Insights from the First Quarter 13F Filing of 2024
Mairs and Power (Trades, Portfolio), a distinguished investment firm based in Minnesota, recently disclosed its 13F filing for the first quarter of 2024. The firm, managing three mutual funds—the Growth Fund, the Balanced Fund, and the Small-Cap Fund—adheres to a focused long-term investing process established since 1931. Mairs and Power (Trades, Portfolio)'s investment philosophy centers on selecting companies that exhibit consistent, above-average growth, robust returns on invested capital, and sustainable competitive advantages. Their low turnover strategy emphasizes long-term value creation, focusing on less efficient market segments to potentially yield higher returns for investors.
Summary of New Buys
Mairs and Power (Trades, Portfolio) expanded its portfolio by adding a total of 8 new stocks. Noteworthy additions include:
- Ulta Beauty Inc (ULTA, Financial), purchasing 64,766 shares valued at $33.86 million, making up 0.33% of the portfolio.
- Arcadium Lithium PLC (ALTM, Financial), acquiring 13,925 shares with a total value of $60,020.
- Healthpeak Properties Inc (DOC, Financial), with 17,591 shares valued at $329,830.
Key Position Increases
The firm also significantly increased its stakes in 58 stocks. Highlights include:
- Apple Inc (AAPL, Financial), where an additional 370,649 shares were purchased, bringing the total to 955,549 shares. This adjustment increased the share count by 63.37% and impacted the portfolio by 0.62%, with a total value of $163.86 million.
- Casey's General Stores Inc (CASY, Financial), with an additional 94,447 shares, bringing the total to 137,774 shares. This represents a 217.99% increase in share count, valued at $43.87 million.
Summary of Sold Out Positions
During the first quarter of 2024, Mairs and Power (Trades, Portfolio) exited 13 holdings, including:
- Catalent Inc (CTLT, Financial), selling all 137,182 shares, impacting the portfolio by -0.06%.
- Physicians Realty Trust (DOC, Financial), liquidating all 422,188 shares, also impacting the portfolio by -0.06%.
Key Position Reductions
The firm reduced its positions in 121 stocks. Significant reductions include:
- Ecolab Inc (ECL, Financial), with a reduction of 234,966 shares, decreasing the share count by 19.16% and impacting the portfolio by -0.49%. The stock traded at an average price of $212.05 during the quarter and has returned 7.73% over the past three months and 17.57% year-to-date.
- NVIDIA Corp (NVDA, Financial), reducing by 90,581 shares, a 12.14% decrease, impacting the portfolio by -0.47%. The stock's average trading price was $724.8 during the quarter, with returns of 30.20% over the past three months and 91.02% year-to-date.
Portfolio Overview
As of the first quarter of 2024, Mairs and Power (Trades, Portfolio)'s portfolio included 227 stocks. The top holdings were 8.01% in Microsoft Corp (MSFT, Financial), 5.74% in NVIDIA Corp (NVDA), 4.73% in Alphabet Inc (GOOG, Financial), 4.24% in Amazon.com Inc (AMZN, Financial), and 3.91% in UnitedHealth Group Inc (UNH, Financial). The holdings are predominantly concentrated across 11 industries, including Technology, Industrials, Healthcare, and Financial Services.
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.
