Mairs & Power Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

Mairs & Power, an investment management firm with a storied history and a reputation for disciplined, long-term value creation, presents a fascinating case study in the first quarter of 2026. As of the portfolio snapshot on March 31, 2026, the institution manages a total reported portfolio market value of approximately $9.79 billion. This substantial asset base is distributed across 245 individual holdings, a figure that suggests a sophisticated balance between high-conviction core positions and a diversified tail of supporting assets. When examining the psychological portrait of Mairs & Power through its filing data, one immediately notices a commitment to what might be termed "generational compounding." The firm does not appear to be a frequent flier in the high-frequency trading world; rather, its movements suggest a deliberate, almost architectural approach to portfolio construction.

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II. Sector Allocation Analysis

The 32.91% weight in Technology is the most striking feature of the allocation. This is not merely a chase for momentum; it is a structural bet. Within this sector, the institution holds massive positions in semiconductor leaders and software giants. The logic here appears to be two-fold: first, a recognition that Technology has become a defensive sector in its own right, as enterprise spending on cloud and security becomes non-discretionary; and second, a pursuit of the exponential growth offered by the AI revolution. The slight trimming of certain tech names this quarter suggests a move toward "valuation discipline" rather than a retreat from the sector’s fundamentals.

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

NVIDIA remains the undisputed crown jewel of the Mairs & Power portfolio, occupying the number one spot with an 8.49% weight. Despite a 3.80% reduction in the number of shares held this quarter, the position remains a massive "conviction holding." The decision to trim slightly should be viewed through the lens of prudent risk management and profit-taking rather than a loss of faith in the AI thesis. Since the firm has held NVIDIA since mid-2019, the cost basis is likely exceptionally low, and the recent meteoric rise in the stock price necessitated a rebalancing to prevent the position from overwhelming the rest of the portfolio. NVIDIA represents the "picks and shovels" of the artificial intelligence era, and Mairs & Power’s continued heavy weighting suggests they believe the semiconductor cycle still has significant runway, even if they are locking in some gains at the margin.

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

The most significant move this quarter was the massive addition to Waste Management. By increasing its position by an astronomical 39,724%, Mairs & Power has effectively transformed a negligible holding into a major component of its "mid-tier" portfolio with a 0.94% weight. The estimated addition of over $91 million represents a profound "conviction play" in the environmental services sector. The motivation here is likely a "defensive clustering" strategy. Waste Management operates in a near-monopoly environment with massive barriers to entry (landfill permits, fleet scale) and possesses incredible pricing power. In an uncertain economic climate, the "recession-proof" nature of trash collection and disposal provides a highly predictable cash flow stream. This is a classic Mairs & Power move: buying a "boring" but essential business with a wide moat.

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

The 20.56% reduction in The Toro Company is a significant move, realizing an estimated $65.77 million. While Toro remains a top 10 holding, this "major strategic contraction" suggests that Mairs & Power is wary of the near-term headwinds in the professional and residential landscaping markets. Toro has been a long-term staple for the firm (held for over 10 years), so this reduction is likely not a total loss of faith but rather a tactical decision to lock in profits after a period of strong performance. The manager may be concerned about the impact of high interest rates on consumer spending for expensive lawn equipment or a potential peak in the replacement cycle.

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

The logic chain is clear: 1. Sold what : Broad sector ETFs (XLI, XLF, etc.) and legacy "slow-growth" giants (JNJ, UNH). 2. Why sell : To eliminate "passive drag" and lock in profits from overextended winners (JPM, NVDA) while moving away from companies with structural headwinds. 3. Bought what : High-moat, essential service providers (Waste Management), specialized financial advisors (Ameriprise), and critical tech infrastructure (Palo Alto Networks, Fiserv). 4. Why buy : To build a "fortress portfolio" of companies with non-discretionary demand, pricing power, and secular growth tailwinds that are independent of the broader macro cycle. 5. Overall change : The portfolio has become more "active." It is less of a reflection of the S&P 500 and more of a curated collection of "Upper Midwest" style quality combined with modern technological leadership.

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.