2019 Capital Gains and Dividends
Mairs & Power Funds 2019 Capital Gain and Dividend Distributions:
| || || || || |
|Fund Name||Dividend per Share||Short-Term Capital Gain per Share||Long-Term Capital Gain per Share||Total Capital Gain as % of NAV|
|Small Cap Fund
Record Date: September 26, 2019
Payable/Ex-Dividend/Reinvestment Date: September 27, 2019
Dividend and Capital Gain FAQ
Value Investor Insight - Investor Insight: Mairs & Power
Value Investor Insight- August 30, 2019
Investor Insight: Mairs & Power- Targeting small-cap stocks, Allen Steinkopf and Andrew Adams are ably applying the notion of thinking globally but acting locally to their investors' benefit.
Value Investor Insight Article
Value Investor Insight's Article Disclosure
Correction Notice – Benchmark Since Inception Performance Numbers
The since inception performance numbers for the benchmark indices used by the Growth Fund and the Balanced Fund for the first and second quarter of 2019 were incorrect in certain marketing materials posted on this website in 2019.
The since inception performance for the first quarter of 2019 was 9.99% and 9.14% for the S&P 500 TR and Composite Indices, respectively. The since inception performance for the second quarter of 2019 was 10.02% and 9.17% for the S&P 500 TR and Composite Indices, respectively. The relevant materials were corrected on the website as of August 29, 2019. We apologize for any inconvenience this may have caused. As always, we are available to answer your questions via email or calling 651-222-8478.
Performance data quoted represents past performance and does not guarantee future results.
Q2 2019 Growth Fund Update Recording
Recording - July 31, 2019 Click the link below to listen to portfolio managers, Andrew Adams and Mark Henneman as they provide insight into the Growth Fund's investment management philosophy, holdings that affected the Fund's return and investment opportunities.
Recording - Q2 2019 Growth Fund Update
Dividend yield is the ratio of a company's annual dividend compared to its share price.
Kiplinger - Midwest Fund Mairs & Power Growth Hangs Tough
Kiplinger - July 3, 2019
Midwest Funds Mairs & Power Growth Hangs Tough- When the market gets ugly, Mairs & Power Growth (symbol MPGFX) shines according to Nellie S. Huang.
Kiplinger's Article Disclosure
Q1 2019 Balanced Fund Update Recording
Recording - May 2, 2019 Click the link below to listen to Kevin Earley, Balanced Fund lead portfolio manager and Bob Thompson, co-portfolio manager, as they provide insight into the Balanced Fund's investment management philosophy, holdings that affected the Fund's return and investment opportunities.
Recording - Q1 2019 Balanced Fund Update Recording
The statements and opinions expressed are those of the speakers and are as of the date of this call. All information is historical and not indicative of future results and subject to change.
Scott Howard and Annette Lance are registered representatives of ALPS Distributors, Inc.
Money Life with Chuck Jaffe – Radio Interview
Audio Recording – April 29, 2019 Click the link below to listen to Ron Kaliebe, CFA, CIC, SVP and Director of Fixed Income, co-manager of the Balanced Fund as he was interviewed on the Money Life Show with Chuck Jaffe.
Recording – Money Life with Chuck Jaffe
Opinions expressed are those of the interviewee or Mairs &Power and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice. Diversification does not eliminate the risk of experiencing investment loss.
Top 10 Fund Holdings (subject to change)
Mairs & Power Growth Fund
Mairs & Power Balanced Fund
Mairs & Power Small-Cap Fund
Capital Expenditures (CapEx) – Capital expenditures are funds used by a company to acquire, upgrade, and maintain physical assets.
Merger and Acquisition (M&A)
Federal Reserve (Fed)
Morningstar Analyst Reports
Morningstar - April 2019
Below are the links to the Mairs & Power Growth, Balanced & Small Cap Fund Analyst Write-ups by Tony Thomas:
Morningstar Growth Fund Analyst Report
Morningstar Balanced Fund Analyst Report
Morningstar Small Cap Fund Analyst Report
Growth Fund & Small Cap Fund Portfolio Manager Changes
Press Release - April 1, 2019
Veteran fund managers Andrew R. (Andy) Adams and Allen D. Steinkopf were named lead managers of the Mairs & Power Growth Fund (MPGFX) and the Mairs & Power Small Cap Fund (MSCFX) respectively, effective April 1, 2019. Mark L. Henneman, lead manager of the Growth Fund since 2013 and Andrew R. Adams, lead manager of the Small Cap Fund since 2011, move to co-manager roles for those Funds. Peter J. (Pete) Johnson joins Adams and Henneman as co-manager of the Growth Fund.
“Andy and I have worked closely together since he joined the firm in 2006 and even more so as he assumed the Growth Fund co-manager role in 2015, and became Chief Investment Officer in 2018. This close working relationship will continue to grow through this management change,” said Mark L. Henneman, Chairman and CEO of Mairs & Power, Inc.
Henneman added, “While Andy takes leadership of the Growth Fund, Allen Steinkopf will assume the lead manager role of the Small Cap Fund. Andy and Allen have worked together on and off for over 20 years, first at Advantus Capital Management (now Securian Asset Management) then US Bank Asset Management (now Nuveen Investments) and since 2013 at Mairs & Power. Allen assumed the co-manager role of the Small Cap Fund in 2015 which has allowed Allen and Andy to further deepen their working relationship, and that close relationship will continue with this management change.”
Noting the appointment of Pete Johnson to co-manager of the Growth Fund, Andy Adams stated, “Pete has been with Mairs & Power since 2010 and over these past 8 years his equity research and overall contributions to the Investment Committee have supported the work of the entire investment team, especially the Growth Fund. I am excited to have Pete join the Fund management team.”
“Succession planning is a natural component of Mairs & Power’s long-term focus,” Henneman added. “As the oldest investment firm under continuous private ownership and management in Minnesota, we employ a deliberate and disciplined succession planning process to ensure consistency in our investment philosophy over time while providing growth and development opportunities for our investment professionals. These changes in Fund management will keep me focused on the Growth Fund, but allow me time to address the long-term strategy of Mairs & Power, Inc.”
Mr. Adams joined Mairs & Power in 2006 as Vice President and Investment Manager. He was appointed manager of the Mairs & Power Small Cap Fund which launched in August of 2011, and co-manager of the Growth Fund on January 1, 2015. Mr. Adams was named Chief Investment Officer of Mairs & Power on January 1, 2018.
Mr. Steinkopf joined Mairs & Power in September 2013 as Vice President and Investment Manager. He was named co-manager of the Small Cap Fund on January 1, 2015. Prior to joining Mairs & Power, he had been senior portfolio manager of small cap equity and directly managed a small cap core mutual fund at Nuveen Asset Management.
Mr. Henneman joined Mairs & Power in 2004 as Vice President and Investment Manager. In 2006 he was named co-manager of the Growth Fund. Along with Bill Frels, he was named the 2012 Morningstar Fund Manager of the Year- Domestic Equities and in 2013 was named lead manager of the Fund. In 2018 he was named Chairman and Chief Executive Officer of Mairs & Power, Inc.
Mr. Johnson joined Mairs & Power in 2010 as Assistant Vice President and Analyst after receiving his M.B.A. with a concentration in the Applied Security Analysis Program from the University of Wisconsin. Prior to that Pete was a Senior Equity Analyst for 5 years with Ulland Investment Advisors in Minneapolis.
As of December 31, 2018, the Mairs & Power Growth Fund (MPGFX) held $3.9 billion in assets under management and the Mairs & Power Small Cap Fund (MSCFX) held $367 million in assets under management.
About Mairs & Power
Established in 1931, Mairs & Power is an independent, employee-owned investment advisory firm committed to pursuing long-term growth. The firm’s mutual funds and individually managed accounts are built on the strength and success of carefully selected, quality stocks and bonds. One of the cornerstones of the firm’s equity approach is its regional strategy focusing on stocks of companies headquartered in the Upper Midwest. As of December 31, 2018 Mairs & Power’s assets under management totaled $8.5 Billion. For more information, please visit our website www.mairsandpower.com.
Wise Money – Local Focused Investing
Audio Recording – February 2, 2019 Click the link below to listen to Ron Kaliebe, CFA, CIC, SVP and Director of Fixed Income, co-manager of the Balanced Fund in three segments. He’ll discuss the history of Mairs & Power and the firm’s investment style, as well as thoughts on the bond market and the economy as of the date of the radio show.
Recording – Wise Money
Q4 2018 Growth Fund Update Recording
Recording - January 30, 2019 Click the link below to listen to Mark Henneman, Growth Fund lead portfolio manager, as he provides insight into the Growth Fund's investment management philosophy, holdings that affected the Fund's return and investment opportunities.
Recording - Q4 2018 Growth Fund Update
Top 10 Growth Fund Holdings
Q3 2018 Small Cap Fund Update Recording
Recording - October 26, 2018 Click the link below to listen to Andy Adams, Small Cap Fund lead portfolio manager, and Allen Steinkopf, co-portfolio manager, as they provide insight into the Small Cap Fund's investment management philosophy, holdings that affected the Fund's return and investment opportunities.
Recording - Q3 2018 Small Cap Fund Update
“Internet of things” is a system of sensors and relays that communicate with each other.
All investments have risks. The Small Cap 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 midcap 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. The Small Cap Fund may invest in initial public offerings by small cap companies, which can involve greater risks than investments in companies which are already publically traded.
Mairs & Power's Small Cap Fund Re-Opens to All New Investors
Announcement - September 28, 2018
After careful deliberation, Mairs & Power has decided to re-open the Small Cap Fund (MSCFX) to all investors effective as of the close of business on September 28, 2018.
For two years, the Small Cap Fund has been closed to most new investors. “The same thoughtful consideration that went into closing the Fund went into the decision to re-open it, “ said Mark Henneman, Chief Executive Officer of Mairs & Power, Inc. “Having reviewed the available capacity within the Fund and the opportunities to invest in attractive small cap companies, we believe now is the right time to reopen the Fund for our current and future shareholders.”
“We are excited to re-open the Small Cap Fund to all investors,” said Andy Adams, lead Portfolio Manager of the Mairs & Power Small Cap Fund and Chief Investment Officer of Mairs & Power, Inc. “Our investment strategy and philosophy remain unchanged. We continue to exercise the same prudent investing discipline we have followed since the Fund launched in 2011.”
Complete guidelines on eligibility to invest in the Fund are available in the Fund's prospectus.
Balanced Fund Lead Investment Manager Change
Press Release - April 2, 2018
Veteran fund manager Kevin V. Earley was named lead manager of the Mairs & Power Balanced Fund, effective April 1. Ronald L. Kaliebe, lead manager of the Fund, moves to a co-manager role in preparation for his retirement on June 30, 2019. Robert W. (Bob) Thompson joins Earley and Kaliebe as a co-manager of the Fund.
"Ron's leadership and mentorship at Mairs & Power over the past two decades leave an important legacy. He has worked effectively with both Kevin and Bob and the Balanced Fund will benefit as that close working relationship continues during this planned management transition,” said Mark L. Henneman, Chairman and CEO, Mairs & Power, Inc.
These portfolio management moves are being made to allow for a smooth and orderly transition in the management of the Fund during the fifteen months leading up to Kaliebe’s planned retirement date in 2019. The conservative, long-term investment management approach of the Balanced Fund will remain unchanged.
Kaliebe, who joined Mairs & Power in 2001, has been lead manager of the Mairs & Power Balanced Fund since 2013 after serving as co-manager since 2006.
Earley joined Mairs & Power in 2013 as Vice President, Equity Analyst and Investment Manager. He has served as Fund co-manager since 2015. Mr. Earley began his investment career as an equity analyst with FAF Advisors in 1997, later becoming a portfolio manager on the firm’s mid and large cap value team. Prior to joining Mairs & Power, Mr. Earley co-managed two mutual funds at Nuveen Asset Management.
Thompson joined Mairs & Power in 2016 as Assistant Vice President and Fixed Income Portfolio Manager after 13 years as Vice President, Corporate Bonds at Advantus Capital Management, a division of Securian Financial Group, Inc. in St. Paul. Prior to that Bob worked as Senior Securities Analyst at Lutheran Brotherhood (now Thrivent Financial) in Minneapolis.
As of December 31, 2017, the Mairs & Power Balanced Fund (MAPOX) held $985 million in assets under management.
About Mairs & Power
Established in 1931, Mairs & Power is an independent, employee-owned investment advisory firm committed to pursuing long-term growth. The firm’s mutual funds and individually managed accounts are built on the strength and success of carefully selected, quality stocks and bonds. One of the cornerstones of the firm’s equity approach is its regional strategy focusing on stocks of companies headquartered in the Upper Midwest. Mairs & Power manages mutual funds and individually managed portfolios. As of December 31, 2017 Mairs & Power’s assets under management totaled $9.9 Billion. For more information, please visit our website www.mairsandpower.com.
2018 Tax Forms Information
Below are the mailing dates for 2018 tax statements for the Mairs & Power Funds. Tax statements are now available for electronic delivery. If you'd like to sign up for electronic delivery of tax statements and other statements, please call Shareholder Services at 1-800-304-7404.
Funds' 2018 Supplement Distribution and Tax Information
Tax Form Important Dates:
Form 1099-R: available by January 31, 2019
Form 1099-Q: available by January 31, 2019
Form 592-B State of California: available by January 31, 2019
Form 1099-DIV: available by February 15, 2019
Form 1099-B: available by February 15, 2019
Form 1099-INT: availabel by February 15, 2019
Form 1042-S: available by March 15, 2019
Form 5498-ESA: available by April 30, 2019
Form 5498: available by May 31, 2019
If you have any questions or concerns, please refer to the Tax Guide or contact Shareholder Services at 1-800-304-7404.
Mairs & Power Mutual Funds' Board Transition
Press Release - October 6, 2017
Bert McKasy, current Chair of the Mairs & Power Funds Trust Board of Trustees, will be retiring on December 31 of this year, having reached the Board's mandatory retirement age of 75. The Board of Trustees has appointed Dr. Mary Schmid Daugherty to succeed Mr. McKasy as Board Chair effective January 1, 2018. Dr. Daugherty has been a Trustee of the Funds since 2010 and is the current Audit Committee Chair.
The Board of Trustees also appointed two new Trustees to the Board effective January 1, 2018: Susan Knight and Mark Henneman. Ms. Knight is retired from MTS Systems Corporation where she was Senior Vice President and Chief Financial Officer. She currently serves as Chair of the Surmodics, Inc. Board of Directors. Mark Henneman is President of the Funds Trust and President and Chief Investment Officer of Mairs & Power, Inc. Continuing to serve as Trustees of the Funds are James Alt, the current Nominating and Governance Committee Chair, Dr. Mary Schmid Daugherty, Patrick Thiele, who will succeed Dr. Daugherty as Audit Committee Chair, and Jon Theobald, the current Chairman and CEO of Mairs & Power, Inc.
About Mairs & Power
Mairs & Power is an independent, employee owned investment management firm focused on long-term performance. The firm's strength and success have been built by applying a consistent, conservative investment approach since 1931. The cornerstone of the firm's equity approach is a regional strategy with a heavy representation in stocks of companies headquartered in the Upper Midwest. Mairs & Power manages individual advisory portfolios and three mutual funds: Mairs & Power Growth Fund-MPGFX, Mairs & Power Balanced Fund-MAPOX and Mairs & Power Small Cap Fund-MSCFX. As of June 30, 2017 Mairs & Power's assets under management totaled $9.6 Billion. For further information go to www.mairsandpower.com.
Electronic Delivery of Statements - New Direct Shareholder Servicing Feature
Effective August 1, 2017, eDelivery will be available to shareholders with accounts held directly with the Mairs & Power Funds. eDelivery provides your tax statements, account statements and trade confirmation statements online rather than by regular mail. Starting August 1, 2017, shareholders can elect to receive materials electronically by contacting Shareholder Services at 1-800-304-7404 or by clicking below to sign up for eDelivery. To enable eDelivery online, you need to create an online account first or sign into your existing account. For questions, please contact Shareholder Services at 1-800-304-7404.
To access your existing account or create a new account, please click here.
New Leadership at Mairs & Power
Press Release - July 28, 2017
Mairs & Power is pleased to announce that a new Chairman and CEO, a new President and a new Chief Investment Officer (CIO) will assume those roles effective on January 1, 2018. Jon Theobald who has been Chairman and CEO since 2012 will be retiring at the end of the year. Mark Henneman will become Chairman and CEO replacing Theobald, and Robert Mairs will become President and will continue to serve as Chief Compliance Officer (CCO). The firm's new CIO will be Andrew Adams, replacing Henneman in that role. Though no longer an employee after December 31, Theobald will remain associated with the firm as Chairman Emeritus and he will continue serving as a Trustee of the Mairs & Power mutual funds.
Mark Henneman joined Mairs & Power in 2004 as Vice President, was named co-manager of the flagship Mairs & Power Growth Fund in 2006 and became the Fund's lead manager in 2013. Henneman was named President and CIO in 2015.
Robert Mairs joined Mairs & Power in 2015 as General Counsel and Assistant to the Chairman, and a year later added the title of CCO. Prior to joining the firm in 2015 Mairs practiced law in Minneapolis for 16 years with the Gray Plant Mooty law firm.
Andrew Adams joined Mairs & Power in 2006 as Vice President. He was appointed lead manager of the Mairs & Power Small Cap Fund which was launched in 2011. In 2015 Adams added the responsibility of co-managing the Mairs & Power Growth Fund and in 2016 he was named Executive Vice President.
About Mairs & Power
Mairs & Power is an independent, employee owned investment management firm focused on long-term performance. The firm's strength and success have been built by applying a consistent, conservative investment approach since 1931. The cornerstone of the firm's equity approach is a regional strategy with a heavy representation in stocks of companies headquartered in the Upper Midwest. Mairs & Power manages mutual funds and individually managed portfolios. As of June 30, 2017 Mairs & Power's assets under management totaled $9.6 Billion. For further information go to www.mairsandpower.com.
January 2017 - Mairs & Power has produced a white paper, Why Minnesota Works for Investors, this white paper describes what we at Mairs & Power have long known; Minnesota and the Upper Midwest present an opportunity-rich landscape for investors.
Full Economic Cycle Charts
As a bottom-up fundamental investor, Mairs & Power looks for investments that have "a sustainable competitive advantage" which implies that portfolio holdings will outperform their peers over a long time horizon. When we talk about the advantages of holding through a "economic cycle," the only cycle that is relevant is the economic business cycle fluctuating between periods of expansion and slowing of demand across the economy as measured by Gross Domestic Product growth.
The below charts illustrate the performance of both the Mairs & Power Growth Fund and the Mairs & Power Balanced Fund over five full economic cycles as defined by the national Bureau of Economic Research, measured trough-to-trough, as well as the current period where we are mid-cycle. Each Fund's performance is compared to its relevant benchmark, and in the case of the Growth Fund, with its market index.
These charts illustrate the Growth Fund outperformed its peer as measured by the Lipper Multi-Cap Core Fund Index through every cycle. Both Funds also outperformed their benchmark index in all economic cycles except the 1982-1991 cycle.
The underperformance during the 1982-1991 business cycle coincided with a historic shift in the economy - the dramatic reduction in inflation which had held stock valuations down in the previous cycle. As investors' expectations for inflation came down, there was an across-the-board expansion of stock valuations across the market, resulting in the only period of underperformance to the benchmarks. Both the Growth Fund and Balanced Fund significantly outperformed their benchmarks during the subsequent two cycles.
Chart - Growth Fund Full Market Cycle
Chart - Balanced Fund Full Market Cycle
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 Funds may be lower or higher than the performance quoted. For the most recent month-end performance figures, click here or call Shareholder Services at (800) 304-7404.
Escheatment and Abandoned Property
Mairs & Power Mutual Fund Investor Education on Escheatment and Abandoned Property - June 2015
Escheatment is the process of turning over financial assets considered lost or abandoned property to a state authority. Abandoned property is property that is unclaimed by its rightful owner or his or her heirs. Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for one year or longer. States define abandoned property as one of, or a combination of, accounts without activity initiated by the account owner; accounts with an address deemed as undeliverable by the USPS; or uncashed checks. Each state has its own rules concerning abandoned property. The time periods for abandoned property range from three to five years.
It is important to note that abandoned property rules prevents Mairs & Power from recording systematic purchases or redemptions as contact as well as automatic reinvestment of dividends and capital gains.
Please contact Shareholder Services at 800-304-7404 with any questions you have regarding this information. If you have any questions regarding the laws specific to your state of residence, you may visit the National Association of Unclaimed Property Administrators website at www.unclaimed.org for more information.
If you received a notice that your account(s) are subject to escheatment, please perform one of the following:
- Complete the Shareholder Signature(s) section in the notice mailed to you and return the entire letter in the envelope provided;
- Call our automated telephone line at 800-304-7404 and select options #3 and then #4;
- or access your account online at www.mairsandpower.com.