.

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.

.

Direct your investments

Sit ESG Growth Fund

to where standards matter.

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Market Commentary
February 8, 2021

Calendar fourth quarter 2020 corporate earnings are off to a promising start, with over 80 percent of S&P 500 Index constituents beating consensus thus far (≈ 45 percent have reported). Underpinned by swelling fiscal stimulus, highly accommodative monetary policy, and an impending return to economic normalcy (thanks to Covid-19 vaccines), we forecast U.S. real GDP growth will rebound +4.4 percent in 2021 from a -3.4 percent contraction in 2020. Accordingly, bottoms-up EPS forecasts for the S&P 500 Index continue to rise – expectations are now for +24 percent EPS growth in 2021 and +16 percent in 2022. As the virus is brought under control, a wave of pent-up demand, inventory restocking, and business investment should take hold and drive additional EPS upside for well-positioned companies.

With investor enthusiasm at historical highs and overall stock market price-to-earnings multiples now discounting a lot of good news, stocks are vulnerable to pullbacks on disappointments. Another wave of infections, setbacks in vaccine delivery/uptake, and the emergence of a virus variant that renders current vaccines less effective remain key risks to the outlook. However, we remain constructive on U.S. equities over the intermediate term and think participation in stock market gains will continue to broaden beyond large-cap tech stocks. While lingering uncertainties support continued diversification, we have moved portfolios progressively toward a more pro-cyclical stance.

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

Sit Mutual Funds will continue to operate at the highest level during this outbreak, and we invite you to contact us with questions or concerns. You can reach us at 800-332-5580 or email us at info@sitinvest.com.  We will continue to post updates about market and economic developments on our website at www.sitfunds.com.

Sit Investment Associates – Current Operations

During this disruption, we have three primary goals: 1) Do what we can to protect the health and well-being of our colleagues and their families, 2) Continue to research and actively manage investment portfolios pursuant to our client’s objectives, and 3) Serve our clients by staying focused on their long-term goals.

Operationally, we have implemented our work from home procedures to accommodate the need of certain colleagues to be at home and to do our part to support the virus mitigation efforts.  Our associates are returning to work in accordance with government health and safety guidelines.  We are fully operational – effectively making investment decisions, executing and settling trades, maintaining client account records, and communicating with clients.

Conditions are changing quickly, and it is possible that our receipt of mail through the United States Postal Service could at times be delayed.  We recommend that shareholders conduct transactions online at www.sitfunds.com and select the Account Access option under the Account Management drop-down menu at the top of the page.

Please call us if you have any questions.

Thank you for investing with Sit Investment Associates.

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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.