Mairs and Power: Increasing Position in Apple Inc. by 288.63%
Investment firm Mairs and Power, known for its disciplined approach to long-term investments, has disclosed its 13F holdings for the fourth quarter of 2023. Managing Growth, Balanced, and Small-Cap Funds, the company follows a philosophy that emphasizes steady growth, high returns on invested capital, and sustainable competitive advantages. With its low turnover approach, Mairs and Power has gained a reputation for making thoughtful investment decisions and focusing on less efficient market areas to maximize benefits for long-term investors.
Mairs and Power Increases Stake in Apple Inc. by 288.63%
Summary of New Purchases
Mairs and Power expanded its portfolio with 20 new stocks in the last quarter. Notable additions include:
– Knife River Holding Co (NYSE: KNF) – purchase of 84,705 shares, now representing 0.06% of the portfolio, valued at $5.61 million.
– Health Care Select Sector SPDR (XLV) – purchase of 19,483 shares, approximately 0.03% of the portfolio, valued at $2.66 million.
– Consumer Staples Select Sector SPDR (XLP) – purchase of 44,420 shares, representing 0.03% of the portfolio, valued at $3.2 million.
Major Position Increases
The company significantly increased its stakes in several companies, with the most notable being:
– Apple Inc (NASDAQ: AAPL) – Mairs and Power added an additional 434,396 shares, bringing the total to 584,900 shares. This represents a significant increase of 288.63%, impacting the portfolio by 0.88%, with a total value of $112.61 million.
– Best Buy Co Inc (NYSE: BBY) – added an additional 526,417 shares, bringing the total to 532,167 shares. This represents a staggering increase of 9,155.08%, with a total value of $41.66 million.
Summary of Sold Positions
During the fourth quarter, Mairs and Power completely divested from positions in four companies:
– Sleep Number Corp (NASDAQ: SNBR) – sold all 149,958 shares, negatively impacting the portfolio by 0.04%.
– Plug Power Inc (NASDAQ: PLUG) – sold all 10,000 shares, with minimal impact on the portfolio.
Key Position Reductions
Significant reductions were made in 118 stocks, with notable changes in:
– Ecolab Inc (NYSE: ECL) – reduced by 175,311 shares, resulting in a decrease of 12.51% and impacting the portfolio by -0.35%. The shares traded at an average price of $179.84 during the quarter and had a return of 18.35% in the past three months and 9.39% since the beginning of the year.
– Amazon.com Inc (NASDAQ: AMZN) – reduced by 211,476 shares, resulting in a decrease of 7.94% and impacting the portfolio by -0.32%. The shares traded at an average price of $140.18 during the quarter, with a return of 17.27% in the past three months and 12.53% since the beginning of the year.
Portfolio Overview
In the fourth quarter of 2023, Mairs and Power’s portfolio consisted of 231 stocks. The largest holdings included 7.83% in Microsoft Corp (NASDAQ: MSFT), 4.97% in Alphabet Inc (NASDAQ: GOOG), 4.5% in UnitedHealth Group Inc (NYSE: UNH), 3.93% in Amazon.com Inc (NASDAQ: AMZN), and 3.89% in NVIDIA Corp (NASDAQ: NVDA). The company’s investments are mainly concentrated in 11 sectors, including technology, industrials, healthcare, financial services, communications services, materials, consumer cyclical, consumer defensive, utilities, energy, and real estate.
This article, generated by GuruFocus, aims to provide general information and does not constitute individual financial advice. Our comments are based on historical data and analyst forecasts, using an unbiased methodology, and are not intended to serve as specific investment recommendations. The article does not make recommendations regarding buying or selling any stocks and does not take into account individual investment objectives or financial situations. Our goal is to provide analysis based on long-term, fundamental data. However, it should be noted that our analysis may not incorporate the latest price-sensitive corporate announcements or qualitative information. GuruFocus does not hold any positions in the stocks mentioned here.
This article first appeared on GuruFocus.
FAQ Section based on the main topics and information presented in the article:
1. What approach does Mairs and Power take in investments?
Mairs and Power emphasizes steady growth, high returns on invested capital, and sustainable competitive advantages.
2. What are the additions to Mairs and Power’s portfolio?
In the last quarter, Mairs and Power added 20 new stocks to its portfolio. Notable additions include Knife River Holding Co, Health Care Select Sector SPDR, and Consumer Staples Select Sector SPDR.
3. In which companies did Mairs and Power increase its stakes?
The significant increases in stakes were in Apple Inc by 288.63% and additional shares of Best Buy Co Inc.
4. Which positions did Mairs and Power sell?
In the fourth quarter, Mairs and Power completely divested from positions in Sleep Number Corp and Plug Power Inc.
5. Which key positions were reduced by Mairs and Power?
Mairs and Power made significant reductions in positions such as Ecolab Inc and Amazon.com Inc.
6. What are the major holdings in Mairs and Power’s portfolio?
The largest holdings in Mairs and Power’s portfolio include Microsoft Corp, Alphabet Inc, UnitedHealth Group Inc, Amazon.com Inc, and NVIDIA Corp.
Key Definitions or jargon used in the article:
– Portfolio: A collection of investments or assets held by an individual, company, or institution.
– Stocks: Equal, tradable shares in the capital stock of a company.
– Stakes: A portion of a company’s capital that can be owned in the form of stocks.
– Turnover: A measure of how frequently assets in a given portfolio are bought and sold.
– Reputation: General respect or opinion of a particular company or individual.
– Efficiency: Measure of effectiveness or efficiency in achieving intended goals.
– Returns: Financial gains or losses from investments.
– Average price: The average price at which something was traded during a specified period.
– Return: Percentage profit or loss from investments in a specified period.
Suggested related links to major domains:
– https://www.mairsandpower.com/ – Official website of Mairs and Power.
– https://www.apple.com/ – Official website of Apple Inc.
– https://www.nyse.com/ – Official website of the New York Stock Exchange.
– https://www.nasdaq.com/ – Official website of the NASDAQ Stock Exchange.
The source of the article is from the blog kewauneecomet.com