Saratoga Research & Investment Management Long-Term Concentrated

CIK: 0001477872 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 5, 2026

Total Value ($000): $1,907,744 (100.0% shares, 0.0% debt)

Holdings (47)

New Positions (5)

UL Unilever PLC SPON ADR NEW 6.4%

Value ($000) $121,192 Shares 1,853,095 Est. Cost $65.40 Unrealized —

IVV iShares Core S&P 500 ETF 0.1%

Value ($000) $1,156 Shares 1,688 Est. Cost $684.94 Unrealized —

APH Amphenol Corporation CL A 0.0%

Value ($000) $541 Shares 4,005 Est. Cost $133.54 Unrealized 0.0%

LOW Lowes Companies, Inc. 0.0%

Value ($000) $480 Shares 1,992 Est. Cost $239.83 Unrealized 0.0%

NVS Novartis AG SPONSORED ADR 0.0%

Value ($000) $205 Shares 1,490 Est. Cost $137.87 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UL	Unilever PLC SPON ADR NEW	1,853,095	$121,192	6.4%	$65.40	—	COM	904767803
IVV	iShares Core S&P 500 ETF	1,688	$1,156	0.1%	$684.94	—	ETF	464287200
APH	Amphenol Corporation CL A	4,005	$541	0.0%	$133.54	0.0%	COM	032095101
LOW	Lowes Companies, Inc.	1,992	$480	0.0%	$239.83	0.0%	COM	548661107
NVS	Novartis AG SPONSORED ADR	1,490	$205	0.0%	$137.87	—	COM	66987V109

Increased Positions (3)

JQUA JPMorgan US Quality Factor ETF 0.5%

Value ($000) $10,263 (+4571.8%) Shares 162,442 (+4551.8%) Est. Cost $63.09 Unrealized —

HON Honeywell International Inc. 1.4%

Value ($000) $27,251 (+53.7%) Shares 139,685 (+65.8%) Est. Cost $199.05 Unrealized -2.0%

NVDA NVIDIA Corp. 1.1%

Value ($000) $20,941 (+12.5%) Shares 112,283 (+12.5%) Est. Cost $133.27 Unrealized +39.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JQUA	JPMorgan US Quality Factor ETF	162,442 (+4551.8%)	$10,263 (+4571.8%)	0.5%	$63.09	—	ETF	46641Q761
HON	Honeywell International Inc.	139,685 (+65.8%)	$27,251 (+53.7%)	1.4%	$199.05	-2.0%	COM	438516106
NVDA	NVIDIA Corp.	112,283 (+12.5%)	$20,941 (+12.5%)	1.1%	$133.27	+39.7%	COM	67066G104

Exited Positions (1)

— Unilever PLC 6.6%

Value ($000) $125,005 Shares 2,108,717 Est. Cost $53.17 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Unilever PLC	2,108,717	$125,005	6.6%	$53.17	—	—	904767704

Decreased Positions (26)

GOOGL Alphabet Inc. CAP STK CL A 11.8%

Value ($000) $225,312 (+17.4%) Shares 719,847 (-8.8%) Est. Cost $112.76 Unrealized +153.3%

ORCL Oracle Corp. 3.5%

Value ($000) $67,381 (-32.7%) Shares 345,704 (-2.9%) Est. Cost $40.01 Unrealized +495.0%

ZTS Zoetis Inc. CL A 0.0%

Value ($000) $931 (-94.2%) Shares 7,400 (-93.3%) Est. Cost $156.67 Unrealized -16.9%

RHHBY Roche Holding AG SPONSORED ADR 5.0%

Value ($000) $94,516 (+17.7%) Shares 1,832,770 (-4.5%) Est. Cost $39.07 Unrealized —

MSFT Microsoft Corp. 7.6%

Value ($000) $144,461 (-8.1%) Shares 298,708 (-1.6%) Est. Cost $79.61 Unrealized +528.8%

DEO Diageo PLC SPON ADR NEW 1.2%

Value ($000) $23,384 (-27.2%) Shares 271,058 (-19.5%) Est. Cost $145.31 Unrealized —

HD Home Depot Inc. 1.6%

Value ($000) $31,448 (-18.9%) Shares 91,391 (-4.5%) Est. Cost $273.03 Unrealized +33.5%

CHRW C.H. Robinson Worldwide Inc COM NEW 2.6%

Value ($000) $49,456 (+14.2%) Shares 307,641 (-6.0%) Est. Cost $62.33 Unrealized +136.4%

JNJ Johnson & Johnson 5.0%

Value ($000) $95,243 (+5.8%) Shares 460,223 (-5.2%) Est. Cost $110.94 Unrealized +77.6%

LLY Eli Lilly & Co. 2.7%

Value ($000) $51,751 (+10.4%) Shares 48,155 (-21.6%) Est. Cost $784.76 Unrealized +21.8%

GD General Dynamics Corporation 3.3%

Value ($000) $63,521 (-5.7%) Shares 188,679 (-4.4%) Est. Cost $138.74 Unrealized +145.7%

ASML ASML Holding N.V. 3.9%

Value ($000) $75,143 (+5.1%) Shares 70,236 (-4.9%) Est. Cost $685.67 Unrealized —

PG Procter & Gamble Co. 1.6%

Value ($000) $31,259 (-9.1%) Shares 218,125 (-2.6%) Est. Cost $89.53 Unrealized +64.4%

SBUX Starbucks Corp. 2.6%

Value ($000) $49,976 (-5.0%) Shares 593,466 (-4.6%) Est. Cost $72.89 Unrealized +15.3%

BRK/B Berkshire Hathaway Inc. CL B NEW 6.9%

Value ($000) $132,329 (-1.8%) Shares 263,262 (-1.8%) Est. Cost $210.09 Unrealized +136.8%

RTX RTX Corp. 3.0%

Value ($000) $57,405 (+4.2%) Shares 313,003 (-4.9%) Est. Cost $63.05 Unrealized +174.9%

ADBE Adobe Inc 0.7%

Value ($000) $12,653 (-14.0%) Shares 36,153 (-13.3%) Est. Cost $474.93 Unrealized -28.4%

BIL SPDR Bloomberg 1-3 Month T-Bill ETF 1.1%

Value ($000) $20,577 (-8.7%) Shares 225,181 (-8.4%) Est. Cost $91.79 Unrealized —

NKE Nike, Inc. CL B 0.4%

Value ($000) $7,122 (-17.5%) Shares 111,781 (-9.7%) Est. Cost $77.74 Unrealized -16.5%

CL Colgate-Palmolive Co. 0.8%

Value ($000) $14,742 (-5.0%) Shares 186,563 (-3.9%) Est. Cost $76.18 Unrealized +2.8%

PEP Pepsico Inc 1.3%

Value ($000) $24,726 (-3.0%) Shares 172,282 (-5.1%) Est. Cost $128.70 Unrealized +13.4%

V Visa Inc COM CL A 2.1%

Value ($000) $39,173 (-1.6%) Shares 111,697 (-4.2%) Est. Cost $214.66 Unrealized +58.6%

MDT Medtronic PLC 5.8%

Value ($000) $110,963 (-0.5%) Shares 1,155,146 (-1.3%) Est. Cost $78.70 Unrealized +23.4%

WMT Walmart Inc 0.9%

Value ($000) $17,104 (+2.1%) Shares 153,526 (-5.6%) Est. Cost $45.77 Unrealized +134.2%

ACN Accenture PLC 1.9%

Value ($000) $36,377 (+0.9%) Shares 135,584 (-7.2%) Est. Cost $224.49 Unrealized +13.2%

AAPL Apple Inc. 1.6%

Value ($000) $31,411 (-0.8%) Shares 115,542 (-7.1%) Est. Cost $85.07 Unrealized +215.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	Alphabet Inc. CAP STK CL A	719,847 (-8.8%)	$225,312 (+17.4%)	11.8%	$112.76	+153.3%	COM	02079K305
ORCL	Oracle Corp.	345,704 (-2.9%)	$67,381 (-32.7%)	3.5%	$40.01	+495.0%	COM	68389X105
ZTS	Zoetis Inc. CL A	7,400 (-93.3%)	$931 (-94.2%)	0.0%	$156.67	-16.9%	COM	98978V103
RHHBY	Roche Holding AG SPONSORED ADR	1,832,770 (-4.5%)	$94,516 (+17.7%)	5.0%	$39.07	—	COM	771195104
MSFT	Microsoft Corp.	298,708 (-1.6%)	$144,461 (-8.1%)	7.6%	$79.61	+528.8%	COM	594918104
DEO	Diageo PLC SPON ADR NEW	271,058 (-19.5%)	$23,384 (-27.2%)	1.2%	$145.31	—	COM	25243Q205
HD	Home Depot Inc.	91,391 (-4.5%)	$31,448 (-18.9%)	1.6%	$273.03	+33.5%	COM	437076102
CHRW	C.H. Robinson Worldwide Inc COM NEW	307,641 (-6.0%)	$49,456 (+14.2%)	2.6%	$62.33	+136.4%	COM	12541W209
JNJ	Johnson & Johnson	460,223 (-5.2%)	$95,243 (+5.8%)	5.0%	$110.94	+77.6%	COM	478160104
LLY	Eli Lilly & Co.	48,155 (-21.6%)	$51,751 (+10.4%)	2.7%	$784.76	+21.8%	COM	532457108
GD	General Dynamics Corporation	188,679 (-4.4%)	$63,521 (-5.7%)	3.3%	$138.74	+145.7%	COM	369550108
ASML	ASML Holding N.V.	70,236 (-4.9%)	$75,143 (+5.1%)	3.9%	$685.67	—	COM	N07059210
PG	Procter & Gamble Co.	218,125 (-2.6%)	$31,259 (-9.1%)	1.6%	$89.53	+64.4%	COM	742718109
SBUX	Starbucks Corp.	593,466 (-4.6%)	$49,976 (-5.0%)	2.6%	$72.89	+15.3%	COM	855244109
BRK/B	Berkshire Hathaway Inc. CL B NEW	263,262 (-1.8%)	$132,329 (-1.8%)	6.9%	$210.09	+136.8%	COM	084670702
RTX	RTX Corp.	313,003 (-4.9%)	$57,405 (+4.2%)	3.0%	$63.05	+174.9%	COM	75513E101
ADBE	Adobe Inc	36,153 (-13.3%)	$12,653 (-14.0%)	0.7%	$474.93	-28.4%	COM	00724F101
BIL	SPDR Bloomberg 1-3 Month T-Bill ETF	225,181 (-8.4%)	$20,577 (-8.7%)	1.1%	$91.79	—	ETF	78468R663
NKE	Nike, Inc. CL B	111,781 (-9.7%)	$7,122 (-17.5%)	0.4%	$77.74	-16.5%	COM	654106103
CL	Colgate-Palmolive Co.	186,563 (-3.9%)	$14,742 (-5.0%)	0.8%	$76.18	+2.8%	COM	194162103
PEP	Pepsico Inc	172,282 (-5.1%)	$24,726 (-3.0%)	1.3%	$128.70	+13.4%	COM	713448108
V	Visa Inc COM CL A	111,697 (-4.2%)	$39,173 (-1.6%)	2.1%	$214.66	+58.6%	COM	92826C839
MDT	Medtronic PLC	1,155,146 (-1.3%)	$110,963 (-0.5%)	5.8%	$78.70	+23.4%	COM	G5960L103
WMT	Walmart Inc	153,526 (-5.6%)	$17,104 (+2.1%)	0.9%	$45.77	+134.2%	COM	931142103
ACN	Accenture PLC	135,584 (-7.2%)	$36,377 (+0.9%)	1.9%	$224.49	+13.2%	COM	G1151C101
AAPL	Apple Inc.	115,542 (-7.1%)	$31,411 (-0.8%)	1.6%	$85.07	+215.5%	COM	037833100

Unchanged Positions (13)

NVO Novo Nordisk A/S ADR 4.9%

Value ($000) $94,259 Shares 1,852,566 Est. Cost $67.83 Unrealized —

DIS Walt Disney Company 6.1%

Value ($000) $116,476 Shares 1,023,783 Est. Cost $106.40 Unrealized +2.9%

GOOG Alphabet Inc. CAP STK CL C 0.1%

Value ($000) $1,330 Shares 4,239 Est. Cost $108.47 Unrealized +164.0%

AMGN Amgen Inc. 0.0%

Value ($000) $772 Shares 2,358 Est. Cost $172.97 Unrealized +82.7%

CSCO Cisco Systems, Inc. 0.0%

Value ($000) $827 Shares 10,737 Est. Cost $18.69 Unrealized +294.9%

SYY Sysco Corporation 0.0%

Value ($000) $538 Shares 7,295 Est. Cost $65.68 Unrealized +14.9%

PAYX Paychex Inc 0.0%

Value ($000) $435 Shares 3,882 Est. Cost $27.96 Unrealized +316.8%

IBM International Business Machines Corp. 0.0%

Value ($000) $810 Shares 2,733 Est. Cost $105.47 Unrealized +183.3%

KO Coca-Cola Co (The) 0.0%

Value ($000) $689 Shares 9,849 Est. Cost $27.94 Unrealized +148.4%

AMZN Amazon.com, Inc. 0.0%

Value ($000) $462 Shares 2,000 Est. Cost $126.86 Unrealized +80.4%

LMT Lockheed Martin Corporation 0.0%

Value ($000) $336 Shares 695 Est. Cost $308.96 Unrealized +54.1%

UBFO United Security Bs 0.0%

Value ($000) $111 Shares 11,000 Est. Cost $5.29 Unrealized +79.4%

TROW Price T Rowe Group Inc. 0.0%

Value ($000) $305 Shares 2,977 Est. Cost $108.11 Unrealized -5.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVO	Novo Nordisk A/S ADR	1,852,566	$94,259	4.9%	$67.83	—	COM	670100205
DIS	Walt Disney Company	1,023,783	$116,476	6.1%	$106.40	+2.9%	COM	254687106
GOOG	Alphabet Inc. CAP STK CL C	4,239	$1,330	0.1%	$108.47	+164.0%	COM	02079K107
AMGN	Amgen Inc.	2,358	$772	0.0%	$172.97	+82.7%	COM	031162100
CSCO	Cisco Systems, Inc.	10,737	$827	0.0%	$18.69	+294.9%	COM	17275R102
SYY	Sysco Corporation	7,295	$538	0.0%	$65.68	+14.9%	COM	871829107
PAYX	Paychex Inc	3,882	$435	0.0%	$27.96	+316.8%	COM	704326107
IBM	International Business Machines Corp.	2,733	$810	0.0%	$105.47	+183.3%	COM	459200101
KO	Coca-Cola Co (The)	9,849	$689	0.0%	$27.94	+148.4%	COM	191216100
AMZN	Amazon.com, Inc.	2,000	$462	0.0%	$126.86	+80.4%	COM	023135106
LMT	Lockheed Martin Corporation	695	$336	0.0%	$308.96	+54.1%	COM	539830109
UBFO	United Security Bs	11,000	$111	0.0%	$5.29	+79.4%	COM	911460103
TROW	Price T Rowe Group Inc.	2,977	$305	0.0%	$108.11	-5.5%	COM	74144T108