0001752724-24-115617.txt : 20240523 0001752724-24-115617.hdr.sgml : 20240523 20240523151106 ACCESSION NUMBER: 0001752724-24-115617 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240328 FILED AS OF DATE: 20240523 DATE AS OF CHANGE: 20240523 PERIOD START: 20240630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIT MUTUAL FUNDS INC CENTRAL INDEX KEY: 0000877880 ORGANIZATION NAME: 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: 24977666 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 131073.76000000 NS USD 131073.76000000 1.525184336255 Long STIV RF US N 1 N N N Sinopharm Group Co Ltd 529900N54X78YH9JYK92 Sinopharm Group Co Ltd 000000000 44900.00000000 NS 115019.36000000 1.338374105070 Long EC CORP CN N 1 N N N iShares MSCI India ETF 549300282VMCFH7S5848 iShares MSCI India ETF 46429B598 9750.00000000 NS USD 503002.50000000 5.852975714571 Long EC RF US N 1 N N N Trip.com Group Ltd 2549004RMYDSRQL4KW41 Trip.com Group Ltd 89677Q107 3275.00000000 NS USD 143739.75000000 1.672566768492 Long EC CORP CN N 1 N N N Tencent Holdings Ltd 254900N4SLUMW4XUYY11 Tencent Holdings Ltd 000000000 8200.00000000 NS 318281.82000000 3.703551697753 Long EC CORP CN N 1 N N N Meituan 21380033K525E5JLIA77 Meituan 000000000 6820.00000000 NS 84347.06000000 0.981468867004 Long EC CORP CN N 1 N N N SINOPEC CORP 529900A2OB24EZ5B3J19 China Petroleum & Chemical Corp 000000000 140000.00000000 NS 79418.42000000 0.924118833504 Long EC CORP CN N 1 N N N Bangkok Bank PCL 549300CCL2BKJGMYXV60 Bangkok Bank PCL 000000000 36500.00000000 NS 139047.62000000 1.617968783512 Long EC CORP TH N 2 N N N China Mengniu Dairy Co Ltd 2549005Q343BSJ8RSS21 China Mengniu Dairy Co Ltd 000000000 28000.00000000 NS 60100.42000000 0.699333102112 Long EC CORP CN N 1 N N N Hon Hai Precision Industry Co 30030004CM3GSZXX7O56 Hon Hai Precision Industry Co Ltd 438090805 16625.00000000 NS USD 158436.25000000 1.843576371007 Long EC CORP TW N 1 N N N Alibaba Group Holding Ltd 5493001NTNQJDH60PM02 Alibaba Group Holding Ltd 01609W102 2225.00000000 NS USD 161001.00000000 1.873419998949 Long EC CORP CN N 1 N N N Banco Bradesco SA 549300CTUU1RFXHQJE44 Banco Bradesco SA 000000000 30350.00000000 NS 86534.47000000 1.006921737731 Long EP CORP BR N 1 N N N Jiumaojiu International Holdin 6556009ZSGTEPL7MEK84 Jiumaojiu International Holdings Ltd 000000000 9000.00000000 NS 6485.33000000 0.075463797875 Long EC CORP CN N 1 N N N Samsung Electronics Co Ltd 9884007ER46L6N7EI764 Samsung Electronics Co Ltd 000000000 10925.00000000 NS 655702.88000000 7.629809061812 Long EC CORP KR N 1 N N N Globant SA 2221008DCMSPYS42DS88 Globant SA 000000000 1175.00000000 NS USD 237232.50000000 2.760455586616 Long EC CORP UY N 1 N N N ENN Energy Holdings Ltd 549300V7BXPWT6WIPR03 ENN Energy Holdings Ltd 000000000 19800.00000000 NS 152543.15000000 1.775003806887 Long EC CORP CN N 1 N N N Banco Santander Chile 3YJP8HORPAEXJ80D6368 Banco Santander Chile 05965X109 4700.00000000 NS USD 93201.00000000 1.084493992721 Long EC CORP CL N 1 N N N Lojas Renner SA N/A Lojas Renner SA 000000000 8130.00000000 NS 27443.65000000 0.319336418743 Long EC CORP BR N 1 N N N Nice Ltd 254900YTY4EF5Z4W0A51 Nice Ltd 653656108 775.00000000 NS USD 201980.50000000 2.350260607684 Long EC CORP IL N 1 N N N Grupo Bimbo SAB de CV 5493000RIXURZEBFEV60 Grupo Bimbo SAB de CV 000000000 16000.00000000 NS 75522.27000000 0.878782932926 Long EC CORP MX N 1 N N N Ambev SA 549300TH5Q6VRP8OT012 Ambev SA 02319V103 21575.00000000 NS USD 53506.00000000 0.622599924620 Long EC CORP BR N 1 N N N Bid Corp Ltd N/A Bid Corp Ltd 000000000 9850.00000000 NS 240170.46000000 2.794641914776 Long EC CORP ZA N 1 N N N Shinhan Financial Group Co Ltd 988400EB8A6G49E5KO54 Shinhan Financial Group Co Ltd 000000000 4150.00000000 NS 145500.46000000 1.693054525253 Long EC CORP KR N 1 N N N Flex Ltd 549300EAQH74YHD07T53 Flex Ltd 000000000 4000.00000000 NS USD 114440.00000000 1.331632627622 Long EC CORP US N 1 N N N Fomento Economico Mexicano SAB 549300A8MDWDJNMLV153 Fomento Economico Mexicano SAB de CV 344419106 1575.00000000 NS USD 205175.25000000 2.387434964003 Long EC CORP MX N 1 N N N Budweiser Brewing Co APAC Ltd 549300YF1MR4GTF18132 Budweiser Brewing Co APAC Ltd 000000000 46000.00000000 NS 67704.97000000 0.787820229851 Long EC CORP HK N 1 N N N Sea Ltd 529900OM6JLLW44YKI15 Sea Ltd 81141R100 1225.00000000 NS USD 65794.75000000 0.765592763249 Long EC CORP SG N 1 N N N 2024-05-23 SIT MUTUAL FUNDS INC Paul Rasmussen Paul Rasmussen VP, Treasurer & Chief Compliance Officer XXXX NPORT-EX 2 SI00SIT033124.htm HTML

 

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

Sit Developing Markets Growth Fund

Investments are grouped by geographic region.

 

     
Name of Issuer    Quantity      Fair Value ($)  

Common Stocks - 92.1%

      

Africa/Middle East - 8.9%

     

Israel - 2.3%

     

NICE, Ltd., ADR *

     775        201,981  
     

 

 

  

South Africa - 6.6%

     

Bid Corp., Ltd.

      9,850        240,170  

Bidvest Group, Ltd.

      5,525        70,743  

Naspers, Ltd.

      1,425        252,614  
     

 

 

  
     

 

 

 

563,527

 

 

     

 

 

  

Asia - 63.9%

     

Australia - 2.1%

     

Atlassian Corp. *

     450        87,800  

Rio Tinto, PLC, ADR

      1,425        90,829  
     

 

 

  
     

 

 

 

178,629

 

 

     

 

 

  

China/Hong Kong - 21.9%

     

AIA Group, Ltd.

      21,400        143,680  

Alibaba Group Holding, Ltd., ADR

      2,225        161,001  

Baidu, Inc., ADR *

     475        50,008  

Budweiser Brewing Co. APAC, Ltd. 4

     46,000        67,705  

China Mengniu Dairy Co., Ltd.

      28,000        60,100  

China Petroleum & Chemical Corp.

      140,000        79,419  

CSPC Pharmaceutical Group, Ltd.

      192,400        151,179  

ENN Energy Holdings, Ltd.

      19,800        152,543  

Hong Kong Exchanges & Clearing, Ltd.

      5,100        148,434  

Jiumaojiu International Holdings, Ltd. 4

     9,000        6,485  

Meituan *, 4

     6,820        84,347  

Ping An Insurance Group Co. of China, Ltd.

      19,900        84,030  

Sands China, Ltd. *

     42,400        119,450  

Sinopharm Group Co., Ltd.

      44,900        115,019  

Tencent Holdings, Ltd.

      8,200        318,282  

Trip.com Group, Ltd., ADR *

     3,275        143,740  
     

 

 

  
     

 

 

 

1,885,422

 

 

     

 

 

  

India - 2.9%

     

HDFC Bank, Ltd., ADR

      4,375        244,869  
     

 

 

  

Indonesia - 2.2%

     

Astra International Tbk PT

      176,000        57,168  

XL Axiata Tbk PT

      948,800        135,244  
     

 

 

  
     

 

 

 

192,412

 

 

     

 

 

  

Singapore - 7.0%

     

DBS Group Holdings, Ltd.

      11,000        293,523  

Flex, Ltd. *

     4,000        114,440  

Sea, Ltd, ADR *

     1,225        65,795  

Singapore Technologies Engineering, Ltd.

      44,000        130,998  
     

 

 

  
     

 

 

 

604,756

 

 

     

 

 

  

South Korea - 12.3%

     

LG Chem, Ltd.

      450        147,075  

NAVER Corp.

      450        62,540  

Samsung Electronics Co., Ltd.

      10,925        655,703  

Shinhan Financial Group Co., Ltd.

      4,150        145,500  

SK Hynix, Inc.

      320        42,358  
     

 

 

  
     

 

 

 

1,053,176

 

 

     

 

 

  

Taiwan - 13.9%

     

Cathay Financial Holding Co., Ltd.

      88,784        133,855  
     
Name of Issuer    Quantity      Fair Value ($)  

Hon Hai Precision Industry Co., Ltd., GDR

      16,625        158,436  

Taiwan Semiconductor Co.

      37,482        900,641  
     

 

 

  
     

 

 

 

1,192,932

 

 

     

 

 

  

Thailand - 1.6%

     

Bangkok Bank PCL

      36,500        139,048  
     

 

 

  

Europe - 1.4%

     

Netherlands - 1.4%

     

Prosus NV

      3,705        116,217  
     

 

 

  

Latin America - 8.7%

     

Argentina - 2.8%

     

Globant SA *

     1,175        237,232  
     

 

 

  

Brazil - 1.9%

     

Ambev SA, ADR

      21,575        53,506  

Banco Bradesco SA

      30,350        86,534  

Lojas Renner SA

      8,130        27,444  
     

 

 

  
     

 

 

 

167,484

 

 

     

 

 

  

Chile - 1.1%

     

Banco Santander Chile, ADR

      4,700        93,201  
     

 

 

  

Peru - 2.9%

     

Southern Copper Corp.

      2,375        252,985  
     

 

 

  

North America - 9.2%

     

Mexico - 3.3%

     

Fomento Economico Mexicano, ADR

      1,575        205,175  

Grupo Bimbo SAB de CV

      16,000        75,523  
     

 

 

  
     

 

 

 

280,698

 

 

     

 

 

  

United States - 5.9%

     

Broadcom, Inc.

      355        470,520  

NEXTracker, Inc. *

     696        39,164  
     

 

 

  
     

 

 

 

509,684

 

 

     

 

 

  

Total Common Stocks
(cost: $5,972,255)

         7,914,253  
     

 

 

  

Investment Companies  5.9%

      

iShares MSCI India ETF
(cost $292,600)

      9,750        503,002  
     

 

 

  

Short-Term Securities - 1.5%

     

Fidelity Inst. Money Mkt. Gvt. Fund, 5.25%
(cost $131,415)

      131,415        131,415  
     

 

 

  

Total Investments in Securities - 99.5%
(cost $6,396,270)

         8,548,670  

Other Assets and Liabilities, net - 0.5%

         42,061  
     

 

 

  

Net Assets - 100.0%

         $8,590,731  
     

 

 

  
 

 

 

   

MARCH 31, 2024

   1

 

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

Sit Developing Markets Growth Fund (Continued)

                 

 

*

Non-income producing security.

4

144A Restricted Security. The total value of such securities as of March 31, 2024 was $158,537 and represented 1.8% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

 

 

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

     30.1%

Finance

    17.6

Technology Services

    11.9

Retail Trade

     6.6

Consumer Non-Durables

     5.4

Consumer Services

     5.2

Non-Energy Minerals

     4.0

Health Technology

     3.1

Producer Manufacturing

     2.2

Utilities

     1.8

Process Industries

     1.7

Communications

     1.6

Energy Minerals

     0.9

Investment Companies

     5.9

Short-Term Securities

     1.5
  

 

    

 

99.5

Other Assets and Liabilities, net

     0.5
  

 

    

 

100.0%

  

 

 

 

 

 

   

2

  

 

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

Sit Developing Markets Growth Fund (Continued)

 

A summary of the levels for the Fund’s investments as of March 31, 2024 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

      237,232        —          —          237,232  

Australia

      178,629        —          —          178,629  

Brazil

      167,484        —          —          167,484  

Chile

      93,201        —          —          93,201  

China/Hong Kong

      1,885,422        —          —          1,885,422  

India

      244,869        —          —          244,869  

Indonesia

      192,412        —          —          192,412  

Israel

      201,981        —          —          201,981  

Mexico

      280,698        —          —          280,698  

Netherlands

      116,217        —          —          116,217  

Peru

      252,985        —          —          252,985  

Singapore

      604,756        —          —          604,756  

South Africa

      563,527        —          —          563,527  

South Korea

      1,053,176        —          —          1,053,176  

Taiwan

      1,192,932        —          —          1,192,932  

Thailand

      —        139,048          —          139,048  

United States

      509,684        —          —          509,684  

Investment Companies

      503,002        —          —          503,002  

Short-Term Securities

      131,415        —          —          131,415  

Total:

      8,409,622        139,048          —          8,548,670  

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.

 

 

   

MARCH 31, 2024

   3