Tech Giants Dominate Mairs & Power Growth Fund Portfolio
The Mairs & Power Growth Fund, managed by Andrew R. Adams, holds significant positions in leading technology companies like Microsoft and NVIDIA as of December 31, 2025.
Introduction
The portfolio managed by Andrew R. Adams, known as the Mairs & Power Growth Fund, as of December 31, 2025, exhibits a clear focus on high-value technology and healthcare stocks. The fund's holdings reflect a strategic concentration in sectors poised for growth, with Technology being the most prominent sector allocation.
Top Holdings Analysis
The fund's largest position is in Microsoft Corporation (MSFT), representing approximately $925 million in value, or 8.9% of the total portfolio. This is followed closely by NVIDIA Corporation (NVDA) at $923 million (8.88%) and Amazon.com Inc. (AMZN) at $598 million (5.76%).
- Microsoft (MSFT): The fund holds over 1.9 million shares, with a slight increase in shares (+0.39%) and value from the previous period.
- NVIDIA (NVDA): Despite a significant decrease in shares (-11.24%) and value, it remains the second-largest holding.
- Amazon (AMZN): Shares increased by 1.44% in value, contributing to its strong position in the portfolio.
- Apple (AAPL): Holds $331 million (3.19%) in Apple, showing moderate growth in shares.
- Visa (V) and UnitedHealth (UNH) round out the top six holdings, each representing over $270 million in value.
Sector Concentration
The portfolio demonstrates a strong concentration in the Technology sector, with Microsoft, NVIDIA, and Apple all falling under this category. Collectively, Technology holdings account for approximately 27.83% of the portfolio's value. Healthcare is the second most represented sector, with Eli Lilly (LLY) and UnitedHealth (UNH) making up about 10.21% of the portfolio.
Investment Strategy and Changes
The fund appears to employ a growth-oriented strategy, heavily weighted towards large-cap technology and healthcare companies. The significant allocation to Microsoft and NVIDIA suggests confidence in the long-term prospects of the semiconductor and software industries.
Recent changes in holdings show a dynamic approach. While Microsoft and Apple saw modest share increases, NVIDIA experienced a substantial reduction in its position. Amazon saw a slight increase, while other notable changes include a significant reduction in UnitedHealth shares (-22.38%) and a moderate decrease in JPMorgan shares (-6.25%).
Conclusion
The Mairs & Power Growth Fund, as of December 31, 2025, maintains a concentrated portfolio heavily favoring high-growth technology and healthcare sectors. Its top holdings in Microsoft, NVIDIA, and Amazon point towards a strategy focused on capturing performance from leading innovators. The fund's manager continues to adjust positions, as evidenced by the recent changes in allocations, particularly the reduction in NVIDIA and UnitedHealth, while maintaining confidence in core technology holdings.