Automatic Data Processing, Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 2,241 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• ADP's fiscal year ends 30 June. The FY2026 Form 10-K (period ended 30 June 2026, filed 5 August 2026) is the most recent filing on EDGAR for CIK 0000008670 as of 17 August 2026, checked against the submissions JSON: no FY2027 10-Q has yet been filed. Shares outstanding of 397,262,737 is taken from that 10-K's cover page, as of 31 July 2026.
• THE CLIENT FUNDS TRAP: ADP's balance sheet carries a very large investment portfolio, $48,326.5 million in fair value at 30 June 2026 across money market instruments, corporate bonds, U.S. Treasuries, asset-backed securities and Canadian government/provincial bonds. Of that, $37,562.7 million (fair value) is 'funds held for clients', i.e. payroll and payroll-tax money ADP holds in trust to remit to its clients' employees and to tax authorities. This is a liability-matched trust portfolio, not ADP's own capital, and is excluded from holdings by the brief exactly as a bank's client assets would be. Only $138.6 million of the available-for-sale book is ADP's own 'corporate investments' (down sharply from $4,498.8 million a year earlier), and that book is money-market/bond/Treasury paper, also excluded as treasury-style holdings. Source: Note 5, Corporate Investments and Funds Held for Clients, FY2026 10-K.
• Holdings is empty and that is the sourced finding, not a gap. The FY2026 Form 10-K (full text fetched and searched) contains no hits for 'equity method', 'equity investment', 'non-marketable', 'measurement alternative', 'strategic investment' or 'joint venture'. It contains no balance-sheet line, footnote table, or named investee for any minority equity stake.
• ADP does operate a small corporate venture capital arm, ADP Ventures, disclosed only in the Other (income)/expense note and the non-GAAP EBIT reconciliation: a net gain of $8.4 million in fiscal 2026 (versus $0 in fiscal 2025 and fiscal 2024) from 'observable price changes, changes in ownership interest, accrued interest income, and impairment charges' on ADP Ventures' investments. No portfolio company is named anywhere in the 10-K, no balance-sheet carrying value is broken out (it sits somewhere inside the $1,420.5 million 'Other assets' line, which is not itemised), and no ownership percentage or share count is given for any investee. Because no single position can be sized or even named, this is recorded here as a searched-and-not-found item rather than an unsized holding: there is no company name to attach a null figure to. See unknowns.
• Vanguard filed Form 13F-NT (notice, no holdings) for the quarters ended 31 March 2026 and 30 June 2026 under CIK 0000102909, so its most recent 13F-HR with actual ADP shares is for the quarter ended 31 December 2025 (filed 29 January 2026): 41,579,918 shares across 6 report lines. The percentage for that row uses 402,644,364 shares outstanding, the count on the cover of ADP's Q2 FY2026 10-Q as of 26 January 2026 (the closest ADP share count to the 13F date), not the 30 June 2026 count used for the other institutional rows; the two counts are not interchangeable and are labelled separately in pct_denominator per row.
• ADP's 2 March 2026 (filed 25 September 2025) proxy statement reports BlackRock at 33,324,742 shares (8.10%) and Vanguard at 40,976,102 shares (10.07%) as 5%-plus owners, both sourced to Schedule 13G/A filings (BlackRock filed 25 January 2024; Vanguard filed 7 February 2025). Both are older and smaller than the managers' own 30 June 2026 and 31 December 2025 Form 13F-HR figures used in the register above, which is expected: 13F filings are updated quarterly while 13G/A filings are only refiled on material ownership changes. The register uses the 13F figures per the brief; the 13G/A figures are recorded here rather than overwritten.
• ADP has a single class of common stock, $0.10 par value, one vote per share, per the 10-K cover page. There is no dual-class structure and no founder or family control block. Carlos A. Rodriguez, the former Executive Chair and CEO, is the largest individual insider holder at 153,464 shares, 0.038% of the company, with no enhanced voting rights.
• Individual insider percentages are not stated as numbers in the proxy: the beneficial ownership table marks every individual holder (including Rodriguez, the largest) only '*', meaning less than one percent, and does not disclose an explicit total-shares denominator for that table. The percentages recorded here for insider rows are this research's own division of each holder's exact share count (as stated in the proxy) by 405,089,516, the total shares outstanding the proxy itself reports as of the 15 September 2025 voting record date; the beneficial ownership table's share counts are dated 15 August 2025. This is a small date mismatch (one month) between the numerator and denominator, both proxy-sourced, and is noted per the brief's instruction not to mix dates silently.
• John P. Jones and William J. Ready, both listed in the beneficial ownership table, stepped down from the ADP board as of the 12 November 2025 annual meeting per the proxy's own text and were excluded from the curated insider rows above as no longer current; their shares remain inside the 27-person aggregate row as reported in the proxy at its 15 August 2025 date.
• Market capitalisation of $108.44 billion is the figure published on the source page as of 14 August 2026. Cross-check: 397,262,737 shares at that market cap implies a share price of roughly $272.96, consistent with ADP's recent trading range.