Mairs & Power Growth Fund Portfolio Q2’2025: Top Holdings & Recent Changes
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Mairs & Power Growth Fund continues to demonstrate exceptional value investing discipline. Their Q2’2025 portfolio reveals a dynamic blend of Midwest-rooted conviction and tactical adaptation, with $10.1 billion deployed across 235 positions. This quarter’s moves highlight a willingness to lean into technology and healthcare leaders while pruning select financials, reflecting a nuanced approach to growth and risk management.
Portfolio Overview: Strategic Breadth with Focused Bets
Portfolio Highlights (Q2’2025): - Market Value: $10.1B - Top 10 Holdings: 46.9% - Portfolio Size: 235 +10 - Average Holding Period: 31 quarters - Turnover: 11.9%
The Mairs & Power Growth Fund portfolio stands out for its disciplined breadth, maintaining exposure to 235 positions while concentrating nearly half of its assets in the top ten holdings. This structure balances the fund’s historical preference for long-term compounding with the agility to capture emerging trends. The average holding period of 31 quarters underscores a commitment to patience, while a moderate 11.9% turnover signals selective, not wholesale, repositioning.
This quarter, the fund added 10 new positions, a sign of ongoing research and willingness to adapt. The top holdings—anchored by technology giants and healthcare innovators—reflect a strategic tilt toward sectors with secular growth, while reductions in financials and select consumer names suggest active risk calibration. The portfolio’s core remains true to Mairs & Power’s philosophy: invest in quality, compound over time, and adjust with discipline.
Top Holdings Analysis: Tech Titans, Healthcare Leaders, and Tactical Shifts
The portfolio is anchored by Microsoft Corporation at 9.8%, with a modest addition of 0.43% this quarter, signaling continued confidence in enterprise software and cloud growth. NVIDIA Corporation 9.1% also saw a slight increase, reflecting conviction in AI and semiconductor leadership.
A notable move was the 3.97% addition to Amazon.com, Inc. 5.4%, suggesting optimism in e-commerce and cloud infrastructure. In contrast, the fund trimmed its exposure to JPMorgan Chase & Co. by 9.73% 4.3%, reflecting caution amid evolving financial sector dynamics.
Industrial exposure was boosted with a 1.34% increase in Graco Inc. 3.4%, while healthcare allocation surged with a 16.60% addition to UnitedHealth Group Incorporated 3.3%, highlighting a bet on managed care resilience.
The fund reduced its stake in Alphabet Inc. by 12.02% 3.2%, perhaps reflecting valuation discipline or sector rotation. Financial technology exposure increased with a 0.88% addition to Fiserv, Inc. 2.9%, and pharmaceutical leadership was reinforced with a 0.15% addition to Eli Lilly and Company 2.8%.
A tactical reduction of 3.53% in Visa Inc. 2.8% rounds out the top changes, indicating ongoing evaluation of payment sector risks and opportunities. Supplementing these moves, the portfolio’s top ten also include stalwarts like Microsoft, NVIDIA, Amazon, JPMorgan, Graco, UnitedHealth, Alphabet, Fiserv, Eli Lilly, and Visa—each representing a blend of growth, stability, and sector leadership.
What the Portfolio Reveals About Current Strategy
- Quality Over Quantity: The fund’s top ten holdings account for nearly half of assets, emphasizing conviction in proven business models and strong competitive moats.
- Sector Focus: Technology (Microsoft, NVIDIA, Amazon, Alphabet), healthcare (UnitedHealth, Eli Lilly), and financials (JPMorgan, Fiserv, Visa) dominate, reflecting a tilt toward sectors with durable growth and innovation.
- Geographic Discipline: The portfolio remains heavily weighted toward U.S.-listed companies, consistent with Mairs & Power’s regional expertise.
- Dividend and Compounders: Many top holdings are dividend payers or long-term compounders, supporting a strategy of steady capital appreciation.
- Risk Management: Selective reductions (JPMorgan, Alphabet, Visa) and additions (UnitedHealth, Amazon) show active risk calibration in response to market and sector developments.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Microsoft Corporation | $997.2M | 9.8% | Add 0.43% |
| NVIDIA Corporation | $918.4M | 9.1% | Add 0.19% |
| Amazon.com, Inc. | $546.9M | 5.4% | Add 3.97% |
| JPMORGAN CHASE & CO. | $435.1M | 4.3% | Reduce 9.73% |
| Graco Inc. | $341.9M | 3.4% | Add 1.34% |
| UnitedHealth Group Incorporated | $329.8M | 3.3% | Add 16.60% |
| Alphabet Inc. | $319.6M | 3.2% | Reduce 12.02% |
| Fiserv, Inc. | $298.7M | 2.9% | Add 0.88% |
| Eli Lilly and Company | $284.8M | 2.8% | Add 0.15% |
| Visa Inc. | $282.3M | 2.8% | Reduce 3.53% |
The table above highlights a portfolio that, while diversified across 235 positions, is highly concentrated in its top ten, which collectively represent 46.9% of total assets. This concentration reflects high conviction in select leaders, particularly in technology and healthcare. The magnitude of recent changes—such as the 16.60% addition to UnitedHealth and double-digit reductions in Alphabet and JPMorgan—demonstrates a willingness to make bold, strategic adjustments while maintaining core positions.
Investment Lessons from Mairs & Power’s Approach
- Conviction Drives Results: Concentrating capital in high-quality businesses with proven track records can enhance long-term returns.
- Patience Pays: An average holding period of 31 quarters underscores the value of compounding and minimizing unnecessary turnover.
- Adaptation Matters: Tactical additions and reductions show the importance of responding to sector trends and valuation shifts.
- Diversification with Focus: While the fund holds 235 positions, nearly half the assets are in the top ten—balancing breadth with depth.
- Risk Management is Dynamic: Active trimming and selective buying reflect ongoing risk assessment, not static allocation.
Looking Ahead: What Comes Next?
With $10.1 billion under management and a moderate turnover rate, Mairs & Power Growth Fund is well-positioned to capitalize on future market opportunities. The fund’s recent moves suggest openness to further increasing exposure to technology and healthcare, while remaining vigilant in financials and consumer sectors. Cash reserves and new positions added this quarter may signal readiness to deploy capital into undervalued growth stocks as market volatility creates fresh opportunities. Investors should watch for continued adaptation in response to macroeconomic shifts and sector rotations.
FAQ about Mairs & Power Growth Fund Portfolio
Q: What were the most significant changes in the Q2’2025 portfolio?
The largest additions were to UnitedHealth Group +16.60% and Amazon +3.97%, while the biggest reductions were in Alphabet -12.02% and JPMorgan Chase -9.73%.
Q: How concentrated is the portfolio?
The top ten holdings represent 46.9% of total assets, indicating high conviction in select companies despite a broad portfolio of 235 positions.
Q: What is the average holding period, and why does it matter?
The average holding period is 31 quarters, reflecting a long-term compounding strategy and minimizing the impact of short-term market noise.
Q: Which sectors does the fund favor?
Technology, healthcare, and financials dominate the top holdings, with recent moves increasing exposure to healthcare and technology leaders.
Q: How can investors track Mairs & Power’s moves?
ValueSense provides real-time tracking of superinvestor portfolios and 13F filings, though note the 45-day reporting lag. Visit Mairs & Power Growth Fund’s portfolio for the latest updates.
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