The Saratoga Large Cap Value Portfolio outperformed during the quarter, extending a solid run to start the year. Lower interest rates, benign inflation and an improving housing environment led to outperformance in the Building Products sector. The worst performing stock in the quarter was in the Energy sector. Global economic growth continues, albeit at a likely slower pace than in previous years. The confluence of a trade war with China and an uncertain demand outlook in some countries is being offset by a more accommodating Fed on interest rates. We remain optimistic about the outlook for the US economy, especially on earnings growth for what we believe are a number of undervalued equities within the portfolio._____________________
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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