The Energy sector outpaced the broad market in the first quarter of 2019. During the quarter, crude prices rose roughly 25%, retracing about half the price drop experienced in the fourth quarter of 2018. Basic Materials stocks trailed the index. The Saratoga Energy & Basic Materials Portfolio posted solid returns during the quarter. The Portfolio’s Energy holdings (about 65% of the portfolio) outperformed on a relative basis. The portfolio’s Exploration and Production holdings were the top performers against the benchmark. The portfolio’s largest overweight among the Energy groups is to Exploration and Production and the largest underweight is to Integrated Oil and Gas companies. The portfolio’s Basic Materials holdings (about 35% of the portfolio) underperformed slightly on a relative basis. Metals and Mining companies were the biggest detractors while stock selection in Containers and Packaging also suffered. The portfolio’s largest overweight among the Materials groups is to Containers and Packaging companies and the largest underweight is to Metals and Mining. _____________________________
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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