Description
Portfolio Characteristics
| Total Assets (Millions): | $765.9 |
| Number of Holdings: | 76 |
| Wtd. Avg. Market Cap (Billions): | $762.4 |
| Median Market Cap (Billions): | $129.3 |
| Beta (vs. S&P 500 Growth Index): | 0.89 |
| Inception Date: | 12/31/2003 |
Weighted Average Market Cap is the average market capitalization of companies held by the Fund, weighted in proportion to their percentage of the Fund’s net assets. Beta is a measure of a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile.
| Annualized Returns | |||||
| 3 Month | 1 Year | 3 Year | 5 Year | 10 Year | |
| Sit Dividend Growth (Gross) | 3.34 | 19.16 | 8.73 | 13.70 | 11.69 |
| Sit Dividend Growth (Net) | 3.15 | 18.30 | 7.94 | 12.87 | 10.79 |
| S&P 500® Index | 4.28 | 24.56 | 10.01 | 15.05 | 12.86 |
| YTD | |||||||||
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| Sit Dividend Growth (Gross) | 11.80 | 21.28 | -5.93 | 29.71 | 14.90 | 28.97 | -11.59 | 15.86 | 11.83 |
| Sit Dividend Growth (Net) | 10.72 | 20.20 | -6.64 | 28.80 | 14.06 | 28.06 | -12.28 | 15.03 | 11.43 |
| S&P 500® Index | 11.96 | 21.83 | -4.83 | 31.49 | 18.40 | 28.71 | -18.11 | 26.29 | 15.29 |
Performance figures for the latest period are preliminary and subject to change. Past performance is not indicative of future results. Returns are calculated on a time-weighted total return basis, include the reinvestment of all income, and returns for periods greater than one year are annualized. The information above is supplemental to and complements the attached composite presentation. The account information set forth above is for the representative portfolio and is provided for illustrative purposes only.
Investing involves risk; principal loss is possible. There is no guarantee the Composite’s investment objectives will be achieved, and the market value of securities held by the Composite may fall or fail to rise.
| Return on Invested Capital | Free Cash Flow Margin | Net Debt/Capital | |
|
Sit Dividend Growth
|
16.0 | 14.7 | 33.5 |
|
S&P 500® Index
|
11.9 | 11.8 | 36.9 |
| Company Name | % of Securities | Company Name | % of Securities | |
| Microsoft Corp. | 7.8 | UnitedHealth Group, Inc. | 2.2 | |
| Apple, Inc. | 5.5 | Alphabet, Inc. – Class A | 1.7 | |
| Broadcom, Inc. | 3.7 | JP Morgan Chase & Co. | 1.7 | |
| NVIDIA Corp. | 3.3 | Applied Materials, Inc. | 1.6 | |
| Exxon Mobil Corp. | 2.5 | Procter & Gamble Co. | 1.6 |
| Year End | Total Firm Assets (millions) | Composite Assets (USD) (millions) | Number of Accounts | Composite 3-Yr. Standard Dev. | Benchmark 3-Yr. Standard Dev. | S&P 500 Index | Annual Performance Results Composite | Composite Dispersion | |
| Gross | Net | ||||||||
| 2023 | 14,990.4 | 720.7 | 10 | 15.9% | 17.3% | 26.29% | 15.86% | 15.03% | 3.64% |
| 2022 | 14,218.1 | 682.1 | 9 | 19.9% | 20.9% | -18.11% | -11.59% | -12.28% | 1.82% |
| 2021 | 16,385.5 | 800.3 | 9 | 16.7% | 17.2% | 28.71% | 28.97% | 28.06% | 0.86% |
| 2020 | 14,371.1 | 732.0 | 9 | 17.7% | 18.5% | 18.40% | 14.90% | 14.06% | 0.71% |
| 2019 | 13,274.3 | 897.9 | 12 | 11.3% | 11.9% | 31.49% | 29.71% | 28.80% | 0.23% |
| 2018 | 12,196.2 | 1,027.5 | 13 | 10.4% | 10.8% | -4.38% | -5.93% | -6.64% | 0.41% |
| 2017 | 13,340.8 | 1,647.3 | 13 | 9.2% | 9.9% | 21.83% | 21.28% | 20.20% | 0.21% |
| 2016 | 12,668.9 | 1,698.0 | 16 | 10.0% | 10.6% | 11.96% | 11.80% | 10.72% | 0.22% |
| 2015 | 13,350.6 | 3,366.8 | 15 | 10.1% | 10.5% | 1.38% | 1.44% | 0.43% | 0.14% |
| 2014 | 13,505.0 | 3,743.4 | 16 | 8.6% | 9.0% | 13.69% | 12.97% | 11.88% | 0.21% |
| 2013 | 13,103.3 | 3,346.8 | 16 | 11.6% | 11.9% | 32.39% | 29.52% | 28.31% | 0.13% |
| 2012 | 13,081.6 | 1,382.3 | 16 | 14.6% | 15.1% | 16.00% | 14.67% | 13.57% | 0.32% |
Sit Investment Associates, Inc. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Sit Investment Associates, Inc. has been independently verified for the period January 1, 2017 to December 31, 2022 by ACA Performance Services, for the period January 1, 2007 to December 31, 2016 by Ashland Partners & Company LLP and for the period January 1, 1997 through December 31, 2006 by KPMG LLP. The verification report(s) is/are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.
The creation and inception date of the Dividend Growth Composite are December 31, 2003. Dividend Growth Composite contains fully discretionary accounts and for comparison purposes is measured against the S&P 500 Index. The composite contains portfolios generally emphasizing investing in dividend paying equities. The portfolios seek to provide current income that exceeds the S&P 500 Index. The portfolios in the composite do not use leverage and generally hold between 70 to 90 domestic equity securities.
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. A list of composite descriptions, a list of limited distribution pooled fund descriptions, and a list of broad distribution pooled funds are available upon request.
The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee returns for the years 2009 through 2017 were revised to reflect the appropriate highest fee for each year. Net of fee performance was calculated using the highest fee applicable annual management fee of 1.00% applied quarterly, for the period January 1, 2004 through September 30, 2017, and 0.75% applied quarterly, thereafter. The annual composite dispersion presented is an equal-weighted standard deviation calculated for the accounts in the composite the entire year using gross-of-fees returns. Beginning April 1, 2006, SIA calculates a true Time Weighted Return (TWR) for each portfolio within the composite and asset weights their returns to come up with a composite return. Periods are geometrically linked together. Policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.
The investment management fee schedule for the composite is 0.75% on the first $10 million, 0.70% on the next $10 million, 0.65% on the next $10 million, 0.60% on the next $10 million, 0.55% on the next $10 million, and negotiable on the amounts over $50 million. The managment fee for Sit Dividend Growth Fund Class S is 0.70% with an expense ratio of 0.95%, and the management fee for Sit Dividend Growth Class I is 0.70% with an expense ratio of 0.70%. Actual investment advisory fees incurred by clients may vary.
The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. For purposes of this calculation, gross-of-fees composite returns were used.
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Past performance is not indicative of future results.