Saratoga Research & Investment Management

CIK 0001477872 · Q1 2026

13F Equity AUM

$1.8B

-7.6% QoQ

Positions

-1 QoQ

AUM Rank

#1,935

Top 16%

Skill Alpha (FF)

+1.2%/yr^ns

No Clear Edge

Rank #1,489 · Top 18%

vs S&P -2.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 38.5%Top 10: 63.6%Top 20: 90.8%

GOOGL10.0%

MSFT7.8%

BRK/B7.4%

NVO7.2%

DIS6.2%

UL6.1%

MDT5.8%

ASML4.8%

JNJ4.7%

GD3.8%

Others (36)36.4%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare23.8%

Technology19.2%

Communication Services16.2%

Consumer Defensive13.1%

Financial Services11.3%

Industrials11.2%

Consumer Cyclical5.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 46Median: 1.52%Avg: 2.17%

0–0.5%

20(0.9%)

0.5–1%

1(0.9%)

1–3%

12(24.4%)

3–5%

6(23.5%)

5%+

7(50.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 45Unique: 1vs 20 funds

0.6%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

1.1%

MORGAN STANLEY

0.8%

JPMORGAN CHASE & CO

0.9%

BANK OF AMERICA CORP /DE/

0.9%

FMR LLC

1.5%

STATE STREET CORP

1.2%

GEODE CAPITAL MANAGEMENT, LLC

1.1%

VANGUARD CAPITAL MANAGEMENT LLC

1.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.2%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New2Increased19Decreased18Exited3

New Positions

VNQ0.0%

+5K

EPD0.0%

+5K

Increased

NVO7.2%

+1.6M(+85%)

NVDA3.3%

+224K(+200%)

PG3.0%

+142K(+65%)

DGED1.6%

+107K(+40%)

DIS6.2%

+105K(+10%)

MSFT7.8%

+70K(+23%)

V2.7%

+45K(+40%)

SBUX3.2%

+36K(+6%)

HON2.1%

+26K(+19%)

MDT5.8%

+20K(+2%)

Decreased

RHHBY3.6%

-541,140(-30%)

JQUA0.0%

-159,036(-98%)

JNJ4.7%

-120,782(-26%)

GOOGL10.0%

-109,218(-15%)

CHRW2.4%

-55,797(-18%)

RTX2.8%

-53,932(-17%)

ADBE0.0%

-33,932(-94%)

BIL1.1%

-10,104(-4%)

ASML4.8%

-5,951(-8%)

AAPL1.6%

-3,559(-3%)

Exited

ORCL

-345,704

WMT

-153,526

IVV

-1,688

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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