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Global Investment Outlook and Strategy

January 10, 2019

U.S. equity markets skipped their typical fourth quarter rally and Santa was a no-show in December. Just a month after becoming the longest U.S. bull market, the S&P 500 Index corrected sharply, dropping -19.8 percent between September 20 and December 24 – just 21 basis points shy of the “official” definition of a bear market. A volatile and terrible December for the global equity markets sparked a flight to quality that drove treasury yields lower with non-government bonds lagging considerably for the month. Recent financial market unease notwithstanding, leading economic indicators generally remain favorable and do not imply recession is imminent within the next 18-24 months. However, real GDP growth will likely decelerate towards +2.0 percent in 2019 from a projected +3.0 percent in 2018 as the direct impacts of fiscal stimulus diminish, financial conditions tighten, and partisan conflicts intensify. We are optimistic a U.S.-China trade deal will begin to take shape in coming months, albeit progress will be subject to fits and starts, and that the Federal Reserve will be data dependent as it normalizes interest rates and its balance sheet concurrently. Overall, we expect the treasury curve to drift another half to a full percentage point higher over the course of the year.

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

Martin Luther King Jr. Day

Due to the close of the New York Stock Exchange on January 21st, transactions received after 3:00 p.m. Central Time on January 18th will be processed on January 22nd.  Sit investor services representatives will maintain normal business hours on Monday.

2018 Tax Resource Center

To assist you with your 2018 taxes, several resources are available to you.

The 2018 Tax Information brochure includes information on U.S. Government obligations, percentage of dividends considered qualified, corporate dividends received deduction, Alternative Minimum Tax exposure, and state-by-state tax-exempt income dividend percentages.

The 2018 Tax Information webpage provides year-end distribution amounts and types, along with descriptions of all tax forms with the expected mailing dates.

2019 Investment Seminars

Sit Mutual Funds will be offering three different investment seminars this winter.  For content and date information please visit the 2019 Seminar page.

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Sit ESG Growth Fund

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