Mairs & Power Q4 2025 13F Holdings and Activity Report

I. Institutional Overview: A Psychological Portrait and Scale Analysis

Combining the scale and the holding style, we can draw a psychological portrait of Mairs & Power as the "Rational Optimist." The institution displays a clear preference for high-quality, cash-flow-generative businesses (as seen in the heavy weights of MSFT, V, and JPM). However, the Q4 2025 activity—specifically the significant reductions in legacy healthcare (UNH, JNJ) and financials (WFC, JPM)—suggests a rational pivot. They are shedding the "weight" of slower-growing value traps to double down on the infrastructure of the future (Cybersecurity, AI, and Specialized Industrials).

This is an institution that respects the power of compounding but is not blinded by sentimentality. The exit from positions like JAMF (held for over 5 years with a significant loss) shows a willingness to admit when a thesis has broken, while the massive additions to Palo Alto Networks (PANW) and Cognex (CGNX) signal an aggressive offensive posture in specific technological niches. In summary, Mairs & Power enters 2026 with a portfolio that is "slimmer" in terms of legacy risk and "heavier" in terms of technological conviction.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis: Macro Signals and Track Selection

At 33.05% , Technology is not just a sector for Mairs & Power; it is the primary driver of alpha. This concentration is significantly higher than many "balanced" funds, indicating a belief that we are in a "Tech-First" economy. Within this 33%, the institution has balanced its exposure between "Mega-Cap Platforms" (MSFT, AAPL) and "Specialized Infrastructure" (PANW, ENTG). The logic here is clear: as AI moves from the "training" phase to the "inference and application" phase, the companies providing the security (PANW) and the specialized materials (ENTG) will capture a larger share of the value chain.

Based on this allocation, Mairs & Power appears to be positioning for a "disinflationary growth" environment. By maintaining high weights in Tech and Industrials while reducing Utilities and Staples, they are signaling that they do not expect a severe recession. Instead, they are betting on a "productivity boom" where technology and automation allow companies to maintain margins even as pricing power normalizes. The negligible exposure to Energy ( 0.18% ) is a bold statement, suggesting they view fossil fuels as a structural "underweight" in a portfolio focused on the next 20 years of economic development.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive: Portfolio Cornerstone and Core Logic

Microsoft remains the #1 holding, a position it has occupied in various forms for over a decade. The minor addition of 0.39% (7,349 shares) is a "maintenance" move, signaling that Mairs & Power views MSFT as a "permanent" allocation.

The rest of the Top 10 reveals a "Barbell Strategy." On one side, you have high-growth tech and biotech (GOOG, LLY, AAPL). On the other, you have "Old School Quality" (JPM, GGG, V, UNH).

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions: Offensive Direction and Capital Flow

In Q4 2025, Mairs & Power's "Buy" activity was focused on three distinct themes: Cybersecurity, Industrial Automation, and Digital Platforms. The institution is clearly looking for "Quality Growth" at reasonable prices, or doubling down on winners that have shown resilience.

The "Buy" list is heavily clustered in Technology (Software & Semiconductors) and Specialized Industrials . This reveals a clear strategy: the institution is recycling capital from "Legacy Value" (Financials/Healthcare) into "Future Value" (Automation/Security). The total estimated buy scale across these top additions exceeds $150 million , which is largely funded by the "cash-out" operations analyzed in the next section. This is not "new money" entering the market; it is a strategic "inventory reallocation" designed to increase the portfolio's growth profile for 2026.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits: Risk Avoidance and Strategy Adjustment

The exit from JAMF is a notable "Stop Loss." Held for over 5 years with a -71.55% P/L , the institution finally admitted the thesis was dead. JAMF, which manages Apple devices for enterprises, has struggled to maintain growth as Apple introduces its own native management tools.

The overall intent of these sells is "Portfolio Slimming and Quality Upgrading." The institution is harvesting gains from its most successful bet (NVDA) and cutting ties with underperformers (JAMF, WFC). The result is a portfolio that is more concentrated in "High-Moat Tech" and "Efficient Industrials," with less exposure to the regulatory and interest-rate risks inherent in Healthcare and Banking.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

For years, this institution was defined by its steady, almost "sleepy" commitment to Upper Midwest industrials and defensive healthcare. This quarter marks a definitive shift. By aggressively adding to Palo Alto Networks , Meta , and Cognex while slashing UnitedHealth , Wells Fargo , and Johnson & Johnson , Mairs & Power is acknowledging that the "moats" of the 20th century (scale in banking and healthcare) are being superseded by the "moats" of the 21st century (AI platforms, cybersecurity, and automated precision).

Incompleteness of Data: 13F reports only disclose long equity positions . They do not show short positions, options (which could be used to hedge the NVDA or MSFT positions), cash levels, or fixed-income holdings. Therefore, we are only seeing a partial picture of the institution's total risk profile. 3. Confidential Treatment: Some institutions receive SEC approval to omit certain holdings to prevent "copycat" trading. There may be significant "stealth" positions not shown here. 4. Institutional Context: Mairs & Power manages billions for diverse clients with specific tax needs and long-term horizons. Their decision to sell a stock (like JPM) might be driven by a need for liquidity or tax-loss harvesting, rather than a fundamental bearishness on the company.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.