The Saratoga Energy and Basic Materials Portfolio posted positive performance during the quarter, benefiting from favorable stock selection in Oil & Gas Marketing & Refining companies. Among Materials holdings, Metals & Mining was the best performing group on a relative and absolute basis. Energy stocks trailed the broad averages in the fourth quarter and the Portfolio had an average 64% weight in Energy companies during the quarter. Relative to the S&P 500 Energy sector, 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 performed well in the fourth quarter, and the Portfolio had an average 35% weight in Basic Materials companies during the period. Metals & Mining was the best performing group; however, a modest underweight to the group hindered performance. The Portfolio benefited from above-benchmark stock selection in Chemicals, the largest industry group in the Materials sector. _____________________________
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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