Though market volatility in the second quarter of 2018 was sustained, largely due to the ongoing trade disputes, a strong run for Technology stocks continued, outpacing the broader market once again. Mega-cap tech stocks in the sector bounced back after a rough first quarter. Many investors have been drawn to the strong growth profiles in Technology, in addition to healthy free cash flow generation. Notably, however, much of the sector’s cash flow has been propelled by the globalization of trade, and President Trump’s ongoing protectionist policies have introduced a significant risk to the status quo. The global supply chain is very important to many publicly traded Technology companies, and escalating trade tensions could be disruptive to business models. We are monitoring this closely. The Saratoga Technology & Communications Portfolios is invested in a broad range of Technology companies, including the software, services, internet, semiconductors, and hardware sub-sectors. _____________________________
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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