Mairs & Power

Rob Mairs serves as CEO, and the firm distributes portfolio-manager responsibilities across its fund lineup, with mutual-fund managers publishing quarterly commentary under their own names. The firm’s website identifies Justin Miller as Head of Individually Managed Accounts and Hilary Sweeney as a Client Advisor. The investment process is guided by independent research and conviction, but the firm does not publicly name a single CIO.

The firm states that it favors companies headquartered in Minnesota and the Upper Midwest. It does not explicitly exclude names outside the region, but its core thesis is that the geographic concentration surfaces companies with durable competitive advantages and excellent management teams. Portfolio holdings are concentrated around that conviction.

The firm serves both channels. For institutional investors — including Taft-Hartley plans, pension funds, foundations, endowments, and insurance companies — it offers individually managed accounts with the same long-term philosophy. Retail investors can access the three mutual funds, the Minnesota Municipal Bond ETF, and separately managed accounts.

Fixed-income exposure is delivered through the Balanced Fund and the standalone Minnesota Municipal Bond ETF. The Balanced Fund combines equity and fixed-income positions in a single vehicle, while the ETF concentrates on Minnesota municipal bonds, aligning the credit selection with the firm’s geographic preference.

The firm’s public product set consists of mutual funds, an ETF, and separately managed accounts; no private equity, venture, hedge, or real-asset vehicles are disclosed. The strategy tags in third-party databases suggesting venture-stage activity do not match the firm’s own public materials.