Saratoga Research & Investment Management — 13F Holdings & Portfolio
CIK 1477872 · latest 13F-HR filed 2026-10-16
Saratoga Research & Investment Management manages $1.82B in 13F-reported U.S. long-equity assets across 44 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are MSFT (9.44%), GOOGL (9.39%), BRK.B (7.14%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 0 new positions and exited 2; 12 existing positions rose in reported value and 19 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-10-16
vs 2026-06-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q3 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q2 26 → Q3 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 65.9%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Apr 6, 2026.
SARATOGA, CA 95070
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| CROSBY, MARC, COOK Control | PRESIDENT since Jan 2017 | 5–10% | Individual |
| HANSON, TRAVIS, OSBORN Control | CHIEF FINANCIAL OFFICER since May 2016 | 5–10% | Individual |
| TANNER, KEVIN, PETER Control | CHIEF EXECUTIVE OFFICER/CHIEF INVESTMENT OFFICER since Apr 1995 | 25–50% | Individual |
| HEDGES, MADELINE, ELAINE | CHIEF COMPLIANCE OFFICER since Oct 2019 | Less than 5% | Individual |
| SPENCER, PHILIP, ALBERT | DIRECTOR OF RESEARCH since Sep 2024 | 5–10% | Individual |
| TANNER, JAMES, HAROLD | DIRECTOR OF OPERATIONS since Apr 1995 | 5–10% | Individual |
Ownership & leadership changes · 5 filings with changes since Mar 31, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- AddedSPENCER, PHILIP, ALBERT · DIRECTOR OF RESEARCH · 5–10%
- ChangedCROSBY, MARC, COOK · ownership Less than 5% → 5–10%
- ChangedHANSON, TRAVIS, OSBORN · ownership Less than 5% → 5–10%
- ChangedTANNER, KEVIN, PETER · ownership 50–75% → 25–50%
- AddedTANNER, JAMES, HAROLD · DIRECTOR OF OPERATIONS · 5–10%
- No longer listedBRAGA, AILEEN, KAY · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Mar 2010
- AddedHEDGES, MADELINE, ELAINE · CHIEF COMPLIANCE OFFICER · Less than 5%
- AddedCROSBY, MARC, COOK · PRESIDENT · Less than 5% · control person
- AddedHANSON, TRAVIS, OSBORN · CHIEF FINANCIAL OFFICER · Less than 5% · control person
- ChangedTANNER, KEVIN, PETER · title PRESIDENT/CFO → CHIEF EXECUTIVE OFFICER/CHIEF INVESTMENT OFFICER; ownership 75% or more → 50–75%
- ListedBRAGA, AILEEN, KAY · CHIEF COMPLIANCE OFFICER · Less than 5%
- ListedTANNER, KEVIN, PETER · PRESIDENT/CFO · 75% or more · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- Microsoft Corp.$46.7M +37.5%
- Walt Disney Company$12.9M +12.4%
- Medtronic PLC$10.4M +11.0%
- NVIDIA Corp.$9.4M +12.2%
- Honeywell Aerospace Inc.$4.6M +27.6%
Top Trims
- Novo Nordisk A/S-$34.5M -22.3%
- ASML Holding N.V.-$14.4M -12.1%
- C.H. Robinson Worldwide Inc-$10.6M -24.0%
- Starbucks Corp.-$6.7M -11.1%
- Home Depot Inc.-$6.3M -21.0%
Saratoga Research & Investment Management Holdings (2026-09-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | Microsoft Corp. | MSFT | 594918104 | $171.4M | 9.44% | 334,099 | SH |
| 2 | Alphabet Inc. | GOOGL | 02079K305 | $170.4M | 9.39% | 495,297 | SH |
| 3 | Berkshire Hathaway Inc. | BRK.B | 084670702 | $129.6M | 7.14% | 260,270 | SH |
| 4 | Unilever PLC | UL | 904767803 | $122.6M | 6.75% | 2,018,122 | SH |
| 5 | Novo Nordisk A/S | NVO | 670100205 | $120.6M | 6.64% | 3,181,453 | SH |
| 6 | Walt Disney Company | DIS | 254687106 | $117.2M | 6.46% | 1,117,460 | SH |
| 7 | Medtronic PLC | MDT | G5960L103 | $104.5M | 5.76% | 1,211,146 | SH |
| 8 | ASML Holding N.V. | ASML | N07059210 | $104.0M | 5.73% | 57,426 | SH |
| 9 | NVIDIA Corp. | NVDA | 67066G104 | $86.4M | 4.76% | 378,238 | SH |
| 10 | Johnson & Johnson | JNJ | 478160104 | $70.2M | 3.87% | 265,132 | SH |
| 11 | Eli Lilly & Co. | LLY | 532457108 | $59.9M | 3.30% | 51,789 | SH |
| 12 | Roche Holding AG | RHHBY | 771195104 | $59.8M | 3.29% | 1,152,582 | SH |
| 13 | General Dynamics Corporation | GD | 369550108 | $58.0M | 3.19% | 174,725 | SH |
| 14 | Starbucks Corp. | SBUX | 855244109 | $53.4M | 2.94% | 568,490 | SH |
| 15 | Visa Inc | V | 92826C839 | $51.4M | 2.83% | 142,986 | SH |
| 16 | The Procter & Gamble Co. | PG | 742718109 | $47.5M | 2.61% | 326,836 | SH |
| 17 | RTX Corp. | RTX | 75513E101 | $41.4M | 2.28% | 223,151 | SH |
| 18 | C.H. Robinson Worldwide Inc | CHRW | 12541W209 | $33.6M | 1.85% | 227,365 | SH |
| 19 | Apple Inc. | AAPL | 037833100 | $30.7M | 1.69% | 92,190 | SH |
| 20 | Diageo PLC | DEO | 25243Q205 | $29.2M | 1.61% | 340,544 | SH |
| 21 | Home Depot Inc. | HD | 437076102 | $23.6M | 1.30% | 83,110 | SH |
| 22 | Honeywell Aerospace Inc. | HONA | 43849R105 | $21.3M | 1.18% | 137,745 | SH |
| 23 | Pepsico Inc | PEP | 713448108 | $20.7M | 1.14% | 163,570 | SH |
| 24 | SPDR Bloomberg 1-3 Month T-Bill ETF | BIL | 78468R663 | $18.6M | 1.02% | 202,746 | SH |
| 25 | Intuitive Surgical Inc. | ISRG | 46120E602 | $17.8M | 0.98% | 43,884 | SH |
| 26 | Honeywell International Inc. | HON | 438516205 | $15.6M | 0.86% | 73,821 | SH |
| 27 | Colgate-Palmolive Co. | CL | 194162103 | $14.5M | 0.80% | 170,145 | SH |
| 28 | Emerson Electric Co. | EMR | 291011104 | $10.8M | 0.59% | 69,317 | SH |
| 29 | JPMorgan US Quality Factor ETF | JQUA | 46641Q761 | $2.0M | 0.11% | 27,199 | SH |
| 30 | Amazon.com, Inc. | AMZN | 023135106 | $1.0M | 0.06% | 4,060 | SH |
| 31 | Baycom Corp | BCML | 07272M107 | $971.9K | 0.05% | 32,035 | SH |
| 32 | Alphabet Inc. | GOOG | 02079K107 | $969.7K | 0.05% | 2,846 | SH |
| 33 | Amgen Inc. | AMGN | 031162100 | $919.3K | 0.05% | 2,181 | SH |
| 34 | Coca-Cola Co (The) | KO | 191216100 | $847.8K | 0.05% | 9,849 | SH |
| 35 | Amphenol Corporation | APH | 032095101 | $667.3K | 0.04% | 7,916 | SH |
| 36 | International Business Machines Corp. | IBM | 459200101 | $577.1K | 0.03% | 2,624 | SH |
| 37 | Lowes Companies, Inc. | LOW | 548661107 | $573.5K | 0.03% | 3,112 | SH |
| 38 | Vanguard Index Funds REAL ESTATE ETF | VNQ | 922908553 | $485.3K | 0.03% | 5,414 | SH |
| 39 | Cisco Systems, Inc. | CSCO | 17275R102 | $483.6K | 0.03% | 4,493 | SH |
| 40 | Lockheed Martin Corporation | LMT | 539830109 | $353.9K | 0.02% | 695 | SH |
| 41 | Paychex Inc | PAYX | 704326107 | $329.9K | 0.02% | 3,349 | SH |
| 42 | Price T Rowe Group Inc. | TROW | 74144T108 | $309.8K | 0.02% | 2,977 | SH |
| 43 | Zoetis Inc. | ZTS | 98978V103 | $304.7K | 0.02% | 4,364 | SH |
| 44 | Novartis AG | NVS | 66987V109 | $212.4K | 0.01% | 1,490 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-09-30 | 2026-10-16 | $1.82B | 44 | 0001477872-26-000013 |
| 2026-06-30 | 2026-07-23 | $1.83B | 46 | 0001477872-26-000004 |
| 2026-03-31 | 2026-05-08 | $1.76B | 46 | 0001477872-26-000003 |
| 2025-12-31 | 2026-02-05 | $1.91B | 47 | 0001477872-26-000001 |
SUITE E
SARATOGA, CA 95070