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Saratoga Investment
SAR

71 hedge funds and large institutions have $48.4M invested in Saratoga Investment in 2025 Q4 according to their latest regulatory filings, with 11 funds opening new positions, 21 increasing their positions, 22 reducing their positions, and 10 closing their positions.

New
Increased
Maintained
Reduced
Closed

10% more first-time investments, than exits

New positions opened: 11 | Existing positions closed: 10

0% more funds holding

Funds holding: 71 → 71 (0)

5% less repeat investments, than reductions

Existing positions increased: 21 | Existing positions reduced: 22

1.18% less ownership

Funds ownership: 14.15% → 12.96% (-1.2%)

12% less capital invested

Capital invested by funds: $55.1M → $48.4M (-$6.64M)

48% less call options, than puts

Call options by funds: $817K | Put options by funds: $1.57M

Holders
71
Holders Change
–
Holders Change %
0%
% of All Funds
0.86%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
11
Increased
21
Reduced
22
Closed
10
Calls
$817K
Puts
$1.57M
Net Calls
-$754K
Net Calls Change
-$305K

Top Buyers

1
Focus Partners Wealth
Focus Partners Wealth
Massachusetts
+$580K
2
Legal & General Group
Legal & General Group
United Kingdom
+$539K
3
Citadel Advisors
Citadel Advisors
Florida
+$418K
4
DTL
Dynamic Technology Lab
Singapore
+$300K
5
UBS Group
UBS Group
Switzerland
+$273K

Top Sellers

1
Two Sigma Advisers
Two Sigma Advisers
New York
-$2.03M
2
Two Sigma Investments
Two Sigma Investments
New York
-$1.08M
3
Morgan Stanley
Morgan Stanley
New York
-$1.06M
4
RWA
Redhawk Wealth Advisors
Minnesota
-$984K
5
HWAM
Hennion & Walsh Asset Management
New Jersey
-$875K
Name Holding Trade Value Shares
Change 		Change in
Stake
Cambridge Investment Research Advisors
26
Cambridge Investment Research Advisors
Iowa
$437K -$185K -8,164 -30%
Commonwealth Equity Services
27
Commonwealth Equity Services
Massachusetts
$430K -$149K -6,561 -26%
Citadel Advisors
28
Citadel Advisors
Florida
$426K +$418K +18,460 New
Osaic Holdings
29
Osaic Holdings
Arizona
$425K +$267K +11,787 +178%
DADC
30
D.A. Davidson & Co
Montana
$420K -$301K -13,258 -42%
Royal Bank of Canada
31
Royal Bank of Canada
Ontario, Canada
$401K -$35.7K -1,573 -8%
TI
32
Trexquant Investment
Connecticut
$388K -$792K -34,935 -67%
SS
33
Sunbelt Securities
Texas
$317K +$7.8K +344 +3%
DTL
34
Dynamic Technology Lab
Singapore
$305K +$300K +13,214 New
UBS Group
35
UBS Group
Switzerland
$300K +$273K +12,064 +1,257%
Susquehanna International Group
36
Susquehanna International Group
Pennsylvania
$297K +$57.3K +2,529 +24%
ACM
37
Aquatic Capital Management
Illinois
$279K -$14.2K -628 -5%
BHCM
38
Brevan Howard Capital Management
Jersey
$263K -$142K -6,256 -35%
Two Sigma Advisers
39
Two Sigma Advisers
New York
$254K -$2.03M -89,647 -89%
DTC
40
Davidson Trust Company
Washington
$254K – – –
WS
41
Wedbush Securities
California
$247K – – –
HighTower Advisors
42
HighTower Advisors
Illinois
$236K -$14.7K -647 -6%
JP Morgan Chase
43
JP Morgan Chase
New York
$162K -$2.36K -104 -1%
RFA
44
Register Financial Advisors
Georgia
$138K +$657 +29 +0.5%
HI
45
Harbour Investments
Wisconsin
$138K +$68K +3,000 +101%
SPIA
46
Steward Partners Investment Advisory
New York
$120K +$102K +4,478 +610%
Simplex Trading
47
Simplex Trading
Illinois
$98.4K +$32.5K +1,435 +51%
DSC
48
Daytona Street Capital
Missouri
$50.6K +$45.3K +1,999 New
BCWM
49
Bartlett & Co Wealth Management
Ohio
$46.1K – – –
KAS
50
Kestra Advisory Services
Texas
$45.8K +$45K +1,987 New
1
2
3 4

SAR Hedge Fund Activity: Q4 2025 in Review

71 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Saratoga Investment (SAR) for Q4 2025, worth a combined $48.4M — down 12% from $55.1M a quarter earlier.

Buyers outnumbered sellers: 11 funds opened new SAR positions and 10 closed out — a net gain of 1 holder — while 21 added to existing stakes and 22 trimmed.

The largest buyer was Focus Partners Wealth, opening a new position worth an estimated $580K. The largest seller was Two Sigma Advisers, cutting an estimated $2.03M.

  • 71 institutional investors held Saratoga Investment (SAR) as of Q4 2025, unchanged from Q3 2025.
  • Funds reported $48.4M of Saratoga Investment stock for Q4 2025, down 12% quarter-over-quarter.
  • 11 funds opened new Saratoga Investment positions in Q4 2025 and 10 closed out, a net change of +1 holder.
  • The largest Saratoga Investment buyer in Q4 2025 was Focus Partners Wealth, an estimated $580K added.
  • The largest Saratoga Investment seller in Q4 2025 was Two Sigma Advisers, an estimated $2.03M sold.

Based on aggregated 13F filings for Q4 2025.