Our Values
Putting our Clients First
As an investment counselor, a critical component of our mission is to help all our clients feel secure about their financial future.
Your best interests are always top of mind and guide every decision we make. We also make thoughtful commitments to the companies we invest in with the expectation that rewards will be realized by you well into the future.
We value the resources that have been entrusted to us by our clients, colleagues, community and founders and are driven to do the right thing in all our actions.
Supporting Each Other
“We’ve hired some of the very best and the brightest people around, but what’s most important is we all work together as a team.
We are collegial and we get along, but the bottom line is, none of us are concerned with who is right we’re only concerned with what is right.”
Mark Henneman, Chairman
Serving the Community
“As George Mairs determined nearly 100 years ago, Minnesota is home to some of the finest companies in the world who are attracted to our quality of life. This quality of life requires nurturing and support and we want to do our part to ensure our community endures and thrives for years to come.
We feel it’s vital to provide support both through our financial contributions and our time. Many of our partners and colleagues serve on not-for-profit boards, volunteer and contribute to the greater area in many different ways.”
Rob Mairs, CEO & President
Mairs & Power Today
as of 6/30/2024
Over $11.9 Billion AUM
In individually managed accounts, three mutual funds, an ETF, and venture capital.
15 CFA Charterholders
Investment professionals with average experience of 26+ years
100% Employee Owned
SEC-registered with 53 employees
Long Term, Regional Emphasis, Multi Cap
Disciplined, client centric, trustworthy
Our Philosophy
We believe the best way to make money for our clients is to consistently utilize a disciplined long-term investment approach.
Our Strategies
Our portfolios are individually managed by an investment manager with substantial investment experience. The Investment Committee brings together our investment managers with their more than 300 years of investment experience, to collaborate and leverage their combined experience for the benefit of shareholders and individual clients across all our strategies.
- Invest in companies of all capitalization sizes, recognizing that smaller companies may provide somewhat higher returns over longer time frames, some emphasis is placed on small to medium sized companies
- Identify companies exhibiting the potential for strong returns on invested capital and consistent, above-average growth and durable competitive advantages
- Commit to long-term investing in growing companies with low turnover
- Place emphasis on companies in Minnesota and the Upper Midwest (WI, IL, IA, ND, SD)
- Consider the importance of capable management with a track record of prudent capital deployment
- Seek to keep assets reasonably, fully invested, maintain modest portfolio turnover rates and mitigate risk by investing in a diversified portfolio of securities
- Identify companies exhibiting the potential for strong returns on invested capital and consistent, above-average growth and durable competitive advantages
- Diversify across approximately 60% common stock and 40% fixed income
- Buy and hold fixed income and continually reinvest maturities
- Offer potential for a consistent source of income
- Commit to long-term investing in growing companies with low turnover
- Place emphasis on companies in Minnesota and the Upper Midwest (WI, IL, IA, ND, SD)
- Consider the importance of capable management with a track record of prudent capital deployment
- Seek to keep assets reasonably, fully invested, maintain modest portfolio turnover rates and mitigate risk by investing in a diversified portfolio of securities
Available only to institutional investors
- Focus on small-cap companies
- Focus on companies with attractive business niches, strong competitive positions and the potential to grow revenues, earnings and cash flows consistently over the long term
- Commit to long-term investing in growing companies with low turnover
- Place emphasis on companies in Minnesota and the Upper Midwest (WI, IL, IA, ND, SD)
- Consider the importance of capable management with a track record of prudent capital deployment
- Seek to keep assets reasonably, fully invested, maintain modest portfolio turnover rates and mitigate risk by investing in a diversified portfolio of securities
Venture Capital
Drawing on the expertise of our Venture Capital executives, Mairs & Power seeks to create opportunities in venture capital for investors. We leverage this specialized knowledge and strategic approach to identify and nurture high-potential ventures in the Upper Midwest, providing qualified investors with access to what we believe are promising growth prospects in the dynamic venture capital landscape.
Mairs & Power History
Just 15 months after the stock market crash of 1929, George A. Mairs, Jr., a 28-year old native of St. Paul, founded our firm in 1931.
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19311931 | George A. Mairs, Jr., Founds the Firm
A St. Paul native, George founded the firm at age 28, following the sale of the family store and the Great Depression's toll. He retired in 1975.
His legacy has perpetuated for nearly 100 years.
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19461946 | George C. Power, Jr. Joins the Firm
George joined the firm, which later added his name to the partnership. He evidenced one of our hallmarks by "putting clients first and going the extra mile to serve our clients." He was active in the firm until his death in 1995.
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19521952 | George A. Mairs, III Joins the Firm
Mairs’ son George joined the firm. He attended Yale and Macalester College, where he received his degree. Although he retired in 2009, he remained on the Investment Committee until his death in mid-2010.
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19581958 | Mairs & Power Growth Fund Launches
To be accessible to small investors, Mairs & Power Fund was launched, later renamed Growth Fund. It was among the first 100 such funds in the U.S.
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19611961 | Mairs & Power Balanced Fund Launches
Mairs & Power Income Fund, later renamed Balanced Fund launched, also among the first 100 such funds in the U.S.
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19741974 | Large Current Institutional Client First Invests
A large, local Taft Hartley Pension Plan Fund first invests with us, starting a relationship that still continues today.
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19831983 | Firm AUM Reaches $100M
With six employees, three investment professionals and three support staff, and registered in MN, WI, and PA, the firm reaches the $100M AUM milestone.
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19921992 | William B. Frels Joins the Firm
Business grew rapidly under the strong leadership of George and Bill, who built a significant institutional businesss. Bill stepped down as CEO in 2012 and retired in 2015.
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19941994 | Forbes and Minneapolis Star Tribune Catalyze Firm Growth
Press coverage highlighted Mairs & Power's distinct regional style providing visibility that led to significant growth.
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19961996 | Growth Fund AUM Reaches $100M
From its humble beginnings of $100,000 in 1958, MPGFX reached $100M AUM.
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20032003 | Growth Fund AUM Reaches $1B
From its humble beginnings of $100,000 in 1958, MPGFX reached $1B AUM.
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20042004 | Mark L. Henneman Joins the Firm
Mark has worked closely with senior management leadership since his arrival to ensure the firm's investment philosophy and process remained consistent and repeatable. He was named President & CIO in 2014, Chairman and CEO in 2017. Mark stepped down as CEO in 2024.
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20102010 | Mary Schmid Daugherty Joins Mutual Funds Board of Trustees
Mary joins the Mairs & Power Mutual Funds Board of Trustees as the first woman trustee and was named Chair of the Board in 2018.
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20112011 | Mairs & Power Small Cap Fund Launches
A third mutual fund, the Mairs & Power Small Cap Fund, was launched in 2011.
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20122012 | Morningstar Recognizes Mairs & Power Fund Managers
Morningstar names Mark Henneman and Bill Frels as Domestic Stock Manager of the Year
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20132013 | Growth Fund AUM Reaches $3 Billion
From its humble beginnings of $100,000 in 1958, MPGFX reaches $3B AUM.
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20212021 | Mairs & Power launches first ETF
The Minnesota Municipal Bond ETF, MINN, is Mairs & Power's first exchange traded fund and the first actively-traded ETF comprised solely of MInnesota Muni Bonds.
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20212021 | Mairs & Power At 90 Published
Beginning with the backdrop of the Great Depression, Mairs & Power at 90 unfolds the improbable journey of the oldest continuously independent investment management firm in Minnesota and the historical context throughout the firm’s history.
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20222022 | Mairs & Power Venture Capital
Mairs & Power entered the venture capital space, investing primarily in seed and early-stage funding rounds for companies located in the Upper Midwest.
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2024TODAY | Mairs & Power Looks Forward to Its Second 100 Years
"The key is for us to continue to build on the legacy that has been entrusted to us and to always do what is in the best interest of our clients, employees and community. We believe that we'll be doing that well into the second 100 years of Mairs & Power's history."
Mark Henneman, Chairman
Would You Like to Learn More?
Find out how the services we offer can help meet your specific needs.
Please call us at 651-222-8478 or submit this form and we'll reach out to you.