Mairs & Power Growth Fund Investor Class
MPGFX
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- Mairs & Power Growth Fund Investor Class (MPGFX) is an open-end mutual fund managed by Mairs & Power Inc., an independent, employee-owned investment advisory firm headquartered in St. Paul, Minnesota, seeking long-term capital appreciation through a diversified portfolio of common stocks with above-average growth potential. The fund employs a conservative growth strategy emphasizing quality companies with strong returns on invested capital, durable competitive advantages, and capable management; it maintains low portfolio turnover of approximately 9.8%, with holdings typically numbering around 44 stocks across large-, mid-, and small-cap segments in a blend style; sector allocations as of September 2025 include information technology at 35.8%, industrials at 13.8%, financials at 12.2%, and health care at 12.1%, with top holdings such as Microsoft Corp. (11.2%), NVIDIA Corp. (10.9%), and Amazon.com Inc. (6.5%); geographic focus favors Minnesota (23%) and the Upper Midwest (14%), supplemented by other U.S. and limited non-U.S. positions comprising 99.8% common stocks and minimal cash. Launched on November 1, 1958, with total net assets of approximately $5.7 billion as of September 2025, the fund features a net expense ratio of 0.62%, semi-annual income distributions, and annual capital gains distributions, available to U.S. investors with a minimum initial investment of $2,500 ($1,000 for IRAs). Mairs & Power Growth Fund is led by Chief Investment Officer Andrew R. Adams, CFA, as lead manager since 2015, and Pete J. Johnson, CFA, as co-manager since 2019, operating within Mairs & Power Inc.'s broader offerings that include the Balanced Fund, Small Cap Fund, Minnesota Municipal Bond ETF (MINN), individually managed accounts, and venture capital investments primarily in Upper Midwest seed and early-stage companies. Recent developments include a 2024 year-end return of 19.62%, trailing the S&P 500 Total Return Index at 25.02% but aligning closely with the Morningstar Large Blend Category average of 20.51%; in 2022, the fund increased its technology sector weighting from a prior underweight position during market selloffs, enhancing participation in subsequent gains; the firm reached over $11.7 billion in total assets under management as of June 2025 across all strategies; Mark L. Henneman transitioned from CEO in 2024 after serving as Chairman and CEO; and ongoing portfolio adjustments in 2025 have responded to market volatility amid policy changes under the current administration, with additions to long-term positions in quality growth stocks.