________Equity markets in the first quarter of 2019 recovered from the global market collapse of late 2018, which was pressured by overly negative sentiment and temporary technical forces that we believe were largely disconnected from the fundamentals. Sentiment in the first quarter was boosted by the dovish Fed pivot on interest rates in January 2019, better clarity on China trade talks, as well as corporate earnings and outlooks being better than most had feared. Although valuations have risen to levels seen prior to the sell-off, we still believe we are able to find attractive values in individual stocks with strong prospects.
The Saratoga Large Cap Value Portfolio posted a strong bounce-back quarter after struggling for much of 2018, posting solid outperformance across all sectors in the portfolio. The Consumer Discretionary sector provided some of the largest outperformance, rebounding after heavy selling to end last year._____________________
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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