Saratoga Research & Investment Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 20, 2025), Saratoga Research & Investment Management reported 44 stock positions worth $1.9 billion. Its top holding was Microsoft (MSFT) at 8.5% of the portfolio, followed by Walt Disney (DIS, 8.3%) and Alphabet Class A (GOOGL, 7.8%). Compared with Q1 2025, it opened 1 new position, sold out of 1, added to 13 and reduced 22. The biggest buy was a new position in Zoetis (ZTS) and the biggest sale Apple (AAPL, shares −44%).
- Most Recent 13F
- Q2 2026
- Location
- SARATOGA, CA
- CIK
- 0001477872
- Portfolio Value
- $1.9B (Q2 2025)
- SEC Filing
- 0001477872-25-000005 ↗ filed Aug 20, 2025
Holdings Value
Holdings 44 stocks · $1.9B
| MSFT Microsoft Corp. | 8.47% | 318,079 | $158.2M | Reduce -0.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 8.32% | 1,253,656 | $155.5M | Reduce -7.7% |
| GOOGL Alphabet Inc. Class A | 7.84% | 831,445 | $146.5M | Reduce -0.6% |
| UL Unilever PLC | 7.06% | 2,157,095 | $131.9M | Reduce -4.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 6.72% | 258,265 | $125.5M | Reduce -7.3% |
| NVO Novo-Nordisk A/S-Spons ADR | 5.59% | 1,512,677 | $104.4M | Add +4.0% |
| MDT Medtronic PLC | 5.51% | 1,181,002 | $102.9M | Reduce -0.0% |
| ORCL Oracle Corp. | 5.28% | 450,920 | $98.6M | Reduce -23.8% |
| RHHBY Roche Holdings Ltd.-Spons ADR | 4.32% | 1,978,134 | $80.6M | Reduce -2.2% |
| JNJ Johnson & Johnson | 4.10% | 501,415 | $76.6M | Reduce -0.6% |
| RTX RTX Corp. | 3.27% | 418,167 | $61.1M | Reduce -33.1% |
| ASML ASML Holding NV-NY Reg SHS | 3.22% | 75,008 | $60.1M | Add +0.3% |
| GD General Dynamics Corp. | 3.22% | 206,088 | $60.1M | Reduce -4.1% |
| SBUX Starbucks Corp. | 2.50% | 510,482 | $46.8M | Add +0.4% |
| ACN Accenture PLC Class A | 2.39% | 149,552 | $44.7M | Reduce -0.7% |
| V Visa Inc. Class A | 2.31% | 121,642 | $43.2M | Reduce -26.8% |
| CHRW C.H. Robinson Worldwide Inc. | 2.28% | 443,311 | $42.5M | Reduce -2.5% |
| HD Home Depot Inc. | 1.96% | 99,605 | $36.5M | Reduce -1.7% |
| DEO Diageo PLC-Sponsored ADR | 1.84% | 341,086 | $34.4M | Reduce -0.5% |
| PG The Procter & Gamble Co. | 1.78% | 208,643 | $33.2M | Add +27.6% |
| LLY Eli Lilly & Co. | 1.55% | 37,233 | $29.0M | Add +22.3% |
| AAPL Apple Inc. | 1.47% | 133,633 | $27.4M | Reduce -43.7% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 1.23% | 249,882 | $22.9M | Reduce -1.3% |
| PEP Pepsico Inc. | 1.18% | 167,435 | $22.1M | Add +1.1% |
| NKE Nike Inc. Class B | 0.97% | 255,501 | $18.2M | Reduce -61.0% |
| CL Colgate-Palmolive Co. | 0.95% | 195,696 | $17.8M | Add +1.1% |
| WMT Walmart Inc. | 0.92% | 174,900 | $17.1M | Reduce -56.6% |
| ADBE Adobe Inc. | 0.90% | 43,634 | $16.9M | Reduce -37.8% |
| NVDA Nvidia Corp. | 0.86% | 102,161 | $16.1M | Add +6.1% |
| ZTS Zoetis Inc. | 0.82% | 98,597 | $15.4M | New |
| HON Honeywell International Inc. | 0.72% | 57,925 | $13.5M | Add +6.6% |
| CSCO Cisco Systems Inc. | 0.06% | 16,723 | $1.2M | Add +0.2% |
| JQUA JPMorgan US Quality Factor | 0.06% | 18,382 | $1.1M | Add +223.7% |
| GOOG Alphabet Inc. Class C | 0.05% | 4,934 | $875K | Reduce -32.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.04% | 2,738 | $807K | No change |
| KO The Coca-Cola Co. | 0.04% | 9,895 | $700K | No change |
| AMGN Amgen Inc. | 0.04% | 2,358 | $658K | Add +1.7% |
| CTSH Cognizant Tech Solutions-A | 0.03% | 7,428 | $580K | No change |
| PAYX Paychex Inc. | 0.03% | 3,882 | $565K | No change |
| SYY Sysco Corp. | 0.03% | 7,372 | $558K | No change |
| AMZN Amazon.com Inc. | 0.02% | 2,000 | $439K | No change |
| LMT Lockheed Martin Corp. | 0.02% | 695 | $322K | No change |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.02% | 2,986 | $288K | Add +15.4% |
| UBFO United Security Bancshare | 0.01% | 11,000 | $95K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -43.7% | 1.47% | −1.32 |
| NKE Nike Inc. Class B | Reduce -61.0% | 0.97% | −1.22 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -7.3% | 6.72% | −1.11 |
| RTX RTX Corp. | Reduce -33.1% | 3.27% | −1.10 |
| WMT Walmart Inc. | Reduce -56.6% | 0.92% | −0.95 |
| V Visa Inc. Class A | Reduce -26.8% | 2.31% | −0.76 |
| ADBE Adobe Inc. | Reduce -37.8% | 0.90% | −0.52 |
| JNJ Johnson & Johnson | Reduce -0.6% | 4.10% | −0.32 |
| CHRW C.H. Robinson Worldwide Inc. | Reduce -2.5% | 2.28% | −0.18 |
| MDT Medtronic PLC | Reduce -0.0% | 5.51% | −0.09 |
| ACN Accenture PLC Class A | Reduce -0.7% | 2.39% | −0.09 |
| RHHBY Roche Holdings Ltd.-Spons ADR | Reduce -2.2% | 4.32% | −0.08 |
| DEO Diageo PLC-Sponsored ADR | Reduce -0.5% | 1.84% | −0.05 |
| UL Unilever PLC | Reduce -4.4% | 7.06% | −0.03 |
| GOOG Alphabet Inc. Class C | Reduce -32.9% | 0.05% | −0.01 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −0.01 |
| HD Home Depot Inc. | Reduce -1.7% | 1.96% | −0.01 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -1.3% | 1.23% | +0.00 |
| GD General Dynamics Corp. | Reduce -4.1% | 3.22% | +0.13 |
| ORCL Oracle Corp. | Reduce -23.8% | 5.28% | +0.91 |
| GOOGL Alphabet Inc. Class A | Reduce -0.6% | 7.84% | +1.02 |
| DIS The Walt Disney Co. | Reduce -7.7% | 8.32% | +1.25 |
| MSFT Microsoft Corp. | Reduce -0.9% | 8.47% | +2.11 |
Portfolio Buys Q1 2025 → Q2 2025
| ZTS Zoetis Inc. | New | 0.82% | +0.82 |
| ASML ASML Holding NV-NY Reg SHS | Add +0.3% | 3.22% | +0.60 |
| NVDA Nvidia Corp. | Add +6.1% | 0.86% | +0.31 |
| PG The Procter & Gamble Co. | Add +27.6% | 1.78% | +0.31 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +4.0% | 5.59% | +0.26 |
| LLY Eli Lilly & Co. | Add +22.3% | 1.55% | +0.23 |
| HON Honeywell International Inc. | Add +6.6% | 0.72% | +0.11 |
| JQUA JPMorgan US Quality Factor | Add +223.7% | 0.06% | +0.04 |
| CSCO Cisco Systems Inc. | Add +0.2% | 0.06% | +0.01 |
| TROW T Rowe Price Group Inc. | Add +15.4% | 0.02% | +0.00 |
| AMGN Amgen Inc. | Add +1.7% | 0.04% | −0.00 |
| CL Colgate-Palmolive Co. | Add +1.1% | 0.95% | −0.01 |
| PEP Pepsico Inc. | Add +1.1% | 1.18% | −0.13 |
| SBUX Starbucks Corp. | Add +0.4% | 2.50% | −0.13 |
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 |