THE KIPLINGER 25 UPDATE: Be Patient With This Quirky Fund

摘要

MAIRS & POWER GROWTH wowed us in 2013 (the year we added it to the Kiplinger 25), when it beat Standard & Poor's 500-stock index by three percentage points. Since then, however, the fund's results have been dreary. Over the past year, it lagged the S&P 500 by 4.8 points. But let's keep things in perspective. Growth isn't always in sync with the overall market. It invests in a mix of attractively priced, growing firms of all sizes. The managers keep the $4 billion fund lean (it held just 47 stocks at last report) and they tend to hang on for the long haul. Annual turnover is just 6%, suggesting that stocks remain in the fund for an average of 17 years. Another quirk: The managers, who are based in St. Paul, Minn., stick close to home. Two-thirds of the firms in the portfolio are based in the Upper Midwest.