Summary

• Escalating conflict in the Middle East disrupted global energy markets, driving oil prices higher and reintroducing inflation risks that had largely faded to the background.
• Earnings estimates for 2026 have continued to move higher for both large and small companies, with the S&P 500 projected to see 17% growth this year.
• In the first quarter, the Mairs & Power Fund outperformed its benchmark, the S&P 500 Total Return, and its peer group, as measured by the Morningstar Large Blend Index.
• The Mairs & Power Fund added Ameriprise Financial Group, Sprouts Farmers Market, and Waste Management during the first quarter of 2026.

Market Overview

Just as markets began to grow more confident about the path forward for inflation and interest rates, an unexpected variable took center stage. Escalating conflict in the Middle East disrupted global energy markets, driving oil

12 Followers