13F
中
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L. Roy Papp & Associates, LLP

13F equity value
$867M
Positions
184
Top 10 concentration
40.3%
Quarters / total new picks
29 / 146
13F equity value over time
$0M$452M$905M2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 29 quarters, returned +3.1% per quarter — versus +1.8% per quarter from simply owning every 13F stock. It beat that baseline in only 62.1% of quarters (excess t = -0.68, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-1.6%
t-stat
-0.68
Quarterly win rate
62%
Annualized excess
+4.1%
$1 → follow vs universe
$1.95 vs $1.48
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720191231: universe 0.90920200630: universe 1.00420200930: universe 1.23220201231: universe 1.28820210331: universe 1.29920210630: universe 1.40320210930: universe 1.26020211231: universe 1.07220220331: universe 1.15120220630: universe 1.06620221231: universe 0.99020230331: universe 1.04320230630: universe 1.00620230930: universe 1.14220231231: universe 1.19320240331: universe 1.22020240630: universe 1.33120240930: universe 1.31920241231: universe 1.23120250630: universe 1.27020250930: universe 1.42820251231: universe 1.477 20180331: follow 1.06620180630: follow 1.01820180930: follow 1.08620181231: follow 1.13820190331: follow 1.18120190630: follow 1.29720190930: follow 1.38120191231: follow 1.25520200630: follow 1.28420200930: follow 1.80920201231: follow 2.21020210331: follow 2.20420210630: follow 2.02420210930: follow 2.00920211231: follow 1.29920220331: follow 1.35020220630: follow 1.27820221231: follow 1.24820230331: follow 1.23420230630: follow 1.22620230930: follow 1.43020231231: follow 1.60520240331: follow 1.78020240630: follow 1.70120240930: follow 1.65020241231: follow 1.49620250630: follow 1.53620250930: follow 1.78020251231: follow 1.952 0.84 1.61 2.39 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 184 · 2026 Q1

Ticker Value Weight QoQ
AAPL $58M
6.7%
TRIM
GOOG $45M
5.2%
TRIM
MSFT $43M
5.0%
HOLD
BLK $35M
4.0%
HOLD
ORLY $31M
3.5%
TRIM
V $31M
3.5%
HOLD
JNJ $29M
3.3%
HOLD
GOOGL $28M
3.3%
TRIM
EOG $26M
3.0%
HOLD
TMO $25M
2.9%
HOLD
COST $24M
2.7%
TRIM
EXPD $23M
2.6%
HOLD
ACN $22M
2.5%
HOLD
SYK $22M
2.5%
HOLD
HD $20M
2.4%
HOLD
XBI $17M
2.0%
HOLD
XOM $15M
1.8%
HOLD
RSP $14M
1.6%
ADD
CNI $14M
1.6%
HOLD
MTD $13M
1.5%
HOLD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

AEMAPDNFLXPSXSTRLVSDM

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.