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FUND MANAGERS

Michael C. Marzolf

Lead Manager

Andrew R. Adams, CFA

CIO, Co-Manager

Chris D. Strom, CFA

Co-Manager

Inception 2011: MSCFX

Mairs & Power
Small Cap Fund

  • Regional emphasis
  • Access to a portfolio of companies who exhibit
    • - Attractive business niches
    • - Strong competitive positions
    • - Potential to grow revenues, earnings and cash flows consistently over the long term
  • Low turnover, tax efficient 
  • No load1

Resources

Explore the Small Cap Fund

PERFORMANCE & NAV

Average Annualized Returns (%)

As of 06/30/2024

Inception 8/11/2011

FUND/INDEX 1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Mairs & Power Small Cap Fund2 6.621.096.937.1411.93
S&P Small Cap 600 Index3 8.66-0.268.068.2411.61
Russell 2000 TR Index4 10.06-2.586.947.0010.24
Morningstar Small Blend Category5 10.450.777.736.53-

Calendar Year Returns (%)

FUND/INDEX2023202220212020201920182017201620152014
Mairs & Power Small Cap Fund2 11.04-13.9326.008.7821.13-6.917.6427.27-4.686.73
S&P Small Cap 600 Index3 16.05-16.1026.8211.2922.78-8.4813.2326.56-1.975.76
Russell 2000 TR Index4 16.93-20.4414.8219.9625.52-11.0114.6521.31-4.414.89
As of 07/12/2024: NAV - Daily Closing Price
Small Cap Fund MSCFX$31.04
As of 4/30/2023 Prospectus Expense Ratio
0.92% 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.

Index Definitions

MORNINGSTAR RATINGS & RANKINGS

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ANALYST RATING
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As of 3/31/2024 among Small Blend Funds based on risk-adjusted returns.
OVERALL 1 YR 3 YR 5 YR 10 YR Since Inception
Star Rating 3star - 3star 3star 3star -
Funds in Category 585-585553384-
Percentile Rank -795972597
Funds in Category -613591575495445
Inception 8/11/2011

FUND FACTS

As of 3/31/2024:
TickerMSCFX
Inception Date 8/11/2011
Style Small Cap Core
Holdings40
Annualized Turnover5 19.05%
Expense Ratio 0.92%
Active Share6 96.90%
Sharpe Ratio7 0.09
Net Asset Value8 $30.57
Wtd. Ave. Market Cap9 $5.9B
30-Day SEC Yield10 0.16%
Total Net Assets $330M
Sales Charge1 None
Min. Initial Investment $2,500
Min. Initial IRA Investment $1,000
Subsequent Investment $100
Income Distributions Annual
Capital Gains Distributions Annual

OBJECTIVE & STRATEGY

Seeks above-average, long-term appreciation.

  • Commits to long-term investing in consistently growing companies with minimal turnover
  • Emphasis on companies in Minnesota and the Upper Midwest
  • Focuses on small-cap companies
  • Focuses on companies with attractive business niches, strong competitive positions and the potential to grow revenues, earnings and cash flows consistently over the long term
  • Considers the importance of capable management with a track record of prudent capital deployment
  • Seeks to keep its assets reasonably fully invested, maintain modest portfolio turnover rates and mitigate risk by investing in a diversified portfolio of securities 

PORTFOLIO CHARACTERISTICS

As of 3/31/2024:
SECTOR WEIGHTS % PORTFOLIO
Industrials28.4
Information Technology 20.4
Financials 19.2
Health Care 10.1
Consumer Staples 6.9
Materials6.2
Utilities4.3
Consumer Discretionary 3.6
Communication Services 0.7
0.0
0.0
Total99.8
TOP 10 HOLDINGS % PORTFOLIO
AZEK Company, Inc. 4.2
Casey's General Stores Inc. 4.2
Hub Group Inc. 3.8
Wintrust Financial Corp. 3.8
nVent Electric PLC 3.8
HB Fuller Co. 3.6
AAR Corp. 3.6
Altair Engineering Inc. 3.6
JBT Corp. 3.5
Medpace Holdings, Inc. 3.5

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.

Sector Allocation

See Legend Above.

Market Cap Allocation

Mid Cap 24.0%
Small Cap 76.0%
Micro Cap 0.0%

Geographic Allocation

< < <
Minnesota 28.0%
Upper Midwest 50.0%
Other 22.0%

Asset Allocation

Common Stock 99.8%
Cash 0.2%

DISTRIBUTION HISTORY

The Mairs & Power Small Cap Fund declares and pays dividend income annually in 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
DATE
REINVEST NAV DIVIDEND PER SHARE SHORT-TERM CAPITAL
GAINS
LONG-TERM CAPITAL
GAINS
12/14/202312/15/2023 $28.77 $0.06 - $0.14
12/14/202212/15/2022 $26.53 $0.05 - $1.67

ADDITIONAL RESOURCES

How to Invest
Mutual Funds

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

  • Going Online 
  • Calling Shareholder Services at 800-304-7404, or
  • Completing the appropriate application and mailing it with your check to: 


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

3rd Floor

615 East Michigan Street

Milwaukee, WI 53202

MUTUAL FUNDS MINIMUM INVESTMENT AMOUNTS
New account $2,500
Subsequent investments $100
New IRA account $1,000
Subsequent IRA investments $100

MUTUAL FUND QUESTIONS?

We’re here to help you with all your account opening or servicing questions.

Please call 800-304-7404

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.

ETF QUESTIONS?

Investing questions should be directed to your financial advisor or online brokerage. Learn more about the Minnesota Municipal Bond ETF by calling 855-839-2800 or emailing us at MINN@mairsandpower.com.

FUND DOCUMENTS

APPLICATIONS / MAINTENANCE

RESOURCES

REPORTS

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).