A number of other industrial companies in our portfolio detracted from performance, including Toro Company (TTC
), a major provider of landscape maintenance equipment. Due, in part, to last winter’s unseasonably cold weather, the firm lowered earnings expectations. Prior to the disappointing earnings report, we had scaled back our position somewhat, while retaining the firm as a top 10 holding based on our conviction that Toro’s strong product lineup is likely to deliver revenue growth later in the year.
From Bill Frels
)’ Mairs & Power Growth Fund Second Quarter 2014 Commentary