L. Roy Papp & Associates, LLP

Q4 2025 13F-HR Holdings

Location
Phoenix, AZ
Holdings as of
12/31/2025
Date filed
1/28/2026
Form type
13F-HR
Num holdings
185
Total value ($000)
$904,534
Net value change ($000)
+14,942 (1.7%)
New positions
6
Sold out positions
4
Turnover %
0.8%
Sector allocation + QoQ delta (equities-only)
Prev filing: 10/9/2025 Next filing: 4/14/2026 SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
GOOGL 10,428 24.6%
GOOGL 6,408 23.8%
TMO 4,838 19.3%
EXPD 4,134 20.5%
SCHO 3,964 1216.0%
IGSB 3,575 NEW
AAPL 2,960 4.9%
XBI 2,724 19.6%
JNJ 2,499 11.4%
ACN 2,296 8.2%
Top Reduces (Value $000, Stocks/ETFs)
FISV -10,204 -93.8%
ORLY -6,495 -17.2%
MSFT -4,956 -8.0%
BLK -3,933 -9.2%
HD -3,383 -13.7%
COST -2,944 -12.2%
TROW -2,337 -25.1%
EOG -1,672 -8.0%
INFA -1,304 -100.0%
ORCL -1,051 -39.0%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type