Founded in St. Paul, Minnesota in 1931, one of the oldest independent US investment firms — known for its loyalty to Minnesota companies.
Life story
The firm was founded in 1931 by St. Paul native George A. Mairs Jr., aged 28 — just 15 months after the 1929 crash. He held a degree from Lafayette College in Pennsylvania and a master's in corporate finance from the University of Minnesota, and is described as Minnesota's first independent professional investment counselor.
It started by managing Mairs's own money and that of a few families. Railroads were the backbone of St. Paul's economy at the time, and his focus on rail securities built his reputation as a prudent investor.
How they got started
In the mid-1940s George Power Jr. joined and grew the base of individual clients — hence the "Power" in the name. In the early 1950s the founder's son, George Mairs III, joined and persuaded his father to launch the Growth Fund (today the Mairs & Power Fund) in 1958, one of the longest-running mutual funds in the US. A Balanced Fund followed in 1961 and a Small Cap Fund in 2011.
Forbes wrote in 1994 that the firm was kept deliberately small — nine employees running $300 million. Today it is 100% employee-owned with 59 staff; Robert W. Mairs has been CEO since 2024.
Investment style
Mairs & Power looks for companies with sustainable earnings growth, low cyclicality and dominant products, and holds them for a very long time. Forbes noted in 1994 that the Growth Fund's turnover was about 4% a year — implying an average holding period of a quarter century.
The firm favours companies close to home: in the 1990s roughly three-quarters of the fund's holdings were Minnesota companies within 20 miles of its St. Paul office, on the idea that nearby businesses can be understood better than distant ones.
Best decisions
The Growth Fund, since 1958
The fund has run continuously for nearly seven decades. According to Forbes, in the five years to 1994 it beat the S&P 500 by 4.3 percentage points a year.
Independence and a small team
The firm has stayed independent and employee-owned for more than 90 years, aiming for long-term results with low turnover and low tax drag.
Biggest mistakes
Limited public information
We found no reliable public sources detailing major mistakes or failed investments. Forbes noted in 1994 that the ten-year record roughly matched the market — so in some periods the approach has not beaten the index.
Today
As of mid-2026 the firm manages about $12.8 billion across separate accounts, mutual funds, a Minnesota municipal bond ETF (2021) and venture capital. It remains 100% employee-owned and based in St. Paul.
What to learn from following the portfolio
- Mairs & Power trades very little — changes in its portfolio are rare and each deserves attention; long-held positions signal conviction.
- The portfolio tilts toward Minnesota and Midwest companies — a bet on local knowledge rather than broad diversification.
- The 13F shows only long US stocks with a 45-day lag; the bond and venture parts of the firm are not visible.
- Halal lens: industrial, healthcare and consumer companies may more often be halal, while banks and insurers usually are not. Check each position's halal status in the Portfolio tab.
An introduction based on public sources — not investment advice. Spotted an error? Let us know.