CIK: 0000809339
Total reported value
$867.4M
Reporting period: 2026-03-31 · Number of holdings: 184
L. Roy Papp & Associates, LLP disclosed 184 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $867.4M and a quarterly turnover rate of 15.3%.
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L. Roy Papp & Associates, LLP's disclosed holdings carry a Herfindahl concentration index of 0.025 — mathematically equivalent to about 40 equally-sized positions, well below its 184 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 1.89), 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.
Trim MSFT
-0.1% -$13.3M
Add EOG
-1.6% $6.8M
Add SCHO
+168.4% $7.2M
Trim ACN
-0.9% -$8.1M
Trim GOOG
-7.1% -$8.0M
Add JNJ
-1.0% $4.2M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AAPL | Apple INC | Stock-Tech | 6.65% | -0.38% | -2.91% | |
| 2 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 5.17% | -0.66% | -7.11% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 5.00% | -1.27% | -0.06% | |
| 4 | BLK | Blackrock INC | Stock-Financials | 3.99% | -0.32% | -1.17% | |
| 5 | ORLY | O'reilly Automotive INC | Stock-Consumer Disc | 3.54% | +0.09% | -2.74% | |
| 6 | V | Visa Inc-class A Shares | Stock-Financials | 3.53% | -0.40% | -0.25% | |
| 7 | JNJ | Johnson & Johnson | Stock-Healthcare | 3.30% | +0.59% | -0.98% | |
| 8 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.25% | -0.44% | -7.86% | |
| 9 | EOG | Eog Resources INC | Stock-Energy | 3.00% | +0.88% | -1.56% | |
| 10 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 2.88% | -0.42% | -1.39% | |
| 11 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 2.74% | +0.39% | -3.21% | |
| 12 | EXPD | Expeditors Intl Wash INC | Stock-Industrials | 2.65% | -0.04% | -1.40% | |
| 13 | ACN | Accenture plc | Stock-Tech | 2.55% | -0.79% | -0.95% | |
| 14 | SYK | Stryker CORP | Stock-Healthcare | 2.48% | -0.03% | +1.34% | |
| 15 | HD | Home Depot INC | Stock-Consumer Disc | 2.36% | — | +0.23% | |
| 16 | XBI | Ss Spdr S&p Biotech ETF | ETF-Tech | 1.97% | — | -1.93% | |
| 17 | XOM | Exxon Mobil CORP | Stock-Energy | 1.76% | +0.56% | +0.16% | |
| 18 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 1.56% | +0.19% | +8.62% | |
| 19 | CNI | Canadian Natl Railway Co | Stock-Industrials | 1.56% | +0.12% | -0.17% | |
| 20 | MTD | Mettler-toledo International | Stock-Healthcare | 1.52% | -0.12% | -1.74% | |
| 21 | MA | Mastercard INC - A | Stock-Financials | 1.46% | -0.15% | -0.71% | |
| 22 | MRVL | Marvell Technology INC | Stock-Tech | 1.40% | +0.26% | +1.63% | |
| 23 | ADI | Analog Devices INC | Stock-Tech | 1.35% | +0.19% | -4.71% | |
| 24 | SCHO | Schwab Short-term US Treas | ETF-Other | 1.32% | +0.85% | +168.38% | |
| 25 | AME | Ametek INC | Stock-Industrials | 1.15% | +0.12% | +2.97% | |
| 26 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 1.10% | — | +0.04% | |
| 27 | ECL | Ecolab INC | Stock-Materials | 1.08% | — | -3.32% | |
| 28 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.04% | +0.10% | +16.67% | |
| 29 | XLK | Ss Technology Select Sector | ETF-Tech | 0.97% | -0.02% | +2.03% | |
| 30 | ROK | Rockwell Automation INC | Stock-Industrials | 0.93% | -0.04% | -0.41% | |
| 31 | CVX | Chevron CORP | Stock-Energy | 0.89% | +0.27% | +0.44% | |
| 32 | PEP | Pepsico INC | Stock-Consumer Staples | 0.87% | +0.09% | -0.90% | |
| 33 | USMV | Ishares Msci USA Min Vol Fac | ETF-Other | 0.84% | — | -0.13% | |
| 34 | EMR | Emerson Electric Co | Stock-Industrials | 0.82% | — | +0.14% | |
| 35 | NVDA | Nvidia CORP | Stock-Tech | 0.78% | -0.02% | -0.17% | |
| 36 | WY | Weyerhaeuser Co | Stock-Real Estate | 0.77% | — | — | |
| 37 | VMI | Valmont Industries | Stock-Industrials | 0.69% | — | +3.07% | |
| 38 | RBC | RBC Bearings INC | Stock-Industrials | 0.65% | — | -14.08% | |
| 39 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.64% | — | +2.26% | |
| 40 | IGSB | Ishares 1-5y Inv Grade CORP | ETF-Other | 0.61% | +0.21% | +48.12% | |
| 41 | TRMB | Trimble INC | Stock-Tech | 0.59% | -0.08% | +0.24% | |
| 42 | TROW | T Rowe Price Group INC | Stock-Financials | 0.58% | -0.19% | -18.24% | |
| 43 | WCN | Waste Connections INC | Stock-Industrials | 0.51% | — | — | |
| 44 | RMD | Resmed INC | Stock-Healthcare | 0.47% | — | +9.51% | |
| 45 | LIN | Linde plc | Stock-Materials | 0.46% | +0.34% | +228.46% | |
| 46 | NXPI | NXP Semiconductors N.V. | Stock-Tech | 0.44% | -0.05% | -4.73% | |
| 47 | CAT | Caterpillar INC | Stock-Industrials | 0.42% | +0.10% | -0.02% | |
| 48 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 0.42% | — | +0.52% | |
| 49 | SCHB | Schwab US Broad Market ETF | ETF-Other | 0.40% | — | -2.37% | |
| 50 | FDS | Factset Research Systems INC | Stock-Financials | 0.38% | -0.18% | -12.48% |
Performance for Q3 2026
+2.7%
Performance Last 4 Quarters
+18.1%
Based on 74% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 184 | $867.4M | 15 | |
| 2025-12-31 | 185 | $904.5M | 12 | |
| 2025-09-30 | 182 | $889.6M | 19 | |
| 2025-06-30 | 180 | $841.8M | 0 | |
| 2025-03-31 | 174 | $815.2M | 100 | |
| 2024-12-31 | 178 | $856.6M | 0 | |
| 2024-09-30 | 177 | $826.2M | 0 | |
| 2024-06-30 | 172 | $825.2M | 0 | |
| 2024-03-31 | 176 | $840.1M | 0 | |
| 2023-12-31 | 174 | $805.6M | 0 | |
| 2023-09-30 | 165 | $738.0M | 0 | |
| 2023-06-30 | 169 | $778.2M | 0 | |
| 2023-03-31 | 168 | $740.2M | 0 | |
| 2022-12-31 | 166 | $712.6M | 0 | |
| 2022-09-30 | 162 | $661.3M | 0 | |
| 2022-06-30 | 168 | $689.7M | 0 | |
| 2022-03-31 | 172 | $801.0M | 0 | |
| 2021-12-31 | 175 | $873.6M | 0 | |
| 2021-09-30 | 170 | $786.9M | 0 | |
| 2021-06-30 | 172 | $792.0M | 100 | |
| 2021-03-31 | 167 | $696.8M | 26 | |
| 2020-12-31 | 178 | $868.4M | 13 | |
| 2020-09-30 | 167 | $778.4M | 15 | |
| 2020-06-30 | 161 | $705.6M | 27 | |
| 2020-03-31 | 152 | $547.7M | 24 | |
| 2019-12-31 | 177 | $694.3M | 14 | |
| 2019-09-30 | 173 | $638.0M | 11 | |
| 2019-06-30 | 173 | $637.3M | 70 | |
| 2019-03-31 | 149 | $555.8M | 17 | |
| 2018-12-31 | 140 | $478.3M | 17 | |
| 2018-09-30 | 159 | $560.5M | 9 | |
| 2018-06-30 | 157 | $529.1M | 10 | 1g1151C209247x392826c |
| 2018-03-31 | 156 | $522.8M | 10 | 1g1151C209247x392826c |
| 2017-12-31 | 148 | $505.8M | 15 | 1g1151C209247x392826c |
| 2017-09-30 | 129 | $462.5M | 11 | 1g1151C209247x392826c |
| 2017-06-30 | 149 | $462.8M | 16 | |
| 2017-03-31 | 136 | $438.8M | 16 | |
| 2016-12-31 | 152 | $436.6M | 9 | |
| 2016-09-30 | 148 | $431.1M | 10 | |
| 2016-06-30 | 154 | $423.5M | 8 | 1g1151C209247x388579y |
| 2016-03-31 | 148 | $421.8M | 13 | |
| 2015-12-31 | 139 | $408.3M | 27 | 1g1151C209247x392826c |
| 2015-09-30 | 137 | $404.4M | 18 | |
| 2015-06-30 | 144 | $439.7M | 9 | |
| 2015-03-31 | 145 | $456.2M | 9 | |
| 2014-12-31 | 145 | $457.8M | 13 | |
| 2014-09-30 | 136 | $431.9M | 7 | |
| 2014-06-30 | 138 | $444.4M | 12 | |
| 2014-03-31 | 133 | $429.1M | 13 | |
| 2013-12-31 | 138 | $463.5M | 12 | |
| 2013-09-30 | 135 | $421.4M | 9 | |
| 2013-06-30 | 135 | $402.0M | — |
L. Roy Papp & Associates, LLP's most significant position changes for 2026-03-31: Sold out: Ishares 0-5 Year Tips Bond E (STIP); Sold out: First Horizon CORP (FHN); New buy: Vanguard Short Tax-ex Bond (VSDM); Trim: Microsoft CORP (MSFT) — shares -0.06%; Trim: Eog Resources INC (EOG) — shares -1.56%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | EOG | Eog Resources INC | +0.9% | -1.56% | Trim |
| 2 | SCHO | Schwab Short-term US Treas | +0.9% | +168.38% | Add |
| 3 | JNJ | Johnson & Johnson | +0.6% | -0.98% | Trim |
| 4 | XOM | Exxon Mobil CORP | +0.6% | +0.16% | Add |
| 5 | COST | Costco Wholesale CORP | +0.4% | -3.21% | Trim |
| 6 | LIN | Linde plc | +0.3% | +228.46% | Add |
| 7 | CVX | Chevron CORP | +0.3% | +0.44% | Add |
| 8 | MRVL | Marvell Technology INC | +0.3% | +1.63% | Add |
| 9 | IGSB | Ishares 1-5y Inv Grade CORP | +0.2% | +48.12% | Add |
| 10 | ADI | Analog Devices INC | +0.2% | -4.71% | Trim |
| 11 | RSP | Invesco S&p 500 Equal Weight | +0.2% | +8.62% | Add |
| 12 | AME | Ametek INC | +0.1% | +2.97% | Add |
| 13 | CNI | Canadian Natl Railway Co | +0.1% | -0.17% | Trim |
| 14 | CAT | Caterpillar INC | +0.1% | -0.02% | Trim |
| 15 | JPM | Jpmorgan Chase & Co | +0.1% | +16.67% | Add |
| 16 | PR | Permian Resources Corp-cl A | +0.1% | +1.34% | Add |
| 17 | SLAB | Silicon Laboratories INC | +0.1% | -0.87% | Trim |
| 18 | PEP | Pepsico INC | +0.1% | -0.90% | Trim |
| 19 | ORLY | O'reilly Automotive INC | +0.1% | -2.74% | Trim |
| 20 | XLE | Ss Energy Select Sector | +0.1% | +1.39% | Add |
| 21 | HD | Home Depot INC | — | +0.23% | Add |
| 22 | XLK | Ss Technology Select Sector | 0% | +2.03% | Add |
| 23 | NVDA | Nvidia CORP | 0% | -0.17% | Trim |
| 24 | SYK | Stryker CORP | 0% | +1.34% | Add |
| 25 | EXPD | Expeditors Intl Wash INC | 0% | -1.40% | Trim |
| 26 | ROK | Rockwell Automation INC | 0% | -0.41% | Trim |
| 27 | NXPI | NXP Semiconductors N.V. | -0.1% | -4.73% | Trim |
| 28 | NKE | Nike INC -cl B | -0.1% | -14.35% | Trim |
| 29 | ADP | Automatic Data Processing | -0.1% | — | Unchanged |
| 30 | PEGA | Pegasystems INC | -0.1% | -0.83% | Trim |
| 31 | MKC | Mccormick & Co-non Vtg Shrs | -0.1% | -1.68% | Trim |
| 32 | TRMB | Trimble INC | -0.1% | +0.24% | Add |
| 33 | ADBE | Adobe INC | -0.1% | -1.09% | Trim |
| 34 | CSGP | Costar Group INC | -0.1% | -1.10% | Trim |
| 35 | MTD | Mettler-toledo International | -0.1% | -1.74% | Trim |
| 36 | MA | Mastercard INC - A | -0.2% | -0.71% | Trim |
| 37 | FDS | Factset Research Systems INC | -0.2% | -12.48% | Trim |
| 38 | TROW | T Rowe Price Group INC | -0.2% | -18.24% | Trim |
| 39 | INTU | Intuit INC | -0.2% | -5.51% | Trim |
| 40 | BLK | Blackrock INC | -0.3% | -1.17% | Trim |
| 41 | AAPL | Apple INC | -0.4% | -2.91% | Trim |
| 42 | V | Visa Inc-class A Shares | -0.4% | -0.25% | Trim |
| 43 | TMO | Thermo Fisher Scientific INC | -0.4% | -1.39% | Trim |
| 44 | GOOGL | Alphabet Inc-cl A | -0.4% | -7.86% | Trim |
| 45 | GOOG | Alphabet Inc-cl C | -0.7% | -7.11% | Trim |
| 46 | ACN | Accenture plc | -0.8% | -0.95% | Trim |
| 47 | MSFT | Microsoft CORP | -1.3% | -0.06% | Trim |
| 48 | STIP | Ishares 0-5 Year Tips Bond E | — | EXIT | Sold out |
| 49 | FHN | First Horizon CORP | — | EXIT | Sold out |
| 50 | VSDM | Vanguard Short Tax-ex Bond | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-28 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-09 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-24 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-10 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-29 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-24 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-24 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-19 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-19 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-17 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-05 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-17 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-21 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-02 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-06 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-09 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-09 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-06 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-10 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-11 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-05 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-04 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-09 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-13 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-09 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-06 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-06 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-28 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-08 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-21 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-27 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-09 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-02 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-03 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-06 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-06 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-05 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-07 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-01 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-12 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-05 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-08 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-09 | 13F-HR | View on EDGAR |
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