Fund Evaluator:
Saratoga Investment Quality Bond I (SIBPX)
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Best Performing in Intermediate Core-Plus Bond Over the Last Year
| 4.1% | Diamond Hill Core Plus Bond Y (DHNYX) |
| 3.9% | Diamond Hill Core Plus Bond I (DHNIX) |
| 3.7% | Diamond Hill Core Plus Bond Investor (DHNAX) |
| 3.5% | Weitz Core Plus Income Investor (WCPNX) |
| 3.4% | Nuveen Core Plus Bond I (TCBHX) |
Fund Details
Saratoga Investment Quality Bond I Overview
Saratoga Investment Quality Bond I (SIBPX) is an actively managed Taxable Bond Intermediate Core-Plus Bond fund. Saratoga launched the fund in 1994.
The investment seeks current income and reasonable stability of principal. The Portfolio is a "fund of funds." The Portfolio's main investment strategy is to invest in unaffiliated registered investment companies and exchange-traded funds ("ETFs") (the "underlying funds"). The Portfolio will normally invest at least 80% of its total assets in underlying funds which invest in investment grade fixed-income securities or mortgage pass-through securities rated within the four highest grades by Moody's, S&P or Fitch or, if not rated, securities considered by an underlying fund's adviser to be of comparable quality.
About Saratoga Investment Quality Bond I (SIBPX)
There are 3 members of the management team with an average tenure of 8.41 years: Bruce Ventimiglia (2018), Stephen Ventimiglia (2018), Jonathan Ventimiglia (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Morningstar US Fund Interm Core Bd USD index with a weighting of 100%. Saratoga Investment Quality Bond I has 4 securities in its portfolio. The top 10 holdings constitute 100.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Saratoga Investment Quality Bond I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Saratoga Investment Quality Bond I has 9.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.4% (86.5% domestic bond, 9.9% foreign bond and 0.0% convertible bond). Saratoga Investment Quality Bond I has 3.6% of the portfolio in cash.
Assets Under Management
The fund has $7 million in total assets, which is below the $1 billion average for the Intermediate Core-Plus Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SIBPX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Saratoga Investment Quality Bond I expense ratio is high compared to funds in the Intermediate Core-Plus Bond category. Saratoga Investment Quality Bond I has an expense ratio of 1.81%, which is 132% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Saratoga Investment Quality Bond I has a portfolio turnover rate of 3%, indicating that holds its assets around 0.3 years. By way of comparison, the average portfolio turnover is 181% for the Intermediate Core-Plus Bond category.
Recently, in the month of July 2026, Saratoga Investment Quality Bond I returned -1.3%, which earned it a grade of B, as the Intermediate Core-Plus Bond category had an average return of -1.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Saratoga Investment Quality Bond I has a trailing yield of 2.14%, which is below the 4.36% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Saratoga Investment Quality Bond I Grades
Year to date, the fund has returned -1.9%, 1.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 0.6% over the past year (grade of F), 2.7% over the past three years (grade of F) and 0.9% per year over the past five years (grade of A) and 0.9% per year over the past 10 years (grade of F).
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SIBPX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SIBPX Return (NAV) | -1.3% | -1.2% | 0.6% | 2.7% | 0.9% | 0.9% |
| SIBPX Grade | B | F | F | F | A | F |
| +/- Category | 0.1% | -0.4% | -2.1% | -1.5% | 1.1% | -0.9% |
| Intermediate Core-Plus Bond Avg | -1.3% | -0.7% | 2.7% | 4.2% | -0.2% | 1.8% |
| SIBPX Tax Cost Ratio | na | na | 0.9% | 0.8% | 0.6% | 0.5% |
SIBPX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SIBPX Return (NAV) | -1.9% | 6.5% | 0.8% | 2.9% | -2.5% | -1.7% | 3.4% | 3.8% | -0.7% | 0.7% | 1.7% |
| SIBPX Grade | F | F | F | F | A | F | F | F | B | F | F |
| +/- Category | -1.3% | -0.8% | -1.5% | -3.2% | 10.9% | -1.1% | -5.2% | -5.3% | 0.2% | -3.8% | -2.7% |
| Intermediate Core-Plus Bond Avg | -0.6% | 7.3% | 2.3% | 6.1% | -13.4% | -0.6% | 8.6% | 9.1% | -0.9% | 4.4% | 4.3% |
| Risk Measures | |
| Standard Deviation: | 3.9% |
| Total Risk Index: | 0.32 - Low |
| Category Risk Index: | 0.70 - Low |
| Category Risk Grade: | A (2% Rank) |
| Beta: | 0.64 |
| R-Squared: | 83% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $7 Mil |
| Fund Total Assets: | $ 7 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 3% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 8.4 years | |||
| Average Tenure: 8.4 years | |||
| Managers (Year): Ventimiglia Bruce (2018), Ventimiglia Stephen (2018), Ventimiglia Jonathan (2018) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 100.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 86.5% |
| Foreign Bond: | 9.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.6% |
Purchase Information
| Fund Family: | Saratoga |
| Phone Number: | 800-807-3863 |
| Website: | www.saratogacap.com |
| Status: | Open |
| Inception Date: | September 1, 1994 |
| Min. Initial Purchase: | $ 250 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.81% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | Saratoga Investment Quality Bond I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
