Insight into the Investment Moves of Mairs and Power (Trades, Portfolio) in Q4 2023
Mairs and Power (Trades, Portfolio), a Minnesota-based investment firm known for its disciplined long-term investment approach, has revealed its 13F filings for the fourth quarter of 2023. The firm, which manages the Growth Fund, the Balanced Fund, and the Small-Cap Fund, adheres to a philosophy that emphasizes consistent growth, strong returns on invested capital, and durable competitive advantages. With a low turnover approach, Mairs and Power (Trades, Portfolio) has built a reputation for making well-considered investment decisions and focusing on less efficient market areas to benefit long-term investors.
Summary of New Buys
Mairs and Power (Trades, Portfolio) expanded its portfolio with 20 new stocks in the last quarter. Noteworthy additions include:
- Knife River Holding Co (KNF, Financial), purchasing 84,705 shares, which now comprise 0.06% of the portfolio, valued at $5.61 million.
- Health Care Select Sector SPDR (XLV, Financial), with 19,483 shares, making up about 0.03% of the portfolio, valued at $2.66 million.
- Consumer Staples Select Sector SPDR (XLP, Financial), acquiring 44,420 shares, accounting for 0.03% of the portfolio, valued at $3.2 million.
Key Position Increases
The firm also significantly increased its stakes in several companies, with the most notable being:
- Apple Inc (AAPL, Financial), where Mairs and Power (Trades, Portfolio) added an additional 434,396 shares, bringing the total to 584,900 shares. This represents a substantial 288.63% increase in share count, impacting the portfolio by 0.88%, with a total value of $112.61 million.
- Best Buy Co Inc (BBY, Financial), with an additional 526,417 shares, bringing the total to 532,167 shares. This adjustment marks a staggering 9,155.08% increase in share count, with a total value of $41.66 million.
Summary of Sold Out Positions
During the fourth quarter, Mairs and Power (Trades, Portfolio) completely exited positions in four companies:
- Sleep Number Corp (SNBR, Financial), selling all 149,958 shares, which had a -0.04% impact on the portfolio.
- Plug Power Inc (PLUG, Financial), liquidating all 10,000 shares, with a negligible impact on the portfolio.
Key Position Reductions
Reductions were made in 118 stocks, with significant changes in:
- Ecolab Inc (ECL, Financial), reduced by 175,311 shares, leading to a -12.51% decrease in shares and a -0.35% portfolio impact. The stock traded at an average price of $179.84 during the quarter and has seen an 18.35% return over the past three months and a 9.39% year-to-date return.
- Amazon.com Inc (AMZN, Financial), reduced by 211,476 shares, resulting in a -7.94% reduction in shares and a -0.32% portfolio impact. The stock's average trading price was $140.18 during the quarter, with a 17.27% return over the past three months and a 12.53% year-to-date return.
Portfolio Overview
As of the fourth quarter of 2023, Mairs and Power (Trades, Portfolio)'s portfolio consisted of 231 stocks. The top holdings included 7.83% in Microsoft Corp (MSFT, Financial), 4.97% in Alphabet Inc (GOOG, Financial), 4.5% in UnitedHealth Group Inc (UNH, Financial), 3.93% in Amazon.com Inc (AMZN), and 3.89% in NVIDIA Corp (NVDA, Financial). The firm's investments are primarily concentrated across 11 industries, including Technology, Industrials, Healthcare, Financial Services, Communication Services, Basic Materials, Consumer Cyclical, Consumer Defensive, Utilities, Energy, and Real Estate.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
