L. ROY PAPP & ASSOCIATES, LLP

PrivateCIK: 809339

Location

PHOENIX, AZ

184

Positions

$867.41M

Total AUM (reported)

5.70M

Total Shares

Allocation by class

COM$601.46M69.3%

CAP STK CL C$44.81M5.2%

COM CL A$30.58M3.5%

CAP STK CL A$28.22M3.3%

SHS CLASS A$22.10M2.5%

STATE STREET SPD$18.31M2.1%

CL A$13.88M1.6%

Portfolio Concentration

Top 3$145.84M16.8%

4–10$203.80M23.5%

11–25$241.42M27.8%

Rest$276.35M31.9%

Top 3 weight

16.8%

Top 10 weight

40.3%

Voting Authority Distribution

Total shares with voting rights: 5.70M

Sole

Full voting authority

822.75K

% of voting shares14.4%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

4.88M

% of voting shares85.6%

Investment Discretion (by position count)

Sole184

Shared0

Other0

Dominant voting typeNone · 85.6% of voting shares

Institutional Holdings184

Rows:

APPLE INC

SOLE

COM

Shares227.12K

TypeSH

Market value$57.64M

6.65%

Sole

34.77K

Shared

0.00

None

192.35K

ALPHABET INC

SOLE

CAP STK CL C

Shares156.20K

TypeSH

Market value$44.81M

5.17%

Sole

21.52K

Shared

0.00

None

134.69K

MICROSOFT CORP

SOLE

COM

Shares117.22K

TypeSH

Market value$43.39M

5.00%

Sole

9.92K

Shared

0.00

None

107.30K

BLACKROCK INC

SOLE

COM

Shares36.02K

TypeSH

Market value$34.64M

3.99%

Sole

3.46K

Shared

0.00

None

32.55K

OREILLY AUTOMOTIVE INC

SOLE

COM

Shares332.87K

TypeSH

Market value$30.73M

3.54%

Sole

72K

Shared

0.00

None

260.87K

VISA INC

SOLE

COM CL A

Shares101.17K

TypeSH

Market value$30.58M

3.53%

Sole

6.47K

Shared

0.00

None

94.70K

JOHNSON & JOHNSON

SOLE

COM

Shares117.20K

TypeSH

Market value$28.65M

3.30%

Sole

7.57K

Shared

0.00

None

109.63K

ALPHABET INC

SOLE

CAP STK CL A

Shares98.14K

TypeSH

Market value$28.22M

3.25%

Sole

4.71K

Shared

0.00

None

93.43K

EOG RES INC

SOLE

COM

Shares179.96K

TypeSH

Market value$26.02M

3.00%

Sole

11.70K

Shared

0.00

None

168.26K

THERMO FISHER SCIENTIFIC INC

SOLE

COM

Shares50.80K

TypeSH

Market value$24.97M

2.88%

Sole

5.92K

Shared

0.00

None

44.88K

COSTCO WHOLESALE CORPORATION

SOLE

COM

Shares23.84K

TypeSH

Market value$23.75M

2.74%

Sole

3.94K

Shared

0.00

None

19.90K

EXPEDITORS INTL WASH INC

SOLE

COM

Shares160.76K

TypeSH

Market value$23.03M

2.65%

Sole

39.26K

Shared

0.00

None

121.51K

ACCENTURE PLC IRELAND

SOLE

SHS CLASS A

Shares111.45K

TypeSH

Market value$22.10M

2.55%

Sole

9.37K

Shared

0.00

None

102.08K

STRYKER CORPORATION

SOLE

COM

Shares65.55K

TypeSH

Market value$21.54M

2.48%

Sole

10.50K

Shared

0.00

None

55.05K

HOME DEPOT INC

SOLE

COM

Shares62.15K

TypeSH

Market value$20.44M

2.36%

Sole

5.29K

Shared

0.00

None

56.86K

SPDR SERIES TRUST

SOLE

STATE STREET SPD

Shares133.60K

TypeSH

Market value$17.06M

1.97%

Sole

22.97K

Shared

0.00

None

110.63K

EXXON MOBIL CORP

SOLE

COM

Shares90.10K

TypeSH

Market value$15.29M

1.76%

Sole

9.69K

Shared

0.00

None

80.42K

INVESCO EXCHANGE TRADED FD T

SOLE

S&P500 EQL WGT

Shares70.47K

TypeSH

Market value$13.53M

1.56%

Sole

570.00

Shared

0.00

None

69.90K

CANADIAN NATL RY CO

SOLE

COM

Shares131.50K

TypeSH

Market value$13.51M

1.56%

Sole

15.64K

Shared

0.00

None

115.86K

METTLER TOLEDO INTERNATIONAL

SOLE

COM

Shares10.45K

TypeSH

Market value$13.18M

1.52%

Sole

4.74K

Shared

0.00

None

5.71K

MASTERCARD INCORPORATED

SOLE

CL A

Shares25.29K

TypeSH

Market value$12.64M

1.46%

Sole

1.48K

Shared

0.00

None

23.81K

MARVELL TECHNOLOGY INC

SOLE

COM

Shares122.81K

TypeSH

Market value$12.16M

1.40%

Sole

16.92K

Shared

0.00

None

105.90K

ANALOG DEVICES INC

SOLE

COM

Shares36.79K

TypeSH

Market value$11.70M

1.35%

Sole

5.23K

Shared

0.00

None

31.56K

SCHWAB STRATEGIC TR

SOLE

SHT TM US TRES

Shares472.48K

TypeSH

Market value$11.47M

1.32%

Sole

26.20K

Shared

0.00

None

446.28K

AMETEK INC

SOLE

COM

Shares46.72K

TypeSH

Market value$10.01M

1.15%

Sole

23.24K

Shared

0.00

None

23.48K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
APPLE INCSOLE	COM	227.12K	SH	$57.64M 6.65%	34.77K	192.35K
ALPHABET INCSOLE	CAP STK CL C	156.20K	SH	$44.81M 5.17%	21.52K	134.69K
MICROSOFT CORPSOLE	COM	117.22K	SH	$43.39M 5.00%	9.92K	107.30K
BLACKROCK INCSOLE	COM	36.02K	SH	$34.64M 3.99%	3.46K	32.55K
OREILLY AUTOMOTIVE INCSOLE	COM	332.87K	SH	$30.73M 3.54%	72K	260.87K
VISA INCSOLE	COM CL A	101.17K	SH	$30.58M 3.53%	6.47K	94.70K
JOHNSON & JOHNSONSOLE	COM	117.20K	SH	$28.65M 3.30%	7.57K	109.63K
ALPHABET INCSOLE	CAP STK CL A	98.14K	SH	$28.22M 3.25%	4.71K	93.43K
EOG RES INCSOLE	COM	179.96K	SH	$26.02M 3.00%	11.70K	168.26K
THERMO FISHER SCIENTIFIC INCSOLE	COM	50.80K	SH	$24.97M 2.88%	5.92K	44.88K
COSTCO WHOLESALE CORPORATIONSOLE	COM	23.84K	SH	$23.75M 2.74%	3.94K	19.90K
EXPEDITORS INTL WASH INCSOLE	COM	160.76K	SH	$23.03M 2.65%	39.26K	121.51K
ACCENTURE PLC IRELANDSOLE	SHS CLASS A	111.45K	SH	$22.10M 2.55%	9.37K	102.08K
STRYKER CORPORATIONSOLE	COM	65.55K	SH	$21.54M 2.48%	10.50K	55.05K
HOME DEPOT INCSOLE	COM	62.15K	SH	$20.44M 2.36%	5.29K	56.86K
SPDR SERIES TRUSTSOLE	STATE STREET SPD	133.60K	SH	$17.06M 1.97%	22.97K	110.63K
EXXON MOBIL CORPSOLE	COM	90.10K	SH	$15.29M 1.76%	9.69K	80.42K
INVESCO EXCHANGE TRADED FD TSOLE	S&P500 EQL WGT	70.47K	SH	$13.53M 1.56%	570.00	69.90K
CANADIAN NATL RY COSOLE	COM	131.50K	SH	$13.51M 1.56%	15.64K	115.86K
METTLER TOLEDO INTERNATIONALSOLE	COM	10.45K	SH	$13.18M 1.52%	4.74K	5.71K
MASTERCARD INCORPORATEDSOLE	CL A	25.29K	SH	$12.64M 1.46%	1.48K	23.81K
MARVELL TECHNOLOGY INCSOLE	COM	122.81K	SH	$12.16M 1.40%	16.92K	105.90K
ANALOG DEVICES INCSOLE	COM	36.79K	SH	$11.70M 1.35%	5.23K	31.56K
SCHWAB STRATEGIC TRSOLE	SHT TM US TRES	472.48K	SH	$11.47M 1.32%	26.20K	446.28K
AMETEK INCSOLE	COM	46.72K	SH	$10.01M 1.15%	23.24K	23.48K

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