Saratoga Research & Investment Management
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 21 quarters, returned +1.8% per quarter — versus +3.2% per quarter from simply owning every 13F stock. It beat that baseline in only 38.1% of quarters (excess t = -0.71, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 46 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| GOOGL | $176M | | TRIM |
| MSFT | $137M | | ADD |
| BRK/B | $130M | | ADD |
| NVO | $126M | | ADD |
| DIS | $109M | | ADD |
| UL | $107M | | HOLD |
| MDT | $102M | | HOLD |
| ASML | $85M | | TRIM |
| JNJ | $83M | | TRIM |
| GD | $67M | | ADD |
| RHHBY | $64M | | TRIM |
| NVDA | $59M | | ADD |
| SBUX | $56M | | ADD |
| PG | $52M | | ADD |
| RTX | $50M | | TRIM |
| V | $47M | | ADD |
| LLY | $43M | | TRIM |
| CHRW | $42M | | TRIM |
| HON | $38M | | ADD |
| HD | $29M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.