There's more to the Mairs & Power Growth Fund (MPGFX) than its name implies. The managers favor firms with above-average earnings growth. But a durable, competitive position in their market — "a number-one or number-two position and gaining share," says comanager Andrew Adams — and a reasonable stock price matter even more.
That valuation focus has been a handicap recently, as pricey stocks in companies with little in the way of profits have led the market. Over the past 12 months, Mairs & Power Growth, a member of the Kiplinger 25, our favorite no-load mutual funds, has returned 5%, trailing its peers (large blend funds) and the broad market.
