L. Roy Papp & Associates, LLP

Registered adviser

CIK

809339

Location

Phoenix, AZ

Portfolio Value

Small $933,290,266

Diversification

Diversified

Filing Date

Global Rank

#2,520 / 8,811 ▼ 169

Top Industry

Internet Content & Information 10.5%

Period ended 4 months ago

Filed Jul 23, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 105130

Roster of Oct 1, 2026

Regulatory AUM

$1,621,804,561

Main clients

Individuals and high net worth (90% of AUM)

Registered funds advised

1 series (0 index, 0 ETFs)

$43,385,136 net assets· N-CEN Nov 30, 2025

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$1,621,804,561	Individuals and high net worth (90%)
Feb 2025 to Mar 2026	$1,534,106,429	Individuals and high net worth (87%)
Mar 2024 to Jan 2025	$1,422,503,926	Individuals and high net worth (86%)
May 2023 to Feb 2024	$1,264,971,951	Individuals and high net worth (86%)
Apr 2023	$1,264,971,951	Individuals and high net worth (86%)
Apr 2022 to Mar 2023	$1,437,532,181	Individuals and high net worth (86%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 44.3%, 33.0 effective positions, active share 64.5% against the S&P 500 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

7.4% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 24.2 quarters (12+), a floor since 85.5% of the book was already held when coverage starts

Closest benchmark: the S&P 500 as of 2026-06-30, active share 64.5%; sector active share 11.5% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

193 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

9.3%

+0.6 pts

Top 5

28.7%

+0.2 pts

Top 10

44.3%

−0.1 pts

HHI

303

Diversified+3

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Technology	22.8%	$212,862,725	28
Industrials	12.4%	$115,755,316	25
Financial Services	12.3%	$115,049,480	17
Healthcare	11.5%	$107,267,393	17
Unclassified	10.4%	$97,351,867	53
Communication Services	9.4%	$88,006,084	4
Consumer Cyclical	7.2%	$67,564,868	14
Consumer Defensive	5.5%	$51,743,763	12
Energy	5.1%	$47,342,948	9
Basic Materials	2.2%	$20,845,277	9
Real Estate	0.9%	$8,674,756	3
Utilities	0.1%	$825,789	2

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
VGT	VANGUARD INFORMATION TECHNOLOGY INDEX FUND	+30,618	34,992	$4,182,243
VUG	VANGUARD GROWTH INDEX FUND	+28,981	34,879	$3,004,477
IGSB	iShares 1-5 Year Investment Grade Corporate Bond ETF	+11,639	111,774	$0
JPM	Jpmorgan Chase & Co	+9,402	40,201	$13,158,993
VO	VANGUARD MID-CAP INDEX FUND	+8,905	11,820	$952,337
MCD	Mcdonalds Corp	+5,991	15,089	$4,078,707
TECH	BIO-TECHNE Corp	+5,909	38,650	$2,730,622
WM	Waste Management Inc	+5,657	18,969	$4,227,810
LIN	Linde PLC	+5,099	13,212	$6,856,235
PR	Permian Resources Corp	+4,423	101,918	$1,876,310
MSFT	Microsoft Corp	+3,369	120,590	$44,982,481
SYK	Stryker Corp	+3,023	68,570	$21,588,578
KMI	Kinder Morgan, Inc.	+2,949	38,743	$1,238,613
RSP	Victory Portfolios II	+2,358	72,831	$15,496,251
CNI	Canadian National Railway Co	+2,115	133,614	$15,932,133
V	Visa Inc.	+2,069	103,237	$35,419,582
JNJ	Johnson & Johnson	+1,444	118,647	$30,132,778
XLE	State Street(R) Energy Select Sector SPDR(R) ETF	+1,070	31,373	$1,666,220
RTX	RTX Corp	+948	16,252	$3,083,491
GWW	W.W. Grainger, Inc.	+891	1,575	$2,142,630
PG	PROCTER & GAMBLE Co	+837	67,086	$9,837,491
ADI	Analog Devices Inc	+822	37,611	$14,937,960
PEP	Pepsico Inc	+731	49,554	$6,709,611
TMO	Thermo Fisher Scientific Inc.	+707	51,509	$25,824,552
ECL	Ecolab Inc.	+703	35,957	$10,017,979
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
TROW	Price T Rowe Group Inc	−28,288	27,496	$3,126,020
CSCO	Cisco Systems, Inc.	−14,000	16,895	$1,984,486
MRVL	Marvell Technology, Inc.	−11,141	111,672	$33,265,972
XLK	State Street(R) Technology Select Sector SPDR(R) ETF	−8,200	55,162	$10,509,464
GOOG	Alphabet Inc.	−6,419	149,783	$52,922,827
XOM	ExxonMobil Holdings Corp	−6,247	83,856	$11,464,792
SCHO	Schwab Short-Term U.S. Treasury ETF	−5,139	467,341	$11,281,611
CLX	Clorox Co /De/	−4,971	8,716	$831,855
GOOGL	Alphabet Inc.	−3,783	94,355	$33,719,646
MKC	Mccormick & Co Inc	−3,732	33,670	$1,697,641
PEGA	Pegasystems Inc	−3,698	40,375	$1,210,038
ACN	Accenture plc	−3,498	107,951	$13,433,422
CSGP	Costar Group, Inc.	−2,899	29,990	$849,316
VVV	Valvoline Inc	−2,626	26,154	$1,034,129
ORCL	Oracle Corp	−2,446	5,460	$800,163
DT	Dynatrace, Inc.	−2,329	32,046	$1,407,139
TRMB	Trimble Inc.	−1,913	76,078	$3,893,672
CHD	Church & Dwight Co Inc /De/	−1,882	18,658	$1,807,587
USMV	iShares MSCI USA Min Vol Factor ETF	−1,680	77,300	$0
NKE	NIKE, Inc.	−1,654	23,074	$947,187
HON	Honeywell International Inc	−1,651	1,652	$369,882
RMD	Resmed Inc	−1,487	16,582	$3,231,500
IEX	Idex Corp /De/	−1,214	12,075	$2,740,421
AAPL	Apple Inc.	−1,082	226,042	$65,407,513
EXPD	Expeditors International Of Washington Inc	−1,080	159,685	$26,025,461
No positions match the current search.

New Positions

Positions the filer opened this quarter

16 positions

Ticker	Company	Shares	Value
AGYS	Agilysys Inc	5,445	$569,002
WDFC	Wd 40 Co	2,230	$543,317
HONA	Honeywell Aerospace Inc.	1,648	$364,339
AMD	Advanced Micro Devices Inc	609	$353,774
XNTK	State Street(R) SPDR(R) NYSE Technology ETF	637	$248,844
MELI	Mercadolibre Inc	145	$246,121
TSM	Taiwan Semiconductor Manufacturing Co Ltd	515	$245,948
AVGO	Broadcom Inc.	607	$229,294
PANW	Palo Alto Networks Inc	611	$208,363
KMB	Kimberly Clark Corp	1,892	$207,684
SOXQ	Invesco Ltd.	1,850	$207,385
ETN	Eaton Corp plc	486	$207,094
HCI	HCI Group, Inc.	1,180	$206,795
INDV	Indivior Pharmaceuticals, Inc.	5,000	$205,150
TT	Trane Technologies plc	410	$201,375
STIP	iShares 0-5 Year TIPS Bond ETF	9,400	$0
No positions match the current search.

Sold Out

Positions the filer fully exited

7 positions

Ticker	Company	Shares	Value
POOL	Pool Corp	2,637	$533,544
BDX	Becton Dickinson & Co	2,453	$385,685
ZTS	Zoetis Inc.	2,221	$262,544
FISV	Fiserv Inc	4,442	$247,863
NFLX	Netflix Inc	2,220	$213,453
ICLR	Icon PLC	1,864	$206,270
AEM	Agnico Eagle Mines Ltd	1,000	$202,980
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

193 tracked positions · $933,290,266 total · filing declares 193 positions · $951,377,536 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 193 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
AAPL	Apple Inc. Technology	Reduced	226,042	-1,082	$65,407,513	+13.5%	26+	before history	7.01%
GOOG	Alphabet Inc. Communication Services	Reduced	149,783	-6,419	$52,922,827	+18.1%	26+	before history	5.67%
MSFT	Microsoft Corp Technology	Added	120,590	+3,369	$44,982,481	+3.7%	26+	before history	4.82%
V	Visa Inc. Financial Services	Added	103,237	+2,069	$35,419,582	+15.8%	26+	before history	3.80%
BLK	BlackRock, Inc. Financial Services	Added	36,515	+498	$35,111,363	+1.4%	7	$1,015.00	3.76%
GOOGL	Alphabet Inc. Communication Services	Reduced	94,355	-3,783	$33,719,646	+19.5%	26+	before history	3.61%
MRVL	Marvell Technology, Inc. Technology	Reduced	111,672	-11,141	$33,265,972	+173.5%	21	$53.75	3.56%
ORLY	O Reilly Automotive Inc Consumer Cyclical	Reduced	332,328	-537	$30,604,085	−0.4%	26+	before history	3.28%
JNJ	Johnson & Johnson Healthcare	Added	118,647	+1,444	$30,132,778	+5.2%	26+	before history	3.23%
EXPD	Expeditors International Of Washington Inc Industrials	Reduced	159,685	-1,080	$26,025,461	+13.0%	26+	before history	2.79%
TMO	Thermo Fisher Scientific Inc. Healthcare	Added	51,509	+707	$25,824,552	+3.4%	26+	before history	2.77%
EOG	Eog Resources Inc Energy	Reduced	179,017	-944	$23,223,875	−10.7%	26+	before history	2.49%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	23,794	-46	$22,258,573	−6.3%	26+	before history	2.38%
HD	Home Depot, Inc. Consumer Cyclical	Added	62,411	+258	$22,011,111	+7.7%	26+	before history	2.36%
SYK	Stryker Corp Healthcare	Added	68,570	+3,023	$21,588,578	+0.2%	26+	before history	2.31%
XBI	State Street(R) SPDR(R) S&P(R) Biotech ETF	Added	134,181	+582	$21,234,143	+24.4%	26+	before history	2.28%
CNI	Canadian National Railway Co Industrials	Added	133,614	+2,115	$15,932,133	+17.9%	26+	before history	1.71%
RSP	Victory Portfolios II	Added	72,831	+2,358	$15,496,251	+14.6%	26+	before history	1.66%
ADI	Analog Devices Inc Technology	Added	37,611	+822	$14,937,960	+27.6%	26+	before history	1.60%
ACN	Accenture plc Technology	Reduced	107,951	-3,498	$13,433,422	−39.2%	26+	before history	1.44%
MTD	Mettler Toledo International Inc/ Healthcare	Reduced	10,383	-67	$13,264,386	+0.6%	26+	before history	1.42%
JPM	Jpmorgan Chase & Co Financial Services	Added	40,201	+9,402	$13,158,993	+45.2%	26+	before history	1.41%
MA	Mastercard Inc Financial Services	Added	25,310	+19	$12,999,216	+2.9%	26+	before history	1.39%
XOM	ExxonMobil Holdings Corp Energy	Reduced	83,856	-6,247	$11,464,792	−25.0%	26+	before history	1.23%
AME	Ametek Inc/ Industrials	Added	47,384	+667	$11,464,084	+14.5%	26+	before history	1.23%
ROK	Rockwell Automation, Inc Industrials	Added	22,910	+534	$11,342,282	+41.2%	26+	before history	1.22%
SCHO	Schwab Short-Term U.S. Treasury ETF	Reduced	467,341	-5,139	$11,281,611	−1.6%	26+	before history	1.21%
XLK	State Street(R) Technology Select Sector SPDR(R) ETF	Reduced	55,162	-8,200	$10,509,464	+24.8%	26+	before history	1.13%
ECL	Ecolab Inc. Basic Materials	Added	35,957	+703	$10,017,979	+6.8%	26+	before history	1.07%
PG	PROCTER & GAMBLE Co Consumer Defensive	Added	67,086	+837	$9,837,491	+2.8%	26+	before history	1.05%
VMI	Valmont Industries Inc Industrials	Reduced	14,767	-184	$8,529,419	+42.8%	22	$254.01	0.91%
EMR	Emerson Electric Co Industrials	Added	54,443	+164	$7,793,515	+9.6%	26+	before history	0.84%
NVDA	Nvidia Corp Technology	Added	38,622	+56	$7,727,875	+14.9%	10	unpriced	0.83%
LIN	Linde PLC Basic Materials	Added	13,212	+5,099	$6,856,235	+70.5%	14	$461.10	0.73%
PEP	Pepsico Inc Consumer Defensive	Added	49,554	+731	$6,709,611	−11.5%	26+	before history	0.72%
WY	Weyerhaeuser Co Real Estate	Held	272,920	0	$6,533,704	−2.0%	26+	before history	0.70%
RBC	RBC Bearings INC Industrials	Reduced	9,968	-489	$6,419,990	+13.0%	26+	before history	0.69%
CVX	Chevron Corp Energy	Reduced	36,897	-268	$6,116,046	−20.5%	26+	before history	0.66%
CAT	Caterpillar Inc Industrials	Added	5,387	+270	$5,736,616	+58.2%	26+	before history	0.61%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	11,357	-195	$5,682,929	+2.7%	26+	before history	0.61%
NXPI	NXP Semiconductors N.V. Technology	Added	20,040	+512	$5,631,841	+46.5%	26+	before history	0.60%
WCN	Waste Connections, Inc. Industrials	Held	27,178	0	$4,530,300	+2.6%	26+	before history	0.49%
WM	Waste Management Inc Industrials	Added	18,969	+5,657	$4,227,810	+38.2%	26+	before history	0.45%
VGT	VANGUARD INFORMATION TECHNOLOGY INDEX FUND	Added	34,992	+30,618	$4,182,243	—	21	unpriced	0.45%
MCD	Mcdonalds Corp Consumer Cyclical	Added	15,089	+5,991	$4,078,707	+44.2%	26+	before history	0.44%
SCHB	Schwab U.S. Broad Market ETF	Added	139,075	+87	$4,027,612	+15.5%	26+	before history	0.43%
TRMB	Trimble Inc. Technology	Reduced	76,078	-1,913	$3,893,672	−23.5%	26+	before history	0.42%
VIG	Vanguard Specialized Funds	Reduced	16,295	-450	$3,855,722	+7.1%	26+	before history	0.41%
FDS	Factset Research Systems Inc Financial Services	Reduced	14,896	-485	$3,427,271	+2.7%	26+	before history	0.37%
RMD	Resmed Inc Healthcare	Reduced	16,582	-1,487	$3,231,500	−20.3%	26+	before history	0.35%

Showing the top 50 of 193 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.