Saratoga Research & Investment Management
SARATOGA, CA
$1.8bn in 46 US stocks at the end of 30 June 2026. The top 10 are 64.1% of the money. It changed about 9.1% of the portfolio this quarter.
Value
$1.8bn
Stocks
46
Top 10 share
64.1%
Turnover
9.1%
What changed this quarter
New
Bought for the first time this quarter.
- Honeywell InternationalHON0.9% of the fund
- Honeywell AerospaceHONA0.9% of the fund
- Intuitive SurgicalISRG0.8% of the fund
- Emerson ElectricEMR0.6% of the fund
- BayComBCML<0.1% of the fund
- Altria GroupMO<0.1% of the fund
Added
Bought more of a stock they already held.
- UnileverUL6.5% of the fund+6%
- MedtronicMDT5.2% of the fund+2%
- NvidiaNVDA4.2% of the fund+14%
- Eli LillyLLY3.5% of the fund+16%
- J P Morgan Exchange Traded FJQUA<0.1% of the fund+466%
Cut
Sold some of their stake.
- AlphabetGOOGL9.7% of the fund-18%
- Novo Nordisk A SNVO8.5% of the fund-6%
- Berkshire HathawayBRK-B7.1% of the fund-5%
- MicrosoftMSFT6.8% of the fund-9%
- ASML Holding NVASML6.5% of the fund-7%
- Walt DisneyDIS5.7% of the fund-4%
- Johnson & JohnsonJNJ3.9% of the fund-18%
- General DynamicsGD3.5% of the fund-7%
- Roche Hldgs AG BaselRHHBY3.3% of the fund-8%
- StarbucksSBUX3.3% of the fund-7%
- VisaV2.8% of the fund-6%
- Procter & GamblePG2.7% of the fund-6%
- RTXRTX2.5% of the fund-6%
- C. H. Robinson WorldwideCHRW2.4% of the fund-7%
- Home DepotHD1.6% of the fund-4%
- AppleAAPL1.6% of the fund-10%
- DiageoDEO1.6% of the fund-5%
- PepsiCoPEP1.2% of the fund-5%
- Colgate-PalmoliveCL0.9% of the fund-8%
- AlphabetGOOG<0.1% of the fund-3%
- AmgenAMGN<0.1% of the fund-5%
- International Business MachinesIBM<0.1% of the fund-4%
- Cisco SystemsCSCO<0.1% of the fund-56%
- AccentureACN<0.1% of the fund-97%
- PaychexPAYX<0.1% of the fund-14%
Sold out
Sold their entire stake.
- Honeywell InternationalHON-100%
- NikeNKE-100%
- AdobeADBE-100%
- SyscoSYY-100%
- Enterprise Products Partners L.P.EPD-100%
- United SEC Bancshares CalifUBFO-100%
Holdings
- UnileverUL
- Share
- 6.5%
- Value
- $119m
- Shares
- 1,986,430
+6%
- Roche Hldgs AG BaselRHHBY
- Share
- 3.3%
- Value
- $61m
- Shares
- 1,188,687
-8%
- Spdr Series TrustBIL
- Share
- 1.1%
- Value
- $20m
- Shares
- 215,009
Held
- Honeywell AerospaceHONA
- Share
- 0.9%
- Value
- $17m
- Shares
- 75,656
New
- J P Morgan Exchange Traded FJQUA
- Share
- <0.1%
- Value
- $1m
- Shares
- 19,289
+466%
- Vanguard Index FDSVNQ
- Share
- <0.1%
- Value
- $522,072
- Shares
- 5,414
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| AlphabetGOOGL | 9.7% | $178m | 498,420 | -18% |
| Novo Nordisk A SNVO | 8.5% | $155m | 3,236,009 | -6% |
| Berkshire HathawayBRK-B | 7.1% | $129m | 257,895 | -5% |
| MicrosoftMSFT | 6.8% | $125m | 334,179 | -9% |
| UnileverUL | 6.5% | $119m | 1,986,430 | +6% |
| ASML Holding NVASML | 6.5% | $118m | 59,510 | -7% |
| Walt DisneyDIS | 5.7% | $104m | 1,083,810 | -4% |
| MedtronicMDT | 5.2% | $94m | 1,203,285 | +2% |
| NvidiaNVDA | 4.2% | $77m | 384,865 | +14% |
| Johnson & JohnsonJNJ | 3.9% | $71m | 278,459 | -18% |
| Eli LillyLLY | 3.5% | $65m | 53,862 | +16% |
| General DynamicsGD | 3.5% | $64m | 180,394 | -7% |
| Roche Hldgs AG BaselRHHBY | 3.3% | $61m | 1,188,687 | -8% |
| StarbucksSBUX | 3.3% | $60m | 587,872 | -7% |
| VisaV | 2.8% | $51m | 147,779 | -6% |
| Procter & GamblePG | 2.7% | $50m | 338,641 | -6% |
| RTXRTX | 2.5% | $46m | 243,447 | -6% |
| C. H. Robinson WorldwideCHRW | 2.4% | $44m | 235,112 | -7% |
| Home DepotHD | 1.6% | $30m | 84,878 | -4% |
| AppleAAPL | 1.6% | $29m | 100,400 | -10% |
| DiageoDEO | 1.6% | $29m | 361,038 | -5% |
| PepsiCoPEP | 1.2% | $22m | 164,728 | -5% |
| Spdr Series TrustBIL | 1.1% | $20m | 215,009 | Held |
| Honeywell InternationalHON | 0.9% | $17m | 75,789 | New |
| Honeywell AerospaceHONA | 0.9% | $17m | 75,656 | New |
| Colgate-PalmoliveCL | 0.9% | $16m | 175,603 | -8% |
| Intuitive SurgicalISRG | 0.8% | $15m | 38,044 | New |
| Emerson ElectricEMR | 0.6% | $10m | 71,924 | New |
| J P Morgan Exchange Traded FJQUA | <0.1% | $1m | 19,289 | +466% |
| BayComBCML | <0.1% | $1m | 32,035 | New |
| AlphabetGOOG | <0.1% | $999,571 | 2,829 | -3% |
| Coca-ColaKO | <0.1% | $800,428 | 9,849 | Held |
| AmgenAMGN | <0.1% | $789,784 | 2,181 | -5% |
| International Business MachinesIBM | <0.1% | $737,895 | 2,624 | -4% |
| AmphenolAPH | <0.1% | $697,875 | 3,958 | Held |
| ZoetisZTS | <0.1% | $592,773 | 8,249 | Held |
| Cisco SystemsCSCO | <0.1% | $527,748 | 4,493 | -56% |
| Vanguard Index FDSVNQ | <0.1% | $522,072 | 5,414 | Held |
| Amazon.comAMZN | <0.1% | $476,680 | 2,000 | Held |
| Lowe's CompaniesLOW | <0.1% | $442,744 | 2,008 | Held |
| AccentureACN | <0.1% | $437,780 | 3,518 | -97% |
| Lockheed MartinLMT | <0.1% | $354,075 | 695 | Held |
| Price T Rowe GroupTROW | <0.1% | $338,455 | 2,977 | Held |
| PaychexPAYX | <0.1% | $329,307 | 3,349 | -14% |
| Novartis AGNVS | <0.1% | $233,513 | 1,490 | Held |
| Altria GroupMO | <0.1% | $210,094 | 2,920 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 2.2% since 30 June 2025.
Where the money is
Health care22.0%
Industrials17.4%
Media & telecom15.5%
Technology12.8%
Financial services9.9%
Everyday goods6.5%
Retail & consumer5.0%
Other11.1%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.