Quality value

Mairs &Amp; Power

Q1 2010 13F: 132 holdings worth about $3.3B; that quarter 5 new, 21 added, 62 trimmed, 6 sold out.

Firm: Mairs & Power Inc
Filer: MAIRS & POWER INC CIK 1070134
Last filed: May 14, 2010 | Quality value | Not counted this quarter (A4 254 holdings); below is the last counted quarter, Q1 2010.

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

Rule numbers (Q2 2026): 254 holdings, top 10 = 44%, stocks $10.9B, options 0%; not met: A4 254 holdings

Full selection rules →

13F value

$3.3B

previous $3.2B (+4.9%)

Holdings

132

5 new / 6 sold out

Net deploymentest.

−2.1%

est. net buying ÷ last quarter’s portfolio

Top-10 concentration

40%

overlap with the composite 15%

Turnoverest.

0.6%

held 26 quarters on average

Trades in Q1 2010

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

Move	Company	Change in shares	Change %	Position shift (pts)	Start → end price	Est. trade price
Trimmed	EMREmerson Electric Co	−554.6K	−16%	−0.84	$42.60 → $50.34	$46.47
Trimmed	SSYSStratasys Ltd	−386.9K	−38%	−0.28	$17.26 → $24.41	$20.83
Trimmed	MMM3M Co	−98.1K	−4%	−0.25	$82.67 → $83.57	$83.12
Trimmed	DCIDonaldson Co Inc	−167.3K	−7%	−0.23	$42.54 → $45.12	$43.83
Trimmed	TGTTarget Corp	−123.6K	−5%	−0.20	$48.37 → $52.60	$50.49
Trimmed	WFCWells Fargo & Co	−187.2K	−5%	−0.18	$26.99 → $31.12	$29.05
Added	—Exxon Mobil Corp	+63.0K	+20%	+0.13	$68.19 → $66.98	$67.59
Trimmed	TRVTravelers Cos Inc	−61.1K	−7%	−0.10	$49.86 → $53.94	$51.90
Trimmed	HRLHormel Foods Corp	−74.8K	−4%	−0.09	$38.45 → $42.01	$40.23
Added	PFGPrincipal Financial Group	+60.9K	+4%	+0.05	$24.04 → $29.21	$26.62
Added	BMIBadger Meter Inc	+42.8K	+24%	+0.05	$39.82 → $38.51	$39.17
Added	SRDXSurmodics Inc	+77.1K	+7%	+0.05	$22.66 → $20.94	$21.80
Added	CHRWC. H. Robinson Worldwide, Inc	+26.9K	+9%	+0.05	$58.73 → $55.79	$57.26
Added	FISVFiserv Inc	+29.6K	+7%	+0.05	$48.48 → $50.76	$49.62
Added	ECLEcolab Inc	+33.5K	+1%	+0.04	$44.58 → $43.95	$44.27
Trimmed	PFEPfizer Inc	−81.8K	−3%	−0.04	$18.19 → $17.15	$17.67
New	BRK.BBerkshire Hathaway Inc	+16.8K	—	+0.04	$99,200 → $81.27	$49,641
Trimmed	—Valspar Corp	−46.2K	−1%	−0.04	$27.14 → $29.48	$28.31
Trimmed	—Medtronic Inc	−23.8K	−1%	−0.03	$43.98 → $45.03	$44.51
Sold out	BNIBurlington Northern Santa Fe	−10.8K	—	−0.03	$98.62 → —	—
Trimmed	IVViShares Core S&P 500 ETF	−7.3K	−33%	−0.03	$111.81 → $117.34	$114.58
Trimmed	BMSBemis Company	−29.2K	−1%	−0.03	$29.65 → $28.72	$29.18
Trimmed	GISGeneral Mills Inc	−11.7K	−1%	−0.02	$70.81 → $70.79	$70.80
Trimmed	TTCToro Co	−16.0K	−1%	−0.02	$41.81 → $49.17	$45.49
Trimmed	INTCIntel Corp	−34.2K	−2%	−0.02	$20.40 → $22.29	$21.34
Added	DAKTDaktronics Inc	+94.0K	+6%	+0.02	$9.16 → $7.63	$8.40
Trimmed	GLWCorning Inc	−33.3K	−1%	−0.02	$19.31 → $20.21	$19.76
Trimmed	—Pentair PLC	−18.2K	−1%	−0.02	$32.30 → $35.62	$33.96
Sold out	CITGQCit Group Inc	−15.9K	—	−0.02	$27.61 → $38.96	$33.29
Trimmed	EFAiShares MSCI EAFE ETF	−9.2K	−57%	−0.02	$55.28 → $55.98	$55.63
Trimmed	SLBSLB Ltd	−8.1K	−2%	−0.02	$65.09 → $63.46	$64.28
Trimmed	FULH.B. Fuller Co.	−21.0K	−1%	−0.01	$22.75 → $23.21	$22.98
Added	HDHome Depot Inc	+14.1K	+3%	+0.01	$28.93 → $32.35	$30.64
Trimmed	—Commscope Connectivity LLC	−61.6K	−4%	−0.01	$6.21 → $7.31	$6.76
Sold out	IWMiShares Russell 2000 ETF	−6.6K	—	−0.01	$66.30 → —	—
Trimmed	PDCOPatterson Cos Inc	−14.0K	−1%	−0.01	$27.98 → $31.05	$29.51
Added	—General Electric Co	+22.5K	+1%	+0.01	$15.13 → $18.20	$16.67
Trimmed	IBMInternational Business Machines Corp	−3.1K	−3%	−0.01	$130.90 → $128.25	$129.57
Added	—Techne Corp Com	+5.8K	+2%	+0.01	$68.56 → $63.64	$66.10
Trimmed	BMYBristol-Myers Squibb Co	−13.7K	−4%	−0.01	$25.25 → $26.70	$25.97
Trimmed	MRKMerck & Co., Inc	−9.8K	−7%	−0.01	$36.54 → $37.35	$36.95
Added	STJST Jude Medical Inc	+8.6K	+1%	+0.01	$36.78 → $41.05	$38.92
Trimmed	LLYEli Lilly & Co	−9.6K	−2%	−0.01	$35.71 → $36.22	$35.96
Trimmed	FASTFastenal Co	−7.2K	−1%	−0.01	$41.64 → $47.99	$44.81
Trimmed	KMBKimberly-Clark Corp	−5.5K	−3%	−0.01	$63.71 → $62.88	$63.29
Trimmed	WWDWoodward, Inc	−10.0K	−45%	−0.01	$25.77 → $31.98	$28.88
Trimmed	GKG & K Services Inc	−11.6K	−1%	−0.01	$25.13 → $25.89	$25.51
Trimmed	DISWalt Disney Co	−8.6K	−5%	−0.01	$32.25 → $34.91	$33.58
Trimmed	MTSCMTS Systems Corp	−10.1K	−1%	−0.01	$28.74 → $29.03	$28.89
Added	UPSUnited Parcel Service	+4.1K	+1%	+0.01	$57.37 → $64.41	$60.89
Trimmed	MSFTMicrosoft Corp	−8.5K	−4%	−0.01	$30.48 → $29.29	$29.88
Sold out	—Powershares Buyback Achievers	−4.8K	—	−0.01	$50.64 → —	—
Sold out	ORCLOracle Corp	−9.3K	—	−0.01	$24.53 → $25.71	$25.12
New	—Johnson Controls Inc	+6.8K	—	+0.01	$27.24 → $32.99	$30.12
Sold out	IWFiShares Russell 1000 Growth	−4.5K	—	−0.01	$49.85 → —	—
Trimmed	BOHBank of Hawaii Corp	−5.0K	−33%	−0.01	$47.06 → $44.95	$46.00
New	BABoeing Co	+3.0K	—	+0.01	$54.13 → $72.61	$63.37
Added	ASBAssociated Banc-Corp	+15.8K	+1%	+0.01	$11.01 → $13.76	$12.38
Added	MTOXMedtox Scientific Inc	+21.0K	+4%	+0.01	$7.75 → $10.25	$9.00
New	TEGIntegrys Energy Group Inc	+4.4K	—	+0.01	$41.99 → $47.38	$44.69
Trimmed	BPBP PLC	−3.6K	−1%	−0.01	$57.97 → $57.07	$57.52
New	SEICSEI Investments Company	+9.2K	—	+0.01	$17.52 → $21.97	$19.74
Trimmed	BGGSQBriggs & Stratton	−9.8K	−12%	−0.01	$18.71 → $19.50	$19.10
Added	JPMJPMorgan Chase & Co	+3.2K	+2%	+0.00	$41.67 → $44.75	$43.21
Trimmed	ABTAbbott Laboratories	−2.7K	−2%	−0.00	$53.99 → $52.68	$53.34
Trimmed	RYRoyal Bank of Canada	−2.0K	−10%	−0.00	$53.56 → $58.35	$55.95
Trimmed	VZVerizon Communications Inc	−3.6K	−2%	−0.00	$33.13 → $31.02	$32.07
Trimmed	XELXcel Energy Inc	−4.2K	−1%	−0.00	$21.22 → $21.20	$21.21
Trimmed	AAPLApple Inc	−375	−20%	−0.00	$210.84 → $234.95	$222.89
Trimmed	AMGNAmgen Inc	−1.3K	−3%	−0.00	$56.57 → $59.82	$58.20
Trimmed	MIMarshall & Ilsley Corp	−9.0K	−2%	−0.00	$5.45 → $8.05	$6.75
Trimmed	SPYSPDR S&P 500 ETF Trust	−600	−23%	−0.00	$111.44 → $117.00	$114.22
Trimmed	—Motorola Solutions, Inc	−10.0K	−10%	−0.00	$7.76 → $7.02	$7.39
Trimmed	TAT&T Inc	−2.3K	−5%	−0.00	$28.03 → $25.84	$26.93
Trimmed	AXPAmerican Express Co	−1.4K	−2%	−0.00	$40.52 → $41.26	$40.89
Trimmed	CSCOCisco Systems Inc	−2.1K	−3%	−0.00	$23.94 → $26.03	$24.98
Trimmed	PMPhilip Morris International Inc	−1.0K	−9%	−0.00	$48.19 → $52.16	$50.17
Trimmed	DLXDeluxe Corp	−2.6K	−3%	−0.00	$14.79 → $19.42	$17.11
Added	PGProcter & Gamble Co	+776	+2%	+0.00	$60.63 → $63.27	$61.95
Trimmed	ADPAutomatic Data Processing	−1.0K	−11%	−0.00	$42.82 → $44.47	$43.65
Trimmed	—RTX Corp	−399	−4%	−0.00	$69.41 → $73.61	$71.51
Trimmed	QCOMQualcomm Inc	−667	−6%	−0.00	$46.26 → $41.98	$44.12
Trimmed	—Wells Fargo Cap 7% Due 9/1/31	−950	−9%	−0.00	$25.17 → $25.19	$25.18
Added	KOCoca-Cola Co	+400	+5%	+0.00	$57.00 → $55.00	$56.00
Trimmed	—HP Inc	−404	−4%	−0.00	$51.51 → $53.15	$52.33
Added	SIALSigma-Aldrich	+400	+4%	+0.00	$50.55 → $53.66	$52.11
Trimmed	UNHUnitedHealth Group Inc	−600	−2%	−0.00	$30.48 → $32.67	$31.58
Trimmed	WUWestern Union CO	−1.0K	−1%	−0.00	$18.85 → $16.96	$17.90
Trimmed	NEENextEra Energy Inc	−300	−5%	−0.00	$52.82 → $48.33	$50.58
Trimmed	WYWeyerhaeuser Co	−250	−3%	−0.00	$43.14 → $45.27	$44.20
Added	MCDMcDonald’s Corp	+100	+1%	+0.00	$62.44 → $66.72	$64.58
Added	ADBEAdobe Inc	+100	+2%	+0.00	$36.78 → $35.37	$36.07
Trimmed	—Citigroup Inc	−511	−3%	−0.00	$3.31 → $4.05	$3.68
Trimmed	—Apache Corp	−17	−1%	−0.00	$103.17 → $101.50	$102.33

All Holdings (132 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

Company	Sector	Weight (prev.)	Shares	Value	This quarter	First bought	Quarters held	Est. avg cost	Quarter-end price	vs cost	History
MMM3M Co	Health care	5.2%5.7%	2.08M	$174.0M	Trimmed −4%	Q1 2002	33	$71.33est.	$83.57	+17%	History
—Medtronic Inc	Unclassified	4.6%4.7%	3.38M	$152.3M	Trimmed −1%	Q1 1999	45	$45.97est.start point	$45.03	−2%
EMREmerson Electric Co	Information technology	4.3%4.5%	2.83M	$142.3M	Trimmed −16%	Q1 1999	45	$30.99est.start point	$50.34	+62%	History
TGTTarget Corp	Consumer discretionary	4.0%4.1%	2.56M	$134.7M	Trimmed −5%	Q1 2000	41	$47.39est.	$52.60	+11%	History
WFCWells Fargo & Co	Financials	3.7%3.5%	3.97M	$123.4M	Trimmed −5%	Q2 2001	36	$26.68est.	$31.12	+17%	History
—Pentair PLC	Unclassified	3.7%3.5%	3.45M	$123.0M	Trimmed −1%	Q1 1999	45	$48.62est.start point	$35.62	−27%
—Valspar Corp	Unclassified	3.6%3.5%	4.10M	$120.8M	Trimmed −1%	Q2 1999	44	$37.27est.	$29.48	−21%
JNJJohnson & Johnson	Health care	3.6%3.7%	1.83M	$119.0M	Held	Q1 1999	45	$54.70est.start point	$65.20	+19%	History
TTCToro Co	Industrials	3.6%3.2%	2.42M	$118.9M	Trimmed −1%	Q1 1999	45	$49.54est.start point	$49.17	−1%	History
ECLEcolab Inc	Consumer staples	3.4%3.6%	2.60M	$114.4M	Added +1%	Q1 1999	45	$33.97est.start point	$43.95	+29%	History
—Honeywell International Inc	Industrials	3.3%3.0%	2.44M	$110.5M	Held	Q2 2000	40	$35.02est.	$45.27	+29%
USBUS Bancorp	Financials	3.3%3.0%	4.21M	$109.0M	Held	Q1 1999	45	$27.11est.start point	$25.88	−5%	History
GGGGraco Inc	Industrials	3.1%2.9%	3.20M	$102.5M	Held	Q1 1999	45	$28.27est.start point	$32.00	+13%	History
DCIDonaldson Co Inc	Industrials	3.0%3.2%	2.24M	$101.2M	Trimmed −7%	Q1 1999	45	$33.87est.start point	$45.12	+33%	History
GISGeneral Mills Inc	Consumer staples	2.8%2.9%	1.31M	$92.5M	Trimmed −1%	Q1 1999	45	$45.99est.start point	$70.79	+54%	History
FULH.B. Fuller Co.	Materials	2.8%2.9%	3.97M	$92.2M	Trimmed −1%	Q1 1999	45	$34.58est.start point	$23.21	−33%
BMSBemis Company	Unclassified	2.7%3.0%	3.17M	$90.9M	Trimmed −1%	Q1 1999	45	$35.66est.start point	$28.72	−19%
BAXBaxter International Inc	Health care	2.5%2.7%	1.43M	$83.4M	Held	Q1 1999	45	$36.66est.start point	$58.20	+59%	History
HRLHormel Foods Corp	Consumer staples	2.4%2.4%	1.90M	$80.0M	Trimmed −4%	Q1 1999	45	$30.10est.start point	$42.01	+40%	History
—General Electric Co	Industrials	2.3%2.0%	4.26M	$77.6M	Added +1%	Q1 1999	45	$30.28est.start point	$18.20	−40%
—TCF Financial Corp	Unclassified	2.2%2.0%	4.66M	$74.3M	Held	Q1 1999	45	$20.32est.start point	$15.94	−22%
STJST Jude Medical Inc	Unclassified	2.0%1.9%	1.61M	$66.0M	Added +1%	Q1 1999	45	$40.08est.start point	$41.05	+2%
GLWCorning Inc	Materials	1.9%2.0%	3.18M	$64.2M	Trimmed −1%	Q1 1999	45	$16.89est.start point	$20.21	+20%	History
PFEPfizer Inc	Health care	1.6%1.8%	3.11M	$53.3M	Trimmed −3%	Q1 1999	45	$33.56est.start point	$17.15	−49%	History
MTSCMTS Systems Corp	Unclassified	1.6%1.6%	1.80M	$52.3M	Trimmed −1%	Q1 1999	45	$16.21est.start point	$29.03	+79%
PFGPrincipal Financial Group	Financials	1.5%1.3%	1.76M	$51.5M	Added +4%	Q4 2004	22	$40.76est.	$29.21	−28%
PDCOPatterson Cos Inc	Unclassified	1.5%1.4%	1.58M	$48.9M	Trimmed −1%	Q2 2004	24	$38.37est.	$31.05	−19%
TRVTravelers Cos Inc	Financials	1.3%1.3%	784.6K	$42.3M	Trimmed −7%	Q1 2007	13	$51.77est.	$53.94	+4%	History
ZBHZimmer Biomet Holdings Inc	Health care	1.3%1.3%	713.6K	$42.2M	Held	Q2 2004	24	$70.94est.	$59.20	−17%	History
UPSUnited Parcel Service	Industrials	1.3%1.2%	655.6K	$42.2M	Added +1%	Q4 2006	14	$70.27est.	$64.41	−8%	History
INTCIntel Corp	Information technology	1.0%1.0%	1.49M	$33.2M	Trimmed −2%	Q1 1999	45	$24.26est.start point	$22.29	−8%	History
FASTFastenal Co	Consumer discretionary	1.0%0.9%	687.2K	$33.0M	Trimmed −1%	Q4 2003	26	$39.10est.	$47.99	+23%	History
SLBSLB Ltd	Energy	0.9%1.0%	466.3K	$29.6M	Trimmed −2%	Q1 1999	45	$38.15est.start point	$63.46	+66%	History
—Exxon Mobil Corp	Unclassified	0.8%0.7%	383.9K	$25.7M	Added +20%	Q4 1999	42	$57.08est.	$66.98	+17%
ASBAssociated Banc-Corp	Financials	0.7%0.6%	1.79M	$24.6M	Added +1%	Q2 2003	28	$31.85est.	$13.76	−57%
SRDXSurmodics Inc	Unclassified	0.7%0.8%	1.14M	$23.8M	Added +7%	Q1 2004	25	$29.62est.	$20.94	−29%
BPBP PLC	Energy	0.7%0.8%	412.1K	$23.5M	Trimmed −1%	Q3 1999	43	$54.98est.	$57.07	+4%	History
FISVFiserv Inc	Industrials	0.7%0.6%	450.0K	$22.8M	Added +7%	Q2 2009	4	$44.37est.	$50.76	+14%	History
—Techne Corp Com	Unclassified	0.6%0.7%	321.1K	$20.4M	Added +2%	Q2 2003	28	$41.60est.	$63.64	+53%
GKG & K Services Inc	Unclassified	0.6%0.6%	781.2K	$20.2M	Trimmed −1%	Q1 1999	45	$37.38est.start point	$25.89	−31%
COPConocoPhillips	Energy	0.6%0.6%	371.1K	$19.0M	Held	Q2 2003	28	$57.51est.	$51.17	−11%	History
CHRWC. H. Robinson Worldwide, Inc	Industrials	0.5%0.5%	313.3K	$17.0M	Added +9%	Q3 2008	7	$52.25est.	$55.79	+7%
SSYSStratasys Ltd	Information technology	0.5%0.6%	630.5K	$15.4M	Trimmed −38%	Q4 2005	18	$25.09est.	$24.41	−3%
LLYEli Lilly & Co	Health care	0.5%0.5%	418.7K	$15.2M	Trimmed −2%	Q2 2003	28	$50.22est.	$36.22	−28%	History
HDHome Depot Inc	Consumer discretionary	0.4%0.4%	427.2K	$13.8M	Added +3%	Q2 1999	44	$36.80est.	$32.35	−12%	History
DAKTDaktronics Inc	Consumer discretionary	0.4%0.5%	1.68M	$12.8M	Added +6%	Q2 2007	12	$20.40est.	$7.63	−63%
—Commscope Connectivity LLC	Unclassified	0.4%0.3%	1.67M	$12.2M	Trimmed −4%	Q2 2005	20	$14.88est.	$7.31	−51%
—Super Valu Com	Unclassified	0.4%0.3%	726.2K	$12.1M	Held	Q1 1999	45	$24.15est.start point	$16.68	−31%
IBMInternational Business Machines Corp	Information technology	0.4%0.4%	92.6K	$11.9M	Trimmed −3%	Q1 1999	45	$94.15est.start point	$128.25	+36%	History
KMBKimberly-Clark Corp	Materials	0.3%0.4%	181.3K	$11.4M	Trimmed −3%	Q1 1999	45	$55.33est.start point	$62.88	+14%
XELXcel Energy Inc	Utilities	0.3%0.3%	439.3K	$9.3M	Trimmed −1%	Q2 2001	36	$18.59est.	$21.20	+14%
JPMJPMorgan Chase & Co	Financials	0.3%0.3%	196.9K	$8.8M	Added +2%	Q1 2002	33	$34.94est.	$44.75	+28%	History
BMYBristol-Myers Squibb Co	Health care	0.3%0.3%	318.7K	$8.5M	Trimmed −4%	Q1 1999	45	$37.16est.start point	$26.70	−28%	History
BMIBadger Meter Inc	Information technology	0.3%0.2%	217.9K	$8.4M	Added +24%	Q3 2009	3	$39.35est.	$38.51	−2%	History
VZVerizon Communications Inc	Communication & media	0.2%0.2%	214.5K	$6.7M	Trimmed −2%	Q2 2000	40	$40.63est.	$31.02	−24%	History
MSFTMicrosoft Corp	Information technology	0.2%0.2%	224.1K	$6.6M	Trimmed −4%	Q3 1999	43	$34.12est.	$29.29	−14%	History
ABTAbbott Laboratories	Health care	0.2%0.2%	120.0K	$6.3M	Trimmed −2%	Q1 1999	45	$43.75est.start point	$52.68	+20%	History
CVXChevron Corp	Energy	0.2%0.2%	79.2K	$6.0M	Held	Q4 2001	34	$51.77est.	$75.83	+46%	History
MTOXMedtox Scientific Inc	Unclassified	0.2%0.1%	569.4K	$5.8M	Added +4%	Q2 2009	4	$8.83est.	$10.25	+16%
DISWalt Disney Co	Communication & media	0.2%0.2%	153.5K	$5.4M	Trimmed −5%	Q2 2008	8	$29.16est.	$34.91	+20%	History
MRKMerck & Co., Inc	Health care	0.1%0.2%	131.9K	$4.9M	Trimmed −7%	Q4 2009	2	$34.08est.	$37.35	+10%	History
AXPAmerican Express Co	Financials	0.1%0.1%	81.6K	$3.4M	Trimmed −2%	Q1 1999	45	$41.70est.start point	$41.26	−1%	History
MIMarshall & Ilsley Corp	Financials	0.1%0.1%	380.6K	$3.1M	Trimmed −2%	Q4 2007	10	$25.52est.	$8.05	−68%
PGProcter & Gamble Co	Consumer staples	0.1%0.1%	43.8K	$2.8M	Added +2%	Q1 1999	45	$56.93est.start point	$63.27	+11%	History
AMGNAmgen Inc	Health care	0.1%0.1%	43.3K	$2.6M	Trimmed −3%	Q1 1999	45	$61.66est.start point	$59.82	−3%	History
WUWestern Union CO	Industrials	0.1%0.1%	148.6K	$2.5M	Trimmed −1%	Q4 2006	14	$21.37est.	$16.96	−21%	History
DLXDeluxe Corp	Communication & media	0.1%0.0%	97.0K	$1.9M	Trimmed −3%	Q1 1999	45	$26.65est.start point	$19.42	−27%
SHELShell plc	Energy	0.1%0.1%	32.0K	$1.9M	Held	Q4 2005	18	$62.08est.	$57.86	−7%	History
CSCOCisco Systems Inc	Information technology	0.1%0.1%	68.9K	$1.8M	Trimmed −3%	Q1 2002	33	$18.39est.	$26.03	+42%	History
IVViShares Core S&P 500 ETF	Funds & ETFs	0.1%0.1%	15.2K	$1.8M	Trimmed −33%	Q4 2008	6	$105.63est.	$117.34	+11%	History
BACBank of America Corp	Financials	0.1%0.0%	97.2K	$1.7M	Held	Q3 1999	43	$25.63est.	$17.85	−30%	History
MURMurphy Oil Corp	Energy	0.0%0.0%	25.0K	$1.4M	Held	Q1 1999	45	$28.76est.start point	$56.19	+95%
BRK.BBerkshire Hathaway Inc	Financials	0.0%—	16.8K	$1.4M	New	Q1 2010	1	$81.27est.	$81.27	0%	History
BGGSQBriggs & Stratton	Unclassified	0.0%0.0%	69.5K	$1.4M	Trimmed −12%	Q1 1999	45	$37.37est.start point	$19.50	−48%
MCDMcDonald’s Corp	Consumer discretionary	0.0%0.0%	16.5K	$1.1M	Added +1%	Q4 2006	14	$48.98est.	$66.72	+36%	History
UNHUnitedHealth Group Inc	Health care	0.0%0.0%	33.7K	$1.1M	Trimmed −2%	Q3 2005	19	$52.35est.	$32.67	−38%	History
OXYOccidental Petroleum Corp	Energy	0.0%0.0%	13.0K	$1.1M	Held	Q3 2003	27	$22.63est.	$84.54	+273%	History
RYRoyal Bank of Canada	Financials	0.0%0.0%	18.0K	$1.1M	Trimmed −10%	Q2 2006	16	$40.70est.	$58.35	+43%
TAT&T Inc	Communication & media	0.0%0.0%	40.1K	$1.0M	Trimmed −5%	Q1 2006	17	$32.72est.	$25.84	−21%	History
HSYHershey Co	Consumer staples	0.0%0.0%	21.2K	$908K	Held	Q1 1999	45	$35.92est.start point	$42.81	+19%	History
PEPPepsiCo Inc	Consumer staples	0.0%0.0%	13.0K	$857K	Held	Q2 2003	28	$53.72est.	$66.16	+23%	History
IRIngersoll Rand Inc	Industrials	0.0%0.0%	21.7K	$755K	Held	Q3 2009	3	$30.79est.	$34.87	+13%	History
—RTX Corp	Unclassified	0.0%0.0%	10.1K	$743K	Trimmed −4%	Q1 2004	25	$55.43est.	$73.61	+33%
GPCGenuine Parts Co	Industrials	0.0%0.0%	17.6K	$741K	Held	Q1 1999	45	$31.58est.start point	$42.24	+34%	History
LNCLincoln National Corp	Financials	0.0%0.0%	23.9K	$733K	Held	Q2 2006	16	$54.55est.	$30.70	−44%	History
GHCGraham Holdings Co	Industrials	0.0%0.0%	1.5K	$666K	Held	Q1 2006	17	$770.88est.	$444.18	−42%	History
BBYBest Buy Co Inc	Consumer discretionary	0.0%0.0%	14.8K	$629K	Held	Q3 2003	27	$48.78est.	$42.54	−13%	History
—Motorola Solutions, Inc	Information technology	0.0%0.0%	89.5K	$629K	Trimmed −10%	Q1 1999	45	$25.93est.start point	$7.02	−73%
—HP Inc	Unclassified	0.0%0.0%	11.0K	$583K	Trimmed −4%	Q2 2006	16	$36.91est.	$53.15	+44%
PMPhilip Morris International Inc	Consumer staples	0.0%0.0%	10.2K	$529K	Trimmed −9%	Q1 2008	9	$47.35est.	$52.16	+10%	History
SIALSigma-Aldrich	Unclassified	0.0%0.0%	9.7K	$518K	Added +4%	Q1 1999	45	$51.29est.start point	$53.66	+5%
BOHBank of Hawaii Corp	Financials	0.0%0.0%	10.0K	$450K	Trimmed −33%	Q1 1999	45	$23.62est.start point	$44.95	+90%
—Walgreen Co	Unclassified	0.0%0.0%	11.7K	$433K	Held	Q2 2003	28	$38.73est.	$37.09	−4%
KOCoca-Cola Co	Consumer staples	0.0%0.0%	7.8K	$428K	Added +5%	Q2 2003	28	$45.39est.	$55.00	+21%	History
RGRSturm Ruger & Co Inc	Industrials	0.0%0.0%	35.0K	$420K	Held	Q1 1999	45	$9.84est.start point	$11.99	+22%
QCOMQualcomm Inc	Information technology	0.0%0.0%	10.0K	$420K	Trimmed −6%	Q1 2004	25	$50.46est.	$41.98	−17%	History
APCAnadarko Petroleum Corp	Industrials	0.0%0.0%	5.4K	$391K	Held	Q1 2005	21	$65.28est.	$72.83	+12%
WYWeyerhaeuser Co	Real estate	0.0%0.0%	8.5K	$386K	Trimmed −3%	Q1 1999	45	$61.74est.start point	$45.27	−27%	History
WWDWoodward, Inc	Information technology	0.0%0.0%	12.0K	$384K	Trimmed −45%	Q2 2005	20	$39.28est.	$31.98	−19%
EFAiShares MSCI EAFE ETF	Funds & ETFs	0.0%0.0%	6.8K	$382K	Trimmed −57%	Q3 2007	11	$60.59est.	$55.98	−8%	History
AAPLApple Inc	Information technology	0.0%0.0%	1.5K	$364K	Trimmed −20%	Q3 2009	3	$169.40est.	$234.95	+39%	History
HWKNHawkins Inc	Industrials	0.0%0.0%	15.0K	$363K	Held	Q2 2006	16	$14.04est.	$24.20	+72%	History
ADPAutomatic Data Processing	Information technology	0.0%0.0%	8.0K	$355K	Trimmed −11%	Q1 1999	45	$44.23est.start point	$44.47	+1%	History
FDXFedEx Corp	Industrials	0.0%0.0%	3.7K	$344K	Held	Q2 2009	4	$50.73est.	$93.40	+84%	History
—Apache Corp	Unclassified	0.0%0.0%	3.2K	$329K	Trimmed −1%	Q1 2005	21	$72.11est.	$101.50	+41%
WMTWalmart Inc	Consumer discretionary	0.0%0.0%	5.4K	$298K	Held	Q2 2003	28	$49.10est.	$55.60	+13%	History
KKellanova	Unclassified	0.0%0.0%	5.3K	$286K	Held	Q3 2009	3	$47.90est.	$53.43	+12%	History
—USB Cap Viii 6.35%	Unclassified	0.0%0.0%	12.1K	$286K	Held	Q1 2008	9	$21.19est.	$23.67	+12%
CATCaterpillar Inc	Industrials	0.0%0.0%	4.5K	$281K	Held	Q3 2009	3	$42.18est.	$62.85	+49%	History
TNCTennant Co	Industrials	0.0%0.0%	10.2K	$279K	Held	Q2 2009	4	$13.88est.	$27.39	+97%
—Wells Fargo Cap 6.25	Unclassified	0.0%0.0%	11.5K	$273K	Held	Q3 2007	11	$22.40est.	$23.78	+6%
BDXBecton Dickinson and Co	Health care	0.0%0.0%	3.5K	$272K	Held	Q4 2009	2	$74.31est.	$78.73	+6%	History
NEENextEra Energy Inc	Utilities	0.0%0.0%	5.2K	$253K	Trimmed −5%	Q3 2009	3	$55.83est.	$48.33	−13%	History
—Gen Elec Cap Corp 6.10% Pub In	Unclassified	0.0%0.0%	10.0K	$250K	Held	Q1 2006	17	$24.65est.	$25.01	+1%
—Wells Fargo Cap 7% Due 9/1/31	Unclassified	0.0%0.0%	9.9K	$250K	Trimmed −9%	Q3 2006	15	$25.14est.	$25.19	+0%
SYYSysco Corp	Consumer staples	0.0%0.0%	8.2K	$242K	Held	Q3 2009	3	$23.67est.	$29.50	+25%	History
IFFInternational Flavors & Fragrances	Materials	0.0%0.0%	5.0K	$239K	Held	Q4 2009	2	$39.53est.	$47.67	+21%	History
SPYSPDR S&P 500 ETF Trust	Funds & ETFs	0.0%0.0%	2.0K	$234K	Trimmed −23%	Q4 2008	6	$101.63est.	$117.00	+15%	History
GDGeneral Dynamics Corp	Industrials	0.0%0.0%	3.0K	$232K	Held	Q4 2009	2	$66.39est.	$77.20	+16%	History
—Johnson Controls Inc	Unclassified	0.0%—	6.8K	$226K	New	Q1 2010	1	$30.12est.	$32.99	+10%
ADBEAdobe Inc	Information technology	0.0%0.0%	6.3K	$224K	Added +2%	Q3 2009	3	$30.76est.	$35.37	+15%	History
BABoeing Co	Industrials	0.0%—	3.0K	$221K	New	Q1 2010	1	$63.37est.	$72.61	+15%	History
TEGIntegrys Energy Group Inc	Unclassified	0.0%—	4.4K	$209K	New	Q1 2010	1	$44.69est.	$47.38	+6%
SEICSEI Investments Company	Financials	0.0%—	9.2K	$203K	New	Q1 2010	1	$19.74est.	$21.97	+11%	History
NOKNokia Corp	Information technology	0.0%0.0%	12.6K	$197K	Held	Q1 1999	45	$19.52est.start point	$15.54	−20%	History
—Sonus Inc	Unclassified	0.0%0.0%	33.6K	$88K	Held	Q1 2008	9	$3.44est.	$2.62	−24%
—Tempra Technology Com	Unclassified	0.0%0.0%	40.0K	$74K	Held	Q1 2009	5	$1.85est.	$1.85	0%
—Citigroup Inc	Financials	0.0%0.0%	18.1K	$73K	Trimmed −3%	Q3 2005	19	$47.29est.	$4.05	−91%
—Qwest Communications International	Unclassified	0.0%0.0%	10.0K	$52K	Held	Q1 2008	9	$5.32est.	$5.22	−2%
PLMPolymet Mining Corp	Unclassified	0.0%0.0%	10.0K	$22K	Held	Q2 2009	4	$1.30est.	$2.23	+72%
—Enteromedics Inc Com	Unclassified	0.0%0.0%	19.3K	$10K	Held	Q1 2008	9	$4.17est.	$0.51	−88%
QMEDQmed Inc	Unclassified	0.0%0.0%	21.5K	$90	Held	Q4 2008	6	$0.00est.	$0.00	+374%

III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%

Over Time

From Q1 1999, 45 quarters (this giant’s electronic 13F filings).

13F Value

Holdings

Top-10 Concentration

Turnover (Est.)

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 45 Quarters

Quarter	Holdings	New	Sold out	13F value	Turnover	Net deployment	SEC
Q1 2010	132	5	6	$3.3B	0.6%	−2.1%	13F-HR
Q4 2009	133	9	9	$3.2B	1.1%	−1.2%	13F-HR
Q3 2009	133	11	6	$3.0B	1.3%	+0.6%	13F-HR
Q2 2009	128	6	1	$2.6B	1.2%	+1.5%	13F-HR
Q1 2009	123	2	7	$2.2B	1.3%	−0.5%	13F-HR
Q4 2008	128	3	16	$2.6B	1.4%	−0.4%	13F-HR
Q3 2008	141	2	4	$3.4B	1.2%	−1.0%	13F-HR
Q2 2008 *	143	5	5	$3.4B	1.0%	−1.3%	13F-HR
Q1 2008 *	143	7	6	$3.7B	0.8%	−1.6%	13F-HR
Q4 2007 *	142	4	15	$4.0B	2.5%	−0.4%	13F-HR
Q3 2007 *	153	8	20	$4.2B	2.2%	−0.2%	13F-HR
Q2 2007 *	165	8	4	$4.2B	1.2%	−1.5%	13F-HR
Q1 2007 *	161	7	13	$4.0B	3.7%	−0.1%	13F-HR
Q4 2006 *	167	16	10	$4.0B	1.3%	−0.6%	13F-HR
Q3 2006 *	161	10	38	$3.8B	2.5%	−6.1%	13F-HR
Q2 2006 *	189	39	8	$4.0B	0.9%	+11.3%	13F-HR
Q1 2006 *	158	10	5	$3.7B	1.5%	+0.8%	13F-HR
Q4 2005 *	153	18	6	$3.5B	1.3%	+1.0%	13F-HR
Q3 2005 *	141	5	20	$3.3B	1.4%	+4.4%	13F-HR
Q2 2005 *	156	10	11	$3.3B	0.9%	+7.7%	13F-HR
Q1 2005 *	157	18	12	$3.1B	0.3%	+10.9%	13F-HR
Q4 2004 *	151	16	8	$2.8B	0.4%	+9.1%	13F-HR
Q3 2004 *	143	5	9	$2.4B	0.4%	+5.7%	13F-HR
Q2 2004 *	147	9	6	$2.4B	2.0%	+6.2%	13F-HR
Q1 2004 *	144	21	4	$2.1B	1.2%	+13.5%	13F-HR
Q4 2003 *	127	5	5	$1.9B	0.5%	+5.1%	13F-HR
Q3 2003 *	127	7	2	$1.6B	1.0%	+5.1%	13F-HR
Q2 2003 *	122	19	1	$1.5B	0.8%	+15.7%	13F-HR
Q1 2003 *	104	2	6	$1.2B	0.3%	+3.9%	13F-HR
Q4 2002 *	108	1	3	$1.2B	0.9%	+4.2%	13F-HR
Q3 2002 *	110	2	9	$1.1B	0.5%	+6.4%	13F-HR
Q2 2002 *	117	6	7	$1.2B	0.8%	+11.3%	13F-HR
Q1 2002 *	118	6	7	$1.2B	4.8%	+10.5%	13F-HR
Q4 2001 *	119	11	6	$1.0B	3.5%	+2.3%	13F-HR
Q3 2001 *	114	3	9	$894.2M	3.2%	+5.2%	13F-HR
Q2 2001	120	9	3	$913.3M	6.0%	+3.3%	13F-HR
Q1 2001	114	4	4	$833.0M	2.3%	+6.8%	13F-HR
Q4 2000	114	2	5	$876.4M	3.0%	+2.6%	13F-HR
Q3 2000	117	5	12	$778.6M	8.3%	+4.6%	13F-HR
Q2 2000	124	10	7	$808.7M	5.9%	−1.0%	13F-HR
Q1 2000	121	10	5	$777.8M	7.8%	−1.0%	13F-HR
Q4 1999	116	13	4	$821.3M	5.1%	+0.3%	13F-HR
Q3 1999 *	107	8	9	$819.9M	2.5%	+2.3%	13F-HR
Q2 1999 *	108	4	3	$845.5M	2.4%	−2.3%	13F-HR
Q1 1999 *	107	0	0	$769.1M	—	—	13F-HR

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

Company	Held	Peak weight	Company since
—Honeywell International Inc	Q2 2000 – Q2 2026	4%	Still filing with the SEC
DLXDeluxe Corp	Q1 1999 – Q2 2022	3%	—
—General Electric Co	Q1 1999 – Q3 2021	4%	Still filing with the SEC
SLBSLB Ltd	Q1 1999 – Q3 2021	4%	—
MTSCMTS Systems Corp	Q1 1999 – Q2 2021	3%	—
—TCF Financial Corp	Q1 1999 – Q3 2019	4%	—
BMSBemis Company	Q1 1999 – Q2 2019	3%	—
—Valspar Corp	Q2 1999 – Q2 2017	5%	Acquired or delisted Jun 12, 2017
STJST Jude Medical Inc	Q1 1999 – Q1 2017	3%	Acquired or delisted Jan 17, 2017
—Medtronic Inc	Q1 1999 – Q4 2014	5%	No SEC record found
WYWeyerhaeuser Co	Q1 1999 – Q3 2013	2%	—
—Super Valu Com	Q1 1999 – Q1 2013	3%	—
—Pentair PLC	Q1 1999 – Q4 2012	4%	Still filing with the SEC
BNIBurlington Northern Santa Fe	Q1 1999 – Q1 2010	2%	Still filing with the SEC
—Merck Sharp & Dohme LLC	Q1 1999 – Q4 2009	2%	Acquired or delisted Jan 12, 2010
—Efunds Corp	Q1 2001 – Q3 2007	3%	—
—ST. Paul Companies Com	Q1 1999 – Q1 2007	4%	—
—Adc Telecom Com	Q1 1999 – Q2 2005	8%	—
—Minnesota MNG & MFG Co (3M) Com	Q1 1999 – Q1 2002	5%	—
—Ceridian Com	Q1 1999 – Q3 2001	2%	—
—Norwest Corp	Q1 1999 – Q2 2001	6%	—
NLCSNational Computer Systems In	Q1 1999 – Q3 2000	4%	—
RLRReliastar Financial Corp	Q1 1999 – Q3 2000	3%	—
—Honeywell Inc	Q1 1999 – Q2 2000	4%	—
—Dayton Hudson Com	Q1 1999 – Q1 2000	4%	—
MRLLDatasite Global Corp	Q1 1999 – Q4 1999	3%	—