| Label |
Element |
Value |
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
Financial Services Portfolio |
|
| Objective [Heading] |
rr_ObjectiveHeading |
Investment Objective: |
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Financial Services Portfolio seeks long-term growth of capital. |
|
| Expense [Heading] |
rr_ExpenseHeading |
Fees and Expenses: |
|
| Expense Narrative [Text Block] |
rr_ExpenseNarrativeTextBlock |
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. |
|
| Shareholder Fees Caption [Text] |
rr_ShareholderFeesCaption |
Shareholder Fees |
|
| Maximum Sales Charge on Purchases of Shares (as a % of offering price) |
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice |
none
|
|
| Maximum Contingent Deferred Sales Charge (as a % of offering price) |
rr_MaximumDeferredSalesChargeOverOfferingPrice |
5.00% |
[1] |
| Sales Charge on Reinvested Dividends (as a % of offering price) |
rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther |
none
|
|
| Redemption Fee on Shares Held 30 Days or Less (as a % of amount redeemed) |
rr_RedemptionFeeOverRedemption |
(2.00%) |
|
| Exchange Fee |
rr_ExchangeFeeOverRedemption |
none
|
|
| Operating Expenses Caption [Text] |
rr_OperatingExpensesCaption |
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
| Management Fees |
rr_ManagementFeesOverAssets |
1.25% |
|
| Distribution and/or Service (12b-1) Fees |
rr_DistributionAndService12b1FeesOverAssets |
1.00% |
|
| Other Expenses |
rr_OtherExpensesOverAssets |
2.55% |
|
| Total Annual Portfolio Operating Expenses |
rr_ExpensesOverAssets |
4.80% |
|
| Portfolio Turnover [Heading] |
rr_PortfolioTurnoverHeading |
Portfolio Turnover: |
|
| Portfolio Turnover [Text Block] |
rr_PortfolioTurnoverTextBlock |
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 33 |
|
| Portfolio Turnover, Rate |
rr_PortfolioTurnoverRate |
33.00% |
|
| Expense Breakpoint Discounts [Text] |
rr_ExpenseBreakpointDiscounts |
Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information- Contingent Deferred Sales Charge" section.) |
|
| Expense Breakpoint, Minimum Investment Required [Amount] |
rr_ExpenseBreakpointMinimumInvestmentRequiredAmount |
$ 50,000 |
|
| Expense Example [Heading] |
rr_ExpenseExampleHeading |
Example: |
|
| Expense Example Narrative [Text Block] |
rr_ExpenseExampleNarrativeTextBlock |
This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, the table below shows your costs at the end of each period based on these assumptions. |
|
| Expense Example by, Year, Caption [Text] |
rr_ExpenseExampleByYearCaption |
IF YOU SOLD YOUR SHARES |
|
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
980 |
|
| Expense Example, with Redemption, 3 Years |
rr_ExpenseExampleYear03 |
1,744 |
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
2,612 |
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
4,652 |
|
| Expense Example, No Redemption, By Year, Caption [Text] |
rr_ExpenseExampleNoRedemptionByYearCaption |
IF YOU HELD YOUR SHARES |
|
| Expense Example, No Redemption, 1 Year |
rr_ExpenseExampleNoRedemptionYear01 |
480 |
|
| Expense Example, No Redemption, 3 Years |
rr_ExpenseExampleNoRedemptionYear03 |
1,444 |
|
| Expense Example, No Redemption, 5 Years |
rr_ExpenseExampleNoRedemptionYear05 |
2,412 |
|
| Expense Example, No Redemption, 10 Years |
rr_ExpenseExampleNoRedemptionYear10 |
$ 4,652 |
|
| Strategy [Heading] |
rr_StrategyHeading |
Principal Investment Strategies: |
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
The Portfolio will normally invest at least 80% of its total assets in U.S. and foreign equity securities issued by financial services companies, regardless of their stock market value (or “market capitalization”). Equity securities include common stocks, securities convertible into common stocks, preferred stocks and warrants. Up to 20% of the Portfolio’s assets may be invested in U.S. and foreign securities outside of financial companies. The Portfolio will generally invest in companies that the Adviser expects will capitalize on emerging changes in the global financial services industries. The Adviser uses a research-based, bottom-up investment process, executed in a disciplined manner to select investments for the Portfolio. In deciding which securities to buy, hold or sell, the Adviser evaluates the following factors, which it believes determines future returns: (i) competitive position; (ii) profitability; (iii) financial strength (tangible equity/tangible assets, returns on equity, and free cash flow); (iv) business strategy; (v) earnings trends/earnings per share growth revisions; and (vi) valuation using discounted cash flow analysis.
"Financial services company," for purposes of Portfolio investments, is defined as an entity in which at least 50% of the company's revenues or earnings were derived from financial services activities based upon the company's most recent fiscal year, or at least 50% of the company's assets were devoted to such activities based on the company's most recent fiscal year or any company which is included in the S&P Financial Sector Index. Financial services companies provide financial services to consumers and industry. Examples of companies in the financial services sector include commercial banks, investment banks, savings and loan associations, thrifts, finance companies, brokerage and advisory firms, transaction and payroll processors, insurance companies, real estate and leasing companies, and companies that span across these segments, and service providers whose revenue is largely derived from the financial services sector. Under Securities and Exchange Commission (“SEC”) regulations, the Portfolio may not invest more than 5% of its total assets in the equity securities of any company that derives more than 15% of its revenues from brokerage or investment management activities.
Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities. Such investment strategies could result in the Portfolio not achieving its investment objective. |
|
| Risk [Heading] |
rr_RiskHeading |
Principal Investment Risks: |
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency.
Common Stock Risk. In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments.
Preferred Stock Risk. Preferred stocks involve credit risk and certain other risks. Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of “non-cumulative” preferred stocks) or defer distributions (in the case of “cumulative” preferred stocks). If the Portfolio owns a preferred stock on which distributions are deferred, the Portfolio may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. Preferred stocks are subordinated to bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments.
Convertible Securities Risk. The Portfolio’s investments in convertible securities subject the Portfolio to the risks associated with both fixed-income securities and common stocks. To the extent that a convertible security’s investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise, as with a fixed-income security. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security.
Warrants Risks. The holder of a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants do not necessarily move in tandem with the prices of the underlying securities, and are speculative investments. Warrants pay no dividends and confer no rights other than a purchase option. If a warrant is not exercised by the date of its expiration, the Portfolio will lose its entire investment in such warrant.
Concentration Risk. Because of its specific focus, the Portfolio’s performance is closely tied to and affected by events occurring in the financial services industry. Companies in the same industry often face similar obstacles, issues and regulatory burdens. As a result, the securities owned by the Portfolio may react similarly to and move in unison with one another. The Portfolio is more vulnerable to price fluctuations of financial services companies and other factors that particularly affect financial services industries than a more broadly diversified mutual fund. In particular, the prices of stock issued by many financial services companies have historically been more closely correlated with changes in interest rates than other stocks. Generally, when interest rates go up, stock prices of these companies go down. This relationship may not continue in the future. Financial services companies are subject to extensive government regulation, which tends to limit both the amount and types of loans and other financial commitments the company can make, and the interest rates and fees it can charge. These limitations can have a significant impact on the profitability of a financial services company since profitability is impacted by the company’s ability to make financial commitments such as loans. Insurance companies in which the Portfolio invests may also have an impact on the Portfolio’s performance as insurers may be subject to severe price competition, claims activity, marketing competition and general economic conditions. Certain lines of insurance can be significantly influenced by specific events. For example, property and casualty insurer profits may be affected by certain weather catastrophes and other disasters; and life and health insurer profits may be affected by mortality risks and morbidity rates. The financial services industry is currently undergoing a number of changes such as continuing consolidations, development of new products and structures and changes to its regulatory framework. These changes are likely to have a significant impact on the financial services industry and the Portfolio.
Foreign Securities Risk. The Portfolio’s investments in foreign securities (including depositary receipts) involve risks in addition to the risks associated with domestic securities. One additional risk is currency risk. While the price of Portfolio shares is quoted in U.S. dollars, the Portfolio generally converts U.S. dollars to a foreign market’s local currency to purchase a security in that market. If the value of that local currency falls relative to the U.S. dollar, the U.S. dollar value of the foreign security will decrease. This is true even if the foreign security’s local price remains unchanged. Foreign securities also have risks related to economic and political developments abroad, including expropriations, confiscatory taxation, exchange control regulation, limitations on the use or transfer of Portfolio assets and any effects of foreign social, economic or political instability. In particular, adverse political or economic developments in a geographic region or a particular country in which the Portfolio invests could cause a substantial decline in the value of its portfolio securities. Foreign companies, in general, are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about these companies. Moreover, foreign accounting, auditing and financial reporting standards generally are different from those applicable to U.S. companies. Finally, in the event of a default of any foreign debt obligations, it may be more difficult for the Portfolio to obtain or enforce a judgment against the issuers of the securities. Securities of foreign issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their U.S. counterparts. In addition, differences in clearance and settlement procedures in foreign markets may cause delays in settlements of the Portfolio’s trades effected in those markets. Depositary receipts involve substantially identical risks associated with direct investments in foreign securities. Issuers of the foreign security represented by a depositary receipt, particularly unsponsored or unregistered depositary receipts, may not be obligated to disclose material information in the United States or to pass through to holders of such receipts voting rights with respect to the deposited securities.
Compared to the United States and other developed countries, developing or emerging countries may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities. Prices of these securities tend to be especially volatile and, in the past, securities in these countries have been characterized by greater potential loss (as well as gain) than securities of companies located in developed countries.
Small and Medium Capitalization Companies Risk. The Portfolio may invest in U.S and foreign small and medium capitalization securities. Investing in lesser-known, small and medium capitalization companies may involve greater risk of volatility of the Portfolio’s share price than is customarily associated with investing in larger, more established companies. There is typically less publicly available information concerning small and medium capitalization companies than for larger, more established companies. Some small and medium capitalization companies have limited product lines, distribution channels and financial and managerial resources and tend to concentrate on fewer geographical markets than do larger companies. Also, because small and medium capitalization companies normally have fewer shares outstanding than larger companies and trade less frequently, it may be more difficult for the Portfolio to buy and sell significant amounts of shares without an unfavorable impact on prevailing market prices.
Issuer-Specific Risks. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price.
Non-Diversification Risk. Because the Portfolio is non-diversified, it may have greater exposure to volatility than other funds. Because a non-diversified fund may invest a larger percentage of its assets in the securities of a single company than diversified funds, the performance of that company can have a substantial impact on the fund’s share price.
Portfolio Turnover Risk. The frequency of the
Adviser Risk. The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy.
Other Risks. The Portfolio is subject to other risks from its permissible investments. For information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks”. |
|
| Risk Lose Money [Text] |
rr_RiskLoseMoney |
When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. |
|
| Risk Nondiversified Status [Text] |
rr_RiskNondiversifiedStatus |
Because the Portfolio is non-diversified, it may have greater exposure to volatility than other funds. Because a non-diversified fund may invest a larger percentage of its assets in the securities of a single company than diversified funds, the performance of that company can have a substantial impact on the fund's share price. |
|
| Risk Not Insured Depository Institution [Text] |
rr_RiskNotInsuredDepositoryInstitution |
Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. |
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
Performance: |
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
For the periods prior to January 6, 2003, the Portfolio operated as a separate fund called the Orbitex Financial Services Fund (the “Predecessor Fund”), which was managed by Orbitex Management, Inc. The investment policy of the Portfolio is substantially similar to that of the Predecessor Fund. The Predecessor Fund was subject to a similar level of fees as those applied to the Portfolio. The bar chart and table that follow |
|
| Performance Information Illustrates Variability of Returns [Text] |
rr_PerformanceInformationIllustratesVariabilityOfReturns |
The bar chart and table that follow show the performance of the Class B shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class B shares from year-to-year and by showing how the average annual returns for the past 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. |
|
| Performance Availability Phone [Text] |
rr_PerformanceAvailabilityPhone |
1-800-807-FUND |
|
| Performance Availability Website Address [Text] |
rr_PerformanceAvailabilityWebSiteAddress |
www.saratogacap.com |
|
| Performance Past Does Not Indicate Future [Text] |
rr_PerformancePastDoesNotIndicateFuture |
The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. |
|
| Bar Chart [Heading] |
rr_BarChartHeading |
ANNUAL TOTAL RETURNS - CALENDAR YEARS |
|
| Bar Chart Does Not Reflect Sales Loads [Text] |
rr_BarChartDoesNotReflectSalesLoads |
The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. |
|
| Annual Return 2002 |
rr_AnnualReturn2002 |
(15.37%) |
|
| Annual Return 2003 |
rr_AnnualReturn2003 |
25.62% |
|
| Annual Return 2004 |
rr_AnnualReturn2004 |
12.05% |
|
| Annual Return 2005 |
rr_AnnualReturn2005 |
7.58% |
|
| Annual Return 2006 |
rr_AnnualReturn2006 |
15.80% |
|
| Annual Return 2007 |
rr_AnnualReturn2007 |
(6.59%) |
|
| Annual Return 2008 |
rr_AnnualReturn2008 |
(49.80%) |
|
| Annual Return 2009 |
rr_AnnualReturn2009 |
13.33% |
|
| Annual Return 2010 |
rr_AnnualReturn2010 |
2.42% |
|
| Annual Return 2011 |
rr_AnnualReturn2011 |
(16.89%) |
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
During the periods shown in the bar chart, the highest return for a calendar quarter was 21.46% (quarter ended June 30, 2009) and the lowest return for a calendar quarter was -31.82% (quarter ended December 31, 2008). For the period January 1, 2012 |
|
| Year to Date Return, Label |
rr_YearToDateReturnLabel |
Return for the Portfolio |
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Sep. 30,
2012 |
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
12.40% |
|
| Highest Quarterly Return, Label |
rr_HighestQuarterlyReturnLabel |
highest return |
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Jun. 30,
2009 |
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
21.46% |
|
| Lowest Quarterly Return, Label |
rr_LowestQuarterlyReturnLabel |
lowest return |
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Dec. 31,
2008 |
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(31.82%) |
|
| Performance Table Does Reflect Sales Loads |
rr_PerformanceTableDoesReflectSalesLoads |
The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. |
|
| Index No Deduction for Fees, Expenses, Taxes [Text] |
rr_IndexNoDeductionForFeesExpensesTaxes |
(Reflects no deduction for fees, expenses or taxes) |
|
| Performance Table Uses Highest Federal Rate |
rr_PerformanceTableUsesHighestFederalRate |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. |
|
| Performance Table Not Relevant to Tax Deferred |
rr_PerformanceTableNotRelevantToTaxDeferred |
Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. |
|
| Performance Table Explanation after Tax Higher |
rr_PerformanceTableExplanationAfterTaxHigher |
After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. |
|
| Performance Table Closing [Text Block] |
rr_PerformanceTableClosingTextBlock |
The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. The Predecessor Fund’s and the Portfolio’s past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. |
|
| Caption |
rr_AverageAnnualReturnCaption |
AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) |
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
(21.05%) |
[2] |
| 5 Years |
rr_AverageAnnualReturnYear05 |
(14.98%) |
[2] |
| 10 Years |
rr_AverageAnnualReturnYear10 |
(3.91%) |
[2] |
|
After Taxes on Distributions
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
(21.05%) |
[2] |
| 5 Years |
rr_AverageAnnualReturnYear05 |
(15.25%) |
[2] |
| 10 Years |
rr_AverageAnnualReturnYear10 |
(4.69%) |
[2] |
|
After Taxes on Distributions and Sale of Portfolio Shares
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
(13.68%) |
[2] |
| 5 Years |
rr_AverageAnnualReturnYear05 |
(11.80%) |
[2] |
| 10 Years |
rr_AverageAnnualReturnYear10 |
(3.04%) |
[2] |
|
S&P 500â Total Return Index
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
2.11% |
|
| 5 Years |
rr_AverageAnnualReturnYear05 |
(0.25%) |
|
| 10 Years |
rr_AverageAnnualReturnYear10 |
2.92% |
|
|
Lipper Financial Services Funds Index
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
(14.20%) |
|
| 5 Years |
rr_AverageAnnualReturnYear05 |
(12.36%) |
|
| 10 Years |
rr_AverageAnnualReturnYear10 |
(1.73%) |
|
|
|
|
