Mairs & Power Announces Growth Fund and Small Cap Fund Portfolio Manager Changes

ST. PAUL, Minn., April 1, 2019 /PRNewswire/ -- Veteran fund managers Andrew R. (Andy) Adams and Allen D. Steinkopf were named lead managers of the Mairs & Power Growth Fund (MPGFX) and the Mairs & Power Small Cap Fund (MSCFX) respectively, effective April 1, 2019. Mark L. Henneman, lead manager of the Growth Fund since 2013 and Andrew R. Adams, lead manager of the Small Cap Fund since 2011, move to co-manager roles for those Funds. Peter J. (Pete) Johnson joins Adams and Henneman as co-manager of the Growth Fund.

"Andy and I have worked closely together since he joined the firm in 2006 and even more so as he assumed the Growth Fund co-manager role in 2015, and became Chief Investment Officer in 2018. This close working relationship will continue to grow through this management change," said Mark L. Henneman, Chairman and CEO of Mairs & Power, Inc.

Henneman added, "While Andy takes leadership of the Growth Fund, Allen Steinkopf will assume the lead manager role of the Small Cap Fund. Andy and Allen have worked together on and off for over 20 years, first at Advantus Capital Management (now Securian Asset Management) then US Bank Asset Management (now Nuveen Investments) and since 2013 at Mairs & Power. Allen assumed the co-manager role of the Small Cap Fund in 2015 which has allowed Allen and Andy to further deepen their working relationship, and that close relationship will continue with this management change."

Noting the appointment of Pete Johnson to co-manager of the Growth Fund, Andy Adams stated, "Pete has been with Mairs & Power since 2010 and over these past 8 years his equity research and overall contributions to the Investment Committee have supported the work of the entire investment team, especially the Growth Fund. I am excited to have Pete join the Fund management team."

"Succession planning is a natural component of Mairs & Power's long-term focus," Henneman added. "As the oldest investment firm under continuous private ownership and management in Minnesota, we employ a deliberate and disciplined succession planning process to ensure consistency in our investment philosophy over time while providing growth and development opportunities for our investment professionals. These changes in Fund management will keep me focused on the Growth Fund, but allow me time to address the long-term strategy of Mairs & Power, Inc."

Mr. Adams joined Mairs & Power in 2006 as Vice President and Investment Manager. He was appointed manager of the Mairs & Power Small Cap Fund which launched in August of 2011, and co-manager of the Growth Fund on January 1, 2015. Mr. Adams was named Chief Investment Officer of Mairs & Power on January 1, 2018. 

Mr. Steinkopf joined Mairs & Power in September 2013 as Vice President and Investment Manager. He was named co-manager of the Small Cap Fund on January 1, 2015. Prior to joining Mairs & Power, he had been senior portfolio manager of small cap equity and directly managed a small cap core mutual fund at Nuveen Asset Management.

Mr. Henneman joined Mairs & Power in 2004 as Vice President and Investment Manager.  In 2006 he was named co-manager of the Growth Fund. Along with Bill Frels, he was named the 2012 Morningstar Fund Manager of the Year- Domestic Equities and in 2013 was named lead manager of the Fund. In 2018 he was named Chairman and Chief Executive Officer of Mairs & Power, Inc.

Mr. Johnson joined Mairs & Power in 2010 as Assistant Vice President and Analyst after receiving his M.B.A. with a concentration in the Applied Security Analysis Program from the University of Wisconsin. Prior to that Pete was a Senior Equity Analyst for 5 years with Ulland Investment Advisors in Minneapolis.

As of December 31, 2018, the Mairs & Power Growth Fund (MPGFX) held $3.9 billion in assets under management and the Mairs & Power Small Cap Fund (MSCFX) held $367 million in assets under management.

About Mairs & Power

Established in 1931, Mairs & Power is an independent, employee-owned investment advisory firm committed to pursuing long-term growth. The firm's mutual funds and individually managed accounts are built on the strength and success of carefully selected, quality stocks and bonds. One of the cornerstones of the firm's equity approach is its regional strategy focusing on stocks of companies headquartered in the Upper Midwest. As of December 31, 2018 Mairs & Power's assets under management totaled $8.5 Billion.  For more information, please visit our website www.mairsandpower.com.

The Funds' investment objectives, risks, charges and expenses must be considered carefully before investing.  The summary prospectuses or full prospectus contain this and other important information about the Funds, and they may be obtained by calling Shareholder Services at (800) 304-7404, or by visiting www.mairsandpower.com.  Read the summary prospectuses or full prospectus carefully before investing.

Investing in the Funds is subject to investment risks, including, but not limited to, possible loss of principal amount invested.

ALPS Distributors, Inc. is the Distributor for the Mairs & Power Funds. 
MNP001154 4/1/2020

SOURCE Mairs & Power

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