24 Jun 2014 Morningstar's analysis of Mairs & Power Growth Fund ( Portfolio )

This fund is notable for its focus on companies headquartered in the upper Midwest, near Mairs & Power’s Twin Cities offi ce. Mark Henneman and Bill Frels look for businesses with sustainable competitive advantages that promise strong earnings growth over the long term, and they believe their home bias gives them an information advantage and an understanding of management that enables them to buy and hold. This perspective has led to a low-turnover, high-conviction portfolio of fewer than 50 names...