L. Roy Papp & Associates, LLP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 24, 2025), L. Roy Papp & Associates, LLP reported 180 stock positions worth $841.8 million. Its top holding was Microsoft (MSFT) at 7.1% of the portfolio, followed by Apple (AAPL, 5.9%) and BlackRock (BLK, 4.7%). Compared with Q1 2025, it opened 7 new positions, sold out of 1, added to 73 and reduced 48. The biggest buy was Alphabet Class C (GOOG, shares +1%) and the biggest sale Apple (AAPL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- Phoenix, AZ
- CIK
- 0000809339
- Portfolio Value
- $841.8M (Q2 2025)
- SEC Filing
- 0001667731-25-000943 ↗ filed Jul 24, 2025
Holdings Value
Holdings 180 stocks · $841.8M
| MSFT Microsoft Corp. | 7.11% | 120,264 | $59.8M | Reduce -0.3% |
| AAPL Apple Inc. | 5.87% | 240,877 | $49.4M | Reduce -0.7% |
| BLK BlackRock Inc. | 4.66% | 37,379 | $39.2M | Add +0.3% |
| V Visa Inc. Class A | 4.29% | 101,697 | $36.1M | Reduce -0.9% |
| ACN Accenture PLC Class A | 3.93% | 110,746 | $33.1M | Add +0.9% |
| ORLY O'reilly Automotive Inc. | 3.83% | 358,181 | $32.3M | Reduce -2.2% |
| GOOG Alphabet Inc. Class C | 3.68% | 174,856 | $31.0M | Add +1.4% |
| COST Costco Wholesale Corp. | 3.10% | 26,372 | $26.1M | Reduce -2.7% |
| SYK Stryker Corp. | 2.96% | 62,910 | $24.9M | Add +1.2% |
| EOG EOG Resources Inc. | 2.68% | 188,811 | $22.6M | Add +0.9% |
| HD Home Depot Inc. | 2.63% | 60,289 | $22.1M | Add +1.3% |
| TMO Thermo Fisher Scientific Inc. | 2.42% | 50,150 | $20.3M | Add +3.4% |
| GOOGL Alphabet Inc. Class A | 2.34% | 111,558 | $19.7M | Reduce -0.4% |
| EXPD Expeditors Intl Wash Inc. | 2.23% | 164,472 | $18.8M | Add +1.0% |
| JNJ Johnson & Johnson | 2.13% | 117,348 | $17.9M | Reduce -0.8% |
| CNI Canadian Natl Railway Co. | 1.71% | 138,192 | $14.4M | Add +0.7% |
| MA Mastercard Inc. Class A | 1.69% | 25,363 | $14.3M | Reduce -1.3% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.44% | 125,826 | $12.1M | Reduce -24.1% |
| MTD Mettler-Toledo International | 1.43% | 10,242 | $12.0M | Add +3.6% |
| XBI SS SPDR S&P Biotech ETF | 1.41% | 143,241 | $11.9M | Reduce -2.2% |
| RSP Invesco S&P 500 Equal Weight | 1.39% | 64,600 | $11.7M | Add +1.9% |
| FISV Fiserv Inc. | 1.37% | 67,131 | $11.6M | Add +11.9% |
| PG The Procter & Gamble Co. | 1.23% | 65,028 | $10.4M | Add +1.1% |
| XOM Exxon Mobil Corp. | 1.21% | 94,329 | $10.2M | Reduce -1.2% |
| ECL Ecolab Inc. | 1.16% | 36,203 | $9.8M | Add +1.9% |
| MRVL Marvell Technology Inc. | 1.10% | 119,906 | $9.3M | Add +8.5% |
| ADI Analog Devices Inc. | 1.08% | 38,289 | $9.1M | Add +2.2% |
| FDS Factset Research Systems Inc. | 1.00% | 18,791 | $8.4M | Add +2.6% |
| XLK SS Technology Select Sector | 0.91% | 30,175 | $7.6M | Add +0.1% |
| JPM JPMorgan Chase & Co. | 0.89% | 25,719 | $7.5M | No change |
| USMV iShares MSCI USA Min Vol Fac | 0.88% | 78,603 | $7.4M | Add +0.0% |
| EMR Emerson Electric Co. | 0.87% | 54,857 | $7.3M | Reduce -6.6% |
| WY Weyerhaeuser Co. | 0.83% | 272,920 | $7.0M | No change |
| ROK Rockwell Automation Inc. | 0.83% | 21,030 | $7.0M | Add +14.0% |
| AME Ametek Inc. | 0.80% | 37,106 | $6.7M | Add +16.2% |
| PEP Pepsico Inc. | 0.75% | 48,061 | $6.3M | Add +5.2% |
| INTU Intuit Inc. | 0.71% | 7,611 | $6.0M | Reduce -1.9% |
| TRMB Trimble Inc. | 0.70% | 77,827 | $5.9M | Add +1.8% |
| NVDA Nvidia Corp. | 0.68% | 35,973 | $5.7M | Add +0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.66% | 11,388 | $5.5M | Add +3.3% |
| CVX Chevron Corp. | 0.64% | 37,485 | $5.4M | Add +4.3% |
| WCN Waste Connections Inc. | 0.60% | 27,178 | $5.1M | No change |
| RBC RBC Bearings Inc. | 0.56% | 12,336 | $4.7M | Add +4.6% |
| NXPI NXP Semiconductors NV | 0.55% | 21,300 | $4.7M | Add +3.7% |
| VMI Valmont Industries | 0.54% | 13,941 | $4.6M | Add +0.2% |
| SCHB Schwab US Broad Market ETF | 0.41% | 146,061 | $3.5M | Add +0.3% |
| VIG Vanguard Dividend Apprec ETF | 0.41% | 16,878 | $3.5M | Reduce -0.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.38% | 7,216 | $3.2M | Reduce -1.9% |
| ANSS Ansys Inc. | 0.37% | 8,870 | $3.1M | Add +1.0% |
| ADBE Adobe Inc. | 0.36% | 7,873 | $3.0M | No change |
| ADP Automatic Data Processing | 0.35% | 9,602 | $3.0M | No change |
| WM Waste Management Inc. | 0.35% | 12,852 | $2.9M | Add +3.6% |
| VGT Vanguard Info Tech ETF | 0.34% | 4,374 | $2.9M | No change |
| MKC McCormick & Co.-Non VTG SHRS | 0.34% | 37,992 | $2.9M | Add +1.5% |
| RMD Resmed Inc. | 0.33% | 10,836 | $2.8M | Add +41.7% |
| AMZN Amazon.com Inc. | 0.33% | 12,530 | $2.7M | Reduce -1.2% |
| CSGP Costar Group Inc. | 0.32% | 33,840 | $2.7M | Add +1.8% |
| SHW The Sherwin-Williams Co. | 0.30% | 7,460 | $2.6M | No change |
| PEGA Pegasystems Inc. | 0.29% | 45,578 | $2.5M | Add +104.0% |
| NKE Nike Inc. Class B | 0.29% | 34,669 | $2.5M | Reduce -32.2% |
| MCD McDonald's Corp. | 0.29% | 8,292 | $2.4M | Add +0.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.29% | 7,967 | $2.4M | Add +20.8% |
| IEX Idex Corp. | 0.29% | 13,769 | $2.4M | Add +2.1% |
| CSCO Cisco Systems Inc. | 0.26% | 31,195 | $2.2M | No change |
| ORCL Oracle Corp. | 0.25% | 9,725 | $2.1M | Add +7.2% |
| MCHP Microchip Technology Inc. | 0.25% | 29,652 | $2.1M | Reduce -3.5% |
| KO The Coca-Cola Co. | 0.24% | 28,934 | $2.0M | Add +0.1% |
| BDX Becton Dickinson and Co. | 0.24% | 11,874 | $2.0M | Reduce -58.5% |
| CHD Church & Dwight Co. Inc. | 0.24% | 21,280 | $2.0M | Add +2.1% |
| RTX RTX Corp. | 0.24% | 13,681 | $2.0M | Reduce -3.8% |
| CAT Caterpillar Inc. | 0.23% | 4,982 | $1.9M | No change |
| SYY Sysco Corp. | 0.22% | 24,577 | $1.9M | Reduce -0.4% |
| AMGN Amgen Inc. | 0.21% | 6,458 | $1.8M | No change |
| CL Colgate-Palmolive Co. | 0.21% | 19,578 | $1.8M | Reduce -3.3% |
| VTIP Vanguard Short-Term Tips | 0.21% | 34,902 | $1.8M | No change |
| CLX Clorox Company | 0.20% | 13,981 | $1.7M | Reduce -9.4% |
| WMT Walmart Inc. | 0.20% | 16,826 | $1.6M | Reduce -1.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.19% | 5,558 | $1.6M | No change |
| LLY Eli Lilly & Co. | 0.19% | 2,097 | $1.6M | Reduce -1.0% |
| EPD Enterprise Products Partners | 0.19% | 51,856 | $1.6M | Add +11.4% |
| YETI Yeti Holdings Inc. filed as YETI HLDGS INC | 0.19% | 50,447 | $1.6M | Add +22.6% |
| AXP American Express Co. | 0.17% | 4,500 | $1.4M | No change |
| ABBV Abbvie Inc. | 0.16% | 7,132 | $1.3M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.16% | 2,138 | $1.3M | Add +5.0% |
| SLAB Silicon Laboratories Inc. | 0.16% | 8,885 | $1.3M | Add +2.1% |
| STT State Street Corp. | 0.15% | 12,231 | $1.3M | Reduce -5.0% |
| INFA Informatica Inc. Class A | 0.15% | 52,878 | $1.3M | Add +3.8% |
| META Meta Platforms Inc. Class A | 0.15% | 1,706 | $1.3M | Reduce -8.2% |
| TECH Bio-Techne Corp. | 0.15% | 24,325 | $1.3M | Add +5.3% |
| PR Permian Resources Corp. Class A | 0.14% | 84,267 | $1.1M | Add +45.0% |
| LIN Linde PLC | 0.13% | 2,340 | $1.1M | No change |
| ABT Abbott Laboratories | 0.13% | 7,927 | $1.1M | Reduce -1.9% |
| XLE SS Energy Select Sector | 0.13% | 12,675 | $1.1M | Reduce -1.6% |
| EGP Eastgroup Properties Inc. | 0.13% | 6,378 | $1.1M | Add +0.3% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.12% | 12,560 | $999K | No change |
| STIP iShares 0-5 Year Tips Bond E | 0.11% | 9,400 | $967K | No change |
| TSLA Tesla Inc. | 0.10% | 2,613 | $830K | Add +2.5% |
| WFC Wells Fargo & Co. | 0.10% | 10,003 | $801K | Reduce -6.0% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.09% | 2,712 | $759K | Add +6.7% |
| KMI Kinder Morgan Inc. | 0.09% | 25,229 | $742K | Add +0.2% |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -0.7% | 5.87% | −0.74 |
| BDX Becton Dickinson and Co. | Reduce -58.5% | 0.24% | −0.56 |
| ORLY O'reilly Automotive Inc. | Reduce -2.2% | 3.83% | −0.46 |
| TROW T Rowe Price Group Inc. | Reduce -24.1% | 1.44% | −0.43 |
| JNJ Johnson & Johnson | Reduce -0.8% | 2.13% | −0.28 |
| XOM Exxon Mobil Corp. | Reduce -1.2% | 1.21% | −0.19 |
| V Visa Inc. Class A | Reduce -0.9% | 4.29% | −0.12 |
| NKE Nike Inc. Class B | Reduce -32.2% | 0.29% | −0.11 |
| ICLR Icon PLC | Reduce -41.9% | 0.08% | −0.09 |
| CLX Clorox Company | Reduce -9.4% | 0.20% | −0.08 |
| UPS United Parcel Service Class B | Reduce -35.1% | 0.08% | −0.06 |
| XBI SS SPDR S&P Biotech ETF | Reduce -2.2% | 1.41% | −0.05 |
| COST Costco Wholesale Corp. | Reduce -2.7% | 3.10% | −0.04 |
| MA Mastercard Inc. Class A | Reduce -1.3% | 1.69% | −0.03 |
| IQV Iqvia Holdings Inc. | Reduce -16.5% | 0.07% | −0.03 |
| FANG Diamondback Energy Inc. | Reduce -23.0% | 0.05% | −0.03 |
| OMC Omnicom Group | Sold out | 0.00% | −0.02 |
| DVN Devon Energy Corp. | Reduce -21.0% | 0.04% | −0.02 |
| CL Colgate-Palmolive Co. | Reduce -3.3% | 0.21% | −0.02 |
| LLY Eli Lilly & Co. | Reduce -1.0% | 0.19% | −0.02 |
| XLE SS Energy Select Sector | Reduce -1.6% | 0.13% | −0.02 |
| SBUX Starbucks Corp. | Reduce -12.2% | 0.05% | −0.01 |
| LOW Lowe's Cos Inc. | Reduce -8.1% | 0.03% | −0.01 |
| SYY Sysco Corp. | Reduce -0.4% | 0.22% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -19.9% | 0.04% | −0.01 |
| KMB Kimberly-Clark Corp. | Reduce -2.0% | 0.03% | −0.00 |
| VYM Vanguard High DVD Yield ETF | Reduce -9.4% | 0.05% | −0.00 |
| TJX TJX Companies Inc. | Reduce -9.7% | 0.03% | −0.00 |
| ABT Abbott Laboratories | Reduce -1.9% | 0.13% | −0.00 |
| INTC Intel Corp. | Reduce -3.2% | 0.04% | −0.00 |
| DUK Duke Energy Corp. | Reduce -1.1% | 0.03% | −0.00 |
| WFC Wells Fargo & Co. | Reduce -6.0% | 0.10% | +0.00 |
| HON Honeywell International Inc. | Reduce -2.8% | 0.08% | +0.00 |
| SCHX Schwab US Large-Cap ETF | Reduce -1.7% | 0.08% | +0.00 |
| IDXX Idexx Laboratories Inc. | Reduce -8.1% | 0.04% | +0.00 |
| RTX RTX Corp. | Reduce -3.8% | 0.24% | +0.01 |
| DIS The Walt Disney Co. | Reduce -8.3% | 0.07% | +0.01 |
| SCHG Schwab US Large-Cap Growth | Reduce -2.3% | 0.08% | +0.01 |
| VIG Vanguard Dividend Apprec ETF | Reduce -0.1% | 0.41% | +0.01 |
| WMT Walmart Inc. | Reduce -1.2% | 0.20% | +0.01 |
| STT State Street Corp. | Reduce -5.0% | 0.15% | +0.01 |
| META Meta Platforms Inc. Class A | Reduce -8.2% | 0.15% | +0.02 |
| AMZN Amazon.com Inc. | Reduce -1.2% | 0.33% | +0.03 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -1.9% | 0.38% | +0.04 |
| MCHP Microchip Technology Inc. | Reduce -3.5% | 0.25% | +0.07 |
| EMR Emerson Electric Co. | Reduce -6.6% | 0.87% | +0.08 |
| INTU Intuit Inc. | Reduce -1.9% | 0.71% | +0.13 |
| GOOGL Alphabet Inc. Class A | Reduce -0.4% | 2.34% | +0.21 |
| MSFT Microsoft Corp. | Reduce -0.3% | 7.11% | +1.55 |
Portfolio Buys Q1 2025 → Q2 2025
| GOOG Alphabet Inc. Class C | Add +1.4% | 3.68% | +0.38 |
| BLK BlackRock Inc. | Add +0.3% | 4.66% | +0.33 |
| MRVL Marvell Technology Inc. | Add +8.5% | 1.10% | +0.27 |
| ROK Rockwell Automation Inc. | Add +14.0% | 0.83% | +0.24 |
| NVDA Nvidia Corp. | Add +0.1% | 0.68% | +0.20 |
| ADI Analog Devices Inc. | Add +2.2% | 1.08% | +0.16 |
| XLK SS Technology Select Sector | Add +0.1% | 0.91% | +0.14 |
| AME Ametek Inc. | Add +16.2% | 0.80% | +0.12 |
| RMD Resmed Inc. | Add +41.7% | 0.33% | +0.12 |
| SYK Stryker Corp. | Add +1.2% | 2.96% | +0.12 |
| PEGA Pegasystems Inc. | Add +104.0% | 0.29% | +0.10 |
| RBC RBC Bearings Inc. | Add +4.6% | 0.56% | +0.10 |
| ORCL Oracle Corp. | Add +7.2% | 0.25% | +0.10 |
| TRMB Trimble Inc. | Add +1.8% | 0.70% | +0.09 |
| NXPI NXP Semiconductors NV | Add +3.7% | 0.55% | +0.07 |
| CNI Canadian Natl Railway Co. | Add +0.7% | 1.71% | +0.07 |
| VTI VG Morningstar TS MKT ETF-US | Add +20.8% | 0.29% | +0.07 |
| VMI Valmont Industries | Add +0.2% | 0.54% | +0.05 |
| ECL Ecolab Inc. | Add +1.9% | 1.16% | +0.05 |
| RSP Invesco S&P 500 Equal Weight | Add +1.9% | 1.39% | +0.05 |
| INFA Informatica Inc. Class A | Add +3.8% | 0.15% | +0.04 |
| PR Permian Resources Corp. Class A | Add +45.0% | 0.14% | +0.04 |
| SLAB Silicon Laboratories Inc. | Add +2.1% | 0.16% | +0.04 |
| MELI MercadoLibre Inc. | New | 0.03% | +0.03 |
| ANSS Ansys Inc. | Add +1.0% | 0.37% | +0.03 |
| SCHB Schwab US Broad Market ETF | Add +0.3% | 0.41% | +0.03 |
| SCHW Schwab (charles) Corp. | New | 0.03% | +0.03 |
| NTRS Northern Trust Corp. | New | 0.03% | +0.03 |
| GEV GE Vernova Inc. | New | 0.03% | +0.03 |
| ETN Eaton Corp. PLC | New | 0.02% | +0.02 |
| AMD Advanced Micro Devices | New | 0.02% | +0.02 |
| COF Capital One Financial Corp. | New | 0.02% | +0.02 |
| YETI Yeti Holdings Inc. | Add +22.6% | 0.19% | +0.02 |
| TSLA Tesla Inc. | Add +2.5% | 0.10% | +0.02 |
| IVV iShares Core S&P 500 ETF | Add +18.8% | 0.08% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +5.0% | 0.16% | +0.02 |
| FSLR First Solar Inc. | Add +18.6% | 0.04% | +0.01 |
| MDT Medtronic PLC | Add +32.1% | 0.07% | +0.01 |
| WAB Wabtec Corp. | Add +4.7% | 0.08% | +0.01 |
| DT Dynatrace Inc. | Add +2.3% | 0.08% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +19.4% | 0.04% | +0.01 |
| IWP iShares Russell Mid-Cap Grow | Add +0.0% | 0.08% | +0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +6.7% | 0.09% | +0.01 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Add +0.4% | 0.07% | +0.01 |
| MTUM iShares MSCI USA Momentum Fa | Add +0.4% | 0.05% | +0.01 |
| ITOT iShares Core S&P Total U.S. | Add +6.2% | 0.05% | +0.01 |
| VVV Valvoline Inc. | Add +2.0% | 0.08% | +0.01 |
| DGRO iShares Core Dividend Growth | Add +13.2% | 0.05% | +0.01 |
| VT Vanguard Tot World STK ETF | Add +0.0% | 0.06% | +0.00 |
| QUAL iShares MSCI USA Quality Fac | Add +2.5% | 0.05% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 193 | $951.4M | AAPL, GOOG, MSFT, V, BLK |
| Q1 2026 | 184 | $867.4M | AAPL, GOOG, MSFT, BLK, ORLY |
| Q4 2025 | 185 | $904.5M | AAPL, MSFT, GOOG, BLK, V |
| Q3 2025 | 182 | $889.6M | MSFT, AAPL, BLK, GOOG, ORLY |
| Q2 2025 | 180 | $841.8M | MSFT, AAPL, BLK, V, ACN |
| Q1 2025 | 174 | $815.2M | AAPL, MSFT, V, BLK, ORLY |
| Q4 2024 | 178 | $856.6M | AAPL, MSFT, BLK, ACN, V |
| Q3 2024 | 177 | $826.2M | AAPL, MSFT, ACN, TMO, ORLY |
| Q2 2024 | 172 | $825.2M | AAPL, MSFT, ACN, GOOG, BLK |
| Q1 2024 | 176 | $840.1M | MSFT, AAPL, ACN, BLK, ORLY |