Fund Evaluator:
Saratoga Small Capitalization I (SSCPX)
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Best Performing in Small Blend Over the Last Year
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Fund Details
Saratoga Small Capitalization I Overview
Saratoga Small Capitalization I (SSCPX) is an actively managed U.S. Equity Small Blend fund. Saratoga launched the fund in 1994.
The investment seeks maximum capital appreciation. The fund will normally invest at least 80% of its total assets in common stocks of companies whose stock market capitalizations fall within the range of capitalizations in the Russell 2000® Index. The Russell 2000® Index is reconstituted annually at the midpoint of the calendar year. Under adverse market conditions, the fund may also make temporary investments in investment grade debt securities.
About Saratoga Small Capitalization I (SSCPX)
There are 1 members of the management team with an average tenure of 10.97 years: Mitch Zacks (2015). 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 Small Blend Fund Avg index with a weighting of 100%. Saratoga Small Capitalization I has 103 securities in its portfolio. The top 10 holdings constitute 19.4% 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 Small Capitalization I is part of the Equity global asset class and is within the U.S. Equity fund group. Saratoga Small Capitalization I has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.1%. There is 0.9% 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 Small Capitalization I has 3.0% of the portfolio in cash.
Assets Under Management
The fund has $7 million in total assets, which is below the $685 million average for the Small 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.
SSCPX 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 Small Capitalization I expense ratio is high compared to funds in the Small Blend category. Saratoga Small Capitalization I has an expense ratio of 2.50%, which is 139% 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 Small Capitalization I has a portfolio turnover rate of 145%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 66% for the Small Blend category.
Recently, in the month of July 2026, Saratoga Small Capitalization I returned -8.4%, which earned it a grade of F, as the Small Blend category had an average return of -2.8%. 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 Small Capitalization I has a trailing yield of 0.00%, which is below the 0.42% 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 Small Capitalization I Grades
Year to date, the fund has returned 18.8%, 0.7 percentage points better than the category, which translates into a grade of C. The fund has returned 26.4% over the past year (grade of D), 13.3% over the past three years (grade of C) and 7.7% per year over the past five years (grade of C) and 10.6% per year over the past 10 years (grade of B).
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SSCPX 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 |
|
| SSCPX Return (NAV) | -8.4% | 3.2% | 26.4% | 13.3% | 7.7% | 10.6% |
| SSCPX Grade | F | F | D | C | C | B |
| +/- Category | -5.6% | -2.0% | -1.8% | -0.1% | 0.1% | 0.3% |
| Small Blend Avg | -2.8% | 5.2% | 28.3% | 13.5% | 7.6% | 10.3% |
| SSCPX Tax Cost Ratio | na | na | 1.9% | 1.4% | 2.3% | 1.5% |
SSCPX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SSCPX Return (NAV) | 18.8% | 6.4% | 10.9% | 15.2% | -17.4% | 24.5% | 25.4% | 23.7% | -16.3% | 15.6% | 13.1% |
| SSCPX Grade | C | D | C | D | C | C | A | D | F | B | F |
| +/- Category | 0.7% | -1.5% | -0.7% | -1.3% | -0.9% | 1.3% | 11.0% | -1.8% | -4.5% | 1.5% | -7.1% |
| Small Blend Avg | 18.2% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 20.6% |
| Total Risk Index: | 1.68 - High |
| Category Risk Index: | 1.11 - High |
| Category Risk Grade: | F (97% Rank) |
| Beta: | 1.23 |
| R-Squared: | 61% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $7 Mil |
| Fund Total Assets: | $ 7 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 145% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 11.0 years | |||
| Average Tenure: 11.0 years | |||
| Managers (Year): Zacks Mitch (2015) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 103 |
| % in Top 10 Holdings: | 19.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.9% |
Portfolio Allocation |
|
| Domestic Stock: | 96.1% |
| Foreign Stock: | 0.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.0% |
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 (%): | 2.50% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Saratoga Small Capitalization I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
