Mairs & Power, an investment advisor, released the third-quarter 2025 investor letter for the “Mairs & Power Small Cap Fund.” A copy of the letter can be downloaded here. The market’s concentration persists in 2025, with a few dominant mega-cap stocks tied to artificial intelligence (AI) driving most of the favorable outcomes. The fund returned 2.06% in the first nine months of 2025. The fund underperformed the benchmark Russell 2000 Total Returns (TR) Index, which was up 10.39%, the S&P Small Cap 600 TR, w ...