Saratoga Research & Investment Management
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| ALPHABET INC | GOOGL | $178.1M | 498,420 | -0.22pp | 31q | -18.4%-$40.1M | |
| NOVO-NORDISK A S | NVO | $155.1M | 3,236,009 | +1.32pp | 31q | -5.8%-$9.6M | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $129.0M | 257,895 | -0.34pp | 31q | -5.2%-$7.1M | |
| MICROSOFT CORP | MSFT | $124.7M | 334,179 | -0.93pp | 31q | -9.4%-$12.9M | |
| UNILEVER PLC | UL | $119.4M | 1,986,430 | +0.48pp | 3q | +6.0%+$6.8M | |
| ASML HLDG NV | ASML | $118.4M | 59,510 | +1.66pp | 11q | -7.4%-$9.5M | |
| DISNEY WALT CO | DIS | $104.3M | 1,083,810 | -0.46pp | 31q | -4.0%-$4.3M | |
| MEDTRONIC PLC | MDT | $94.1M | 1,203,285 | -0.63pp | 31q | +2.4%+$2.2M | |
| NVIDIA CORPORATION | NVDA | $77.0M | 384,865 | +0.88pp | 6q | +14.3%+$9.6M | |
| JOHNSON & JOHNSON | JNJ | $70.7M | 278,459 | -0.84pp | 31q | -18.0%-$15.5M | |
| ELI LILLY & CO | LLY | $64.6M | 53,862 | +1.11pp | 7q | +15.8%+$8.8M | |
| GENERAL DYNAMICS CORP | GD | $63.9M | 180,394 | -0.29pp | 26q | -7.1%-$4.9M | |
| ROCHE HLDG AG FSPONSORED ADR 1 ADR RE 0.125 ORD SHS | RHHBY | $61.0M | 1,188,687 | -0.30pp | 22q | -8.0%-$5.3M | |
| STARBUCKS CORP | SBUX | $60.1M | 587,872 | +0.09pp | 31q | -6.7%-$4.3M | |
| VISA INC | V | $50.7M | 147,779 | +0.09pp | 31q | -5.5%-$2.9M | |
| PROCTER & GAMBLE CO | PG | $49.7M | 338,641 | -0.24pp | 31q | -6.0%-$3.2M | |
| RTX CORPORATION | RTX | $46.2M | 243,447 | -0.31pp | 25q | -6.0%-$3.0M | |
| C H ROBINSON WORLDWIDE IN | CHRW | $44.3M | 235,112 | +0.05pp | 31q | -6.6%-$3.2M | |
| HOME DEPOT INC | HD | $29.9M | 84,878 | -0.02pp | 22q | -4.4%-$1.4M | |
| APPLE INC | AAPL | $29.1M | 100,400 | -0.02pp | 31q | -10.3%-$3.4M | |
| DIAGEO PLC | DEO | $29.0M | 361,038 | -0.01pp | 11q | -4.5%-$1.4M | |
| PEPSICO INC | PEP | $22.3M | 164,728 | -0.31pp | 31q | -5.0%-$1.2M | |
| SPDR SERIES TRUST | BIL | $19.7M | 215,009 | -0.04pp | 8q | HELD | |
| HONEYWELL INTL INC | HON | $17.0M | 75,789 | - | new | NEW | |
| HONEYWELL AEROSPACE INC | HONA | $16.7M | 75,656 | - | new | NEW | |
| COLGATE PALMOLIVE CO | CL | $16.1M | 175,603 | -0.04pp | 20q | -7.6%-$1.3M | |
| INTUITIVE SURGICAL INC | ISRG | $15.1M | 38,044 | - | new | NEW | |
| EMERSON ELEC CO | EMR | $10.3M | 71,924 | - | new | NEW | |
| J P MORGAN EXCHANGE TRADED F | JQUA | $1.4M | 19,289 | +0.06pp | 7q | +466.3%+$1.1M | |
| BAYCOM CORP | BCML | $1.1M | 32,035 | - | new | NEW | |
| ALPHABET INC | GOOG | $999.6K | 2,829 | +0.01pp | 31q | -2.9%-$29.7K | |
| COCA COLA CO | KO | $800.4K | 9,849 | flat | 31q | HELD | |
| AMGEN INC | AMGN | $789.8K | 2,181 | flat | 31q | -5.4%-$45.3K | |
| INTERNATIONAL BUSINESS MACHS | IBM | $737.9K | 2,624 | flat | 31q | -4.0%-$30.7K | |
| AMPHENOL CORP | APH | $697.9K | 3,958 | +0.01pp | 3q | -1.1%-$7.8K | |
| ZOETIS INC | ZTS | $592.8K | 8,249 | -0.02pp | 5q | -0.8%-$4.8K | |
| CISCO SYS INC | CSCO | $527.7K | 4,493 | -0.02pp | 31q | -56.4%-$683.6K | |
| VANGUARD INDEX FDS | VNQ | $522.1K | 5,414 | flat | 2q | HELD | |
| AMAZON COM INC | AMZN | $476.7K | 2,000 | flat | 23q | HELD | |
| LOWES COS INC | LOW | $442.7K | 2,008 | flat | 3q | +0.8%+$3.3K | |
| ACCENTURE PLC IRELAND | ACN | $437.8K | 3,518 | -1.48pp | 31q | -97.4%-$16.2M | |
| LOCKHEED MARTIN CORP | LMT | $354.1K | 695 | flat | 19q | HELD | |
| PRICE T ROWE GROUP INC | TROW | $338.5K | 2,977 | flat | 18q | HELD | |
| PAYCHEX INC | PAYX | $329.3K | 3,349 | flat | 31q | -13.8%-$52.6K | |
| NOVARTIS AG | NVS | $233.5K | 1,490 | flat | 3q | HELD | |
| ALTRIA GROUP INC | MO | $210.1K | 2,920 | - | new | NEW |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Software & IT Services | $303.8M | 16.6% |
| Biotech & Pharma | $292.1M | 16.0% |
| Chemicals | $185.2M | 10.1% |
| Insurance | $129.0M | 7.1% |
| Industrials | $118.4M | 6.5% |
| Autos & Aerospace | $110.4M | 6.0% |
| Medical Devices | $109.3M | 6.0% |
| Telecom & Media | $104.3M | 5.7% |
| Retail & Consumer | $90.9M | 5.0% |
| Semiconductors & Electronics | $88.0M | 4.8% |
| Food, Drink & Tobacco | $52.3M | 2.9% |
| Business Services | $51.5M | 2.8% |
| Other sectors | $76.0M | 4.2% |
| Not classified | $116.4M | 6.4% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $1.8B | 46 | 6 | 6 | 27 | 6 | 64.1% | 23 |
| Q1 2026 | $1.8B | 46 | 2 | 17 | 16 | 3 | 63.6% | 38 |
| Q4 2025 | $1.9B | 47 | 5 | 3 | 26 | 1 | 63.4% | 36 |
| Q3 2025 | $1.9B | 43 | 0 | 8 | 27 | 1 | 63.0% | 48 |
| Q2 2025 | $1.9B | 44 | 1 | 10 | 20 | 1 | 63.2% | 51 |
| Q1 2025 | $1.9B | 44 | 1 | 9 | 24 | 1 | 59.3% | 42 |
| Q4 2024 | $2.0B | 44 | 3 | 3 | 36 | 0 | 59.5% | 43 |
| Q3 2024 | $2.3B | 41 | 1 | 2 | 29 | 2 | 60.9% | 53 |
| Q2 2024 | $2.2B | 42 | 1 | 8 | 29 | 4 | 60.3% | 47 |
| Q1 2024 | $2.2B | 45 | 1 | 13 | 26 | 3 | 59.9% | 17 |
| Q4 2023 | $2.2B | 47 | 3 | 4 | 34 | 3 | 51.5% | 40 |
| Q3 2023 | $2.0B | 47 | 3 | 9 | 28 | 3 | 52.4% | 40 |
| Q2 2023 | $2.2B | 47 | 1 | 13 | 25 | 0 | 51.2% | 24 |
| Q1 2023 | $2.1B | 46 | 2 | 18 | 13 | 1 | 50.4% | 35 |
| Q4 2022 | $2.0B | 45 | 1 | 3 | 36 | 1 | 49.6% | 44 |
| Q3 2022 | $1.9B | 45 | 0 | 17 | 17 | 2 | 48.9% | 31 |
| Q2 2022 | $2.0B | 47 | 1 | 17 | 22 | 1 | 47.9% | 32 |
| Q1 2022 | $2.3B | 47 | 1 | 18 | 16 | 2 | 49.1% | 29 |
| Q4 2021 | $2.3B | 48 | 4 | 11 | 29 | 2 | 50.3% | 39 |
| Q3 2021 | $2.2B | 46 | 3 | 17 | 13 | 0 | 50.3% | 36 |
| Q2 2021 | $2.1B | 43 | 1 | 16 | 16 | 1 | 50.5% | 41 |
| Q1 2021 | $2.0B | 43 | 3 | 15 | 19 | 2 | 49.9% | 12 |
| Q4 2020 | $1.9B | 42 | 2 | 20 | 9 | 1 | 51.9% | 34 |
| Q3 2020 | $1.7B | 41 | 0 | 7 | 30 | 2 | 50.7% | 9 |
| Q2 2020 | $1.6B | 43 | 2 | 18 | 11 | 3 | 52.0% | 38 |
| Q1 2020 | $1.4B | 44 | 5 | 20 | 10 | 6 | 55.2% | 43 |
| Q4 2019 | $1.7B | 45 | 1 | 13 | 20 | 1 | 56.1% | 36 |
| Q3 2019 | $1.5B | 45 | 1 | 10 | 25 | 1 | 55.7% | 29 |
| Q2 2019 | $1.6B | 45 | 2 | 25 | 9 | 1 | 54.9% | 24 |
| Q1 2019 | $1.5B | 44 | 2 | 24 | 9 | 1 | 55.5% | 18 |
| Q4 2018 | $1.3B | 43 | 0 | 0 | 0 | 0 | 54.0% | 15 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.