,183	0.1%$5.1m	Unchanged	0.1%
CintasCTAS	$4.6m	27,262	0.0%$4.6m	Added +22%	0.0%
PentairPNR	$4.4m	57,038	0.0%$4.4m	Trimmed -0.9%	0.1%
Kraft HeinzKHC	$4.2m	178,686	0.0%$4.2m	Trimmed -44%	0.1%
PolarisPII	$4.2m	61,311	0.0%$4.2m	Trimmed -1.9%	0.0%
SyscoSYY	$4.1m	48,544	0.0%$4.1m	Trimmed -51%	0.1%
McDonald’sMCD	$3.8m	14,085	0.0%$3.8m	Trimmed -1.7%	0.1%
Northwestern Energy GroupNWE	$3.7m	51,191	0.0%$3.7m	Trimmed -40%	0.1%
HawkinsHWKN	$3.6m	25,136	0.0%$3.6m	Trimmed -3.1%	0.0%
GE AerospaceGE	$2.8m	7,525	0.0%$2.8m	Unchanged	0.0%
Vanguard Tax-Managed FdsVEA	$2.8m	39,279	0.0%$2.8m	Trimmed -13%	0.0%
Costco WholesaleCOST	$2.8m	2,963	0.0%$2.8m	Unchanged	0.0%
ConocoPhillipsCOP	$2.7m	25,845	0.0%$2.7m	Trimmed -0.7%	0.0%
NikeNKE	$2.6m	63,845	0.0%$2.6m	Trimmed -3.2%	0.0%
Api GroupAPG	$2.5m	57,969	0.0%$2.5m	Unchanged	0.0%
General MillsGIS	$2.4m	70,157	0.0%$2.4m	Trimmed -28%	0.0%
Cisco SystemsCSCO	$2.3m	19,731	0.0%$2.3m	Trimmed -0.5%	0.0%
IntelINTC	$2.0m	14,533	0.0%$2.0m	Added +1.4%	0.0%
OracleORCL	$2.0m	13,643	0.0%$2.0m	Trimmed -56%	0.1%
Coca-ColaKO	$1.9m	23,470	0.0%$1.9m	Added +0.7%	0.0%
XylemXYL	$1.8m	15,450	0.0%$1.8m	Added +9.7%	0.0%
Vanguard Scottsdale FdsVGSH	$1.8m	16,145	0.0%$1.8m	Unchanged	0.0%
WalmartWMT	$1.8m	15,800	0.0%$1.8m	Added +0.6%	0.0%
AmgenAMGN	$1.8m	4,924	0.0%$1.8m	Trimmed -0.8%	0.0%
PfizerPFE	$1.6m	67,679	0.0%$1.6m	Trimmed -5.8%	0.0%
RTXRTX	$1.6m	8,446	0.0%$1.6m	Trimmed -1.4%	0.0%
Lowe’sLOW	$1.5m	6,832	0.0%$1.5m	Trimmed -0.3%	0.0%
Solstice Advanced MaterialsSOLS	$1.5m	16,644	0.0%$1.5m	Trimmed -25%	0.0%
Bristol-Myers SquibbBMY	$1.4m	24,684	0.0%$1.4m	Added +2.0%	0.0%
WabtecWAB	$1.4m	5,237	0.0%$1.4m	Unchanged	0.0%
BroadcomAVGO	$1.4m	3,663	0.0%$1.4m	Added +3.7%	0.0%
CienaCIEN	$1.4m	2,800	0.0%$1.4m	Unchanged	0.0%
Mge EnergyMGEE	$1.3m	16,508	0.0%$1.3m	New	–
Invesco QQQ TrQQQ	$1.3m	1,770	0.0%$1.3m	Added +0.6%	0.0%
Vanguard International Equity Index FVT	$1.3m	20,533	0.0%$1.3m	Trimmed -13%	0.0%
Spdr Gold TrustGLD	$1.3m	3,515	0.0%$1.3m	Added +146%	0.0%
StrykerSYK	$1.3m	4,072	0.0%$1.3m	Trimmed -2.0%	0.0%
PepsicoPEP	$1.2m	9,175	0.0%$1.2m	Added +2.2%	0.0%
United Parcel ServiceUPS	$1.2m	11,508	0.0%$1.2m	Trimmed -34%	0.0%
Snap-onSNA	$1.2m	3,023	0.0%$1.2m	Trimmed -3.2%	0.0%
Bank Montreal QueBMO	$1.2m	6,746	0.0%$1.2m	Unchanged	0.0%
Canadian Imperial Bk CommunicationsCM	$1.2m	10,176	0.0%$1.2m	Unchanged	0.0%
ViasatVSAT	$1.2m	13,000	0.0%$1.2m	Unchanged	0.0%
VericelVCEL	$1.2m	25,865	0.0%$1.2m	Unchanged	0.0%
Phillips 66PSX	$1.1m	6,554	0.0%$1.1m	Trimmed -0.8%	0.0%
IDEXX LaboratoriesIDXX	$1.1m	2,080	0.0%$1.1m	Unchanged	0.0%
Becton Dickinson & CoBDX	$1.1m	7,119	0.0%$1.1m	Unchanged	0.0%
Nextera EnergyNEE	$1.1m	12,097	0.0%$1.1m	Trimmed -1.4%	0.0%
Bank of AmericaBAC	$1.1m	18,591	0.0%$1.1m	Trimmed -14%	0.0%
Kimberly-ClarkKMB	$1.0m	9,556	0.0%$1.0m	Trimmed -1.4%	0.0%
International Business MachinesIBM	$1.0m	3,647	0.0%$1.0m	Unchanged	0.0%
AxogenAXGN	$1.0m	22,000	0.0%$1.0m	Unchanged	0.0%
Ge VernovaGEV	$994k	846	0.0%$994k	Unchanged	0.0%
Advanced Micro DevicesAMD	$957k	1,648	0.0%$957k	Trimmed -15%	0.0%
Union PacificUNP	$929k	3,415	0.0%$929k	Trimmed -18%	0.0%
IDEXIEX	$908k	4,000	0.0%$908k	Unchanged	0.0%
Select Sector Spdr TrXLK	$852k	4,470	0.0%$852k	Unchanged	0.0%
BNYBK	$851k	5,888	0.0%$851k	Unchanged	0.0%
ChubbCB	$837k	2,456	0.0%$837k	Added +0.7%	0.0%
Norfolk SouthernNSC	$815k	2,590	0.0%$815k	Trimmed -4.6%	0.0%
OkloOKLO	$814k	15,561	0.0%$814k	Unchanged	0.0%
Spdr Series TrustBIL	$791k	8,627	0.0%$791k	Added +24%	0.0%
AmcorAMCR	$743k	17,129	0.0%$743k	Unchanged	0.0%
WeyerhaeuserWY	$707k	29,517	0.0%$707k	Trimmed -18%	0.0%
Invesco Exchange Traded Fd TRSP	$660k	3,100	0.0%$660k	Trimmed -42%	0.0%
American Water WorksAWK	$658k	5,000	0.0%$658k	Trimmed -0.5%	0.0%
BradyBRC	$641k	7,000	0.0%$641k	Unchanged	0.0%
ShellRDS.A	$631k	8,132	0.0%$631k	Unchanged	0.0%
NveNVEC	$627k	6,000	0.0%$627k	Unchanged	0.0%
Thermo Fisher ScientificTMO	$622k	1,241	0.0%$622k	Unchanged	0.0%
Ishares TrACWI	$575k	7,550	0.0%$575k	Unchanged	0.0%
BoeingBA	$574k	2,650	0.0%$574k	Added +2.0%	0.0%
Zimmer Biomet HoldingsZBH	$570k	6,625	0.0%$570k	Trimmed -18%	0.0%
Spdr S&P Midcap 400 Etf TrustMDY	$561k	798	0.0%$561k	Trimmed -2.6%	0.0%
Digi InternationalDGII	$525k	7,000	0.0%$525k	Unchanged	0.0%
TJX CompaniesTJX	$517k	3,415	0.0%$517k	Added +3.0%	0.0%
Cardinal HealthCAH	$504k	2,121	0.0%$504k	Unchanged	0.0%
Trane TechnologiesTT	$493k	1,004	0.0%$493k	Trimmed -8.5%	0.0%
Micron TechnologyMU	$473k	410	0.0%$473k	Trimmed -41%	0.0%
NewmontNEM	$467k	5,000	0.0%$467k	Unchanged	0.0%
Huntington BancsharesHBAN	$464k	26,178	0.0%$464k	Trimmed -3.9%	0.0%
Philip Morris InternationalPM	$459k	2,537	0.0%$459k	Unchanged	0.0%
Sturm Ruger & CoRGR	$454k	12,000	0.0%$454k	Unchanged	0.0%
Skywater TechnologySKYT	$453k	13,000	0.0%$453k	Unchanged	0.0%
Boston ScientificBSX	$423k	9,914	0.0%$423k	Trimmed -2.6%	0.0%
Best BuyBBY	$417k	5,500	0.0%$417k	Trimmed -6.7%	0.0%
Northern TrustNTRS	$417k	2,400	0.0%$417k	Unchanged	0.0%
SalesforceCRM	$416k	2,656	0.0%$416k	Trimmed -95%	0.1%
Illinois Tool WorksITW	$415k	1,534	0.0%$415k	Added +3.4%	0.0%
AdobeADBE	$404k	1,969	0.0%$404k	Trimmed -2.0%	0.0%
Vanguard Specialized FundsVIG	$400k	1,690	0.0%$400k	Trimmed -26%	0.0%
CumminsCMI	$377k	528	0.0%$377k	Unchanged	0.0%
Ishares TrINDA	$369k	3,826	0.0%$369k	Trimmed -1.5%	0.0%
WatersWAT	$360k	959	0.0%$360k	Added +0.1%	0.0%
Marathon PetroleumMPC	$355k	1,390	0.0%$355k	Unchanged	0.0%
Deere & CoDE	$353k	557	0.0%$353k	Trimmed -2.6%	0.0%
United Fire GroupUFCS	$346k	6,600	0.0%$346k	Unchanged	0.0%
Harley-DavidsonHOG	$342k	14,000	0.0%$342k	Unchanged	0.0%
MosaicMOS	$339k	16,000	0.0%$339k	Trimmed -20%	0.0%
Lam ResearchLRCX	$331k	765	0.0%$331k	New	–
American TowerAMT	$330k	2,020	0.0%$330k	Unchanged	0.0%
Altria GroupMO	$329k	4,566	0.0%$329k	Added +0.1%	0.0%
Bank HawaiiBOH	$326k	4,000	0.0%$326k	Unchanged	0.0%
Vanguard World FdVGT	$321k	2,690	0.0%$321k	Added +705%	0.0%
Enterprise Products PartnersEPD	$316k	8,600	0.0%$316k	Unchanged	0.0%
L3harris TechnologiesLHX	$300k	1,033	0.0%$300k	Unchanged	0.0%
TimkenTKR	$291k	2,000	0.0%$291k	Unchanged	0.0%
Gilead SciencesGILD	$287k	2,275	0.0%$287k	Unchanged	0.0%
Baxter InternationalBAX	$267k	12,532	0.0%$267k	Trimmed -44%	0.0%
Ishares Gold TrustIAU	$266k	3,525	0.0%$266k	Unchanged	0.0%
Vertiv HoldingsVRT	$261k	780	0.0%$261k	New	–
MSA SafetyMSA	$257k	1,470	0.0%$257k	Unchanged	0.0%
SchlumbergerSLB	$256k	5,500	0.0%$256k	Unchanged	0.0%
AT&TT	$234k	11,327	0.0%$234k	Unchanged	0.0%
DanaherDHR	$218k	1,142	0.0%$218k	Added +0.6%	0.0%
Morgan StanleyMS	$217k	1,036	0.0%$217k	New	–
Regions FinancialRF	$211k	7,000	0.0%$211k	New	–
Everus Construction GroupECG	$207k	1,250	0.0%$207k	New	–
BPBP	$207k	5,610	0.0%$207k	Unchanged	0.0%
AmetekAME	$206k	850	0.0%$206k	New	–
Carrier GlobalCARR	$204k	2,785	0.0%$204k	New	–
MastercardMA	$203k	395	0.0%$203k	Trimmed -24%	0.0%
Analog DevicesADI	$202k	509	0.0%$202k	Trimmed -21%	0.0%
Marsh & Mclennan CompaniesMRSH	$200k	1,200	0.0%$200k	Trimmed -7.7%	0.0%
Aebi Schmidt HoldingAEBI	$131k	10,401	0.0%$131k	Unchanged	0.0%
Cleveland-CliffsCLF	$127k	13,500	0.0%$127k	Unchanged	0.0%
SnapSNAP	$100k	22,525	0.0%$100k	Unchanged	0.0%
Plug PowerPLUG	$27k	10,000	0.0%$27k	Unchanged	0.0%
Honeywell InternationalHON	–	–	–	Sold out	0.5%
Ulta BeautyULTA	–	–	–	Sold out	0.0%
Murphy OilMUR	–	–	–	Sold out	0.0%
Sei InvestmentsSEIC	–	–	–	Sold out	0.0%
United TherapeuticsUTHR	–	–	–	Sold out	0.0%
Ishares TrSGOV	–	–	–	Sold out	0.0%
UipathPATH	–	–	–	Sold out	0.0%
AccentureACN	–	–	–	Sold out	0.0%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2013

2015

2017

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

MSFTNVDAGOOGGGGAMZNUNHEverything else

Q2 2026

Q4 2013Q2 2026

Mairs & Power Growth Fund

1 year+18.4%

3 yearsa year+15.8%

10 yearsa year+12.8%

Yearly costs0.63%

Total returns after fees for the MPGFX share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 30 Jun 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 31 Dec 2025. Costs are the expense ratio in the half-year report to 30 Jun 2026, about $65 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 30 Jun 2026, from the fund’s N-PORT filing. Net assets $5.6bn. Changes are against 31 Mar 2026: 3 new, 8 added to, 16 trimmed, 3 sold out.

Mairs & Power Growth Fund holdings with change from the previous filing

NVIDIANVDA	United States	9.4%	Trimmed -0.8%	9.1%
MicrosoftMSFT	United States	7.9%	Trimmed -1.7%	8.8%
Amazon.comAMZN	United States	6.8%	Trimmed -1.8%	6.7%
AlphabetGOOG	United States	4.9%	Added +13%	3.9%
AppleAAPL	United States	3.7%	Trimmed -7.8%	3.9%
nVent ElectricNVT	United Kingdom	3.5%	Unchanged	2.7%
JPMorgan Chase & CoJPM	United States	3.2%	Trimmed -20%	4.0%
Taiwan Semiconductor ManufacturingTSM	Taiwan	3.1%	Trimmed -2.7%	2.5%
Roche Holding0TDF	Switzerland	3.0%	Unchanged	3.3%
Eli Lilly & CoLLY	United States	3.0%	Unchanged	2.5%
VisaV	United States	2.9%	Added +4.5%	2.7%
GracoGGG	United States	2.7%	Unchanged	3.3%
LittelfuseLFUS	United States	2.6%	Trimmed -25%	2.8%
EntegrisENTG	United States	2.6%	Unchanged	1.9%
Meta PlatformsMETA	United States	2.5%	Unchanged	2.8%
Motorola SolutionsMSI	United States	2.4%	Unchanged	2.8%
Palo Alto NetworksPANW	United States	2.4%	Unchanged	1.2%
ToroTTC	United States	2.3%	Trimmed -1.5%	2.5%
WEC Energy GroupWEC	United States	2.3%	Trimmed -11%	2.8%
Alliant EnergyLNT	United States	2.2%	Trimmed -14%	2.7%
UnitedHealth GroupUNH	United States	2.1%	Trimmed -33%	2.3%
Verizon CommunicationsVZ	United States	1.8%	Unchanged	2.4%
Bio-TechneTECH	United States	1.8%	Trimmed -0.4%	1.5%
Sherwin-WilliamsSHW	United States	1.6%	Unchanged	1.7%
Waste ManagementWM	United States	1.5%	Added +41%	1.2%
CH Robinson WorldwideCHRW	United States	1.5%	Trimmed -15%	1.7%
FastenalFAST	United States	1.4%	Unchanged	1.5%
HB FullerFUL	United States	1.4%	Unchanged	1.6%
EcolabECL	United States	1.4%	Unchanged	1.4%
FiservFISV	United States	1.3%	Added +12%	1.4%
Rockwell AutomationROK	United States	1.1%	Trimmed -14%	1.0%
Arthur J Gallagher & CoAJG	United States	1.0%	New	–
Ameriprise FinancialAMP	United States	0.9%	Unchanged	1.0%
CognexCGNX	United States	0.9%	Unchanged	0.7%
Hormel FoodsHRL	United States	0.8%	Unchanged	0.8%
Intuitive SurgicalISRG	United States	0.7%	Added +44%	0.6%
CME GroupCME	United States	0.7%	New	–
IDACORPIDA	United States	0.6%	Unchanged	0.7%
TennantTNC	United States	0.6%	Trimmed -1.3%	0.5%
Casey's General StoresCASY	United States	0.6%	Unchanged	0.6%
Medpace HoldingsMEDP	United States	0.6%	Unchanged	0.6%
Sprouts Farmers MarketSFM	United States	0.5%	Added +78%	0.3%
WorkivaWK	United States	0.5%	Added +30%	0.5%
Piper Sandler CosPIPR	United States	0.5%	Unchanged	0.5%
ZoetisZTS	United States	0.5%	Added +60%	0.5%
Bentley SystemsBSY	United States	0.3%	New	–
ClearfieldCLFD	United States	0.1%	Trimmed -54%	0.2%
		–	Sold out	0.6%
		–	Sold out	0.5%
		–	Sold out	0.5%

Mairs & Power Small Cap Fund

1 year+42.1%

3 yearsa year+13.4%

10 yearsa year+8.5%

Yearly costs0.96%

Total returns after fees for the MSCFX share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 30 Jun 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 31 Dec 2025. Costs are the expense ratio in the half-year report to 30 Jun 2026, about $99 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 30 Jun 2026, from the fund’s N-PORT filing. Net assets $270m. Changes are against 31 Mar 2026: 2 new, 6 added to, 13 trimmed, 0 sold out.

Mairs & Power Small Cap Fund holdings with change from the previous filing

AARAIR	United States	4.5%	Trimmed -4.1%	4.3%
PlexusPLXS	United States	4.5%	Trimmed -12%	4.1%
AmbarellaAMBA	United States	4.0%	Added +7.5%	2.6%
CognexCGNX	United States	4.0%	Trimmed -23%	4.1%
Bio-TechneTECH	United States	3.9%	Unchanged	3.4%
Knife RiverKNF	United States	3.9%	Trimmed -4.6%	4.7%
EntegrisENTG	United States	3.8%	Trimmed -38%	4.7%
JBT MarelJBTM	United States	3.6%	Added +14%	3.3%
Bentley SystemsBSY	United States	3.3%	Added +26%	3.6%
nVent ElectricNVT	United Kingdom	3.3%	Trimmed -7.3%	2.9%
LittelfuseLFUS	United States	3.2%	Trimmed -9.9%	3.1%
QCR HoldingsQCRH	United States	3.1%	Unchanged	3.2%
RadNetRDNT	United States	3.0%	Unchanged	3.3%
Wintrust FinancialWTFC	United States	3.0%	Unchanged	3.0%
Patrick IndustriesPATK	United States	2.9%	Added +52%	2.8%
ToroTTC	United States	2.8%	Unchanged	3.2%
Associated Banc-CorpASB	United States	2.7%	Unchanged	2.7%
Black HillsBKH	United States	2.7%	Unchanged	3.0%
Life Time Group HoldingsLTH	United States	2.6%	Unchanged	2.0%
HB FullerFUL	United States	2.5%	Unchanged	3.1%
Cullen/Frost BankersCFR	United States	2.4%	Unchanged	2.5%
ClearfieldCLFD	United States	2.4%	Trimmed -25%	2.5%
Alerus FinancialALRS	United States	2.4%	Added +156%	0.8%
James Hardie IndustriesJHX	Ireland	2.2%	Unchanged	1.9%
TrexTREX	United States	2.1%	Unchanged	1.9%
Hub GroupHUBG	United States	2.1%	Trimmed -19%	2.5%
Glacier BancorpGBCI	United States	2.0%	Unchanged	2.1%
Casey's General StoresCASY	United States	2.0%	Trimmed -19%	2.7%
WorkivaWK	United States	1.7%	Unchanged	2.5%
PolarisPII	United States	1.5%	Unchanged	1.4%
Medpace HoldingsMEDP	United States	1.5%	Unchanged	1.6%
Sprouts Farmers MarketSFM	United States	1.4%	Added +104%	0.8%
Northwestern Energy GroupNWE	United States	1.4%	Trimmed -40%	2.5%
Piper Sandler CosPIPR	United States	1.3%	Unchanged	1.7%
OshkoshOSK	United States	1.3%	Unchanged	1.5%
TennantTNC	United States	1.0%	Trimmed -35%	1.4%
Generac HoldingsGNRC	United States	0.9%	Trimmed -7.7%	0.8%
API GroupAPG	United States	0.9%	Unchanged	1.0%
HawkinsHWKN	United States	0.7%	Unchanged	0.9%
MGE EnergyMGEE	United States	0.5%	New	–
IDACORPIDA	United States	0.5%	New	–

Look-through earnings

Mairs & Power’s share of the profits of the US companies it holds. How this works

For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.

Look-through earnings, Q2 2026

$394m

Last 12 months, holdings with SEC financials

Price paid for those earnings

25.2×

Value of those holdings ÷ their earnings

Earnings per share growth

+25.9%

Same holdings, against a year earlier

Portfolio covered

91%

Of the 13F value

$9.7m2017

$949m2018

$481m2019

$62.5m2020

$339m2021

$338m2022

$347m2023

$360m2024

$331m2025

$229m2026*

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Holdings behind

Look-through earnings by holding, Q2 2026

AlphabetGOOG	0.01%	$244bn	$34.5m	$15.8m	+109.4%
Amazon.comAMZN	0.02%	$135bn	$32.3m	$14.9m	+89.8%
NVIDIANVDA	0.02%	$193bn	$37.4m	$11.6m	+125.0%
MicrosoftMSFT	0.03%	$134bn	$35.0m	$9.4m	+31.6%
JPMorgan ChaseJPM	0.03%	$65bn	$22.3m	$7.3m	+19.2%
UnitedHealth GroupUNH	0.06%	$14bn	$8.7m	$3.4m	-33.4%
GracoGGG	2.3%	$534m	$12.2m	$3.3m	+12.4%
Verizon CommunicationsVZ	0.08%	$17bn	$13.1m	$3.0m	-9.7%
Fuller HBFUL	4.4%	$186m	$8.2m	$3.0m	+79.8%
Nvent ElectricNVT	1.3%	$598m	$7.5m	$2.7m	+1.8%
FiservFISV	0.4%	$2.8bn	$12.0m	$2.7m	-14.2%
Ameriprise FinancialAMP	0.2%	$3.9bn	$9.1m	$2.6m	+30.2%
Eli Lilly & CoLLY	0.04%	$27bn	$9.6m	$2.6m	+94.9%
AppleAAPL	0.01%	$129bn	$10.0m	$2.3m	+31.9%
LittelfuseLFUS	2.4%	−$8.1m	−$189k	$2.1m	-107.3%
Meta PlatformsMETA	0.01%	$68bn	$8.8m	$2.1m	-4.6%
Motorola SolutionsMSI	0.3%	$2.1bn	$7.0m	$1.8m	+1.8%
WEC Energy GroupWEC	0.5%	$1.7bn	$9.2m	$1.6m	–
Sherwin WilliamsSHW	0.2%	$2.7bn	$4.8m	$1.5m	+7.9%
EcolabECL	0.3%	$2.1bn	$5.8m	$1.5m	+0.2%
FastenalFAST	0.3%	$1.4bn	$4.5m	$1.3m	+13.7%
CH Robinson WorldwideCHRW	0.6%	$633m	$4.1m	$1.2m	+19.8%
Waste ManagementWM	0.1%	$2.9bn	$4.2m	$1.2m	+5.3%
Johnson & JohnsonJNJ	0.02%	$21bn	$3.6m	$959k	-8.0%
Rockwell AutomationROK	0.2%	$1.2bn	$2.8m	$943k	+25.2%
Bio-TechneTECH	1.7%	$182m	$3.1m	$937k	+150.2%
EntegrisENTG	0.8%	$306m	$2.6m	$793k	+2.2%
CognexCGNX	0.8%	$175m	$1.3m	$560k	+42.0%
Palo Alto NetworksPANW	0.07%	$307m	$230k	−$211k	-76.1%
Alliant EnergyLNT	1.0%	$821m	$8.4m	–	–

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

5% stake filings

Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F. How this works

Mairs & Power’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company. How to read a 13D.

Company	Owns	Form	Filed
Tennant	4.4%below 5%	13G/A	13 May 2026
Tennant	5.9%	13G/A	17 Feb 2026
Tennant	7.6%	13G/A	15 May 2025
Clearfield	6.0%	13G	15 May 2025

US holdings by sector

Technology27.7%
Industrials15.5%
Health care11.5%
Consumer discretionary10.6%
Financials10.3%
Communication and media8.7%
Utilities5.9%
Materials3.9%
Other2.3%
Insurance1.4%
Consumer staples1.4%
Energy0.1%
Not classified0.7%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$8.5bnQ3 ’23

$9.5bnQ4 ’23

$10bnQ1 ’24

$10bnQ2 ’24

$11bnQ3 ’24

$10bnQ4 ’24

$9.6bnQ1 ’25

$10bnQ2 ’25

$11bnQ3 ’25

$10bnQ4 ’25

$9.8bnQ1 ’26

$11bnQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.