Bio-Techne (TECH, Financial) also suffered from a shift away from growth stocks by investors. Despite the company’s fundamental outlook improving on a number of future growth initiatives, the stock still finished down 35.70% for the year. The Minnesota company’s investments in commercial scale biologic manufacturing and liquid biopsies, as well as ongoing investment in digital connections with customers, positions it well for the long term. A recent significant increase in the National Institute of Health budget for 2023 should also benefit the company in the near term. The Fund has added to the position on the pullback.
From the Mairs and Power (Trades, Portfolio) Growth Fund's fourth-quarter 2022 commentary.
