SPMAX Performance — Saratoga Mid Capitalization Portfolio, Mid Capitalization Class A
Data updated: 2026-07-24
SPMAX returned +16.13% year to date and +31.20% over one year to May 2026. Annualised returns are +20.51% over 3 years and +9.28% over 5 years. The fund beat its US Mid-Cap Value category average: $100 invested three years ago grew to $175, against $154 for the category, and to $131 over one year, against $121. Volatility over the past three years was 17.42% a year. In the 12 months to May 2026 the fund took in a net $83K, and assets reached $11.23M.
SPMAX Growth of $100
What $100 invested in Saratoga Mid Capitalization Portfolio grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Mid-Cap Value category average over the same months.
| Period | SPMAX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $131 | $121 |
| 3 years (Jun 2023 – May 2026) | $175 | $154 |
| 5 years (Jun 2021 – May 2026) | $156 | $148 |
| Since data start (Mar 2020 – May 2026) | $219 | $217 |
SPMAX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +16.13% |
| 1 year | +31.20% |
| 3 years (annualised) | +20.51% |
| 5 years (annualised) | +9.28% |
SPMAX Annual Returns
Calendar-year total returns of Saratoga Mid Capitalization Portfolio, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +16.13% |
| 2025 | +9.88% |
| 2024 | +17.43% |
| 2023 | +15.51% |
| 2022 | −11.89% |
| 2021 | +19.88% |
| 2020 (Mar–Dec) | +19.92% |
SPMAX 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +6.0% | +3.9% | −7.4% | +12.5% | +1.2% | — | — | — | — | — | — | — |
| 2025 | +5.6% | −6.2% | −4.0% | −3.0% | +5.4% | +5.5% | +2.9% | +2.5% | +0.4% | +2.1% | +0.6% | −1.4% |
| 2024 | −0.7% | +8.0% | +3.7% | −5.8% | +1.4% | −0.8% | +4.8% | +1.1% | +2.9% | +0.6% | +10.0% | −7.6% |
| 2023 | +5.6% | −2.0% | −2.2% | +1.2% | −3.4% | +6.0% | +1.1% | −1.3% | −4.3% | −3.3% | +10.1% | +8.4% |
| 2022 | −5.0% | +1.7% | −0.9% | −5.7% | +3.0% | −8.8% | +6.8% | −2.6% | −9.0% | +7.1% | +7.6% | −4.8% |
| 2021 | −2.0% | +6.5% | +5.3% | +5.5% | +1.2% | −0.6% | −0.5% | +1.6% | −3.9% | +4.1% | −3.6% | +5.5% |
| 2020 | — | — | −21.6% | +13.6% | +5.5% | −1.4% | +4.2% | +4.5% | −2.8% | +0.7% | +15.9% | +4.8% |
SPMAX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 17.42%
- 3-year Sharpe ratio: 0.92 (vs 4.5% risk-free rate)
- Best month: +12.54% (Apr 2026)
- Worst month: −7.64% (Dec 2024)
SPMAX Fund Flows
Monthly money in and out of Saratoga Mid Capitalization Portfolio, from SEC Form N-PORT.
- 12-month net flow: $83K
- 12-month gross sales (incl. reinvestments): $3.1M
- Sales ÷ redemptions: 1.03×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $155K | $159K | −$4K |
| Apr 2026 | $98K | $508K | −$409K |
| Mar 2026 | $20K | $291K | −$271K |
| Feb 2026 | $12K | $153K | −$141K |
| Jan 2026 | $97K | $137K | −$40K |
| Dec 2025 | $2.4M | $266K | $2.1M |
| Nov 2025 | $219K | $106K | $113K |
| Oct 2025 | $6K | $166K | −$160K |
| Sep 2025 | $44K | $279K | −$235K |
| Aug 2025 | $19K | $243K | −$223K |
| Jul 2025 | $46K | $614K | −$567K |
| Jun 2025 | $22K | $111K | −$89K |
SPMAX Assets Under Management
Net assets of Saratoga Mid Capitalization Portfolio by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $11.23M |
| 2026-02-28 | $11.36M |
| 2025-11-30 | $10.72M |
| 2025-08-31 | $10.67M |
| 2025-05-31 | $10.41M |
| 2025-02-28 | $11.72M |
| 2024-11-30 | $14.17M |
| 2024-08-31 | $12.71M |
| 2024-05-31 | $12.01M |
| 2024-02-29 | $12.32M |
| 2023-11-30 | $10.86M |
| 2023-08-31 | $10.92M |
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.