Saratoga Research & Investment Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 17, 2025), Saratoga Research & Investment Management reported 43 stock positions worth $1.9 billion. Its top holding was Alphabet Class A (GOOGL) at 10.0% of the portfolio, followed by Microsoft (MSFT, 8.2%) and Berkshire Hathaway Class B (BRK.B, 7.0%). Compared with Q2 2025, it sold out of 1, added to 8 and reduced 27. The biggest buy was Eli Lilly (LLY, shares +65%) and the biggest sale Walt Disney (DIS, shares −18%).
- Most Recent 13F
- Q2 2026
- Location
- SARATOGA, CA
- CIK
- 0001477872
- Portfolio Value
- $1.9B (Q3 2025)
- SEC Filing
- 0001477872-25-000007 ↗ filed Nov 17, 2025
Holdings Value
Holdings 43 stocks · $1.9B
| GOOGL Alphabet Inc. Class A | 9.98% | 789,168 | $191.8M | Reduce -5.1% |
| MSFT Microsoft Corp. | 8.18% | 303,466 | $157.2M | Reduce -4.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 7.01% | 268,008 | $134.7M | Add +3.8% |
| UL Unilever PLC | 6.50% | 2,108,717 | $125.0M | Reduce -2.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 6.09% | 1,021,831 | $117.0M | Reduce -18.5% |
| MDT Medtronic PLC | 5.80% | 1,170,942 | $111.5M | Reduce -0.8% |
| NVO Novo-Nordisk A/S-Spons ADR | 5.35% | 1,853,707 | $102.9M | Add +22.5% |
| ORCL Oracle Corp. | 5.21% | 355,900 | $100.1M | Reduce -21.1% |
| JNJ Johnson & Johnson | 4.68% | 485,620 | $90.0M | Reduce -3.1% |
| RHHBY Roche Holdings Ltd.-Spons ADR | 4.18% | 1,920,085 | $80.3M | Reduce -2.9% |
| ASML ASML Holding NV-NY Reg SHS | 3.72% | 73,830 | $71.5M | Reduce -1.6% |
| GD General Dynamics Corp. | 3.50% | 197,443 | $67.3M | Reduce -4.2% |
| RTX RTX Corp. | 2.87% | 329,256 | $55.1M | Reduce -21.3% |
| SBUX Starbucks Corp. | 2.74% | 621,908 | $52.6M | Add +21.8% |
| LLY Eli Lilly & Co. | 2.44% | 61,459 | $46.9M | Add +65.1% |
| CHRW C.H. Robinson Worldwide Inc. | 2.25% | 327,131 | $43.3M | Reduce -26.2% |
| V Visa Inc. Class A | 2.07% | 116,596 | $39.8M | Reduce -4.2% |
| HD Home Depot Inc. | 2.02% | 95,674 | $38.8M | Reduce -4.0% |
| ACN Accenture PLC Class A | 1.87% | 146,168 | $36.0M | Reduce -2.3% |
| PG The Procter & Gamble Co. | 1.79% | 223,896 | $34.4M | Add +7.3% |
| DEO Diageo PLC-Sponsored ADR | 1.67% | 336,548 | $32.1M | Reduce -1.3% |
| AAPL Apple Inc. | 1.65% | 124,335 | $31.7M | Reduce -7.0% |
| PEP Pepsico Inc. | 1.33% | 181,505 | $25.5M | Add +8.4% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 1.17% | 245,697 | $22.5M | Reduce -1.7% |
| NVDA Nvidia Corp. | 0.97% | 99,805 | $18.6M | Reduce -2.3% |
| HON Honeywell International Inc. | 0.92% | 84,226 | $17.7M | Add +45.4% |
| WMT Walmart Inc. | 0.87% | 162,620 | $16.8M | Reduce -7.0% |
| ZTS Zoetis Inc. | 0.84% | 110,018 | $16.1M | Add +11.6% |
| CL Colgate-Palmolive Co. | 0.81% | 194,095 | $15.5M | Reduce -0.8% |
| ADBE Adobe Inc. | 0.77% | 41,704 | $14.7M | Reduce -4.4% |
| NKE Nike Inc. Class B | 0.45% | 123,790 | $8.6M | Reduce -51.5% |
| GOOG Alphabet Inc. Class C | 0.05% | 4,257 | $1.0M | Reduce -13.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.04% | 2,738 | $773K | No change |
| CSCO Cisco Systems Inc. | 0.04% | 10,761 | $736K | Reduce -35.6% |
| AMGN Amgen Inc. | 0.03% | 2,358 | $665K | No change |
| KO The Coca-Cola Co. | 0.03% | 9,895 | $656K | No change |
| SYY Sysco Corp. | 0.03% | 7,317 | $602K | Reduce -0.8% |
| PAYX Paychex Inc. | 0.03% | 3,882 | $492K | No change |
| AMZN Amazon.com Inc. | 0.02% | 2,000 | $439K | No change |
| LMT Lockheed Martin Corp. | 0.02% | 695 | $347K | No change |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.02% | 2,986 | $306K | No change |
| JQUA JPMorgan US Quality Factor | 0.01% | 3,492 | $220K | Reduce -81.0% |
| UBFO United Security Bancshare | 0.01% | 11,000 | $103K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| DIS The Walt Disney Co. | Reduce -18.5% | 6.09% | −2.24 |
| UL Unilever PLC | Reduce -2.2% | 6.50% | −0.56 |
| NKE Nike Inc. Class B | Reduce -51.5% | 0.45% | −0.52 |
| ACN Accenture PLC Class A | Reduce -2.3% | 1.87% | −0.52 |
| RTX RTX Corp. | Reduce -21.3% | 2.87% | −0.40 |
| MSFT Microsoft Corp. | Reduce -4.6% | 8.18% | −0.29 |
| V Visa Inc. Class A | Reduce -4.2% | 2.07% | −0.24 |
| DEO Diageo PLC-Sponsored ADR | Reduce -1.3% | 1.67% | −0.17 |
| CL Colgate-Palmolive Co. | Reduce -0.8% | 0.81% | −0.15 |
| RHHBY Roche Holdings Ltd.-Spons ADR | Reduce -2.9% | 4.18% | −0.14 |
| ADBE Adobe Inc. | Reduce -4.4% | 0.77% | −0.14 |
| ORCL Oracle Corp. | Reduce -21.1% | 5.21% | −0.07 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -1.7% | 1.17% | −0.05 |
| JQUA JPMorgan US Quality Factor | Reduce -81.0% | 0.01% | −0.05 |
| WMT Walmart Inc. | Reduce -7.0% | 0.87% | −0.04 |
| CTSH Cognizant Tech Solutions-A | Sold out | 0.00% | −0.03 |
| CHRW C.H. Robinson Worldwide Inc. | Reduce -26.2% | 2.25% | −0.02 |
| CSCO Cisco Systems Inc. | Reduce -35.6% | 0.04% | −0.02 |
| SYY Sysco Corp. | Reduce -0.8% | 0.03% | +0.00 |
| GOOG Alphabet Inc. Class C | Reduce -13.7% | 0.05% | +0.01 |
| HD Home Depot Inc. | Reduce -4.0% | 2.02% | +0.06 |
| NVDA Nvidia Corp. | Reduce -2.3% | 0.97% | +0.10 |
| AAPL Apple Inc. | Reduce -7.0% | 1.65% | +0.18 |
| GD General Dynamics Corp. | Reduce -4.2% | 3.50% | +0.28 |
| MDT Medtronic PLC | Reduce -0.8% | 5.80% | +0.29 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -1.6% | 3.72% | +0.50 |
| JNJ Johnson & Johnson | Reduce -3.1% | 4.68% | +0.58 |
| GOOGL Alphabet Inc. Class A | Reduce -5.1% | 9.98% | +2.13 |
Portfolio Buys Q2 2025 → Q3 2025
| LLY Eli Lilly & Co. | Add +65.1% | 2.44% | +0.89 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +3.8% | 7.01% | +0.29 |
| SBUX Starbucks Corp. | Add +21.8% | 2.74% | +0.23 |
| HON Honeywell International Inc. | Add +45.4% | 0.92% | +0.20 |
| PEP Pepsico Inc. | Add +8.4% | 1.33% | +0.14 |
| ZTS Zoetis Inc. | Add +11.6% | 0.84% | +0.01 |
| PG The Procter & Gamble Co. | Add +7.3% | 1.79% | +0.01 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +22.5% | 5.35% | −0.24 |
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 |