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George Mairs Sees More Power In The Market.(SERIES: FUNDS & PERSONAL FINANCE/MUTAL FUND QUARTERLY)(IBD SPECIAL REPORT)(FUND MANAGER Q & A)
Byline: MURRAY COLEMAN
Performance is what counts. And throughout its 45-year run, Mairs & Power Growth Fund hasn't had to take a back seat to many of its mutual fund rivals.
Since it opened in November 1958, the fund returned an average annual 12.1% through 2003. In that time, the S&P 500 cranked out 10.7% a year, says Ibbotson Associates. Before Friday, the fund's 17.47% gain the past 10 years ranked it in the top 1% of its large-cap blend peers tracked by Morningstar.
Besides its $1.66 billion Growth Fund, the company runs $71 billion Mairs & Power Balanced Fund. It also manages some $700 million in private accounts. Presiding over all these activities is Chairman George Mairs III. The 76-year-old money manager grew up in the business, founded by his father, George Mairs Jr., in 1931.
At the end of June, George III stepped down from full-time duties as the Growth Fund's co-manager. He took time out from his busy schedule last week to talk to IBD about his industry and changes in the market from the firm's St. Paul, Minn., headquarters.
IBD: How has the business changed since you joined it full time in 1952?
Mairs: The real sea change is that the average American household now has at least some exposure to mutual funds. That means we've truly achieved a sort of people's capitalism in the United States. It's a marvelous thing when virtually every person in this country becomes a stakeholder.
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- Saint Paul Pioneer Press, Minn., Investor's Eye Column.
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...bought bargain shares last year see no need to buy now. "This is not the time to step in," says George Mairs of Mairs & Power Growth Fund in St. Paul, a fund that holds more Target stock than any other stock. "You want to buy low and...
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...result, earnings in the fiscal year that ended last May fell 20% from the previous year. But George Mairs, co-manager of Mairs and Power Growth fund, says that as merger problems fade, the company can focus on boosting sales of its cereals...
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...economy rosy next year." George Mairs, president and portfolio manager for the Mairs and Power Growth Fund, also figures the market...whose $64 million-asset Growth fund was up 44 percent over the...industrial countries." The Growth Fund, which is about 80 percent...
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...of the war as reason enough to buy. George Mairs, who started in the investment business in 1952 and has run Mairs and Power Growth fund since 1980, says the war buttresses...co-manager of the Thompson Plumb Growth fund, is also feeling "a lot more relaxed...
