L. Roy Papp & Associates, LLP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 10, 2025), L. Roy Papp & Associates, LLP reported 174 stock positions worth $815.2 million. Its top holding was Apple (AAPL) at 6.6% of the portfolio, followed by Microsoft (MSFT, 5.6%) and Visa Class A (V, 4.4%). Compared with Q4 2024, it opened 1 new position, sold out of 5, added to 39 and reduced 86. The biggest buy was Nvidia (NVDA, shares +935%) and the biggest sale Apple (AAPL, shares −4%).

Most Recent 13F
Q2 2026
Location
Phoenix, AZ
CIK
0000809339
Portfolio Value
$815.2M (Q1 2025)
SEC Filing
0001667731-25-000413 ↗ filed Apr 10, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $840.1M Q1 2024 Q2 2024: $825.2M Q2 2024 Q3 2024: $826.2M Q3 2024 Q4 2024: $856.6M Q4 2024 Q1 2025: $815.2M $815.2M Q1 2025 Q2 2025: $841.8M Q2 2025 Q3 2025: $889.6M Q3 2025 Q4 2025: $904.5M Q4 2025 Q1 2026: $867.4M Q1 2026 Q2 2026: $951.4M Q2 2026

Holdings 174 stocks · $815.2M
AAPL Apple Inc. 6.61% 242,528 $53.9M Reduce -4.0%
MSFT Microsoft Corp. 5.55% 120,605 $45.3M Reduce -0.9%
V Visa Inc. Class A 4.41% 102,611 $36.0M Reduce -2.3%
BLK BlackRock Inc. 4.33% 37,277 $35.3M Reduce -3.5%
ORLY O'reilly Automotive Inc. 4.29% 24,415 $35.0M Reduce -4.2%
ACN Accenture PLC Class A 4.20% 109,770 $34.3M Reduce -1.1%
GOOG Alphabet Inc. Class C 3.31% 172,460 $26.9M Reduce -0.8%
COST Costco Wholesale Corp. 3.14% 27,097 $25.6M Reduce -5.0%
TMO Thermo Fisher Scientific Inc. 2.96% 48,517 $24.1M Reduce -0.8%
EOG EOG Resources Inc. 2.94% 187,107 $24.0M Add +0.2%
SYK Stryker Corp. 2.84% 62,184 $23.1M Reduce -0.2%
HD Home Depot Inc. 2.68% 59,528 $21.8M Add +0.6%
JNJ Johnson & Johnson 2.41% 118,314 $19.6M Reduce -0.0%
EXPD Expeditors Intl Wash Inc. 2.40% 162,848 $19.6M Reduce -0.9%
GOOGL Alphabet Inc. Class A 2.12% 111,987 $17.3M Add +0.0%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 1.87% 165,873 $15.2M Reduce -3.3%
MA Mastercard Inc. Class A 1.73% 25,683 $14.1M Reduce -0.5%
CNI Canadian Natl Railway Co. 1.64% 137,237 $13.4M Reduce -1.5%
FISV Fiserv Inc. 1.62% 59,966 $13.2M Reduce -1.4%
XBI SS SPDR S&P Biotech ETF 1.46% 146,477 $11.9M Reduce -3.0%
MTD Mettler-Toledo International 1.43% 9,883 $11.7M Reduce -3.0%
XOM Exxon Mobil Corp. 1.39% 95,501 $11.4M Reduce -1.0%
RSP Invesco S&P 500 Equal Weight 1.35% 63,420 $11.0M Reduce -2.9%
PG The Procter & Gamble Co. 1.34% 64,337 $11.0M Reduce -0.1%
ECL Ecolab Inc. 1.10% 35,527 $9.0M Reduce -0.7%
FDS Factset Research Systems Inc. 1.02% 18,308 $8.3M Reduce -2.9%
WY Weyerhaeuser Co. 0.98% 272,920 $8.0M No change
ADI Analog Devices Inc. 0.93% 37,468 $7.6M Add +1.8%
USMV iShares MSCI USA Min Vol Fac 0.90% 78,586 $7.4M Reduce -2.1%
PEP Pepsico Inc. 0.84% 45,692 $6.9M Reduce -1.1%
MRVL Marvell Technology Inc. 0.83% 110,475 $6.8M Add +2.4%
BDX Becton Dickinson and Co. 0.80% 28,610 $6.6M Reduce -3.9%
EMR Emerson Electric Co. 0.79% 58,730 $6.4M Reduce -0.1%
JPM JPMorgan Chase & Co. 0.77% 25,719 $6.3M Add +0.3%
XLK SS Technology Select Sector 0.76% 30,153 $6.2M Reduce -0.2%
CVX Chevron Corp. 0.74% 35,935 $6.0M Reduce -1.6%
BRK.B Berkshire Hathaway Inc. Class B 0.72% 11,020 $5.9M Add +10.9%
AME Ametek Inc. 0.67% 31,938 $5.5M Reduce -4.7%
WCN Waste Connections Inc. 0.65% 27,178 $5.3M Reduce -9.9%
TRMB Trimble Inc. 0.62% 76,447 $5.0M Reduce -3.3%
ROK Rockwell Automation Inc. 0.58% 18,451 $4.8M Add +2.5%
INTU Intuit Inc. 0.58% 7,762 $4.8M Reduce -0.5%
VMI Valmont Industries 0.49% 13,907 $4.0M Reduce -0.1%
NXPI NXP Semiconductors NV 0.48% 20,545 $3.9M Reduce -1.6%
NVDA Nvidia Corp. 0.48% 35,922 $3.9M Add +934.9%
RBC RBC Bearings Inc. 0.47% 11,798 $3.8M Reduce -3.7%
VIG Vanguard Dividend Apprec ETF 0.40% 16,887 $3.3M Add +6.0%
NKE Nike Inc. Class B 0.40% 51,129 $3.2M Reduce -10.3%
SCHB Schwab US Broad Market ETF 0.38% 145,675 $3.1M Reduce -1.4%
MKC McCormick & Co.-Non VTG SHRS 0.38% 37,436 $3.1M Reduce -3.1%
ADBE Adobe Inc. 0.37% 7,873 $3.0M No change
ADP Automatic Data Processing 0.36% 9,602 $2.9M No change
WM Waste Management Inc. 0.35% 12,402 $2.9M Add +4.7%
ANSS Ansys Inc. 0.34% 8,781 $2.8M Reduce -4.6%
VUG Vanguard Mrngstar GR ETF-Sui 0.33% 7,356 $2.7M Reduce -0.2%
CSGP Costar Group Inc. 0.32% 33,248 $2.6M Reduce -4.3%
SHW The Sherwin-Williams Co. 0.32% 7,460 $2.6M No change
MCD McDonald's Corp. 0.32% 8,254 $2.6M Add +0.6%
IEX Idex Corp. 0.30% 13,480 $2.4M Reduce -4.8%
AMZN Amazon.com Inc. 0.30% 12,685 $2.4M Reduce -6.3%
VGT Vanguard Info Tech ETF 0.29% 4,374 $2.4M Add +14.1%
CHD Church & Dwight Co. Inc. 0.28% 20,835 $2.3M Reduce -4.8%
CLX Clorox Company 0.28% 15,434 $2.3M Reduce -2.1%
KO The Coca-Cola Co. 0.25% 28,920 $2.1M Add +0.4%
AMGN Amgen Inc. 0.25% 6,458 $2.0M No change
CSCO Cisco Systems Inc. 0.24% 31,195 $1.9M Reduce -2.5%
CL Colgate-Palmolive Co. 0.23% 20,248 $1.9M Reduce -5.4%
RTX RTX Corp. 0.23% 14,221 $1.9M Reduce -0.1%
SYY Sysco Corp. 0.23% 24,670 $1.9M Reduce -0.7%
VTI VG Morningstar TS MKT ETF-US 0.22% 6,596 $1.8M Add +0.2%
LLY Eli Lilly & Co. 0.21% 2,119 $1.8M Reduce -4.0%
VTIP Vanguard Short-Term Tips 0.21% 34,902 $1.7M No change
RMD Resmed Inc. 0.21% 7,645 $1.7M Reduce -4.1%
CAT Caterpillar Inc. 0.20% 4,982 $1.6M No change
EPD Enterprise Products Partners 0.19% 46,543 $1.6M Add +4.3%
PEGA Pegasystems Inc. 0.19% 22,340 $1.6M Reduce -4.5%
WMT Walmart Inc. 0.18% 17,026 $1.5M Add +0.1%
ABBV Abbvie Inc. 0.18% 7,132 $1.5M Reduce -7.3%
MCHP Microchip Technology Inc. 0.18% 30,719 $1.5M Reduce -0.5%
ICLR Icon PLC 0.17% 7,976 $1.4M Reduce -6.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.17% 5,558 $1.4M Reduce -6.1%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.17% 41,143 $1.4M Reduce -1.4%
TECH Bio-Techne Corp. 0.17% 23,108 $1.4M Add +1.8%
ORCL Oracle Corp. 0.16% 9,070 $1.3M Reduce -1.1%
AXP American Express Co. 0.15% 4,500 $1.2M No change
XLE SS Energy Select Sector 0.15% 12,875 $1.2M Reduce -0.3%
UPS United Parcel Service Class B 0.15% 10,841 $1.2M Reduce -38.2%
STT State Street Corp. 0.14% 12,876 $1.2M Reduce -0.8%
SPY SS SPDR S&P 500 ETF Trust-US 0.14% 2,036 $1.1M Reduce -5.0%
EGP Eastgroup Properties Inc. 0.14% 6,358 $1.1M No change
LIN Linde PLC 0.13% 2,340 $1.1M Add +2.2%
META Meta Platforms Inc. Class A 0.13% 1,859 $1.1M Reduce -13.3%
ABT Abbott Laboratories 0.13% 8,077 $1.1M Reduce -4.7%
VCSH Vanguard S/T Corp. Bond ETF 0.12% 12,560 $991K No change
SLAB Silicon Laboratories Inc. 0.12% 8,700 $979K Reduce -4.8%
STIP iShares 0-5 Year Tips Bond E 0.12% 9,400 $973K No change
INFA Informatica Inc. Class A 0.11% 50,921 $889K Add +1.9%
IQV Iqvia Holdings Inc. 0.10% 4,704 $829K Reduce -2.1%
PR Permian Resources Corp. Class A 0.10% 58,123 $805K Add +2.8%
MRK Merck & Co. Inc. 0.10% 8,928 $801K Reduce -1.0%

Show all 174 holdings

Portfolio Sells Q4 2024 → Q1 2025
AAPL Apple Inc. Reduce -4.0% 6.61% −0.78
GOOG Alphabet Inc. Class C Reduce -0.8% 3.31% −0.56
MSFT Microsoft Corp. Reduce -0.9% 5.55% −0.43
TROW T Rowe Price Group Inc. Reduce -3.3% 1.87% −0.39
ACN Accenture PLC Class A Reduce -1.1% 4.20% −0.36
BLK BlackRock Inc. Reduce -3.5% 4.33% −0.29
XBI SS SPDR S&P Biotech ETF Reduce -3.0% 1.46% −0.13
UPS United Parcel Service Class B Reduce -38.2% 0.15% −0.11
NKE Nike Inc. Class B Reduce -10.3% 0.40% −0.11
PEGA Pegasystems Inc. Reduce -4.5% 0.19% −0.06
EMR Emerson Electric Co. Reduce -0.1% 0.79% −0.06
XLK SS Technology Select Sector Reduce -0.2% 0.76% −0.06
AMZN Amazon.com Inc. Reduce -6.3% 0.30% −0.05
FHN First Horizon Corp. Reduce -48.0% 0.06% −0.05
IEX Idex Corp. Reduce -4.8% 0.30% −0.05
TRMB Trimble Inc. Reduce -3.3% 0.62% −0.04
ICLR Icon PLC Reduce -6.0% 0.17% −0.04
FDS Factset Research Systems Inc. Reduce -2.9% 1.02% −0.04
AME Ametek Inc. Reduce -4.7% 0.67% −0.03
NXPI NXP Semiconductors NV Reduce -1.6% 0.48% −0.03
DECK Deckers Outdoor Corp. Sold out 0.00% −0.03
IWM iShares Russell 2000 ETF Sold out 0.00% −0.03
NEE Nextera Energy Inc. Sold out 0.00% −0.03
MTD Mettler-Toledo International Reduce -3.0% 1.43% −0.02
MCHP Microchip Technology Inc. Reduce -0.5% 0.18% −0.02
CRM Salesforce Inc. Sold out 0.00% −0.02
TGT Target Corp. Sold out 0.00% −0.02
ORCL Oracle Corp. Reduce -1.1% 0.16% −0.02
ANSS Ansys Inc. Reduce -4.6% 0.34% −0.02
YETI Yeti Holdings Inc. Reduce -1.4% 0.17% −0.02
CLX Clorox Company Reduce -2.1% 0.28% −0.02
VUG Vanguard Mrngstar GR ETF-Sui Reduce -0.2% 0.33% −0.02
GWW WW Grainger Inc. Reduce -20.2% 0.06% −0.02
META Meta Platforms Inc. Class A Reduce -13.3% 0.13% −0.02
SLAB Silicon Laboratories Inc. Reduce -4.8% 0.12% −0.01
VMI Valmont Industries Reduce -0.1% 0.49% −0.01
DT Dynatrace Inc. Reduce -4.8% 0.07% −0.01
CNI Canadian Natl Railway Co. Reduce -1.5% 1.64% −0.01
TMO Thermo Fisher Scientific Inc. Reduce -0.8% 2.96% −0.01
SCHG Schwab US Large-Cap Growth Reduce -6.1% 0.07% −0.01
IQV Iqvia Holdings Inc. Reduce -2.1% 0.10% −0.01
STT State Street Corp. Reduce -0.8% 0.14% −0.01
SPY SS SPDR S&P 500 ETF Trust-US Reduce -5.0% 0.14% −0.01
VXF Vanguard Extended Market ETF Reduce -4.3% 0.07% −0.01
SCHB Schwab US Broad Market ETF Reduce -1.4% 0.38% −0.01
MRK Merck & Co. Inc. Reduce -1.0% 0.10% −0.01
UNP Union Pacific Corp. Reduce -24.1% 0.03% −0.01
PFE Pfizer Inc. Reduce -7.8% 0.05% −0.00
RMD Resmed Inc. Reduce -4.1% 0.21% −0.00
VVV Valvoline Inc. Reduce -4.8% 0.08% −0.00

Portfolio Buys Q4 2024 → Q1 2025
NVDA Nvidia Corp. Add +934.9% 0.48% +0.42
EOG EOG Resources Inc. Add +0.2% 2.94% +0.27
BRK.B Berkshire Hathaway Inc. Class B Add +10.9% 0.72% +0.19
WM Waste Management Inc. Add +4.7% 0.35% +0.07
JPM JPMorgan Chase & Co. Add +0.3% 0.77% +0.06
KO The Coca-Cola Co. Add +0.4% 0.25% +0.04
MCD McDonald's Corp. Add +0.6% 0.32% +0.04
VIG Vanguard Dividend Apprec ETF Add +6.0% 0.40% +0.04
EPD Enterprise Products Partners Add +4.3% 0.19% +0.03
LIN Linde PLC Add +2.2% 0.13% +0.02
ADI Analog Devices Inc. Add +1.8% 0.93% +0.01
VGT Vanguard Info Tech ETF Add +14.1% 0.29% +0.01
AMAT Applied Materials Inc. Add +48.3% 0.04% +0.01
MDT Medtronic PLC Add +2.8% 0.06% +0.01
AZO AutoZone Inc. Add +7.1% 0.04% +0.01
KMI Kinder Morgan Inc. Add +0.2% 0.09% +0.01
OMEX Odyssey Marine Exploration New 0.01% +0.01
FANG Diamondback Energy Inc. Add +7.8% 0.07% +0.01
WFC Wells Fargo & Co. Add +0.0% 0.09% +0.01
QQQ Invesco QQQ Trust Series 1 Add +28.1% 0.03% +0.01
TJX TJX Companies Inc. Add +10.7% 0.03% +0.01
SCHO Schwab Short-Term US Treas Add +6.6% 0.04% +0.00
WMT Walmart Inc. Add +0.1% 0.18% +0.00
PR Permian Resources Corp. Class A Add +2.8% 0.10% +0.00
VXUS Vanguard Total Intl Stock Add +1.6% 0.03% +0.00
LOW Lowe's Cos Inc. Add +8.8% 0.04% +0.00
HON Honeywell International Inc. Add +2.3% 0.08% +0.00
VOO Vanguard S&P 500 ETF Add +0.9% 0.04% +0.00
IWP iShares Russell Mid-Cap Grow Add +3.1% 0.07% +0.00
VBR Vngrd Mrngst SL-CP Val ETF-U Add +0.7% 0.03% −0.00
VTI VG Morningstar TS MKT ETF-US Add +0.2% 0.22% −0.00
DIS The Walt Disney Co. Add +0.5% 0.06% −0.00
FSLR First Solar Inc. Add +6.9% 0.03% −0.01
HD Home Depot Inc. Add +0.6% 2.68% −0.01
ROK Rockwell Automation Inc. Add +2.5% 0.58% −0.02
TECH Bio-Techne Corp. Add +1.8% 0.17% −0.02
TSLA Tesla Inc. Add +3.4% 0.08% −0.04
INFA Informatica Inc. Class A Add +1.9% 0.11% −0.04
GOOGL Alphabet Inc. Class A Add +0.0% 2.12% −0.35
MRVL Marvell Technology Inc. Add +2.4% 0.83% −0.56

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 193$951.4MAAPL, GOOG, MSFT, V, BLK
Q1 2026 184$867.4MAAPL, GOOG, MSFT, BLK, ORLY
Q4 2025 185$904.5MAAPL, MSFT, GOOG, BLK, V
Q3 2025 182$889.6MMSFT, AAPL, BLK, GOOG, ORLY
Q2 2025 180$841.8MMSFT, AAPL, BLK, V, ACN
Q1 2025 174$815.2MAAPL, MSFT, V, BLK, ORLY
Q4 2024 178$856.6MAAPL, MSFT, BLK, ACN, V
Q3 2024 177$826.2MAAPL, MSFT, ACN, TMO, ORLY
Q2 2024 172$825.2MAAPL, MSFT, ACN, GOOG, BLK
Q1 2024 176$840.1MMSFT, AAPL, ACN, BLK, ORLY