# Andrew Adams — Mairs & Power Funds Portfolio USD 10,899,988,000 · 235 positions · 2026 Q2 · history from 2024 Q1. Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/MPF ## Positions (2026 Q2) | Ticker | Company | % of portfolio | Value | This quarter | Holders | |---|---|---:|---:|---|---:| | NVDA | NVIDIA Corp. | 8.6% | USD 941,982,000 | -1.12% | | | MSFT | Microsoft Corp. | 6.7% | USD 727,664,000 | +0.43% | | | AMZN | Amazon.com Inc. | 5.7% | USD 619,551,000 | -0.13% | | | GOOG | Alphabet Inc. CL C | 5.5% | USD 594,809,000 | +4.46% | | | LLY | Eli Lilly & Co. | 3.5% | USD 386,371,000 | -1.28% | | | NVT | nVent Electric plc | 3.2% | USD 348,178,000 | -0.66% | | | AAPL | Apple Inc. | 3.0% | USD 329,421,000 | -5.79% | | | JPM | JPMorgan Chase & Co. | 2.8% | USD 302,306,000 | -12.39% | | | V | Visa Inc. | 2.7% | USD 292,330,000 | +1.32% | | | GGG | Graco Inc. | 2.6% | USD 287,125,000 | -0.48% | | | LFUS | Littelfuse Inc. | 2.5% | USD 274,156,000 | -16.92% | | | TTC | Toro Co. | 2.4% | USD 260,742,000 | -1.56% | | | ENTG | Entegris Inc. | 2.2% | USD 234,113,000 | -3.09% | | | UNH | United Health Group Inc. | 2.1% | USD 232,732,000 | -24.44% | | | TSM | Taiwan Semiconductor S.A. | 2.1% | USD 227,440,000 | -2.06% | | | MSI | Motorola Solutions Inc. | 2.1% | USD 226,282,000 | +0.77% | | | ECL | Ecolab Inc. | 2.0% | USD 216,631,000 | +2.06% | | | WEC | WEC Energy Group | 1.9% | USD 208,774,000 | -6.43% | | | PANW | Palo Alto Networks | 1.9% | USD 204,558,000 | +12.61% | | | LNT | Alliant Energy | 1.9% | USD 202,772,000 | -8% | | | TECH | Bio-Techne Corp. | 1.8% | USD 190,804,000 | -1.8% | | | META | Meta Platforms Inc. | 1.7% | USD 187,503,000 | +2.54% | | | FAST | Fastenal | 1.7% | USD 185,919,000 | -1.31% | | | SHW | Sherwin-Williams | 1.4% | USD 151,703,000 | +0.65% | | | CHRW | C.H. Robinson Worldwide | 1.3% | USD 145,155,000 | -9.14% | | | FUL | H.B. Fuller Co. | 1.3% | USD 141,946,000 | +3.11% | | | VZ | Verizon Communications | 1.3% | USD 139,377,000 | -0.71% | | | WM | Waste Management Inc. | 1.2% | USD 131,728,000 | +48.41% | | | ROK | Rockwell Automation Inc. | 1.2% | USD 127,637,000 | -9.08% | | | FISV | Fiserv Inc. | 1.0% | USD 112,473,000 | +6.51% | | | JNJ | Johnson & Johnson | 1.0% | USD 107,432,000 | -26.76% | | | AMP | Ameriprise Financial Inc. | 0.9% | USD 98,200,000 | +8.63% | | | CGNX | Cognex Corp. | 0.9% | USD 94,715,000 | +6.86% | | | HRL | Hormel Foods Corp. | 0.8% | USD 84,340,000 | -0.58% | | | CASY | Casey's Gen'l Stores | 0.7% | USD 72,425,000 | -5.02% | | | WFC | Wells Fargo | 0.7% | USD 72,077,000 | -36.14% | | | AJG | Arthur J. Gallagher & Co. | 0.7% | USD 71,520,000 | new | | | ABT | Abbott Labs | 0.6% | USD 66,182,000 | +1.05% | | | TXN | Texas Instruments | 0.6% | USD 64,816,000 | -5.93% | | | TNC | Tennant Co. | 0.6% | USD 59,685,000 | -15.14% | | | ISRG | Intuitive Surgical Inc. | 0.5% | USD 58,244,000 | +46.63% | | | MMM | 3M Co. | 0.5% | USD 56,563,000 | -0.71% | | | HD | Home Depot | 0.5% | USD 53,767,000 | -0.62% | | | TRV | Travelers Companies Inc. | 0.5% | USD 51,658,000 | +9.88% | | | AXP | American Express | 0.5% | USD 49,253,000 | -2.16% | | | IDA | IDACORP Inc. Hldg. Co. | 0.4% | USD 46,898,000 | +2.85% | | | MEDP | Medpace Holdings Inc. | 0.4% | USD 45,923,000 | +1.16% | | | CME | CME Group | 0.4% | USD 43,191,000 | new | | | DCI | Donaldson Co. | 0.4% | USD 41,628,000 | -7.14% | | | WK | Workiva Inc. | 0.4% | USD 40,239,000 | +15.91% | | | PIPR | Piper Sandler Companies | 0.4% | USD 39,389,000 | -0.29% | | | SFM | Sprouts Farmers Market Inc. | 0.4% | USD 38,215,000 | +54.64% | | | PG | Procter & Gamble | 0.3% | USD 35,989,000 | +0.83% | | | USB | U.S. Bancorp | 0.3% | USD 33,912,000 | -6.66% | | | ZTS | Zoetis Inc. | 0.3% | USD 33,596,000 | +54.24% | | | QCOM | QUALCOMM Inc. | 0.3% | USD 33,231,000 | -62.38% | | | XEL | Xcel Energy Inc. | 0.3% | USD 31,518,000 | -2.43% | | | BSY | Bentley Systems Inc Class B | 0.3% | USD 28,997,000 | +310.79% | | | ADP | Automatic Data Processing Inc. | 0.3% | USD 28,480,000 | +2.2% | | | MDT | Medtronic plc | 0.3% | USD 28,425,000 | -9.61% | | | GNRC | Generac Holdings Inc. | 0.3% | USD 27,347,000 | -6.37% | | | HONA | Honeywell Aerospace Inc | 0.2% | USD 22,117,000 | new | | | GLW | Corning Inc. | 0.2% | USD 21,826,000 | -3.18% | | | TGT | Target Corp. | 0.2% | USD 20,801,000 | -5.7% | | | SCHW | Charles Schwab Corp. | 0.2% | USD 19,957,000 | -12.69% | | | GOOGL | Alphabet Inc. | 0.2% | USD 19,344,000 | -2.94% | | | CAT | Caterpillar Inc. | 0.2% | USD 19,277,000 | -1.89% | | | DIS | Walt Disney Co. | 0.2% | USD 16,712,000 | -27.61% | | | CLFD | Clearfield Inc. | 0.1% | USD 15,329,000 | -47.35% | | | BMI | Badger Meter Inc. | 0.1% | USD 14,759,000 | -5.11% | | | PFG | Principal Financial Group | 0.1% | USD 14,581,000 | -17.45% | | | AIR | AAR Corp. | 0.1% | USD 11,997,000 | -6.11% | | | PLXS | Plexus Corp. | 0.1% | USD 11,809,000 | -14.37% | | | BRK.B | Berkshire Hathaway CL B | 0.1% | USD 11,804,000 | -1.42% | | | ABBV | AbbVie Inc. | 0.1% | USD 11,249,000 | -1.36% | | | XOM | ExxonMobil Holdings Corp. | 0.1% | USD 11,184,000 | -2.06% | | | AMBA | Ambarella Inc. | 0.1% | USD 10,841,000 | +7.46% | | | KNF | Knife River Corp. | 0.1% | USD 10,739,000 | -4.5% | | | HSY | Hershey Co. | 0.1% | USD 10,710,000 | -5.45% | | | MINN | Mairs & Power Mn Muni Bond | 0.1% | USD 10,541,000 | +14.56% | | | ONB | Old National Bancorp | 0.1% | USD 10,083,000 | -10.13% | | | JBTM | JBT Marel Corp. | 0.1% | USD 9,782,000 | +14.15% | | | WTFC | Wintrust Financial Corp. | 0.1% | USD 9,428,000 | +1.58% | | | EMR | Emerson Electric | 0.1% | USD 9,052,000 | -2.34% | | | QCRH | QCR Holdings Inc. | 0.1% | USD 8,859,000 | hold | | | PATK | Patrick Industries Inc. | 0.1% | USD 8,513,000 | +63.79% | | | ASB | Associated Banc-Corp | 0.1% | USD 8,309,000 | hold | | | VOO | Vanguard S&P 500 ETF | 0.1% | USD 8,308,000 | -18.63% | | | RDNT | RadNet Inc. | 0.1% | USD 8,209,000 | hold | | | IVV | Ishares Core S&P 500 ETF | 0.1% | USD 7,978,000 | +64.9% | | | AMAT | Applied Materials | 0.1% | USD 7,958,000 | -2.83% | | | SCHB | Schwab Us Broad Market ETF | 0.1% | USD 7,566,000 | hold | | | BKH | Black Hills | 0.1% | USD 7,312,000 | hold | | | LTH | Life Time Group Holdings Inc | 0.1% | USD 7,037,000 | hold | | | CVX | Chevron Corp. | 0.1% | USD 6,821,000 | +5.46% | | | MRK | Merck & Co. | 0.1% | USD 6,620,000 | +2.33% | | | CFR | Cullen Frost Bankers | 0.1% | USD 6,597,000 | hold | | | ALRS | Alerus Financial Corp. | 0.1% | USD 6,326,000 | +156.08% | | | JHX | James Hardie Industries PLC | 0.1% | USD 6,302,000 | -0.02% | | | SPY | SPDR S&P 500 ETF Trust | 0.1% | USD 6,183,000 | -69.54% | | | WWD | Woodward Inc. | 0.1% | USD 5,956,000 | hold | | | TREX | Trex Company Inc. | 0.1% | USD 5,806,000 | hold | | | HUBG | Hub Group 'A' | 0.1% | USD 5,687,000 | -18.79% | | | SOLV | Solventum Corp | 0.1% | USD 5,589,000 | -0.1% | | | GBCI | Glacier Bancorp | 0.1% | USD 5,478,000 | hold | | | OSK | Oshkosh Corp. | 0.1% | USD 5,093,000 | hold | | | CTAS | Cintas Corp. | <0.1% | USD 4,637,000 | +21.5% | | | PNR | Pentair plc | <0.1% | USD 4,373,000 | -0.94% | | | KHC | Kraft Heinz Co. | <0.1% | USD 4,221,000 | -43.55% | | | PII | Polaris Inc. | <0.1% | USD 4,196,000 | -1.89% | | | SYY | Sysco Corp. | <0.1% | USD 4,057,000 | -51.1% | | | MCD | McDonald's Corp. | <0.1% | USD 3,807,000 | -1.7% | | | BRK.A | Berkshire Hathaway CL A | <0.1% | USD 3,744,000 | hold | | | NWE | Northwestern Corp. | <0.1% | USD 3,666,000 | -40.48% | | | HWKN | Hawkins Inc. | <0.1% | USD 3,572,000 | -3.14% | | | VO | Vanguard Mid Cap ETF | <0.1% | USD 3,170,000 | -10.55% | | | GE | GE Aerospace | <0.1% | USD 2,812,000 | hold | | | VEA | Vanguard FTSE Developed ETF | <0.1% | USD 2,799,000 | -13.17% | | | COST | Costco Co. | <0.1% | USD 2,772,000 | hold | | | COP | ConocoPhillips | <0.1% | USD 2,687,000 | -0.7% | | | NKE | NIKE Inc. | <0.1% | USD 2,621,000 | -3.2% | | | APG | APi Group Corp. | <0.1% | USD 2,455,000 | hold | | | GIS | General Mills | <0.1% | USD 2,441,000 | -27.62% | | | CSCO | Cisco Systems | <0.1% | USD 2,318,000 | -0.48% | | | INTC | Intel Corp. | <0.1% | USD 2,029,000 | +1.4% | | | ORCL | Oracle Corp. | <0.1% | USD 1,999,000 | -55.59% | | | KO | Coca Cola Co. | <0.1% | USD 1,907,000 | +0.66% | | | XYL | Xylem Inc. | <0.1% | USD 1,826,000 | +9.65% | | | WMT | Walmart Inc. | <0.1% | USD 1,790,000 | +0.64% | | | AMGN | Amgen | <0.1% | USD 1,783,000 | -0.81% | | | EFA | iShares MSCI EAFE ETF | <0.1% | USD 1,695,000 | +3.92% | | | PFE | Pfizer Inc. | <0.1% | USD 1,630,000 | -5.78% | | | RTX | RTX Corp. | <0.1% | USD 1,602,000 | -1.35% | | | VB | Vanguard Small Cap ETF | <0.1% | USD 1,550,000 | -11.9% | | | LOW | Lowe's Cos. | <0.1% | USD 1,506,000 | -0.26% | | | SOLS | Solstice Adv Materials Inc | <0.1% | USD 1,475,000 | -25.16% | | | BMY | Bristol-Myers Squibb | <0.1% | USD 1,422,000 | +2% | | | WAB | WABTEC Corp. | <0.1% | USD 1,412,000 | hold | | | AVGO | Broadcom Inc. | <0.1% | USD 1,384,000 | +3.68% | | | CIEN | Ciena Corp. | <0.1% | USD 1,374,000 | hold | | | MGEE | MGE Energy Inc. | <0.1% | USD 1,346,000 | new | | | QQQ | Invesco Qqq Trust Series 1 | <0.1% | USD 1,304,000 | +0.57% | | | GLD | SPDR Gold Trust | <0.1% | USD 1,295,000 | +145.8% | | | SYK | Stryker Corp. | <0.1% | USD 1,282,000 | -2% | | | PEP | PepsiCo Inc. | <0.1% | USD 1,242,000 | +2.19% | | | UPS | United Parcel Service | <0.1% | USD 1,237,000 | -33.96% | | | SNA | Snap-On Inc. | <0.1% | USD 1,216,000 | -3.2% | | | BMO | Bank of Montreal | <0.1% | USD 1,192,000 | hold | | | CM | Can Imperial Bk Of Commerce | <0.1% | USD 1,170,000 | hold | | | VSAT | Viasat Inc. | <0.1% | USD 1,168,000 | hold | | | VCEL | Vericel Corp. | <0.1% | USD 1,151,000 | hold | | | PSX | Phillips 66 | <0.1% | USD 1,108,000 | -0.76% | | | VONE | Vanguard Russell 1000 | <0.1% | USD 1,105,000 | hold | | | IDXX | IDEXX Laboratories | <0.1% | USD 1,095,000 | hold | | | BDX | Becton Dickinson | <0.1% | USD 1,077,000 | hold | | | NEE | NextEra Energy Inc. | <0.1% | USD 1,062,000 | -1.43% | | | BAC | Bank of America Corp. | <0.1% | USD 1,059,000 | -14.35% | | | KMB | Kimberly-Clark | <0.1% | USD 1,049,000 | -1.42% | | | VWO | Vanguard FTSE Emerging Marke | <0.1% | USD 1,036,000 | -15.4% | | | IWP | Ishares Russell Mid Cap Grow | <0.1% | USD 1,034,000 | new | | | IBM | International Business Machines | <0.1% | USD 1,026,000 | hold | | | AXGN | AxoGen Inc. | <0.1% | USD 1,016,000 | hold | | | GEV | Ge Vernova Inc | <0.1% | USD 994,000 | hold | | | AMD | Advanced Micro Devices | <0.1% | USD 957,000 | -14.61% | | | UNP | Union Pacific | <0.1% | USD 929,000 | -18.5% | | | IEX | IDEX Corp. | <0.1% | USD 908,000 | hold | | | XLK | Technology Select Sect SPDR | <0.1% | USD 852,000 | hold | | | BNY | Bank of New York Mellon Corp. | <0.1% | USD 851,000 | hold | | | SCHF | Schwab Intl Equity ETF | <0.1% | USD 847,000 | hold | | | CB | Chubb Limited | <0.1% | USD 837,000 | +0.7% | | | IJH | Ishares Core S&P Midcap ETF | <0.1% | USD 829,000 | new | | | NSC | Norfolk Southern Corp. | <0.1% | USD 815,000 | -4.6% | | | ALCC-OLD | AltC Acquisition Corp. | <0.1% | USD 814,000 | hold | | | BIL | SPDR Bloomberg 1 3 Month T B | <0.1% | USD 791,000 | +23.51% | | | AMCR | Amcor plc | <0.1% | USD 743,000 | hold | | | IWR | Ishares Russell Mid Cap ETF | <0.1% | USD 718,000 | new | | | VGLT | Vanguard Long Term Treasury | <0.1% | USD 710,000 | hold | | | WY | Weyerhaeuser Co. | <0.1% | USD 707,000 | -18.27% | | | RSP | Invesco S&P 500 Equal Weight | <0.1% | USD 660,000 | -42.43% | | | AWK | American Water Works Inc. | <0.1% | USD 658,000 | -0.5% | | | BRC | Brady Corp. | <0.1% | USD 641,000 | hold | | | SHEL | Shell plc | <0.1% | USD 631,000 | hold | | | NVEC | NVE Corp. | <0.1% | USD 627,000 | hold | | | TMO | Thermo Fisher Scientific | <0.1% | USD 622,000 | hold | | | IWD | Ishares Russell 1000 Value E | <0.1% | USD 621,000 | hold | | | ACWX | iShares MSCI ACWI EX U.S. ETF | <0.1% | USD 575,000 | hold | | | BA | Boeing Co. | <0.1% | USD 574,000 | +2.04% | | | VTI | Vanguard Total Stock Mkt ETF | <0.1% | USD 572,000 | +0.06% | | | ZBH | Zimmer Biomet Holdings | <0.1% | USD 570,000 | -17.7% | | | MDY | SPDR S&P Midcap 400 ETF Trst | <0.1% | USD 561,000 | -2.56% | | | DGII | Digi International | 0.0% | USD 525,000 | hold | | | TJX | TJX Companies Inc. | 0.0% | USD 516,997 | +3.02% | | | TT | Trane Technologies plc | 0.0% | USD 493,004 | -8.48% | | | MU | Micron Technology Inc. | 0.0% | USD 473,001 | -40.84% | | | HBAN | Huntington Bancshares | 0.0% | USD 463,874 | -3.91% | | | PM | Philip Morris Intl. | 0.0% | USD 458,994 | hold | | | SKYT-OLD | Skywater Technology Inc | 0.0% | USD 453,050 | hold | | | IWM | iShares Russell 2000 ETF | 0.0% | USD 453,004 | new | | | BSX | Boston Scientific | 0.0% | USD 423,000 | -2.57% | | | BBY | Best Buy Co. Inc. | 0.0% | USD 417,000 | -6.7% | | | NTRS | Northern Trust Corp. | 0.0% | USD 417,000 | hold | | | CRM | Salesforce.com | 0.0% | USD 416,009 | -94.69% | | | ITW | Illinois Tool Works | 0.0% | USD 414,993 | +3.37% | | | IWO | Ishares Russell 2000 Growth | 0.0% | USD 409,999 | new | | | ADBE | Adobe Inc. | 0.0% | USD 404,000 | -1.99% | | | VIG | Vanguard Dividend Apprec ETF | 0.0% | USD 400,006 | -26.52% | | | USMV | Ishares Msci Usa Min Vol Fac | 0.0% | USD 369,018 | -1.49% | | | WAT | Waters Corp. | 0.0% | USD 359,999 | +0.1% | | | IJR | Ishares Core S&P Small Cap E | 0.0% | USD 356,993 | hold | | | MPC | Marathon Petroleum Corp. | 0.0% | USD 355,006 | hold | | | DE | Deere & Co. | 0.0% | USD 352,999 | -2.62% | | | IWS | Ishares Russell Mid Cap Valu | 0.0% | USD 347,994 | new | | | MOS | Mosaic Co. | 0.0% | USD 339,040 | -20% | | | LRCX | Lam Research | 0.0% | USD 331,000 | new | | | AMT | American Tower Corp. | 0.0% | USD 330,000 | hold | | | MO | Altria Group Inc. | 0.0% | USD 328,980 | +0.07% | | | BOH | Bank of Hawaii Corp. | 0.0% | USD 326,000 | hold | | | VGT | Vanguard Info Tech ETF | 0.0% | USD 320,998 | +0.67% | | | LHX | L3Harris Technologies Inc. | 0.0% | USD 300,004 | hold | | | TKR | Timken Co. | 0.0% | USD 291,000 | hold | | | BAX | Baxter International Inc. | 0.0% | USD 267,000 | -44.41% | | | VRT | Vertiv Holdings Co. | 0.0% | USD 261,004 | new | | | IVE | Ishares S&P 500 Value ETF | 0.0% | USD 259,998 | hold | | | DHR | Danaher Corp. | 0.0% | USD 217,996 | +0.62% | | | MS | Morgan Stanley | 0.0% | USD 217,001 | new | | | RF | Regions Financial Corp. | 0.0% | USD 210,980 | new | | | BP | BP plc | 0.0% | USD 207,000 | hold | | | ECG | Everus Construction Group Inc. | 0.0% | USD 207,000 | new | | | AME | Ametek Inc. | 0.0% | USD 206,000 | new | | | CARR | Carrier Global Corp. | 0.0% | USD 204,001 | new | | | MA | Mastercard Inc. | 0.0% | USD 202,998 | -24.04% | | | ADI | Analog Devices | 0.0% | USD 202,000 | -21.45% | | | MRSH | Marsh | 0.0% | USD 200,004 | -7.69% | | | AEBI | Aebi Schmidt Holding Ag | 0.0% | USD 131,000 | hold | | | SNAP | Snap Inc. | 0.0% | USD 100,011 | hold | | ## Moves this quarter (189) - NVDA NVIDIA Corp.: -1.12% (USD 941,982,000) - MSFT Microsoft Corp.: +0.43% (USD 727,664,000) - AMZN Amazon.com Inc.: -0.13% (USD 619,551,000) - GOOG Alphabet Inc. CL C: +4.46% (USD 594,809,000) - LLY Eli Lilly & Co.: -1.28% (USD 386,371,000) - NVT nVent Electric plc: -0.66% (USD 348,178,000) - AAPL Apple Inc.: -5.79% (USD 329,421,000) - JPM JPMorgan Chase & Co.: -12.39% (USD 302,306,000) - V Visa Inc.: +1.32% (USD 292,330,000) - GGG Graco Inc.: -0.48% (USD 287,125,000) - LFUS Littelfuse Inc.: -16.92% (USD 274,156,000) - TTC Toro Co.: -1.56% (USD 260,742,000) - ENTG Entegris Inc.: -3.09% (USD 234,113,000) - UNH United Health Group Inc.: -24.44% (USD 232,732,000) - TSM Taiwan Semiconductor S.A.: -2.06% (USD 227,440,000) - MSI Motorola Solutions Inc.: +0.77% (USD 226,282,000) - ECL Ecolab Inc.: +2.06% (USD 216,631,000) - WEC WEC Energy Group: -6.43% (USD 208,774,000) - PANW Palo Alto Networks: +12.61% (USD 204,558,000) - LNT Alliant Energy: -8% (USD 202,772,000) - TECH Bio-Techne Corp.: -1.8% (USD 190,804,000) - META Meta Platforms Inc.: +2.54% (USD 187,503,000) - FAST Fastenal: -1.31% (USD 185,919,000) - SHW Sherwin-Williams: +0.65% (USD 151,703,000) - CHRW C.H. Robinson Worldwide: -9.14% (USD 145,155,000) - FUL H.B. Fuller Co.: +3.11% (USD 141,946,000) - VZ Verizon Communications: -0.71% (USD 139,377,000) - WM Waste Management Inc.: +48.41% (USD 131,728,000) - ROK Rockwell Automation Inc.: -9.08% (USD 127,637,000) - FISV Fiserv Inc.: +6.51% (USD 112,473,000) - JNJ Johnson & Johnson: -26.76% (USD 107,432,000) - AMP Ameriprise Financial Inc.: +8.63% (USD 98,200,000) - CGNX Cognex Corp.: +6.86% (USD 94,715,000) - HRL Hormel Foods Corp.: -0.58% (USD 84,340,000) - CASY Casey's Gen'l Stores: -5.02% (USD 72,425,000) - WFC Wells Fargo: -36.14% (USD 72,077,000) - AJG Arthur J. Gallagher & Co.: new (USD 71,520,000) - ABT Abbott Labs: +1.05% (USD 66,182,000) - TXN Texas Instruments: -5.93% (USD 64,816,000) - TNC Tennant Co.: -15.14% (USD 59,685,000) - ISRG Intuitive Surgical Inc.: +46.63% (USD 58,244,000) - MMM 3M Co.: -0.71% (USD 56,563,000) - HD Home Depot: -0.62% (USD 53,767,000) - TRV Travelers Companies Inc.: +9.88% (USD 51,658,000) - AXP American Express: -2.16% (USD 49,253,000) - HON Honeywell Int'l Inc.: sold (USD 47,115,501) - IDA IDACORP Inc. Hldg. Co.: +2.85% (USD 46,898,000) - MEDP Medpace Holdings Inc.: +1.16% (USD 45,923,000) - CME CME Group: new (USD 43,191,000) - DCI Donaldson Co.: -7.14% (USD 41,628,000) - WK Workiva Inc.: +15.91% (USD 40,239,000) - PIPR Piper Sandler Companies: -0.29% (USD 39,389,000) - SFM Sprouts Farmers Market Inc.: +54.64% (USD 38,215,000) - PG Procter & Gamble: +0.83% (USD 35,989,000) - USB U.S. Bancorp: -6.66% (USD 33,912,000) - ZTS Zoetis Inc.: +54.24% (USD 33,596,000) - QCOM QUALCOMM Inc.: -62.38% (USD 33,231,000) - XEL Xcel Energy Inc.: -2.43% (USD 31,518,000) - BSY Bentley Systems Inc Class B: +310.79% (USD 28,997,000) - ADP Automatic Data Processing Inc.: +2.2% (USD 28,480,000) - MDT Medtronic plc: -9.61% (USD 28,425,000) - GNRC Generac Holdings Inc.: -6.37% (USD 27,347,000) - HONA Honeywell Aerospace Inc: new (USD 22,117,000) - GLW Corning Inc.: -3.18% (USD 21,826,000) - TGT Target Corp.: -5.7% (USD 20,801,000) - SCHW Charles Schwab Corp.: -12.69% (USD 19,957,000) - GOOGL Alphabet Inc.: -2.94% (USD 19,344,000) - CAT Caterpillar Inc.: -1.89% (USD 19,277,000) - DIS Walt Disney Co.: -27.61% (USD 16,712,000) - CLFD Clearfield Inc.: -47.35% (USD 15,329,000) - BMI Badger Meter Inc.: -5.11% (USD 14,759,000) - PFG Principal Financial Group: -17.45% (USD 14,581,000) - AIR AAR Corp.: -6.11% (USD 11,997,000) - PLXS Plexus Corp.: -14.37% (USD 11,809,000) - BRK.B Berkshire Hathaway CL B: -1.42% (USD 11,804,000) - ABBV AbbVie Inc.: -1.36% (USD 11,249,000) - XOM ExxonMobil Holdings Corp.: -2.06% (USD 11,184,000) - AMBA Ambarella Inc.: +7.46% (USD 10,841,000) - KNF Knife River Corp.: -4.5% (USD 10,739,000) - HSY Hershey Co.: -5.45% (USD 10,710,000) - MINN Mairs & Power Mn Muni Bond: +14.56% (USD 10,541,000) - ONB Old National Bancorp: -10.13% (USD 10,083,000) - JBTM JBT Marel Corp.: +14.15% (USD 9,782,000) - WTFC Wintrust Financial Corp.: +1.58% (USD 9,428,000) - EMR Emerson Electric: -2.34% (USD 9,052,000) - PATK Patrick Industries Inc.: +63.79% (USD 8,513,000) - VOO Vanguard S&P 500 ETF: -18.63% (USD 8,308,000) - IVV Ishares Core S&P 500 ETF: +64.9% (USD 7,978,000) - AMAT Applied Materials: -2.83% (USD 7,958,000) - CVX Chevron Corp.: +5.46% (USD 6,821,000) - MRK Merck & Co.: +2.33% (USD 6,620,000) - ALRS Alerus Financial Corp.: +156.08% (USD 6,326,000) - JHX James Hardie Industries PLC: -0.02% (USD 6,302,000) - SPY SPDR S&P 500 ETF Trust: -69.54% (USD 6,183,000) - HUBG Hub Group 'A': -18.79% (USD 5,687,000) - SOLV Solventum Corp: -0.1% (USD 5,589,000) - CTAS Cintas Corp.: +21.5% (USD 4,637,000) - PNR Pentair plc: -0.94% (USD 4,373,000) - KHC Kraft Heinz Co.: -43.55% (USD 4,221,000) - PII Polaris Inc.: -1.89% (USD 4,196,000) - SYY Sysco Corp.: -51.1% (USD 4,057,000) - MCD McDonald's Corp.: -1.7% (USD 3,807,000) - NWE Northwestern Corp.: -40.48% (USD 3,666,000) - HWKN Hawkins Inc.: -3.14% (USD 3,572,000) - VO Vanguard Mid Cap ETF: -10.55% (USD 3,170,000) - VEA Vanguard FTSE Developed ETF: -13.17% (USD 2,799,000) - COP ConocoPhillips: -0.7% (USD 2,687,000) - NKE NIKE Inc.: -3.2% (USD 2,621,000) - GIS General Mills: -27.62% (USD 2,441,000) - CSCO Cisco Systems: -0.48% (USD 2,318,000) - INTC Intel Corp.: +1.4% (USD 2,029,000) - ORCL Oracle Corp.: -55.59% (USD 1,999,000) - KO Coca Cola Co.: +0.66% (USD 1,907,000) - XYL Xylem Inc.: +9.65% (USD 1,826,000) - WMT Walmart Inc.: +0.64% (USD 1,790,000) - AMGN Amgen: -0.81% (USD 1,783,000) - EFA iShares MSCI EAFE ETF: +3.92% (USD 1,695,000) - PFE Pfizer Inc.: -5.78% (USD 1,630,000) - RTX RTX Corp.: -1.35% (USD 1,602,000) - VB Vanguard Small Cap ETF: -11.9% (USD 1,550,000) - LOW Lowe's Cos.: -0.26% (USD 1,506,000) - SOLS Solstice Adv Materials Inc: -25.16% (USD 1,475,000) - BMY Bristol-Myers Squibb: +2% (USD 1,422,000) - AVGO Broadcom Inc.: +3.68% (USD 1,384,000) - MGEE MGE Energy Inc.: new (USD 1,346,000) - QQQ Invesco Qqq Trust Series 1: +0.57% (USD 1,304,000) - GLD SPDR Gold Trust: +145.8% (USD 1,295,000) - SYK Stryker Corp.: -2% (USD 1,282,000) - PEP PepsiCo Inc.: +2.19% (USD 1,242,000) - UPS United Parcel Service: -33.96% (USD 1,237,000) - SNA Snap-On Inc.: -3.2% (USD 1,216,000) - PSX Phillips 66: -0.76% (USD 1,108,000) - NEE NextEra Energy Inc.: -1.43% (USD 1,062,000) - BAC Bank of America Corp.: -14.35% (USD 1,059,000) - KMB Kimberly-Clark: -1.42% (USD 1,049,000) - VWO Vanguard FTSE Emerging Marke: -15.4% (USD 1,036,000) - IWP Ishares Russell Mid Cap Grow: new (USD 1,034,000) - AMD Advanced Micro Devices: -14.61% (USD 957,000) - UNP Union Pacific: -18.5% (USD 929,000) - CB Chubb Limited: +0.7% (USD 837,000) - IJH Ishares Core S&P Midcap ETF: new (USD 829,000) - NSC Norfolk Southern Corp.: -4.6% (USD 815,000) - BIL SPDR Bloomberg 1 3 Month T B: +23.51% (USD 791,000) - IWR Ishares Russell Mid Cap ETF: new (USD 718,000) - WY Weyerhaeuser Co.: -18.27% (USD 707,000) - RSP Invesco S&P 500 Equal Weight: -42.43% (USD 660,000) - AWK American Water Works Inc.: -0.5% (USD 658,000) - BA Boeing Co.: +2.04% (USD 574,000) - VTI Vanguard Total Stock Mkt ETF: +0.06% (USD 572,000) - ZBH Zimmer Biomet Holdings: -17.7% (USD 570,000) - MDY SPDR S&P Midcap 400 ETF Trst: -2.56% (USD 561,000) - TJX TJX Companies Inc.: +3.02% (USD 516,997) - TT Trane Technologies plc: -8.48% (USD 493,004) - MU Micron Technology Inc.: -40.84% (USD 473,001) - HBAN Huntington Bancshares: -3.91% (USD 463,874) - IWM iShares Russell 2000 ETF: new (USD 453,004) - BSX Boston Scientific: -2.57% (USD 423,000) - BBY Best Buy Co. Inc.: -6.7% (USD 417,000) - CRM Salesforce.com: -94.69% (USD 416,009) - ITW Illinois Tool Works: +3.37% (USD 414,993) - IWO Ishares Russell 2000 Growth: new (USD 409,999) - ADBE Adobe Inc.: -1.99% (USD 404,000) - VIG Vanguard Dividend Apprec ETF: -26.52% (USD 400,006) - USMV Ishares Msci Usa Min Vol Fac: -1.49% (USD 369,018) - WAT Waters Corp.: +0.1% (USD 359,999) - DE Deere & Co.: -2.62% (USD 352,999) - IWS Ishares Russell Mid Cap Valu: new (USD 347,994) - PATH UiPath Inc.: sold (USD 341,077) - MOS Mosaic Co.: -20% (USD 339,040) - LRCX Lam Research: new (USD 331,000) - MO Altria Group Inc.: +0.07% (USD 328,980) - IBTG Ishares Ibonds Dec 2026 Term: sold (USD 327,010) - VGT Vanguard Info Tech ETF: +0.67% (USD 320,998) - ULTA Ulta Beauty Inc.: sold (USD 315,998) - BAX Baxter International Inc.: -44.41% (USD 267,000) - VRT Vertiv Holdings Co.: new (USD 261,004) - SEIC SEI Investments: sold (USD 258,984) - ACN Accenture: sold (USD 244,006) - DHR Danaher Corp.: +0.62% (USD 217,996) - MS Morgan Stanley: new (USD 217,001) - RF Regions Financial Corp.: new (USD 210,980) - UTHR United Therapeutics Corp.: sold (USD 208,002) - ECG Everus Construction Group Inc.: new (USD 207,000) - AME Ametek Inc.: new (USD 206,000) - MUR Murphy Oil: sold (USD 206,000) - CARR Carrier Global Corp.: new (USD 204,001) - MA Mastercard Inc.: -24.04% (USD 202,998) - ADI Analog Devices: -21.45% (USD 202,000) - MRSH Marsh: -7.69% (USD 200,004) ## Portfolio value by quarter - 2024 Q1: USD 10,333,938,852 (186 positions) - 2024 Q2: USD 10,355,960,878 (186 positions) - 2024 Q3: USD 10,635,936,974 (192 positions) - 2024 Q4: USD 10,342,214,978 (190 positions) - 2025 Q1: USD 9,610,823,611 (194 positions) - 2025 Q2: USD 10,133,875,460 (204 positions) - 2025 Q3: USD 10,646,753,250 (217 positions) - 2025 Q4: USD 10,400,584,894 (224 positions) - 2026 Q1: USD 9,783,416,038 (226 positions) - 2026 Q2: USD 10,899,988,000 (235 positions)