Mairs & Power Growth Fund Stays on Target

摘要

SOME PLACES ARE RESISTANT to change. Since 1980, MAIRS & POWER GROWTH has invested mostly in companies based in or near its St. Paul, Minn., headquarters. And once a stock enters the portfolio, it tends to stay for a long time, sometimes for decades. But one change is coming: After 15 years with the fund, co-manager Bill Frels is bowing out at the end of 2014 because of the firm's policy requiring mandatory retirement once an employee reaches age 75. The transition has already begun: A year ago, Mark Henneman, a co-manager since 2006, took over as head honcho. "Mark's calling most of the shots now," says Frels.