# Saratoga Research & Investment Management

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1477872. Source: https://holderbook.com/funds/1477872-saratoga-research-investment-management/

- Reported value: $1.8B
- Positions: 46
- Weight of the ten largest: 64.1%
- Filed: 2026-07-23

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $178.1M | 498,420 | 9.7% | 31 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $155.1M | 3,236,009 | 8.5% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $129.0M | 257,895 | 7.1% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $124.7M | 334,179 | 6.8% | 31 |
| UNILEVER PLC | [UL](https://holderbook.com/stocks/UL/) | $119.4M | 1,986,430 | 6.5% | 3 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $118.4M | 59,510 | 6.5% | 11 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $104.3M | 1,083,810 | 5.7% | 31 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $94.1M | 1,203,285 | 5.2% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $77.0M | 384,865 | 4.2% | 6 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $70.7M | 278,459 | 3.9% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $64.6M | 53,862 | 3.5% | 7 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $63.9M | 180,394 | 3.5% | 26 |
| ROCHE HLDG AG          FSPONSORED ADR           1 ADR RE  0.125  ORD SHS | [RHHBY](https://holderbook.com/stocks/RHHBY/) | $61.0M | 1,188,687 | 3.3% | 22 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $60.1M | 587,872 | 3.3% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $50.7M | 147,779 | 2.8% | 31 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $49.7M | 338,641 | 2.7% | 31 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $46.2M | 243,447 | 2.5% | 25 |
| C H ROBINSON WORLDWIDE IN | [CHRW](https://holderbook.com/stocks/CHRW/) | $44.3M | 235,112 | 2.4% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $29.9M | 84,878 | 1.6% | 22 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $29.1M | 100,400 | 1.6% | 31 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $29.0M | 361,038 | 1.6% | 11 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $22.3M | 164,728 | 1.2% | 31 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $19.7M | 215,009 | 1.1% | 8 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $17.0M | 75,789 | 0.9% | 1 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $16.7M | 75,656 | 0.9% | 1 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $16.1M | 175,603 | 0.9% | 20 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $15.1M | 38,044 | 0.8% | 1 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $10.3M | 71,924 | 0.6% | 1 |
| J P MORGAN EXCHANGE TRADED F | [JQUA](https://holderbook.com/stocks/JQUA/) | $1.4M | 19,289 | 0.1% | 7 |
| BAYCOM CORP | [BCML](https://holderbook.com/stocks/BCML/) | $1.1M | 32,035 | 0.1% | 1 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $999.6K | 2,829 | 0.1% | 31 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $800.4K | 9,849 | 0.0% | 31 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $789.8K | 2,181 | 0.0% | 31 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $737.9K | 2,624 | 0.0% | 31 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $697.9K | 3,958 | 0.0% | 3 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $592.8K | 8,249 | 0.0% | 5 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $527.7K | 4,493 | 0.0% | 31 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $522.1K | 5,414 | 0.0% | 2 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $476.7K | 2,000 | 0.0% | 23 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $442.7K | 2,008 | 0.0% | 3 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $437.8K | 3,518 | 0.0% | 31 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $354.1K | 695 | 0.0% | 19 |
| PRICE T ROWE GROUP INC | [TROW](https://holderbook.com/stocks/TROW/) | $338.5K | 2,977 | 0.0% | 18 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $329.3K | 3,349 | 0.0% | 31 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $233.5K | 1,490 | 0.0% | 3 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $210.1K | 2,920 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +9.7% | +14.8% | -5.1% | 100% |
| Q1 2026 | -6.9% | -4.6% | -2.2% | 100% |
| Q4 2025 | +4.2% | +2.4% | +1.8% | 100% |
| Q3 2025 | +6.8% | +7.8% | -1.0% | 100% |
| Q2 2025 | +7.2% | +10.5% | -3.2% | 100% |
| Q1 2025 | -1.7% | -4.6% | +2.9% | 100% |
| Q4 2024 | -3.6% | +2.1% | -5.8% | 100% |
| Q3 2024 | +8.4% | +5.4% | +3.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.8B | 46 |
| Q1 2026 | $1.8B | 46 |
| Q4 2025 | $1.9B | 47 |
| Q3 2025 | $1.9B | 43 |
| Q2 2025 | $1.9B | 44 |
| Q1 2025 | $1.9B | 44 |
| Q4 2024 | $2.0B | 44 |
| Q3 2024 | $2.3B | 41 |
| Q2 2024 | $2.2B | 42 |
| Q1 2024 | $2.2B | 45 |
| Q4 2023 | $2.2B | 47 |
| Q3 2023 | $2.0B | 47 |