Mairs & Power
Portfolio value$10.9B
Positions254
QuarterQ2 2026ended 2026-06-30
Filed08/142026
Q2 2026 versus Q1 2026: 17 bought, 56 added to, 109 reduced, 8 sold. By dollars, the largest buy was Arthur J. Gallagher, $71.5M more at the quarter-end price; the largest sale UnitedHealth, $75.3M less. Net, $215.4M more sold than bought. What every tracked investor did in Q2 2026.
Every move, largest first
| Ticker | Issuer | Move | Shares Q1 2026 → Q2 2026 | Bought / sold | Of the portfolio | Weight now | Price vs model |
|---|---|---|---|---|---|---|---|
| UNH | Unitedhealth Group INC | reduced −24% | 741,083 → 559,951 | −$75.3M | −0.69% | 2.1% | 19% overvalued |
| AJG | Gallagher Arthur J & CO | bought | — → 311,539 | +$71.5M | +0.66% | 0.7% | 42% overvalued |
| LFUS | Littelfuse INC | reduced −17% | 724,710 → 602,104 | −$55.8M | −0.51% | 2.5% | — |
| QCOM | Qualcomm INC | reduced −62% | 478,055 → 179,832 | −$55.1M | −0.51% | 0.3% | 28% overvalued |
| HON | Honeywell Intl INC | sold | 208,448 → 0 | −$47.1M | −0.43% | — | — |
| CME | Cme Group INC | bought | — → 195,585 | +$43.2M | +0.40% | 0.4% | 18% overvalued |
| WM | Waste Mgmt INC Del | added +48% | 398,240 → 591,025 | +$43.0M | +0.39% | 1.2% | 36% overvalued |
| JPM | Jpmorgan Chase & CO | reduced −12% | 1.1M → 923,550 | −$42.8M | −0.39% | 2.8% | 11% overvalued |
| WFC | Wells Fargo & CO | reduced −36% | 1.4M → 872,186 | −$40.8M | −0.37% | 0.7% | 6% undervalued |
| JNJ | Johnson & Johnson | reduced −27% | 577,590 → 423,010 | −$39.3M | −0.36% | 1.0% | 36% undervalued |
| GOOG | Alphabet INC | added +4% | 1.6M → 1.7M | +$25.4M | +0.23% | 5.5% | 49% overvalued |
| PANW | Palo Alto Networks INC | added +13% | 532,679 → 599,841 | +$22.9M | +0.21% | 1.9% | 972% overvalued |
| HONA | Honeywell Aerospace INC | bought | — → 100,041 | +$22.1M | +0.20% | 0.2% | 34% undervalued |
| BSY | Bentley Sys INC | added +311% | 236,158 → 970,114 | +$21.9M | +0.20% | 0.3% | — |
| AAPL | Apple INC | reduced −6% | 1.2M → 1.1M | −$20.2M | −0.19% | 3.0% | 114% overvalued |
| ISRG | Intuitive Surgical INC | added +47% | 99,885 → 146,459 | +$18.5M | +0.17% | 0.5% | 208% overvalued |
| LNT | Alliant Energy Corp | reduced −8% | 2.9M → 2.7M | −$17.6M | −0.16% | 1.9% | 4% undervalued |
| CHRW | C H Robinson Worldwide In | reduced −9% | 848,203 → 770,708 | −$14.6M | −0.13% | 1.3% | 57% overvalued |
| WEC | Wec Energy Group INC | reduced −6% | 1.9M → 1.8M | −$14.3M | −0.13% | 1.9% | 6% undervalued |
| SPY | State Str Spdr S&p 500 ETF T | reduced −70% | 27,180 → 8,279 | −$14.1M | −0.13% | 0.1% | — |
| CLFD | Clearfield INC | reduced −47% | 731,733 → 385,257 | −$13.8M | −0.13% | 0.1% | — |
| SFM | Sprouts Fmrs Mkt INC | added +55% | 292,177 → 451,826 | +$13.5M | +0.12% | 0.4% | — |
| ROK | Rockwell Automation INC | reduced −9% | 283,553 → 257,811 | −$12.7M | −0.12% | 1.2% | 168% overvalued |
| ZTS | Zoetis INC | added +54% | 303,116 → 467,515 | +$11.8M | +0.11% | 0.3% | 37% undervalued |
| NVDA | Nvidia Corporation | reduced −1% | 4.8M → 4.7M | −$10.7M | −0.10% | 8.6% | 3% undervalued |
| TNC | Tennant CO | reduced −15% | 803,464 → 681,800 | −$10.7M | −0.10% | 0.5% | — |
| AMP | Ameriprise Finl INC | added +9% | 197,047 → 214,056 | +$7.8M | +0.07% | 0.9% | 24% undervalued |
| ENTG | Entegris INC | reduced −3% | 1.3M → 1.3M | −$7.5M | −0.07% | 2.1% | — |
| CRM | Salesforce INC | reduced −95% | 49,996 → 2,656 | −$7.4M | −0.07% | 0.0% | 37% overvalued |
| FISV | Fiserv INC | added +7% | 2.2M → 2.3M | +$6.9M | +0.06% | 1.0% | 83% undervalued |
| DIS | Disney Walt CO | reduced −28% | 239,846 → 173,626 | −$6.4M | −0.06% | 0.2% | 9% undervalued |
| CGNX | Cognex Corp | added +7% | 1.2M → 1.3M | +$6.1M | +0.06% | 0.9% | — |
| WK | Workiva INC | added +16% | 715,640 → 829,491 | +$5.5M | +0.05% | 0.4% | — |
| LLY | Eli Lilly & CO | reduced −1% | 326,306 → 322,129 | −$5.0M | −0.05% | 3.5% | 22% overvalued |
| TSM | Taiwan Semiconductor Manufac | reduced −2% | 486,253 → 476,245 | −$4.8M | −0.04% | 2.1% | — |
| META | Meta Platforms INC | added +3% | 324,625 → 332,871 | +$4.6M | +0.04% | 1.7% | 10% overvalued |
| TRV | Travelers Companies INC | added +10% | 142,414 → 156,482 | +$4.6M | +0.04% | 0.5% | 51% overvalued |
| ECL | Ecolab INC | added +2% | 761,818 → 777,541 | +$4.4M | +0.04% | 2.0% | 90% overvalued |
| FUL | Fuller H B CO | added +3% | 2.4M → 2.4M | +$4.3M | +0.04% | 1.3% | — |
| SYY | Sysco Corp | reduced −51% | 99,279 → 48,544 | −$4.2M | −0.04% | 0.0% | 15% undervalued |
| TTC | Toro CO | reduced −2% | 2.7M → 2.7M | −$4.1M | −0.04% | 2.4% | — |
| TXN | Texas Instrs INC | reduced −6% | 231,151 → 217,453 | −$4.1M | −0.04% | 0.6% | 131% overvalued |
| ALRS | Alerus Finl Corp | added +156% | 79,436 → 203,417 | +$3.9M | +0.04% | 0.1% | — |
| CASY | Caseys Gen Stores INC | reduced −5% | 95,937 → 91,125 | −$3.8M | −0.04% | 0.7% | 51% overvalued |
| V | Visa INC | added +1% | 840,917 → 852,050 | +$3.8M | +0.04% | 2.7% | 40% overvalued |
| TECH | Bio-techne Corp | reduced −2% | 2.8M → 2.7M | −$3.5M | −0.03% | 1.8% | 150% overvalued |
| PATK | Patrick Inds INC | added +64% | 57,894 → 94,824 | +$3.3M | +0.03% | 0.1% | — |
| KHC | Kraft Heinz CO | reduced −44% | 316,563 → 178,686 | −$3.3M | −0.03% | 0.0% | 39% overvalued |
| DCI | Donaldson INC | reduced −7% | 499,374 → 463,717 | −$3.2M | −0.03% | 0.4% | — |
| IVV | Ishares Tr | added +65% | 6,461 → 10,654 | +$3.1M | +0.03% | 0.1% | — |
| MSFT | Microsoft Corp | added +0% | 1.9M → 2.0M | +$3.1M | +0.03% | 6.7% | 10% overvalued |
| PFG | Principal Financial Group In | reduced −17% | 163,884 → 135,283 | −$3.1M | −0.03% | 0.1% | 71% overvalued |
| MDT | Medtronic PLC | reduced −10% | 401,968 → 363,349 | −$3.0M | −0.03% | 0.3% | 4% overvalued |
| SCHW | Schwab Charles Corp | reduced −13% | 247,732 → 216,288 | −$2.9M | −0.03% | 0.2% | 43% undervalued |
| ORCL | Oracle Corp | reduced −56% | 30,718 → 13,643 | −$2.5M | −0.02% | 0.0% | 30% undervalued |
| NWE | Northwestern Energy Group In | reduced −40% | 86,002 → 51,191 | −$2.5M | −0.02% | 0.0% | — |
| FAST | Fastenal CO | reduced −1% | 3.9M → 3.9M | −$2.5M | −0.02% | 1.7% | 94% overvalued |
| USB | Us Bancorp | reduced −7% | 601,518 → 561,453 | −$2.4M | −0.02% | 0.3% | 10% undervalued |
| NVT | Nvent Elec PLC | reduced −1% | 2.1M → 2.1M | −$2.3M | −0.02% | 3.2% | — |
| VO | Vanguard Index Fds | added +258% | 10,997 → 39,348 | +$2.3M | +0.02% | 0.0% | — |
| PLXS | Plexus Corp | reduced −14% | 45,868 → 39,276 | −$2.0M | −0.02% | 0.1% | — |
| VOO | Vanguard Index Fds | reduced −19% | 14,866 → 12,096 | −$1.9M | −0.02% | 0.1% | — |
| GNRC | Generac Hldgs INC | reduced −6% | 99,747 → 93,395 | −$1.9M | −0.02% | 0.3% | 52% overvalued |
| MSI | Motorola Solutions INC | added +1% | 540,732 → 544,876 | +$1.7M | +0.02% | 2.1% | 61% overvalued |
| GGG | Graco INC | reduced −0% | 3.8M → 3.8M | −$1.4M | −0.01% | 2.6% | — |
| MGEE | Mge Energy INC | bought | — → 16,508 | +$1.3M | +0.01% | 0.0% | — |
| MINN | Trust For Professional Manag | added +15% | 410,865 → 470,668 | +$1.3M | +0.01% | 0.1% | — |
| HUBG | Hub Group INC | reduced −19% | 159,933 → 129,879 | −$1.3M | −0.01% | 0.1% | — |
| IDA | Idacorp INC | added +3% | 301,377 → 309,970 | +$1.3M | +0.01% | 0.4% | — |
| TGT | Target Corp | reduced −6% | 168,879 → 159,261 | −$1.3M | −0.01% | 0.2% | 21% overvalued |
| JBTM | Jbt Marel Corporation | added +14% | 59,100 → 67,465 | +$1.2M | +0.01% | 0.1% | — |
| ONB | Old Natl Bancorp Ind | reduced −10% | 433,191 → 389,291 | −$1.1M | −0.01% | 0.1% | — |
| AXP | American Express CO | reduced −2% | 148,821 → 145,612 | −$1.1M | −0.01% | 0.5% | 23% overvalued |
| IWP | Ishares Tr | bought | — → 7,058 | +$1.0M | +0.01% | 0.0% | — |
| VZ | Verizon Communications INC | reduced −1% | 3.3M → 3.3M | −$998,631.2 | −0.01% | 1.3% | 67% undervalued |
| SHW | Sherwin Williams CO | added +1% | 437,760 → 440,586 | +$973,049.1 | +0.01% | 1.4% | 76% overvalued |
| GIS | General Mills INC | reduced −28% | 96,924 → 70,157 | −$931,491.8 | −0.01% | 0.0% | 42% overvalued |
| IJH | Ishares Tr | bought | — → 10,756 | +$829,395 | +0.01% | 0.0% | — |
| AMZN | Amazon Com INC | reduced −0% | 2.6M → 2.6M | −$827,278.1 | −0.01% | 5.7% | 182% overvalued |
| CTAS | Cintas Corp | added +21% | 22,438 → 27,262 | +$820,465.9 | +0.01% | 0.0% | 108% overvalued |
| BMI | Badger Meter INC | reduced −5% | 104,815 → 99,464 | −$793,985.2 | −0.01% | 0.1% | — |
| XEL | Xcel Energy INC | reduced −2% | 402,263 → 392,497 | −$784,210.7 | −0.01% | 0.3% | 5% undervalued |
| AIR | Aar Corp | reduced −6% | 89,391 → 83,933 | −$780,112 | −0.01% | 0.1% | — |
| GLD | Spdr Gold Tr | added +146% | 1,430 → 3,515 | +$768,072.5 | +0.01% | 0.0% | — |
| AMBA | Ambarella INC | added +7% | 117,581 → 126,353 | +$752,637.6 | +0.01% | 0.1% | — |
| IWR | Ishares Tr | bought | — → 6,506 | +$717,742 | +0.01% | 0.0% | — |
| GLW | Corning INC | reduced −3% | 88,250 → 85,447 | −$715,970.3 | −0.01% | 0.2% | 257% overvalued |
| ABT | Abbott Laboratories | added +1% | 721,778 → 729,358 | +$687,809.9 | +0.01% | 0.6% | 3% undervalued |
| UPS | United Parcel Svcs INC | reduced −34% | 17,427 → 11,508 | −$636,292.5 | −0.01% | 0.0% | 38% undervalued |
| HSY | Hershey CO | reduced −5% | 64,560 → 61,044 | −$616,882.2 | −0.01% | 0.1% | 22% overvalued |
| ADP | Automatic Data Processing In | added +2% | 124,436 → 127,173 | +$612,951.1 | +0.01% | 0.3% | 65% overvalued |
| GOOGL | Alphabet INC | reduced −3% | 55,766 → 54,128 | −$585,372 | −0.01% | 0.2% | 51% overvalued |
| MEDP | Medpace Hldgs INC | added +1% | 85,720 → 86,715 | +$526,942.1 | +0.00% | 0.4% | — |
| KNF | Knife River Corp | reduced −5% | 134,428 → 128,377 | −$506,166.1 | −0.00% | 0.1% | — |
| SOLS | Solstice Advanced Matls INC | reduced −25% | 22,239 → 16,644 | −$495,716.9 | −0.00% | 0.0% | — |
| HRL | Hormel Foods Corp | reduced −1% | 3.4M → 3.4M | −$494,215.8 | −0.00% | 0.8% | 3% overvalued |
| RSP | Invesco Exchange Traded Fd T | reduced −42% | 5,385 → 3,100 | −$486,133.8 | −0.00% | 0.0% | — |
| IWM | Ishares Tr | bought | — → 1,507 | +$452,778 | +0.00% | 0.0% | — |
| VEA | Vanguard Tax-managed Fds | reduced −13% | 45,237 → 39,279 | −$424,506.9 | −0.00% | 0.0% | — |
| IWO | Ishares Tr | bought | — → 1,040 | +$409,718 | +0.00% | 0.0% | — |
Bought / sold is the change in shares × the quarter's reported price (value ÷ shares in the filing); a position sold out is priced at the quarter before, since it has no price in this one. “Of the portfolio” is that amount against this quarter's reported book.
Source: the manager's Form 13F-HR on SEC EDGAR, kept as immutable quarterly snapshots; changes compare two consecutive filings. A 13F is filed up to 45 days after quarter end and covers US-listed long positions only. Tickers come from a self-maintained CUSIP map; a position without one shows its CUSIP. Method notes in where the numbers come from.