Saratoga Research & Investment Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for investment companies, and portfolio management for pooled vehicles. Financial planning was provided to 11–25 clients last fiscal year.
Saratoga Research & Investment Management reports 2,740 clients. They include 2,103 individual clients, 451 high-net-worth individuals, and 90 corporations and other businesses. Of its assets, 98.3% ($2.47B across 2,682 accounts) are managed with discretion; $43M across 58 accounts are not. A wrap fee program the firm both sponsors and manages holds $17M.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 77% | 30% |
| High-net-worth individuals | 16% | 46% |
| Investment companies | <1% | 7% |
| Pension and profit-sharing plans | 2% | 2% |
| Charitable organizations | 1% | 2% |
| Other client typesCorporations and other businesses | 3% | 12% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 2,103 | $748M | 29.8% | $356K |
| High-net-worth individuals | 451 | $1.16B | 46.3% | $2.58M |
| Investment companies | 1 | $174M | 6.9% | $174M |
| Pension and profit-sharing plans | 64 | $57.8M | 2.3% | $902K |
| Charitable organizations | 31 | $58.2M | 2.3% | $1.88M |
| Corporations and other businesses | 90 | $310M | 12.4% | $3.44M |
| Total | 2,740 | $2.51B | 100% | $916K |
- Clients
- 2,103
- Regulatory AUM
- $748M
- AUM share
- 29.8%
- Avg. per client
- $356K
- Clients
- 451
- Regulatory AUM
- $1.16B
- AUM share
- 46.3%
- Avg. per client
- $2.58M
- Clients
- 1
- Regulatory AUM
- $174M
- AUM share
- 6.9%
- Avg. per client
- $174M
- Clients
- 64
- Regulatory AUM
- $57.8M
- AUM share
- 2.3%
- Avg. per client
- $902K
- Clients
- 31
- Regulatory AUM
- $58.2M
- AUM share
- 2.3%
- Avg. per client
- $1.88M
- Clients
- 90
- Regulatory AUM
- $310M
- AUM share
- 12.4%
- Avg. per client
- $3.44M
Total
- Clients
- 2,740
- Regulatory AUM
- $2.51B
- AUM share
- 100%
- Avg. per client
- $916K
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 11–25
Saratoga Research & Investment Management is paid through a percentage of assets under management. The reviewed brochures do not disclose an asset-based fee rate. Read the SEC-filed brochure.
Kevin Tanner owns 25% to 50% of Saratoga Research & Investment Management. Kevin Tanner is CEO; the leadership team includes President Marc Crosby, Chief Financial Officer Travis Hanson and Chief Compliance Officer Madeline Hedges. It has 21 employees, 12 of them in advisory roles.
Leadership
- Kevin TannerChief Executive Officer/Chief Investment Officer
- Marc CrosbyPresident
- Travis HansonChief Financial Officer
- Madeline HedgesChief Compliance Officer
- Philip SpencerDirector of Research
- James TannerDirector of Operations
Investment adviser representatives
15 representatives listed in the SEC register as of 9 October 2026.
- Tierney Leigh-McClenahan Bosset
- Matthew Daniel Casas
- Marc Cook Crosby
- Tracey Alden Devine
- Andrew Joseph Early
- Matthew Tyler Keating
- Mark Lee McClenahan
- Robert Lee Meng
- Joseph Howard Pollard
- Shoichi Adam Sato
- Mathew Edward Spencer
- Philip Albert Spencer
- James Harold Tanner
- Kevin Peter Tanner
- George Wehrfritz
Staff
- 21 employees
- 12 in advisory functions
- 15 state-registered reps
- Owns 25% to 50% of Saratoga Research & Investment Management
Kevin Tanner
Control person · since April 1995
- Owns 5% to 10% of Saratoga Research & Investment Management
Marc Crosby
Control person · since January 2017
- Owns 5% to 10% of Saratoga Research & Investment Management
Travis Hanson
Control person · since May 2016
- Owns 5% to 10% of Saratoga Research & Investment Management
James Tanner
since April 1995
- Owns 5% to 10% of Saratoga Research & Investment Management
Philip Spencer
since September 2024
Saratoga Research & Investment Management’s regulatory assets went from $2.63B (April 2021) to $2.51B (April 2026); clients fell from 3,713 to 2,740 and employees were 21 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| April 2026 | $2.51B | 2,740 | 21 | 5 |
| April 2025 | $2.51B | 3,016 | 22 | 5 |
| April 2024 | $2.74B | 3,207 | 23 | 6 |
| April 2023 | $2.6B | 3,287 | 23 | 6 |
| April 2022 | $2.96B | 3,459 | 21 | 5 |
| April 2021 | $2.63B | 3,713 | 21 | 5 |
Besides its headquarters, Saratoga Research & Investment Management has 4 offices (3 private residences, listed without an address), with 2 listed addresses in California and Washington.
California · 1 listed address
- 14471 Big Basin Way, Suite E, SaratogaHQ
Washington · 1 listed address
- 10015 Lake City Way Ne, Seattle
Contact and registration details
- Legal name
- Saratoga Research & Investment Management
- Headquarters
- 14471 Big Basin Way, Suite E, Saratoga, CA 95070
- Website
- saratogarim.com
- Phone
- 408-741-2330
- @saratoga-rim
- SEC file
- 801-57695
- Structure
- California corporation
- Fiscal year end
- December
Saratoga Research & Investment Management uses Charles Schwab ($1.4B, 64%), Fidelity ($527M, 24%) and Finemark National Bank and Trust ($271M, 12%) as custodians for its separately managed accounts. Saratoga Research & Investment Management has custody of $133M in client assets for 100 clients.
- Finemark National Bank and TrustFinemark National Bank and Trust · Fort Myers, FL · $271M12%
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $1.4B64%
- FidelityNational Financial Services LLC · Boston, MA · $527M24%
At year end, Saratoga Research & Investment Management’s separately managed accounts were mostly in stocks (75%) and cash (20%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.83B across 46 positions; the largest are Alphabet Inc.. (9.7%), Novo Nordisk A/s (8.5%) and Berkshire Hathaway Inc.. (7.1%).
What the accounts hold
- Stocks75%
- Bonds5%
- U.S. government and agency bonds4%
- Investment grade corporate bonds1%
- Cash20%
Reported 13F holdings
- $1.83B
- Reported 13F value
- 46
- Positions
- 64.1%
- In the 10 largest
- +3.7%
- Value vs. prior quarter
- Alphabet Inc..9.7%
- Novo Nordisk A/s8.5%
- Berkshire Hathaway Inc..7.1%
- Microsoft Corp..6.8%
- Unilever PLC6.5%
- ASML Holding N.V.6.5%
- Walt Disney Company5.7%
- Medtronic PLC5.2%
- Nvidia Corp..4.2%
- Johnson & Johnson3.9%
Together, the ten largest are 64.1% of reported value.
How many clients does Saratoga Research & Investment Management have?
Saratoga Research & Investment Management has 2,740 clients and manages $2.51 billion for them, as of April 2026. They include 2,103 individual clients, 451 high-net-worth individuals, and 90 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 6 April 2026
What services does Saratoga Research & Investment Management offer?
Saratoga Research & Investment Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for investment companies, and portfolio management for pooled vehicles.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Saratoga Research & Investment Management use?
Saratoga Research & Investment Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $1.4B, National Financial Services LLC (Boston, MA), with $527M and Finemark National Bank and Trust (Fort Myers, FL), with $271M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 6 April 2026
How many financial advisors does Saratoga Research & Investment Management have?
Saratoga Research & Investment Management has 15 investment adviser representatives registered with state securities authorities, out of 21 employees, and 12 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Saratoga Research & Investment Management invest in?
At the end of its last fiscal year, Saratoga Research & Investment Management’s separately managed accounts held 75% exchange-traded equities, 20% cash and equivalents, 4% U.S. government and agency bonds and 1% investment grade corporate bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Saratoga Research & Investment Management?
Saratoga Research & Investment Management’s direct owners are Kevin Tanner, Marc Crosby, Travis Hanson, James Tanner and Philip Spencer, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 6 April 2026
How does Saratoga Research & Investment Management get paid?
Saratoga Research & Investment Management is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Saratoga Research & Investment Management?
Saratoga Research & Investment Management’s main office is at 14471 Big Basin Way, Suite E, Saratoga, CA 95070. Its phone number is 408-741-2330. Its website is saratogarim.com.