Saratoga Research & Investment Management

CIK

1477872

Location

SARATOGA, CA

Portfolio Value

Mid $1,676,807,848

Diversification

Diversified

Filing Date

Global Rank

#1,096 / 8,232 ▲ 56

Top Industry

Drug Manufacturers - General 15.1%

3Y Alpha vs SPY

-8.6%

Period ended 2 months ago

Filed May 8, 2026 · 36d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+41.6%

SPY

+76.5%

Annualised alpha

-8.6%

Max drawdown

−16.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

41 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

10.5%

−2.2 pts

Top 5

40.4%

−1.2 pts

Top 10

66.8%

+0.4 pts

HHI

561

Diversified−12

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	21.2%	$355,935,571	7
Technology	20.2%	$337,950,258	10
Communication Services	17.0%	$284,350,365	2
Consumer Defensive	13.8%	$231,293,533	7
Industrials	11.7%	$196,394,866	5
Financial Services	10.6%	$178,003,386	4
Consumer Cyclical	5.5%	$92,676,442	5
Energy	0.0%	$203,427	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

19 positions

Ticker	Company	Δ Shares	Shares	Value
NVO	Novo Nordisk A S	+1,583,763	3,436,329	$126,285,090
NVDA	Nvidia Corp	+224,441	336,724	$58,724,665
PG	PROCTER & GAMBLE Co	+142,100	360,225	$52,030,899
DEO	Diageo PLC	+107,083	378,141	$28,152,597
DIS	Walt Disney Co	+104,645	1,128,428	$108,757,890
MSFT	Microsoft Corp	+70,113	368,821	$136,526,469
V	Visa Inc.	+44,676	156,373	$47,262,175
SBUX	Starbucks Corp	+36,319	629,785	$56,422,438
HON	Honeywell International Inc	+26,260	165,945	$37,508,548
MDT	Medtronic plc	+20,425	1,175,571	$101,863,227
UL	Unilever PLC	+20,264	1,873,359	$106,725,262
BRK-B	Berkshire Hathaway Inc	+8,769	272,031	$130,357,255
GD	General Dynamics Corp	+5,563	194,242	$66,667,739
NKE	NIKE, Inc.	+4,813	116,594	$6,158,495
CL	Colgate Palmolive Co	+3,532	190,095	$16,201,796
PEP	Pepsico Inc	+1,035	173,317	$26,914,396
ZTS	Zoetis Inc.	+916	8,316	$983,034
PAYX	Paychex Inc	+2	3,884	$357,794
LOW	Lowes Companies Inc	+1	1,993	$470,906
No positions match the current search.

Trimmed

Positions the filer reduced

14 positions

Ticker	Company	Δ Shares	Shares	Value
JNJ	Johnson & Johnson	−120,782	339,441	$82,972,958
GOOGL	Alphabet Inc.	−109,218	610,629	$175,592,475
CHRW	C. H. Robinson Worldwide, Inc.	−55,797	251,844	$41,823,733
RTX	RTX Corp	−53,932	259,071	$49,974,795
ADBE	Adobe Inc.	−33,932	2,221	$539,880
ASML	Asml Holding NV	−5,951	64,285	$84,909,556
AAPL	Apple Inc.	−3,559	111,983	$28,420,165
HD	Home Depot, Inc.	−2,583	88,808	$29,208,063
ACN	Accenture plc	−1,924	133,660	$26,503,441
LLY	ELI LILLY & Co	−1,630	46,525	$42,792,299
CSCO	Cisco Systems, Inc.	−424	10,313	$800,185
AMGN	Amgen Inc	−52	2,306	$811,366
SYY	Sysco Corp	−11	7,284	$519,567
APH	Amphenol Corp /De/	−3	4,002	$505,652
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
EPD	Enterprise Products Partners L.P.	5,376	$203,427
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
ORCL	Oracle Corp	345,704	$67,381,166
WMT	Walmart Inc.	153,526	$17,104,331
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

41 positions · $1,676,807,848 total · as of Mar 31, 2026

All sectors Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
GOOGL	Alphabet Inc. Communication Services	Reduced	610,629	-109,218	$175,592,475	−22.1%	10.47%
MSFT	Microsoft Corp Technology	Added	368,821	+70,113	$136,526,469	−5.5%	8.14%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	272,031	+8,769	$130,357,255	−1.5%	7.77%
NVO	Novo Nordisk A S Healthcare	Added	3,436,329	+1,583,763	$126,285,090	+34.0%	7.53%
DIS	Walt Disney Co Communication Services	Added	1,128,428	+104,645	$108,757,890	−6.6%	6.49%
UL	Unilever PLC Consumer Defensive	Added	1,873,359	+20,264	$106,725,262	−11.9%	6.36%
MDT	Medtronic plc Healthcare	Added	1,175,571	+20,425	$101,863,227	−8.2%	6.07%
ASML	Asml Holding NV Technology	Reduced	64,285	-5,951	$84,909,556	+13.0%	5.06%
JNJ	Johnson & Johnson Healthcare	Reduced	339,441	-120,782	$82,972,958	−12.9%	4.95%
GD	General Dynamics Corp Industrials	Added	194,242	+5,563	$66,667,739	+5.0%	3.98%
NVDA	Nvidia Corp Technology	Added	336,724	+224,441	$58,724,665	+180.4%	3.50%
SBUX	Starbucks Corp Consumer Cyclical	Added	629,785	+36,319	$56,422,438	+12.9%	3.36%
PG	PROCTER & GAMBLE Co Consumer Defensive	Added	360,225	+142,100	$52,030,899	+66.4%	3.10%
RTX	RTX Corp Industrials	Reduced	259,071	-53,932	$49,974,795	−12.9%	2.98%
V	Visa Inc. Financial Services	Added	156,373	+44,676	$47,262,175	+20.6%	2.82%
LLY	ELI LILLY & Co Healthcare	Reduced	46,525	-1,630	$42,792,299	−17.3%	2.55%
CHRW	C. H. Robinson Worldwide, Inc. Industrials	Reduced	251,844	-55,797	$41,823,733	−15.4%	2.49%
HON	Honeywell International Inc Industrials	Added	165,945	+26,260	$37,508,548	+37.6%	2.24%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	88,808	-2,583	$29,208,063	−7.1%	1.74%
AAPL	Apple Inc. Technology	Reduced	111,983	-3,559	$28,420,165	−9.5%	1.69%
DEO	Diageo PLC Consumer Defensive	Added	378,141	+107,083	$28,152,597	+20.4%	1.68%
PEP	Pepsico Inc Consumer Defensive	Added	173,317	+1,035	$26,914,396	+8.9%	1.61%
ACN	Accenture plc Technology	Reduced	133,660	-1,924	$26,503,441	−27.1%	1.58%
CL	Colgate Palmolive Co Consumer Defensive	Added	190,095	+3,532	$16,201,796	+9.9%	0.97%
NKE	NIKE, Inc. Consumer Cyclical	Added	116,594	+4,813	$6,158,495	−13.5%	0.37%
ZTS	Zoetis Inc. Healthcare	Added	8,316	+916	$983,034	+5.6%	0.06%
AMGN	Amgen Inc Healthcare	Reduced	2,306	-52	$811,366	+5.1%	0.05%
CSCO	Cisco Systems, Inc. Technology	Reduced	10,313	-424	$800,185	−3.3%	0.05%
KO	Coca Cola Co Consumer Defensive	Held	9,849	0	$749,016	+8.8%	0.04%
IBM	International Business Machines Corp Technology	Held	2,733	0	$662,451	−18.2%	0.04%
ADBE	Adobe Inc. Technology	Reduced	2,221	-33,932	$539,880	−95.7%	0.03%
SYY	Sysco Corp Consumer Defensive	Reduced	7,284	-11	$519,567	−3.3%	0.03%
APH	Amphenol Corp /De/ Technology	Reduced	4,002	-3	$505,652	−6.6%	0.03%
LOW	Lowes Companies Inc Consumer Cyclical	Added	1,993	+1	$470,906	−2.0%	0.03%
LMT	Lockheed Martin Corp Industrials	Held	695	0	$420,051	+25.0%	0.03%
AMZN	Amazon Com Inc Consumer Cyclical	Held	2,000	0	$416,540	−9.8%	0.02%
PAYX	Paychex Inc Technology	Added	3,884	+2	$357,794	−17.8%	0.02%
TROW	Price T Rowe Group Inc Financial Services	Held	2,977	0	$268,346	−12.0%	0.02%
NVS	Novartis AG Healthcare	Held	1,490	0	$227,597	+10.8%	0.01%
EPD	Enterprise Products Partners L.P. Energy	NEW	5,376	NEW	$203,427	NEW	0.01%
UBFO	UNITED SECURITY BANCSHARES Financial Services	Held	11,000	0	$115,610	+4.4%	0.01%