Described is a composition comprising (i) an aqueous phase comprising water, one, two or more co-solvents selected from the group consisting of propylene glycol, ethanol, triacetin, and glycerol, and optionally one, two or more sugars, preferably selected from the group consisting of sucrose, fructose, and glucose, (ii) a surfactant system comprising one saponin or a mixture of two, three or more saponins, and lecithin, and (iii) an oil phase comprising (or consisting of) one, two, three or more substances selected from the group consisting of flavorants, vitamins, coloring foodstuffs, and polyunsaturated fatty acids, wherein the composition does not comprise a polyclycerol fatty acid ester. Further described is a method of preparing such composition and a corresponding food formulation.