Institutional Manager · CIK 0000809339
L. Roy Papp & Associates, LLP
Phoenix, AZ · File #028-01889
Latest AUM
$904.5M
Positions
185
Top-10 Concentration
51.1%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| REDUCE | FISERV INC | FISV | -74,345 | -$5.0M | -$5.2M |
| ADD | SELECT SECTOR SPDR TR | 81369Y803 | +31,149 | +$4.5M | -$4.3M |
| ADD | SCHWAB STRATEGIC TR | 808524862 | +162,697 | +$4.0M | -$400 |
| NEW | ISHARES TR | 464288646 | +67,605 | +$3.6M | $0 |
| REDUCE | PRICE T ROWE GROUP INC | TROW | -22,592 | -$2.3M | -$23,614 |
| REDUCE | ALPHABET INC | GOOG | -5,685 | -$1.8M | +$12.2M |
| REDUCE | ALPHABET INC | GOOG | -4,268 | -$1.3M | +$7.7M |
| EXITED | INFORMATICA INC | 45674M101 | -52,503 | -$1.3M | $0 |
| REDUCE | COSTCO WHSL CORP NEW | 22160K105 | -1,496 | -$1.3M | -$1.7M |
| REDUCE | APPLE INC | AAPL | -4,205 | -$1.1M | +$4.1M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 2025185 pos · $904.5M
- 13F HOLDINGS REPORTQ/E Sep 2025182 pos · $889.6M
- 13F HOLDINGS REPORTQ/E Jun 2025180 pos · $841.8M
- 13F HOLDINGS REPORTQ/E Mar 2025174 pos · $815.2M
- 13F HOLDINGS REPORTQ/E Dec 2024178 pos · $856.6M
- 13F HOLDINGS REPORTQ/E Sep 2024177 pos · $826.2M
- 13F HOLDINGS REPORTQ/E Jun 2024172 pos · $825.2M
- 13F HOLDINGS REPORTQ/E Mar 2024176 pos · $840.1M
- 13F HOLDINGS REPORTQ/E Dec 2023165 pos · $738.0M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | APPLE INC | AAPL | 233,943 | $63.6M | 8.19% |
| 2 | MICROSOFT CORP | MSFT | 117,289 | $56.7M | 7.31% |
| 3 | ALPHABET INC | GOOG | 168,150 | $52.8M | 6.80% |
| 4 | BLACKROCK INC | BLK | 36,442 | $39.0M | 5.02% |
| 5 | VISA INC | V | 101,419 | $35.6M | 4.58% |
| 6 | ALPHABET INC | GOOG | 106,511 | $33.3M | 4.29% |
| 7 | OREILLY AUTOMOTIVE INC | 67103H107 | 342,247 | $31.2M | 4.02% |
| 8 | ACCENTURE PLC IRELAND | ACN | 112,516 | $30.2M | 3.89% |
| 9 | THERMO FISHER SCIENTIFIC INC | TMO | 51,516 | $29.9M | 3.84% |
| 10 | JOHNSON & JOHNSON | JNJ | 118,358 | $24.5M | 3.15% |
| 11 | EXPEDITORS INTL WASH INC | 302130109 | 163,041 | $24.3M | 3.13% |
| 12 | STRYKER CORPORATION | SYK | 64,681 | $22.7M | 2.93% |
| 13 | HOME DEPOT INC | HD | 62,011 | $21.3M | 2.75% |
| 14 | COSTCO WHSL CORP NEW | 22160K105 | 24,630 | $21.2M | 2.74% |
| 15 | EOG RES INC | EOG | 182,818 | $19.2M | 2.47% |
| 16 | SPDR SERIES TRUST | 78464A870 | 136,229 | $16.6M | 2.14% |
| 17 | METTLER TOLEDO INTERNATIONAL | MTD | 10,635 | $14.8M | 1.91% |
| 18 | MASTERCARD INCORPORATED | MA | 25,471 | $14.5M | 1.87% |
| 19 | CANADIAN NATL RY CO | 136375102 | 131,724 | $13.0M | 1.68% |
| 20 | INVESCO EXCHANGE TRADED FD T | IVZ | 64,880 | $12.4M | 1.60% |