LR
L. Roy Papp & Associates, LLP Investment Portfolio (Q3 2026) — 13F Stock Holdings
L. Roy Papp & Associates, LLPCIK: 0000809339
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$981.0M
Reporting period: 2026-09-30 · Number of holdings: 193
L. Roy Papp & Associates, LLP disclosed 193 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $981.0M and a quarterly turnover rate of 13.8%.
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Personality snowflake
- Concentration
- 10.79
- Portfolio Stability
- 13.78
- Momentum
- 100
- Sector conviction
- 46.77
- Diversification
- 100
- Sizing Uniformity
- 79.44
L. Roy Papp & Associates, LLP's disclosed holdings carry a Herfindahl concentration index of 0.027 — mathematically equivalent to about 37 equally-sized positions, well below its 193 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.06), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd MSFT
-0.3% $16.7M
New buy 30233Q108
Sold out XOM
Add TMO
+0.2% $9.0M
Add AAPL
-2.0% $8.4M
Trim MRVL
-4.1% -$5.0M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AAPL | Apple Inc | Stock-Tech | 7.52% | +0.64% | -1.97% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 6.29% | +1.56% | -0.25% | |
| 3 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 5.20% | -0.36% | -0.09% | |
| 4 | BLK | Blackrock Inc | Stock-Financials | 3.95% | +0.26% | +0.16% | |
| 5 | V | Visa Inc-class A Shares | Stock-Financials | 3.76% | +0.04% | -0.46% | |
| 6 | TMO | Thermo Fisher Scientific Inc | Stock-Healthcare | 3.55% | +0.84% | +0.20% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.25% | -0.29% | -1.71% | |
| 8 | JNJ | Johnson & Johnson | Stock-Healthcare | 3.17% | — | -0.92% | |
| 9 | EXPD | Expeditors Intl Wash Inc | Stock-Industrials | 2.98% | +0.24% | -0.72% | |
| 10 | ORLY | O'reilly Automotive Inc | Stock-Consumer Disc | 2.90% | -0.32% | +0.14% | |
| 11 | MRVL | Marvell Technology Inc | Stock-Tech | 2.89% | -0.61% | -4.08% | |
| 12 | EOG | Eog Resources Inc | Stock-Energy | 2.51% | +0.07% | -0.01% | |
| 13 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 2.20% | -0.14% | -0.43% | |
| 14 | XBI | Ss Spdr S&p Biotech ETF | ETF-Tech | 2.15% | -0.08% | -0.27% | |
| 15 | SYK | Stryker CORP | Stock-Healthcare | 1.92% | -0.35% | -0.42% | |
| 16 | HD | Home Depot Inc | Stock-Consumer Disc | 1.81% | -0.50% | -0.13% | |
| 17 | ACN | Accenture plc | Stock-Tech | 1.78% | +0.37% | -11.81% | |
| 18 | CNI | Canadian Natl Railway Co | Stock-Industrials | 1.61% | -0.06% | -0.58% | |
| 19 | MTD | Mettler-toledo International | Stock-Healthcare | 1.59% | +0.20% | -0.64% | |
| 20 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.53% | +0.15% | +12.59% | |
| 21 | ADI | Analog Devices Inc | Stock-Tech | 1.52% | -0.05% | +0.07% | |
| 22 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 1.51% | -0.12% | -2.24% | |
| 23 | MA | Mastercard Inc - A | Stock-Financials | 1.42% | +0.05% | — | |
| 24 | ✓ | Stock-Other | 1.40% | +1.40% | NEW | ||
| 25 | AME | Ametek Inc | Stock-Industrials | 1.21% | +0.01% | +0.88% | |
| 26 | XLK | Ss Technology Select Sector | ETF-Tech | 1.02% | -0.08% | -7.13% | |
| 27 | SCHO | Schwab Short-term US Treas | ETF-Other | 1.02% | -0.17% | -10.12% | |
| 28 | ROK | Rockwell Automation Inc | Stock-Industrials | 1.01% | -0.18% | -0.21% | |
| 29 | ECL | Ecolab Inc | Stock-Materials | 1.01% | -0.04% | +0.36% | |
| 30 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 1.00% | -0.03% | +0.32% | |
| 31 | NVDA | Nvidia CORP | Stock-Tech | 0.90% | +0.09% | -0.25% | |
| 32 | EMR | Emerson Electric Co | Stock-Industrials | 0.85% | +0.03% | -1.72% | |
| 33 | USMV | Ishares Msci USA Min Vol Fac | ETF-Other | 0.82% | +0.04% | +7.25% | |
| 34 | LIN | Linde plc | Stock-Materials | 0.76% | +0.04% | +18.96% | |
| 35 | CVX | Chevron CORP | Stock-Energy | 0.75% | +0.11% | -2.58% | |
| 36 | VMI | Valmont Industries | Stock-Industrials | 0.70% | -0.20% | +1.15% | |
| 37 | PEP | Pepsico Inc | Stock-Consumer Staples | 0.65% | -0.06% | +0.98% | |
| 38 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.58% | -0.02% | +0.12% | |
| 39 | WY | Weyerhaeuser Co | Stock-Real Estate | 0.53% | -0.16% | — | |
| 40 | RBC | RBC Bearings Inc | Stock-Industrials | 0.51% | -0.16% | +1.04% | |
| 41 | IGSB | Ishares 1-5y Inv Grade CORP | ETF-Other | 0.51% | -0.11% | -13.10% | |
| 42 | WM | Waste Management Inc | Stock-Industrials | 0.49% | +0.05% | +25.06% | |
| 43 | NXPI | NXP Semiconductors N.V. | Stock-Tech | 0.49% | -0.10% | +0.50% | |
| 44 | VGT | Vanguard Info Tech ETF | ETF-Tech | 0.45% | +0.01% | — | |
| 45 | TRMB | Trimble Inc | Stock-Tech | 0.45% | +0.04% | +0.85% | |
| 46 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 0.44% | +0.01% | +23.38% | |
| 47 | WCN | Waste Connections Inc | Stock-Industrials | 0.43% | -0.05% | — | |
| 48 | CAT | Caterpillar Inc | Stock-Industrials | 0.41% | -0.19% | -7.87% | |
| 49 | FDS | Factset Research Systems Inc | Stock-Financials | 0.41% | +0.05% | -0.65% | |
| 50 | SCHB | Schwab US Broad Market ETF | ETF-Other | 0.40% | -0.02% | -2.56% |
1–50 of 193
Portfolio Performance
Performance for Q4 2026
+5.9%
Performance Last 4 Quarters
+17.4%
- Stdev
- +11.5%
- Beta
- +0.84
- Alpha
- -1.9%
- Max Drawdown
- -10.3%
- Annualized Perf
- +17.6%
- Batting Avg vs S&P
- +30.6%
- Sortino
- +2.83
- Stutzer
- +0.43
- Treynor
- +0.2
- Sterling
- +1.04
- Calmar
- +1.71
- Information Ratio
- -1
- Tracking Error
- +5.3%
- Stdev Down
- +6%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +26.2%
- Worst 12 Months
- +2.2%
- Efficiency Ratio
- +0.59
- Sharpe
- +1.47
- Stdev Sectors
- +7.7%
- Skewness
- -0.12
- Kurtosis
- +0.16
- Upside Potential
- +4.4
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q3 | 193 | $981.0M | 14 | ||
| 2026 Q2 | 193 | $951.4M | 17 | ||
| 2026 Q1 | 184 | $867.4M | 15 | ||
| 2025 Q4 | 185 | $904.5M | 12 | ||
| 2025 Q3 | 182 | $889.6M | 19 | ||
| 2025 Q2 | 180 | $841.8M | 0 | ||
| 2025 Q1 | 174 | $815.2M | 100 | ||
| 2024 Q4 | 178 | $856.6M | 0 | ||
| 2024 Q3 | 177 | $826.2M | 0 | ||
| 2024 Q2 | 172 | $825.2M | 0 | ||
| 2024 Q1 | 176 | $840.1M | 0 | ||
| 2023 Q4 | 174 | $805.6M | 0 | ||
| 2023 Q3 | 165 | $738.0M | 0 | ||
| 2023 Q2 | 169 | $778.2M | 0 | ||
| 2023 Q1 | 168 | $740.2M | 0 | ||
| 2022 Q4 | 166 | $712.6M | 0 | ||
| 2022 Q3 | 162 | $661.3M | 0 | ||
| 2022 Q2 | 168 | $689.7M | 0 | ||
| 2022 Q1 | 172 | $801.0M | 0 | ||
| 2021 Q4 | 175 | $873.6M | 0 | ||
| 2021 Q3 | 170 | $786.9M | 0 | ||
| 2021 Q2 | 172 | $792.0M | 100 | ||
| 2021 Q1 | 167 | $696.8M | 26 | ||
| 2020 Q4 | 178 | $868.4M | 13 | ||
| 2020 Q3 | 167 | $778.4M | 15 | ||
| 2020 Q2 | 161 | $705.6M | 27 | ||
| 2020 Q1 | 152 | $547.7M | 24 | ||
| 2019 Q4 | 177 | $694.3M | 14 | ||
| 2019 Q3 | 173 | $638.0M | 11 | ||
| 2019 Q2 | 173 | $637.3M | 70 | ||
| 2019 Q1 | 149 | $555.8M | 17 | ||
| 2018 Q4 | 140 | $478.3M | 17 | ||
| 2018 Q3 | 159 | $560.5M | 9 | ||
| 2018 Q2 | 157 | $529.1M | 10 | 1g1151C209247x392826c | |
| 2018 Q1 | 156 | $522.8M | 10 | 1g1151C209247x392826c | |
| 2017 Q4 | 148 | $505.8M | 15 | 1g1151C209247x392826c | |
| 2017 Q3 | 129 | $462.5M | 11 | 1g1151C209247x392826c | |
| 2017 Q2 | 149 | $462.8M | 16 | ||
| 2017 Q1 | 136 | $438.8M | 16 | ||
| 2016 Q4 | 152 | $436.6M | 9 | ||
| 2016 Q3 | 148 | $431.1M | 10 | ||
| 2016 Q2 | 154 | $423.5M | 8 | 1g1151C209247x388579y | |
| 2016 Q1 | 148 | $421.8M | 13 | ||
| 2015 Q4 | 139 | $408.3M | 27 | 1g1151C209247x392826c | |
| 2015 Q3 | 137 | $404.4M | 18 | ||
| 2015 Q2 | 144 | $439.7M | 9 | ||
| 2015 Q1 | 145 | $456.2M | 9 | ||
| 2014 Q4 | 145 | $457.8M | 13 | ||
| 2014 Q3 | 136 | $431.9M | 7 | ||
| 2014 Q2 | 138 | $444.4M | 12 | ||
| 2014 Q1 | 133 | $429.1M | 13 | ||
| 2013 Q4 | 138 | $463.5M | 12 | ||
| 2013 Q3 | 135 | $421.4M | 9 | ||
| 2013 Q2 | 135 | $402.0M | — |
Holding changes this quarter
L. Roy Papp & Associates, LLP's most significant position changes for 2026-09-30: New buy: ; Sold out: Exxon Mobil CORP (XOM); New buy: Ultragenyx Pharmaceutical In (RARE); Sold out: Sterling Infrastructure Inc (STRL); New buy: Zebra Technologies Corp-cl A (ZBRA).
Showing top 200 changes by size (of 201 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | +1.6% | -0.25% | Trim |
| 2 | ✓ | +1.4% | NEW | New buy | |
| 3 | TMO | Thermo Fisher Scientific Inc | +0.8% | +0.20% | Add |
| 4 | AAPL | Apple Inc | +0.6% | -1.97% | Trim |
| 5 | ACN | Accenture plc | +0.4% | -11.81% | Trim |
| 6 | BLK | Blackrock Inc | +0.3% | +0.16% | Add |
| 7 | EXPD | Expeditors Intl Wash Inc | +0.2% | -0.72% | Trim |
| 8 | MTD | Mettler-toledo International | +0.2% | -0.64% | Trim |
| 9 | JPM | Jpmorgan Chase & Co | +0.2% | +12.59% | Add |
| 10 | CVX | Chevron CORP | +0.1% | -2.58% | Trim |
| 11 | RARE | Ultragenyx Pharmaceutical In | +0.1% | NEW | New buy |
| 12 | NVDA | Nvidia CORP | +0.1% | -0.25% | Trim |
| 13 | EOG | Eog Resources Inc | +0.1% | -0.01% | Trim |
| 14 | MA | Mastercard Inc - A | +0.1% | — | Unchanged |
| 15 | WM | Waste Management Inc | +0.1% | +25.06% | Add |
| 16 | FDS | Factset Research Systems Inc | +0.1% | -0.65% | Trim |
| 17 | V | Visa Inc-class A Shares | 0% | -0.46% | Trim |
| 18 | USMV | Ishares Msci USA Min Vol Fac | 0% | +7.25% | Add |
| 19 | LIN | Linde plc | 0% | +18.96% | Add |
| 20 | TRMB | Trimble Inc | 0% | +0.85% | Add |
| 21 | DT | Dynatrace Inc | 0% | — | Unchanged |
| 22 | EMR | Emerson Electric Co | 0% | -1.72% | Trim |
| 23 | META | Meta Platforms Inc-class A | 0% | +2.81% | Add |
| 24 | ZBRA | Zebra Technologies Corp-cl A | 0% | NEW | New buy |
| 25 | MTSI | Macom Technology Solutions H | 0% | NEW | New buy |
| 26 | LSCC | Lattice Semiconductor CORP | 0% | NEW | New buy |
| 27 | PR | Permian Resources Corp-cl A | 0% | +2.47% | Add |
| 28 | ADP | Automatic Data Processing | 0% | -1.35% | Trim |
| 29 | ADBE | Adobe Inc | 0% | — | Unchanged |
| 30 | XLE | Ss Energy Select Sector | 0% | -0.48% | Trim |
| 31 | FN | Fabrinet | 0% | NEW | New buy |
| 32 | TGT | Target CORP | 0% | NEW | New buy |
| 33 | WES | Western Midstream Partners L | 0% | NEW | New buy |
| 34 | IQV | Iqvia Holdings Inc | 0% | -4.53% | Trim |
| 35 | MRK | Merck & Co. Inc. | 0% | +0.40% | Add |
| 36 | PSX | Phillips 66 | 0% | +1.89% | Add |
| 37 | AME | Ametek Inc | 0% | +0.88% | Add |
| 38 | AMGN | Amgen Inc | 0% | -5.35% | Trim |
| 39 | MCD | Mcdonald's CORP | 0% | +23.38% | Add |
| 40 | VGT | Vanguard Info Tech ETF | 0% | — | Unchanged |
| 41 | AMZN | Amazon.com Inc | 0% | +0.42% | Add |
| 42 | PEGA | Pegasystems Inc | 0% | -0.69% | Trim |
| 43 | PFE | Pfizer Inc | 0% | +15.67% | Add |
| 44 | VTV | Vanguard Value ETF | 0% | +21.71% | Add |
| 45 | ABBV | Abbvie Inc | 0% | +1.49% | Add |
| 46 | ANET | Arista Networks Inc | 0% | — | Unchanged |
| 47 | SCHX | Schwab US Large-cap ETF | 0% | +10.32% | Add |
| 48 | ROST | Ross Stores Inc | 0% | — | Unchanged |
| 49 | MDT | Medtronic plc | 0% | — | Unchanged |
| 50 | EWJ | Ishares Msci Japan ETF | 0% | — | Unchanged |
1–50 of 200
Filing History
FAQ
What is L. Roy Papp & Associates, LLP and what type of investor is it?
L. Roy Papp & Associates, LLP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $981.0M, spread across 193 disclosed positions.
What are L. Roy Papp & Associates, LLP's largest equity positions?
Based on the latest 13F filing, L. Roy Papp & Associates, LLP's top holdings by market value are:
1. Apple Inc (AAPL) — $73.8M (7.5%)
2. Microsoft CORP (MSFT) — $61.7M (6.3%)
3. Alphabet Inc-cl C (GOOG) — $51.0M (5.2%)
4. Blackrock Inc (BLK) — $38.7M (4.0%)
5. Visa Inc-class A Shares (V) — $36.9M (3.8%)
What changes did L. Roy Papp & Associates, LLP make in its most recent portfolio filing?
In the latest reported quarter, L. Roy Papp & Associates, LLP made 136 notable position adjustments: 8 new positions were initiated, 59 existing holdings were added to, 61 positions were partially reduced, and 8 were completely exited. The largest of these moves: New buy: ; Sold out: Exxon Mobil CORP (XOM); New buy: Ultragenyx Pharmaceutical In (RARE); Sold out: Sterling Infrastructure Inc (STRL); New buy: Zebra Technologies Corp-cl A (ZBRA)
What sectors does L. Roy Papp & Associates, LLP focus on?
L. Roy Papp & Associates, LLP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 28.1%
• Financials: 13.8%
• Health Care: 13.8%
• Industrials: 13.3%
• Communication Services: 10.0%
• Consumer Discretionary: 7.1%
Investment Profile
L. Roy Papp & Associates, LLP returned an annualized 17.6% over the trailing 36 months — underperforming the S&P 500 by 1.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.84 (less volatile than the market) and a 31% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding.
It has added to its MSFT position over the past two quarters (+$18.3M, now $61.7M), while trimming ORLY over the same stretch (-$2.3M, still holding $28.4M).
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