L. Roy Papp & Associates, LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 28, 2026), L. Roy Papp & Associates, LLP reported 185 stock positions worth $904.5 million. Its top holding was Apple (AAPL) at 7.0% of the portfolio, followed by Microsoft (MSFT, 6.3%) and Alphabet Class C (GOOG, 5.8%). Compared with Q3 2025, it opened 7 new positions, sold out of 4, added to 54 and reduced 65. The biggest buy was Schwab Short-Term US Treas (SCHO, shares +1219%) and the biggest sale Fiserv (FISV, shares −88%).
- Most Recent 13F
- Q2 2026
- Location
- Phoenix, AZ
- CIK
- 0000809339
- Portfolio Value
- $904.5M (Q4 2025)
- SEC Filing
- 0002085853-26-000127 ↗ filed Jan 28, 2026
Holdings Value
Holdings 185 stocks · $904.5M
| AAPL Apple Inc. | 7.03% | 233,943 | $63.6M | Reduce -1.8% |
| MSFT Microsoft Corp. | 6.27% | 117,289 | $56.7M | Reduce -1.5% |
| GOOG Alphabet Inc. Class C | 5.83% | 168,150 | $52.8M | Reduce -3.3% |
| BLK BlackRock Inc. | 4.31% | 36,442 | $39.0M | Reduce -1.1% |
| V Visa Inc. Class A | 3.93% | 101,419 | $35.6M | Reduce -1.1% |
| GOOGL Alphabet Inc. Class A | 3.69% | 106,511 | $33.3M | Reduce -3.9% |
| ORLY O'reilly Automotive Inc. | 3.45% | 342,247 | $31.2M | Reduce -2.2% |
| ACN Accenture PLC Class A | 3.34% | 112,516 | $30.2M | Reduce -0.5% |
| TMO Thermo Fisher Scientific Inc. | 3.30% | 51,516 | $29.9M | Reduce -0.1% |
| JNJ Johnson & Johnson | 2.71% | 118,358 | $24.5M | Reduce -0.2% |
| EXPD Expeditors Intl Wash Inc. | 2.69% | 163,041 | $24.3M | Reduce -0.9% |
| SYK Stryker Corp. | 2.51% | 64,681 | $22.7M | Add +1.1% |
| HD Home Depot Inc. | 2.36% | 62,011 | $21.3M | Add +1.6% |
| COST Costco Wholesale Corp. | 2.35% | 24,630 | $21.2M | Reduce -5.7% |
| EOG EOG Resources Inc. | 2.12% | 182,818 | $19.2M | Reduce -1.8% |
| XBI SS SPDR S&P Biotech ETF | 1.84% | 136,229 | $16.6M | Reduce -1.7% |
| MTD Mettler-Toledo International | 1.64% | 10,635 | $14.8M | Reduce -1.1% |
| MA Mastercard Inc. Class A | 1.61% | 25,471 | $14.5M | Add +0.7% |
| CNI Canadian Natl Railway Co. | 1.44% | 131,724 | $13.0M | Reduce -2.1% |
| RSP Invesco S&P 500 Equal Weight | 1.37% | 64,880 | $12.4M | Add +4.2% |
| XOM Exxon Mobil Corp. | 1.20% | 89,961 | $10.8M | Reduce -0.7% |
| ADI Analog Devices Inc. | 1.16% | 38,609 | $10.5M | Reduce -0.2% |
| MRVL Marvell Technology Inc. | 1.14% | 120,839 | $10.3M | Reduce -1.0% |
| ECL Ecolab Inc. | 1.06% | 36,466 | $9.6M | Reduce -0.1% |
| PG The Procter & Gamble Co. | 1.05% | 66,223 | $9.5M | Reduce -0.1% |
| AME Ametek Inc. | 1.03% | 45,371 | $9.3M | Add +3.9% |
| XLK SS Technology Select Sector | 0.99% | 62,102 | $8.9M | Add +0.3% |
| ROK Rockwell Automation Inc. | 0.97% | 22,468 | $8.7M | Add +1.1% |
| JPM JPMorgan Chase & Co. | 0.94% | 26,399 | $8.5M | Add +2.6% |
| USMV iShares MSCI USA Min Vol Fac | 0.82% | 79,084 | $7.4M | Add +5.0% |
| NVDA Nvidia Corp. | 0.80% | 38,631 | $7.2M | Add +6.9% |
| EMR Emerson Electric Co. | 0.80% | 54,203 | $7.2M | Reduce -1.1% |
| PEP Pepsico Inc. | 0.78% | 49,264 | $7.1M | Add +0.0% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.77% | 68,230 | $7.0M | Reduce -24.9% |
| WY Weyerhaeuser Co. | 0.71% | 272,920 | $6.5M | No change |
| TRMB Trimble Inc. | 0.67% | 77,801 | $6.1M | Add +0.4% |
| VMI Valmont Industries | 0.65% | 14,506 | $5.8M | Add +3.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.63% | 11,297 | $5.7M | Add +1.0% |
| CVX Chevron Corp. | 0.62% | 37,003 | $5.6M | Add +0.8% |
| RBC RBC Bearings Inc. | 0.60% | 12,171 | $5.5M | Add +0.1% |
| INTU Intuit Inc. | 0.59% | 8,124 | $5.4M | Add +1.5% |
| FDS Factset Research Systems Inc. | 0.56% | 17,574 | $5.1M | Reduce -1.8% |
| WCN Waste Connections Inc. | 0.53% | 27,178 | $4.8M | No change |
| NXPI NXP Semiconductors NV | 0.49% | 20,498 | $4.4M | No change |
| SCHO Schwab Short-Term US Treas | 0.47% | 176,047 | $4.3M | Add +1218.7% |
| RMD Resmed Inc. | 0.44% | 16,500 | $4.0M | Add +20.9% |
| SCHB Schwab US Broad Market ETF | 0.41% | 142,359 | $3.7M | Reduce -1.6% |
| VIG Vanguard Dividend Apprec ETF | 0.40% | 16,658 | $3.7M | Add +2.4% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.40% | 67,605 | $3.6M | New |
| VGT Vanguard Info Tech ETF | 0.36% | 4,374 | $3.3M | No change |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.33% | 6,042 | $2.9M | Reduce -14.8% |
| AMZN Amazon.com Inc. | 0.33% | 12,751 | $2.9M | Add +0.1% |
| CAT Caterpillar Inc. | 0.32% | 5,118 | $2.9M | Add +2.7% |
| WM Waste Management Inc. | 0.32% | 13,212 | $2.9M | Reduce -1.4% |
| ADBE Adobe Inc. | 0.30% | 7,763 | $2.7M | Reduce -2.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.30% | 7,994 | $2.7M | Add +0.2% |
| PEGA Pegasystems Inc. | 0.29% | 44,443 | $2.7M | No change |
| MKC McCormick & Co.-Non VTG SHRS | 0.29% | 38,042 | $2.6M | No change |
| RTX RTX Corp. | 0.28% | 14,022 | $2.6M | Add +1.9% |
| MCD McDonald's Corp. | 0.28% | 8,163 | $2.5M | Reduce -1.4% |
| ADP Automatic Data Processing | 0.27% | 9,602 | $2.5M | No change |
| IEX Idex Corp. | 0.26% | 13,409 | $2.4M | No change |
| CSCO Cisco Systems Inc. | 0.26% | 30,795 | $2.4M | Reduce -1.3% |
| YETI Yeti Holdings Inc. filed as YETI HLDGS INC | 0.26% | 53,095 | $2.3M | Add +0.5% |
| SHW The Sherwin-Williams Co. | 0.25% | 6,960 | $2.3M | Reduce -6.7% |
| CSGP Costar Group Inc. | 0.25% | 33,254 | $2.2M | Add +0.1% |
| AMGN Amgen Inc. | 0.23% | 6,457 | $2.1M | No change |
| KO The Coca-Cola Co. | 0.22% | 28,980 | $2.0M | Add +0.1% |
| EPD Enterprise Products Partners | 0.22% | 61,845 | $2.0M | Add +12.3% |
| TECH Bio-Techne Corp. | 0.21% | 32,727 | $1.9M | Add +6.8% |
| WMT Walmart Inc. | 0.21% | 17,021 | $1.9M | Reduce -1.2% |
| NKE Nike Inc. Class B | 0.20% | 28,872 | $1.8M | Reduce -6.3% |
| MCHP Microchip Technology Inc. | 0.20% | 28,019 | $1.8M | Reduce -5.6% |
| SYY Sysco Corp. | 0.20% | 24,132 | $1.8M | Reduce -1.6% |
| AXP American Express Co. | 0.20% | 4,779 | $1.8M | Add +6.2% |
| CHD Church & Dwight Co. Inc. | 0.19% | 20,720 | $1.7M | No change |
| VTIP Vanguard Short-Term Tips | 0.19% | 34,697 | $1.7M | No change |
| ABBV Abbvie Inc. | 0.19% | 7,499 | $1.7M | Add +3.9% |
| ORCL Oracle Corp. | 0.18% | 8,421 | $1.6M | Reduce -12.0% |
| LLY Eli Lilly & Co. | 0.18% | 1,517 | $1.6M | Reduce -24.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.17% | 5,122 | $1.5M | Reduce -3.3% |
| STT State Street Corp. | 0.16% | 10,872 | $1.4M | Reduce -1.4% |
| CLX Clorox Company | 0.15% | 13,616 | $1.4M | Reduce -3.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.15% | 1,983 | $1.4M | Reduce -6.8% |
| PR Permian Resources Corp. Class A | 0.15% | 96,205 | $1.3M | Add +10.5% |
| SNPS Synopsys Inc. | 0.15% | 2,860 | $1.3M | Reduce -1.8% |
| XLE SS Energy Select Sector | 0.15% | 29,888 | $1.3M | Add +7.1% |
| CL Colgate-Palmolive Co. | 0.15% | 16,643 | $1.3M | Reduce -12.6% |
| DT Dynatrace Inc. | 0.14% | 29,635 | $1.3M | Add +27.5% |
| SLV iShares Silver Trust | 0.14% | 19,000 | $1.2M | No change |
| EGP Eastgroup Properties Inc. | 0.13% | 6,378 | $1.1M | No change |
| SLAB Silicon Laboratories Inc. | 0.13% | 8,650 | $1.1M | No change |
| META Meta Platforms Inc. Class A | 0.12% | 1,711 | $1.1M | Add +4.3% |
| TSLA Tesla Inc. | 0.12% | 2,438 | $1.1M | Reduce -0.8% |
| LIN Linde PLC | 0.12% | 2,470 | $1.1M | Add +5.6% |
| ABT Abbott Laboratories | 0.11% | 7,927 | $993K | No change |
| KMI Kinder Morgan Inc. | 0.11% | 35,414 | $974K | Add +32.2% |
| STIP iShares 0-5 Year Tips Bond E | 0.11% | 9,400 | $962K | No change |
| VCSH Vanguard S/T Corp. Bond ETF | 0.10% | 11,900 | $949K | Reduce -2.2% |
| MRK Merck & Co. Inc. | 0.10% | 8,774 | $924K | Add +5.1% |
Portfolio Sells Q3 2025 → Q4 2025
| FISV Fiserv Inc. | Reduce -88.1% | 0.07% | −1.15 |
| ORLY O'reilly Automotive Inc. | Reduce -2.2% | 3.45% | −0.79 |
| MSFT Microsoft Corp. | Reduce -1.5% | 6.27% | −0.66 |
| BLK BlackRock Inc. | Reduce -1.1% | 4.31% | −0.51 |
| COST Costco Wholesale Corp. | Reduce -5.7% | 2.35% | −0.37 |
| TROW T Rowe Price Group Inc. | Reduce -24.9% | 0.77% | −0.28 |
| EOG EOG Resources Inc. | Reduce -1.8% | 2.12% | −0.22 |
| INFA Informatica Inc. Class A | Sold out | 0.00% | −0.15 |
| ORCL Oracle Corp. | Reduce -12.0% | 0.18% | −0.12 |
| PG The Procter & Gamble Co. | Reduce -0.1% | 1.05% | −0.10 |
| ECL Ecolab Inc. | Reduce -0.1% | 1.06% | −0.07 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -14.8% | 0.33% | −0.06 |
| BDX Becton Dickinson and Co. | Reduce -47.4% | 0.05% | −0.05 |
| CLX Clorox Company | Reduce -3.5% | 0.15% | −0.04 |
| SHW The Sherwin-Williams Co. | Reduce -6.7% | 0.25% | −0.04 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Reduce -51.0% | 0.03% | −0.04 |
| NKE Nike Inc. Class B | Reduce -6.3% | 0.20% | −0.04 |
| SYY Sysco Corp. | Reduce -1.6% | 0.20% | −0.03 |
| KMB Kimberly-Clark Corp. | Sold out | 0.00% | −0.03 |
| CL Colgate-Palmolive Co. | Reduce -12.6% | 0.15% | −0.03 |
| ZBRA Zebra Technologies Corp. Class A | Sold out | 0.00% | −0.03 |
| IVV iShares Core S&P 500 ETF | Reduce -24.0% | 0.08% | −0.02 |
| ETN Eaton Corp. PLC | Sold out | 0.00% | −0.02 |
| MRVL Marvell Technology Inc. | Reduce -1.0% | 1.14% | −0.02 |
| MCHP Microchip Technology Inc. | Reduce -5.6% | 0.20% | −0.02 |
| ADBE Adobe Inc. | Reduce -2.0% | 0.30% | −0.01 |
| SNPS Synopsys Inc. | Reduce -1.8% | 0.15% | −0.01 |
| FDS Factset Research Systems Inc. | Reduce -1.8% | 0.56% | −0.01 |
| EMR Emerson Electric Co. | Reduce -1.1% | 0.80% | −0.01 |
| WM Waste Management Inc. | Reduce -1.4% | 0.32% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -6.8% | 0.15% | −0.01 |
| ANET Arista Networks Inc. | Reduce -5.9% | 0.04% | −0.01 |
| VXF Vanguard Extended Market ETF | Reduce -11.8% | 0.06% | −0.01 |
| BBSI Barrett Business SVCS Inc. | Reduce -10.3% | 0.02% | −0.01 |
| ITOT iShares Core S&P Total U.S. | Reduce -17.0% | 0.04% | −0.01 |
| UPS United Parcel Service Class B | Reduce -31.8% | 0.03% | −0.01 |
| PFE Pfizer Inc. | Reduce -13.9% | 0.04% | −0.01 |
| MCD McDonald's Corp. | Reduce -1.4% | 0.28% | −0.01 |
| SBUX Starbucks Corp. | Reduce -17.9% | 0.03% | −0.01 |
| CRH CRH PLC | Reduce -17.3% | 0.03% | −0.01 |
| SCHB Schwab US Broad Market ETF | Reduce -1.6% | 0.41% | −0.01 |
| DVN Devon Energy Corp. | Reduce -14.3% | 0.04% | −0.00 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -2.2% | 0.10% | −0.00 |
| ICLR Icon PLC | Reduce -7.1% | 0.07% | −0.00 |
| V Visa Inc. Class A | Reduce -1.1% | 3.93% | −0.00 |
| SCHG Schwab US Large-Cap Growth | Reduce -3.3% | 0.07% | −0.00 |
| DIS The Walt Disney Co. | Reduce -0.8% | 0.06% | −0.00 |
| TSLA Tesla Inc. | Reduce -0.8% | 0.12% | −0.00 |
| EWJ iShares MSCI Japan ETF | Reduce -1.3% | 0.03% | −0.00 |
| IBM Intl Business Machines Corp. | Reduce -3.3% | 0.17% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| SCHO Schwab Short-Term US Treas | Add +1218.7% | 0.47% | +0.44 |
| IGSB iShares 1-5Y Inv Grade Corp. | New | 0.40% | +0.40 |
| AME Ametek Inc. | Add +3.9% | 1.03% | +0.11 |
| ROK Rockwell Automation Inc. | Add +1.1% | 0.97% | +0.09 |
| RBC RBC Bearings Inc. | Add +0.1% | 0.60% | +0.07 |
| YETI Yeti Holdings Inc. | Add +0.5% | 0.26% | +0.06 |
| CAT Caterpillar Inc. | Add +2.7% | 0.32% | +0.06 |
| JFLX JPMorgan Flexible Debt ETF | New | 0.05% | +0.05 |
| VTEB Vanguard Tax-Exempt Bond ETF | New | 0.05% | +0.05 |
| RSP Invesco S&P 500 Equal Weight | Add +4.2% | 1.37% | +0.05 |
| NVDA Nvidia Corp. | Add +6.9% | 0.80% | +0.04 |
| SHM SS SPDR N Ice St Muni ETF | New | 0.04% | +0.04 |
| VMI Valmont Industries | Add +3.6% | 0.65% | +0.03 |
| JPM JPMorgan Chase & Co. | Add +2.6% | 0.94% | +0.03 |
| QYLD Global X Nasd 100 Cov Call | New | 0.03% | +0.03 |
| AXP American Express Co. | Add +6.2% | 0.20% | +0.03 |
| EPD Enterprise Products Partners | Add +12.3% | 0.22% | +0.03 |
| RTX RTX Corp. | Add +1.9% | 0.28% | +0.03 |
| PR Permian Resources Corp. Class A | Add +10.5% | 0.15% | +0.02 |
| SMH Vaneck Semiconductor ETF | New | 0.02% | +0.02 |
| MRK Merck & Co. Inc. | Add +5.1% | 0.10% | +0.02 |
| RIO Rio Tinto PLC-Spon ADR | New | 0.02% | +0.02 |
| KMI Kinder Morgan Inc. | Add +32.2% | 0.11% | +0.02 |
| TECH Bio-Techne Corp. | Add +6.8% | 0.21% | +0.02 |
| QQQ Invesco QQQ Trust Series 1 | Add +46.5% | 0.06% | +0.02 |
| RMD Resmed Inc. | Add +20.9% | 0.44% | +0.02 |
| USMV iShares MSCI USA Min Vol Fac | Add +5.0% | 0.82% | +0.02 |
| FSLR First Solar Inc. | Add +8.1% | 0.08% | +0.02 |
| DT Dynatrace Inc. | Add +27.5% | 0.14% | +0.02 |
| AMZN Amazon.com Inc. | Add +0.1% | 0.33% | +0.01 |
| SUB iShares Short-Term National | Add +23.0% | 0.06% | +0.01 |
| GEV GE Vernova Inc. | Add +30.8% | 0.04% | +0.01 |
| VIG Vanguard Dividend Apprec ETF | Add +2.4% | 0.40% | +0.01 |
| NEE Nextera Energy Inc. | Add +25.2% | 0.04% | +0.01 |
| KO The Coca-Cola Co. | Add +0.1% | 0.22% | +0.01 |
| XLK SS Technology Select Sector | Add +0.3% | 0.99% | +0.01 |
| XLE SS Energy Select Sector | Add +7.1% | 0.15% | +0.01 |
| PEP Pepsico Inc. | Add +0.0% | 0.78% | +0.00 |
| UNP Union Pacific Corp. | Add +16.3% | 0.03% | +0.00 |
| HON Honeywell International Inc. | Add +13.2% | 0.07% | +0.00 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.2% | 0.30% | +0.00 |
| ABBV Abbvie Inc. | Add +3.9% | 0.19% | +0.00 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +4.6% | 0.09% | +0.00 |
| VXUS Vanguard Total Intl Stock | Add +2.3% | 0.03% | +0.00 |
| SCHW Schwab (charles) Corp. | Add +0.1% | 0.03% | +0.00 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +2.1% | 0.04% | +0.00 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +0.1% | 0.08% | +0.00 |
| VT Vanguard Tot World STK ETF | Add +0.1% | 0.06% | +0.00 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +0.9% | 0.03% | +0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.0% | 0.63% | −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 |