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Equity Active

Active M International Equity

 

(formerly known as Multi-Manager International Equity)

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TickerNAV AS OF 07/01/16
NMIEX$9.21 $0.05 Arrow Up Icon
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Snapshot
The Active M International Equity Fund (formerly known as the Multi-Manager International Equity Fund) is a good choice for those long-term investors who enjoy diversifying their portfolio by pursuing the growth potential of international stocks. Our approach blends specialist managers from a broad universe of external international managers into a single fund. The Fund utilizes two principal styles intended to complement each other; value style whereby the Sub-Advisers seek to identify companies whose improving businesses are not fully recognized by the market and growth style whereby the Sub-Advisers seek to identify companies that are exhibiting rapid growth in their business.

Fund Objective
Capital Appreciation

Fund Strategy
  • Invest in companies of any size throughout the world, but primarily in developed markets and generally in securities similar to those in the MSCI World ex USA IM Index.
  • Select complementary active managers from a broad universe of investment managers, where manager selection and allocations are determined using a multi-factor based optimization approach and deep qualitative and fundamental due diligence.
  • Blend managers into a single fund in an effort to provide an attractive combination of risk and return.
  • Design to deliver robust alpha and broad diversification, while maintaining factor neutral biases (size, value and momentum) across the international equity market.
Investor Profile
If you're a long-term investor looking to diversify your investments by pursuing the growth potential of international stocks, then this Fund may be right for you. It is intended for investors who are aware that foreign markets may involve additional risks, such as social and political instability, reduced market liquidity, and currency volatility.
Redemption Fee
2% on shares sold or exchanged within 30 days of purchase
Risk/Reward Potential
”Risk/Reward
Sub-Adviser Allocations

Sub-Advisers and Allocations subject to change at any time.

SUB-ADVISERTARGET ALLOCATION*ROLE IN PORTFOLIO
WCM Investment Management
30% A concentrated large-cap growth manager focusing on companies that possess a durable and growing competitive advantage.
Victory/Trivalent 30% A diversified, small cap specialist manager with positive exposure to momentum and value.
Causeway Capital Management LLC 20% A fundamental, bottom-up, value manager. The portfolio is relatively concentrated with a preference toward yield and risk-adjusted rates of return.
Cambiar Investors LLC 20% Relative value strategy with a flexible style and capitalization profile. The portfolio tends to exhibit a lower beta with limited emerging markets exposure.
*Actual allocations may vary.
Important risk information can be found on the Portfolio tab.
CUSIP665162558
YTD Total Return-2.95% (as of 07/01/16)
Inception Date06/22/06
Total Net Assets$1,396,324,487 (as of 05/31/16)

Total Returns

Total Returns for Month Ending 05/31/16
 Annualized
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Incept.
Active M International Equity-0.11%8.13%-0.53%-12.34%-0.45%-0.18%N/A1.23%
MSCI World ex USA IM Index*-0.96%9.37%0.58%-8.46%2.26%1.90%N/A2.10%
MSCI ACWI Ex-USA Index-1.69%9.10%0.52%-11.39%0.19%0.12%N/AN/A
Morningstar Cat. Avg.
Foreign Large Blend
-0.09%8.47%-0.50%-10.14%1.56%1.32%N/AN/A

Total Returns

Total Returns for Quarter Ending 03/31/16
 Annualized
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Incept.
Active M International Equity7.10%-1.48%-1.48%-9.77%-0.50%-0.09%N/A1.15%
MSCI World ex USA IM Index*7.00%-1.61%-1.61%-7.11%2.19%1.91%N/A2.29%
MSCI ACWI Ex-USA Index8.13%-0.38%-0.38%-9.19%0.32%0.31%N/AN/A
Morningstar Cat. Avg.
Foreign Large Blend
6.87%-1.98%-1.98%-7.99%1.72%1.61%N/AN/A
Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here.

Northern Trust Investments, Inc. has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than certain excepted expenses, i.e., acquired fund fees and expenses; the compensation paid to each Independent Trustee of the Trust; expenses of third party consultants engaged by the Board of Trustees; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; expenses in connection with the negotiation and renewal of the revolving credit facility; and extraordinary expense and interest) to the extent the "Total Annual Fund Operating Expenses" exceed 0.85%. The "Total Annual Fund Operating Expenses After Expense Reimbursement" may be higher than the contractual limitation as a result of the excepted expenses, including but not limited to acquired fund fees and expenses, that are not reimbursed. This contractual limitation may not be terminated before July 31, 2016 without the approval of the Board of Trustees. In the absence of fee waivers, yield, total return, growth since inception and dividends would have been reduced. Total return is based on net change in NAV assuming reinvestment of distributions.


Active M International Equity Fund Benchmark change
* Effective on June 16, 2016, the benchmark for the Active M International Equity Fund has changed from the MSCI ACWI ex USA to the MSCI World ex USA IM Index. The new benchmark captures large, mid and small cap representation across the developed markets and is better aligned to the new Active M International Equity Fund.

Annual Expense Ratios

 
 Gross Expense RatioNet Expense Ratio
Active M International Equity1.26%0.84%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2016.

Calendar Year Returns

 
       2015      2014      2013      2012      2011
Active M International Equity-5.15%-5.81%15.77%17.76%-15.14%
MSCI World ex USA IM Index-1.95%-4.45%21.57%16.55%12.66%
MSCI ACWI Ex-USA Index-5.66%-3.87%15.29%16.83%-13.71%
Morningstar Category Avg. Foreign Large Blend-1.59%-4.98%19.44%18.29%-13.97%
Performance quoted represents past performance and does not guarantee future results.
Important risk information can be found on the Portfolio tab.
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Portfolio Composition
   
Top 10 HoldingsFund
Taiwan Semiconductor Manufacturing Co Ltd1.9%
Chubb Ltd1.7%
ICON PLC1.6%
Reckitt Benckiser Group PLC1.6%
Nestle SA1.5%
ARM Holdings PLC1.5%
Core Laboratories NV1.5%
HDFC Bank Ltd1.4%
Experian PLC1.4%
Tencent Holdings Ltd1.3%
% of Portfolio15.4%
As of 05/31/16
Sector WeightingsFundBenchmark
Financials21.8%25.8%
Health Care14.2%9.1%
Consumer Discretionary13.9%11.7%
Information Technology13.8%8.4%
Industrials10.6%11.5%
Consumer Staples9.3%11.2%
Energy6.0%6.5%
Materials5.4%7.0%
Telecommunication Services3.1%5.3%
Utilities1.9%3.5%
TOTAL100.0%100.0%
   
Top 10 Country WeightingsFundBenchmark
United Kingdom17.4%14.1%
Japan12.5%16.7%
United States10.4%0.2%
France8.6%7.1%
Switzerland5.2%6.6%
China4.7%5.0%
Denmark4.6%1.5%
Canada4.5%6.8%
Germany3.3%6.4%
Australia2.8%5.1%
TOTAL74.0%69.5%
As of 05/31/16
Risk Characteristics*Multi-Manager International EquityMSCI ACWI Ex-USA Index
Beta0.941.00
Up Market Capture91.42100.00
Down Market Capture96.86100.00
Information Ratio–0.260.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 03/31/16Insert Icon
As of 12/31/15Insert Icon

Fund Characteristics

Number of Holdings349
Portfolio Turnover70.24% (as of 03/31/16)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$45,567
BenchmarkMSCI World ex USA IM Index* & MSCI ACWI Ex-USA Index
Morningstar CategoryForeign Large Blend
Active M International Equity Fund Benchmark change
* Effective on June 16, 2016, the benchmark for the Active M International Equity Fund has changed from the MSCI ACWI ex USA to the MSCI World ex USA IM Index. The new benchmark captures large, mid and small cap representation across the developed markets and is better aligned to the new Active M International Equity Fund.
Trailing 12-Month Price-to-Earnings Ratio
Fund16.98
Benchmark15.61
Price-to-Book Ratio
Fund2.02
Benchmark1.55
Historical 5-Year Earnings Growth
Fund11.06
Benchmark7.70
Asset Allocation 
Stocks96.0%
Cash4.0%
TOTAL100.0%
Equity Risk: Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed-income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.
Emerging Markets Risk: Emerging market investing is subject to additional economic, political, liquidity and currency risks not associated with more developed countries.
International Risk: International investing involves increased risk and volatility.
MSCI ACWI® Ex-USA Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity performance in the global developed and emerging markets, excluding the U.S. It is not possible to invest directly in an index.
MSCI World ex USA IM Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. It captures large, mid and small cap representation across 22 developed markets, excluding the United States, and covers approximately 99% of the free float-adjusted market capitalization in each country. It is not possible to invest directly in an Index.
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Jessica K. Hart

Jessica K. Hart

Portfolio Manager

Northern Active M Fund (NMUSX)
Northern Active M Emerging Markets Equity Fund (NMMEX)
Northern Active M International Equity Fund (NMIEX)
Northern Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX)
Northern Multi-Manager Global Listed Infrastructure Fund (NMFIX)
Northern Multi-Manager Global Real Estate Fund  (NMMGX)
Northern Multi-Manager High Yield Opportunity Fund (NMHYX)
Northern Multi-Manager Large Cap Fund  (NMMLX)
Northern Multi-Manager Mid Cap Fund  (NMMCX)
Northern Multi-Manager Small Cap Fund (NMMSX)

With Northern Trust Since 2000
Began Career in 1999

Jessica K. Hart, Senior Vice President of Northern Trust leads the global fund construction, supports the manager research and program management groups to create multi-manager solutions for the manager of managers practice.

Ms. Hart joined Northern Trust in 2000 and has since been responsible for due diligence on prospective managers, performance and oversight of all multi-manager funds, portfolio construction and a key member of the management team that developed portfolio optimization processes for Northern Trust's clients.

Ms. Hart received a B.S. in economics from the University of Wisconsin and an MBA from New York University, Stern School of Business.

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Christopher E. Vella, CFA<sup>&reg;</sup>, CIO

Christopher E. Vella, CFA®, CIO

Portfolio Manager

Northern Active M Fund (NMUSX)
Northern Active M Emerging Markets Equity Fund (NMMEX)
Northern Active M International Equity Fund (NMIEX)
Northern Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX)
Northern Multi-Manager Global Listed Infrastructure Fund (NMFIX)
Northern Multi-Manager Global Real Estate Fund  (NMMGX)
Northern Multi-Manager High Yield Opportunity Fund (NMHYX)
Northern Multi-Manager Large Cap Fund  (NMMLX)
Northern Multi-Manager Mid Cap Fund  (NMMCX)
Northern Multi-Manager Small Cap Fund (NMMSX)

With Northern Trust Since 2004
Began Career in 1993

Christopher E. Vella, CFA®, is Senior Vice President of Northern Trust's Multi-Manager Solutions Practice. He is Chief Investment Officer with responsibility for manager research and portfolio construction processes across Northern Trust's Multi-Manager Solutions Practice. He is responsible for the global manager research platform, consisting of approximately $95B in assets across 200 investment strategies. He manages a team of approximately 25 investment professionals across all traditional asset classes. The team covers all external manager relationships on behalf of Northern Trust's private and institutional clientele.

Prior to joining Northern Trust in 2004, Mr. Vella was a founding member of Goldman Sach's external manager business which consists of institutional and private client assets. While at Goldman, he managed the international and emerging markets equity team. Prior to Goldman Sachs, Mr. Vella spent close to 6 years at SEI Investments working primarily on international equity and emerging markets equity manager research. He has over 20 years of manager research and multi-manager portfolio construction experience.

Mr. Vella received a B.S. magna cum laude in finance with a minor in applied mathematics from Lehigh University and was elected into the Phi Beta Kappa honor society. He is a member of the New York Society of Financial Analysts. He is an active CFA® charterholder.

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Not FDIC insured | May lose value | No bank guarantee

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Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds before investing. Call 800-595-9111 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.

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