In the first quarter the Fund added two new stocks to the portfolio, Actuant and Stratasys. Actuant (ATU) is a Milwaukee-based manufacturer of high end tools with a strong competitive position in tools such as hydraulic lifts and presses. Its end markets include the energy and agricultural sectors, so the company’s revenues have been under pressure driven by lower oil and commodity food prices in these cyclical businesses. As the stock price has pulled back significantly, it has created a very compelling investment opportunity due to the company’s strong cash flow generation.
From Bill Frels (Trades, Portfolio)’ Mairs & Power Small Cap Fund Q1 2015 Commentary.
