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Sit ESG Growth Fund

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Global Investment Outlook and Strategy

October 9, 2018

Unorthodox, late-cycle fiscal stimulus and deregulation have countered the impact of measured monetary tightening – contributing to a notable acceleration in U.S. economic growth, with real GDP on pace to increase +3.0% in 2018.  Over the previous 5-year period, the compound annual growth rate was +2.2%.  Leading economic indicators suggest the economy will remain relatively robust heading into 2019, but we anticipate that GDP growth will moderate gradually to the low +2.0% range by the end of next year as the impact of fiscal stimulus fade, financial conditions tighten, and inflationary pressures mount.  Escalating trade tensions, diverging global growth prospects, rising interest rates, and an appreciating U.S. dollar risk are dampening the resurgence in domestic business optimism and capital investment.  Further, U.S. federal debt held by the public will balloon +37% to $20.3 trillion by year-end 2022, according to the Congressional Budget Office – possibly crowding out private investment.  Nevertheless, absent shocks, recession within the next 18 to 24 months appears unlikely as we anticipate many of the favorable underpinnings of the expansion will remain intact.

For more details, including a longer discussion of high growth stocks, please see the complete Sit Investment Associates’ October 2018 Global Investment Outlook and Strategy paper. Click here: Global Outlook and Strategy (Adobe Acrobat).

Thanksgiving Holiday

Sit Mutual Funds will be closed on Thursday, November 22nd in observance of the Thanksgiving holiday.

Transactions received after 3:00 p.m., Central Time on Wednesday, November 21st will be processed on Friday, November 23rd due to the close of the New York Stock Exchange on November 22nd.

Sit Mutual Fund investor service representatives will be available from 7:30 a.m. to 5:30 p.m. on Friday.  Due to the early close of the New York Stock Exchange, transactions received after Noon, Central Time on Friday will be processed on Monday, November 26th.

Fund Focus:
Sit Tax-Free Income Fund

The Sit Tax-Free Income Fund invests primarily in investment-grade municipal bonds that pay high current income exempt from federal tax with preservation of capital.  The income is free from federal regular income tax as well as the federal alternative minimum tax, which can be especially helpful for investors in higher income tax brackets.

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Annual Gift Tax
Exemption Increases

After being stuck at $14,000 for a number of years, the gift tax exclusion amount increased $1,000 to $15,000 in 2018.  This means that an individual can now give any number of people $15,000 per year without incurring a gift tax.

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Sit ESG Growth Fund

Our newest Mutual Fund is the Sit ESG Growth Fund.

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Rising Interest Rates: Good or Bad for Stocks?

Several factors influence the impact of rising interest rates on stocks.

Read the full article.