Energy companies were the worst performing sector during the first quarter of 2017. Energy prices slumped during the quarter as global supplies remained robust despite OPEC’s announced intent to limit production. In absolute terms, Oil & Gas Drillers delivered the worst returns within sector, followed by Integrated Oil & Gas companies. The Saratoga Energy & Basic Materials Portfolio underperformed during the quarter, though the Portfolio benefited from strong stock selection within both Energy and Basic Materials holdings. Chemicals enjoyed the best absolute returns among the Basic Materials industries. In the Portfolio, Commodity Chemicals and Diversified Chemicals were strong absolute and relative performers, with each group posting double digit returns, while an overweight to Containers & Packaging had a negative effect. From a relative performance standpoint, the Portfolio’s Energy holdings outperformed the benchmark due primarily to stock selection in the Integrated Oil & Gas group.
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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