Saratoga James Alpha Managed Risk Domestic Equity Portfolio

C000157429 Fund Overview

Saratoga James Alpha Managed Risk Domestic Equity Portfolio is a US mutual fund managed by Saratoga Advantage Trust, categorised as United States Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Saratoga Advantage Trust
• Category: United States Blend / Core Equity
• Assets under management: $41.98M
• 1-year return: 10.0%
• SEC CIK: 0000924628
• SEC series ID: S000049847
• Share class ID: C000157429

C000157429 Investment Objective and Strategy

Saratoga James Alpha Managed Risk Domestic Equity Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Saratoga Advantage Trust.

Investment objective

The primary investment objective of the Portfolio is capital appreciation.

Principal investment strategy

Under normal market conditions, the Portfolio will seek to achieve its objective by combining a long equity strategy with an options hedging strategy that seeks to provide protection during significant equity market downturns. The long equity strategy seeks to replicate the returns of the S&P 500 Index and to enhance these returns through the use of leverage. The Portfolio will achieve exposure to S&P 500 Index companies primarily through exchange-traded funds (ETFs), mutual funds, and closed-end funds but may also gain exposure through direct investment in common and preferred stocks. The Portfolios options hedging strategy attempts to reduce the risk associated with the Portfolios long equity exposure with two different strategies a low volatility strategy and a high volatility strategy.

The low volatility strategy, referred to as a calendar spread will seek to protect the Portfolio from significant market downturns ( e.g. , a drop of 12% or more in the value of the S&P 500 Index) by buying significantly out of the money put options and offsetting the cost of these put options by selling (writing) put options with a shorter maturity and with an exercise (strike) price that is higher than the purchased put options. Out of the money put options are options with a strike price that is lower than the market price of the underlying asset. When market volatility is low and options are less expensive, the Portfolio will seek to own more put options long than it sells (writes) short to provide greater protection during a significant market downturn. The high volatility strategy seeks to protect the Portfolio from modest market downturns ( e.g.

, a drop of between 6% and 8% in the value of the S&P 500 Index). Conventional put spreads consist of buying slightly out of the money put options and selling put options that are further out of the money with the same expiration. Typically, the notional value of the put spreads will be larger than the Portfolios exposure from its long equity strategy. The Portfolio expects primarily to use listed exchange-traded options. When market volatility is high, the Portfolio may also sell (write) covered call options to generate additional income. Although the Portfolio intends to be hedged at all times using at least one of the above strategies, the Portfolio may from time to time use a combination of option hedging strategies. The Sub-Adviser will use its discretion on when to deploy the options hedging strategies, which will vary depending on option prices.

The Sub-Adviser may also seek to enhance the returns of the Portfolios long equity strategy by buying or selling options on ETFs whose strategies seek to minimize volatility (volatility ETFs). This strategy will be used opportunistically to express the Sub-Advisers views on whether actual market volatility will be higher or lower than expected volatility. This strategy will include either buying long put or call options on volatility ETFs or employing a covered option spread on volatility ETFs. A covered option spread will consist of buying (or selling) slightly out of the money call or put options and selling (or buying) call or put options that are further out of the money with the same expiration. Under normal circumstances, the Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S.

issuers or investments that provide exposure to equity securities of U.S. issuers, and in derivatives and other instruments that have economic characteristics similar to such securities. The Portfolio intends to borrow money from banks to create leverage of up to 30% of the Portfolios assets. The Portfolio plans to invest the assets obtained through leverage in additional instruments that provide exposure to the S&P 500 Index companies as well as in additional options as part of the Portfolios hedging strategies. The Portfolio will therefore have long exposure of up to 130% of its assets. The Sub-Adviser uses proprietary valuation methods and risk measures as well as publicly available data regarding market volatility levels in managing the hedging strategies. The Sub-Adviser considers multiple factors in determining how much leverage to employ and expected market volatility levels, such as premium at risk (i.e., the amount of net option premiums paid in implementing the hedging strategy), the time to expiration of options, the rate that options lose value as they near maturity (known as Theta), the risk of gain or loss resulting from changes in volatility (known as Vega), and the notional exposure of the options relative to the Portfolios long positions.

The Sub-Advisers proprietary option valuation methods will be used to determine when to use a particular option strategy and when to realize gains on the Portfolios options positions. The Portfolio is non-diversified, which means that it can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can.

C000157429 Performance

Total returns for C000157429 (as of 2026-10-01), from SEC filings.

C000157429 Risk Information

Risk metrics for C000157429, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 8.0%

C000157429 Costs and Fees

C000157429 costs about $290 per $10,000 invested per year in fund expenses.

• Net expense ratio: 2.90%
• Gross expense ratio: 2.90%
• Portfolio turnover: 173%
• Brokerage commissions: 19.91 bps of average net assets (SEC N-CEN)

C000157429 Cashflows

Over the 12 months to 2021-02, Saratoga James Alpha Managed Risk Domestic Equity Portfolio had net inflows of $60.42M, from monthly SEC N-PORT filings.

C000157429 Debt Constituents

No individual debt constituents are reported in Saratoga James Alpha Managed Risk Domestic Equity Portfolio's latest SEC N-PORT filing.

C000157429 Prospectus and SEC Filings

Official Saratoga James Alpha Managed Risk Domestic Equity Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-12-29
• Prospectus (485BPOS) — filed 2020-01-22
• Prospectus supplement (497) — filed 2020-01-23
• Portfolio holdings (N-PORT) — filed 2021-04-20
• Portfolio holdings (N-PORT) — filed 2021-01-28
• Portfolio holdings (N-PORT) — filed 2020-10-27
• Annual census (N-CEN) — filed 2020-11-13
• Annual census (N-CEN) — filed 2019-11-14

Related Funds

Other United States Blend / Core Equity funds tracked on ABC INVEST:

• International Small Company Portfolio (DFISX)
• iShares Preferred and Income Securities ETF (PFF)
• Guggenheim Macro Opportunities Fund (GIOAX)
• Emerging Markets Portfolio (DFEMX)
• Eaton Vance Global Macro Absolute Return Advantage Fund (EGRAX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.