.

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
June 8, 2021

U.S. equity market performance was basically flat in May as persistent global supply chain constraints, rising commodity prices, labor shortages, and the prospect of further fiscal stimulus amplified investor concerns about unchecked inflation.

We believe many of the global supply chain issues currently plaguing producers, and driving costs higher, will be largely resolved by late 2021 or early 2022.  Labor availability should also improve as pandemic fears ease and unemployment benefits expire, curbing the prospect of uncontrolled wage inflation.  We continue to believe the core PCE Price Index will moderate to the low +2.0 percent range by year end, giving the Federal Reserve the wiggle room needed to remain accommodative.

We remain constructive on U.S. stocks and maintain a pro-cyclical stance within investment portfolios.  We continue to invest opportunistically and added to select high growth stocks, especially within software and biotechnology, after an interest-rate-related selloff in higher PE stocks.  We also increased positions in some consumer holdings as a sharp improvement in employment/wage prospects augments stimulus.  Given the inflationary backdrop, we have tilted portfolios toward companies with pricing power, notably those within the industrial, chemical, transportation, and insurance sectors.

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.