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Mairs and Power Growth Fund Comments on Ecolab

Ecolab (NYSE:ECL) is another long-term holding of the fund and one of its largest positions as well. After a stellar 2018, the stock has continued to climb higher this year, up more than 30% in the first six months. In our opinion, Ecolab has one of the strongest durable competitive advantages in our stock universe, and we remain impressed with the management team. Earlier this year, management announced that the company would spin off its upstream energy business, a highly cyclical business dependent largely upon the price of oil, and the market welcomed the news. That said, valuation has become stretched, and we have been trimming back our position.

From Mairs and Power (Trades, Portfolio)s Growth Fund's second-quarter 2019 commentary.

This article first appeared on GuruFocus.