The single largest factor contributing to relative underperformance for both the second quarter and first half of the year was the decline in 3M (NYSE:MMM) stock, one of the largest holdings in the Fund. The global industrial company’s shares are off more than 20% from their 52- week high. Management cited weakness in the automotive sector, consumer electronics and the Chinese market. Investor concerns over rising environmental liability and the price paid for a recent acquisition put additional selling pressure on the stock through the second quarter. 3M’s seasoned management team has a track record of successfully navigating business challenges such as these and remains a core position in the Fund.
From Mairs and Power (Trades, Portfolio)s Growth Fund's second-quarter 2019 commentary.
