Mairs & Power 13F (2026 Q1): Megacaps and a Minnesota Tilt

A quality-growth shop with a hometown accent

Mairs & Power has managed money from St. Paul, Minnesota since 1931, and its portfolios carry an unmistakable regional accent. The firm is known for a patient, low-turnover quality-growth style and for a long-standing willingness to back companies headquartered in its own backyard, the industrial and consumer franchises of Minnesota and the upper Midwest. Its 2026Q1 13F, about $9.79 billion across 245 positions, blends a modern megacap-technology core with that distinctive home-state tilt.

The top of the book leads with the familiar quality compounders: Nvidia at 8.49%, Microsoft at 7.35%, Amazon, and Alphabet. But sitting right among them is Graco, the Minneapolis-based fluid-handling equipment maker, at 3.30%, and a little further down the list is Toro, the Bloomington, Minnesota maker of turf and landscaping equipment. Few large managers give Minnesota industrials this kind of prominence; for Mairs & Power, deep local knowledge of these companies is part of the edge.

Megacaps and Midwest industrials side by side

The portfolio's character comes from that pairing. The technology megacaps provide the growth engine and reflect the same quality screen any modern manager applies, durable franchises with high returns. The regional holdings, Graco, Toro, and other Midwest names deeper in the book, reflect something harder to replicate: decades of proximity to and familiarity with companies the firm has often followed since they were small. It is a portfolio that expresses both a national quality-growth discipline and a genuine circle of competence rooted in geography.

A quarter of selective trimming

The quarter's activity was measured, consistent with the firm's low-turnover reputation. Mairs & Power trimmed JPMorgan by 17% of shares, Toro by 21%, and Eli Lilly by 6%, with a small cut to Alphabet, while holding the technology core, Nvidia, Microsoft, Amazon, Apple, and Visa, essentially flat. Reported value eased 5.8% on the quarter and has held near $10 billion for two years, the steadiness you would expect from a manager that has compounded patiently for nearly a century. The trims read as ordinary valuation discipline, taking a little off names that had run, rather than any shift in the underlying approach.

How to read a regionally tilted book

Mairs & Power's filing is a useful reminder that a manager's location and history can shape a portfolio in ways a pure quality screen would not. The megacap holdings are recognizable and broadly held; the more distinctive signal is the regional industrials, which reflect the firm's particular expertise and long-term relationships. For investors using filings for ideas, the home-state names are where Mairs & Power's edge is most concentrated, businesses it arguably understands better than almost anyone, while the technology core shows it applying the same quality discipline to the broader market. You can explore the full 245-position book, the quarter-over-quarter changes, and the longer history on the Mairs & Power filer page.