Bill Frels

Last Update: 05-15-2015

Number of Stocks: 187
Number of New Stocks: 4

Total Value: $7,270 Mil
Q/Q Turnover: 3%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Bill Frels' s Profile & Performance

Profile

Mairs and Power Inc is a small firm whose strength and success has resulted from applying a conservative growth investment approach consistently for over 70 years. Both the Growth and Balanced Funds are built on a foundation of selected quality growth stocks purchased at what management considers to be reasonable valuation levels. When these securities are purchased, the intention is to hold these issues for relatively long periods of time to maximize tax-efficiency and allow the power of compounding to build wealth for its shareholders. However, sales are made on occasion in response to such factors as changing fundamentals, investment strategy shifts, and excessive valuation.

Bill Frels is the portfolio manager at Mairs & Power, the investment advisory firm where he started in 1992. Frels plans to retire at the end of 2014, but will remain as the chairman of the investment committee and a shareholder.

Web Page:http://www.mairsandpower.com/

Investing Philosophy

Mairs & Powers follows a consistent and conservative investment approach. Mutual funds and individual accounts are built on quality growth stocks and fixed income securities. Equity securities are held for relatively long periods of time to maximize tax efficiency. Fixed income securities are held to maturity.

Total Holding History

Performance of Mairs & Power Growth Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
20148.1213.69-5.6
201335.6432.393.2
201221.91165.9
3-Year Cumulative78.8 (21.4%/year)74.6 (20.4%/year)4.2 (1%/year)
20110.742.11-1.4
201017.415.062.3
5-Year Cumulative111.4 (16.2%/year)105.1 (15.5%/year)6.3 (0.7%/year)
200922.5226.46-3.9
2008-28.51-378.5
20074.95.49-0.6
200610.2415.79-5.6
20054.374.91-0.5
10-Year Cumulative123.5 (8.4%/year)109.4 (7.7%/year)14.1 (0.7%/year)
200417.9910.887.1
200326.3328.68-2.4
2002-8.12-22.114.0
20016.48-11.8918.4
200026.48-9.135.6
15-Year Cumulative312.3 (9.9%/year)86.4 (4.2%/year)225.9 (5.7%/year)
19997.1621.04-13.9
19989.3628.58-19.2
199728.6633.36-4.7
199627.7622.964.8
199547.737.5810.1
20-Year Cumulative1073.1 (13.1%/year)554.6 (9.8%/year)518.5 (3.3%/year)
19945.661.324.3
199312.8310.082.8
19927.877.620.2
199142.0530.4711.6
19903.63-3.16.7
25-Year Cumulative2120.7 (13.2%/year)893.3 (9.6%/year)1227.4 (3.6%/year)
198928.0631.69-3.6
198810.0316.61-6.6
1987-2.335.1-7.4
198611.5418.6-7.1
198534.7731.63.2
30-Year Cumulative4494 (13.6%/year)2402.2 (11.3%/year)2091.8 (2.3%/year)
1984-2.026.1-8.1
198315.7622.4-6.6
198239.1621.417.8
1981-3.86-51.1
198016.2732.3-16.0
35-Year Cumulative8005.4 (13.4%/year)4858.2 (11.8%/year)3147.2 (1.6%/year)

Top Ranked Articles

Mairs and Power Balanced Fund Third Quarter Commentary: HSY, GM, TGT, IR, BMY
The Balanced Fund produced a disappointing investment return of -10.2% in the third quarter. This result was better than -13.9% for the benchmark Standard & Poor's 500 Index and -11.5% for the Dow Jones Industrial Average but worse than Mairs and Power Composite Index of - 6.7%. The Barclays Capital Government/Credit Bond Index was up 4.7% in the third quarter. Mairs and Power Balanced Fund lightly lagged balanced mutual funds reported by Lipper, which turned in an average return -9.6% in the third quarter. On a year-to-date basis, the fund delivered a return of -5.1% which is better than -8.7% of the S&P 500 but worse than 3.9% for the Dow Jones Industrial average. The Barclays Capital Government/Credit Bond Index was up 7.5% and the Mairs and Power Composite Index was down -2.3% on a year-to-date basis. Read more...
What are Gurus Doing with Target (TGT)?
Target (TGT) is just above 52-week lows and has been on a slide since early January. At the end of 2010 shares traded at $60. Since then Target stocks have given nothing but pain. Bill Ackman, who holds very focused positions, continues to hold a large position in the retailer. In addition to him, 20 other gurus hold positions of varying sizes. Read more...
Mairs & Power Funds Report Q1 Portfolio
Mairs & Power was founded by Bill Frels. The funds invest in growth companies at reasonable prices. They look for high quality companies characterized by earnings that are reasonably predictable; return on equity that is above average; market dominance; and financial strength. Some emphasis is placed on small to medium sized companies, generally located in the upper Midwest region. Read more...
Mairs & Power Funds Buys Western Union, Norfolk Southern, Baxter International, Sells Adobe Systems Inc., Integrys Energy Group, Nokia Corp.
This is the Q2 portfolio update of Mairs & Power Funds. Mairs & Power Growth Fund is run by the firm’s CIO Bill Frels. Over the past 10 years, the fund averaged 5.93% a year, while the market is negative. The Fund gained 7.9% versus 5.4% for the S&P 500 index in the first quarter. Read more...
Mairs & Power Funds Buys Hormel Buys HRL, MDT, PG, DIS, WAG, NVEC, IWR, SCHB, Sells SSYS, SRDX, ADP, JCI
Bill Frels at Mairs & Power Inc. reported his fourth quarter portfolio. As of 12/31/2010, Mairs & Power Inc. owns 135 stocks with a total value of $3.5 billion. These are the details of the buys and sells. Read more...
» More Bill Frels Articles

Commentaries and Stories

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Bill Frels' Stocks With Highest-Growing Yields
Bill Frels (Trades, Portfolio) is the portfolio manager at Mairs & Power, which is Minnesota's oldest investment firm under private ownership and management. His portfolio is composed of 187 stocks with a total value of $7,270 million. More...

Bill Frels, High yield


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Bill Frels' Stocks With Growing Yields Bill Frels,Dodge & Cox,Ken Heebner,Vanguard Health - Bill Frels' Stocks With Growing Yields
Bill Frels (Trades, Portfolio) is the portfolio manager at Mairs & Power, which is an SEC-registered investment advisory firm and is Minnesota's oldest investment firm under private ownership and management. More...

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5 High-Yield, Predictable S&P 500 Companies Bill Frels - 5 High-Yield, Predictable S&P 500 Companies
According to GuruFocus backtesting results from 2008, only 3.3% of U.S. stocks can be rated as a perfect 5-stars for business predictability. Of these, only 3% had recorded a loss in the past 10 years. More...

HIGH YIELD, S&P 500, SPY


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General Electric Plans to Eliminate its Financial Division
In this article, let's take a look at General Electric Company (GE), a $275.17 billion market cap company, which sells products ranging from jet engines and gas turbines to consumer appliances, railroad locomotives and medical equipment. More...

General Electric


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Is Duke Energy’s Big Dividend a Buy? Bill Frels,Jim Simons - Is Duke Energy’s Big Dividend A Buy?
Duke Energy (DUK) stock has performed very well over recent years, pushing its dividend yield down from a high of 7% to its current 4.4%. Does the company have growth plans to help sustain this dividend payout and eventually grow it back towards its highs? More...

LONG,DIVIDEND,DIVIDENDS,LONGS,ENERGY,UTILITY,UTILITIES,STABLE, Duke Energy


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Bill Frels Adds to 63 Existing Stakes in First Quarter Bill Frels - Bill Frels Adds To 63 Existing Stakes In First Quarter
Bill Frels (Trades, Portfolio) retired as portfolio manager at Mairs & Power at the end of 2014, but he has continued as chairman of the investment committee. In the first quarter, he added to a lot of existing stakes in his own portfolio. More...

Bill Frels


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Mairs & Power Growth Fund Comments on Target
On the other hand, last year the market thought the retail giant Target (TGT) could do nothing right while this year it can do nothing wrong (we disagree with both views). With all of its sales in the U.S., the company sources much of its merchandise overseas so the strong dollar boosts its buying power and margins. In addition, the company’s customers have benefited from lower gasoline prices. As a result, Target’s stock is hitting all-time highs. We view the stock as generously valued currently and have been using it as a source of funds to add to our positions elsewhere. More...

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Mairs & Power Growth Fund Comments on Graco Inc
With 53% of its sales overseas and all of its costs in dollars, at year end Graco (GGG) told investors the stronger dollar will present a headwind in its ability to grow earnings in 2015. We like the company. It holds a leading market position as an industrial supplier of pumps and coating equipment. It has an experienced and focused management team with a clear, positive and executable strategy. We view the stock as cheap so we are using the current weakness to add to our position. More...

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Mairs & Power Growth Fund Q1 2015 Commentary
While we’ve only finished one quarter, 2015 is shaping up to be the year of the dollar, which has risen more rapidly against major foreign currencies than any time in the last 40 years. The dollar’s rapid rise and enduring strength have created significant changes in the outlook for earnings and the economy. This dynamic particularly hurts U.S. companies that do most or all of their manufacturing domestically and have a strong component of overseas sales. These companies, reporting their earnings in dollars, cannot fully offset weaker local currencies with pricing moves. As a result, many companies have reduced their outlook for earnings in 2015. Market expectations have adjusted accordingly, with earnings growth expected at just over 1% for 2015 with year-over-year declines in the first two quarters. Slow growth, along with valuations near a ten-year high, increase the likelihood of a stock market correction. More...

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Mairs & Power Growth Fund Comments on Stratasys
We are always on the lookout for good companies at compelling values. Sometimes that means we return to names we have held in the past. Stratasys (SSYS) is one such stock which was newly added to the Growth Fund in the quarter. The company is a market leader in the rapidly growing 3D printing/ additive manufacturing space, generating over 30% organic top-line growth annually and holding a dominant position at the high end of the market. We believe the company is just scratching the surface on a very large opportunity going forward. More...

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Mairs & Power Small Cap Fund Comments on Actuant
In the first quarter the Fund added two new stocks to the portfolio, Actuant and Stratasys. Actuant (ATU) is a Milwaukee-based manufacturer of high end tools with a strong competitive position in tools such as hydraulic lifts and presses. Its end markets include the energy and agricultural sectors, so the company’s revenues have been under pressure driven by lower oil and commodity food prices in these cyclical businesses. As the stock price has pulled back significantly, it has created a very compelling investment opportunity due to the company’s strong cash flow generation. More...

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Mairs & Power Small Cap Fund Comments on Gentherm
The largest contributor to performance in the first quarter was Gentherm (THRM) which reported solid year-end results and provided a positive outlook for its core market; heating and cooling technology for automobile seats. Gentherm has been a consistent performer over the past few years as its products have become more of a standard offering as opposed to an upgrade and are now found on many mid-priced models as well as the high end segment. We continue to like Gentherm as the company broadens not only its heated/cooled products for the auto industry, but its pipeline for new products focused on other industries continues to advance and looks promising as well. More...

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Mairs & Power Small Cap Fund Comments on Vasco Data Security
Vasco Data Security (VDSI) has also been a strong performer for the Fund over the longer term, but in the first quarter was down. We believe the pullback was primarily due to profit taking following the stock’s phenomenal 2014 performance. While the U.S. financial industry has been slow to adopt anything other than rudimentary two-factor authentication when consumers log in to their bank and brokerage accounts (e.g. “What is your mother’s maiden name?”), multi-level authentication is widely utilized in other parts of the world where Vasco holds a leading share. Vasco’s security offering includes number code generators deployed with or without a card reader or PIN key pad. In addition, the company is now offering a system that uses a built-in camera and Quick Response (QR) codes generated on a consumer’s computer, tablet, or phone screen to increase security and simplify manual keypad entry. Longer term we remain very excited about the company’s position in online ID and transaction verification. More...

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Mairs & Power Small Cap Fund Comments on Cray Inc
We’ve discussed Cray (CRAY) in the past as having a very attractive opportunity in high performance computing as the company bolsters its offering just as its largest competitor, IBM, changes course. As the sales cycle is typically quite long for these high end systems, we expect orders to pick up in the second half of this year and into 2016 as IBM turns its Intel-based super computer business over to Lenovo. We are also watching Cray’s foray into big data with a couple of new products focused on that rapidly growing space. While the company’s fourth quarter financial release and conference call indicated only modest near term traction with both of these opportunities, longer term we believe these growth avenues for Cray remain intact. More...

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Mairs & Power Small Cap Fund Q1 2015 Commentary
While we’ve only finished one quarter, 2015 is shaping up to be the year of the dollar, which has risen more rapidly against major foreign currencies than any time in the last 40 years. The dollar’s rapid rise and enduring strength have created significant changes in the outlook for earnings and the economy. This dynamic particularly hurts U.S. companies that do most or all of their manufacturing domestically and have a strong component of overseas sales. These companies, reporting their earnings in dollars, cannot fully offset weaker local currencies with pricing moves. As a result, many companies have reduced their outlook for earnings in 2015. Market expectations have adjusted accordingly, with earnings growth expected at just over 1% for 2015 with year-over-year declines in the first two quarters. Slow growth, along with valuations near a ten-year high, increase the likelihood of a stock market correction. More...

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Rating: 4.0/5 (1 vote)

Bill Frels' Stocks Trading At Low P/E
Mairs & Power is a small firm whose strength and success has resulted from applying a conservative growth investment approach consistently for over 70 years. Both the Growth and Balanced Funds are built on a foundation of selected quality growth stocks purchased at what management considers to be reasonable valuation levels. When these securities are purchased, the intention is to hold these issues for relatively long periods of time to maximize tax-efficiency and allow the power of compounding to build wealth for its shareholders. However, sales are made on occasion in response to such factors as changing fundamentals, investment strategy shifts, and excessive valuation. More...

Bill Frels


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Mairs & Power Growth Fund Q4 2014 Commentary
Investors could be forgiven if they looked back on 2014 as a year of mixed signals. Concerns about slowing growth in China, a possible recession across Europe and increasing tensions with Russia over their aggressive moves against Ukraine all contributed to market uncertainty. On the other hand, earnings continued to exceed expectations and the rapid decline in energy prices put a tailwind behind the U.S. economy, rewarding investors with the sixth year in a row of positive returns and the longest run since the bull market of the 1990s. More...

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Mairs & Power Small Cap Fund Comments on Donaldson
Minneapolis-based Donaldson (DCI) is a long time Mairs and Power holding, familiar to the firm but new to the Small Cap Fund. The manufacturer of filtration systems and replacement parts in a variety of industries was affected by recent weakness in off-highway vehicle (and Donaldson filters) sales creating an attractive opportunity for the Small Cap Fund to initiate a position in the stock. More...

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Mairs & Power Small Cap Fund Comments on Oasis Petroleum
Oasis Petroleum (OAS) (oil exploration and production) was the worst performing stock for the year. While the company was able to earn phenomenal returns on wells drilled in North Dakota’s Bakken at $100+/barrel oil prices, the economics significantly degrade when oil is less than $50 a barrel. More...

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Mairs & Power Small Cap Fund Comments on Gentherm
Gentherm (THRM) (heating and cooling technology primarily utilized in automobile seats) was also a top performer for the year, though the stock was among the lowest performers in the fourth quarter as some of its business is tied to energy efficiency. Longer term, the company still appears well positioned regardless of what happens with oil prices. More...

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