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Trending ETFs

Sit Quality Income Fund

mutual fund
SQIFX
Payout Change
Pending
Price as of:
$9.46 -0.01 -0.11%
primary theme
U.S. Ultrashort Bond Duration
share class
Y (SQIYX) S (SQIFX)
SQIFX (Mutual Fund)

Sit Quality Income Fund

Payout Change
Pending
Price as of:
$9.46 -0.01 -0.11%
primary theme
U.S. Ultrashort Bond Duration
share class
Y (SQIYX) S (SQIFX)
SQIFX (Mutual Fund)

Sit Quality Income Fund

Payout Change
Pending
Price as of:
$9.46 -0.01 -0.11%
primary theme
U.S. Ultrashort Bond Duration
share class
Y (SQIYX) S (SQIFX)

Name

As of 12/23/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Sit Quality Income Fund

SQIFX | Fund

$9.46

$126 M

4.12%

$0.39

0.90%

Vitals

YTD Return

4.1%

1 yr return

4.2%

3 Yr Avg Return

2.2%

5 Yr Avg Return

2.2%

Net Assets

$126 M

Holdings in Top 10

20.2%

52 WEEK LOW AND HIGH

$9.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.90%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 63.03%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$5,000

IRA

$5,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/23/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Sit Quality Income Fund

SQIFX | Fund

$9.46

$126 M

4.12%

$0.39

0.90%

SQIFX - Profile

Distributions

  • YTD Total Return 4.1%
  • 3 Yr Annualized Total Return 2.2%
  • 5 Yr Annualized Total Return 2.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.51%
DIVIDENDS
  • Dividend Yield 4.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Sit Quality Income Fund
  • Fund Family Name
    Sit Mutual Funds
  • Inception Date
    Dec 31, 2012
  • Shares Outstanding
    N/A
  • Share Class
    S
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mark Book

Fund Description

The Fund seeks to achieve its objective by investing under normal market conditions at least 80% of its assets in debt securities issued by the U.S. Government and its agencies, debt securities issued by corporations, and mortgage and other asset-backed securities.
The Fund invests at least 50% of its assets in U.S. government debt securities, which are securities issued, guaranteed or insured by the U.S. government, its agencies or instrumentalities. The balance of the Fund’s assets will be invested in investment grade debt securities issued by corporations and municipalities, and mortgage and other asset-backed securities. Investment grade debt securities are rated at the time of purchase within the top four rating categories by a Nationally Recognized Statistical Rating Organization or of comparable quality as determined by the Adviser. The Fund’s dollar-weighted average portfolio quality is expected to be “A” or better.
The U.S. government securities in which the Fund will invest include direct obligations of the U.S. Treasury and securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises. The Fund will invest in pass-through securities. Pass-through securities include mortgage-backed securities such as those issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). GNMA is an agency of the U.S. government and its securities are backed by the full faith and credit of the U.S. government. FNMA and FHLMC are U.S. government sponsored enterprises and their securities are backed by their credit.
The Fund may invest in debt securities described herein that have not been registered for sale under the Securities Act of 1933 pursuant to Rule 144A (Rule 144A securities) which are determined to be liquid by the Adviser.
The Fund may invest in open-end investment companies (mutual funds) and closed‑end investment companies which invest in the same types of securities in which the Fund may invest directly.
In selecting securities for the Fund, the Adviser seeks securities providing relatively high current income. In making purchase and sales decisions for the Fund, the Adviser considers its economic outlook and interest rate forecast, as well as its evaluation of a security’s credit quality, yield, maturity, liquidity and the security’s sector.
The Adviser attempts to maintain an average effective duration for the portfolio of approximately 0 to 3 years. The Adviser’s duration target within this range is based on its interest rate forecast. Duration is a measure of total price sensitivity relative to changes in interest rates. For example, if interest rates rise by 1%, the market value of a security with an effective duration of 3 years would decrease by 3%, with all other factors being constant. Portfolios with shorter durations are typically less sensitive to changes in interest rates. The Adviser currently hedges the Fund’s duration by investing in interest rate futures and options, but not in excess of 5% of the Fund’s net assets.
The Fund’s dollar-weighted average maturity will, under normal market conditions, range between 5 and 10 years. However, since the Fund’s securities are subject to various types of call provisions which make their expected average lives shorter than their stated maturity dates, the Adviser believes that the Fund’s average effective duration is a more accurate measure of the Fund’s price sensitivity to changes in interest rates than the Fund’s dollar-weighted average maturity.
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SQIFX - Performance

Return Ranking - Trailing

Period SQIFX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.1% -1.2% 8.5% 94.81%
1 Yr 4.2% -1.1% 8.5% 94.34%
3 Yr 2.2%* -1.4% 5.5% 90.73%
5 Yr 2.2%* -1.1% 4.4% 81.68%
10 Yr 1.6%* -4.1% 27.9% 76.86%

* Annualized

Return Ranking - Calendar

Period SQIFX Return Category Return Low Category Return High Rank in Category (%)
2023 0.5% -2.3% 4.3% 83.02%
2022 -5.9% -6.5% 0.5% 99.02%
2021 0.0% -2.1% 0.3% 9.05%
2020 1.7% -3.1% 1.8% 1.57%
2019 1.1% -1.2% 6.1% 14.36%

Total Return Ranking - Trailing

Period SQIFX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.1% -1.2% 8.5% 94.81%
1 Yr 4.2% -1.1% 8.5% 94.34%
3 Yr 2.2%* -1.4% 5.5% 90.73%
5 Yr 2.2%* -1.1% 4.4% 81.68%
10 Yr 1.6%* -4.1% 27.9% 76.86%

* Annualized

Total Return Ranking - Calendar

Period SQIFX Return Category Return Low Category Return High Rank in Category (%)
2023 4.6% 0.8% 12.1% 91.04%
2022 -1.5% -5.1% 2.5% 84.39%
2021 1.5% -2.1% 14.5% 5.03%
2020 3.1% -1.0% 3.6% 3.66%
2019 3.1% 0.3% 9.6% 43.65%

NAV & Total Return History

SQIFX - Holdings

Concentration Analysis

SQIFX Category Low Category High SQIFX % Rank
Net Assets 126 M 26.6 K 28.6 B 85.38%
Number of Holdings 168 2 1248 75.94%
Net Assets in Top 10 24.9 M 27.7 K 22.7 B 85.38%
Weighting of Top 10 20.19% 6.3% 159.6% 49.06%

Top 10 Holdings

  1. Fidelity Government Portfolio 3.81%
  2. Fannie Mae REMICS 2.62%
  3. Freddie Mac REMICS 1.97%
  4. Freddie Mac REMICS 1.82%
  5. Fannie Mae Pool 1.78%
  6. Fannie Mae Pool 1.76%
  7. Freddie Mac Gold Pool 1.73%
  8. Fannie Mae Pool 1.66%
  9. Fannie Mae Pool 1.59%
  10. Freddie Mac Pool 1.46%

Asset Allocation

Weighting Return Low Return High SQIFX % Rank
Bonds 		96.50% 0.00% 122.88% 18.40%
Cash 		3.81% 0.00% 112.72% 62.74%
Other 		0.55% -13.48% 99.96% 67.92%
Stocks 		0.00% 0.00% 97.16% 76.42%
Preferred Stocks 		0.00% 0.00% 1.02% 72.17%
Convertible Bonds 		0.00% 0.00% 15.25% 95.26%

Bond Sector Breakdown

Weighting Return Low Return High SQIFX % Rank
Securitized 		28.74% 0.00% 100.00% 45.02%
Corporate 		24.15% 0.00% 99.91% 71.09%
Government 		21.07% 0.00% 100.00% 14.69%
Municipal 		13.57% 0.00% 70.39% 5.21%
Cash & Equivalents 		3.81% 0.00% 112.72% 53.77%
Derivative 		0.00% -13.48% 16.56% 58.49%

Bond Geographic Breakdown

Weighting Return Low Return High SQIFX % Rank
US 		96.50% 0.00% 122.88% 15.09%
Non US 		0.00% 0.00% 20.18% 76.89%

SQIFX - Expenses

Operational Fees

SQIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.90% 0.08% 29.63% 12.92%
Management Fee 0.90% 0.00% 1.19% 99.53%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

SQIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 5.75% N/A
Deferred Load N/A 0.25% 1.00% N/A

Trading Fees

SQIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SQIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 63.03% 0.00% 336.00% 45.51%

SQIFX - Distributions

Dividend Yield Analysis

SQIFX Category Low Category High SQIFX % Rank
Dividend Yield 4.12% 0.00% 8.76% 74.06%

Dividend Distribution Analysis

SQIFX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Monthly

Net Income Ratio Analysis

SQIFX Category Low Category High SQIFX % Rank
Net Income Ratio 1.51% -1.30% 14.86% 3.92%

Capital Gain Distribution Analysis

SQIFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

SQIFX - Fund Manager Analysis

Managers

Mark Book

Start Date

Tenure

Tenure Rank

Dec 31, 2012

9.42

9.4%

Mark joined Sit Investment Associates in August 2000 as a Portfolio Manager and Fixed Income Analyst. He is responsible for taxable bond portfolio management and credit research. Prior to joining SIA, Mark spent three years with U.S. Bancorp Piper Jaffray where he was Vice President and Senior Corporate Bond Strategist. Prior to U.S. Bancorp Piper Jaffray, he worked as a fixed income portfolio manager at Norwest Investment Management for one year and Insight Investment Management for six years. He also traded fixed income securities at Reliastar Financial Corporation (now ING) for five years. Mark received a B.A. in Accounting from the University of Minnesota in 1986. In 1992 he completed his M.B.A. with a concentration in finance at the University of Minnesota Carlson School of Management.

Christopher Rasmussen

Start Date

Tenure

Tenure Rank

Dec 31, 2012

9.42

9.4%

Chris joined Sit Investment Associates in February 1999, joining Sit Fixed Income in September 2002. He is responsible for taxable bond portfolio management and credit research. Chris received a B.S.B. in Finance with a minor in economics from the University of Minnesota Carlson School of Management in 2001. In 2004, he received an M.B.A with dual concentrations in finance and strategic management, also from the University of Minnesota Carlson School of Management. He currently serves as a member of the investment subcommittee for the Girl Scouts of Minnesota and Wisconsin River Valleys.

Bryce Doty

Start Date

Tenure

Tenure Rank

Dec 31, 2012

9.42

9.4%

Bryce A. Doty, Vice President – Investments, served as Senior Vice President and Senior Portfolio Manager of Sit Investment Fixed Income Advisors, Inc. Prior to joining Sit Investment Associates in 1995, Bryce gained extensive experience during his seven years with Minnesota Mutual in management consulting. Bryce earned his M.B.A. degree, with a concentration in finance, from the Carlson School of Management at the University of Minnesota in 1992. He earned a B.A. degree in business management, with minors in physics and psychology, from Hamline University in 1988. Bryce is a CFA charter holder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.52 7.92

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