Fund Name Update
The Mairs & Power Growth Fund will return to its original name, the Mairs & Power Fund, effective April 30, 2026.
While the Fund has long focused on investing in high‑quality, growing companies, its disciplined, company‑first approach has never been limited to a single investment style.
“Our holdings are united not by any one style, but by a straightforward investment strategy focused on durable competitive advantages, the ability to grow faster than the broader market, management teams with a demonstrated record of thoughtful capital allocation and execution, and reasonable valuation levels,” said Andrew (Andy) R. Adams, Chief Investment Officer (CIO) of Mairs & Power. “Removing ‘Growth’ from the Fund’s name allows us to continue investing as we always have.”
Portfolio Management Update
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- Pete Johnson will become Lead Manager
- Andy Adams will transition to Co‑Manager and continue as CIO
- Chris Strom will join the Fund as Co‑Manager, while continuing as Co‑Manager of the Mairs & Power Small Cap Fund
Peter (Pete) J. Johnson joined the firm in 2010 and has served as co-manager on the Mairs & Power Fund since 2019. He has worked alongside previous Mairs & Power Fund lead managers, Bill Frels, Mark Henneman, and Adams. From the beginning of his time at Mairs & Power, Johnson has served as a member of the firm's investment committee, progressively advancing to more senior roles on the investment team and researching companies to provide buy, hold, and sell recommendations.
Christopher (Chris) D. Strom joined the firm in 2017 and brings deep research experience, including identifying investments that have grown from small‑cap holdings into the Fund’s multi‑cap portfolio. Adding Chris to the Mairs & Power Fund team will further enhance research capacity and his continued role with the Small Cap Fund helps support continuity across strategies.
Andrew (Andy) R. Adams has served as a manager on the Mairs & Power Fund since 2015 and a lead manager since 2019, while also serving as CIO since 2018. Transitioning to Co-Manager allows Andy to remain actively involved in the Fund, support Pete and Chris in their new roles, and dedicate additional focus to firmwide investment leadership, including the thoughtful evaluation of new technologies that support the investment process.
As Minnesota’s oldest investment firm under continuous private ownership and management, Mairs & Power employs a deliberate and disciplined succession planning process designed to ensure continuity in its investment philosophy while supporting the long-term development of its investment professionals.
A Long-Standing Approach
The Mairs & Power Fund name carries historical significance. The Fund was launched November 11, 1958, to be accessible to investors that did not meet the firm’s individually managed account minimum but wanted the Mairs & Power investing strategy. It was among the first 100 such funds in the United States. In 1962, the name changed to the Mairs & Power Growth Fund. Returning to the original name reflects both the Fund's heritage and its long-standing investment philosophy.
Over 68 years of the Fund’s existence and through six lead managers, the Fund has maintained its long term, bottom-up (company-first) investment approach focused on identifying companies with above-average growth potential, durable competitive advantages, and attractive returns on invested capital, purchased at reasonable valuations. In 2012, Morningstar recognized Fund managers, Bill Frels and Mark Henneman (current Chair Emeritus), as Morningstar’s Domestic Stock Manager of the Year.
Today, the Fund is led by Adams and Johnson, with Strom to join in June. They are supported by an Investment Committee of 17 other investment professionals whose collective knowledge and research inform the Fund’s investments. The Fund follows a multi-cap approach, investing in a concentrated portfolio of 46 stocks in small-cap, mid-cap, and large-cap companies.
As of March 31, 2026, assets under management for the Fund are $5.0 billion.
About Mairs & Power
Founded in 1931 and based in St. Paul, Minnesota, Mairs & Power is Minnesota’s oldest investment firm under continuous private ownership and management. The firm manages more than $11.5 billion in assets across individually managed accounts serving individuals and organizations, three mutual funds, the Mairs & Power Fund (MPGFX), the Mairs & Power Balanced Fund (MAPOX), and the Mairs & Power Small Cap Fund (MSCFX), an Exchange Traded Fund (ETF), the Mairs & Power Minnesota Municipal Bond ETF (MINN), and venture capital.
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 mairsandpower.com. 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.
The mention of a specific fund or product is not intended as a recommendation or an offer of a particular fund or product, nor is it intended to be a solicitation for the purchase or sale of any fund or product.