Fund Evaluator:
Sit Quality Income Y (SQIYX)
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Best Performing in Short-Term Bond Over the Last Year
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Fund Details
Sit Quality Income Y Overview
Sit Quality Income Y (SQIYX) is an actively managed Taxable Bond Short-Term Bond fund. Sit launched the fund in 2022.
The investment seeks high current income and safety of principal. The fund seeks to achieve its objective by investing under normal circumstances 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. It 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.
About Sit Quality Income Y (SQIYX)
There are 4 members of the management team with an average tenure of 10.52 years: Christopher Rasmussen (2012), Andrew Tich (2025), Bryce Doty (2012), Mark Book (2012). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Govt/Credit 1-3 Yr TR USD index with a weighting of 100%. Sit Quality Income Y has 175 securities in its portfolio. The top 10 holdings constitute 17.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Sit Quality Income Y is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Sit Quality Income Y has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.0% (97.4% domestic bond, 0.6% foreign bond and 0.0% convertible bond). Sit Quality Income Y has 2.0% of the portfolio in cash.
Assets Under Management
The fund has $104 million in total assets, which is below the $917 million average for the Short-Term Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SQIYX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Sit Quality Income Y expense ratio is average compared to funds in the Short-Term Bond category. Sit Quality Income Y has an expense ratio of 0.56%, which is 16% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Sit Quality Income Y has a portfolio turnover rate of 48%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 135% for the Short-Term Bond category.
Recently, in the month of August 2026, Sit Quality Income Y returned 0.3%, which earned it a grade of C, as the Short-Term Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Sit Quality Income Y has a trailing yield of 4.53%, which is above the 4.15% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Sit Quality Income Y Grades
Year to date, the fund has returned 1.2%, 0.0 percentage points worse than the category, which translates into a grade of C. The fund has returned 2.8% over the past year (grade of C), 4.9% over the past three years (grade of C) and 3.1% per year over the past five years (grade of A) and 2.5% per year over the past 10 years (grade of B).
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SQIYX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SQIYX Return (NAV) | 0.3% | 0.2% | 2.8% | 4.9% | 3.1% | 2.5% |
| SQIYX Grade | C | D | C | C | A | B |
| +/- Category | -0.0% | -0.2% | 0.1% | -0.0% | 0.8% | 0.2% |
| Short-Term Bond Avg | 0.3% | 0.4% | 2.7% | 5.0% | 2.3% | 2.3% |
| SQIYX Tax Cost Ratio | na | na | 1.8% | 1.8% | na | na |
SQIYX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SQIYX Return (NAV) | 1.2% | 6.5% | 4.6% | 4.6% | -1.4% | 1.5% | 3.0% | 3.1% | 0.9% | 1.2% | 0.8% |
| SQIYX Grade | C | A | D | F | A | A | F | F | C | D | F |
| +/- Category | -0.0% | 0.6% | -0.3% | -1.0% | 3.7% | 1.5% | -1.2% | -1.6% | 0.2% | -0.7% | -1.7% |
| Short-Term Bond Avg | 1.2% | 5.9% | 4.9% | 5.6% | -5.0% | -0.0% | 4.2% | 4.8% | 0.7% | 1.9% | 2.5% |
| Risk Measures | |
| Standard Deviation: | 2.1% |
| Total Risk Index: | 0.17 - Low |
| Category Risk Index: | 1.05 - Above Average |
| Category Risk Grade: | D (71% Rank) |
| Beta: | 0.34 |
| R-Squared: | 88% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $138 Mil |
| Fund Total Assets: | $ 104 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 48% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 13.7 years | |||
| Average Tenure: 10.5 years | |||
| Managers (Year): Rasmussen Christopher (2012), Doty Bryce (2012), Book Mark (2012), Tich Andrew (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 175 |
| % in Top 10 Holdings: | 17.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.4% |
| Foreign Bond: | 0.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.0% |
Purchase Information
| Fund Family: | Sit |
| Phone Number: | 800-332-5580 |
| Website: | www.sitfunds.com |
| Status: | Open |
| Inception Date: | March 31, 2022 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $1,000,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.56% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.66% |
| Share Class: | Sit Quality Income |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
