The returns shown below are based on the firm’s composite for the particular strategy. Past performance does not guarantee future results and future performance may be higher or lower than the performance presented, including the possibility of loss of principal. Composite returns for one year or greater are annualized.
Portfolio Average Annual Returns1, as of June 30, 2023, updated quarterly.
*The inception date of the Small Cap Dividend Growth Composite is April 1, 2015. The returns reflect performance since April 1, 2015 for the Small Cap Dividend Growth Composite and its benchmark.
**The inception date of the Taxable Targeted Opportunity Composite is March 31, 2013. The returns reflect performance since March 31, 2013 for the Taxable Targeted Opportunity Composite.
(1) Gross returns were calculated on a time-weighted total return basis, including reinvestment of all dividends, interest, and accrued income as well as realized and unrealized gains or losses. Gross of fees performance is presented net of brokerage commissions and execution costs, but does not reflect deduction for custodial and investment advisory fees, or the impact of income taxes. These expenses will reduce a client’s return. For example, a $5 million portfolio earning a 10% annualized return over 5 years would be valued at $8.1 million. The same portfolio with an annual fee of 0.75% would be valued at $7.8 million net of investment management fees. Advisory fees are described in Form ADV part 2.
Net returns were calculated on a time-weighted total return basis, including reinvestment of all dividends, interest, and accrued income as well as realized and unrealized gains or losses. Returns for periods greater than one year are annualized. Net of fees performance is presented net of the highest investment advisory fee on a quarterly basis, brokerage commissions and execution costs, but does not reflect deduction for custodial fees or the impact of income taxes. The highest investment advisory fees are: Large Cap Growth of 1.00%; Large Cap Growth (Russell 1000 Growth) of 0.75% for the period 9/30/04 through 9/30/2010 and 1.00% thereafter; Mid Cap Growth of 1.25%; Small Cap Growth of 1.50%; ESG Growth of 1.25% for the period 10/1/16 through 9/30/17 and 1.00%, thereafter; Dividend Growth 1.00% for the period 9/30/04 through 9/30/17 and 0.75%, thereafter; Global Dividend Growth of 0.80% for the period 9/30/04 through 12/31/08, 1.25% for the period 1/1/09 through 09/30/17, and 1.00%, thereafter; Small Cap Dividend Growth of 1.25% for the period 4/1/15 through 9/30/17 and 1.00%, thereafter; International Growth of 0.80% for the period 9/30/04 through 12/31/13, 1.50% for the period 1/1/14 through 12/31/21, and 0.85%, thereafter; Developing Markets Growth of 2.00% for the period 9/30/04 through 9/30/17, 1.40% for the period 10/1/17 through 12/31/21, and 0.95% thereafter; and Pacific Basin of 0.90%; 0.40% for all fixed income strategies, and, in addition for Taxable Return Plus, Composite, Municipal Return Plus and Targeted Opportunity strategies, the fee includes a performance fee equal to a certain percentage of the account’s net return in excess of 100 basis points over the applicable benchmark. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. Advisory fees are described in Form ADV part 2.
Index returns are presented as total returns, reflecting both price performance and income from dividend payments. The indexes are unmanaged and reflect no fees or expenses. Index returns are provided to represent the investment environment existing during the time periods shown. For comparison purposes, the index is fully invested, which includes the reinvestment of dividends and capital gains. The returns for the index do not include any transaction costs, management fees or other costs. Composition of each individual portfolio may differ from securities in the corresponding benchmark index. The index is used as a performance benchmark only, as Sit Investment Associates does not attempt to replicate an index. See composite and index descriptions.
The U.S. Dollar is the currency used to express performance. Past performance is not indicative of future performance. Investment return and principal value of an investment will fluctuate so that the value of an account may be worth more or less than the original invested cost.
(2) Not Annualized
Sit Investment Associates, Inc. is an independent registered investment adviser which includes the following subsidiaries: Sit Investment Fixed Income Advisors, Inc.; and Sit Investment Fixed Income Advisors II, Inc. On December 31, 2007, Sit/Kim International Investment Associates, Inc. and Sit/Kim International Investment Associates II, LLC were liquidated into Sit Investment Associates, Inc. Prior to 2000, Sit Investment Associates, Inc. and Sit/Kim International Investment Associates, Inc. issued separate GIPS reports, including disclosure of each entity’s assets under management. Beginning in 2000 the two entities issued a combined GIPS report to reflect the entities’ current operational and management affiliation. Total assets for all years presented in the table above reflect the combined total assets of all subsidiaries. The firm maintains a complete list and description of composites, which is available upon request.
Sit Investment Associates, Inc. claims compliance with the Global Investment Performance Standards (GIPS®).