Institutional Manager · CIK 0001477872
Saratoga Research & Investment Management
SARATOGA, CA · File #028-13757
Latest AUM
$1.91B
Positions
47
Top-10 Concentration
63.4%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| EXITED | Unilever PLC | 904767704 | -2,108,717 | -$125.0M | $0 |
| NEW | Unilever PLC SPON ADR NEW | UNLYF | +1,853,095 | +$121.2M | $0 |
| REDUCE | Alphabet Inc. CAP STK CL A | GOOG | -69,321 | -$21.7M | +$55.2M |
| REDUCE | Eli Lilly & Co. | LLY | -13,304 | -$14.3M | +$19.2M |
| REDUCE | Zoetis Inc. CL A | ZTS | -102,618 | -$12.9M | -$2.3M |
| ADD | Honeywell International Inc. | 438516106 | +55,459 | +$10.8M | -$1.3M |
| ADD | JPMorgan US Quality Factor ETF | 46641Q761 | +158,950 | +$10.0M | +$943 |
| REDUCE | Diageo PLC SPON ADR NEW | DGEAF | -65,490 | -$5.6M | -$3.1M |
| REDUCE | Johnson & Johnson | JNJ | -25,397 | -$5.3M | +$10.5M |
| REDUCE | Roche Holding AG SPONSORED ADR | 771195104 | -87,315 | -$4.5M | +$18.7M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202547 pos · $1.91B
- 13F HOLDINGS REPORTQ/E Sep 202543 pos · $1.92B
- 13F HOLDINGS REPORTQ/E Jun 202544 pos · $1.87B
- 13F HOLDINGS REPORTQ/E Mar 202544 pos · $1.89B
- 13F HOLDINGS REPORTQ/E Dec 202444 pos · $1.98B
- 13F HOLDINGS REPORTQ/E Sep 202441 pos · $2.28B
- 13F HOLDINGS REPORTQ/E Jun 202442 pos · $2.20B
- 13F HOLDINGS REPORTQ/E Mar 202445 pos · $2.20B
- 13F HOLDINGS REPORTQ/E Dec 202347 pos · $2.05B
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | Alphabet Inc. CAP STK CL A | GOOG | 719,847 | $225.3M | 11.81% |
| 2 | Microsoft Corp. | MSFT | 298,708 | $144.5M | 7.57% |
| 3 | Berkshire Hathaway Inc. CL B NEW | BRK-A | 263,262 | $132.3M | 6.94% |
| 4 | Unilever PLC SPON ADR NEW | UNLYF | 1,853,095 | $121.2M | 6.35% |
| 5 | Walt Disney Company | 254687106 | 1,023,783 | $116.5M | 6.11% |
| 6 | Medtronic PLC | MDT | 1,155,146 | $111.0M | 5.82% |
| 7 | Johnson & Johnson | JNJ | 460,223 | $95.2M | 4.99% |
| 8 | Roche Holding AG SPONSORED ADR | 771195104 | 1,832,770 | $94.5M | 4.95% |
| 9 | Novo Nordisk A/S ADR | NONOF | 1,852,566 | $94.3M | 4.94% |
| 10 | ASML Holding N.V. | ASMLF | 70,236 | $75.1M | 3.94% |
| 11 | Oracle Corp. | ORCL-PD | 345,704 | $67.4M | 3.53% |
| 12 | General Dynamics Corporation | GD | 188,679 | $63.5M | 3.33% |
| 13 | RTX Corp. | RTX | 313,003 | $57.4M | 3.01% |
| 14 | Eli Lilly & Co. | LLY | 48,155 | $51.8M | 2.71% |
| 15 | Starbucks Corp. | SBUX | 593,466 | $50.0M | 2.62% |
| 16 | C.H. Robinson Worldwide Inc COM NEW | CHRW | 307,641 | $49.5M | 2.59% |
| 17 | Visa Inc COM CL A | V | 111,697 | $39.2M | 2.05% |
| 18 | Accenture PLC | ACN | 135,584 | $36.4M | 1.91% |
| 19 | Home Depot Inc. | HD | 91,391 | $31.4M | 1.65% |
| 20 | Apple Inc. | AAPL | 115,542 | $31.4M | 1.65% |