Equities generally declined in the first quarter of the year after posting strong gains throughout 2017. A confluence of events around possible global trade wars, increased regulatory crack down on large technology companies, and rising interest rates put pressure on equities in the quarter. That being said, we still see positive underlying economic growth globally, as well as benefits from recent US tax reform, providing potential for increased company profits throughout 2018. The Saratoga Large Cap Value Portfolio underperformed during the first of 2018, hampered by weakness in its Consumer and Financial sector holdings; negative performance was somewhat offset by strength in the Portfolio’s Technology and Utilities holdings. There were multiple stocks within the Consumer and Financials sectors that were down in double-digits, primarily due to weaker-than-expected quarterly earnings, while facing further pressure by a broader sell-off in equities during the quarter.
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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