SIT INVESTMENT ASSOCIATES INC recently filed their 13F report for the third quarter of 2022, which ended on 2022-09-30.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Sit Investment Associates is an investment management company based out of Minneapolis. The company was established in 1981 by Eugene C. Sit with $1 million in capital and 8 people. Sit Investment Associates would grow and establish Sit Investment Fixed Income Advisors in 1984 to manage its fixed income business and Sit International Investment Associates in 1989 to manage international and global portfolios. The company is largely owned by the Sit family, which, along with the Gail V. Sit Family Trust, make up over three quarters of the total ownership in the company with the remaining ownership split amongst key executives. The company has grown to 73 employees, of which 36 are investment professionals, headed by CEO and CIO Roger J. Sit. Sit Investment Associates utilizes quantitative and fundamental methodologies to make its investment decisions, allocating its assets in fixed income and public equity markets on a global scale. The company invests most heavily in the finance sector, which alone makes up approximately a quarter of its total asset allocations, and also invests in the health care, information technology, consumer discretionary, industrials, and consumer staples sectors, among others to a lesser degree, in order of decreasing allocation. Sit Investment Associates currently holds over $6.6 billion in total assets under management spread across 67 accounts, all of which are discretionary. Although its total number of accounts has somewhat decreased in recent years, its total assets under management has increased, growing significantly from $2.5 billion to well over twice that amount today. Sit Investment Associates caters to a diverse client base including high net worth individuals, pension and profit sharing plans, charities, investment companies, pooled investment vehicles, corporations, and state or municipal government entities, in order of decreasing clientele. The Sit family of mutual funds includes the Developing Markets Fund, Balanced Fund, Quality Income Fund, Dividend Growth Fund, and U.S. Government Securities Fund, among others.
As of the latest 13F report, the guru’s equity portfolio contained 516 stocks valued at a total of $3.31Bil. The top holdings were CLM(5.03%), AAPL(2.82%), and MSFT(2.50%).
According to GuruFocus data, these were SIT INVESTMENT ASSOCIATES INC’s top five trades of the quarter.
PGIM Global High Yield Fund, Inc
SIT INVESTMENT ASSOCIATES INC reduced their investment in NYSE:GHY by 307,060 shares. The trade had a 0.1% impact on the equity portfolio. During the quarter, the stock traded for an average price of $10.79.
On 11/10/2022, PGIM Global High Yield Fund, Inc traded for a price of $10.88 per share and a market cap of $445.66Mil. The stock has returned -21.61% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 3 out of 10.
In terms of valuation, PGIM Global High Yield Fund, Inc has a price-book ratio of 0.83.
The price-to-GF Value ratio is 0.16, earning the stock a GF Value rank of 2.
Virtus Total Return Fund Inc
During the quarter, SIT INVESTMENT ASSOCIATES INC bought 5,597,527 shares of NYSE:ZTR for a total holding of 5,642,700. The trade had a 1.05% impact on the equity portfolio. During the quarter, the stock traded for an average price of $7.84.
On 11/10/2022, Virtus Total Return Fund Inc traded for a price of $6.47 per share and a market cap of $312.94Mil. The stock has returned -22.13% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, Virtus Total Return Fund Inc has a price-earnings ratio of 6.19.
RiverNorth/DoubleLine Strategic Opportunity Fund Inc
During the quarter, SIT INVESTMENT ASSOCIATES INC bought 2,608,052 shares of NYSE:OPP for a total holding of 2,996,702. The trade had a 0.72% impact on the equity portfolio. During the quarter, the stock traded for an average price of $10.72.
On 11/10/2022, RiverNorth/DoubleLine Strategic Opportunity Fund Inc traded for a price of $9.07 per share and a market cap of $176.07Mil. The stock has returned -30.00% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 2 out of 10.
In terms of valuation, RiverNorth/DoubleLine Strategic Opportunity Fund Inc has a price-book ratio of 0.80.
Nuveen AMT-Free Municipal Income Fund
During the quarter, SIT INVESTMENT ASSOCIATES INC bought 1,829,913 shares of NYSE:NEA for a total holding of 3,957,810. The trade had a 0.59% impact on the equity portfolio. During the quarter, the stock traded for an average price of $12.02.
On 11/10/2022, Nuveen AMT-Free Municipal Income Fund traded for a price of $10.69 per share and a market cap of $3.20Bil. The stock has returned -25.97% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 4 out of 10.
In terms of valuation, Nuveen AMT-Free Municipal Income Fund has a price-book ratio of 0.80.
Cornerstone Strategic Value Fund Inc
During the quarter, SIT INVESTMENT ASSOCIATES INC bought 2,093,577 shares of AMEX:CLM for a total holding of 19,471,553. The trade had a 0.54% impact on the equity portfolio. During the quarter, the stock traded for an average price of $9.68.
On 11/10/2022, Cornerstone Strategic Value Fund Inc traded for a price of $8.785 per share and a market cap of $1.79Bil. The stock has returned -24.15% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 4 out of 10.
In terms of valuation, Cornerstone Strategic Value Fund Inc has a price-book ratio of 1.15.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
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