Saratoga Research & Investment Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Saratoga Research & Investment Management reported 44 stock positions worth $1.9 billion. Its top holding was Berkshire Hathaway Class B (BRK.B) at 7.8% of the portfolio, followed by Unilever (UL, 7.1%) and Walt Disney (DIS, 7.1%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 10 and reduced 27. The biggest buy was Novo-Nordisk A/S-Spons ADR (NVO, shares +108%) and the biggest sale RTX (RTX, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- SARATOGA, CA
- CIK
- 0001477872
- Portfolio Value
- $1.9B (Q1 2025)
- SEC Filing
- 0001477872-25-000004 ↗ filed May 12, 2025
Holdings Value
Holdings 44 stocks · $1.9B
| BRK.B Berkshire Hathaway Inc. Class B | 7.83% | 278,541 | $148.3M | Reduce -0.0% |
| UL Unilever PLC | 7.10% | 2,257,438 | $134.4M | Add +1.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 7.08% | 1,358,068 | $134.0M | Add +0.8% |
| GOOGL Alphabet Inc. Class A | 6.83% | 836,300 | $129.3M | Reduce -0.4% |
| MSFT Microsoft Corp. | 6.36% | 321,058 | $120.5M | Add +2.4% |
| MDT Medtronic PLC | 5.60% | 1,181,178 | $106.1M | Add +4.5% |
| NVO Novo-Nordisk A/S-Spons ADR | 5.33% | 1,454,160 | $101.0M | Add +107.5% |
| JNJ Johnson & Johnson | 4.42% | 504,419 | $83.7M | Reduce -3.1% |
| RHHBY Roche Holdings Ltd.-Spons ADR | 4.39% | 2,022,209 | $83.2M | Reduce -7.0% |
| RTX RTX Corp. | 4.37% | 625,274 | $82.8M | Reduce -44.5% |
| ORCL Oracle Corp. | 4.37% | 591,727 | $82.7M | Reduce -11.4% |
| GD General Dynamics Corp. | 3.09% | 214,865 | $58.6M | Reduce -7.8% |
| V Visa Inc. Class A | 3.07% | 166,155 | $58.2M | Reduce -5.4% |
| AAPL Apple Inc. | 2.78% | 237,442 | $52.7M | Reduce -24.4% |
| SBUX Starbucks Corp. | 2.63% | 508,486 | $49.9M | Reduce -4.2% |
| ASML ASML Holding NV-NY Reg SHS | 2.62% | 74,805 | $49.6M | Add +37.6% |
| ACN Accenture PLC Class A | 2.48% | 150,639 | $47.0M | Reduce -3.2% |
| CHRW C.H. Robinson Worldwide Inc. | 2.46% | 454,427 | $46.5M | Reduce -4.3% |
| NKE Nike Inc. Class B | 2.19% | 654,313 | $41.5M | Reduce -0.4% |
| HD Home Depot Inc. | 1.96% | 101,332 | $37.1M | Reduce -4.3% |
| DEO Diageo PLC-Sponsored ADR | 1.90% | 342,699 | $35.9M | Add +2.8% |
| WMT Walmart Inc. | 1.87% | 402,731 | $35.4M | Reduce -14.0% |
| PG The Procter & Gamble Co. | 1.47% | 163,513 | $27.9M | Reduce -1.9% |
| ADBE Adobe Inc. | 1.42% | 70,185 | $26.9M | Reduce -2.7% |
| LLY Eli Lilly & Co. | 1.33% | 30,436 | $25.1M | Reduce -2.8% |
| PEP Pepsico Inc. | 1.31% | 165,530 | $24.8M | Add +0.4% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 1.23% | 253,288 | $23.2M | Reduce -1.2% |
| CL Colgate-Palmolive Co. | 0.96% | 193,556 | $18.1M | Add +53.0% |
| HON Honeywell International Inc. | 0.61% | 54,340 | $11.5M | Add +549.9% |
| NVDA Nvidia Corp. | 0.55% | 96,265 | $10.4M | New |
| GOOG Alphabet Inc. Class C | 0.06% | 7,352 | $1.1M | Reduce -8.3% |
| CSCO Cisco Systems Inc. | 0.05% | 16,686 | $1.0M | Reduce -52.5% |
| AMGN Amgen Inc. | 0.04% | 2,318 | $722K | No change |
| KO The Coca-Cola Co. | 0.04% | 9,895 | $709K | Reduce -89.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.04% | 2,738 | $681K | No change |
| PAYX Paychex Inc. | 0.03% | 3,882 | $599K | No change |
| CTSH Cognizant Tech Solutions-A | 0.03% | 7,428 | $568K | Reduce -1.5% |
| SYY Sysco Corp. | 0.03% | 7,372 | $553K | Reduce -1.1% |
| AMZN Amazon.com Inc. | 0.02% | 2,000 | $381K | No change |
| JQUA JPMorgan US Quality Factor | 0.02% | 5,679 | $321K | Reduce -95.7% |
| LMT Lockheed Martin Corp. | 0.02% | 695 | $310K | No change |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.01% | 2,588 | $238K | Reduce -5.4% |
| BDX Becton Dickinson and Co. | 0.01% | 961 | $220K | Reduce -98.7% |
| UBFO United Security Bancshare | 0.01% | 11,000 | $99K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| RTX RTX Corp. | Reduce -44.5% | 4.37% | −2.21 |
| ORCL Oracle Corp. | Reduce -11.4% | 4.37% | −1.25 |
| GOOGL Alphabet Inc. Class A | Reduce -0.4% | 6.83% | −1.19 |
| AAPL Apple Inc. | Reduce -24.4% | 2.78% | −1.18 |
| BDX Becton Dickinson and Co. | Reduce -98.7% | 0.01% | −0.86 |
| JQUA JPMorgan US Quality Factor | Reduce -95.7% | 0.02% | −0.36 |
| NKE Nike Inc. Class B | Reduce -0.4% | 2.19% | −0.31 |
| ACN Accenture PLC Class A | Reduce -3.2% | 2.48% | −0.28 |
| WMT Walmart Inc. | Reduce -14.0% | 1.87% | −0.27 |
| KO The Coca-Cola Co. | Reduce -89.3% | 0.04% | −0.25 |
| ADBE Adobe Inc. | Reduce -2.7% | 1.42% | −0.20 |
| HD Home Depot Inc. | Reduce -4.3% | 1.96% | −0.12 |
| CSCO Cisco Systems Inc. | Reduce -52.5% | 0.05% | −0.05 |
| CHRW C.H. Robinson Worldwide Inc. | Reduce -4.3% | 2.46% | −0.02 |
| GOOG Alphabet Inc. Class C | Reduce -8.3% | 0.06% | −0.02 |
| BIIB Biogen Inc. | Sold out | 0.00% | −0.01 |
| GD General Dynamics Corp. | Reduce -7.8% | 3.09% | −0.00 |
| TROW T Rowe Price Group Inc. | Reduce -5.4% | 0.01% | −0.00 |
| SYY Sysco Corp. | Reduce -1.1% | 0.03% | +0.00 |
| CTSH Cognizant Tech Solutions-A | Reduce -1.5% | 0.03% | +0.00 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -1.2% | 1.23% | +0.04 |
| PG The Procter & Gamble Co. | Reduce -1.9% | 1.47% | +0.06 |
| LLY Eli Lilly & Co. | Reduce -2.8% | 1.33% | +0.11 |
| SBUX Starbucks Corp. | Reduce -4.2% | 2.63% | +0.19 |
| V Visa Inc. Class A | Reduce -5.4% | 3.07% | +0.27 |
| RHHBY Roche Holdings Ltd.-Spons ADR | Reduce -7.0% | 4.39% | +0.57 |
| JNJ Johnson & Johnson | Reduce -3.1% | 4.42% | +0.62 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.0% | 7.83% | +1.46 |
Portfolio Buys Q4 2024 → Q1 2025
| NVO Novo-Nordisk A/S-Spons ADR | Add +107.5% | 5.33% | +2.29 |
| MDT Medtronic PLC | Add +4.5% | 5.60% | +1.05 |
| UL Unilever PLC | Add +1.4% | 7.10% | +0.73 |
| ASML ASML Holding NV-NY Reg SHS | Add +37.6% | 2.62% | +0.72 |
| NVDA Nvidia Corp. | New | 0.55% | +0.55 |
| HON Honeywell International Inc. | Add +549.9% | 0.61% | +0.51 |
| CL Colgate-Palmolive Co. | Add +53.0% | 0.96% | +0.38 |
| PEP Pepsico Inc. | Add +0.4% | 1.31% | +0.05 |
| DEO Diageo PLC-Sponsored ADR | Add +2.8% | 1.90% | −0.24 |
| MSFT Microsoft Corp. | Add +2.4% | 6.36% | −0.30 |
| DIS The Walt Disney Co. | Add +0.8% | 7.08% | −0.49 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 46 | $1.8B | GOOGL, NVO, BRK.B, MSFT, UL |
| Q1 2026 | 46 | $1.8B | GOOGL, MSFT, BRK.B, NVO, DIS |
| Q4 2025 | 47 | $1.9B | GOOGL, MSFT, BRK.B, UL, DIS |
| Q3 2025 | 43 | $1.9B | GOOGL, MSFT, BRK.B, UL, DIS |
| Q2 2025 | 44 | $1.9B | MSFT, DIS, GOOGL, UL, BRK.B |
| Q1 2025 | 44 | $1.9B | BRK.B, UL, DIS, GOOGL, MSFT |
| Q4 2024 | 44 | $2.0B | GOOGL, DIS, MSFT, RTX, BRK.B |
| Q3 2024 | 41 | $2.3B | RTX, UL, MSFT, GOOGL, BRK.B |
| Q2 2024 | 42 | $2.2B | GOOGL, MSFT, RTX, UL, BRK.B |
| Q1 2024 | 45 | $2.2B | RTX, DIS, MSFT, GOOGL, BRK.B |