Fund
SQIFX
Price as of:
$9.40
+ $0.01
+ 0.11%
Primary Theme
fund company
Name
As of 04/17/2024Price
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
Vitals
YTD Return
0.6%
1 yr return
3.6%
3 Yr Avg Return
1.3%
5 Yr Avg Return
1.8%
Net Assets
$132 M
Holdings in Top 10
19.2%
52 WEEK LOW AND HIGH
$9.4
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.91%
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 04/17/2024Price
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
SQIFX - Profile
Distributions
- YTD Total Return 0.6%
- 3 Yr Annualized Total Return 1.3%
- 5 Yr Annualized Total Return 1.8%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.51%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameSit Quality Income Fund
-
Fund Family NameSit Mutual Funds
-
Inception DateDec 31, 2012
-
Shares OutstandingN/A
-
Share ClassS
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMark 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 2 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.
SQIFX - Performance
Return Ranking - Trailing
| Period | SQIFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.6% | -1.4% | 2.7% | 94.47% |
| 1 Yr | 3.6% | -0.4% | 11.3% | 95.37% |
| 3 Yr | 1.3%* | -2.1% | 5.8% | 90.29% |
| 5 Yr | 1.8%* | -1.0% | 3.9% | 78.19% |
| 10 Yr | 1.3%* | -4.5% | 27.5% | 76.07% |
* Annualized
Return Ranking - Calendar
| Period | SQIFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.5% | -2.3% | 4.3% | 83.41% |
| 2022 | -5.9% | -6.5% | 0.5% | 99.05% |
| 2021 | 0.0% | -2.1% | 0.3% | 8.82% |
| 2020 | 1.7% | -3.1% | 1.8% | 1.54% |
| 2019 | 1.1% | -1.2% | 6.1% | 14.13% |
Total Return Ranking - Trailing
| Period | SQIFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.6% | -1.4% | 2.7% | 94.47% |
| 1 Yr | 3.6% | -0.4% | 11.3% | 95.37% |
| 3 Yr | 1.3%* | -2.1% | 5.8% | 90.29% |
| 5 Yr | 1.8%* | -1.0% | 3.9% | 78.19% |
| 10 Yr | 1.3%* | -4.5% | 27.5% | 76.07% |
* Annualized
Total Return Ranking - Calendar
| Period | SQIFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.6% | 0.8% | 12.1% | 91.24% |
| 2022 | -1.5% | -5.1% | 2.5% | 84.29% |
| 2021 | 1.5% | -2.1% | 14.5% | 4.90% |
| 2020 | 3.1% | -1.0% | 3.6% | 3.59% |
| 2019 | 3.1% | 0.3% | 9.6% | 44.02% |
NAV & Total Return History
SQIFX - Holdings
Concentration Analysis
| SQIFX | Category Low | Category High | SQIFX % Rank | |
|---|---|---|---|---|
| Net Assets | 132 M | 25.6 K | 22.6 B | 83.71% |
| Number of Holdings | 189 | 2 | 1291 | 70.59% |
| Net Assets in Top 10 | 26 M | 32.5 K | 18.4 B | 84.62% |
| Weighting of Top 10 | 19.17% | 5.6% | 163.3% | 54.30% |
Top 10 Holdings
- Fidelity Government Portfolio 2.71%
- Fannie Mae REMICS 2.51%
- Freddie Mac Multifamily Structured Pass Through Certificates 2.14%
- Fannie Mae Pool 1.94%
- Freddie Mac Multifamily Structured Pass Through Certificates 1.79%
- J.P. Morgan Mortgage Trust 2022-1 1.73%
- Freddie Mac Gold Pool 1.67%
- Fannie Mae Pool 1.65%
- Freddie Mac Pool 1.57%
- Federal Home Loan Banks 1.47%
Asset Allocation
| Weighting | Return Low | Return High | SQIFX % Rank | |
|---|---|---|---|---|
| Bonds | 96.28% | 0.00% | 128.16% | 20.81% |
| Cash | 2.71% | 0.00% | 109.89% | 71.04% |
| Other | 2.61% | -29.59% | 99.92% | 60.18% |
| Stocks | 0.00% | 0.00% | 97.29% | 76.02% |
| Preferred Stocks | 0.00% | 0.00% | 0.00% | 69.68% |
| Convertible Bonds | 0.00% | 0.00% | 15.25% | 95.45% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | SQIFX % Rank | |
|---|---|---|---|---|
| Securitized | 28.74% | 0.00% | 100.00% | 45.45% |
| Corporate | 24.15% | 0.00% | 99.91% | 71.36% |
| Government | 21.07% | 0.00% | 100.00% | 16.36% |
| Municipal | 13.57% | 0.00% | 70.39% | 5.00% |
| Cash & Equivalents | 2.71% | 0.00% | 109.89% | 65.16% |
| Derivative | -0.04% | -29.59% | 21.59% | 74.66% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | SQIFX % Rank | |
|---|---|---|---|---|
| US | 96.28% | 0.00% | 128.16% | 19.91% |
| Non US | 0.00% | 0.00% | 22.24% | 75.11% |
SQIFX - Expenses
Operational Fees
| SQIFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.91% | 0.02% | 28.11% | 13.24% |
| Management Fee | 0.90% | 0.00% | 1.19% | 99.55% |
| 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% | 369.54% | 43.55% |
SQIFX - Distributions
Dividend Yield Analysis
| SQIFX | Category Low | Category High | SQIFX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 8.13% | 75.11% |
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% | 4.23% |
Capital Gain Distribution Analysis
| SQIFX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Mar 28, 2024 | $0.034 | DailyAccrualFund |
| Feb 29, 2024 | $0.033 | DailyAccrualFund |
| Jan 31, 2024 | $0.036 | DailyAccrualFund |
| Dec 29, 2023 | $0.032 | DailyAccrualFund |
| Nov 30, 2023 | $0.033 | DailyAccrualFund |
| Oct 31, 2023 | $0.034 | DailyAccrualFund |
| Sep 29, 2023 | $0.030 | DailyAccrualFund |
| Aug 31, 2023 | $0.030 | DailyAccrualFund |
| Jul 31, 2023 | $0.030 | DailyAccrualFund |
| Jun 30, 2023 | $0.028 | DailyAccrualFund |
| May 31, 2023 | $0.029 | DailyAccrualFund |
| Apr 28, 2023 | $0.025 | DailyAccrualFund |
| Mar 31, 2023 | $0.028 | DailyAccrualFund |
| Feb 28, 2023 | $0.026 | DailyAccrualFund |
| Jan 31, 2023 | $0.028 | DailyAccrualFund |
| Dec 30, 2022 | $0.025 | DailyAccrualFund |
| Nov 30, 2022 | $0.023 | DailyAccrualFund |
| Oct 31, 2022 | $0.020 | DailyAccrualFund |
| Sep 30, 2022 | $0.015 | DailyAccrualFund |
| Jul 29, 2022 | $0.032 | DailyAccrualFund |
| Jun 30, 2022 | $0.013 | DailyAccrualFund |
| May 31, 2022 | $0.026 | DailyAccrualFund |
| Apr 29, 2022 | $0.018 | DailyAccrualFund |
| Mar 31, 2022 | $0.020 | DailyAccrualFund |
| Feb 28, 2022 | $0.007 | DailyAccrualFund |
| Jan 31, 2022 | $0.011 | DailyAccrualFund |
| Dec 31, 2021 | $0.020 | DailyAccrualFund |
| Nov 30, 2021 | $0.006 | DailyAccrualFund |
| Oct 29, 2021 | $0.003 | DailyAccrualFund |
| Sep 30, 2021 | $0.010 | DailyAccrualFund |
| Aug 31, 2021 | $0.020 | DailyAccrualFund |
| Jul 30, 2021 | $0.015 | DailyAccrualFund |
| Jun 30, 2021 | $0.018 | DailyAccrualFund |
| May 28, 2021 | $0.013 | DailyAccrualFund |
| Apr 30, 2021 | $0.011 | DailyAccrualFund |
| Mar 31, 2021 | $0.010 | DailyAccrualFund |
| Feb 26, 2021 | $0.006 | DailyAccrualFund |
| Jan 29, 2021 | $0.005 | DailyAccrualFund |
| Dec 31, 2020 | $0.007 | DailyAccrualFund |
| Nov 30, 2020 | $0.009 | DailyAccrualFund |
| Oct 30, 2020 | $0.010 | DailyAccrualFund |
| Sep 30, 2020 | $0.010 | DailyAccrualFund |
| Aug 31, 2020 | $0.010 | DailyAccrualFund |
| Jul 31, 2020 | $0.009 | DailyAccrualFund |
| Jun 30, 2020 | $0.009 | DailyAccrualFund |
| May 29, 2020 | $0.010 | DailyAccrualFund |
| Apr 30, 2020 | $0.010 | DailyAccrualFund |
| Mar 31, 2020 | $0.011 | DailyAccrualFund |
| Feb 28, 2020 | $0.012 | DailyAccrualFund |
| Jan 31, 2020 | $0.013 | DailyAccrualFund |
| Dec 31, 2019 | $0.014 | DailyAccrualFund |
| Nov 29, 2019 | $0.013 | DailyAccrualFund |
| Oct 31, 2019 | $0.014 | DailyAccrualFund |
| Sep 30, 2019 | $0.016 | DailyAccrualFund |
| Aug 30, 2019 | $0.015 | DailyAccrualFund |
| Jul 31, 2019 | $0.019 | DailyAccrualFund |
| Jun 28, 2019 | $0.015 | OrdinaryDividend |
| May 31, 2019 | $0.018 | DailyAccrualFund |
| Apr 30, 2019 | $0.018 | DailyAccrualFund |
| Mar 29, 2019 | $0.016 | DailyAccrualFund |
| Feb 28, 2019 | $0.016 | DailyAccrualFund |
| Jan 31, 2019 | $0.017 | DailyAccrualFund |
| Dec 31, 2018 | $0.016 | DailyAccrualFund |
| Nov 30, 2018 | $0.017 | DailyAccrualFund |
| Oct 31, 2018 | $0.017 | DailyAccrualFund |
| Aug 31, 2018 | $0.015 | DailyAccrualFund |
| Jul 31, 2018 | $0.017 | DailyAccrualFund |
| Jun 29, 2018 | $0.014 | DailyAccrualFund |
| May 31, 2018 | $0.014 | DailyAccrualFund |
| Apr 30, 2018 | $0.014 | DailyAccrualFund |
| Mar 29, 2018 | $0.014 | DailyAccrualFund |
| Feb 28, 2018 | $0.012 | DailyAccrualFund |
| Jan 31, 2018 | $0.012 | DailyAccrualFund |
| Dec 29, 2017 | $0.011 | DailyAccrualFund |
| Nov 30, 2017 | $0.011 | DailyAccrualFund |
| Oct 31, 2017 | $0.009 | DailyAccrualFund |
| Sep 29, 2017 | $0.010 | DailyAccrualFund |
| Aug 31, 2017 | $0.010 | DailyAccrualFund |
| Jul 31, 2017 | $0.011 | DailyAccrualFund |
| Jun 30, 2017 | $0.010 | DailyAccrualFund |
| May 31, 2017 | $0.010 | DailyAccrualFund |
| Apr 28, 2017 | $0.008 | DailyAccrualFund |
| Mar 31, 2017 | $0.008 | DailyAccrualFund |
| Feb 28, 2017 | $0.008 | DailyAccrualFund |
| Jan 31, 2017 | $0.007 | DailyAccrualFund |
| Dec 30, 2016 | $0.007 | DailyAccrualFund |
| Nov 30, 2016 | $0.007 | DailyAccrualFund |
| Oct 31, 2016 | $0.007 | DailyAccrualFund |
| Sep 30, 2016 | $0.005 | DailyAccrualFund |
| Aug 31, 2016 | $0.009 | DailyAccrualFund |
| Jul 29, 2016 | $0.007 | DailyAccrualFund |
| Jun 30, 2016 | $0.008 | DailyAccrualFund |
| May 31, 2016 | $0.008 | DailyAccrualFund |
| Apr 29, 2016 | $0.008 | DailyAccrualFund |
| Mar 31, 2016 | $0.006 | DailyAccrualFund |
| Feb 29, 2016 | $0.009 | DailyAccrualFund |
| Jan 29, 2016 | $0.008 | DailyAccrualFund |
| Dec 31, 2015 | $0.007 | DailyAccrualFund |
| Nov 30, 2015 | $0.007 | DailyAccrualFund |
| Oct 30, 2015 | $0.010 | DailyAccrualFund |
| Sep 30, 2015 | $0.007 | DailyAccrualFund |
| Aug 31, 2015 | $0.009 | DailyAccrualFund |
| Jul 31, 2015 | $0.008 | DailyAccrualFund |
| Jun 30, 2015 | $0.016 | DailyAccrualFund |
| May 29, 2015 | $0.007 | DailyAccrualFund |
| Apr 30, 2015 | $0.008 | DailyAccrualFund |
| Mar 31, 2015 | $0.006 | DailyAccrualFund |
| Feb 27, 2015 | $0.005 | DailyAccrualFund |
| Jan 30, 2015 | $0.004 | DailyAccrualFund |
| Dec 31, 2014 | $0.005 | DailyAccrualFund |
| Nov 28, 2014 | $0.004 | DailyAccrualFund |
| Oct 31, 2014 | $0.005 | DailyAccrualFund |
| Sep 30, 2014 | $0.007 | DailyAccrualFund |
| Aug 29, 2014 | $0.005 | DailyAccrualFund |
| Jul 31, 2014 | $0.006 | DailyAccrualFund |
| Jun 30, 2014 | $0.007 | DailyAccrualFund |
| May 30, 2014 | $0.006 | DailyAccrualFund |
| Apr 30, 2014 | $0.006 | DailyAccrualFund |
| Mar 31, 2014 | $0.006 | DailyAccrualFund |
| Feb 28, 2014 | $0.006 | DailyAccrualFund |
| Jan 31, 2014 | $0.005 | DailyAccrualFund |
| Dec 31, 2013 | $0.008 | DailyAccrualFund |
| Nov 29, 2013 | $0.006 | DailyAccrualFund |
| Oct 31, 2013 | $0.008 | DailyAccrualFund |
| Sep 30, 2013 | $0.008 | DailyAccrualFund |
| Aug 30, 2013 | $0.007 | DailyAccrualFund |
| Jul 31, 2013 | $0.008 | DailyAccrualFund |
| Jun 28, 2013 | $0.005 | DailyAccrualFund |
| May 31, 2013 | $0.006 | DailyAccrualFund |
| Apr 30, 2013 | $0.015 | DailyAccrualFund |
| Mar 28, 2013 | $0.008 | DailyAccrualFund |
| Feb 28, 2013 | $0.012 | DailyAccrualFund |
| Jan 31, 2013 | $0.009 | DailyAccrualFund |
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 | 6.56 | 0.13 |