The Saratoga Energy and Basic Materials Portfolio posted solid returns during the fourth quarter of 2016. The Portfolio benefited from strong stock selection within both Energy and Basic Materials holdings. Energy companies delivered the strong performance during the quarter relative to other sectors; OPEC’s announced intent to limit production coupled with an improving economy and a more drilling-friendly Trump administration helped buoy energy stocks and improve earnings expectations. In absolute terms, Oil & Gas Drillers delivered the best returns, followed by Refining & Marketing companies. From a relative performance standpoint, the Portfolio’s stock selection in the Exploration & Production and Refining & Marketing groups added to performance. In the Basic Materials sector Construction Materials and Paper & Forest Products enjoyed the best absolute returns. Chemicals and Metals & Mining were strong absolute and relative performers as well. The Portfolio’s overweight to Containers & Packaging had a slight negative effect on performance.
Information contained herein was obtained from recognized statistical services and other sources believed to be reliable and we therefore cannot make any representation as to its completeness or accuracy. Any statements not of a factual nature constitute opinions which are subject to change without notice.
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