Sit Investment is a privately owned independent investment adviser located in Minneapolis, Minnesota.
Sit Investment was founded in 1981. We manage our clients’ assets on a discretionary basis.
Sit Investment manages domestic and international equity securities. Our subsidiary, Sit Fixed Income
Advisors II, LLC is a separately registered investment adviser and specializes in managing fixed income
securities. Sit Investment and its subsidiary are located in the same Minneapolis office and share all
resources. The fixed income investment management services offered by our subsidiary are discussed in
a separate brochure.
Sit Investment is privately held. Approximately 88% of the company is owned by members of the Sit
Family and by trusts established for their benefit, the trustees of which are Roger J. Sit and Ronald D. Sit.
Roger J. Sit and Ronald D. Sit are officers and directors of Sit Investment and actively involved in the
management operations. The outstanding shares are held by:
Sit Family 88%
Other Employees 8%
Outside Shareholders - Individuals 4%
Investment Management – Equity Investment Philosophy
Our equity investment philosophy targets growth-oriented companies. Generally, we look to invest in
companies with the potential to increase earnings at a faster rate than the representative economy and
market index. We believe that earnings growth is the primary determinant of superior long-term returns.
We manage our portfolios on an active basis, concentrating our investment in the best growth
opportunities at the most reasonable valuation levels. See Item 8 for a discussion regarding our
Investment Management – Decision Making Process
We manage our clients’ assets on a team basis. Investment management decisions are made by the
Investment Committee, with Roger J. Sit as the Chief Investment Officer having final decision-making
responsibilities. The Investment Committee’s investment decisions are implemented using model
portfolios with targeted security weightings. The stock selections for specific client accounts are based on
the model portfolios and adjusted
for each client’s unique investment restrictions as set forth in the
investment management agreement with each client. Specific client restrictions differ from client to
client and include, for example, restrictions on investing in certain companies or types of securities.
The Investment Committee is comprised of the firm’s equity investment management professionals. The
individuals with the most significant responsibility for the day-to-day discretionary advice provided to
clients are listed below. These individuals also have primary client relationship responsibilities. Please
see the Brochure Supplement for information about these individuals.
Roger J. Sit, Chairman, CEO, President and Global Chief Investment Officer
David A. Brown, CFA, CPA (inactive), Vice President – Research and Investment Management,
Director of Client Services
Kent L. Johnson, CFA, Senior Vice President – Research and Investment Management
Ronald D. Sit, CFA, Director, Vice President - Research and Investment Management
Assets Under Management
Sit Investment manages client assets on a discretionary basis for several types of clients, including, public
and private institutional investors, pension funds, Taft-Hartley plans, charitable institutions, foundations,
endowments, corporations, insurance companies, municipalities, registered investment companies, private
investment companies, collective investment trusts and high net worth individuals. As of December 31,
2022, we managed $3.2 billion. Please refer to Item 7 for information regarding the accounts managed.
Sit Investment serves as the sponsor, general partner, or manager for several of the investment companies
to which it provides investment advisory services. Sit Investment is the adviser to the Sit Mutual Funds, a
family of 14 no-load mutual funds. For information on the investment company affiliates, see the
response to Items 7 and 10.
Sit Investment’s subsidiary, Sit Fixed Income Advisors II, LLC, manages fixed income assets on a
discretionary basis for the same types of clients. Together, Sit Investment and Sit Fixed Income Advisors
II, LLC manage $15.0 billion in fixed income and equity securities as of December 31, 2022.