Sit Investment Associates Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Sit Investment Associates Inc. reported 512 stock positions worth $4.9 billion. Its top holding was Nvidia (NVDA) at 3.3% of the portfolio, followed by Broadcom (AVGO, 3.1%) and Microsoft (MSFT, 3.0%). Compared with Q2 2025, it opened 26 new positions, sold out of 34, added to 133 and reduced 153. The biggest buy was a new position in BlackRock Multi-Sector (BIT) and the biggest sale an exit from BlackRock Tech & Priv Eqty (BTX).
- Most Recent 13F
- Q2 2026
- Location
- Minneapolis, MN
- CIK
- 0000769317
- Portfolio Value
- $4.9B (Q3 2025)
- SEC Filing
- 0000897101-25-000605 ↗ filed Nov 13, 2025
Holdings Value
Holdings 512 stocks · $4.9B
| NVDA Nvidia Corp. | 3.30% | 870,656 | $162.4M | Add +1.0% |
| AVGO Broadcom Inc. | 3.13% | 466,926 | $154.0M | Reduce -4.6% |
| MSFT Microsoft Corp. | 3.00% | 285,055 | $147.6M | Reduce -1.5% |
| FINS Angel Oak Financ Strat Inc. | 2.65% | 9,969,217 | $130.7M | Add +3.5% |
| AAPL Apple Inc. | 2.45% | 473,829 | $120.7M | Reduce -3.0% |
| BHK BlackRock Core Bond Trust | 2.18% | 10,789,184 | $107.2M | Add +7.3% |
| BBN BlackRock Taxable Muni BND | 2.13% | 6,322,435 | $105.0M | Add +5.8% |
| PPT Franklin Premir Inc. Trust-Ui | 2.04% | 27,300,785 | $100.7M | Add +6.2% |
| CRF Cornerstone Total Return | 1.87% | 11,464,750 | $92.2M | Add +3.5% |
| KTF DWS Municipal Income Trust | 1.83% | 9,832,145 | $90.2M | Add +4.1% |
| PIM Franklin Master Interm IT-Ui filed as PUTNAM MASTER INTER INCOME T | 1.64% | 23,490,875 | $80.8M | Reduce -0.6% |
| MIN Aberdeen Intermediate Inc. FD | 1.57% | 28,954,725 | $77.6M | Add +10.1% |
| GOOGL Alphabet Inc. Class A | 1.45% | 293,792 | $71.4M | Reduce -2.0% |
| BIT BlackRock Multi-Sector Inc. | 1.37% | 5,050,265 | $67.6M | New |
| BTZ BlackRock Credit Allocation | 1.33% | 5,938,177 | $65.6M | Add +2.9% |
| XEVVX Eaton Vance Ltd. Durat Inc. | 1.32% | 6,416,703 | $65.1M | Add +7.6% |
| NBB Nuveen Taxable Municipal Inc. | 1.24% | 3,755,173 | $60.9M | Add +0.2% |
| NPFD Nuveen Var RT Pref & Inc. | 1.11% | 2,753,240 | $55.0M | Reduce -2.1% |
| AMZN Amazon.com Inc. | 1.08% | 242,304 | $53.2M | Reduce -1.4% |
| DBL Doubleline Opport Credit | 1.08% | 3,401,515 | $53.0M | Add +4.0% |
| META Meta Platforms Inc. Class A | 1.02% | 68,335 | $50.2M | Reduce -1.1% |
| CLM Cornerstone Strategic Invest | 1.00% | 5,977,044 | $49.5M | Add +4.3% |
| XSCDX LMP Capital and Income Fund | 0.97% | 3,085,036 | $47.9M | Add +2389.1% |
| TSI TCW Strategic Income Fund | 0.94% | 9,441,989 | $46.5M | Add +16.6% |
| JFR Nuveen Floating Rate Income | 0.88% | 5,325,387 | $43.6M | Reduce -11.1% |
| AVK Advent Convert & Income | 0.86% | 3,331,428 | $42.6M | Reduce -9.4% |
| ANET Arista Networks Inc. | 0.81% | 272,937 | $39.8M | Reduce -0.0% |
| XEVMX Eaton Vance Cal Muni Bond | 0.79% | 4,084,175 | $38.8M | Add +5.3% |
| JHS John Hancock Income Sec TR | 0.78% | 3,296,653 | $38.5M | Add +5.4% |
| JPM JPMorgan Chase & Co. | 0.74% | 116,109 | $36.6M | Reduce -3.0% |
| JMM Nuveen Multi-Market Income | 0.72% | 5,634,776 | $35.4M | Reduce -0.1% |
| UNH Unitedhealth Group Inc. | 0.67% | 96,185 | $33.2M | Add +3.4% |
| CB Chubb Ltd. | 0.64% | 111,885 | $31.6M | Reduce -0.5% |
| GS Goldman Sachs Group Inc. | 0.60% | 37,092 | $29.5M | Reduce -4.0% |
| XNROX Neu Re Est Sec Inc. FD Inc.-US filed as NEUBERGER BERMAN REAL ESTATE | 0.59% | 9,001,451 | $29.1M | Reduce -4.6% |
| XENWX Eaton Vance New York Municip | 0.57% | 2,839,481 | $28.0M | Add +6.3% |
| FMY First Trust Mortgage Income | 0.56% | 2,265,594 | $27.7M | Reduce -0.1% |
| MGF Aberdeen Govrn MKTS Inc. Fund | 0.56% | 8,861,311 | $27.6M | Add +5.5% |
| LLY Eli Lilly & Co. | 0.56% | 35,876 | $27.4M | Reduce -0.9% |
| NXG NXG Nextgen Infrastr Inc. | 0.55% | 559,766 | $27.3M | New |
| ORCL Oracle Corp. | 0.53% | 93,016 | $26.2M | Reduce -9.0% |
| BKT BlackRock Income Trust | 0.53% | 2,326,421 | $26.1M | Reduce -22.7% |
| V Visa Inc. Class A | 0.53% | 76,591 | $26.1M | Add +1.6% |
| EHI Western Asset Global High Inc. | 0.53% | 3,957,084 | $26.1M | Reduce -4.3% |
| ERC Allspring Multi-Sector Inc. | 0.49% | 2,546,822 | $24.4M | Add +3.7% |
| HD Home Depot Inc. | 0.49% | 60,095 | $24.4M | Reduce -8.6% |
| AMAT Applied Materials Inc. | 0.48% | 115,484 | $23.6M | Reduce -2.8% |
| INTU Intuit Inc. | 0.47% | 34,012 | $23.2M | Add +9.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.47% | 160,030 | $23.1M | Reduce -5.1% |
| GOOG Alphabet Inc. Class C | 0.47% | 94,450 | $23.0M | Reduce -0.3% |
| JLS Nuveen Mortgage & Income | 0.47% | 1,228,685 | $23.0M | Reduce -9.8% |
| WMB Williams Cos Inc. | 0.46% | 359,286 | $22.8M | Add +19.6% |
| XMCRX MFS Charter Income Trust | 0.45% | 3,435,877 | $22.1M | Add +22.0% |
| NBXG Neuberger Next Generation Co. | 0.44% | 1,423,981 | $21.9M | No change |
| FTHY First Trust Hi YLD Opp 2027 | 0.43% | 1,458,269 | $21.1M | Add +4.0% |
| FSCO FS Credit Opportunities Corp. | 0.43% | 3,036,354 | $21.0M | Reduce -20.0% |
| ABT Abbott Laboratories | 0.40% | 145,378 | $19.5M | Reduce -4.9% |
| ACP Abrdn Income Credit Strat | 0.39% | 3,327,109 | $19.3M | Add +24.7% |
| MUC BlackRock Munihold Ca QLTY | 0.38% | 1,721,662 | $18.7M | Add +16.2% |
| AZN Astrazeneca PLC-Spons ADR | 0.37% | 238,845 | $18.3M | Reduce -6.7% |
| LIN Linde PLC | 0.37% | 38,523 | $18.3M | Add +1.1% |
| TEL Te Connectivity PLC | 0.37% | 83,349 | $18.3M | Reduce -9.0% |
| HON Honeywell International Inc. | 0.36% | 84,790 | $17.8M | Add +8.1% |
| CPZ Calamos LNG/SHRT Eqty & DYN | 0.35% | 1,080,068 | $17.5M | Reduce -0.1% |
| FLC Flaherty & Crumrine TTL RTRN | 0.35% | 972,369 | $17.3M | Add +45.3% |
| GAM General American Investors | 0.35% | 277,875 | $17.3M | Add +12.0% |
| ACN Accenture PLC Class A | 0.35% | 70,013 | $17.3M | Reduce -9.8% |
| CRM Salesforce Inc. | 0.34% | 71,540 | $17.0M | Reduce -13.3% |
| XGDVX Gabelli Dividend & Income TR | 0.34% | 622,556 | $16.9M | No change |
| ABBV Abbvie Inc. | 0.34% | 71,409 | $16.5M | Reduce -10.5% |
| MCD McDonald's Corp. | 0.33% | 52,965 | $16.1M | Add +1.3% |
| PANW Palo Alto Networks Inc. | 0.32% | 78,579 | $16.0M | Add +3.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.32% | 310,038 | $16.0M | Add +3.2% |
| COP Conocophillips | 0.32% | 166,981 | $15.8M | Reduce -5.9% |
| NFLX Netflix Inc. | 0.31% | 12,771 | $15.3M | Reduce -0.1% |
| VGI Virtus Global Multi-Sector | 0.31% | 1,906,070 | $15.1M | Reduce -2.1% |
| SIEGY Siemens AG-Spons ADR | 0.30% | 110,559 | $14.9M | Reduce -1.8% |
| MPWR Monolithic Power Systems Inc. | 0.30% | 16,171 | $14.9M | Reduce -2.5% |
| GLO Clough Global Opportunities | 0.30% | 2,575,503 | $14.7M | No change |
| LNG Cheniere Energy Inc. | 0.29% | 60,393 | $14.2M | Add +0.1% |
| XGLQX Clough Global Equity Fund | 0.29% | 1,853,749 | $14.1M | No change |
| NOW ServiceNow Inc. | 0.28% | 15,249 | $14.0M | Add +1.6% |
| ASML ASML Holding NV-NY Reg SHS | 0.28% | 14,475 | $14.0M | No change |
| XAI OCTAGN FLT RAT & ALT INM | 0.28% | 2,573,648 | $13.6M | Add +358.5% |
| ETN Eaton Corp. PLC | 0.28% | 36,248 | $13.6M | Reduce -4.7% |
| ISRG Intuitive Surgical Inc. | 0.28% | 30,319 | $13.6M | Add +20.1% |
| TMO Thermo Fisher Scientific Inc. | 0.27% | 27,822 | $13.5M | Reduce -3.9% |
| KIO KKR Income Opportunities | 0.27% | 1,069,302 | $13.5M | Reduce -39.4% |
| SPOT Spotify Technology SA | 0.27% | 18,788 | $13.1M | Add +15.3% |
| PFD Flaherty & Crumrin Pre&inc F | 0.26% | 1,084,394 | $13.0M | Add +90.8% |
| PPL PPL Corp. | 0.25% | 336,909 | $12.5M | Reduce -4.4% |
| FLS Flowserve Corp. | 0.25% | 233,522 | $12.4M | Reduce -7.4% |
| PFO Flaherty & Crumrine P&I Opp | 0.25% | 1,254,842 | $12.2M | Add +87.5% |
| CG The Carlyle Group Inc. | 0.24% | 192,416 | $12.1M | Reduce -7.2% |
| XBOEX BlackRock Enh GLBL DVD TR | 0.24% | 1,028,268 | $11.9M | Reduce -15.8% |
| SDHY Pgim SHRT Durat Hi YLD | 0.24% | 706,787 | $11.8M | No change |
| PG The Procter & Gamble Co. | 0.24% | 76,865 | $11.8M | Reduce -5.6% |
| WM Waste Management Inc. | 0.23% | 52,180 | $11.5M | Add +7.0% |
| SPGI S&P Global Inc. | 0.23% | 23,671 | $11.5M | Add +4.2% |
| XMVTX BlackRock Munivest Fund II | 0.23% | 1,080,016 | $11.5M | Add +166.5% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $192K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BLACKROCK INCOME TR-RT | RIGHT 10/20/2025 | 2,288,774 | $135K | Reduce -24.0% |
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | 464,073 | $36K | New |
| CLEARBRIDGE ENERGY MI-RT | RIGHT 10/10/2025 | 630,131 | $12K | New |
| RIVERNORTH OPPORTUNI-RT | RIGHT 10/06/2025 | 1,072,824 | $9K | New |
Total filed on the 13F, all lines: $4.9B.
Portfolio Sells Q2 2025 → Q3 2025
| BTX BlackRock Tech & Priv Eqty | Sold out | 0.00% | −0.86 |
| XMIOX Pioneer Muni High Inc. Opp | Sold out | 0.00% | −0.65 |
| XMHIX Pioneer Muni High Inc. TR | Sold out | 0.00% | −0.46 |
| XPMAX Pioneer Municipal High Inc. | Sold out | 0.00% | −0.40 |
| HYI Western Asset High Yield Opp | Sold out | 0.00% | −0.38 |
| ECAT BlackRock ESG Cap All TRM TR | Sold out | 0.00% | −0.33 |
| XPHTX Pioneer High Income Fund | Sold out | 0.00% | −0.23 |
| BKT BlackRock Income Trust | Reduce -22.7% | 0.53% | −0.22 |
| KIO KKR Income Opportunities | Reduce -39.4% | 0.27% | −0.20 |
| JFR Nuveen Floating Rate Income | Reduce -11.1% | 0.88% | −0.20 |
| FSCO FS Credit Opportunities Corp. | Reduce -20.0% | 0.43% | −0.16 |
| ACN Accenture PLC Class A | Reduce -9.8% | 0.35% | −0.14 |
| CRM Salesforce Inc. | Reduce -13.3% | 0.34% | −0.14 |
| FIRST TR EXCHNG TRADED FD VI | Sold out | 0.00% | −0.13 |
| JPC Nuveen Prefered & Income Opp | Reduce -55.7% | 0.09% | −0.12 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.11 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.11 |
| ADBE Adobe Inc. | Reduce -22.4% | 0.21% | −0.10 |
| XCMUX MFS High Yield Municipal TR | Reduce -55.1% | 0.07% | −0.09 |
| XHNWX Pioneer Diversified High | Sold out | 0.00% | −0.09 |
| AVK Advent Convert & Income | Reduce -9.4% | 0.86% | −0.09 |
| BGH Barings GLBL SHRT Dur Hi YLD | Sold out | 0.00% | −0.09 |
| BCX BlackRock Resources & Commod | Reduce -44.5% | 0.11% | −0.08 |
| JLS Nuveen Mortgage & Income | Reduce -9.8% | 0.47% | −0.08 |
| MSFT Microsoft Corp. | Reduce -1.5% | 3.00% | −0.08 |
| NAD Nuveen Quality Municipal Inc. | Reduce -31.1% | 0.16% | −0.08 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Reduce -36.3% | 0.13% | −0.07 |
| AMZN Amazon.com Inc. | Reduce -1.4% | 1.08% | −0.07 |
| META Meta Platforms Inc. Class A | Reduce -1.1% | 1.02% | −0.07 |
| TEAM Atlassian Corp. Class A | Reduce -1.0% | 0.20% | −0.07 |
| NZF Nuveen Municipal Credit Inc. | Reduce -87.5% | 0.01% | −0.07 |
| JRI Nuveen Real Asset Inc. & GRW | Sold out | 0.00% | −0.07 |
| PEP Pepsico Inc. | Reduce -32.6% | 0.14% | −0.06 |
| LNTH Lantheus Holdings Inc. | Sold out | 0.00% | −0.06 |
| XJQCX Nuveen Credit Strategies Inc. | Reduce -18.5% | 0.19% | −0.06 |
| XBGYX BlackRock Enh Intl DVD TR | Reduce -27.1% | 0.13% | −0.06 |
| XNROX Neu Re Est Sec Inc. FD Inc.-US | Reduce -4.6% | 0.59% | −0.06 |
| FDX FedEx Corp. | Reduce -30.4% | 0.13% | −0.06 |
| NFLX Netflix Inc. | Reduce -0.1% | 0.31% | −0.05 |
| CB Chubb Ltd. | Reduce -0.5% | 0.64% | −0.05 |
| XBOEX BlackRock Enh GLBL DVD TR | Reduce -15.8% | 0.24% | −0.05 |
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −0.05 |
| PIM Franklin Master Interm IT-Ui | Reduce -0.6% | 1.64% | −0.05 |
| NBH Neuberger Municipal Fund Inc. | Reduce -83.2% | 0.01% | −0.05 |
| CXH MFS Investment Grade Muni | Reduce -43.3% | 0.06% | −0.05 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −0.05 |
| ABT Abbott Laboratories | Reduce -4.9% | 0.40% | −0.05 |
| LLY Eli Lilly & Co. | Reduce -0.9% | 0.56% | −0.05 |
| EHI Western Asset Global High Inc. | Reduce -4.3% | 0.53% | −0.05 |
| VZ Verizon Communications Inc. | Reduce -21.9% | 0.14% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| BIT BlackRock Multi-Sector Inc. | New | 1.37% | +1.37 |
| XSCDX LMP Capital and Income Fund | Add +2389.1% | 0.97% | +0.93 |
| NXG NXG Nextgen Infrastr Inc. | New | 0.55% | +0.55 |
| NVDA Nvidia Corp. | Add +1.0% | 3.30% | +0.39 |
| XAI OCTAGN FLT RAT & ALT INM | Add +358.5% | 0.28% | +0.21 |
| G Genpact Ltd. | New | 0.15% | +0.15 |
| XMVTX BlackRock Munivest Fund II | Add +166.5% | 0.23% | +0.14 |
| DSM BNYM Strat Muni BND | Add +234.1% | 0.20% | +0.14 |
| DFP Flaherty & Crumrine DYN Pref | Add +558.8% | 0.16% | +0.13 |
| PFD Flaherty & Crumrin Pre&inc F | Add +90.8% | 0.26% | +0.13 |
| CFG Citizens Financial Group | New | 0.12% | +0.12 |
| PFO Flaherty & Crumrine P&I Opp | Add +87.5% | 0.25% | +0.12 |
| KO The Coca-Cola Co. | Add +211.7% | 0.18% | +0.12 |
| FLC Flaherty & Crumrine TTL RTRN | Add +45.3% | 0.35% | +0.11 |
| UTF Cohen & Steers Infrastructur | New | 0.10% | +0.10 |
| TSI TCW Strategic Income Fund | Add +16.6% | 0.94% | +0.10 |
| XMQTX BlackRock Muniyield QLTY II | Add +96.3% | 0.19% | +0.09 |
| BHK BlackRock Core Bond Trust | Add +7.3% | 2.18% | +0.09 |
| BBN BlackRock Taxable Muni BND | Add +5.8% | 2.13% | +0.07 |
| EVF Eaton Vance Senior Income TR | New | 0.07% | +0.07 |
| IHD Voya Emrg MRKT Hi DVD Eqty | Add +513.7% | 0.08% | +0.07 |
| VBF Invesco Bond Fund | Add +49.0% | 0.21% | +0.07 |
| XMCRX MFS Charter Income Trust | Add +22.0% | 0.45% | +0.07 |
| THC Tenet Healthcare Corp. | Add +34.5% | 0.19% | +0.06 |
| WMB Williams Cos Inc. | Add +19.6% | 0.46% | +0.06 |
| CVSA Covista Inc. | Add +5242.9% | 0.06% | +0.06 |
| XFFCX Flaherty & Crumrine Pref Inc. | Add +40.6% | 0.20% | +0.06 |
| ACP Abrdn Income Credit Strat | Add +24.7% | 0.39% | +0.06 |
| AGX Argan Inc. | Add +24.1% | 0.18% | +0.05 |
| UNH Unitedhealth Group Inc. | Add +3.4% | 0.67% | +0.05 |
| GAM General American Investors | Add +12.0% | 0.35% | +0.05 |
| XRSFX Rivernorth Capital & Income | Add +91.6% | 0.12% | +0.05 |
| MIN Aberdeen Intermediate Inc. FD | Add +10.1% | 1.57% | +0.05 |
| MUC BlackRock Munihold Ca QLTY | Add +16.2% | 0.38% | +0.05 |
| HYT BlackRock Corp. Hi YLD | New | 0.05% | +0.05 |
| SRAD Sportradar Group AG-A | New | 0.05% | +0.05 |
| XBTAX BlackRock LNG-TRM Muni Adv | Add +219.4% | 0.07% | +0.05 |
| SNPS Synopsys Inc. | New | 0.05% | +0.05 |
| WEA Western Asset Premier Bond | Add +31.7% | 0.21% | +0.05 |
| XEVMX Eaton Vance Cal Muni Bond | Add +5.3% | 0.79% | +0.05 |
| KTF DWS Municipal Income Trust | Add +4.1% | 1.83% | +0.05 |
| RIV Rivernorth Opportunities | New | 0.05% | +0.05 |
| BGX Blackstone Long-Short Credit | Add +60.1% | 0.14% | +0.04 |
| HIO Western Asset Hi Inc. Opport | Add +60.2% | 0.13% | +0.04 |
| IGI Western Asst Inv GR Oppor TR | Add +41.2% | 0.16% | +0.04 |
| CHRW C.H. Robinson Worldwide Inc. | Add +15.2% | 0.12% | +0.04 |
| ECF Ellsworth Growth and Income | Add +15.1% | 0.21% | +0.04 |
| XENWX Eaton Vance New York Municip | Add +6.3% | 0.57% | +0.04 |
| COHR Coherent Corp. | Add +30.5% | 0.12% | +0.04 |
| CRF Cornerstone Total Return | Add +3.5% | 1.87% | +0.04 |
Notes & Other Activity Q2 2025 → Q3 2025
| BLACKROCK INCOME TR-RT | RIGHT 10/20/2025 | Reduce -24.0% | 2,288,774 | $135K |
| LMP CAPITAL AND INCOME FUND | RIGHT 07/11/2025 | Sold out | 837,738 | $60Kbefore exit |
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | New | 464,073 | $36K |
| CLEARBRIDGE ENERGY MI-RT | RIGHT 10/10/2025 | New | 630,131 | $12K |
| RIVERNORTH CAPITAL AND INCOM | RIGHT 07/07/2025 | Sold out | 203,427 | $11Kbefore exit |
| RIVERNORTH OPPORTUNI-RT | RIGHT 10/06/2025 | New | 1,072,824 | $9K |
| BLACKROCK CORE BOND TRUST | COM | Sold out | 18,245 | $2Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 521 | $5.3B | NVDA, AVGO, FINS, AAPL, BBN |
| Q1 2026 | 498 | $4.9B | NVDA, FINS, AVGO, BBN, AAPL |
| Q4 2025Amended | 512 | $5.1B | NVDA, AVGO, FINS, MSFT, AAPL |
| Q3 2025 | 512 | $4.9B | NVDA, AVGO, MSFT, FINS, AAPL |
| Q2 2025 | 520 | $4.7B | MSFT, NVDA, AVGO, FINS, AAPL |
| Q1 2025 | 521 | $4.3B | MSFT, AAPL, NVDA, AVGO, KTF |
| Q4 2024 | 529 | $4.4B | MSFT, AAPL, NVDA, AVGO, KTF |
| Q3 2024 | 536 | $4.5B | MSFT, AAPL, NVDA, AVGO, KTF |
| Q2 2024 | 529 | $4.3B | MSFT, AAPL, NVDA, AVGO, PIM |
| Q1 2024 | 520 | $4.3B | MSFT, AAPL, AVGO, NVDA, PPT |