Could you start with a brief overview of Mairs & Power and then focus on the Growth Fund?
Mr. Mairs: First of all, our Fund is a multi-cap fund, it always has been. The Fund was incorporated in 1958, so the philosophy has been pretty seamless over the decades. And what we like to do is to identify small companies that we think have unusual long-term growth prospects, and buy the stocks on an opportunistic basis when we think they’re undervalued, and hold them, in some instances, possibly forever. That means that if we buy a small cap, we’re never faced with the problem that it’s become too large for a category and, therefore, we have to exit it. This has worked very well for us over the years. The second piece is that we are a blend fund, which means that we have both so- called value stocks and also growth stocks in our portfolio. But our philosophy is that we want to buy growth companies, but on a valuation basis. So we want to buy them when we think that they are reasonably priced. Therefore, we’re multi-cap and we’re blend, and this really gives us the opportunity to lo
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