Sit Investment Associates

What Sit Investment Associates does

Sit Investment Associates is a privately held, employee-owned asset management firm founded in 1981 by Eugene C. Sit in Minneapolis, Minnesota. The firm manages approximately $18.4 billion in assets across four distribution channels: Separately Managed Accounts, Private Investment Funds, Collective Investment Trusts, and the Sit Mutual Funds family. Sit specializes in two core disciplines — Growth Equity strategies (spanning Large/Mid/Small Cap Growth, Dividend Growth, ESG Growth, and international variants including Developing Markets and Pacific Basin) and Yield-Advantaged Fixed Income strategies (across municipal and taxable mandates at multiple duration profiles, including specialized closed-end fund strategies). The firm employs a disciplined, fundamental, research-driven investment process combining top-down macroeconomic analysis with bottom-up security selection, with portfolio managers and research analysts operating collaboratively.

Revenue is generated primarily through investment advisory fees on AUM, with strategy-specific fee structures ranging from 0.20% to 1.50% for equity and 0.20% to 0.40% for fixed income. Several strategies — Targeted Opportunity, Municipal Return Plus, and Taxable Return Plus — carry performance fees of 20% above specified hurdles or benchmarks. Pricing is institutional and negotiated, with no consumer-facing retail channels. Client segments include corporate, government, and Taft-Hartley pension plans, foundations and endowments, insurance companies, and high net worth families, served through a marketing team segmented by client type and direct relationships with institutional consultants.

The firm has been independently GIPS-verified continuously since 1997 and is registered with the SEC as an investment adviser. Current leadership is anchored by Roger J. Sit as CEO and Global CIO, and the Sit family maintains presence across the investment and client-facing teams. The firm is recognized as one of the largest independent, minority-owned investment firms in the U.S., with notable philanthropic activity through the Sit Investment Associates Foundation ($27M+ contributed since 1981) and the Minnesotans' Military Appreciation Fund ($12.2M+ in grants to 18,000+ recipients).

Name

Sit Investment Associates

Legal name

Sit Investment Associates, Inc.

Website

https://sitinvest.com

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro primary industry

Large-Cap Equity (Active) (FSAAAIAA)

akta.pro secondary industries

International/Ex-U.S. Developed Equity (Active) (FSAAAIAE), Multi-Sector / Total Return Fixed Income (FSAAAHAJ), Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

Keywords

• Investment management
• Asset management
• Fixed income strategies
• Growth equity funds
• Mutual fund services

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Advisory Fees: The firm generates revenue primarily through investment advisory fees charged on assets under management across separately managed accounts, private investment funds, collective investment trusts, and mutual funds. Fees vary by strategy and account size, typically ranging from 0.20% to 1.50% annually for equity strategies, with some strategies carrying performance fees.
2. Performance Fees (Closed-End Strategies): Several strategies carry performance fees. For example, Municipal Return Plus charges 0.40% base management fee plus 20% of net return exceeding benchmark + 100 bps; Taxable Return Plus charges 0.40% base plus 20% of returns exceeding Bloomberg Agg + 100 bps; Targeted Opportunity charges 1.00% base plus 20% of returns exceeding 8.00%.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Sit Investment Associates provides actively managed investment strategies across Growth Equity and Yield-Advantaged Fixed Income disciplines, delivered through four channels: Separately Managed Accounts, Private Investment Funds, Collective Investment Trusts, and the Sit Mutual Funds no-load family. The firm manages assets for institutional clients (pension plans, foundations, endowments, insurance companies) and high net worth families, employing a disciplined, fundamental, research-driven investment process combining top-down macroeconomic analysis with bottom-up security selection. Special capabilities include closed-end fund inefficiency strategies (Municipal Return Plus, Taxable Return Plus, Targeted Opportunity) and integrated ESG analysis.

Product overview

Sit Investment Associates is a privately held, multi-billion-dollar asset management firm offering a comprehensive suite of investment products across four channels: Separately Managed Accounts, Private Investment Funds, Collective Investment Funds, and Sit Mutual Funds. The firm provides focused investment management through two core disciplines: Growth Equity strategies (including Large Cap Growth, Mid Cap Growth, Small Cap Growth, ESG Growth, and Dividend Growth variants) and Yield-Advantaged Fixed Income strategies (including taxable and municipal strategies across multiple duration profiles). The Sit Mutual Funds family offers no-load mutual funds spanning from stability of principal to high growth, while institutional strategies include closed-end fund opportunities and specialized municipal bond strategies. The firm serves corporate, government, and Taft-Hartley pension plans, foundations and endowments, insurance companies, and high net worth families.

Differentiator

Problem solved

Functional benefit

Brands

• Sit Mutual Funds: A family of no-load mutual funds managed by Sit Investment Associates, Inc., covering the entire risk spectrum from stability of principal to high growth, grounded in the firm's hands-on management style and disciplined investment process.

Products and services

• Separately Managed Accounts Customized investment portfolios managed to meet specific client investment objectives across equity and fixed income strategies. Served by senior investment professionals who interact directly with institutional and high net worth clients.
• Private Investment Funds Private investment funds offering institutional-quality investment strategies to qualified investors, including closed-end fund strategies such as Targeted Opportunity and Municipal Opportunity Bond Fund. Subject to applicable regulations.
• Collective Investment Funds Collective investment trust products designed for institutional investors such as pension plans and endowments seeking diversified exposure to the firm's investment strategies.
• Sit Mutual Funds A family of no-load mutual funds covering the entire risk spectrum from capital preservation to capital appreciation, managed by the same investment professionals as the firm's other portfolios. Distributed directly via sitfunds.com and 1-800-332-5580, offered by prospectus only to U.S. residents.
• Developing Markets Growth Strategy International equity strategy investing in emerging market countries targeting superior long-term absolute and real returns, with 44 holdings and weighted average market cap of $495.7 billion. Returned 37.37% gross (36.16% net) for 2025 vs. benchmark 33.57%.
• International Growth Strategy International equity strategy investing in EAFE countries plus up to 20% non-EAFE countries with 75 holdings and weighted average market cap of $275.6 billion.
• Pacific Basin Growth Strategy Pacific region equity strategy investing in Australia, China, Hong Kong, India, Japan, Korea, and other Pacific Basin countries with 58 holdings.
• Global Dividend Growth Strategy Global dividend equity strategy investing 40-70% domestic and 30-60% foreign with 57 holdings and weighted average market cap of $987.8 billion. Management fee 0.80% to 1.25% depending on period; Fund Class S 1.00% (1.25% expense), Class I 1.00% (1.00% expense).
• Small Cap Dividend Growth Strategy Small cap dividend strategy investing in companies with market caps under $2.5 billion that pay and grow dividends, with 93 holdings.
• Dividend Growth Strategy Domestic dividend equity strategy emphasizing dividend-paying equities with 79 holdings and weighted average market cap of $792.0 billion. Tiered fees: 0.75% on first $10M, 0.70% next $10M, 0.65% next $10M, 0.60% next $10M, 0.55% next $10M, negotiable over $50M.
• Mid Cap Growth Strategy Mid cap equity strategy investing in companies with market caps between $2.5 billion and $15 billion, with 64 holdings and weighted average market cap of $197.0 billion. 1.00% on first $30M, 0.70% next $70M, 0.50% over $100M.
• Small Cap Growth Strategy Small cap equity strategy investing in companies with market caps under $2.5 billion, with 89 holdings and weighted average market cap of $22.0 billion. Management fee 1.50% applied quarterly.
• Large Cap Growth Strategy Large cap equity strategy investing in companies with market caps greater than $5 billion with sustainable higher-than-average earnings growth, with weighted average market cap of $1,660.9 billion. Tiered fees 0.75% on first $10M, 0.70% next $10M, 0.65% next $10M, 0.60% next $10M, negotiable over $40M.
• ESG Growth Strategy ESG equity strategy investing in companies with strong environmental, social and governance practices, with 54 holdings and weighted average market cap of $1,255.0 billion. Utilizes third-party ESG screens and proprietary in-depth analysis.
• Balanced Strategy Balanced strategy combining equities (61.8%) and bonds (35.4%) for long-term capital appreciation, principal preservation, and regular income.
• Municipal Return Plus Strategy Closed-end fund strategy capitalizing on persistent inefficiencies in the closed-end fund market by investing in closed-end funds which invest in tax-free municipal fixed income securities, with yield to worst of 6.4%. Charges 0.40% base management fee plus 20% of net return exceeding Bloomberg Municipal Bond Index + 100 bps.
• Targeted Opportunity Strategy Event-driven closed-end fund strategy seeking to benefit from structural changes including rights offerings, mergers, liquidations, and tender offers, targeting minimum annualized return of 10%. Charges 1.00% base plus 20% performance fee above 8% hurdle.
• Taxable Return Plus Strategy Closed-end fund strategy focused on investment-grade taxable fixed income closed-end funds, with yield to worst of 8.6%. Charges 0.40% base management fee plus 20% of returns exceeding Bloomberg Agg + 100 bps. Ranked 1st percentile (eVestment) for 1-year and 8th for 3-year as of December 2025.
• Municipal Total Return Strategy Municipal bond strategy seeking consistent attainment of superior risk-adjusted returns using a conservative approach emphasizing investment-grade securities and superior income advantage, with yield to worst of 4.7%.
• Municipal Intermediate Duration Strategy Municipal strategy with intermediate duration (4.7 years) emphasizing investment-grade securities and high quality/higher yielding sectors of the tax-exempt market. Ranked 5th percentile (eVestment) for 3-month and 12th for 1-year as of December 2025.
• Municipal Short Duration Strategy Short-duration municipal strategy (2.6 years) emphasizing investment-grade securities with superior income advantage and stability of principal. Ranked 1st percentile (eVestment) for 3-month, 4th for 1-year, 2nd for 3-year, 3rd for 5-year as of December 2025.
• Taxable Total Return Strategy Taxable fixed income strategy emphasizing investment-grade securities with superior income advantage and stability of principal, with yield to worst of 5.6%. Tiered fees: 0.35% on first $10M, 0.25% next $10M, 0.20% over $20M.
• Sit Large Cap Growth Fund Sit Mutual Funds no-load domestic equity fund investing in large capitalization companies (>$5 billion) with sustainable higher-than-average earnings growth potential. Class shares available; offered by prospectus only.
• Sit Developing Markets Growth Fund Sit Mutual Funds international equity fund investing in high-quality growth companies domiciled in emerging market countries with potential for superior long-term absolute and real returns.
• Sit Small Cap Growth Fund Sit Mutual Funds domestic equity fund focusing on small capitalization companies with market caps less than $2.5 billion, targeting above-average returns with lower risk than the benchmark. Fund fee 1.50% with 1.50% expense ratio.
• Sit Mid Cap Growth Fund Sit Mutual Funds domestic equity fund targeting mid capitalization companies between $2.5 billion and $15 billion, emphasizing growth at reasonable valuation levels. Fund fee 1.25% with 1.25% expense ratio.
• Sit International Growth Fund Sit Mutual Funds international equity fund investing in companies domiciled in EAFE countries (Europe, Australasia, Far East) plus up to 20% in non-EAFE countries.
• Sit Dividend Growth Fund Sit Mutual Funds domestic equity fund emphasizing dividend-paying equities seeking current income that exceeds the S&P 500 Index while providing capital appreciation. Class S 0.70% (0.95% expense ratio); Class I 0.70% (0.70% expense ratio).
• Sit Global Dividend Growth Fund Sit Mutual Funds global equity fund investing 40-70% domestic and 30-60% foreign in dividend-paying equities, seeking current income exceeding the benchmark index.
• Sit ESG Growth Fund Sit Mutual Funds equity fund investing in companies with strong environmental, social and corporate governance (ESG) practices, seeking superior long-term returns.
• Sit Balanced Fund Sit Mutual Funds diversified portfolio combining stocks (60-70%) and bonds (30-40%) for long-term capital appreciation, principal preservation, and regular income.
• Sit Tax-Free Income Fund Sit Mutual Funds municipal bond fund emphasizing tax-exempt income through investment in investment-grade municipal securities across multiple duration strategies.
• Sit U.S. Government Securities Fund Sit Mutual Funds taxable fixed income fund investing in U.S. Government and Agency securities including Treasuries, Agency mortgage pass-throughs, and CMOs.
• Sit Quality Income Fund Sit Mutual Funds taxable fixed income fund emphasizing investment-grade securities with focus on superior income advantage and stability of principal.

Quantifiable outcome

• Municipal Short Duration composite ranked 1st percentile (eVestment) for 3-month, 4th for 1-year, 2nd for 3-year, 3rd for 5-year as of December 2025
• +4 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• T. Rowe Price: T. Rowe Price is a large, publicly traded active asset manager with signature growth-equity and dividend-growth strategies (e.g., T. Rowe Price Growth Stock, Dividend Growth) — directly comparable to Sit Large Cap Growth and Dividend Growth strategies at scale.
• Victory Capital: Victory Capital operates a multi-boutique model spanning active equity, fixed income, and multi-asset strategies, much like Sit's full-spectrum product suite. Comparable in offering SMAs, mutual funds, and CITs to institutional and intermediary clients.
• Franklin Templeton: Franklin Templeton is a global incumbent with broad equity, fixed income, multi-asset, and alternative capabilities plus mutual fund distribution — comparable to Sit's full-spectrum offering but at vastly larger scale across institutional and retail channels.

Direct peers

• Manning & Napier: Manning & Napier is a privately held, multi-strategy active asset manager offering equity and fixed income SMAs and mutual funds with a fundamental, research-driven process — closely comparable to Sit's overall structure, channels, and institutional/HNW client mix.
• Ariel Investments: Ariel is one of the largest minority-owned, independent fundamental active equity managers in the U.S. — a structural parallel to Sit's minority-owned, employee-owned status. Both target institutional and retail intermediary channels with research-driven equity strategies.
• Cohen & Steers: Cohen & Steers is a specialty asset manager with deep closed-end fund expertise (CEF Connect platform), real-asset strategies, and institutional/HNW distribution — directly comparable to Sit's closed-end fund and municipal/taxable fixed income franchise. Both serve institutional consultants and family offices with fundamentally-driven, specialist strategies.
• Brown Capital Management: Brown Capital is a minority-owned, independent fundamental equity manager with a long track record serving institutional and intermediary clients — analogous to Sit in ownership profile, philosophy, and distribution mix.
• Tortoise Capital Advisors: Tortoise is a specialist manager with closed-end fund expertise in energy/infrastructure and income-oriented listed equities, paralleling Sit's specialization in closed-end fund inefficiencies and yield-Advantaged strategies. Both target HNW and institutional investors.
• Eaton Vance (Morgan Stanley Investment Management): Eaton Vance was a premier closed-end fund sponsor with active equity, fixed income, and customized income strategies before its Morgan Stanley acquisition — closely parallel to Sit's closed-end fund, municipal bond, and SMA models. Strong institutional and retail mutual fund distribution mirrors Sit's multi-channel approach.
• Nuveen (TIAA): Nuveen is one of the largest closed-end fund issuers globally, with deep municipal bond and yield-oriented fixed income capabilities — directly comparable to Sit's Municipal Return Plus and Taxable Return Plus strategies serving institutional and intermediary channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/sit-investment-associates

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sit Investment Associates