Bio-Techne (TECH, Financial) has been a longtime Fund holding and, like Ecolab, is based here in Minnesota. And like Ecolab, it had been a top performer before relinquishing some of that performance in the third quarter. That was due partially to a tough environment for its customer base of commercial and academic laboratories, which have been limiting operations during the pandemic. However, the pandemic also is likely to boost spending in global healthcare research, so the company's long-term outlook remains very strong. Bio-Techne recently opened a new contract biologics manufacturing facility, which could add another significant leg of growth in the longer term.
From Mairs and Power (Trades, Portfolio) Growth Fund's third-quarter 2020 shareholder letter.
Also check out:
