Fund Evaluator:
Saratoga Mid Capitalization C (SPMCX)
Follow This Fund
Best Performing in Mid-Cap Blend Over the Last Year
| 67.2% | Paradigm Select (PFSLX) |
| 39.8% | ICON Equity Investor (ISTAX) |
| 32.4% | Fidelity Advisor Mid Cap II Z (FZAMX) |
| 31.5% | Vanguard Strategic Equity Inv (VSEQX) |
| 29.8% | CRM All Cap Value Inv (CRMEX) |
Fund Details
Saratoga Mid Capitalization C Overview
Saratoga Mid Capitalization C (SPMCX) is an actively managed U.S. Equity Mid-Cap Blend fund. Saratoga launched the fund in 2002.
The investment seeks long-term capital appreciation. The Portfolio will normally invest at least 80% of its total assets in equity securities of companies whose stock market capitalizations fall within the range of the capitalizations in the Russell Midcap® Index at the time of purchase. Equity securities include common stocks, preferred stocks, securities convertible into common stocks and warrants. It invests in securities of companies that are believed by the Adviser to be undervalued, thereby offering above-average potential for capital appreciation.
About Saratoga Mid Capitalization C (SPMCX)
There are 3 members of the management team with an average tenure of 14.10 years: Dennis Alff (2006), Sundeep Khanna (2024), Christopher Wallis (2006). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Morningstar Mid Capita Bld AV USD index with a weighting of 100%. Saratoga Mid Capitalization C has 63 securities in its portfolio. The top 10 holdings constitute 32.5% 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 Mid Capitalization C is part of the Equity global asset class and is within the U.S. Equity fund group. Saratoga Mid Capitalization C has 3.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.2%. There is 3.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Saratoga Mid Capitalization C has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $47 million in total assets, which is below the $1 billion average for the Mid-Cap Blend 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.
SPMCX 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 Mid Capitalization C expense ratio is high compared to funds in the Mid-Cap Blend category. Saratoga Mid Capitalization C has an expense ratio of 3.10%, which is 217% 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 Mid Capitalization C has a portfolio turnover rate of 152%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Blend category.
Recently, in the month of July 2026, Saratoga Mid Capitalization C returned -8.6%, which earned it a grade of F, as the Mid-Cap Blend category had an average return of -1.8%. 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 Mid Capitalization C has a trailing yield of 0.00%, which is below the 0.48% category average. The fund normally distributes its income annually 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 Mid Capitalization C Grades
Year to date, the fund has returned 12.5%, 0.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 16.8% over the past year (grade of C), 16.0% over the past three years (grade of A) and 8.3% per year over the past five years (grade of B) and 8.7% per year over the past 10 years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Saratoga Mid Capitalization C, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
SPMCX 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 |
|
| SPMCX Return (NAV) | -8.6% | -1.7% | 16.8% | 16.0% | 8.3% | 8.7% |
| SPMCX Grade | F | F | C | A | B | F |
| +/- Category | -6.8% | -5.5% | -1.0% | 3.3% | 0.6% | -1.6% |
| Mid-Cap Blend Avg | -1.8% | 3.9% | 17.8% | 12.7% | 7.6% | 10.3% |
| SPMCX Tax Cost Ratio | na | na | 11.3% | 5.8% | 4.6% | 3.4% |
SPMCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPMCX Return (NAV) | 12.5% | 9.4% | 16.7% | 14.8% | -12.5% | 19.3% | 9.1% | 29.1% | -17.6% | 12.2% | 4.2% |
| SPMCX Grade | D | B | B | D | B | F | D | C | F | F | F |
| +/- Category | -0.6% | 1.5% | 3.2% | -1.5% | 2.6% | -5.0% | -4.2% | 0.6% | -7.3% | -3.9% | -10.3% |
| Mid-Cap Blend Avg | 13.0% | 7.9% | 13.5% | 16.4% | -15.1% | 24.3% | 13.3% | 28.5% | -10.3% | 16.1% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 18.5% |
| Total Risk Index: | 1.50 - High |
| Category Risk Index: | 1.17 - High |
| Category Risk Grade: | F (95% Rank) |
| Beta: | 1.12 |
| R-Squared: | 63% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $10 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 152% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 20.3 years | |||
| Average Tenure: 14.1 years | |||
| Managers (Year): Alff Dennis (2006), Wallis Christopher (2006), Khanna Sundeep (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 63 |
| % in Top 10 Holdings: | 32.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.6% |
Portfolio Allocation |
|
| Domestic Stock: | 96.2% |
| Foreign Stock: | 3.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Fund Family: | Saratoga |
| Phone Number: | 800-807-3863 |
| Website: | www.saratogacap.com |
| Status: | Open |
| Inception Date: | June 28, 2002 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 3.10% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Saratoga Mid Capitalization C |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
