Sit Global Dividend Growth

(as of March 31, 2020)  |   Printable Fact Sheet  

Description
  • We seek income and growth opportunities that provide long-term capital appreciation and an income that exceeds the dividend yield of the market index.
  • We invest in high-quality companies that have the potential for growth and growing dividend payments purchased at reasonable valuation levels.
  • We seek to deliver above-average returns with lower risk and better downside capture than the representative market index.
Composite Performance (%)
Annualized Returns
3 Month1 Year3 Year5 Year10 Year
Sit Global Dividend Growth (Gross)
-19.20
-6.78
3.33
3.96
7.28
Sit Global Dividend Growth (Net)
-19.45
-7.73
2.26
2.81
6.03
MSCI World Index
-21.05
-10.39
1.92
3.25
6.57
Total Return by Calendar Year (%)

2013

2014

2015

2016

2017

2018

2019
YTD
2020
Sit Global Div. Growth (Gross)
23.62
6.58
-0.20
6.59
21.59
-7.71
27.58
-19.20
Sit Global Div. Growth (Net)
22.16
5.28
-1.45
5.28
20.22
-8.65
26.38
-19.45
MSCI World Index
26.68
4.94
-0.87
7.51
22.40
-8.71
27.67
-21.05

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.

Balance Sheet/Profitability – Medians (%)
Return on Invested CapitalFree Cash Flow MarginNet Debt/Capital
Sit Global Dividend Growth
13.4
11.6
32.5
MSCI World Index
8.5
8.2
29.9
Top Ten Holdings
Company Name% of SecuritiesCompany Name% of Securities
Microsoft Corp.6.5AstraZeneca, PLC, ADR2.3
Apple, Inc.3.4Verizon Communications, Inc.2.3
Johnson & Johnson3.1JPMorgan Chase & Co.2.2
Nestle SA2.6Abbott Laboratories2.2
PepsiCo, Inc.2.3Starbucks Corp.2.2
Investment Style

Upside vs. Downside Market Capture

Risk/Return Analysis

Portfolio Characteristics
Total Assets (Millions):$48.6
Number of Holdings:67
Wtd. Avg. Market Cap (Billions):$207.8
Median Market Cap (Billions):$49.0
Beta (vs. MSCI World Index):0.97
Inception Date:6/30/06

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.

Sit Investment Associates, Inc.
Global Dividend Growth Composite
ANNUAL DISCLOSURE PRESENTATION

Year EndTotal Firm Assets (millions)Composite Assets (USD) (millions)Number of AccountsComposite 3-Yr. Standard Dev.60%S&P 500 / 40% MSCI EAFE (Net Div. Reinv) 3-Yr. Standard Dev.60%S&P 500 / 40% MSCI EAFE (Net Div. Reinv) IndexAnnual Performance Results CompositeComposite Dispersion
GrossNet
201812,196.2 136.7119.9%10.3%-8.17%-7.71%-8.65%1.07%
201713,340.8 161.9139.1%10.2%23.14%21.59%20.22%0.51%
201612,668.9 123.9129.9%10.9%7.53%6.59%5.28%0.35%
201513,350.6 197.91110.1%10.7%0.55%-0.20%-1.45%0.68%
201413,505.0 176.579.4%10.0%5.92%6.58%5.28%1.26%
201313,103.3 139.6612.7%13.2%28.58%23.62%22.16%0.43%
201213,081.6 110.9416.0%16.4%16.64%14.98%13.59%0.18%
201110,895.1 75.2319.0%19.8%-3.77%-0.68%-1.93%0.95%
20109,873.4 59.2321.2%23.2%12.21%13.05%11.68%0.19%
20098,694.6 51.5318.8%20.8%28.67%24.32%22.85%0.93%

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, 2017 by ACA Performance Services, LLC, 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.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards.   Verification does not ensure the accuracy of any specific composite presentation.

The Global Dividend Growth Composite was created June 30, 2006.  Global Dividend Growth Composite contains fully discretionary accounts and for comparison purposes is measured against the 60% S&P 500/ 40% MSCI EAFE (Net Div. Reinv) Index.   The composite contains portfolios generally emphasizing investing in dividend paying equities domiciled generally between 40% to 70% domestic and 30% to 60% foreign.  The portfolios in the composite do not use leverage and generally hold between 80 to 100 domestic/foreign equity securities.   The portfolios seek to provide current income that exceeds the benchmark index.  The benchmark is rebalanced on a monthly basis.

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.

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 all years were updated to reflect the appropriate highest fee for each year.  Net of fee performance was calculated using the highest fee applicable annual management fee of 0.80% for the period 6/30/2006 through 12/31/2008, 1.25% applied quarterly for the period 1/1/2009 through 9/30/2017, and 1.00% applied quarterly, thereafter.  The annual composite dispersion presented is an equal-weighted standard deviation calculated for the accounts in the composite the entire year.  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 portfolios, calculating performance, and preparing compliant presentations are available upon request.

The composite returns are net of any applicable withholdings taxes on dividends, interest and capital gains.  For the composite taxpayers are primarily domiciled in the United States.  For the benchmark returns, the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties.

The investment management fee schedule for the composite is 0.80% on the first $10 million, 0.75% on the next $20 million, 0.65% on the next $20 million, and 0.50% on the amounts over $50 million.  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.

Past performance is not indicative of future results.