Mairs & Power Growth Fund’s Q4 2025 Investor Letter

Mairs & Power, an investment advisor, released the fourth-quarter 2025 investor letter for the “Mairs & Power Growth Fund.” In 2025, artificial intelligence (AI) and market concentration dominated the market. Increased investment in technology and AI infrastructure drove rising valuations and corporate spending, leading to bubble-like tendencies. However, easing inflation, a Federal Reserve rate cut in Q4, and resilient corporate earnings provided some optimism. In this environment, the fund underperformed both the S&P 500 Total Return (TR) and its peer group, the Morningstar Large Blend index, with a 10.54% gain compared to 17.88% and 15.55%, respectively, for the indexes. In 2025, stock selection proved challenging, though it has traditionally yielded favorable long-term results for shareholders. In addition, please check the Fund’s top five holdings to know its best picks in 2025.

A copy of Mairs & Power Growth Fund’s Q4 2025 investor letter is available for download here.