# Automatic Data Processing (ADP): value investors who own it

6 value investors held Automatic Data Processing in their Q3 2026 13F, led by Giverny Capital, Fundsmith, First Eagle Investment Management, Matrix Asset…

## 13F holders

| Manager | Portfolio | Value | Change | Quarters held |
| --- | --- | --- | --- | --- |
| Giverny Capital | 4.9% | $147m | Added +56% | 2 |
| Fundsmith | 4.3% | $583m | Trimmed -32% | 39 |
| First Eagle Investment Management | 1.9% | $1.2bn | Added +82% | 2 |
| Matrix Asset Advisors | 1.1% | $14.0m | Trimmed -3.0% | 3 |
| Jensen Investment Management | 0.5% | $18.5m | Trimmed -21% | 53 |
| Mairs & Power | 0.3% | $28.5m | Added +2.2% | 53 |
| Troy Asset Management | 0.0% | $0k | Sold out | 24 |

## Directors buying and selling (Form 4, last 12 months)

| Date | Who | Role | Bought or sold | Shares | Value |
| --- | --- | --- | --- | --- | --- |
| 2026-09-03 | DeSilva Joseph | Executive VP | Sold | 631 | $178k |
| 2026-09-02 | Black Maria | President & CEO | Sold | 10591 | $3.0m |
| 2026-09-02 | Black Maria | President & CEO | Sold | 7724 | $2.2m |
| 2026-09-02 | DeSilva Joseph | Executive VP | Sold | 6512 | $1.8m |
| 2026-09-02 | Black Maria | President & CEO | Sold | 2898 | $811k |
| 2026-09-02 | D'Ambrosio Christopher | Corp. VP | Sold | 1872 | $530k |
| 2026-09-02 | Foskett David | Corp. VP | Sold | 1529 | $433k |
| 2026-09-02 | Black Maria | President & CEO | Sold | 1483 | $417k |
| 2026-09-02 | Black Maria | President & CEO | Sold | 1193 | $335k |
| 2026-09-02 | Black Maria | President & CEO | Sold | 1018 | $287k |
| 2026-09-02 | Black Maria | President & CEO | Sold | 1018 | $286k |
| 2026-09-02 | Black Maria | President & CEO | Sold | 786 | $220k |
| 2026-09-02 | Black Maria | President & CEO | Sold | 760 | $214k |
| 2026-09-02 | Black Maria | President & CEO | Sold | 700 | $195k |
| 2026-09-02 | Black Maria | President & CEO | Sold | 610 | $172k |
| 2026-09-02 | Black Maria | President & CEO | Sold | 559 | $156k |
| 2026-09-02 | Black Maria | President & CEO | Sold | 256 | $72k |
| 2026-09-02 | Black Maria | President & CEO | Sold | 214 | $60k |
| 2026-08-21 | Michaud Brian L. | Executive VP | Sold | 120 | $34k |
| 2026-08-20 | Kwon David | Corp VP | Sold | 798 | $223k |

## Fund holders

| Fund | Manager | Weight | Value | As at |
| --- | --- | --- | --- | --- |
| Fundsmith Equity ETF | Fundsmith | 2.8% | $215k | 2026-06-30 |
| First Eagle Global Fund | First Eagle Investment Management | 1.3% | $972m | 2026-07-31 |

Source: SEC filings, via moatshark (https://www.moatshark.com/s/adp). Values traded and returns are estimates. Not investment advice. Built 2026-10-21.