Paychex, 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 1,478 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

• Paycor is a wholly owned operating subsidiary, not a holding. Paychex's FY2026 10-K XBRL tags (payx:PaycorHCMIncMember) date the acquisition to 14 Apr 2025, and the 10-K's business description and financial statements consolidate Paycor's results throughout fiscal 2026. Per the brief this is excluded from holdings.
• Client funds and the corporate investment portfolio are excluded, as instructed. The 10-K states funds held for clients are invested in high-quality, investment-grade available-for-sale securities, money markets and other cash equivalents, and corporate funds are invested in short- to intermediate-term instruments; total cash, restricted cash and corporate investments were $1.2 billion at 31 May 2026. These are bond-like treasury and money-market instruments held for operational/regulatory purposes, not equity stakes in other companies, and no line item from them appears in holdings.
• Holdings is empty, and this is a sourced finding, not an oversight. The FY2026 10-K (filed 17 Jul 2026, covering the year ended 31 May 2026, the most recent Paychex filing since Paychex has a 31 May fiscal year end) was searched for 'equity method', 'unconsolidated', 'joint venture', 'equity investments', 'investment in', 'affiliate', 'Paycor', 'noncontrolling interest', and 'corporate investments'. The only equity-method item found is: Paychex is a limited partner in five venture-capital-fund limited partnerships, committed to contribute up to $37.5 million total, of which $33.6 million had been contributed as of 31 May 2026; these fund interests are accounted for under the equity method and represented less than 1% of total assets. No individual portfolio company is named, no fund is named, and no dollar figure is attributed to any single investee, so no holding row is recorded; this combined, unnamed, sub-1%-of-assets balance is the equivalent of PNC's undisclosed private-equity balance in this project. 'unconsolidated', 'joint venture' and 'equity investments' (exact phrase) returned zero hits; 'noncontrolling interest' also returned zero hits, consistent with Paychex, Inc. and its subsidiaries being wholly owned.
• Vanguard successor case. Vanguard Group Inc (CIK 0000102909) filed Form 13F-NT (notice, not holdings) for the quarter ended 30 Jun 2026, per its own EDGAR submissions feed. Per the brief's Vanguard rule this is the successor case (not the single-parent case): its holdings are represented by summing named successor 13F-HR filers rather than as one parent row. Two successors were checked (Vanguard Capital Management LLC and Vanguard Portfolio Management LLC, summing to 36,318,405 shares); a March-2026 reference register lists six further Vanguard-affiliated CIKs not individually checked here, so the true current Vanguard aggregate may be somewhat higher.
• Capital Group is three separate 13F-HR filers, not a parent/successor pair. All three named entities (Capital Research Global Investors CIK 0001422848, Capital World Investors CIK 0001422849, Capital International Investors CIK 0001562230) were checked individually for Q2 2026. Only Capital International Investors holds PAYCHEX (28,840,445 shares); the other two report zero. Checking only the first-listed entity, or only Capital Research Global Investors as one might by convention, would have shown zero and missed the entire, and largest, Capital Group position, consistent with the brief's warning about this failure mode.
• Golisano's founder stake sits outside the directors-and-officers group. The 2025 proxy lists B. Thomas Golisano (37,262,715 shares, 10.3%) under a separate 'Principal Stockholders:' heading, distinct from 'Directors:' and the NEO rows, and states he stepped down from the Board effective 9 Jul 2025. The 21-person 'all directors, NEOs, and executive officers' aggregate (2,783,880 shares, 0.8%) explicitly excludes him. This was checked directly against the proxy text rather than assumed from holder_type.
• Register cross-check from the proxy's own 5%-owner table (dated to older Schedule 13G/A filings, not this project's Q2 2026 13F data): Vanguard Group Inc 30,417,301 shares (8.4%) as of a 13G/A referencing 2023-2024 data, BlackRock Inc 27,959,696 shares (7.7%) based on a 13G/A as of 31 Dec 2023, and Capital International Investors 23,108,013 shares (6.4%). These are materially close to, but older and somewhat lower than, the Q2 2026 13F-based figures used in the register (BlackRock in particular: 27.96m per the stale 13G/A vs 27.75m per the fresh 13F, consistent; Capital International Investors 23.11m per the stale 13G/A vs 28.84m per the fresh 13F, consistent with a position increase since the 13G/A date). The register uses the fresher 13F-HR figures, not the proxy's own summary, per the brief.
• Shares outstanding (355,682,860) and market value of non-affiliates ($35,959,981,648 as of 28 Nov 2025) both come from the FY2026 10-K cover page. Current price ($118.54) and market cap ($42.18bn) are stockanalysis.com's figures as of the 17 Aug 2026 market close; 355,682,860 x $118.54 implies approximately $42.16bn, consistent with the reported $42.18bn (small difference from rounding or a slightly different share count in the data provider's feed).
• Implied price per share (value_usd / shares) was checked across every 13F register row: all cluster between $98.33 and $99.81, so all figures are on the same (whole-dollar, not thousands) basis; no rescaling was needed.
• Self-gate check (computed the way the chart computes it, from this file): 14 register rows, no row carries rolls_up_into (the Capital Group and insider-group rows are marked is_aggregate but nothing rolls into them individually in this file), so every row counts at full value. Sum of raw shares = 191,330,840 against 355,682,860 shares outstanding = 53.8%. This is within the 15 to 55 percent gate but above the 25 to 45 percent expectation; the elevated total is explained by B. Thomas Golisano's 37,262,715-share founder position (10.3%), which has no analogue in an index-fund-dominated register and is not a double count: he does not appear in, and is explicitly excluded from, the directors-and-officers aggregate or any institutional row.