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Direct your investments

Sit ESG Growth Fund

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Direct your investments

Sit ESG Growth Fund

to where standards matter.

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Market Commentary
July 9, 2021

U.S. real GDP is on pace to expand +6.5 percent in 2021, its highest annual growth rate since 1984, as the economy rebounds and achieves new heights. We estimate real GDP will increase +10 percent in the June quarter but moderate in subsequent quarters as comparisons become more challenging. We believe above-trendline growth will persist through at least 2022, supported by pent-up demand, employment gains, inventory restocking, fixed investment, and favorable government policies.

The S&P 500 Index posted its second best first-half gain since 1998, producing a total return of +15.3 percent for the first six months of 2021 (vs +18.5 percent in 2019 and +17.7 percent in 1998). Against a stable price-to-earnings multiple, rising earnings projections drove all the S&P 500’s first-half performance. Over 85 percent of S&P 500 constituents beat the consensus EPS expectation for the March quarter, the largest percentage in at least the past two decades.

The U.S. economy is booming, confidence is rebounding, government policies are stimulating, leading indicators are rising, and interest rates are near record lows – can it get much better? Probably not. At least not from a rate of change perspective. The economic expansion may be far from over, but momentum is probably peaking, at least for perhaps the next 12-24 months (depending on when the next economic catalysts emerge). Even though decelerating economic growth does not signal an end to the equity bull market, it typically denotes an inflection point in sector and style performance.

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.