82-Yr.-Old Investment Firm Names New Fund Mgrs.
Mairs & Power, Inc.—an 82-year-old, St. Paul-based investment firm known for its conservative, long-term investment management approach—said Monday that it has appointed Mark Henneman and Ronald Kaliebe as lead managers of its Growth Fund and Balanced Fund, respectively.
Twin Cities Business recently reported on Mairs & Power’s Small Cap Fund, which launched in August 2011 and was king of its category last year, with a total return of 30.6 percent.
On Monday, Henneman and Kaliebe replaced William Frels, the former lead manager of both the firm’s Growth Fund and Balanced Fund. Frels is preparing to retire at the end of 2014.
“[Frels] has worked effectively with both Mark and Ron for several years and the funds will benefit as that close working relationship continues during this planned management transition,” Mairs & Power CEO and President Jon Theobald said in a statement.
Kaliebe joined Mairs & Power in 1999, while Henneman joined the firm in 2004. Both became managers of their respective funds in 2006. Frels had been lead manager of the Mairs & Power Balanced fund since 1992 and co-manager of the Mairs & Power Growth Fund from 1999 through 2004, when he became lead manager.
Theobald told Twin Cities Business that despite market fluctuations during the month of June, the Growth Fund and Balanced Fund are both “doing well.” As of May 31, the Growth Fund’s year-to-date return was 15.9 percent, while the Balanced Fund’s year-to-date return was 9.99 percent. The Growth Fund held $3 billion in assets under management, while the Balanced Fund held $463 million in assets under management, as of June 28.
Mairs & Power is independent and employee-owned, handling mutual funds and individually managed portfolios. The firm employs 32, including nine investment professionals. It has for years been quietly outperforming the competition by picking solid Midwestern companies like 3M and Medtronic, and holding onto them, sometimes for decades.