SMBAX Performance — Saratoga Municipal Bond Portfolio, Class A
Data updated: 2026-01-28
SMBAX returned +1.49% over one year to Nov 2025. Annualised returns are +1.15% over 3 years and −0.21% over 5 years. The fund trailed its Core Bond category average: $100 invested three years ago grew to $103, against $118 for the category, and to $101 over one year, against $105. Volatility over the past three years was 3.37% a year. In the 12 months to Nov 2025 the fund lost a net $293K, and assets reached $266K.
SMBAX Growth of $100
What $100 invested in Saratoga Municipal Bond Portfolio grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Core Bond category average over the same months.
| Period | SMBAX | Category average |
|---|---|---|
| 1 year (Dec 2024 – Nov 2025) | $101 | $105 |
| 3 years (Dec 2022 – Nov 2025) | $103 | $118 |
| 5 years (Dec 2020 – Nov 2025) | $99 | $114 |
| Since data start (Mar 2020 – Nov 2025) | $99 | $120 |
SMBAX Trailing Returns
Total returns to Nov 2025, from SEC N-PORT.
| Period | Total return |
|---|---|
| 1 year | +1.49% |
| 3 years (annualised) | +1.15% |
| 5 years (annualised) | −0.21% |
SMBAX Annual Returns
Calendar-year total returns of Saratoga Municipal Bond Portfolio, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2025 (Jan–Nov) | +2.67% |
| 2024 | −0.47% |
| 2023 | +1.40% |
| 2022 | −3.05% |
| 2021 | −1.63% |
| 2020 (Mar–Dec) | +0.41% |
SMBAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | +0.2% | +0.8% | −1.5% | −0.6% | 0.0% | +0.6% | −0.1% | +0.7% | +1.8% | +0.8% | 0.0% | — |
| 2024 | −0.2% | −0.1% | −0.1% | −1.0% | −0.5% | +1.1% | +0.7% | +0.5% | +0.7% | −1.4% | +1.2% | −1.1% |
| 2023 | +0.4% | −0.4% | +0.5% | −0.7% | −0.7% | +0.5% | 0.0% | −0.7% | −1.5% | −0.5% | +3.3% | +1.4% |
| 2022 | −0.7% | −0.3% | −0.7% | −0.5% | +0.1% | −0.2% | +0.2% | −0.7% | −0.6% | −0.2% | +0.6% | −0.1% |
| 2021 | 0.0% | −0.2% | +0.2% | −0.1% | −0.2% | −0.1% | −0.1% | −0.2% | −0.3% | −0.2% | −0.2% | −0.1% |
| 2020 | — | — | −0.9% | −0.2% | +1.1% | +0.2% | +0.3% | −0.1% | −0.2% | −0.2% | +0.2% | +0.1% |
SMBAX Risk
Risk measures from monthly returns over Dec 2022 – Nov 2025.
- 3-year volatility (annualised): 3.37%
- 3-year Sharpe ratio: -0.99 (vs 4.5% risk-free rate)
- Best month: +3.26% (Nov 2023)
- Worst month: −1.54% (Sep 2023)
SMBAX Fund Flows
Monthly money in and out of Saratoga Municipal Bond Portfolio, from SEC Form N-PORT.
- 12-month net flow: −$293K
- 12-month gross sales (incl. reinvestments): $15K
- Sales ÷ redemptions: 0.05×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Nov 2025 | $11 | $7K | −$7K |
| Oct 2025 | $382 | $1K | −$622 |
| Sep 2025 | $657 | $1K | −$606 |
| Aug 2025 | $0 | $951 | −$951 |
| Jul 2025 | $0 | $27K | −$27K |
| Jun 2025 | $3K | $1K | $2K |
| May 2025 | $752 | $165K | −$165K |
| Apr 2025 | $158 | $1K | −$977 |
| Mar 2025 | $2K | $91K | −$88K |
| Feb 2025 | $421 | $4K | −$3K |
| Jan 2025 | $102 | $2K | −$2K |
| Dec 2024 | $7K | $7K | $50 |
SMBAX Assets Under Management
Net assets of Saratoga Municipal Bond Portfolio by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2025-11-30 | $266.21K |
| 2025-08-31 | $267.16K |
| 2025-05-31 | $290.41K |
| 2025-02-28 | $555.01K |
| 2024-11-30 | $566.04K |
| 2024-08-31 | $582.72K |
| 2024-05-31 | $571.56K |
| 2024-02-29 | $558.05K |
| 2023-11-30 | $559.56K |
| 2023-08-31 | $554.52K |
| 2023-05-31 | $565.22K |
| 2023-02-28 | $633.07K |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.