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Mairs and Powers Growth Fund Comments on 3M

The single largest factor contributing to relative underperformance for both the second quarter and first half of the year was the decline in 3M (NYSE:MMM) stock, one of the largest holdings in the Fund. The global industrial company's shares are off more than 20% from their 52- week high. Management cited weakness in the automotive sector, consumer electronics and the Chinese market. Investor concerns over rising environmental liability and the price paid for a recent acquisition put additional selling pressure on the stock through the second quarter. 3M's seasoned management team has a track record of successfully navigating business challenges such as these and remains a core position in the Fund.

From Mairs and Power (Trades, Portfolio)s Growth Fund's second-quarter 2019 commentary.
This article first appeared on GuruFocus.