L. Roy Papp & Associates, LLP

CIK 809339 · View on SEC EDGAR ↗

Portfolio value
$951.4M
#2,537 of 9,443 by 13F value · top 26.9%
Positions
193
As of
June 30, 2026

Portfolio value QoQ: +9.7% 13F does not disclose cash

Top 10 holdings weight
40.74%
Top 25 holdings weight
67.89%
Positions above 1%
30
Effective number of positions
40.0

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 2.53% Est. buys $31,267,786 · sells $23,029,388

Median holding: 7.0 quarters Tracked Q4 2024–Q2 2026 · 90.2% still held

New positions
17
Increased
56
Decreased
65
Closed
8
On this page

Performance vs S&P 500

Tracked Q4 2024–Q2 2026
+14.6%
S&P 500 total return (same window)
+28.1%
Excess return
-13.5%

Annualized: +9.5% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 92.7% · Options excluded: 0.0%

Sector breakdown

Technology
21.5%
Healthcare
11.3%
Industrials
10.0%
Financial Services
9.9%
Communication Services
9.3%
Retail
9.0%
Energy
5.0%
Logistics & Transportation
2.7%
Materials
2.1%
Financials
1.6%
Consumer products
1.6%
Consumer Staples
1.1%
Consumer Discretionary
1.0%
Real Estate
0.9%
Communications
0.3%
Utilities
0.1%
Other/Unmapped
12.8%

Full portfolio 193 positions

Type Streak 8Q trend
AAPL Apple Inc. - Common Stock $65,407,370 6.88% 226,042 $7,765,578 Down ×6
GOOG Alphabet Inc. - Class C Capital Stock $52,922,748 5.56% 149,783 $8,114,733 Down ×4
MSFT Microsoft Corporation - Common Stock $44,982,445 4.73% 120,590 $1,590,839 Up ×1
V Visa Inc. $35,419,626 3.72% 103,237 $4,842,483 Up ×1
BLK BlackRock, Inc. Common Stock $35,111,199 3.69% 36,515 $473,334 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $33,719,647 3.54% 94,355 $5,499,083 Down ×5
MRVL Marvell Technology, Inc. - Common Stock $33,265,870 3.50% 111,672 $21,101,204 Down ×1
ORLY O'Reilly Automotive, Inc. - Common Stock $30,604,086 3.22% 332,328 $-122,683 Down ×4
JNJ Johnson & Johnson Common Stock $30,132,815 3.17% 118,647 $1,483,665 Up ×1
EXPD Expeditors International of Washington, Inc. Common Stock $26,025,498 2.74% 159,685 $2,999,117 Down ×4
TMO Thermo Fisher Scientific Inc Common Stock $25,824,399 2.71% 51,509 $853,932 Up ×1
EOG EOG Resources, Inc. Common Stock $23,223,884 2.44% 179,017 $-2,793,059 Down ×4
COST Costco Wholesale Corporation - Common Stock $22,258,851 2.34% 23,794 $-1,496,138 Down ×6
HD Home Depot, Inc. (The) Common Stock $22,011,222 2.31% 62,411 $1,569,689 Up ×6
SYK Stryker Corporation Common Stock $21,588,510 2.27% 68,570 $50,332 Up ×5
XBI XBI $21,234,201 2.23% 134,181 $4,169,554 Up ×1
CNI Canadian National Railway Company Common Stock $15,932,140 1.67% 133,614 $2,418,025 Up ×1
RSP $15,496,267 1.63% 72,831 $1,971,033 Up ×3
ADI Analog Devices, Inc. - Common Stock $14,937,961 1.57% 37,611 $3,233,908 Up ×1
ACN Accenture plc Class A Ordinary Shares (Ireland) $13,433,423 1.41% 107,951 $-8,665,800 Down ×3
MTD Mettler-Toledo International, Inc. Common Stock $13,264,387 1.39% 10,383 $84,847 Down ×3
JPM JP Morgan Chase & Co. Common Stock $13,158,994 1.38% 40,201 $4,099,160 Up ×3
MA Mastercard Incorporated Common Stock $12,999,216 1.37% 25,310 $362,314 Up ×1
XOM Exxon Mobil Corporation Common Stock $11,464,793 1.21% 83,856 $-3,822,082 Down ×1
AME AMETEK, Inc. $11,464,085 1.20% 47,384 $1,449,828 Up ×5
ROK Rockwell Automation, Inc. Common Stock $11,342,038 1.19% 22,910 $3,311,640 Up ×1
SCHO $11,281,617 1.19% 467,341 $-185,480 Down ×1
XLK XLK $10,509,551 1.10% 55,162 $2,088,680 Down ×1
ECL Ecolab Inc. Common Stock $10,017,935 1.05% 35,957 $639,551 Up ×1
PG Procter & Gamble Company (The) Common Stock $9,837,520 1.03% 67,086 $268,486 Up ×2
VMI Valmont Industries, Inc. Common Stock $8,529,420 0.90% 14,767 $2,555,448 Down ×1
EMR Emerson Electric Company Common Stock $7,793,516 0.82% 54,443 $681,881 Up ×2
NVDA NVIDIA Corporation - Common Stock $7,727,788 0.81% 38,622 $1,001,864 Up ×1
USMV $7,456,342 0.78% 77,300 $131,762 Down ×2
LIN Linde plc - Ordinary Shares $6,856,236 0.72% 13,212 $2,834,135 Up ×3
PEP PepsiCo, Inc. - Common Stock $6,709,571 0.71% 49,554 $-872,179 Up ×1
WY Weyerhaeuser Company Common Stock $6,533,705 0.69% 272,920 $-133,731
RBC RBC Bearings Incorporated Common Stock $6,419,991 0.67% 9,968 $740,585 Down ×2
CVX Chevron Corporation Common Stock $6,116,104 0.64% 36,897 $-1,573,406 Down ×1
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF $5,858,055 0.62% 111,774 $594,980 Up ×2
CAT Caterpillar, Inc. Common Stock $5,736,617 0.60% 5,387 $2,111,427 Up ×1
BRKB $5,682,930 0.60% 11,357 $147,211 Down ×1
NXPI NXP Semiconductors N.V. - Common Stock $5,631,842 0.59% 20,040 $1,787,559 Up ×1
WCN Waste Connections, Inc. Common Shares $4,530,301 0.48% 27,178 $115,506
WM Waste Management, Inc. Common Stock $4,227,811 0.44% 18,969 $1,168,846 Up ×2
VGT $4,182,244 0.44% 34,992 $1,130,416 Up ×1
MCD McDonald's Corporation Common Stock $4,078,708 0.43% 15,089 $1,251,140 Up ×2
SCHB $4,027,613 0.42% 139,075 $539,015 Up ×1
TRMB Trimble Inc. - Common Stock $3,893,673 0.41% 76,078 $-1,193,680 Down ×1
VIG $3,855,772 0.41% 16,295 $254,521 Down ×1
FDS FactSet Research Systems Inc. Common Stock $3,427,272 0.36% 14,896 $89,748 Down ×4
RMD ResMed Inc. Common Stock $3,231,529 0.34% 16,582 $-824,601 Down ×1
TROW T. Rowe Price Group, Inc. - Common Stock $3,126,021 0.33% 27,496 $-1,902,349 Down ×6
RTX RTX Corporation Common Stock $3,083,492 0.32% 16,252 $131,350 Up ×4
AMZN Amazon.com, Inc. - Common Stock $3,061,478 0.32% 12,845 $395,830 Up ×4
VUG $3,004,512 0.32% 34,879 $428,450 Up ×1
VTI $2,837,881 0.30% 7,669 $360,049 Down ×2
IEX IDEX Corporation Common Stock $2,740,422 0.29% 12,075 $221,492 Down ×2
TECH Bio-Techne Corp - Common Stock $2,730,623 0.29% 38,650 $1,019,578 Up ×6
YETI YETI Holdings, Inc. Common Stock $2,616,521 0.28% 52,795 $673,592 Down ×1
MCHP Microchip Technology Incorporated - Common Stock $2,478,519 0.26% 27,177 $666,054 Down ×1
KO Coca-Cola Company (The) Common Stock $2,442,115 0.26% 30,049 $157,976 Up ×6
AMGN Amgen Inc. - Common Stock $2,334,950 0.25% 6,448 $63,054 Down ×1
SHW Sherwin-Williams Company (The) Common Stock $2,315,552 0.24% 6,725 $159,853
EPD Enterprise Products Partners L.P. Common Stock $2,273,886 0.24% 61,858 $-66,806
LLY Eli Lilly and Company Common Stock $2,215,348 0.23% 1,847 $820,056 Up ×1
ADP Automatic Data Processing, Inc. - Common Stock $2,150,368 0.23% 9,602 $199,433
GWW W.W. Grainger, Inc. Common Stock $2,142,630 0.23% 1,575 $1,396,515 Up ×2
INTC Intel Corporation - Common Stock $2,088,307 0.22% 14,956 $1,428,298
SYY Sysco Corporation Common Stock $2,003,244 0.21% 23,968 $294,157 Up ×1
INTU Intuit Inc. - Common Stock $1,985,783 0.21% 7,608 $-1,333,291 Down ×2
CSCO Cisco Systems, Inc. - Common Stock $1,984,487 0.21% 16,895 $-412,657 Down ×1
ABBV AbbVie Inc. Common Stock $1,907,683 0.20% 7,581 $252,149 Down ×1
WMT Walmart Inc. - Common Stock $1,879,890 0.20% 16,598 $-251,264 Down ×1
PR Permian Resources Corporation Class A Common Stock $1,876,311 0.20% 101,918 $-202,283 Up ×6
STT State Street Corporation Common Stock $1,870,180 0.20% 11,027 $442,962 Down ×1
CHD Church & Dwight Company, Inc. Common Stock $1,807,588 0.19% 18,658 $-109,205 Down ×2
VTIP Vanguard Short-Term Inflation-Protected Securities Index Fund ETF Shares $1,742,831 0.18% 34,697 $9,715
SLAB Silicon Laboratories, Inc. - Common Stock $1,706,736 0.18% 7,809 $-78,151 Down ×2
MKC McCormick & Company, Incorporated Common Stock $1,697,642 0.18% 33,670 $-188,915 Down ×2
XLE XLE $1,666,221 0.18% 31,373 $-190,141 Up ×4
AXP American Express Company Common Stock $1,616,377 0.17% 4,779 $170,932
SPY SPY $1,592,604 0.17% 2,133 $191,719 Down ×1
ADBE Adobe Inc. - Common Stock $1,574,144 0.17% 7,678 $-292,225
CL Colgate-Palmolive Company Common Stock $1,523,080 0.16% 16,613 $104,597 Down ×1
DT Dynatrace, Inc. Common Stock $1,407,140 0.15% 32,046 $135,952 Down ×1
EGP EastGroup Properties, Inc. Common Stock $1,291,737 0.14% 6,378 $111,232
IBM International Business Machines Corporation Common Stock $1,270,507 0.13% 4,518 $23,895 Down ×1
KMI Kinder Morgan, Inc. Common Stock $1,238,601 0.13% 38,743 $38,428 Up ×6
PEGA Pegasystems Inc. - Common Stock $1,210,039 0.13% 40,375 $-665,708 Down ×2
SNPS Synopsys, Inc. - Common Stock $1,149,969 0.12% 2,578 $25,948 Down ×3
MRK Merck & Company, Inc. Common Stock (new) $1,086,683 0.11% 8,457 $25,034 Down ×1
VVV Valvoline Inc. Common Stock $1,034,130 0.11% 26,154 $64,819 Down ×2
TSLA Tesla, Inc. - Common Stock $1,017,432 0.11% 2,419 $107,388 Down ×1
SLV $1,015,930 0.11% 19,000 $-278,730
META Meta Platforms, Inc. - Class A Common Stock $963,860 0.10% 1,711 $-15,104
STIP $960,304 0.10% 9,400
VO $952,318 0.10% 11,820 $115,142 Up ×5
NKE Nike, Inc. Common Stock $947,192 0.10% 23,074 $-358,941 Down ×6
AMAT Applied Materials, Inc. - Common Stock $907,365 0.10% 1,255 $427,150 Down ×3

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
HD $22,011,222 2.31% up ×6
SYK $21,588,510 2.27% up ×5
RSP $15,496,267 1.63% up ×3
JPM $13,158,994 1.38% up ×3
AME $11,464,085 1.20% up ×5
LIN $6,856,236 0.72% up ×3
RTX $3,083,492 0.32% up ×4
AMZN $3,061,478 0.32% up ×4
TECH $2,730,623 0.29% up ×6
KO $2,442,115 0.26% up ×6
PR $1,876,311 0.20% up ×6
XLE $1,666,221 0.18% up ×4
KMI $1,238,601 0.13% up ×6
VO $952,318 0.10% up ×5
FSLR $750,825 0.08% up ×6

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
STIP $960,304 9,400 0.10%
AGYS $569,003 5,445 0.06%
WDFC $543,318 2,230 0.06%
Unknown issuer (CUSIP: 438516205) $369,771 1,652 0.04%
Unknown issuer (CUSIP: 43849R105) $364,340 1,648 0.04%
AMD $353,775 609 0.04%
XNTK $249,015 637 0.03%
MELI $246,122 145 0.03%
TSM $245,949 515 0.03%
AVGO $229,295 607 0.02%
PANW $208,364 611 0.02%
KMB $207,685 1,892 0.02%
SOXQ $207,385 1,850 0.02%
ETN $207,095 486 0.02%
HCI $206,795 1,180 0.02%

Top movers (QoQ)

Security Action Shares Δ Value Δ
MRVL Trimmed -11K +$21.1M
ACN Trimmed -3K -$8.7M
GOOG Trimmed -6K +$8.1M
AAPL Trimmed -1K +$7.8M
GOOGL Trimmed -4K +$5.5M
V Bought more +2K +$4.8M
XBI Bought more +582 +$4.2M
JPM Bought more +9K +$4.1M
XOM Trimmed -6K -$3.8M
ROK Bought more +534 +$3.3M

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
ANSS Sept. 30, 2025 8,870 $3,115,322 No longer tracked
INFA Dec. 31, 2025 52,503 $1,304,175 No longer tracked
STIP March 31, 2026 9,400 $962,466 No longer tracked
HON June 30, 2026 3,303 $746,578 -1.9%
FHN March 31, 2026 23,341 $557,850 9.1%
POOL June 30, 2026 2,637 $533,545 -11.1%
DGRO Sept. 30, 2025 6,233 $398,539 No longer tracked
BDX June 30, 2026 2,453 $385,686 24.8%
ITOT March 31, 2026 2,488 $369,941 No longer tracked
UPS March 31, 2026 2,880 $285,668 5.0%
ZTS June 30, 2026 2,221 $262,545 6.6%
FISV June 30, 2026 4,442 $247,864 5.1%
KMB Dec. 31, 2025 1,921 $238,858 7.5%
DECK March 31, 2025 1,140 $231,523 -19.6%
IWM March 31, 2025 1,046 $231,125 No longer tracked
NEE March 31, 2025 3,221 $230,914 19.9%
COF March 31, 2026 952 $230,727 19.3%
ZBRA Dec. 31, 2025 752 $223,465 48.2%
ETN Dec. 31, 2025 585 $218,937 32.1%
NFLX June 30, 2026 2,220 $213,453 11.4%
APD Sept. 30, 2025 739 $208,443 11.3%
ICLR June 30, 2026 1,864 $206,271 -0.6%
BBSI March 31, 2026 5,630 $203,863 13.0%
AEM June 30, 2026 1,000 $202,980 39.8%
AMD Sept. 30, 2025 1,429 $202,776 191.0%
MELI March 31, 2026 100 $201,426 12.0%
TGT March 31, 2025 1,490 $201,419 55.6%
CRM March 31, 2025 601 $200,933 -23.4%
OMC June 30, 2025 2,415 $200,228 20.0%