SAINT PAUL, Minnesota — Mairs & Power is pleased to announce the transition of Michael (Mike) C. Marzolf into the role of lead manager for the Mairs & Power Small Cap Fund (MSCFX). Andrew (Andy) R. Adams will shift into a co-manager role on the Fund. These management changes are effective at the close of business on June 30, 2023. Christopher (Chris) D. Strom will continue in his role of co-manager for the Fund.

“Mike is a seasoned investment professional who in his time here has fully embraced the Mairs & Power investment process.  I look forward to continuing working alongside of him as he takes the reins of the Small Cap Fund,” said Adams, Mairs & Power’s Chief Investment Officer. “Mike has a deep understanding of the Upper Midwest region, years of portfolio management experience, and a diverse sector expertise that will be invaluable in maintaining the Fund's success into the future.”

Adams established the Small Cap Fund back in 2011 and has served as lead manager or co-manager since its inception. In addition to his role as co-manager for the Small Cap Fund, Andy will continue to serve as CIO for the firm and lead manager for the Mairs & Power Growth Fund (MPGFX). Strom assumed a co-manager role for the Fund back in January 2021, building out the depth of the small cap team. Adding Strom and Marzolf allowed the small cap team to increase equity research capacity, to better navigate the small cap market, and to identify attractive investment opportunities among emerging companies in Minnesota and the Upper Midwest (Wisconsin, Illinois, Iowa, South Dakota, and North Dakota). 

Mairs & Power Small Cap Fund Team

Marzolf joined Mairs & Power as Vice President and Investment Manager in December 2021, and became co-manager of the Small Cap Fund in January 2022. He has played a pivotal role in driving the Fund's success, demonstrating his commitment to research, integrity, and investing with conviction. In addition to his responsibilities as a Fund manager, Mike does equity research, investment management services for private clients and oversees the firm’s equity analysts.

With 37 years of experience in financial services, Mike brings a wealth of knowledge to his role. Prior to joining Mairs & Power, he served as Vice President of Research and Investment Management at Sit Investment Associates, where he provided fundamental research on companies in the Technology and Financial Services sectors. Mike's previous experience also includes a portfolio manager position at Ameriprise/Columbia Asset Management, where he gained comprehensive knowledge of various products, ranging from small to large cap stocks across multiple sectors such as Technology, Consumer, Financials, and Industrials.

“Succession planning is a natural part of our long-term focus,” said Mark Henneman, Mairs & Power’s Chairman and CEO. “We are deliberate and disciplined to ensure consistency in our investment philosophy and process. These changes in Fund management will keep Andy closely involved with the Small Cap Fund while also directing the Growth Fund and continuing to chart the investment strategy for the entire firm.”

About Mairs & Power

Founded in 1931 and based in St. Paul, Mairs & Power is Minnesota’s oldest investment firm under continuous private ownership and management. The firm manages more than $10 billion in assets. Grounded in a long-term investing philosophy, the firm looks first to companies headquartered in Minnesota and the Upper Midwest (Wisconsin, Illinois, Iowa, South Dakota, and North Dakota) who exhibit consistent, above-average growth. As part of its bottom-up stock picking process, the firm applies its interpretation of Porter’s Five Forces to assess a business’ competitive advantages. The proximity of most of its investments allows the firm to thoroughly engage with management teams as part of its assessment.

The Mairs & Power Small Cap Fund is in its 12th year as a no-load mutual fund. The Fund seeks above-average, long-term appreciation. It’s focused on small-cap companies headquartered in Minnesota and the Upper Midwest with durable competitive positions. As of March 31, 2023, the Small Cap Fund’s assets under management were $336 million. For more information, please visit our website

The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The summary prospectuses or full prospectus contain this and other important information about the Funds, and they may be obtained by calling Shareholder Services at (800) 304‐7404, or by visiting Read the summary prospectuses or full prospectus carefully before investing. Investing in the Funds is subject to investment risks, including, but not limited to, possible loss of principal amount invested.