Our long-term investment approach allows us to get to know management teams and observe closely how they build on opportunities and face challenges under a variety of conditions. Toro (NYSE:TTC) is one example. The stock was a top performer in both the quarter and the year. While Toro is currently “priced for perfection,” we still like the stock but are using the current rich valuation as an opportunity to lighten up and deploy the profits where we find other opportunities. C.E.O. Mike Hoffman, who retired in 2016, and his executive team have executed extraordinarily well over the years.
From Mairs & Power's Growth Fund fourth quarter 2016 commentary.
