0001752724-23-260084.txt : 20231121 0001752724-23-260084.hdr.sgml : 20231121 20231121114908 ACCESSION NUMBER: 0001752724-23-260084 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230929 FILED AS OF DATE: 20231121 DATE AS OF CHANGE: 20231121 PERIOD START: 20240630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIT MUTUAL FUNDS INC CENTRAL INDEX KEY: 0000877880 IRS NUMBER: 000000000 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-06373 FILM NUMBER: 231425583 BUSINESS ADDRESS: STREET 1: 3300 IDS CTR, 80 SOUTH 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 BUSINESS PHONE: 612-332-3223 MAIL ADDRESS: STREET 1: 3300 IDS CTR, 80 SOUTH 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 FORMER COMPANY: FORMER CONFORMED NAME: SIT NEW BEGINNING MUTUAL FUNDS INC DATE OF NAME CHANGE: 19920929 0000877880 S000003463 Sit Developing Markets Growth Fund C000009597 Sit Developing Markets Growth Fund SDMGX NPORT-P 1 primary_doc.xml NPORT-P false 0000877880 XXXXXXXX S000003463 C000009597 SIT MUTUAL FUNDS INC 811-06373 0000877880 254900G3NOOZ0B3T2Q46 80 S. 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GOVERNMENT PORTFOLIO 549300FQDFZGLUOCWN51 FIDELITY GOVERNMENT PORT-I 316175108 278442.69000000 NS USD 278442.69000000 2.979345384757 Long STIV RF US N 1 N N N DBS Group Holdings Ltd 5493007FKT78NKPM5V55 DBS Group Holdings Ltd 000000000 14500.00000000 NS 356825.16000000 3.818040235178 Long EC CORP SG N 1 N N N Broadcom Inc 549300WV6GIDOZJTV909 Broadcom Inc 11135F101 550.00000000 NS USD 456819.00000000 4.887977412226 Long EC CORP US N 1 N N N JD.com Inc 549300HVTWB0GJZ16V92 JD.com Inc 47215P106 3600.00000000 NS USD 104868.00000000 1.122090839622 Long EC CORP CN N 1 N N N Alibaba Group Holding Ltd 5493001NTNQJDH60PM02 Alibaba Group Holding Ltd 01609W102 2700.00000000 NS USD 234198.00000000 2.505925834933 Long EC CORP CN N 1 N N N Cathay Financial Holding Co Lt 5299009XR1QLFAMQ3X77 Cathay Financial Holding Co Ltd 000000000 88784.00000000 NS 122529.92000000 1.311073929240 Long EC CORP TW N 1 N N N ST Engineering 254900OEXGGWCR24DG90 Singapore Technologies Engineering Ltd 000000000 44000.00000000 NS 125852.23000000 1.346622748874 Long EC CORP SG N 1 N N N Bid Corp Ltd N/A Bid Corp Ltd 000000000 13200.00000000 NS 294379.08000000 3.149865250070 Long EC CORP ZA N 1 N N N Rio Tinto PLC 213800YOEO5OQ72G2R82 Rio Tinto PLC 767204100 2475.00000000 NS USD 157509.00000000 1.685351165827 Long EC CORP GB N 1 N N N HDFC Bank Ltd 335800ZQ6I4E2JXENC50 HDFC Bank Ltd 40415F101 5350.00000000 NS USD 315703.50000000 3.378037202832 Long EC CORP IN N 1 N N N Jiumaojiu International Holdin 6556009ZSGTEPL7MEK84 Jiumaojiu International Holdings Ltd 000000000 9000.00000000 NS 12251.39000000 0.131090251474 Long EC CORP CN N 1 N N N Naspers Ltd 21380044BQ8812EEKT59 Naspers Ltd 000000000 1425.00000000 NS 227710.24000000 2.436506602511 Long EC CORP ZA N 1 N N N Bangkok Bank PCL 549300CCL2BKJGMYXV60 Bangkok Bank PCL 000000000 36500.00000000 NS 167902.51000000 1.796562043908 Long EC CORP TH N 2 N N N Samsung Electronics Co Ltd 9884007ER46L6N7EI764 Samsung Electronics Co Ltd 000000000 10925.00000000 NS 553779.46000000 5.925457329565 Long EC CORP KR N 1 N N N Tencent Holdings Ltd 254900N4SLUMW4XUYY11 Tencent Holdings Ltd 000000000 8200.00000000 NS 320630.32000000 3.430754329033 Long EC CORP CN N 1 N N N PING AN 529900M9MC28JLN35U89 Ping An Insurance Group Co of China Ltd 000000000 19900.00000000 NS 113972.76000000 1.219512052889 Long EC CORP CN N 1 N N N JD.com Inc 549300HVTWB0GJZ16V92 JD.com Inc 000000000 542.00000000 NS 7966.36000000 0.085240298099 Long EC CORP CN N 1 N N N CSPC Pharmaceutical Group Ltd 529900M3XQCW234H8O91 CSPC Pharmaceutical Group Ltd 000000000 192400.00000000 NS 141027.08000000 1.508994112662 Long EC CORP CN N 1 N N N Prosus NV 635400Z5LQ5F9OLVT688 Prosus NV 000000000 3705.00000000 NS 109365.75000000 1.170216903568 Long EC CORP NL N 1 N N N Nice Ltd 254900YTY4EF5Z4W0A51 Nice Ltd 653656108 1050.00000000 NS USD 178500.00000000 1.909955514289 Long EC CORP IL N 1 N N N Grupo Bimbo SAB de CV 5493000RIXURZEBFEV60 Grupo Bimbo SAB de CV 000000000 16000.00000000 NS 76917.52000000 0.823019840165 Long EC CORP MX N 1 N N N ENN Energy Holdings Ltd 549300V7BXPWT6WIPR03 ENN Energy Holdings Ltd 000000000 19800.00000000 NS 164347.88000000 1.758527393097 Long EC CORP CN N 1 N N N Flex Ltd 549300EAQH74YHD07T53 Flex Ltd 000000000 4000.00000000 NS USD 107920.00000000 1.154747333905 Long EC CORP US N 1 N N N XL Axiata Tbk PT 529900GV66NMGZLKFS48 XL Axiata Tbk PT 000000000 948800.00000000 NS 146110.90000000 1.563391143713 Long EC CORP ID N 1 N N N Hon Hai Precision Industry Co 30030004CM3GSZXX7O56 Hon Hai Precision Industry Co Ltd 438090805 23700.00000000 NS USD 150969.00000000 1.615372963791 Long EC CORP TW N 1 N N N AIA Group Ltd ZP5ILWVSYE4LJGMMVD57 AIA Group Ltd 000000000 21400.00000000 NS 174485.85000000 1.867003985283 Long EC CORP HK N 1 N N N Globant SA 2221008DCMSPYS42DS88 Globant SA 000000000 1175.00000000 NS USD 232473.75000000 2.487476306667 Long EC CORP UY N 1 N N N Sea Ltd 529900OM6JLLW44YKI15 Sea Ltd 81141R100 1225.00000000 NS USD 53838.75000000 0.576076288207 Long EC CORP SG N 1 N N N 2023-11-20 SIT MUTUAL FUNDS INC Paul Rasmussen Paul Rasmussen VP, Treasurer & Chief Compliance Officer XXXX NPORT-EX 2 SI00SIT093023.htm HTML

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Sit Developing Markets Growth Fund

Investments are grouped by geographic region.

 

     
Name of Issuer    Quantity      Fair Value ($)  

Common Stocks - 92.2%

      

Africa/Middle East - 8.3%

     

Israel - 1.9%

     

NICE, Ltd., ADR *

     1,050        178,500  
     

 

 

  

South Africa - 6.4%

     

Bid Corp., Ltd.

      13,200        294,379  

Bidvest Group, Ltd.

      5,525        79,599  

Naspers, Ltd.

      1,425        227,710  
     

 

 

  
     

 

 

 

601,688

 

 

     

 

 

  

Asia - 66.0%

     

Australia - 2.7%

     

Atlassian Corp. *

     450        90,679  

Rio Tinto, PLC, ADR

      2,475        157,509  
     

 

 

  
     

 

 

 

248,188

 

 

     

 

 

  

China/Hong Kong - 28.1%

     

AIA Group, Ltd.

      21,400        174,486  

Alibaba Group Holding, Ltd., ADR *

     2,700        234,198  

Baidu, Inc., ADR *

     1,100        147,785  

Budweiser Brewing Co. APAC, Ltd.

      46,000        90,814  

China International Capital Corp., Ltd.

      58,400        107,091  

China Mengniu Dairy Co., Ltd.

      43,000        144,140  

China Petroleum & Chemical Corp.

      140,000        76,517  

CSPC Pharmaceutical Group, Ltd.

      192,400        141,027  

ENN Energy Holdings, Ltd.

      19,800        164,348  

GDS Holdings, Ltd., ADR *

     1,000        10,950  

Hong Kong Exchanges & Clearing, Ltd.

      5,100        190,559  

JD.com, Inc.

      542        7,966  

JD.com, Inc., ADR

      3,600        104,868  

Jiumaojiu International Holdings, Ltd.

      9,000        12,251  

LK Technology Holdings, Ltd.

      72,500        72,028  

Meituan*

     6,820        99,806  

Ping An Insurance Group Co. of China, Ltd.

      19,900        113,973  

Sands China, Ltd. *

     42,400        129,946  

Sinopharm Group Co., Ltd.

      44,900        130,154  

Tencent Holdings, Ltd.

      8,200        320,630  

Trip.com Group, Ltd., ADR *

     4,450        155,617  
     

 

 

  
     

 

 

 

2,629,154

 

 

     

 

 

  

India - 3.4%

     

HDFC Bank, Ltd., ADR

      5,350        315,703  
     

 

 

  

Indonesia - 2.3%

     

Astra International Tbk PT

      176,000        70,890  

XL Axiata Tbk PT

      948,800        146,111  
     

 

 

  
     

 

 

 

217,001

 

 

     

 

 

  

Singapore - 6.9%

     

DBS Group Holdings, Ltd.

      14,500        356,825  

Flex, Ltd. *

     4,000        107,920  

Sea, Ltd, ADR *

     1,225        53,839  

Singapore Technologies Engineering, Ltd.

      44,000        125,852  
     

 

 

  
     

 

 

 

644,436

 

 

     

 

 

  

South Korea - 10.9%

      

LG Chem, Ltd.

      575        211,566  

NAVER Corp.

      450        67,197  

Samsung Electronics Co., Ltd.

      10,925        553,779  
     
Name of Issuer    Quantity      Fair Value ($)  

Shinhan Financial Group Co., Ltd.

      7,200        189,951  
     

 

 

  
     

 

 

 

1,022,493

 

 

     

 

 

  

Taiwan - 9.9%

     

Cathay Financial Holding Co., Ltd.

      88,784        122,530  

Hon Hai Precision Industry Co., Ltd., GDR

      23,700        150,969  

Taiwan Semiconductor Co.

      37,482        607,273  

Taiwan Semiconductor Co., ADR

      525        45,623  
     

 

 

  
     

 

 

 

926,395

 

 

     

 

 

  

Thailand - 1.8%

     

Bangkok Bank PCL

      36,500        167,903  
     

 

 

  

Europe - 1.2%

     

Netherlands - 1.2%

     

Prosus NV *

     3,705        109,366  
     

 

 

  

Latin America - 8.3%

     

Argentina - 2.5%

     

Globant SA *

     1,175        232,474  
     

 

 

  

Brazil - 1.8%

     

Ambev SA, ADR

      21,575        55,663  

Banco Bradesco SA

      30,350        86,041  

Lojas Renner SA

      8,130        21,673  
     

 

 

  
     

 

 

 

163,377

 

 

     

 

 

  

Chile - 0.9%

     

Banco Santander Chile, ADR

      4,700        86,198  
     

 

 

  

Peru - 3.1%

     

Southern Copper Corp.

      3,900        293,631  
     

 

 

  

North America - 8.4%

     

Mexico - 2.7%

     

Fomento Economico Mexicano, ADR

      1,575        171,911  

Grupo Bimbo SAB de CV

      16,000        76,918  
     

 

 

  
     

 

 

 

248,829

 

 

     

 

 

  

United States - 5.7%

     

Broadcom, Inc.

      550        456,819  

Skyworks Solutions, Inc.

      775        76,407  
     

 

 

  
     

 

 

 

533,226

 

 

     

 

 

  

Total Common Stocks
(cost: $7,172,943)

         8,618,562  
     

 

 

  

Investment Companies 4.6%

      

iShares MSCI India ETF
(cost $293,382)

      9,750        431,146  
     

 

 

  

Short-Term Securities - 3.0%

     

Fidelity Inst. Money Mkt. Gvt. Fund, 5.27%
(cost $283,512)

      283,512        283,512  
     

 

 

  

Total Investments in Securities - 99.8%
(cost $7,749,837)

         9,333,220  

Other Assets and Liabilities, net - 0.2%

         14,193  
     

 

 

  

Net Assets - 100.0%

      

 

$

 

9,347,413

 

 

     

 

 

  
 

 

 

   

SEPTEMBER 30, 2023

   1

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Sit Developing Markets Growth Fund (Continued)

                 

 

*

Non-income producing security.

 

 

ADR — American Depositary Receipt

 

 

GDR — Global Depositary Receipt

 

 

PLC — Public Limited Company

Numeric footnotes not disclosed are not applicable to this Schedule of Investments.

 

Portfolio Structure - By Sector    (% of Total Net Assets)     

Electronic Technology

     23.3%

Finance

    20.4

Technology Services

    12.1

Retail Trade

     8.8

Consumer Non-Durables

     5.8

Non-Energy Minerals

     4.8

Consumer Services

     4.8

Health Technology

     2.9

Producer Manufacturing

     2.9

Process Industries

     2.3

Utilities

     1.7

Communications

     1.6

Energy Minerals

     0.8

Investment Companies

     4.6

Short-Term Securities

     3.0
  

 

    

 

99.8

Other Assets and Liabilities, net

     0.2
  

 

     100.0%
  

 

 

 

   

2

  

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Sit Developing Markets Growth Fund (Continued)

 

A summary of the levels for the Fund’s investments as of September 30, 2023 is as follows:

 

     Investment in Securities  
    

 

Level 1

     

 

Level 2

     

 

Level 3

         
     Quoted
Prices ($)		      Other significant
observable inputs ($)		      Significant
unobservable inputs ($)		      Total ($)  

Common Stocks

            

Argentina

      232,474        —          —          232,474  

Australia

      248,188        —          —          248,188  

Brazil

      163,377        —          —          163,377  

Chile

      86,198        —          —          86,198  

China/Hong Kong

      2,629,154        —          —          2,629,154  

India

      315,703        —          —          315,703  

Indonesia

      217,001        —          —          217,001  

Israel

      178,500        —          —          178,500  

Mexico

      248,829        —          —          248,829  

Netherlands

      109,366        —          —          109,366  

Peru

      293,631        —          —          293,631  

Singapore

      644,436        —          —          644,436  

South Africa

      601,688        —          —          601,688  

South Korea

      1,022,493        —          —          1,022,493  

Taiwan

      926,395        —          —          926,395  

Thailand

      —        167,903          —          167,903  

United States

      533,226        —          —          533,226  

Investment Companies

      431,146        —          —          431,146  

Short-Term Securities

      283,512        —          —          283,512  

Total:

      9,165,317        167,903          —          9,333,220  

Level 1 securities of foreign issuers are primarily American Depositary Receipts (ADRs), Public Limited Companies (PLCs) or Global Depositary Receipts (GDRs). There were no transfers into or out of level 3 during the reporting period.

For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual report.

 

 

   

SEPTEMBER 30, 2023

   3