Saratoga

Fees on the firm's open-end and exchange-traded funds are a weakness, contributing negatively to the rating and creating a larger performance hurdle on funds. On average, Saratoga charges fees on its funds that are in the highest quintile of similarly distributed funds. With the current market environment of fee compression, this is cause for concern, as investors may flock over time to alternate asset managers to get a better deal. The Saratoga roster of open-end and exchange-traded funds has had below-average risk-adjusted performance, as evidenced by its average 10-year Morningstar Rating of 2.1 stars. Turnover among Saratoga portfolio management ranks has been low compared to other firms in the past five years. This stability on the personnel front boosts confidence in its staying power.