Here’s Why Mairs & Power Small Cap Fund Sold Donaldson Company (DCI)
Mairs & Power, an investment advisor, released the “Mairs & Power Small Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The Mairs & Power Small Cap Fund was down 2.04% year-to-date while the S&P Small Cap 600 TR benchmark was up 0.81%, and the Morningstar U.S. Fund Small Blend was up by 2.91%. The Fund's lack of Energy equities and holdings in the Finance, Technology, Consumer Discretionary, Utilities, and Materials sectors have resulted in year-to-date underperformance relative to the benchmark. Relative outperformance in the consumer staples, real estate, healthcare, industrials, and communications services sectors helped to partially offset this. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Small Cap Fund highlighted stocks like Donaldson Company, Inc. (NYSE:DCI) in the third quarter 2023 investor letter. Headquartered in Bloomington, Minnesota, Donaldson Company, Inc. (NYSE:DCI) manufactures and sells filtration systems and replacement parts. On November 28, 2023, Donaldson Company, Inc. (NYSE:DCI) stock closed at $58.77 per share. One-month return of Donaldson Company, Inc. (NYSE:DCI) was 1.93%, and its shares lost 0.64% of their value over the last 52 weeks. Donaldson Company, Inc. (NYSE:DCI) has a market capitalization of $7.087 billion.
Mairs & Power Small Cap Fund made the following comment about Donaldson Company, Inc. (NYSE:DCI) in its Q3 2023 investor letter:
"We also exited our position in Donaldson Company, Inc. (NYSE:DCI), a Minnesota-based supplier of filtration systems for various industries, including internal combustion engines where we see secular headwinds emerging, and a recent move into pharmaceutical industries where their technologies and routes to market are less proven."
A technician in a protective suit testing a variety of different lubricants and filters.
Donaldson Company, Inc. (NYSE:DCI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Donaldson Company, Inc. (NYSE:DCI) at the end of third quarter which was 28 in the previous quarter.
We discussed Donaldson Company, Inc. (NYSE:DCI) in another article and shared the list of under-the-radar dividend champions to consider. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
