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Fund Name Changes: What You Need to Know
Effective November 1, 2026, Sit Mutual Funds will update the official names of three funds:
- Sit Small Cap Growth Fund is now Sit Opportunity Growth Fund
- Sit Small Cap Dividend Growth Fund is now Sit Opportunity Dividend Growth Fund
- Sit Mid Cap Growth Fund is now Sit Multi Cap Growth Fund
(the “Funds”)
To help address questions regarding this transition, we’ve put together a short Q&A outlining why these changes are occurring and what they mean to you.
Q: Why are the names changing now?
A: These adjustments are being made so that the Funds may continue utilizing the investment strategies which they have utilized since each Fund’s inception. The SEC amended Rule 35d-1 (the “Names Rule”) under the Investment Company Act of 1940. The Names Rule requires a fund to invest 80% of the value of the fund’s net assets in the manner suggested by the fund’s name (an “80% Policy”). With respect to the Funds, the market-capitalization descriptors “Small Cap” and “Mid Cap” are and will be subject to the Funds’ 80% Policy. In essence the change in the Names Rule requires compliance with the 80% test be measured not only at the time the fund invests as it does currently, but additionally each quarter. For the Funds, this change may have required it to sell securities that have increased in cap size since their purchase in order to meet the 80% Policy quarterly. By removing the words “Small” and “Mid” from the Funds’ names, the Funds may continue applying their investment strategies without change.
Q: Does this change the investment objective or strategy of the Funds?
A: No. The primary core growth objectives and portfolio management approach remain focused on delivering long-term capital appreciation. Changing the names allows the Funds to keep their strategies which have been applied since the inception of the Funds.
Q: Do shareholders need to take any action?
A: No action is required by shareholders. Existing share balances, account numbers, CUSIPs, and ticker symbols will remain unaffected. Shareholders will receive the updated prospectus detailing these changes after November 1st.
Market Commentary
November 9, 2026
After piling back into AI stocks in late summer following a June–July selloff, investors reversed course in October as concerns once again took hold about how companies will fund the massive buildout and whether it will pay off. Energy and defensive stocks (consumer staples, utilities, and health care) posted strong returns in October. However, this strength was not enough to offset losses in technology shares, given their heavy representation in market-cap-weighted indices.
Democrats’ decisive wins in the House and Senate removed the risk of prolonged uncertainty tied to contested outcomes, sparking a broad rally the day after the election. However, AI infrastructure stocks came under pressure amid fears that the shift in the political landscape, especially at the state and local levels, could slow the AI buildout and the broader economic growth it has supported. We expect the buildout to continue, but a more measured pace could extend the cycle and ease inflation as the supply of chips, power, and equipment catches up with demand. And to the extent that heavy AI spending has been crowding out other investment, a slower pace could support more balanced GDP growth.
Rising earnings per share expectations and dividends contributed over 34 percentage points to the S&P 500 Index’s 11.8 percent total return year to date, while P/E multiple contraction subtracted about 22 percentage points. Following this valuation reset, the S&P 500 trades only slightly above its historical average, and market returns are likely to track earnings growth more closely from here. With earnings growth expected to remain strong, we believe U.S. stocks are well positioned for above-average returns in the year ahead.
For our latest full Global Investment Outlook & Strategy Update, download the .pdf document.