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...
Mairs & Power Growth Fund’s Q4 2025 Investor Letter
