We added a new name to the portfolio, Rockwell Automation (ROK, Financial), with a small position due to its leadership position in factory automation. As we have made the rounds of manufacturing companies as part of our research process, we noted that many were making capital investments in automation to help them deal with labor shortages and as a way to increase production with fewer workers. We think increasing automation is a permanent feature of ushering manufacturing companies into the future and Rockwell currently occupies a sweet spot in this space.
From Mairs and Power (Trades, Portfolio)'s Growth Fund fourth-quarter 2019 shareholder letter.
