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L. Roy Papp & Associates, LLP — 13F Holdings & Portfolio

CIK 809339 · latest 13F-HR filed 2026-10-21

Backtest portfolio

L. Roy Papp & Associates, LLP manages $981.0M in 13F-reported U.S. long-equity assets across 193 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are AAPL (7.52%), MSFT (6.29%), GOOG (5.20%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 8 new positions and exited 8; 48 existing positions rose in reported value and 64 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$981.0M

Long-equity book

Holdings
193

Distinct positions

Period
2026-09-30

Filed 2026-10-21

Q/Q Activity
+8 / −8 / ↑48 / ↓64

vs 2026-06-30

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q3 26
AAPL7.5% · -2%MSFT6.3% · -0%GOOG5.2% · -0%BLK3.9% · +0%V3.8% · -0%TMO3.6% · +0%GOOGL3.3% · -2%JNJ3.2% · -1%EXPD3.0% · -1%ORLY2.9% · +0%MRVL2.9% · -4%EOG2.5% · -0%COST2.2% · -0%XBI2.2% · -0%SYK1.9% · -0%HD1.8% · -0%ACN1.8% · -12%CNI1.6% · -1%MTD1.6% · -1%JPM1.5% · +13%ADI1.5% · +0%RSP1.5% · -2%MA1.4% · 0%XOM1.4% · +0%AME1.2% · +1%XLK1.0% · -7%SCHO1.0% · -10%ROK1.0% · -0%ECL1.0% · +0%PG1.0% · +0%NVDA0.9% · -0%EMR0.8% · -2%USMV0.8% · +7%LIN0.8% · +19%CVX0.7% · -3%VMI0.7% · +1%PEP0.6% · +1%BRK.B0.6% · +0%WY0.5% · 0%RBC0.5% · +1%IGSB0.5% · -13%WM0.5% · +25%NXPI0.5% · +0%VGT0.4% · 0%TRMB0.4% · +1%MCD0.4% · +23%WCN0.4% · 0%CAT0.4% · -8%FDS0.4% · -1%SCHB0.4% · -3%VIG0.4% · -7%RMD0.3% · -9%AMZN0.3% · +0%RTX0.3% · +4%VUG0.3% · -2%VTI0.3% · -1%TROW0.3% · -3%IEX0.3% · 0%AMGN0.3% · -5%ADP0.2% · -1%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q2 26 → Q3 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 42.6%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated May 27, 2026.

Assets Under Management
$1.62B
Discretionary
$1.36B
Employees
10
Accounts
1,847
Address
2201 E. CAMELBACK ROAD
SUITE 227B
PHOENIX, AZ 85016
Phone
(602) 956-0980
Website
Name Title / Status Ownership Type
PAPP, HARRY, A ControlGENERAL PARTNER
since Oct 1989
50–75%Individual
BAUM, MATTHEW, PHILIPGENERAL PARTNER
since Feb 2018
Less than 5%Individual
BIEHL, RUSSELL, ALLENGENERAL PARTNER
since Sep 2015
Less than 5%Individual
EDWARDS, JEFFREY, NELSGENERAL PARTNER
since Jan 1993
5–10%Individual
HAGGERTY, ANNE, MICHELLECHIEF COMPLIANCE OFFICER
since Mar 2026
Less than 5%Individual
HEIN, JULIE, ANNCOMPLIANCE OFFICER
since Jan 1996
Less than 5%Individual
MACIAS, JUDITH, ANNGENERAL PARTNER
since Feb 2018
Less than 5%Individual
PAPP, ROSELLEN, CGENERAL PARTNER
since Oct 1989
10–25%Individual
RIORDAN, BRIAN, MICHAELGENERAL PARTNER
since Jun 2007
Less than 5%Individual
Ross, Anne, ElizabethGENERAL PARTNER
since May 2026
Less than 5%Individual
SCHAEFER, CHRISTOPHER, LAURENGENERAL PARTNER
since Jun 2007
Less than 5%Individual
SMITH, GREGORY, SGENERAL PARTNER
since Jun 2007
Less than 5%Individual
Ownership & leadership changes · 7 filings with changes since Mar 28, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

May 26, 2026 filing
  • No longer listedCAVALLERO, VICTORIA, SUSAN · GENERAL PARTNER · 25–50% · control person · listed since Jan 1993
  • AddedRoss, Anne, Elizabeth · GENERAL PARTNER · Less than 5%
  • ChangedEDWARDS, JEFFREY, NELS · ownership Less than 5% → 5–10%
  • ChangedPAPP, HARRY, A · ownership 25–50% → 50–75%
Mar 10, 2026 filing
  • AddedHAGGERTY, ANNE, MICHELLE · CHIEF COMPLIANCE OFFICER · Less than 5%
  • ChangedHEIN, JULIE, ANN · title GENERAL PARTNER/CHIEF COMPLIANCE OFFICER → COMPLIANCE OFFICER
Mar 30, 2020 filing
  • AddedBAUM, MATTHEW, PHILIP · GENERAL PARTNER · Less than 5%
  • AddedMACIAS, JUDITH, ANN · GENERAL PARTNER · Less than 5%
  • ChangedBIEHL, RUSSELL, ALLEN · no longer a control person
  • ChangedCAVALLERO, VICTORIA, SUSAN · now a control person
Mar 15, 2016 filing
  • No longer listedHARDAWAY, TIMOTHY, KENT · GENERAL PARTNER · Less than 5% · listed since Jan 2003
  • AddedBIEHL, RUSSELL, ALLEN · GENERAL PARTNER · Less than 5% · control person
Oct 17, 2014 filing
  • No longer listedJENNIFER M PAPP IRREVOCABLE TRUST U/A/D 12/21/12 · GENERAL PARTNER · Less than 5% · listed since Jan 2013
  • No longer listedSTEPHANIE J PAPP IRREVOCABLE TRUST U/A/D 12/21/12 · GENERAL PARTNER · Less than 5% · listed since Jan 2013
Mar 27, 2014 filing
  • No longer listedPAPP, MARILYN · GENERAL PARTNER · 25–50% · control person · listed since Dec 2011
  • AddedJENNIFER M PAPP IRREVOCABLE TRUST U/A/D 12/21/12 · GENERAL PARTNER · Less than 5%
  • AddedSTEPHANIE J PAPP IRREVOCABLE TRUST U/A/D 12/21/12 · GENERAL PARTNER · Less than 5%
  • ChangedCAVALLERO, VICTORIA, SUSAN · ownership 5–10% → 25–50%
Mar 26, 2013 filing
  • AddedPAPP, MARILYN · GENERAL PARTNER · 25–50% · control person
  • ChangedCAVALLERO, VICTORIA, SUSAN · ownership 25–50% → 5–10%; no longer a control person
Mar 28, 2012 filing (earliest on record)
  • ListedCAVALLERO, VICTORIA, SUSAN · GENERAL PARTNER · 25–50% · control person
  • ListedEDWARDS, JEFFREY, NELS · GENERAL PARTNER · Less than 5%
  • ListedHARDAWAY, TIMOTHY, KENT · GENERAL PARTNER · Less than 5%
  • ListedHEIN, JULIE, ANN · GENERAL PARTNER/CHIEF COMPLIANCE OFFICER · Less than 5%
  • ListedPAPP, HARRY, A · GENERAL PARTNER · 25–50% · control person
  • ListedPAPP, ROSELLEN, C · GENERAL PARTNER · 10–25%
  • ListedRIORDAN, BRIAN, MICHAEL · GENERAL PARTNER · Less than 5%
  • ListedSCHAEFER, CHRISTOPHER, LAUREN · GENERAL PARTNER · Less than 5%
  • ListedSMITH, GREGORY, S · GENERAL PARTNER · Less than 5%

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

L. Roy Papp & Associates, LLP Holdings (2026-09-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 APPLE INC AAPL 037833100 $73.8M 7.52% 221,599 SH
2 MICROSOFT CORP MSFT 594918104 $61.7M 6.29% 120,287 SH
3 ALPHABET INC GOOG 02079K107 $51.0M 5.20% 149,652 SH
4 BLACKROCK INC BLK 09290D101 $38.7M 3.95% 36,574 SH
5 VISA INC V 92826C839 $36.9M 3.76% 102,758 SH
6 THERMO FISHER SCIENTIFIC INC TMO 883556102 $34.8M 3.55% 51,612 SH
7 ALPHABET INC GOOGL 02079K305 $31.9M 3.25% 92,741 SH
8 JOHNSON & JOHNSON JNJ 478160104 $31.1M 3.17% 117,553 SH
9 EXPEDITORS INTL WASH INC EXPD 302130109 $29.3M 2.98% 158,531 SH
10 OREILLY AUTOMOTIVE INC ORLY 67103H107 $28.4M 2.90% 332,796 SH
11 MARVELL TECHNOLOGY INC MRVL 573874104 $28.3M 2.89% 107,121 SH
12 EOG RES INC EOG 26875P101 $24.7M 2.51% 178,991 SH
13 COSTCO WHOLESALE CORPORATION COST 22160K105 $21.6M 2.20% 23,692 SH
14 SPDR SERIES TRUST XBI 78464A870 $21.1M 2.15% 133,822 SH
15 STRYKER CORPORATION SYK 863667101 $18.8M 1.92% 68,283 SH
16 HOME DEPOT INC HD 437076102 $17.7M 1.81% 62,330 SH
17 ACCENTURE PLC IRELAND ACN G1151C101 $17.5M 1.78% 95,203 SH
18 CANADIAN NATL RY CO CNI 136375102 $15.8M 1.61% 132,844 SH
19 METTLER TOLEDO INTERNATIONAL MTD 592688105 $15.6M 1.59% 10,317 SH
20 JPMORGAN CHASE & CO JPM 46625H100 $15.0M 1.53% 45,261 SH
21 ANALOG DEVICES INC ADI 032654105 $14.9M 1.52% 37,636 SH
22 INVESCO EXCHANGE TRADED FD T RSP 46137V357 $14.8M 1.51% 71,201 SH
23 MASTERCARD INCORPORATED MA 57636Q104 $14.0M 1.42% 25,310 SH
24 EXXONMOBIL HOLDINGS CORP XOM 30233Q108 $13.7M 1.40% 84,091 SH
25 AMETEK INC AME 031100100 $11.8M 1.21% 47,803 SH
26 SELECT SECTOR SPDR TR XLK 81369Y803 $10.0M 1.02% 51,231 SH
27 SCHWAB STRATEGIC TR SCHO 808524862 $10.0M 1.02% 420,054 SH
28 ROCKWELL AUTOMATION INC ROK 773903109 $10.0M 1.01% 22,861 SH
29 ECOLAB INC ECL 278865100 $9.9M 1.01% 36,087 SH
30 PROCTER & GAMBLE CO PG 742718109 $9.8M 1.00% 67,300 SH
31 NVIDIA CORPORATION NVDA 67066G104 $8.8M 0.90% 38,527 SH
32 EMERSON ELEC CO EMR 291011104 $8.3M 0.85% 53,506 SH
33 ISHARES TR USMV 46429B697 $8.1M 0.82% 82,901 SH
34 LINDE PLC LIN G54950103 $7.5M 0.76% 15,717 SH
35 CHEVRON CORPORATION CVX 166764100 $7.3M 0.75% 35,944 SH
36 VALMONT INDS INC VMI 920253101 $6.9M 0.70% 14,937 SH
37 PEPSICO INC PEP 713448108 $6.3M 0.65% 50,039 SH
38 BERKSHIRE HATHAWAY INC DEL BRK.B 084670702 $5.7M 0.58% 11,371 SH
39 WEYERHAEUSER CO WY 962166104 $5.2M 0.53% 272,920 SH
40 RBC BEARINGS INC RBC 75524B104 $5.0M 0.51% 10,072 SH
41 ISHARES TR IGSB 464288646 $5.0M 0.51% 97,128 SH
42 WASTE MGMT INC DEL WM 94106L109 $4.8M 0.49% 23,723 SH
43 NXP SEMICONDUCTORS N V NXPI N6596X109 $4.8M 0.49% 20,140 SH
44 VANGUARD WORLD FD VGT 92204A702 $4.4M 0.45% 34,992 SH
45 TRIMBLE INC TRMB 896239100 $4.4M 0.45% 76,723 SH
46 MCDONALDS CORP MCD 580135101 $4.3M 0.44% 18,617 SH
47 WASTE CONNECTIONS INC WCN 94106B101 $4.2M 0.43% 27,178 SH
48 CATERPILLAR INC CAT 149123101 $4.0M 0.41% 4,963 SH
49 FACTSET RESH SYS INC FDS 303075105 $4.0M 0.41% 14,799 SH
50 SCHWAB STRATEGIC TR SCHB 808524102 $4.0M 0.40% 135,511 SH
Filing History
Period Filed AUM Holdings Accession
2026-09-30 2026-10-21 $981.0M 193 0002085853-26-001264
2026-06-30 2026-07-23 $951.4M 193 0002085853-26-000813
2026-03-31 2026-04-14 $867.4M 184 0002085853-26-000370
2025-12-31 2026-01-28 $904.5M 185 0002085853-26-000127
Filer Information
Address
2201 E. CAMELBACK ROAD
SUITE 227B
PHOENIX, AZ 85016
Phone
(602) 956-0980
Filing Manager
L. Roy Papp & Associates, LLP
Phoenix, AZ
Signatory
Harry Papp
Managing Partner