The Energy and Basic Materials sectors generally trailed the broad averages in the first quarter of 2018. The Saratoga Energy and Basic Materials Portfolio was down, though it performed well on a relative basis. The Portfolio benefited from favorable stock selection in Materials, especially within Chemicals companies. The Portfolio’s Energy holdings were negative for the quarter. Integrated Oil & Gas continues to be the largest group underweight in the Portfolio, while Exploration & Production is the largest overweight. The Portfolio’s Basic Materials holdings were slightly positive for the quarter. Chemicals, the largest industry group in the Materials sector, was the best performing group for the Portfolio on both an absolute and relative basis.
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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