During the fourth quarter of 2018, the Energy sector was the market’s worst performer, with much of the sector falling over 20%. During the quarter, crude prices fell 38%. Though natural gas prices rose more than 50% in the first few weeks of the quarter, they ended up re-tracing their entire gain. Basic Materials stocks fared much better but were still down double digits for the quarter.
The Saratoga Energy & Basic Materials Portfolio’s Energy holdings, which make up roughly two-thirds of the portfolio, benefitted from holdings in Integrated Oil & Gas.Exploration & Production companies, which were the portfolio’s largest overweight, detracted the most from relative performance.The portfolio’s Basic Materials holdings, roughly one-third of the portfolio, underperformed on a relative basis, driven largely by Metals and Mining companies.Stock selection in chemicals also suffered.
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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