Saratoga Investment Corp.: which funds bought and sold

Institutions that bought and sold Saratoga Investment shares in Q2 2026, from the holdings they reported to the SEC on Form 13F for March 31, 2026 and June 30, 2026.

Between March 31, 2026 and June 30, 2026, 27 institutions that filed 13F reports for both quarters added to or opened positions in Saratoga Investment, and 28 cut or closed them. Together they sold a net 22K shares, −1.1% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 10K shares (−13.0%); index fund managers were net sellers of 1,335 shares (−2.5%). 5 opened a new position and 8 sold out entirely.

Bought, Q2 2026 27 institutions, 5 of them new holders Sold, Q2 2026 28 institutions, 8 of them sold out

Net change, all compared −22K shares (−1.1%)

Net change, active managers −10K shares (−13.0%), 1 bought, 1 sold

Buyers versus sellers

institutions compared, 67

27 bought 12 28 sold

Active managers and hedge funds 1 bought · 1 sold · −10K

Index fund managers 0 bought · 1 sold · −1,335

Other institutions 26 bought · 26 sold · −10K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Janney Montgomery Scott LLC	+46K +447.6%	56K	$1.3M
International Assets Investment Management, LLC	+34K +40.8%	116K	$2.6M
Citadel Advisors LLC Hedge fund	+27K +116.7%	51K	$1.1M
Cambridge Investment Research Advisors, Inc.	+22K +93.5%	46K	$1M
Legal & General Group PLC	+18K +14.9%	141K	$3.2M
Advisors Asset Management, Inc.	+15K +14.1%	122K	$2.7M
Xtx Topco Ltd	+15K +147.4%	25K	$556,389
Morgan Stanley	+13K +47.5%	42K	$930,617
Focus Financial Network, Inc.	+4,042 +19.1%	25K	$562,620
Focus Partners Wealth	+3,732 +13.5%	31K	$701,448
Greenwood Gearhart LLC	+3,700 +20.8%	22K	$479,665
Ethos Financial Group, LLC	+3,687 +7.0%	57K	$1.3M
Steward Partners Investment Advisory, LLC	+2,374 +31.8%	9,851	$219,776
Royal Bank Of Canada	+1,288 +7.2%	19K	$429,000
Triumph Capital Management	+1,175 +66.2%	2,950	$65,814
Ifg Advisory, LLC	+1,000 New position	1,000	$22,310
Integrated Wealth Concepts LLC	+965 New position	965	$21,518
Cetera Investment Advisers	+700 +3.1%	23K	$513,146
Raymond James Financial Inc	+689 +1.4%	49K	$1.1M
BNP Paribas Financial Markets	+125 +18.3%	809	$18,049

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Citadel Advisors LLC Hedge fund	+27K +116.7%	51K	$1.1M

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Two Sigma Investments, LP Hedge fund	−37K −68.2%	17K	$388,618
Bi Asset Management Fondsmaeglerselskab A/S	−22K −81.6%	4,984	$111,000
Pfg Advisors	−22K Sold out	0	—
HRT Financial LP	−22K Sold out	0	—
UBS Group AG	−21K −75.6%	6,665	$148,696
Private Advisor Group, LLC	−18K −11.2%	147K	$3.3M
Lido Advisors, LLC	−18K −8.8%	182K	$4M
Bank Of America Corp	−15K −61.7%	9,580	$213,730
Hennion & Walsh Asset Management, Inc.	−11K −7.7%	127K	$2.8M
Hightower Advisors, LLC	−10K Sold out	0	—
Vestgen Advisors, LLC	−9,531 −49.5%	9,719	$216,831
Commonwealth Equity Services, LLC	−6,060 −35.3%	11K	$248,140
Virtus Investment Advisers, LLC	−4,995 −19.4%	21K	$463,089
Aquatic Capital Management LLC	−4,711 −82.3%	1,014	$22,622
D.A. Davidson & Co.	−3,408 −18.6%	15K	$332,323
Ameriprise Financial Inc	−3,349 −18.5%	15K	$329,775
LPL Financial LLC	−2,086 −1.8%	112K	$2.5M
Daytona Street Capital LLC	−1,999 Sold out	0	—
Wealthcare Advisory Partners LLC	−1,432 −2.8%	49K	$1.1M
Blackrock, Inc. Index funds	−1,335 −2.4%	53K	$1.2M

New positions

largest by value

Institution	Shares	Value June 30, 2026
Ifg Advisory, LLC	1,000	$22,310
Integrated Wealth Concepts LLC	965	$21,518
Newedge Advisors, LLC	100	$2,231
Quarry LP	20	$446
Frazier Financial Advisors, LLC	10	$224

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Pfg Advisors	22K	$474,669
HRT Financial LP	22K	$470,000
Hightower Advisors, LLC	10K	$223,529
Daytona Street Capital LLC	1,999	$50,375
Wilmington Savings Fund Society, Fsb	500	$10,935
Advisory Services Network, LLC	241	$5,271
Fortitude Family Office, LLC	140	$3,055
Mai Capital Management	125	$2,734

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 59
Ten largest holders: 60.5%
Index fund managers: 2.8%
Active managers and hedge funds: 3.6%

Buying and selling by type of institution, March 31, 2026 to June 30, 2026
Type	Bought	Sold	New	Sold out	Net change in shares	Net %
Active managers and hedge funds	1	1	0	0	−10K	−13.0%
Index fund managers	0	1	0	0	−1,335	−2.5%
Other institutions	26	26	5	8	−10K	−0.6%

Active managers and hedge funds: a list we maintain of about 400 well-known stock-picking firms and hedge funds, matched by SEC registration number (CIK) and checked against the filer names each quarter. Index fund managers: the large index houses, such as BlackRock, Vanguard, State Street, Geode and Northern Trust. Every other filer (banks, brokers, wealth managers, pension funds, insurers and firms not on the list) counts as another institution. A firm that files under several SEC registrations appears once for each.

What these filings can and cannot tell you

Form 13F lists the long positions in US-listed shares held by investment managers with more than $100 million in such holdings. Managers file it up to 45 days after each quarter ends, so this page shows what funds held at the end of each quarter, not what they are doing now: a position may have changed since. Short positions, most derivatives and smaller managers are not included, and a cut can mean a fund lost clients or rebalanced rather than a view on Saratoga Investment.

Only managers that filed a holdings report for both quarters are compared (67 here). 1 other holder is left out: first-time or late filers, firms that changed their SEC registration, and filings that withheld positions under confidential treatment, any of which would otherwise look like a new position or a sale. Figures are as reported by each manager in the SEC's quarterly 13F data sets; option positions are excluded.

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