Minnesota-based Graco (GGG, Financial) has been a Fund holding since 2001. The company, which holds a dominant position in the commercial paint spraying industry, is experiencing good demand during the current residential real estate boom. Graco's management team also has done an exceptional job managing costs through the overall economic downturn. It seems likely people will continue to migrate out of city centers and into the suburbs for a long time following this lockdown experience, so demand for Graco products should hold up well along with housing demand.
From Mairs and Power (Trades, Portfolio) Growth Fund's third-quarter 2020 shareholder letter.
