During the quarter crude prices were generally flat, following a drastic rise in the first quarter. The Energy sector significantly trailed the broad market during the quarter, while the Basic Materials sector slightly outperformed. The Saratoga Energy & Basic Materials Portfolio’s Energy sector holdings (roughly 65% of portfolio weight) returned underperformed during the quarter. Integrated Oil & Gas holdings were the top performers, while the portfolio’s largest overweight among the Energy groups, Exploration and Production, and largest underweight, Integrated Oil and Gas, hurt performance. The portfolio’s Basic Materials holdings (roughly 35% of portfolio weight) also underperformed during the quarter, though less significantly. Metals and Mining companies were the biggest detractors, while stock selection in Chemicals also suffered. The portfolio’s Paper & Forest Products holdings were the top performers among Materials holdings. 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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