CIK: 0001477872
Total reported value
$1.8B
Reporting period: 2026-03-31 · Number of holdings: 46
Saratoga Research & Investment Management disclosed 46 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.8B and a quarterly turnover rate of 22.9%.
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Saratoga Research & Investment Management's disclosed holdings carry a Herfindahl concentration index of 0.052 — mathematically equivalent to about 19 equally-sized positions, well below its 46 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.20), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.8 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Add NVDA
+199.9% $37.8M
Add NVO
+85.5% $32.0M
Trim GOOGL
-15.2% -$49.7M
Trim RHHBY
-29.5% -$30.3M
Add PG
+65.1% $20.8M
Add ASML
-8.5% $9.8M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 9.96% | -1.85% | -15.17% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 7.75% | +0.18% | +23.47% | |
| 3 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 7.40% | +0.46% | +3.33% | |
| 4 | NVO | Novo-nordisk A/s-spons Adr | Stock-Healthcare | 7.17% | +2.23% | +85.49% | |
| 5 | DIS | Walt Disney Co/the | Stock-Comm Services | 6.17% | +0.06% | +10.22% | |
| 6 | UL | Unilever Plc-sponsored Adr | Stock-Consumer Staples | 6.06% | -0.29% | +1.09% | |
| 7 | MDT | Medtronic plc | Stock-Healthcare | 5.78% | -0.04% | +1.77% | |
| 8 | ASML | ASML Holding N.V. | Stock-Tech | 4.82% | +0.88% | -8.47% | |
| 9 | JNJ | Johnson & Johnson | Stock-Healthcare | 4.71% | -0.28% | -26.24% | |
| 10 | GD | General Dynamics CORP | Stock-Industrials | 3.78% | +0.45% | +2.95% | |
| 11 | RHHBY | Roche Holdings Ltd-spons Adr | Stock-Other | 3.64% | -1.31% | -29.53% | |
| 12 | NVDA | Nvidia CORP | Stock-Tech | 3.33% | +2.23% | +199.89% | |
| 13 | SBUX | Starbucks CORP | Stock-Consumer Disc | 3.20% | +0.58% | +6.12% | |
| 14 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 2.95% | +1.31% | +65.15% | |
| 15 | RTX | Rtx CORP | Stock-Industrials | 2.84% | -0.17% | -17.23% | |
| 16 | V | Visa Inc-class A Shares | Stock-Financials | 2.68% | +0.63% | +40.00% | |
| 17 | LLY | Eli Lilly & Co | Stock-Healthcare | 2.43% | -0.28% | -3.38% | |
| 18 | CHRW | C.h. Robinson Worldwide INC | Stock-Industrials | 2.37% | -0.22% | -18.14% | |
| 19 | HON | Honeywell International INC | Stock-Industrials | 2.13% | +0.70% | +18.80% | |
| 20 | HD | Home Depot INC | Stock-Consumer Disc | 1.66% | +0.01% | -2.83% | |
| 21 | AAPL | Apple INC | Stock-Tech | 1.61% | -0.04% | -3.08% | |
| 22 | DEO | Diageo Plc-sponsored Adr | Stock-Consumer Staples | 1.60% | +0.37% | +39.51% | |
| 23 | PEP | Pepsico INC | Stock-Consumer Staples | 1.53% | +0.23% | +0.60% | |
| 24 | ACN | Accenture plc | Stock-Tech | 1.50% | -0.41% | -1.42% | |
| 25 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-Gov Bonds | 1.12% | +0.04% | -4.49% | |
| 26 | CL | Colgate-palmolive Co | Stock-Consumer Staples | 0.92% | +0.15% | +1.89% | |
| 27 | NKE | Nike INC -cl B | Stock-Consumer Disc | 0.35% | -0.02% | +4.31% | |
| 28 | ZTS | Zoetis INC | Stock-Healthcare | 0.06% | +0.01% | +12.38% | |
| 29 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.05% | -0.02% | -31.28% | |
| 30 | AMGN | Amgen INC | Stock-Healthcare | 0.05% | +0.01% | -2.21% | |
| 31 | CSCO | Cisco Systems INC | Stock-Tech | 0.05% | +0.01% | -3.95% | |
| 32 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.04% | — | — | |
| 33 | IBM | Intl Business Machines CORP | Stock-Tech | 0.04% | — | — | |
| 34 | ADBE | Adobe INC | Stock-Tech | 0.03% | -0.63% | -93.86% | |
| 35 | SYY | Sysco CORP | Stock-Consumer Staples | 0.03% | — | -0.15% | |
| 36 | APH | Amphenol Corp-cl A | Stock-Tech | 0.03% | — | -0.07% | |
| 37 | VNQ | Vanguard Real Estate ETF | ETF-Other | 0.03% | +0.03% | NEW | |
| 38 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 0.03% | — | +0.05% | |
| 39 | LMT | Lockheed Martin CORP | Stock-Industrials | 0.02% | — | — | |
| 40 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.02% | — | — | |
| 41 | PAYX | Paychex INC | Stock-Tech | 0.02% | — | +0.05% | |
| 42 | TROW | T Rowe Price Group INC | Stock-Financials | 0.02% | — | — | |
| 43 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 0.01% | — | — | |
| 44 | JQUA | Jpmorgan US Quality Factor | ETF-Other | 0.01% | -0.53% | -97.90% | |
| 45 | EPD | Enterprise Products Partners | Stock-Energy | 0.01% | +0.01% | NEW | |
| 46 | UBFO | United Security Bancshare/ca | Stock-Other | 0.01% | — | — |
Performance for Q3 2026
+4.9%
Performance Last 4 Quarters
+19%
Based on 70% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 46 | $1.8B | 23 | |
| 2025-12-31 | 47 | $1.9B | 23 | |
| 2025-09-30 | 43 | $1.9B | 22 | |
| 2025-06-30 | 44 | $1.9B | 0 | |
| 2025-03-31 | 44 | $1.9B | 100 | |
| 2024-12-31 | 44 | $2.0B | 0 | |
| 2024-09-30 | 41 | $2.3B | 0 | |
| 2024-06-30 | 42 | $2.2B | 0 | |
| 2024-03-31 | 45 | $2.2B | 0 | |
| 2023-12-31 | 47 | $2.2B | 0 | |
| 2023-09-30 | 47 | $2.0B | 0 | |
| 2023-06-30 | 47 | $2.2B | 0 | |
| 2023-03-31 | 46 | $2.1B | 0 | |
| 2022-12-31 | 45 | $2.0B | 0 | |
| 2022-09-30 | 45 | $1.9B | 0 | |
| 2022-06-30 | 47 | $2.0B | 0 | |
| 2022-03-31 | 47 | $2.3B | 0 | |
| 2021-12-31 | 48 | $2.3B | 0 | |
| 2021-09-30 | 46 | $2.2B | 0 | |
| 2021-06-30 | 43 | $2.1B | 100 | |
| 2021-03-31 | 43 | $2.0B | 15 | |
| 2020-12-31 | 42 | $1.9B | 15 | |
| 2020-09-30 | 41 | $1.7B | 9 | |
| 2020-06-30 | 43 | $1.6B | 24 | |
| 2020-03-31 | 44 | $1.4B | 27 | |
| 2019-12-31 | 45 | $1.7B | 9 | |
| 2019-09-30 | 45 | $1.5B | 7 | |
| 2019-06-30 | 45 | $1.6B | 10 | |
| 2019-03-31 | 44 | $1.5B | 19 | |
| 2018-12-31 | 43 | $1.3B | 17 | |
| 2018-09-30 | 45 | $1.5B | 10 | |
| 2018-06-30 | 45 | $1.4B | 11 | |
| 2018-03-31 | 42 | $1.4B | 11 | |
| 2017-12-31 | 46 | $1.4B | 10 | |
| 2017-09-30 | 45 | $1.3B | 9 | |
| 2017-06-30 | 47 | $1.3B | 12 | |
| 2017-03-31 | 46 | $1.2B | 9 | |
| 2016-12-31 | 45 | $1.1B | 11 | |
| 2016-09-30 | 45 | $1.2B | 9 | |
| 2016-06-30 | 46 | $1.1B | 15 | |
| 2016-03-31 | 48 | $1.1B | 20 | |
| 2015-12-31 | 48 | $1.0B | 11 | |
| 2015-09-30 | 49 | $996.8M | 15 | |
| 2015-06-30 | 54 | $1.1B | 39 | |
| 2015-03-31 | 55 | $1.1B | 47 | |
| 2014-12-31 | 55 | $1.1B | 11 | |
| 2014-09-30 | 52 | $1.0B | 12 | |
| 2014-06-30 | 56 | $1.0B | 8 | |
| 2014-03-31 | 54 | $981.4M | 8 | |
| 2013-12-31 | 55 | $939.2M | 15 | |
| 2013-09-30 | 55 | $850.9M | 37 | |
| 2013-06-30 | 57 | $849.8M | — |
Saratoga Research & Investment Management's most significant position changes for 2026-03-31: Sold out: Oracle CORP (ORCL); Sold out: Walmart INC (WMT); Sold out: Ishares Core S&p 500 ETF (IVV); New buy: Vanguard Real Estate ETF (VNQ); New buy: Enterprise Products Partners (EPD).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | +2.2% | +199.89% | Add |
| 2 | NVO | Novo-nordisk A/s-spons Adr | +2.2% | +85.49% | Add |
| 3 | PG | Procter & Gamble Co/the | +1.3% | +65.15% | Add |
| 4 | ASML | ASML Holding N.V. | +0.9% | -8.47% | Trim |
| 5 | HON | Honeywell International INC | +0.7% | +18.80% | Add |
| 6 | V | Visa Inc-class A Shares | +0.6% | +40.00% | Add |
| 7 | SBUX | Starbucks CORP | +0.6% | +6.12% | Add |
| 8 | BRK-B | Berkshire Hathaway Inc-cl B | +0.5% | +3.33% | Add |
| 9 | GD | General Dynamics CORP | +0.5% | +2.95% | Add |
| 10 | DEO | Diageo Plc-sponsored Adr | +0.4% | +39.51% | Add |
| 11 | PEP | Pepsico INC | +0.2% | +0.60% | Add |
| 12 | MSFT | Microsoft CORP | +0.2% | +23.47% | Add |
| 13 | CL | Colgate-palmolive Co | +0.2% | +1.89% | Add |
| 14 | DIS | Walt Disney Co/the | +0.1% | +10.22% | Add |
| 15 | BIL | Ss Spdr Bb 1-3m T-bill ETF | 0% | -4.49% | Trim |
| 16 | HD | Home Depot INC | 0% | -2.83% | Trim |
| 17 | ZTS | Zoetis INC | 0% | +12.38% | Add |
| 18 | AMGN | Amgen INC | 0% | -2.21% | Trim |
| 19 | CSCO | Cisco Systems INC | 0% | -3.95% | Trim |
| 20 | IBM | Intl Business Machines CORP | — | — | Unchanged |
| 21 | LMT | Lockheed Martin CORP | — | — | Unchanged |
| 22 | PAYX | Paychex INC | — | +0.05% | Add |
| 23 | KO | Coca-cola Co/the | — | — | Unchanged |
| 24 | AMZN | Amazon.com INC | — | — | Unchanged |
| 25 | TROW | T Rowe Price Group INC | — | — | Unchanged |
| 26 | APH | Amphenol Corp-cl A | — | -0.07% | Trim |
| 27 | NVS | Novartis Ag-sponsored Adr | — | — | Unchanged |
| 28 | SYY | Sysco CORP | — | -0.15% | Trim |
| 29 | LOW | Lowe's Cos INC | — | +0.05% | Add |
| 30 | UBFO | United Security Bancshare/ca | — | — | Unchanged |
| 31 | NKE | Nike INC -cl B | 0% | +4.31% | Add |
| 32 | GOOG | Alphabet Inc-cl C | 0% | -31.28% | Trim |
| 33 | MDT | Medtronic plc | 0% | +1.77% | Add |
| 34 | AAPL | Apple INC | 0% | -3.08% | Trim |
| 35 | RTX | Rtx CORP | -0.2% | -17.23% | Trim |
| 36 | CHRW | C.h. Robinson Worldwide INC | -0.2% | -18.14% | Trim |
| 37 | JNJ | Johnson & Johnson | -0.3% | -26.24% | Trim |
| 38 | LLY | Eli Lilly & Co | -0.3% | -3.38% | Trim |
| 39 | UL | Unilever Plc-sponsored Adr | -0.3% | +1.09% | Add |
| 40 | ACN | Accenture plc | -0.4% | -1.42% | Trim |
| 41 | JQUA | Jpmorgan US Quality Factor | -0.5% | -97.90% | Trim |
| 42 | ADBE | Adobe INC | -0.6% | -93.86% | Trim |
| 43 | RHHBY | Roche Holdings Ltd-spons Adr | -1.3% | -29.53% | Trim |
| 44 | GOOGL | Alphabet Inc-cl A | -1.9% | -15.17% | Trim |
| 45 | ORCL | Oracle CORP | — | EXIT | Sold out |
| 46 | WMT | Walmart INC | — | EXIT | Sold out |
| 47 | IVV | Ishares Core S&p 500 ETF | — | EXIT | Sold out |
| 48 | VNQ | Vanguard Real Estate ETF | — | NEW | New buy |
| 49 | EPD | Enterprise Products Partners | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-08 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-05 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-17 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-20 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-22 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-16 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-17 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-09 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-24 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-05 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-31 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-01 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-29 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-08 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-05 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-10 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-12 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-03 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-09 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-07 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-05 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-29 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-24 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-18 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-15 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-15 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-17 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-01 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-19 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-24 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-24 | Amendment | View on EDGAR |
| 2017-06-30 | 2017-07-27 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-28 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-18 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-02 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-29 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-28 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-26 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-19 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-17 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-28 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-30 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-28 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-06 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-30 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-24 | Amendment | View on EDGAR |
| 2013-12-31 | 2014-02-18 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-22 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-17 | 13F-HR | View on EDGAR |
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