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Mairs & Power Growth Invests the Minnesota Way

This fund won't throw your money in the chipper.

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As more investors cast their gaze and money abroad, one fund has prospered by being provincial.

Fund investors have been buying international funds and selling domestic offerings, but that doesn't bug  Mairs & Power Growth  (MPGFX) comanagers Bill Frels and Mark Henneman. They stay close to home, typically holding between 35 and 50 stocks of companies, many of which are located in or near their home base in Minnesota.

It may seem like folly to be so rigidly local as markets get more global and complex, but the approach has been rewarding. The fund's 10- and 15-year returns are more than 300 basis points better than the large-blend category average and the S&P 500 Index.

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Karin Anderson does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.