In the first quarter, the Mairs & Power Small Cap Fund returned 3.75%, outperforming the Russell 2000 Total Return Index at 0.89% and the S&P Small Cap 600 TR at 3.51%.
Entegris is benefitting from spending and expansion across the semiconductor industry, posting better than expected results in the fourth quarter and experiencing accelerated revenue growth in the first quarter.
Workiva has been swept up in much of the selloff in the software industry as well as slower-than-expected ESG adoption and rising competitive pressure from large platforms.
APi Group is a leading provider of fire and life safety services with a recurring business model, benefiting from regulatory tailwinds, disciplined M&A, and service-driven margin expansion.
The Mairs & Power Small Cap Fund exited Clearwater Analytics, Exact Sciences, and SkyWater Technology, Inc. due to the companies being acquired.
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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 higher and reintroducing
