Explore the Balanced Fund
- Performance & NAV
- Morningstar Ratings
- Objective & Strategy
- Portfolio Characteristics
- Distribution History
- How to
- Fund Documents
- Board of Trustees
PERFORMANCE & NAV
Average Annualized Returns (%)
|As of 06/30/2023|
|FUND/INDEX||1 YR||5 YR||10 YR||20 YR||25 YR||SINCE INCEPTION|
|Mairs & Power Balanced Fund2||8.45||7.47||7.30||7.64||7.21||9.34|
|S&P 500 TR Index5||19.59||12.31||12.86||10.04||7.61||-|
|Bloomberg U.S.Govt/Credit Bond Index6||-0.70||1.03||1.66||3.03||3.98||-|
Calendar Year Returns (%)
|Mairs & Power Balanced Fund2||-14.91||18.30||10.44||20.32||-2.80||11.90||11.42||-2.54||8.04||19.02||17.34||3.23||14.87||21.35||-21.12||4.28||12.10||4.50||12.00||21.60|
|As of 10/03/2023: NAV - Daily Closing Price|
|As of 4/30/2023 Prospectus Expense Ratio|
|0.69% annualized as of 12/31/22|
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance as of the most recent month end is available by calling 800-304-7404.
2Performance shown includes the reinvestment of dividend and capital gain distributions, but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
3Composite Index reflects an unmanaged portfolio of 60% of the S&P 500 TR Index and 40% of the Bloomberg U.S. Government/Credit Bond Index.
4Morningstar Moderate Allocation Category portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 50% to 70% of assets in equities and the remainder in fixed income and cash.
5S&P 500 TR Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market.
6Bloomberg U.S. Government/Credit Bond Index is a broad-based flagship benchmark that measures the non-securitized component of the U.S. Aggregate Index. It includes investment-grade, U.S. dollar-denominated, fixed-rate treasuries, government-related and corporate securities.
It is not possible to invest directly in an index.
Mairs & Power Balanced Fund Has Out-Performed 4 of the Last 6 Full Economic Cycles
When Mairs & Power talks about the advantages of holding through a “full economic market cycle,” we are referring to the business cycle fluctuation between contraction and expansion, also called recession and recovery. Investors who enjoy growth opportunities during times of expansion must consider and prepare for times when the economy inevitably contracts. Mairs & Power’s portfolios are designed with the intent to help preserve capital over full cycles.
The periods in this chart are called “trough to trough.” The beginning point of each period marks the start of a recovery following a recession. During the period, a “peak” is reached and then another contraction begins. The end of the period marks the low point prior to the next recovery starting, and is also referred to as a “trough.”
A recessionary period is a period of significant decline in widespread economic activity spread lasting more than a few months, normally visible in real GDP (Gross Domestic Product), real income, employment, industrial production and wholesale-retail sales.
Source: Public Information Office National Bureau of Economic Research, Inc
PERFORMANCE OVER ECONOMIC CYCLES, ANNUALIZED TOTAL RETURNS %: 1975-2022
FULL ECONOMIC CYCLES
CURRENT CYCLE (INCOMPLETE)
- Mairs & Power Balanced Fund
- Composite Index3
- Morningstar Category4
|Per. 1||3/31/1975 - 7/31/1980|
|Per. 2||7/31/1980 - 11/30/1982|
|Per. 3||11/30/1982 - 3/29/1991|
|Per. 4||3/29/1991 - 11/30/2001|
|Per. 5||11/30/2001 - 6/30/2009|
|Per. 6||6/30/2009 - 4/30/2020|
|Current||4/30/2020 - 6/30/2023|
|Combined||3/31/1975 - 6/30/2023|
MORNINGSTAR RATINGS & RANKINGS
|As of 6/30/2023 among Moderate Allocation Funds based on risk-adjusted returns.|
|OVERALL||1 YR||3 YR||5 YR||10 YR||Since Inception|
|Funds in Category||676||-||676||649||479||-|
|Funds in Category||-||741||703||686||597||38|
|As of 6/30/2023:|
|Wtd. Ave. Market|
|Min. Initial IRA|
OBJECTIVE & STRATEGY
To provide capital growth, current income and preservation of capital.
|As of 6/30/2023:|
|Equity Sector Weights||% PORTFOLIO|
|Total Common Stock||65.9|
|TOP 10 HOLDINGS||% PORTFOLIO|
|JPMorgan Chase & Co.||2.6|
|Eli Lilly & Co.||2.3|
|UnitedHealth Group Inc.||2.3|
Holdings in the portfolio are subject to change without notice and may or may not represent current or future portfolio composition. The mention of specific securities is not intended as a recommendation or an offer of a particular security nor is it intended to be a solicitation for the purchase or sale of any security
The Mairs & Power Balanced Fund declares and pays dividend income quarterly, in March, June, September and December. If any capital gains are realized during the year, the Fund will distribute the net gains in December toward the end of the month.
|RECORD DATE|| EX-DIVIDEND PAYABLE/REINVEST|
|REINVEST NAV||DIVIDEND PER SHARE|| SHORT-TERM CAPITAL|
| LONG-TERM CAPITAL|
How to Invest
Existing shareholders: You can add to your current investment or open a new account in any of the Mairs & Power mutual funds by logging in to My Fund Account, calling Shareholder Services at 800-304-7404, or mailing your application and investment to the addresses below.
New investors working with financial advisors: Your financial advisor can open an account for you on most platforms.
New direct investors: You can open a new account by
For regular mail delivery:
U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201-0701
For express and overnight mail delivery:
U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202
|MUTUAL FUNDS MINIMUM INVESTMENT AMOUNTS|
|New IRA account||$1,000|
|Subsequent IRA investments||$100|
Exchange Traded Fund | ETF
Talk with your financial planner or brokerage firm to purchase the Mairs & Power Minnesota Municipal Bond ETF. Shares can also be purchased through an online brokerage firm.
APPLICATIONS / MAINTENANCE
BOARD OF TRUSTEES
The Board has structured itself in a manner that it believes allows it to effectively perform its oversight function.
The Board of Trustees is composed of six Independent Trustees and one Trustee who is an “interested person” of the Trust (the “Interested Trustee”).
Dr. Michael D. Akers
Mr. Gary A. Drska
Vincent P. Lyles
Erik K. Olstein
Lisa Zúñiga Ramírez
Gregory M. Wesley
John P. Buckel, Interested Trustee
Accordingly, 85% of the members of the Board are Independent Trustees, Trustees who are not affiliated with the Adviser or its affiliates, or any other investment adviser or other service provider to the Trust or any underlying fund. The Board of Trustees has established three standing committees, an Audit Committee, a Nominating Committee and a Valuation Committee. Each of the Audit Committee and the Nominating Committee is comprised entirely of Independent Trustees. The Independent Trustees have engaged their own independent counsel to advise them on matters relating to their responsibilities in connection with the Trust. More information is available in the Statement of Additional Information (SAI).
All investments have risks. The Fund is designed for long-term investors. Equity investments are subject to market fluctuations and the Fund’s share price can fall because of weakness in the broad market, a particular industry or specific holdings. Investments in small and mid-cap companies generally are more volatile. International investing risks include among others political, social or economic instability, difficulty in predicting international trade patterns, taxation, and foreign trading practices and greater fluctuations in price than U.S. corporations. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities.
Morningstar Moderate Allocation Category portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 50% to 70% of assets in equities and the remainder in fixed income and cash.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed- end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.
The Morningstar Medalist RatingTM is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.
The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
© 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
1No load/Sales charge: You pay no sales charge for the purchase or sale of Fund shares and no 12b-1 marketing fees. You will, however, incur expenses for investment advisory, management and administrative services, which are included in annual fund operating expenses.
7Turnover ratio: The turnover ratio or turnover rate is the percentage of a mutual fund or other portfolio’s holdings that have been replaced in a given year (calendar year or whatever 12-month period represents the fund’s fiscal year).
8Active share: a measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index. Typically, managers with high Active Share outperform their benchmark indexes and Active Share tends to predict fund performance.
9Sharpe ratio: A measure that indicates the average return minus the risk-free return divided by the standard deviation of return on an investment.
10Net Asset Value (NAV) Per Share.
11Weighted average market capitalization is determined by multiplying the current market price by the number of outstanding shares and then taking an average to determine weighting.
1230-day SEC yield reflects the dividends and interest earned during the period after the deduction of the Fund's expenses. It may help investors estimate income, expressed as a percentage.
13Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates.
Upper Midwest includes Minnesota, Illinois, Iowa, Wisconsin, North Dakota and South Dakota.
Capitalization categories as defined by Mairs & Power: Large Cap - greater than $10 Billion; Mid Cap - $2B to $10B; Small Cap - less than $2B.