Vault-13

SARATOGA INVT CORP SAR

COM NEW · Common Stock · CUSIP 80349A208

66 institutional holders -2 vs Q1 2025
2,359,1482.4m shares reported held*
15.1% of all shares outstanding*
$58.5mreported value*
7 new 25 added 16 reduced 11 sold out net sold ≈ $4.1m (-166.5k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Shares outstanding: 15.7m as of 2025-07-07, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $24.79. Options: 4 managers hold calls ($944.1k notional), 4 hold puts ($1.1m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 49Q4 22: 52Q1 23: 58Q2 23: 68Q3 23: 66Q4 23: 72Q1 24: 62Q2 24: 59Q3 24: 59Q4 24: 67Q1 25: 68Q2 25: 6666Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202249
Q4 202252
Q1 202358
Q2 202368
Q3 202366
Q4 202372
Q1 202462
Q2 202459
Q3 202459
Q4 202467
Q1 202568
Q2 202566

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q3 23: 40 bought or addedQ3 23: 22 cut or sold outQ4 23: 38 bought or addedQ4 23: 21 cut or sold outQ4 23Q1 24: 29 bought or addedQ1 24: 35 cut or sold outQ2 24: 26 bought or addedQ2 24: 25 cut or sold outQ2 24Q3 24: 23 bought or addedQ3 24: 25 cut or sold outQ4 24: 27 bought or addedQ4 24: 23 cut or sold outQ4 24Q1 25: 34 bought or addedQ1 25: 20 cut or sold outQ2 25: 32 bought or addedQ2 25: 27 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20234022
Q4 20233821
Q1 20242935
Q2 20242625
Q3 20242325
Q4 20242723
Q1 20253420
Q2 20253227

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$500k$1m$1.5mQ3 24 calls: $393.9kQ3 24 puts: $751.2kQ3 24P/C 1.91Q4 24 calls: $758.3kQ4 24 puts: $666.6kQ4 24P/C 0.88Q1 25 calls: $754.8kQ1 25 puts: $858.6kQ1 25P/C 1.14Q2 25 calls: $944.1kQ2 25 puts: $1.1mQ2 25P/C 1.19
Numbers
QuarterCallsPutsP/C
Q3 2024$393.9k$751.2k1.91
Q4 2024$758.3k$666.6k0.88
Q1 2025$754.8k$858.6k1.14
Q2 2025$944.1k$1.1m1.19

Biggest buyers

Lido Advisors, LLC Added +56,125+56.1k
Redhawk Wealth Advisors, Inc. New +34,092+34.1k
Private Advisor Group, LLC Added +25,488+25.5k
ROYAL BANK OF CANADA Added +21,118+21.1k
BlackRock, Inc. Added +17,682+17.7k
Hennion & Walsh Asset Management, Inc. Added +15,440+15.4k
JANE STREET GROUP, LLC New +14,328+14.3k
UBS Group AG Added +13,212+13.2k
Concurrent Investment Advisors, LLC New +9,768+9.8k
LPL Financial LLC Added +8,019+8.0k

Biggest sellers

MILLENNIUM MANAGEMENT LLC Sold out -70,447-70.4k
TWO SIGMA INVESTMENTS, LP Reduced -60,027-60.0k
Qube Research & Technologies Ltd Sold out -53,025-53.0k
TWO SIGMA ADVISERS, LP Reduced -50,200-50.2k
CITADEL ADVISORS LLC Sold out -39,043-39.0k
Connor, Clark & Lunn Investment Management Ltd. Sold out -29,509-29.5k
MARSHALL WACE, LLP Sold out -28,083-28.1k
Trexquant Investment LP Reduced -23,721-23.7k
MORGAN STANLEY Reduced -14,740-14.7k
Cubist Systematic Strategies, LLC Sold out -10,869-10.9k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $493.5k19.9k shares
CITADEL ADVISORS LLC Reduced $426.6k17.2k shares
SIMPLEX TRADING, LLC New $24.0k1.0k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

CITADEL ADVISORS LLC Reduced $642.3k25.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $399.3k16.1k shares
SIMPLEX TRADING, LLC Added $84.0k3.4k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q2 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TWO SIGMA ADVISERS, LP 0.01% of their portfolio NEW YORK, NY 231,800231.8k $5.7m $5.7m 0.01% Reduced -50.2k -50,200
2 Hennion & Walsh Asset Management, Inc. 0.21% of their portfolio Parsippany, NJ 208,608208.6k $5.2m $5.2m 0.21% Added +15.4k +15,440
3 Lido Advisors, LLC 0.02% of their portfolio Los Angeles, CA 186,253186.3k $4.6m $4.6m 0.02% Added +56.1k +56,125
4 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 175,840175.8k $4.4m $4.4m 0.01% Reduced -60.0k -60,027
5 Private Advisor Group, LLC 0.02% of their portfolio MORRISTOWN, NJ 151,280151.3k $3.8m $3.8m 0.02% Added +25.5k +25,488
6 Advisors Asset Management, Inc. 0.05% of their portfolio Monument, CO 105,285105.3k $2.6m $2.6m 0.05% Reduced -9.2k -9,226
7 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 100,920100.9k $2.5m $2.5m 0.00% Added +655 +655
8 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 96,68496.7k $2.4m $2.4m 0.00% Added +8.0k +8,019
9 Legal & General Group Plc 0.00% of their portfolio London, X0 94,95095.0k $2.4m $2.4m 0.00% Added +1.0k +1,020
10 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 77,91377.9k $1.9m $1.9m 0.00% Reduced -14.7k -14,740
11 BlackRock, Inc. 0.00% of their portfolio New York, NY 69,59869.6k $1.7m $1.7m 0.00% Added +17.7k +17,682
12 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 66,89966.9k $1.7m $1.7m 0.00% Reduced -1.6k -1,641
13 INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC 0.11% of their portfolio ORLANDO, FL 52,61052.6k $1.3m $1.3m 0.11% Reduced -2.3k -2,276
14 BI Asset Management Fondsmaeglerselskab A/S 0.01% of their portfolio KOBENHAVN, G7 50,23250.2k $1.2m $1.2m 0.01% Unchanged
15 Ethos Financial Group, LLC 0.10% of their portfolio KING OF PRUSSIA, PA 48,59648.6k $1.2m $1.2m 0.10% Added +3.1k +3,089
16 Palogic Value Management, L.P. 0.49% of their portfolio DALLAS, TX 46,68046.7k $1.2m $1.2m 0.49% Unchanged
17 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 44,59444.6k $1.1m $1.1m 0.00% Added +21.1k +21,118
18 Trexquant Investment LP 0.01% of their portfolio STAMFORD, CT 43,25343.3k $1.1m $1.1m 0.01% Reduced -23.7k -23,721
19 Wealthcare Advisory Partners LLC 0.02% of their portfolio WEST CHESTER, PA 39,92639.9k $990.2k $990.2k 0.02% Added +7.0k +7,040
20 Next Level Private LLC 0.32% of their portfolio HARRISON, NY 39,15439.2k $971.0k $971.0k 0.32% Unchanged
21 Virtus Investment Advisers, LLC 0.30% of their portfolio HARTFORD, CT 36,30036.3k $900.2k $900.2k 0.30% Reduced -6.9k -6,888
22 Redhawk Wealth Advisors, Inc. 0.11% of their portfolio MINNEAPOLIS, MN 34,09234.1k $845.5k $845.5k 0.11% New
23 JB CAPITAL PARTNERS LP 0.15% of their portfolio Armonk, NY 33,84733.8k $822.8k $822.8k 0.15% Unchanged
24 D.A. DAVIDSON & CO. 0.01% of their portfolio GREAT FALLS, MT 31,10931.1k $771.5k $771.5k 0.01% Added +1.1k +1,093
25 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 30,86830.9k $765.5k $765.5k 0.00% Reduced -2.2k -2,164
26 Curi Capital, LLC 0.01% of their portfolio CHICAGO, IL 30,00030.0k $744.0k $744.0k 0.01% Unchanged
27 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 24,28724.3k $602.0k $602.0k 0.00% Added +7.4k +7,433
28 PFG Advisors 0.03% of their portfolio Phoenix, AZ 21,91121.9k $543.4k $543.4k 0.03% Added +6 +6
29 NorthCoast Asset Management LLC 0.00% of their portfolio STAMFORD, CT 17,84517.8k $442.2k $442.2k 0.00% Added +5.8k +5,751
30 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 16,32416.3k $405.0k $405.0k 0.00% Added +624 +624
31 BARD ASSOCIATES INC 0.13% of their portfolio CHICAGO, IL 15,84515.8k $393.0k $393.0k 0.13% Reduced -100 -100
32 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 14,32814.3k $355.3k $355.3k 0.00% New
33 UBS Group AG 0.00% of their portfolio ZURICH, V8 14,18814.2k $351.9k $351.9k 0.00% Added +13.2k +13,212
34 DAVIDSON TRUST CO 0.13% of their portfolio SEATTLE, WA 11,00011.0k $272.8k $272.8k 0.13% Unchanged
35 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 10,83910.8k $268.8k $268.8k 0.00% Added +108 +108
36 WEDBUSH SECURITIES INC 0.01% of their portfolio PASADENA, CA 10,70010.7k $265.0k $265.0k 0.01% Unchanged
37 AVANTAX ADVISORY SERVICES, INC. 0.00% of their portfolio DALLAS, TX 10,32810.3k $256.1k $256.1k 0.00% Reduced -54 -54
38 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 10,09210.1k $250.3k $250.3k 0.00% Added +43 +43
39 Concurrent Investment Advisors, LLC 0.00% of their portfolio Tampa, FL 9,7689.8k $242.2k $242.2k 0.00% New
40 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 8,0778.1k $200.0k $200.0k 0.00% Reduced -1.2k -1,152
41 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 7,3137.3k $181.4k $181.4k 0.00% Reduced -3.6k -3,610
42 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 6,2566.3k $155.2k $155.2k 0.00% Added +1.2k +1,211
43 Register Financial Advisors LLC 0.06% of their portfolio ATLANTA, GA 5,9325.9k $147.1k $147.1k 0.06% Added +20 +20
44 Sunbelt Securities, Inc. 0.01% of their portfolio HOUSTON, TX 5,0825.1k $121.6k $121.6k 0.01% Reduced -1.9k -1,850
45 Promus Capital, LLC 0.02% of their portfolio CHICAGO, IL 2,5462.5k $63.1k $63.1k 0.02% Added +1.3k +1,273
46 BARTLETT & CO. WEALTH MANAGEMENT LLC 0.00% of their portfolio CINCINNATI, OH 2,0002.0k $49.6k $49.6k 0.00% Unchanged
47 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 1,0001.0k $24.8k $24.8k 0.00% Unchanged
48 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 1,0001.0k $24.8k $24.8k 0.00% Unchanged
49 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 734734 $18.2k $18.2k 0.00% Reduced -1.5k -1,535
50 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 700700 $17.4k $17.4k 0.00% Unchanged
51 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 700700 $17.4k $17.4k 0.00% Added +500 +500
52 EVOLUTION WEALTH MANAGEMENT INC. 0.02% of their portfolio FORT MYERS, FL 645645 $16.0k $16.0k 0.02% First filing
53 PFS Partners, LLC 0.01% of their portfolio MINE HILL, NJ 503503 $12.5k $12.5k 0.01% Unchanged
54 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 439439 $10.9k $10.9k 0.00% Added +100 +100
55 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 358358 $8.9k $8.9k 0.00% New
56 Harbor Asset Planning, Inc. 0.01% of their portfolio BELMONT, MA 261261 $6.5k $6.5k 0.01% First filing
57 Aquatic Capital Management LLC 0.00% of their portfolio CHICAGO, IL 259259 $6.4k $6.4k 0.00% New
58 Financial Management Professionals, Inc. 0.00% of their portfolio AUSTIN, TX 181181 $4.5k $4.5k 0.00% Unchanged
59 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 125125 $3.1k $3.1k 0.00% New
60 Strategic Investment Solutions, Inc. /IL 0.00% of their portfolio ORLAND PARK, IL 100100 $2.5k $2.5k 0.00% Unchanged
61 MJT & Associates Financial Advisory Group, Inc. 0.00% of their portfolio MONTEVIDEO, MN 9494 $2.3k $2.3k 0.00% Unchanged
62 West Financial Advisors, LLC 0.00% of their portfolio DES MOINES, IA 5151 $1.3k $1.3k 0.00% New
63 FMR LLC 0.00% of their portfolio BOSTON, MA 3131 $769 $769 0.00% Added +30 +30
64 Hurley Capital, LLC 0.00% of their portfolio NEW YORK, NY 1414 $336 $336 0.00% Added +1 +1
65 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 11 $0 $0 0.00% Reduced -567 -567
66 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged