By contrast, Financials experienced a difficult quarter. Case in point is Principal Financial Group (PFG, Financial), whose focus is small business retirement plans. A sustained recession will likely cause small business failures and therefore fewer customers and remaining customers may need to cut benefits. That said, we still like the company’s long-term outlook, and we have added to this holding selectively during the quarter’s downturn. We believe it should be well positioned as the economy recovers.
From Mairs and Power (Trades, Portfolio) Growth Fund's first-quarter 2020 shareholder letter.
