L. Roy Papp & Associates, LLP
Long book
$867.4M
Q1 2026
Positions
184
Top-10 weight
40%
concentration
Last quarter
+11.0%
SPY +14.8%
Turnover
7%
of book per quarter
Strategy in plain words
auto-generated from filingsL. Roy Papp & Associates, LLP is a diversified fundamental manager, running a $867.4M US long book across 184 positions.
The portfolio is moderately concentrated (top 10 ≈ 40% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: APPLE INC, ALPHABET INC-CL C, MICROSOFT CORP, BLACKROCK INC, O'REILLY AUTOMOTIVE INC.
Over the last 9 quarters its long book ran on average 1.9pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.2%
Q2 2024
+6.1%
Q3 2024
+0.0%
Q4 2024
-3.1%
Q1 2025
+3.6%
Q2 2025
+6.5%
Q3 2025
+2.8%
Q4 2025
-3.7%
Q1 2026
+11.0%
Sector allocation
Technology 32%
Consumer discretionary 12%
Healthcare 10%
Industrials 9%
Services media 9%
Other 9%
Financials 8%
Energy 7%
Long book by quarter
What does L. Roy own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AAPL APPLE INC | Technology | 227.1K | $57.6M | 6.6% | -2.9% |
| GOOG ALPHABET INC-CL C | Technology | 156.2K | $44.8M | 5.2% | -7.1% |
| MSFT MICROSOFT CORP | Technology | 117.2K | $43.4M | 5.0% | -0.1% |
| BLK BLACKROCK INC | Financials | 36.0K | $34.6M | 4.0% | -1.2% |
| ORLY O'REILLY AUTOMOTIVE INC | Consumer discretionary | 332.9K | $30.7M | 3.5% | -2.7% |
| V VISA INC-CLASS A SHARES | Services media | 101.2K | $30.6M | 3.5% | -0.2% |
| JNJ JOHNSON & JOHNSON | Healthcare | 117.2K | $28.6M | 3.3% | -1.0% |
| GOOGL ALPHABET INC-CL A | Technology | 98.1K | $28.2M | 3.3% | -7.9% |
| EOG EOG RESOURCES INC | Energy | 180.0K | $26.0M | 3.0% | -1.6% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 50.8K | $25.0M | 2.9% | -1.4% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 23.8K | $23.8M | 2.7% | -3.2% |
| EXPD EXPEDITORS INTL WASH INC | Industrials | 160.8K | $23.0M | 2.7% | -1.4% |
| ACN ACCENTURE PLC-CL A | Services media | 111.4K | $22.1M | 2.5% | -0.9% |
| SYK STRYKER CORP | Healthcare | 65.5K | $21.5M | 2.5% | +1.3% |
| HD HOME DEPOT INC | Consumer discretionary | 62.2K | $20.4M | 2.4% | +0.2% |
| XOM EXXON MOBIL CORP | Energy | 90.1K | $15.3M | 1.8% | +0.2% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 131.5K | $13.5M | 1.6% | -0.2% |
| MTD METTLER-TOLEDO INTERNATIONAL | Healthcare | 10.4K | $13.2M | 1.5% | -1.7% |
| MA MASTERCARD INC - A | Services media | 25.3K | $12.6M | 1.5% | -0.7% |
| MRVL MARVELL TECHNOLOGY INC | Technology | 122.8K | $12.2M | 1.4% | +1.6% |
| ADI ANALOG DEVICES INC | Technology | 36.8K | $11.7M | 1.3% | -4.7% |
| AME AMETEK INC | Technology | 46.7K | $10.0M | 1.2% | +3.0% |
| PG PROCTER & GAMBLE CO/THE | Other | 66.2K | $9.6M | 1.1% | 0.0% |
| ECL ECOLAB INC | Other | 35.3K | $9.4M | 1.1% | -3.3% |
| JPM JPMORGAN CHASE & CO | Financials | 30.8K | $9.1M | 1.0% | +16.7% |
| ROK ROCKWELL AUTOMATION INC | Other | 22.4K | $8.0M | 0.9% | -0.4% |
| CVX CHEVRON CORP | Energy | 37.2K | $7.7M | 0.9% | +0.4% |
| PEP PEPSICO INC | Consumer staples | 48.8K | $7.6M | 0.9% | -0.9% |
| EMR EMERSON ELECTRIC CO | Industrials | 54.3K | $7.1M | 0.8% | +0.1% |
| NVDA NVIDIA CORP | Technology | 38.6K | $6.7M | 0.8% | -0.2% |
| VMI VALMONT INDUSTRIES | Industrials | 15.0K | $6.0M | 0.7% | +3.1% |
| RBC RBC BEARINGS INC | Industrials | 10.5K | $5.7M | 0.7% | -14.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 11.6K | $5.5M | 0.6% | +2.3% |
| TRMB TRIMBLE INC | Other | 78.0K | $5.1M | 0.6% | +0.2% |
| TROW T ROWE PRICE GROUP INC | Financials | 55.8K | $5.0M | 0.6% | -18.2% |
| WCN WASTE CONNECTIONS INC | Utilities | 27.2K | $4.4M | 0.5% | Held |
| RMD RESMED INC | Healthcare | 18.1K | $4.1M | 0.5% | +9.5% |
| LIN LINDE PLC | Materials | 8.1K | $4.0M | 0.5% | +228.5% |
| NXPI NXP SEMICONDUCTORS NV | Technology | 19.5K | $3.8M | 0.4% | -4.7% |
| CAT CATERPILLAR INC | Industrials | 5.1K | $3.6M | 0.4% | 0.0% |
| FDS FACTSET RESEARCH SYSTEMS INC | Technology | 15.4K | $3.3M | 0.4% | -12.5% |
| INTU INTUIT INC | Technology | 7.7K | $3.3M | 0.4% | -5.5% |
| WM WASTE MANAGEMENT INC | Utilities | 13.3K | $3.1M | 0.4% | +0.8% |
| RTX RTX CORP | Industrials | 15.3K | $3.0M | 0.3% | +9.1% |
| MCD MCDONALD'S CORP | Consumer discretionary | 9.1K | $2.8M | 0.3% | +11.5% |
| AMZN AMAZON.COM INC | Consumer discretionary | 12.8K | $2.7M | 0.3% | +0.4% |
| IEX IDEX CORP | Industrials | 13.3K | $2.5M | 0.3% | -0.9% |
| CSCO CISCO SYSTEMS INC | Technology | 30.9K | $2.4M | 0.3% | +0.3% |
| EPD ENTERPRISE PRODUCTS PARTNERS | Utilities | 61.9K | $2.3M | 0.3% | 0.0% |
| KO COCA-COLA CO/THE | Consumer staples | 30.0K | $2.3M | 0.3% | +3.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 14, 2026 | 184 | $867.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 28, 2026 | 185 | $904.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 9, 2025 | 182 | $889.6M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 24, 2025 | 180 | $841.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 10, 2025 | 174 | $815.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 29, 2025 | 178 | $856.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 24, 2024 | 177 | $826.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 24, 2024 | 172 | $825.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 15, 2024 | 176 | $840.1M | canonical | SEC ↗ |
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