L. Roy Papp & Associates, LLP
Sector Allocation
- Technology33.3%$326.7M
- Financials13.8%$135.3M
- Healthcare12.0%$117.9M
- Industrials10.5%$103.2M
- Other9.7%$95.3M
- Consumer Discretionary6.5%$63.5M
- Energy5.5%$53.6M
- Consumer Staples4.9%$48.0M
- Materials2.1%$20.8M
- Utilities1.0%$9.8M
AUM History
13fpro.ai/research/fund/l-roy-papp-and-associates-llp-809339
Conviction and streaks
Concentrating · top 10 = 42.6%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q3 2026
AAPL
$73.8MMSFT
$61.7MGOOG
$51.0MBLK
$38.7MV
$36.9MTMO
$34.8MGOOGL
$31.9MJNJ
$31.1MEXPD
$29.3MORLY
$28.4MMRVL
$28.3MEOG
$24.7MCOST
$21.6M- SPDR$21.1M
SYK
$18.8MHD
$17.7MACN
$17.5MCNI
$15.8MMTD
$15.6MJPM
$15.0M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/l-roy-papp-and-associates-llp-809339
L. Roy Papp & Associates, LLP 13F holdings — Q3 2026
$981.0M portfolio (+3.1% QoQ) · 193 holdings · Q3 2026 13F · top 10 are 43% of the stock portfolio
$73.8M
7.5% of stocks
-2%This quarter-0.0%Since filed8+ qtrsHeld$61.7M
6.3% of stocks
-0.3%This quarter-0.1%Since filed8+ qtrsHeld$51.0M
5.2% of stocks
-0.1%This quarter-5.1%Since filed8+ qtrsHeld$38.7M
4.0% of stocks
+0.2%This quarter-1.9%Since filed8+ qtrsHeld$36.9M
3.8% of stocks
-0.5%This quarter-0.9%Since filed8+ qtrsHeld$34.8M
3.5% of stocks
+0.2%This quarter-1.3%Since filed8+ qtrsHeld$31.9M
3.3% of stocks
-2%This quarter-5.1%Since filed8+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 4 qtrs in a row$31.1M
3.2% of stocks
-0.9%This quarter+3.3%Since filed8+ qtrsHeld$29.3M
3.0% of stocks
-0.7%This quarter-0.3%Since filed8+ qtrsHeld$28.4M
2.9% of stocks
+0.1%This quarter+2.1%Since filed8+ qtrsHeld
All holdings — L. Roy Papp & Associates, LLP (Q3 2026)
193 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | Marvell Technology, Inc. | Technology | $28.3M | 2.9% | 107K | -4% | 8+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | EOG RESOURCES INC | Energy | $24.7M | 2.5% | 179K | -0.0% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | COSTCO WHOLESALE CORP /NEW | Consumer Staples | $21.6M | 2.2% | 24K | -0.4% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | — | SPDR SERIES TRUST - ST STR SP BIOTetf/fund | — | $21.1M | 2.1% | 134K | -0.3% | — | — | 13F |
| 15 | STRYKER CORP | Healthcare | $18.8M | 1.9% | 68K | -0.4% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | HOME DEPOT, INC. | Consumer Discretionary | $17.7M | 1.8% | 62K | -0.1% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | Accenture plc | Technology | $17.5M | 1.8% | 95K | -12% | 8+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | CANADIAN NATIONAL RAILWAY CO | Industrials | $15.8M | 1.6% | 133K | -0.6% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | METTLER TOLEDO INTERNATIONAL INC/ | Healthcare | $15.6M | 1.6% | 10K | -0.6% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | JPMORGAN CHASE & CO | Financials | $15.0M | 1.5% | 45K | +13% | 8+ qtrsAdded 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | ANALOG DEVICES INC | Technology | $14.9M | 1.5% | 38K | +0.1% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | Invesco Ltd. | Financials | $14.8M | 1.5% | 71K | -2% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | Mastercard Inc | Financials | $14.0M | 1.4% | 25K | — | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | EXXON MOBIL CORP | Energy | $13.7M | 1.4% | 84K | +0.3% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | AMETEK INC/ | Industrials | $11.8M | 1.2% | 48K | +0.9% | 8+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | — | SELECT SECTOR SPDR TR - ST STR TECHN ETF | — | $10.0M | 1.0% | 51K | -7% | |||
| 27 | — | SCHWAB STRATEGIC TR - SHT TM US TRES | — | $10.0M | 1.0% | 420K | -10% | |||
| 28 | $ROK | ROCKWELL AUTOMATION, INC | Industrials | $10.0M | 1.0% | 23K | -0.2% | |||
| 29 | $ECL | ECOLAB INC. | Materials | $9.9M | 1.0% | 36K | +0.4% | |||
| 30 | $PG | PROCTER & GAMBLE Co | Consumer Staples | $9.8M | 1.0% | 67K | +0.3% | |||
| 31 | $NVDA | NVIDIA CORP | Technology | $8.8M | 0.9% | 39K | -0.2% | |||
| 32 | $EMR | EMERSON ELECTRIC CO | Industrials | $8.3M | 0.8% | 54K | -2% | |||
| 33 | — | ISHARES TR - MSCI USA MIN ETF | — | $8.1M | 0.8% | 83K | +7% | |||
| 34 | $LIN | LINDE PLC | Materials | $7.5M | 0.8% | 16K | +19% | |||
| 35 | $CVX | CHEVRON CORP | Energy | $7.3M | 0.8% | 36K | -3% | |||
| 36 | $VMI | VALMONT INDUSTRIES INC | Industrials | $6.9M | 0.7% | 15K | +1% | |||
| 37 | $PEP | PEPSICO INC | Consumer Staples | $6.3M | 0.7% | 50K | +1.0% | |||
| 38 | $BRK.B | BERKSHIRE HATHAWAY INC | Financials | $5.7M | 0.6% | 11K | +0.1% | |||
| 39 | $WY | WEYERHAEUSER CO | Real Estate | $5.2M | 0.5% | 273K | — | |||
| 40 | $RBC | RBC Bearings INC | Industrials | $5.0M | 0.5% | 10K | +1% | |||
| 41 | — | ISHARES TR - ISHS 1-5YR INVS | — | $5.0M | 0.5% | 97K | -13% | |||
| 42 | $WM | WASTE MANAGEMENT INC | Utilities | $4.8M | 0.5% | 24K | +25% | |||
| 43 | $NXPI | NXP Semiconductors N.V. | Technology | $4.8M | 0.5% | 20K | +0.5% | |||
| 44 | — | VANGUARD WORLD FD - INF TECH ETF | — | $4.4M | 0.5% | 35K | — | |||
| 45 | $TRMB | TRIMBLE INC. | Technology | $4.4M | 0.5% | 77K | +0.8% | |||
| 46 | $MCD | MCDONALDS CORP | Consumer Discretionary | $4.3M | 0.4% | 19K | +23% | |||
| 47 | $WCN | Waste Connections, Inc. | Utilities | $4.2M | 0.4% | 27K | — | |||
| 48 | $CAT | CATERPILLAR INC | Industrials | $4.0M | 0.4% | 4,963 | -8% | |||
| 49 | $FDS | FACTSET RESEARCH SYSTEMS INC | Technology | $4.0M | 0.4% | 15K | -0.7% | |||
| 50 | — | SCHWAB STRATEGIC TR - US BRD MKT ETF | — | $4.0M | 0.4% | 136K | -3% | |||
| 51 | — | VANGUARD SPECIALIZED FUNDS - DIV APP ETF | — | $3.5M | 0.4% | 15K | -7% | |||
| 52 | $RMD | RESMED INC | Healthcare | $3.3M | 0.3% | 15K | -9% | |||
| 53 | $AMZN | AMAZON COM INC | Consumer Discretionary | $3.2M | 0.3% | 13K | +0.4% | |||
| 54 | $RTX | RTX Corp | Industrials | $3.1M | 0.3% | 17K | +4% | |||
| 55 | — | VANGUARD INDEX FDS - MRNGSTR GRWT ETF | — | $3.1M | 0.3% | 34K | -2% | |||
| 56 | — | VANGUARD INDEX FDS - MRNGSTR TTL STK | — | $2.8M | 0.3% | 7,567 | -1% | |||
| 57 | $TROW | PRICE T ROWE GROUP INC | Financials | $2.8M | 0.3% | 27K | -3% | |||
| 58 | $IEX | IDEX CORP /DE/ | Industrials | $2.8M | 0.3% | 12K | — | |||
| 59 | $AMGN | AMGEN INC | Healthcare | $2.6M | 0.3% | 6,103 | -5% | |||
| 60 | $ADP | AUTOMATIC DATA PROCESSING INC | Technology | $2.4M | 0.3% | 9,472 | -1% | |||
| 61 | $KO | COCA COLA CO | Consumer Staples | $2.4M | 0.2% | 28K | -7% | |||
| 62 | $YETI | YETI Holdings, Inc. | Consumer Discretionary | $2.2M | 0.2% | 54K | +3% | |||
| 63 | $GWW | W.W. GRAINGER, INC. | Consumer Discretionary | $2.2M | 0.2% | 1,781 | +13% | |||
| 64 | $PR | Permian Resources Corp | Energy | $2.2M | 0.2% | 104K | +2% | |||
| 65 | $EPD | ENTERPRISE PRODUCTS PARTNERS L.P. | Energy | $2.2M | 0.2% | 62K | — | |||
| 66 | $LLY | ELI LILLY & Co | Healthcare | $2.2M | 0.2% | 1,889 | +2% | |||
| 67 | $SHW | SHERWIN WILLIAMS CO | Materials | $2.2M | 0.2% | 6,725 | — | |||
| 68 | $ABBV | AbbVie Inc. | Healthcare | $2.0M | 0.2% | 7,694 | +1% | |||
| 69 | $TECH | BIO-TECHNE Corp | Healthcare | $2.0M | 0.2% | 28K | -29% | |||
| 70 | $MCHP | MICROCHIP TECHNOLOGY INC | Technology | $2.0M | 0.2% | 25K | -7% | |||
| 71 | $STT | STATE STREET CORP | Financials | $1.9M | 0.2% | 11K | — | |||
| 72 | — | SELECT SECTOR SPDR TR - ST STR ENERG ETF | — | $1.9M | 0.2% | 31K | -0.5% | |||
| 73 | $SYY | SYSCO CORP | Consumer Discretionary | $1.9M | 0.2% | 24K | +0.0% | |||
| 74 | $INTC | INTEL CORP | Technology | $1.9M | 0.2% | 15K | +3% | |||
| 75 | $DT | Dynatrace, Inc. | Technology | $1.9M | 0.2% | 32K | — | |||
| 76 | $INTU | INTUIT INC. | Technology | $1.8M | 0.2% | 6,705 | -12% | |||
| 77 | $ADBE | ADOBE INC. | Technology | $1.8M | 0.2% | 7,678 | — | |||
| 78 | $CSCO | CISCO SYSTEMS, INC. | Technology | $1.8M | 0.2% | 16K | -3% | |||
| 79 | $CHD | CHURCH & DWIGHT CO INC /DE/ | Consumer Staples | $1.8M | 0.2% | 19K | — | |||
| 80 | $SLAB | SILICON LABORATORIES INC. | Technology | $1.7M | 0.2% | 7,809 | — | |||
| 81 | — | VANGUARD MALVERN FDS - STRM INFPROIDX | — | $1.7M | 0.2% | 35K | — | |||
| 82 | $WMT | Walmart Inc. | Consumer Staples | $1.7M | 0.2% | 16K | -1% | |||
| 83 | $SPY | SPDR S&P 500 ETF TRUST | — | $1.6M | 0.2% | 2,146 | +0.6% | |||
| 84 | $MKC | MCCORMICK & CO INC | Consumer Staples | $1.5M | 0.2% | 33K | -1% | |||
| 85 | $AXP | AMERICAN EXPRESS CO | Financials | $1.5M | 0.1% | 4,779 | — | |||
| 86 | $CL | COLGATE PALMOLIVE CO | Consumer Staples | $1.4M | 0.1% | 17K | -0.5% | |||
| 87 | $PEGA | PEGASYSTEMS INC | Technology | $1.3M | 0.1% | 40K | -0.7% | |||
| 88 | $META | Meta Platforms, Inc. | Technology | $1.3M | 0.1% | 1,759 | +3% | |||
| 89 | $EGP | EASTGROUP PROPERTIES INC | Real Estate | $1.3M | 0.1% | 6,378 | — | |||
| 90 | $MRK | Merck & Co., Inc. | Healthcare | $1.2M | 0.1% | 8,491 | +0.4% | |||
| 91 | $KMI | KINDER MORGAN, INC. | Energy | $1.2M | 0.1% | 39K | +0.9% | |||
| 92 | $SNPS | SYNOPSYS INC | Technology | $1.1M | 0.1% | 2,586 | +0.3% | |||
| 93 | $RARE | Ultragenyx Pharmaceutical Inc. | Healthcare | $1.1M | 0.1% | 71K | New | |||
| 94 | $SLV | iShares Silver Trust | Financials | $1.0M | 0.1% | 19K | — | |||
| 95 | $IBM | INTERNATIONAL BUSINESS MACHINES CORP | Technology | $994K | 0.1% | 4,521 | +0.1% | |||
| 96 | — | VANGUARD INDEX FDS - MRNGSTR MID CAP | — | $972K | 0.1% | 12K | +5% | |||
| 97 | — | ISHARES TR - 0-5 YR TIPS ETF | — | $937K | 0.1% | 9,400 | — | |||
| 98 | $ROST | ROSS STORES, INC. | Consumer Discretionary | $934K | 0.1% | 4,000 | — | |||
| 99 | — | SCHWAB STRATEGIC TR - US LRG CAP ETF | — | $852K | 0.1% | 28K | +10% | |||
| 100 | — | VANGUARD SCOTTSDALE FDS - SHRT TRM CORP BD | — | $847K | 0.1% | 11K | -0.1% | |||
| 101 | $TSLA | Tesla, Inc. | Consumer Discretionary | $823K | 0.1% | 2,319 | -4% | |||
| 102 | — | ISHARES TR - CORE S&P500 ETF | — | $815K | 0.1% | 1,064 | +1% | |||
| 103 | $WAB | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP | Industrials | $811K | 0.1% | 2,824 | -13% | |||
| 104 | $CSGP | COSTAR GROUP, INC. | Industrials | $811K | 0.1% | 30K | -1% | |||
| 105 | $NKE | NIKE, Inc. | Consumer Discretionary | $808K | 0.1% | 23K | -1% | |||
| 106 | — | SPDR INDEX SHS FDS - ST STR ASIA ETF | — | $804K | 0.1% | 5,150 | — | |||
| 107 | $VVV | VALVOLINE INC | Energy | $788K | 0.1% | 26K | — | |||
| 108 | $GLD | SPDR GOLD TRUST | Financials | $783K | 0.1% | 2,055 | — | |||
| 109 | — | ISHARES TR - SHRT NAT MUN ETF | — | $768K | 0.1% | 7,350 | — | |||
| 110 | $ORCL | ORACLE CORP | Technology | $750K | 0.1% | 5,460 | — | |||
| 111 | $NSC | NORFOLK SOUTHERN CORP | Industrials | $735K | 0.1% | 2,378 | — | |||
| 112 | $ABT | ABBOTT LABORATORIES | Healthcare | $716K | 0.1% | 7,247 | +0.1% | |||
| 113 | — | ISHARES TR - RUS MD CP GR ETF | — | $702K | 0.1% | 5,096 | +0.0% | |||
| 114 | — | SCHWAB STRATEGIC TR - US LCAP GR ETF | — | $696K | 0.1% | 19K | -3% | |||
| 115 | $CLX | CLOROX CO /DE/ | Consumer Staples | $682K | 0.1% | 8,416 | -3% | |||
| 116 | $QQQ | INVESCO QQQ TRUST, SERIES 1 | — | $679K | 0.1% | 918 | — | |||
| 117 | — | VANGUARD INDEX FDS - MRNGSTR VAL ETF | — | $671K | 0.1% | 3,106 | +22% | |||
| 118 | $IQV | IQVIA HOLDINGS INC. | Healthcare | $651K | 0.1% | 2,423 | -5% | |||
| 119 | $GE | GENERAL ELECTRIC CO | Industrials | $616K | 0.1% | 1,973 | +7% | |||
| 120 | $ANET | Arista Networks, Inc. | Technology | $613K | 0.1% | 3,010 | — | |||
| 121 | $AMAT | APPLIED MATERIALS INC /DE | Technology | $601K | 0.1% | 1,175 | -6% | |||
| 122 | $FSLR | FIRST SOLAR, INC. | Technology | $596K | 0.1% | 3,405 | +7% | |||
| 123 | $DOV | DOVER Corp | Industrials | $595K | 0.1% | 3,768 | — | |||
| 124 | — | ISHARES TR - MSCI USA MMENTM | — | $585K | 0.1% | 1,845 | — | |||
| 125 | $WFC | WELLS FARGO & COMPANY/MN | Financials | $585K | 0.1% | 7,310 | — | |||
| 126 | $FANG | Diamondback Energy, Inc. | Energy | $583K | 0.1% | 3,174 | — | |||
| 127 | $KR | KROGER CO | Consumer Staples | $575K | 0.1% | 9,815 | — | |||
| 128 | $MDT | Medtronic plc | Healthcare | $560K | 0.1% | 6,486 | — | |||
| 129 | — | VANGUARD INDEX FDS - EXTEND MKT ETF | — | $553K | 0.1% | 2,386 | -5% | |||
| 130 | — | ISHARES TR - MSCI USA QLT FCT | — | $547K | 0.1% | 2,461 | — | |||
| 131 | $GEV | GE Vernova Inc. | Industrials | $543K | 0.1% | 571 | +3% | |||
| 132 | $CSX | CSX CORP | Industrials | $530K | 0.1% | 11K | — | |||
| 133 | $AGYS | AGILYSYS INC | Technology | $529K | 0.1% | 5,445 | — | |||
| 134 | $BMY | BRISTOL MYERS SQUIBB CO | Healthcare | $522K | 0.1% | 8,366 | +1% | |||
| 135 | $UMBF | UMB FINANCIAL CORP | Financials | $507K | 0.1% | 3,900 | — | |||
| 136 | — | VANGUARD MUN BD FDS - SHORT TAX EXEMPT | — | $485K | 0.1% | 6,520 | — | |||
| 137 | — | FIRST TR EXCHANGE-TRADED ALP - COM SHS | — | $471K | 0.1% | 2,596 | — | |||
| 138 | — | J P MORGAN EXCHANGE TRADED F - FLEXI DEBT ETF | — | $452K | 0.1% | 9,259 | — | |||
| 139 | — | VANGUARD WHITEHALL FDS - HIGH DIV YLD | — | $451K | 0.1% | 2,908 | — | |||
| 140 | $WDFC | WD 40 CO | Materials | $450K | 0.1% | 2,230 | — | |||
| 141 | $PFE | PFIZER INC | Healthcare | $431K | 0.0% | 15K | +16% | |||
| 142 | $NEE | NEXTERA ENERGY INC | Utilities | $429K | 0.0% | 5,660 | +4% | |||
| 143 | $DIS | Walt Disney Co | Communication Services | $418K | 0.0% | 3,989 | -4% | |||
| 144 | — | ISHARES TR - RUSSELL 2000 ETF | — | $411K | 0.0% | 1,480 | — | |||
| 145 | $NOC | NORTHROP GRUMMAN CORP /DE/ | Technology | $409K | 0.0% | 846 | — | |||
| 146 | — | FIRST TR EXCHANGE-TRADED FD - TECH ALPHADEX | — | $407K | 0.0% | 1,843 | — | |||
| 147 | $DVN | DEVON ENERGY CORP/DE | Energy | $400K | 0.0% | 8,679 | +0.1% | |||
| 148 | $AMD | ADVANCED MICRO DEVICES INC | Technology | $391K | 0.0% | 639 | +5% | |||
| 149 | — | VANGUARD MUN BD FDS - TAX EXEMPT BD | — | $388K | 0.0% | 8,200 | -5% | |||
| 150 | — | VANGUARD INDEX FDS - S&P 500 ETF SHS | — | $382K | 0.0% | 544 | -0.2% |
What changed in Q3 2026
Against the previous quarter's 13F: 7 new, 60 added to, 61 trimmed, 6 sold out. Share-count changes; largest moves by dollar size first.
New positions (7)
$RAREUltragenyx Pharmaceutical Inc.$1.1M
first bought this quarter
$ZBRAZEBRA TECHNOLOGIES CORP$281K
first bought this quarter
$MTSIMACOM Technology Solutions Holdings, Inc.$261K
first bought this quarter
$LSCCLATTICE SEMICONDUCTOR CORP$260K
first bought this quarter
$FNFabrinet$234K
first bought this quarter
$TGTTARGET CORP$227K
first bought this quarter
+1 more in the Excel export
Added to (60)
now $15.0M · held 8+ qtrs, 4 adds in a row
$LINLINDE PLC+19%
now $7.5M · held 8+ qtrs, 4 adds in a row
$WMWASTE MANAGEMENT INC+25%
now $4.8M · held 8+ qtrs, 2 adds in a row
$MCDMCDONALDS CORP+23%
now $4.3M · held 8+ qtrs, 3 adds in a row
- ISHARES TR - MSCI USA MIN ETF+7%
now $8.1M
$GWWW.W. GRAINGER, INC.+13%
now $2.2M · held 8+ qtrs, 3 adds in a row
+54 more in the Excel export
Trimmed (61)
now $17.5M · held 8+ qtrs, 2 trims in a row
now $73.8M · held 8+ qtrs
now $28.3M · held 8+ qtrs, 2 trims in a row
- SCHWAB STRATEGIC TR - SHT TM US TRES-10%
now $10.0M
$TECHBIO-TECHNE Corp-29%
now $2.0M · held 8+ qtrs
- SELECT SECTOR SPDR TR - ST STR TECHN ETF-7%
now $10.0M
+55 more in the Excel export
Holdings by quarter
Every 13F L. Roy Papp & Associates, LLP has filed, 42 earlier quarters. Pick one to see what it held then.
Is it too late to follow L. Roy Papp & Associates, LLP?
Q3 2026 13F filed with the SEC on Oct 21, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of L. Roy Papp & Associates, LLP's top 20 holdings: 74/100 (our AI quality score, weighted by position size; 18 of the 20 are scored)
Top 10 since filing
-1.0%
Value-weighted move of the 10 largest stock positions
Turnover
1%
Last quarter; 8% over the last 4
Top 10 weight
43%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
99%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q4 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
L. Roy Papp & Associates, LLP disclosed 193 positions worth $981.0M in its Form 13F-HR for Q3 2026, led by $AAPL (Apple Inc.) at 7.5% of the equity portfolio, followed by $MSFT and $GOOG. During the quarter the fund opened 7 new positions and exited 6 — including a new stake in $RARE and a full exit from $STRL. The portfolio is most concentrated in Technology (33.3% of disclosed assets). All figures are sourced directly from L. Roy Papp & Associates, LLP’s Form 13F-HR filing with the SEC under CIK 809339.
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