MAIRS & POWER INC

St Paul, MN · CIK 1070134 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 1961 · corporation

Assets managed$12.1bn
Staff60 · 25 in investment roles
Main clients (by assets)Mutual funds and ETFs 53%, High net worth individuals 36%, Pension plans 4%
Private funds2 · $59.3m gross assets
Main officeSt. Paul, MN
Websitemairsandpower.com
Form ADV · 2026-04-20SEC adviser record

Legal entityMairs and Power, Inc. (US)

$10.9bn reported value +11.4% vs Q1 2026

254positions

44.3%in top 10

17 new 54 added 110 reduced 8 sold out vs Q1 2026

Also in the report of:

Dorsey & Whitney Trust CO LLC – $503.7m of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NVIDIA CORPORATION COM NVDA	NVDA	4,707,792	$942.0m8.64%	8.64%	Reduced -53.6k	-53,559 -1.1%
2	MICROSOFT CORP COM MSFT	MSFT	1,950,737	$727.7m6.68%	6.68%	Added +8.3k	+8,346 0.4%
3	AMAZON COM INC COM AMZN	AMZN	2,599,441	$619.6m5.68%	5.68%	Reduced -3.5k	-3,471 -0.1%
4	ALPHABET INC CAP STK CL C GOOG	GOOG	1,683,439	$594.8m5.46%	5.46%	Added +71.8k	+71,829 4.5%
5	ELI LILLY & CO COM LLY	LLY	322,129	$386.4m3.54%	3.54%	Reduced -4.2k	-4,177 -1.3%
6	NVENT ELECTRIC PLC SHS NVT	NVT	2,052,813	$348.2m3.19%	3.19%	Reduced -13.6k	-13,607 -0.7%
7	APPLE INC COM AAPL	AAPL	1,138,448	$329.4m3.02%	3.02%	Reduced -70.0k	-69,950 -5.8%
8	JPMORGAN CHASE & CO COM JPM	JPM	923,550	$302.3m2.77%	2.77%	Reduced -130.6k	-130,647 -12.4%
9	VISA INC COM CL A V	V	852,050	$292.3m2.68%	2.68%	Added +11.1k	+11,133 1.3%
10	GRACO INC COM GGG	GGG	3,797,451	$287.1m2.63%	2.63%	Reduced -18.2k	-18,233 -0.5%
11	LITTELFUSE INC COM LFUS	LFUS	602,104	$274.2m2.52%	2.52%	Reduced -122.6k	-122,606 -16.9%
12	TORO CO COM TTC	TTC	2,676,474	$260.7m2.39%	2.39%	Reduced -42.5k	-42,509 -1.6%
13	ENTEGRIS INC COM ENTG	ENTG	1,301,640	$234.1m2.15%	2.15%	Reduced -41.5k	-41,464 -3.1%
14	UNITEDHEALTH GROUP INC COM UNH	UNH	559,951	$232.7m2.14%	2.14%	Reduced -181.1k	-181,132 -24.4%
15	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	476,245	$227.4m2.09%	2.09%	Reduced -10.0k	-10,008 -2.1%
16	MOTOROLA SOLUTIONS INC COM NEW MSI	MSI	544,876	$226.3m2.08%	2.08%	Added +4.1k	+4,144 0.8%
17	ECOLAB INC COM ECL	ECL	777,541	$216.6m1.99%	1.99%	Added +15.7k	+15,723 2.1%
18	WEC ENERGY GROUP INC COM WEC	WEC	1,787,905	$208.8m1.92%	1.92%	Reduced -122.8k	-122,780 -6.4%
19	PALO ALTO NETWORKS INC COM PANW	PANW	599,841	$204.6m1.88%	1.88%	Added +67.2k	+67,162 12.6%
20	ALLIANT ENERGY CORP COM LNT	LNT	2,657,913	$202.8m1.86%	1.86%	Reduced -231.1k	-231,147 -8.0%
21	BIO-TECHNE CORP COM TECH	TECH	2,700,698	$190.8m1.75%	1.75%	Reduced -49.6k	-49,584 -1.8%
22	META PLATFORMS INC CL A META	META	332,871	$187.5m1.72%	1.72%	Added +8.2k	+8,246 2.5%
23	FASTENAL CO COM FAST	FAST	3,870,891	$185.9m1.71%	1.71%	Reduced -51.6k	-51,551 -1.3%
24	SHERWIN WILLIAMS CO COM SHW	SHW	440,586	$151.7m1.39%	1.39%	Added +2.8k	+2,826 0.7%
25	C H ROBINSON WORLDWIDE INC COM NEW CHRW	CHRW	770,708	$145.2m1.33%	1.33%	Reduced -77.5k	-77,495 -9.1%
26	FULLER H B CO COM FUL	FUL	2,435,168	$141.9m1.30%	1.30%	Added +73.6k	+73,551 3.1%
27	VERIZON COMMUNICATIONS INC COM VZ	VZ	3,291,850	$139.4m1.28%	1.28%	Reduced -23.6k	-23,586 -0.7%
28	WASTE MGMT INC DEL COM WM	WM	591,025	$131.7m1.21%	1.21%	Added +192.8k	+192,785 48.4%
29	ROCKWELL AUTOMATION INC COM ROK	ROK	257,811	$127.6m1.17%	1.17%	Reduced -25.7k	-25,742 -9.1%
30	FISERV INC COM FISV	FISV	2,293,029	$112.5m1.03%	1.03%	Added +140.2k	+140,176 6.5%
31	JOHNSON & JOHNSON COM JNJ	JNJ	423,010	$107.4m0.99%	0.99%	Reduced -154.6k	-154,580 -26.8%
32	AMERIPRISE FINL INC COM AMP	AMP	214,056	$98.2m0.90%	0.90%	Added +17.0k	+17,009 8.6%
33	COGNEX CORP COM CGNX	CGNX	1,307,856	$94.7m0.87%	0.87%	Added +84.0k	+83,981 6.9%
34	HORMEL FOODS CORP COM HRL	HRL	3,398,047	$84.3m0.77%	0.77%	Reduced -19.9k	-19,912 -0.6%
35	CASEYS GEN STORES INC COM CASY	CASY	91,125	$72.4m0.66%	0.66%	Reduced -4.8k	-4,812 -5.0%
36	WELLS FARGO CO NEW COM WFC	WFC	872,186	$72.1m0.66%	0.66%	Reduced -493.7k	-493,690 -36.1%
37	GALLAGHER ARTHUR J & CO COM AJG	AJG	311,539	$71.5m0.66%	0.66%	New
38	ABBOTT LABS COM ABT	ABT	729,358	$66.2m0.61%	0.61%	Added +7.6k	+7,580 1.1%
39	TEXAS INSTRS INC COM TXN	TXN	217,453	$64.8m0.59%	0.59%	Reduced -13.7k	-13,698 -5.9%
40	TENNANT CO COM TNC	TNC	681,800	$59.7m0.55%	0.55%	Reduced -121.7k	-121,664 -15.1%
41	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	146,459	$58.2m0.53%	0.53%	Added +46.6k	+46,574 46.6%
42	3M CO COM MMM	MMM	349,350	$56.6m0.52%	0.52%	Reduced -2.5k	-2,498 -0.7%
43	HOME DEPOT INC COM HD	HD	152,452	$53.8m0.49%	0.49%	Reduced -946	-946 -0.6%
44	TRAVELERS COMPANIES INC COM TRV	TRV	156,482	$51.7m0.47%	0.47%	Added +14.1k	+14,068 9.9%
45	AMERICAN EXPRESS CO COM AXP	AXP	145,612	$49.3m0.45%	0.45%	Reduced -3.2k	-3,209 -2.2%
46	IDACORP INC COM IDA	IDA	309,970	$46.9m0.43%	0.43%	Added +8.6k	+8,593 2.9%
47	MEDPACE HLDGS INC COM MEDP	MEDP	86,715	$45.9m0.42%	0.42%	Added +995	+995 1.2%
48	CME GROUP INC COM CME	CME	195,585	$43.2m0.40%	0.40%	New
49	DONALDSON INC COM DCI	DCI	463,717	$41.6m0.38%	0.38%	Reduced -35.7k	-35,657 -7.1%
50	WORKIVA INC COM CL A WK	WK	829,491	$40.2m0.37%	0.37%	Added +113.9k	+113,851 15.9%
51	PIPER SANDLER COMPANIES COM NEW PIPR	PIPR	544,505	$39.4m0.36%	0.36%	Reduced -1.6k	-1,585 -0.3%
52	SPROUTS FMRS MKT INC COM SFM	SFM	451,826	$38.2m0.35%	0.35%	Added +159.6k	+159,649 54.6%
53	PROCTER AND GAMBLE CO COM PG	PG	245,423	$36.0m0.33%	0.33%	Added +2.0k	+2,013 0.8%
54	US BANCORP DEL COM NEW USB	USB	561,453	$33.9m0.31%	0.31%	Reduced -40.1k	-40,065 -6.7%
55	ZOETIS INC CL A ZTS	ZTS	467,515	$33.6m0.31%	0.31%	Added +164.4k	+164,399 54.2%
56	QUALCOMM INC COM QCOM	QCOM	179,832	$33.2m0.30%	0.30%	Reduced -298.2k	-298,223 -62.4%
57	XCEL ENERGY INC COM XEL	XEL	392,497	$31.5m0.29%	0.29%	Reduced -9.8k	-9,766 -2.4%
58	BENTLEY SYS INC COM CL B BSY	BSY	970,114	$29.0m0.27%	0.27%	Added +734.0k	+733,956 310.8%
59	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	127,173	$28.5m0.26%	0.26%	Added +2.7k	+2,737 2.2%
60	MEDTRONIC PLC SHS MDT	MDT	363,349	$28.4m0.26%	0.26%	Reduced -38.6k	-38,619 -9.6%
61	GENERAC HLDGS INC COM GNRC	GNRC	93,395	$27.3m0.25%	0.25%	Reduced -6.4k	-6,352 -6.4%
62	HONEYWELL AEROSPACE INC COM HONA	HONA	100,041	$22.1m0.20%	0.20%	New
63	CORNING INC COM GLW	GLW	85,447	$21.8m0.20%	0.20%	Reduced -2.8k	-2,803 -3.2%
64	TARGET CORP COM TGT	TGT	159,261	$20.8m0.19%	0.19%	Reduced -9.6k	-9,618 -5.7%
65	SCHWAB CHARLES CORP COM SCHW	SCHW	216,288	$20.0m0.18%	0.18%	Reduced -31.4k	-31,444 -12.7%
66	ALPHABET INC CAP STK CL A GOOGL	GOOGL	54,128	$19.3m0.18%	0.18%	Reduced -1.6k	-1,638 -2.9%
67	CATERPILLAR INC COM CAT	CAT	18,102	$19.3m0.18%	0.18%	Reduced -348	-348 -1.9%
68	DISNEY WALT CO COM DIS	DIS	173,626	$16.7m0.15%	0.15%	Reduced -66.2k	-66,220 -27.6%
69	CLEARFIELD INC COM CLFD	CLFD	385,257	$15.3m0.14%	0.14%	Reduced -346.5k	-346,476 -47.4%
70	BADGER METER INC COM BMI	BMI	99,464	$14.8m0.14%	0.14%	Reduced -5.4k	-5,351 -5.1%
71	PRINCIPAL FINANCIAL GROUP IN COM PFG	PFG	135,283	$14.6m0.13%	0.13%	Reduced -28.6k	-28,601 -17.4%
72	AAR CORP COM AIR	AIR	83,933	$12.0m0.11%	0.11%	Reduced -5.5k	-5,458 -6.1%
73	PLEXUS CORP COM PLXS	PLXS	39,276	$11.8m0.11%	0.11%	Reduced -6.6k	-6,592 -14.4%
74	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	23,590	$11.8m0.11%	0.11%	Reduced -339	-339 -1.4%
75	ABBVIE INC COM ABBV	ABBV	44,702	$11.2m0.10%	0.10%	Reduced -615	-615 -1.4%
76	EXXON MOBIL CORP COM XOM	XOM	81,802	$11.2m0.10%	0.10%	Reduced -1.7k	-1,721 -2.1%
77	AMBARELLA INC SHS AMBA	AMBA	126,353	$10.8m0.10%	0.10%	Added +8.8k	+8,772 7.5%
78	KNIFE RIVER CORP COMMON STOCK KNF	KNF	128,377	$10.7m0.10%	0.10%	Reduced -6.1k	-6,051 -4.5%
79	HERSHEY CO COM HSY	HSY	61,044	$10.7m0.10%	0.10%	Reduced -3.5k	-3,516 -5.5%
80	TRUST FOR PROFESSIONAL MANAG MAIRS & PWR MINN MINN	MINN	470,668	$10.5m0.10%	0.10%	Added +59.8k	+59,803 14.6%
81	OLD NATL BANCORP IND COM ONB	ONB	389,291	$10.1m0.09%	0.09%	Reduced -43.9k	-43,900 -10.1%
82	JOHN BEAN TECHNOLOGIES CORP COM JBTM	JBTM	67,465	$9.8m0.09%	0.09%	Added +8.4k	+8,365 14.2%
83	WINTRUST FINL CORP COM WTFC	WTFC	58,659	$9.4m0.09%	0.09%	Added +915	+915 1.6%
84	EMERSON ELEC CO COM EMR	EMR	63,235	$9.1m0.08%	0.08%	Reduced -1.5k	-1,517 -2.3%
85	QCR HOLDINGS INC COM QCRH	QCRH	91,002	$8.9m0.08%	0.08%	Unchanged
86	PATRICK INDS INC COM PATK	PATK	94,824	$8.5m0.08%	0.08%	Added +36.9k	+36,930 63.8%
87	ASSOCIATED BANC CORP COM ASB	ASB	270,040	$8.3m0.08%	0.08%	Unchanged
88	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	12,096	$8.3m0.08%	0.08%	Reduced -2.8k	-2,770 -18.6%
89	RADNET INC COM RDNT	RDNT	133,116	$8.2m0.08%	0.08%	Unchanged
90	ISHARES TR CORE S&P500 ETF IVV	IVV	10,654	$8.0m0.07%	0.07%	Added +4.2k	+4,193 64.9%
91	APPLIED MATLS INC COM AMAT	AMAT	11,007	$8.0m0.07%	0.07%	Reduced -320	-320 -2.8%
92	SCHWAB STRATEGIC TR US BRD MKT ETF SCHB	SCHB	261,246	$7.6m0.07%	0.07%	Unchanged
93	BLACK HILLS CORP COM BKH	BKH	98,285	$7.3m0.07%	0.07%	Unchanged
94	LIFE TIME GROUP HOLDINGS INC COMMON STOCK LTH	LTH	172,317	$7.0m0.06%	0.06%	Unchanged
95	CHEVRON CORP NEW COM CVX	CVX	41,147	$6.8m0.06%	0.06%	Added +2.1k	+2,130 5.5%
96	MERCK & CO INC COM MRK	MRK	51,519	$6.6m0.06%	0.06%	Added +1.2k	+1,171 2.3%
97	CULLEN FROST BANKERS INC COM CFR	CFR	42,696	$6.6m0.06%	0.06%	Unchanged
98	ALERUS FINL CORP COM ALRS	ALRS	203,417	$6.3m0.06%	0.06%	Added +124.0k	+123,981 156.1%
99	JAMES HARDIE INDS PLC ORD SHS JHX	JHX	240,716	$6.3m0.06%	0.06%	Reduced -45	-45 -0.0%
100	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	8,279	$6.2m0.06%	0.06%	Reduced -18.9k	-18,901 -69.5%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
HONEYWELL INTL INC		104,224	$47.1m104.2k shares
UIPATH INC PATH	PATH	30,700	$340.8k30.7k shares
ISHARES TR IBTG	IBTG	14,255	$326.7k14.3k shares
ULTA BEAUTY INC ULTA	ULTA	605	$316.2k605 shares
SEI INVTS CO SEIC	SEIC	3,300	$259.0k3.3k shares
ACCENTURE PLC IRELAND ACN	ACN	1,229	$243.7k1.2k shares
UNITED THERAPEUTICS CORP DEL UTHR	UTHR	350	$207.5k350 shares
MURPHY OIL CORP MUR	MUR	5,000	$206.2k5.0k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
CLEARFIELD INC CLFD · 13G · filed 2025-05-15	CLFD	6.0%≈ $33.9m	new	13G	2025-05-15