SARATOGA RESEARCH & INVESTMENT MANAGEMENT

PrivateCIK: 1477872

Location

SARATOGA, CA

Positions

$1.76B

Total AUM (reported)

14.46M

Total Shares

Allocation by class

COM$1.74B98.8%

ETF$20.40M1.2%

ETP$203.4K0.0%

Portfolio Concentration

Top 3$442.48M25.1%

4–10$678.18M38.5%

11–25$609.65M34.6%

Rest$31.94M1.8%

Top 3 weight

25.1%

Top 10 weight

63.6%

Voting Authority Distribution

Total shares with voting rights: 14.46M

Sole

Full voting authority

13.74M

% of voting shares95.1%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

715.33K

% of voting shares4.9%

Investment Discretion (by position count)

Sole46

Shared0

Other0

Dominant voting typeSole · 95.1% of voting shares

Institutional Holdings46

Rows:

Alphabet Inc.

SOLE

COM

Shares610.63K

TypeSH

Market value$175.59M

9.96%

Sole

579.55K

Shared

0.00

None

31.08K

Microsoft Corp.

SOLE

COM

Shares368.82K

TypeSH

Market value$136.53M

7.75%

Sole

350.58K

Shared

0.00

None

18.24K

Berkshire Hathaway Inc.

SOLE

COM

Shares272.03K

TypeSH

Market value$130.36M

7.40%

Sole

258.12K

Shared

0.00

None

13.91K

Novo Nordisk A/S

SOLE

COM

Shares3.44M

TypeSH

Market value$126.29M

7.17%

Sole

3.25M

Shared

0.00

None

183.72K

Walt Disney Company

SOLE

COM

Shares1.13M

TypeSH

Market value$108.76M

6.17%

Sole

1.07M

Shared

0.00

None

58.20K

Unilever PLC

SOLE

COM

Shares1.87M

TypeSH

Market value$106.73M

6.06%

Sole

1.78M

Shared

0.00

None

97.48K

Medtronic PLC

SOLE

COM

Shares1.18M

TypeSH

Market value$101.86M

5.78%

Sole

1.12M

Shared

0.00

None

58.08K

ASML Holding N.V.

SOLE

COM

Shares64.28K

TypeSH

Market value$84.91M

4.82%

Sole

61.03K

Shared

0.00

None

3.26K

Johnson & Johnson

SOLE

COM

Shares339.44K

TypeSH

Market value$82.97M

4.71%

Sole

324.60K

Shared

0.00

None

14.84K

General Dynamics Corporation

SOLE

COM

Shares194.24K

TypeSH

Market value$66.67M

3.78%

Sole

183.61K

Shared

0.00

None

10.63K

Roche Holding AG

SOLE

COM

Shares1.29M

TypeSH

Market value$64.21M

3.64%

Sole

1.23M

Shared

0.00

None

58.68K

NVIDIA Corp.

SOLE

COM

Shares336.72K

TypeSH

Market value$58.72M

3.33%

Sole

321.90K

Shared

0.00

None

14.82K

Starbucks Corp.

SOLE

COM

Shares629.78K

TypeSH

Market value$56.42M

3.20%

Sole

602.13K

Shared

0.00

None

27.66K

The Procter & Gamble Co.

SOLE

COM

Shares360.23K

TypeSH

Market value$52.03M

2.95%

Sole

343.35K

Shared

0.00

None

16.88K

RTX Corp.

SOLE

COM

Shares259.07K

TypeSH

Market value$49.97M

2.84%

Sole

244.85K

Shared

0.00

None

14.22K

Visa Inc

SOLE

COM

Shares156.37K

TypeSH

Market value$47.26M

2.68%

Sole

148.76K

Shared

0.00

None

7.61K

Eli Lilly & Co.

SOLE

COM

Shares46.52K

TypeSH

Market value$42.79M

2.43%

Sole

44K

Shared

0.00

None

2.53K

C.H. Robinson Worldwide Inc

SOLE

COM

Shares251.84K

TypeSH

Market value$41.82M

2.37%

Sole

237.19K

Shared

0.00

None

14.66K

Honeywell International Inc.

SOLE

COM

Shares165.94K

TypeSH

Market value$37.51M

2.13%

Sole

161.60K

Shared

0.00

None

4.34K

Home Depot Inc.

SOLE

COM

Shares88.81K

TypeSH

Market value$29.21M

1.66%

Sole

84.07K

Shared

0.00

None

4.74K

Apple Inc.

SOLE

COM

Shares111.98K

TypeSH

Market value$28.42M

1.61%

Sole

108.44K

Shared

0.00

None

3.54K

Diageo PLC

SOLE

COM

Shares378.14K

TypeSH

Market value$28.15M

1.60%

Sole

361.10K

Shared

0.00

None

17.05K

Pepsico Inc

SOLE

COM

Shares173.32K

TypeSH

Market value$26.91M

1.53%

Sole

165.19K

Shared

0.00

None

8.12K

Accenture PLC

SOLE

COM

Shares133.66K

TypeSH

Market value$26.50M

1.50%

Sole

126.68K

Shared

0.00

None

6.98K

SPDR Bloomberg 1-3 Month T-Bill ETF

SOLE

ETF

Shares215.08K

TypeSH

Market value$19.71M

1.12%

Sole

212.85K

Shared

0.00

None

2.23K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
Alphabet Inc.SOLE	COM	610.63K	SH	$175.59M 9.96%	579.55K	31.08K
Microsoft Corp.SOLE	COM	368.82K	SH	$136.53M 7.75%	350.58K	18.24K
Berkshire Hathaway Inc.SOLE	COM	272.03K	SH	$130.36M 7.40%	258.12K	13.91K
Novo Nordisk A/SSOLE	COM	3.44M	SH	$126.29M 7.17%	3.25M	183.72K
Walt Disney CompanySOLE	COM	1.13M	SH	$108.76M 6.17%	1.07M	58.20K
Unilever PLCSOLE	COM	1.87M	SH	$106.73M 6.06%	1.78M	97.48K
Medtronic PLCSOLE	COM	1.18M	SH	$101.86M 5.78%	1.12M	58.08K
ASML Holding N.V.SOLE	COM	64.28K	SH	$84.91M 4.82%	61.03K	3.26K
Johnson & JohnsonSOLE	COM	339.44K	SH	$82.97M 4.71%	324.60K	14.84K
General Dynamics CorporationSOLE	COM	194.24K	SH	$66.67M 3.78%	183.61K	10.63K
Roche Holding AGSOLE	COM	1.29M	SH	$64.21M 3.64%	1.23M	58.68K
NVIDIA Corp.SOLE	COM	336.72K	SH	$58.72M 3.33%	321.90K	14.82K
Starbucks Corp.SOLE	COM	629.78K	SH	$56.42M 3.20%	602.13K	27.66K
The Procter & Gamble Co.SOLE	COM	360.23K	SH	$52.03M 2.95%	343.35K	16.88K
RTX Corp.SOLE	COM	259.07K	SH	$49.97M 2.84%	244.85K	14.22K
Visa IncSOLE	COM	156.37K	SH	$47.26M 2.68%	148.76K	7.61K
Eli Lilly & Co.SOLE	COM	46.52K	SH	$42.79M 2.43%	44K	2.53K
C.H. Robinson Worldwide IncSOLE	COM	251.84K	SH	$41.82M 2.37%	237.19K	14.66K
Honeywell International Inc.SOLE	COM	165.94K	SH	$37.51M 2.13%	161.60K	4.34K
Home Depot Inc.SOLE	COM	88.81K	SH	$29.21M 1.66%	84.07K	4.74K
Apple Inc.SOLE	COM	111.98K	SH	$28.42M 1.61%	108.44K	3.54K
Diageo PLCSOLE	COM	378.14K	SH	$28.15M 1.60%	361.10K	17.05K
Pepsico IncSOLE	COM	173.32K	SH	$26.91M 1.53%	165.19K	8.12K
Accenture PLCSOLE	COM	133.66K	SH	$26.50M 1.50%	126.68K	6.98K
SPDR Bloomberg 1-3 Month T-Bill ETFSOLE	ETF	215.08K	SH	$19.71M 1.12%	212.85K	2.23K

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