Summary

• Mairs & Power Balanced Fund outperformed its year-to-date benchmark by 0.91% due to equity outperformance.
• Rising interest rates and wider credit spreads weighed on bond prices, but security selection and income from the portfolio helped offset those pressures, resulting in performance in line with the benchmark.
• The Information Technology sector was the largest contributor to the outperformance of equities during the quarter.

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 prices

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