L. Roy Papp & Associates, LLP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 9, 2025), L. Roy Papp & Associates, LLP reported 182 stock positions worth $889.6 million. Its top holding was Microsoft (MSFT) at 6.9% of the portfolio, followed by Apple (AAPL, 6.8%) and BlackRock (BLK, 4.8%). Compared with Q2 2025, it opened 6 new positions, sold out of 4, added to 55 and reduced 67. The biggest buy was Thermo Fisher Scientific (TMO, shares +3%) and the biggest sale Factset Research Systems (FDS, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- Phoenix, AZ
- CIK
- 0000809339
- Portfolio Value
- $889.6M (Q3 2025)
- SEC Filing
- 0002085853-25-000051 ↗ filed Oct 9, 2025
Holdings Value
Holdings 182 stocks · $889.6M
| MSFT Microsoft Corp. | 6.93% | 119,084 | $61.7M | Reduce -1.0% |
| AAPL Apple Inc. | 6.82% | 238,148 | $60.6M | Reduce -1.1% |
| BLK BlackRock Inc. | 4.83% | 36,829 | $42.9M | Reduce -1.5% |
| GOOG Alphabet Inc. Class C | 4.76% | 173,835 | $42.3M | Reduce -0.6% |
| ORLY O'reilly Automotive Inc. | 4.24% | 349,792 | $37.7M | Reduce -2.3% |
| V Visa Inc. Class A | 3.93% | 102,526 | $35.0M | Add +0.8% |
| ACN Accenture PLC Class A | 3.14% | 113,108 | $27.9M | Add +2.1% |
| GOOGL Alphabet Inc. Class A | 3.03% | 110,779 | $26.9M | Reduce -0.7% |
| TMO Thermo Fisher Scientific Inc. | 2.81% | 51,571 | $25.0M | Add +2.8% |
| HD Home Depot Inc. | 2.78% | 61,012 | $24.7M | Add +1.2% |
| COST Costco Wholesale Corp. | 2.72% | 26,126 | $24.2M | Reduce -0.9% |
| SYK Stryker Corp. | 2.66% | 63,998 | $23.7M | Add +1.7% |
| JNJ Johnson & Johnson | 2.47% | 118,621 | $22.0M | Add +1.1% |
| EOG EOG Resources Inc. | 2.35% | 186,140 | $20.9M | Reduce -1.4% |
| EXPD Expeditors Intl Wash Inc. | 2.27% | 164,461 | $20.2M | Reduce -0.0% |
| MA Mastercard Inc. Class A | 1.62% | 25,306 | $14.4M | Reduce -0.2% |
| XBI SS SPDR S&P Biotech ETF | 1.56% | 138,587 | $13.9M | Reduce -3.3% |
| MTD Mettler-Toledo International | 1.48% | 10,749 | $13.2M | Add +5.0% |
| CNI Canadian Natl Railway Co. | 1.43% | 134,589 | $12.7M | Reduce -2.6% |
| RSP Invesco S&P 500 Equal Weight | 1.33% | 62,259 | $11.8M | Reduce -3.6% |
| FISV Fiserv Inc. | 1.22% | 84,362 | $10.9M | Add +25.7% |
| MRVL Marvell Technology Inc. | 1.15% | 122,079 | $10.3M | Add +1.8% |
| XOM Exxon Mobil Corp. | 1.15% | 90,619 | $10.2M | Reduce -3.9% |
| PG The Procter & Gamble Co. | 1.15% | 66,298 | $10.2M | Add +1.9% |
| ECL Ecolab Inc. | 1.12% | 36,498 | $10.0M | Add +0.8% |
| ADI Analog Devices Inc. | 1.07% | 38,693 | $9.5M | Add +1.1% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.05% | 90,822 | $9.3M | Reduce -27.8% |
| XLK SS Technology Select Sector | 0.98% | 30,953 | $8.7M | Add +2.6% |
| AME Ametek Inc. | 0.92% | 43,688 | $8.2M | Add +17.7% |
| JPM JPMorgan Chase & Co. | 0.91% | 25,719 | $8.1M | No change |
| ROK Rockwell Automation Inc. | 0.87% | 22,232 | $7.8M | Add +5.7% |
| EMR Emerson Electric Co. | 0.81% | 54,777 | $7.2M | Reduce -0.1% |
| USMV iShares MSCI USA Min Vol Fac | 0.81% | 75,348 | $7.2M | Reduce -4.1% |
| PEP Pepsico Inc. | 0.78% | 49,259 | $6.9M | Add +2.5% |
| WY Weyerhaeuser Co. | 0.76% | 272,920 | $6.8M | No change |
| NVDA Nvidia Corp. | 0.76% | 36,140 | $6.7M | Add +0.5% |
| TRMB Trimble Inc. | 0.71% | 77,463 | $6.3M | Reduce -0.5% |
| CVX Chevron Corp. | 0.64% | 36,718 | $5.7M | Reduce -2.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.63% | 11,183 | $5.6M | Reduce -1.8% |
| INTU Intuit Inc. | 0.61% | 8,003 | $5.5M | Add +5.2% |
| VMI Valmont Industries | 0.61% | 14,005 | $5.4M | Add +0.5% |
| FDS Factset Research Systems Inc. | 0.58% | 17,903 | $5.1M | Reduce -4.7% |
| WCN Waste Connections Inc. | 0.54% | 27,178 | $4.8M | No change |
| RBC RBC Bearings Inc. | 0.53% | 12,161 | $4.7M | Reduce -1.4% |
| NXPI NXP Semiconductors NV | 0.52% | 20,498 | $4.7M | Reduce -3.8% |
| RMD Resmed Inc. | 0.42% | 13,652 | $3.7M | Add +26.0% |
| SCHB Schwab US Broad Market ETF | 0.42% | 144,624 | $3.7M | Reduce -1.0% |
| VIG Vanguard Dividend Apprec ETF | 0.39% | 16,273 | $3.5M | Reduce -3.6% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.38% | 7,092 | $3.4M | Reduce -1.7% |
| VGT Vanguard Info Tech ETF | 0.37% | 4,374 | $3.3M | No change |
| WM Waste Management Inc. | 0.33% | 13,397 | $3.0M | Add +4.2% |
| ADP Automatic Data Processing | 0.32% | 9,602 | $2.8M | No change |
| CSGP Costar Group Inc. | 0.31% | 33,208 | $2.8M | Reduce -1.9% |
| AMZN Amazon.com Inc. | 0.31% | 12,732 | $2.8M | Add +1.6% |
| ADBE Adobe Inc. | 0.31% | 7,918 | $2.8M | Add +0.6% |
| ORCL Oracle Corp. | 0.30% | 9,571 | $2.7M | Reduce -1.6% |
| VTI VG Morningstar TS MKT ETF-US | 0.29% | 7,977 | $2.6M | Add +0.1% |
| SHW The Sherwin-Williams Co. | 0.29% | 7,460 | $2.6M | No change |
| PEGA Pegasystems Inc. | 0.29% | 44,443 | $2.6M | Reduce -2.5% |
| MKC McCormick & Co.-Non VTG SHRS | 0.29% | 38,042 | $2.5M | Add +0.1% |
| MCD McDonald's Corp. | 0.28% | 8,276 | $2.5M | Reduce -0.2% |
| CAT Caterpillar Inc. | 0.27% | 4,982 | $2.4M | No change |
| RTX RTX Corp. | 0.26% | 13,756 | $2.3M | Add +0.6% |
| IEX Idex Corp. | 0.25% | 13,409 | $2.2M | Reduce -2.6% |
| NKE Nike Inc. Class B | 0.24% | 30,811 | $2.1M | Reduce -11.1% |
| CSCO Cisco Systems Inc. | 0.24% | 31,195 | $2.1M | No change |
| SYY Sysco Corp. | 0.23% | 24,524 | $2.0M | Reduce -0.2% |
| KO The Coca-Cola Co. | 0.22% | 28,949 | $1.9M | Add +0.1% |
| MCHP Microchip Technology Inc. | 0.21% | 29,686 | $1.9M | Add +0.1% |
| AMGN Amgen Inc. | 0.20% | 6,457 | $1.8M | Reduce -0.0% |
| CHD Church & Dwight Co. Inc. | 0.20% | 20,720 | $1.8M | Reduce -2.6% |
| WMT Walmart Inc. | 0.20% | 17,221 | $1.8M | Add +2.4% |
| VTIP Vanguard Short-Term Tips | 0.20% | 34,697 | $1.8M | Reduce -0.6% |
| YETI Yeti Holdings Inc. filed as YETI HLDGS INC | 0.20% | 52,855 | $1.8M | Add +4.8% |
| CLX Clorox Company | 0.20% | 14,116 | $1.7M | Add +1.0% |
| EPD Enterprise Products Partners | 0.19% | 55,056 | $1.7M | Add +6.2% |
| TECH Bio-Techne Corp. | 0.19% | 30,630 | $1.7M | Add +25.9% |
| ABBV Abbvie Inc. | 0.19% | 7,219 | $1.7M | Add +1.2% |
| LLY Eli Lilly & Co. | 0.17% | 2,014 | $1.5M | Reduce -4.0% |
| CL Colgate-Palmolive Co. | 0.17% | 19,033 | $1.5M | Reduce -2.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.17% | 5,298 | $1.5M | Reduce -4.7% |
| AXP American Express Co. | 0.17% | 4,500 | $1.5M | No change |
| SNPS Synopsys Inc. | 0.16% | 2,912 | $1.4M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.16% | 2,128 | $1.4M | Reduce -0.5% |
| INFA Informatica Inc. Class A | 0.15% | 52,503 | $1.3M | Reduce -0.7% |
| STT State Street Corp. | 0.14% | 11,026 | $1.3M | Reduce -9.8% |
| XLE SS Energy Select Sector | 0.14% | 13,949 | $1.2M | Add +10.1% |
| META Meta Platforms Inc. Class A | 0.14% | 1,641 | $1.2M | Reduce -3.8% |
| SLAB Silicon Laboratories Inc. | 0.13% | 8,650 | $1.1M | Reduce -2.6% |
| DT Dynatrace Inc. | 0.13% | 23,245 | $1.1M | Add +85.4% |
| PR Permian Resources Corp. Class A | 0.13% | 87,041 | $1.1M | Add +3.3% |
| LIN Linde PLC | 0.12% | 2,340 | $1.1M | No change |
| TSLA Tesla Inc. | 0.12% | 2,458 | $1.1M | Reduce -5.9% |
| EGP Eastgroup Properties Inc. | 0.12% | 6,378 | $1.1M | No change |
| ABT Abbott Laboratories | 0.12% | 7,927 | $1.1M | No change |
| VVV Valvoline Inc. | 0.12% | 29,035 | $1.0M | Add +57.5% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.11% | 12,167 | $973K | Reduce -3.1% |
| STIP iShares 0-5 Year Tips Bond E | 0.11% | 9,400 | $972K | No change |
| IVV iShares Core S&P 500 ETF | 0.11% | 1,406 | $941K | Add +27.1% |
| BDX Becton Dickinson and Co. | 0.10% | 4,863 | $910K | Reduce -59.0% |
Portfolio Sells Q2 2025 → Q3 2025
| FDS Factset Research Systems Inc. | Reduce -4.7% | 0.58% | −0.42 |
| TROW T Rowe Price Group Inc. | Reduce -27.8% | 1.05% | −0.39 |
| COST Costco Wholesale Corp. | Reduce -0.9% | 2.72% | −0.38 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.37 |
| EOG EOG Resources Inc. | Reduce -1.4% | 2.35% | −0.34 |
| CNI Canadian Natl Railway Co. | Reduce -2.6% | 1.43% | −0.28 |
| MSFT Microsoft Corp. | Reduce -1.0% | 6.93% | −0.17 |
| BDX Becton Dickinson and Co. | Reduce -59.0% | 0.10% | −0.14 |
| MA Mastercard Inc. Class A | Reduce -0.2% | 1.62% | −0.07 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -4.1% | 0.81% | −0.07 |
| RSP Invesco S&P 500 Equal Weight | Reduce -3.6% | 1.33% | −0.07 |
| EMR Emerson Electric Co. | Reduce -0.1% | 0.81% | −0.06 |
| XOM Exxon Mobil Corp. | Reduce -3.9% | 1.15% | −0.06 |
| NKE Nike Inc. Class B | Reduce -11.1% | 0.24% | −0.05 |
| DGRO iShares Core Dividend Growth | Sold out | 0.00% | −0.05 |
| UPS United Parcel Service Class B | Reduce -40.0% | 0.04% | −0.04 |
| IEX Idex Corp. | Reduce -2.6% | 0.25% | −0.04 |
| CL Colgate-Palmolive Co. | Reduce -2.8% | 0.17% | −0.04 |
| CHD Church & Dwight Co. Inc. | Reduce -2.6% | 0.20% | −0.04 |
| RBC RBC Bearings Inc. | Reduce -1.4% | 0.53% | −0.03 |
| NXPI NXP Semiconductors NV | Reduce -3.8% | 0.52% | −0.03 |
| SLAB Silicon Laboratories Inc. | Reduce -2.6% | 0.13% | −0.03 |
| IBM Intl Business Machines Corp. | Reduce -4.7% | 0.17% | −0.03 |
| WFC Wells Fargo & Co. | Reduce -26.9% | 0.07% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.8% | 0.63% | −0.03 |
| APD Air Products & Chemicals Inc. | Sold out | 0.00% | −0.02 |
| SCHD Schwab US DVD Equity ETF | Reduce -46.6% | 0.03% | −0.02 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.02 |
| LLY Eli Lilly & Co. | Reduce -4.0% | 0.17% | −0.02 |
| SBUX Starbucks Corp. | Reduce -25.6% | 0.03% | −0.02 |
| VIG Vanguard Dividend Apprec ETF | Reduce -3.6% | 0.39% | −0.02 |
| META Meta Platforms Inc. Class A | Reduce -3.8% | 0.14% | −0.01 |
| VXF Vanguard Extended Market ETF | Reduce -18.5% | 0.07% | −0.01 |
| IQV Iqvia Holdings Inc. | Reduce -27.1% | 0.06% | −0.01 |
| VTIP Vanguard Short-Term Tips | Reduce -0.6% | 0.20% | −0.01 |
| STT State Street Corp. | Reduce -9.8% | 0.14% | −0.01 |
| AMGN Amgen Inc. | Reduce -0.0% | 0.20% | −0.01 |
| KR Kroger Co. | Reduce -0.0% | 0.07% | −0.01 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -3.1% | 0.11% | −0.01 |
| DIS The Walt Disney Co. | Reduce -0.7% | 0.06% | −0.01 |
| CSGP Costar Group Inc. | Reduce -1.9% | 0.31% | −0.01 |
| BMY Bristol-Myers Squibb Co. | Reduce -5.8% | 0.04% | −0.01 |
| INFA Informatica Inc. Class A | Reduce -0.7% | 0.15% | −0.01 |
| PEGA Pegasystems Inc. | Reduce -2.5% | 0.29% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -6.5% | 0.08% | −0.01 |
| MCD McDonald's Corp. | Reduce -0.2% | 0.28% | −0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -13.5% | 0.04% | −0.01 |
| ICLR Icon PLC | Reduce -17.6% | 0.08% | −0.01 |
| DVN Devon Energy Corp. | Reduce -11.4% | 0.04% | −0.00 |
| KMB Kimberly-Clark Corp. | Reduce -0.7% | 0.03% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| TMO Thermo Fisher Scientific Inc. | Add +2.8% | 2.81% | +0.40 |
| JNJ Johnson & Johnson | Add +1.1% | 2.47% | +0.34 |
| SNPS Synopsys Inc. | New | 0.16% | +0.16 |
| HD Home Depot Inc. | Add +1.2% | 2.78% | +0.15 |
| AME Ametek Inc. | Add +17.7% | 0.92% | +0.13 |
| RMD Resmed Inc. | Add +26.0% | 0.42% | +0.09 |
| NVDA Nvidia Corp. | Add +0.5% | 0.76% | +0.08 |
| XLK SS Technology Select Sector | Add +2.6% | 0.98% | +0.07 |
| VMI Valmont Industries | Add +0.5% | 0.61% | +0.07 |
| MTD Mettler-Toledo International | Add +5.0% | 1.48% | +0.05 |
| MRVL Marvell Technology Inc. | Add +1.8% | 1.15% | +0.05 |
| DT Dynatrace Inc. | Add +85.4% | 0.13% | +0.04 |
| ROK Rockwell Automation Inc. | Add +5.7% | 0.87% | +0.04 |
| TECH Bio-Techne Corp. | Add +25.9% | 0.19% | +0.04 |
| VVV Valvoline Inc. | Add +57.5% | 0.12% | +0.03 |
| NEE Nextera Energy Inc. | New | 0.03% | +0.03 |
| ABBV Abbvie Inc. | Add +1.2% | 0.19% | +0.03 |
| NOC Northrop Grumman Corp. | New | 0.03% | +0.03 |
| IWM iShares Russell 2000 ETF | New | 0.02% | +0.02 |
| BNY Bank of New York Mellon Corp. | New | 0.02% | +0.02 |
| XAR SS SPDR S&P Aerospace Def | New | 0.02% | +0.02 |
| IVV iShares Core S&P 500 ETF | Add +27.1% | 0.11% | +0.02 |
| PEP Pepsico Inc. | Add +2.5% | 0.78% | +0.02 |
| RTX RTX Corp. | Add +0.6% | 0.26% | +0.02 |
| FSLR First Solar Inc. | Add +12.0% | 0.06% | +0.02 |
| XLE SS Energy Select Sector | Add +10.1% | 0.14% | +0.01 |
| CSX CSX Corp. | Add +29.2% | 0.04% | +0.01 |
| YETI Yeti Holdings Inc. | Add +4.8% | 0.20% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.1% | 0.29% | +0.01 |
| FANG Diamondback Energy Inc. | Add +14.9% | 0.05% | +0.01 |
| AMAT Applied Materials Inc. | Add +4.9% | 0.05% | +0.00 |
| VYM Vanguard High DVD Yield ETF | Add +10.4% | 0.05% | +0.00 |
| WMT Walmart Inc. | Add +2.4% | 0.20% | +0.00 |
| DUK Duke Energy Corp. | Add +11.2% | 0.03% | +0.00 |
| EPD Enterprise Products Partners | Add +6.2% | 0.19% | +0.00 |
| VOO Vanguard S&P 500 ETF | Add +3.7% | 0.04% | +0.00 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +2.6% | 0.09% | +0.00 |
| EWJ iShares MSCI Japan ETF | Add +1.7% | 0.03% | +0.00 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +0.5% | 0.03% | +0.00 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +0.6% | 0.08% | +0.00 |
| VXUS Vanguard Total Intl Stock | Add +0.0% | 0.03% | +0.00 |
| SCHW Schwab (charles) Corp. | Add +0.1% | 0.03% | −0.00 |
| SCHO Schwab Short-Term US Treas | Add +4.5% | 0.04% | −0.00 |
| IWP iShares Russell Mid-Cap Grow | Add +0.0% | 0.08% | −0.00 |
| KMI Kinder Morgan Inc. | Add +6.2% | 0.09% | −0.00 |
| CLX Clorox Company | Add +1.0% | 0.20% | −0.00 |
| PR Permian Resources Corp. Class A | Add +3.3% | 0.13% | −0.01 |
| AMZN Amazon.com Inc. | Add +1.6% | 0.31% | −0.01 |
| ADI Analog Devices Inc. | Add +1.1% | 1.07% | −0.01 |
| WM Waste Management Inc. | Add +4.2% | 0.33% | −0.02 |
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 |