Fund Evaluator:
Saratoga Moderately Cnsrv Bal Allc A (SMACX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
Saratoga Moderately Cnsrv Bal Allc A Overview
Saratoga Moderately Cnsrv Bal Allc A (SMACX) is an actively managed Allocation Moderate Allocation fund. Saratoga launched the fund in 2017.
The investment seeks total return consisting of capital appreciation and income. The Portfolio's main investment strategy is to invest in other Saratoga Advantage Trust mutual funds (the "Saratoga Funds") and/or unaffiliated registered investment companies and exchange-traded funds ("ETFs") (together with the Saratoga Funds, the "underlying funds"). It will invest in equity, fixed income and alternative instruments through its investments in the underlying funds.
About Saratoga Moderately Cnsrv Bal Allc A (SMACX)
There are 3 members of the management team with an average tenure of 8.59 years: Bruce Ventimiglia (2017), Stephen Ventimiglia (2017), Jonathan Ventimiglia (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Morningstar Mod Tgt Risk TR USD index with a weighting of 100% and Morningstar US Mod Allocation cat USD index with a weighting of 100%. Saratoga Moderately Cnsrv Bal Allc A has 11 securities in its portfolio. The top 10 holdings constitute 100.4% 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 Moderately Cnsrv Bal Allc A is part of the Allocation global asset class and is within the Allocation fund group. Saratoga Moderately Cnsrv Bal Allc A has 11.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 49.4%. There is 5.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 31.8% (26.2% domestic bond, 5.6% foreign bond and 0.0% convertible bond). Saratoga Moderately Cnsrv Bal Allc A has 13.2% of the portfolio in cash.
Assets Under Management
The fund has $17 million in total assets, which is below the $2 billion average for the Moderate Allocation 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.
SMACX 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 Moderately Cnsrv Bal Allc A expense ratio is high compared to funds in the Moderate Allocation category. Saratoga Moderately Cnsrv Bal Allc A has an expense ratio of 2.23%, which is 124% 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 Moderately Cnsrv Bal Allc A has a portfolio turnover rate of 14%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of July 2026, Saratoga Moderately Cnsrv Bal Allc A returned -3.2%, which earned it a grade of F, as the Moderate Allocation category had an average return of -0.3%. 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 Moderately Cnsrv Bal Allc A has a trailing yield of 2.77%, which is above the 1.97% category average. The fund normally distributes its income 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 Moderately Cnsrv Bal Allc A Grades
Year to date, the fund has returned 3.2%, 3.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 7.7% over the past year (grade of F), 10.2% over the past three years (grade of F) and 6.1% per year over the past five years (grade of D).
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SMACX 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 |
|
| SMACX Return (NAV) | -3.2% | 0.4% | 7.7% | 10.2% | 6.1% | na |
| SMACX Grade | F | F | F | F | D | na |
| +/- Category | -3.0% | -1.7% | -5.4% | -1.8% | -0.5% | na |
| Moderate Allocation Avg | -0.3% | 2.1% | 13.1% | 12.0% | 6.6% | 8.5% |
| SMACX Tax Cost Ratio | na | na | 2.8% | 1.5% | 1.9% | na |
SMACX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SMACX Return (NAV) | 3.2% | 12.0% | 11.0% | 12.8% | -9.8% | 11.7% | 9.2% | 16.6% | -7.6% | na | na |
| SMACX Grade | F | D | D | D | A | F | D | F | F | na | na |
| +/- Category | -3.3% | -1.4% | -1.2% | -1.5% | 4.2% | -2.6% | -3.7% | -3.2% | -2.5% | na | na |
| Moderate Allocation Avg | 6.4% | 13.4% | 12.2% | 14.3% | -14.0% | 14.4% | 12.9% | 19.8% | -5.1% | 13.8% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 8.6% |
| Total Risk Index: | 0.70 - Below Average |
| Category Risk Index: | 0.93 - Below Average |
| Category Risk Grade: | B (21% Rank) |
| Beta: | 0.84 |
| R-Squared: | 84% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | Medium Quality Moderate Sensitivity |
| Yield: | 2.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $0 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 14% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 8.6 years | |||
| Average Tenure: 8.6 years | |||
| Managers (Year): Ventimiglia Bruce (2017), Ventimiglia Stephen (2017), Ventimiglia Jonathan (2017) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 11 |
| % in Top 10 Holdings: | 100.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 11.2% |
Portfolio Allocation |
|
| Domestic Stock: | 49.4% |
| Foreign Stock: | 5.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 26.2% |
| Foreign Bond: | 5.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 13.2% |
Purchase Information
| Fund Family: | Saratoga |
| Phone Number: | 800-807-3863 |
| Website: | www.saratogacap.com |
| Status: | Open |
| Inception Date: | December 29, 2017 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 2.23% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Saratoga Moderately Cnsrv Bal Allc I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
