Mairs & Power Small Cap Fund Q4 2024 Commentary

2025-02-19 10:00:00 ET

Summary

• In 2024, the Mairs & Power Small Cap Fund was up 7.25%, slightly underperforming the S&P Small Cap 600 Total Return benchmark.
• While we were disappointed with the modest underperformance, we are encouraged that stock selection was positive during the period.
• While the Federal Reserve (the Fed) again decided to cut Federal Funds Rate in December, the likelihood of several more rate cuts during 2025 has diminished.

Market Overview

The S&P 500 Total Return ((TR)) was 2.41% for the fourth quarter and 25.02% year-to-date (YTD), the Dow Jones Industrial ((TR)) was 0.93% in the quarter and 14.99% YTD, and the Bloomberg U.S. Government/Credit Bond Index was -3.08% in the quarter and 1.18% YTD....

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