During the second quarter of 2018, crude prices continued their trend higher due largely to tighter than expected balances in global oil markets. Prices have now risen roughly 160% since their lows of January 2016. The Energy and Basic Materials sectors posted mixed results during the quarter as Energy stocks outpaced the broad averages, while Basic Materials lagged. The Saratoga Energy & Basic Materials Portfolio posted strong performance during the quarter, benefiting from favorable stock selection in Energy, especially within Oil & Gas Drilling, which was the best performing group on a relative and absolute basis. 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 struggled during the quarter, though Chemicals, the largest industry group in the Materials sector, were a bright spot 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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