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Direct your investments

Sit ESG Growth Fund

to where standards matter.

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Direct your investments

Sit ESG Growth Fund

to where standards matter.

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Direct your investments

Sit ESG Growth Fund

to where standards matter.

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Market Commentary
September 9, 2021

Equity investors climbed the so-called “wall of worry” to propel stock markets higher again in August, with the S&P 500 Index posting its best month since April. With the 10-year Treasury yield closing the month at +1.30 percent, the “there-is-no-alternative” effect continues to buoy equity returns.

With financial markets awash in liquidity, equity investors have so far largely shrugged off gathering macro risks in anticipation of historically robust fourth-quarter equity market returns and a substantial federal spending package. However, persistent global supply constraints and associated cost increases could weigh on corporate earnings in the third and fourth quarters, dampening prospects for a typical year-end rally. The acceleration in Covid-19 infections globally, especially with China’s “zero-Covid” mandate, has intensified supply chain logjams and inflationary pressures.

We expect increased equity market volatility in the months ahead as investors discount gathering risks and uncertainties. As a result, we may hold slightly more cash in portfolios in the interim as a hedge against near-term downside risks and in anticipation of attractive buying opportunities. Technology remains a preferred sector given its solid relative earnings growth profile, and the healthcare sector is increasingly attractive for the same reason.

For our latest full Global Investment Outlook & Strategy Update, download the .pdf document.

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2020 Capital Gain
Distribution Amounts

Mutual funds are required to distribute net realized capital gains and income each year. These distributions were paid this year on December 17th (to shareholders of record on December 16th). This year’s distribution amounts are available by clicking here.