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Multi-Manager Global Real Estate

 
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TickerNAV AS OF 09/30/14
NMMGX$16.86 $-0.07 Arrow Down Icon
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Snapshot
The Multi-Manager Global Real Estate Fund may be a good choice for those long-term investors looking to diversify their portfolio by pursuing the growth potential of global real estate. Our approach blends specialist managers from a broad universe of external global real estate managers into a single fund. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities while seeking long-term capital appreciation and current income.
Fund Objective
Capital Appreciation and Current Income
Fund Strategy
  • Invest at least 80% of net assets in global real estate equities, primarily in real estate investment trusts (REITs).
  • Select complementary managers from a broad universe of investment managers.
  • Blend managers into a single fund in an effort to provide an attractive combination of risk and return.
Investor Profile
If you're a long-term investor looking to diversify your investments by pursuing the growth potential of global real estate, 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.

Investing in real estate equities involves special risks linked to the real estate market, including declines in the value of real estate, changes in the value of the underlying property, and defaults by borrowers. Foreign investing entails the risk that returns may be reduced by currency fluctuations.
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 ALLOCATIONROLE IN PORTFOLIO
Delaware Investments 60% Relative value investment strategy focused on capital markets impact on real estate valuations in addition to real estate fundamentals. The strategy is diversified and is expected to capture up-market performance, while also protecting in down markets, with lower volatility than the overall index.
CBRE Clarion  Securities, LLC 40% Growth at a reasonable price (GARP) approach with a diversified strategy. The portfolio should have a small number of off-benchmark positions while maintaining attractive market up-capture and downside protection characteristics.
CUSIP665162475
YTD Total Return4.05% (as of 09/30/14)
Inception Date11/19/08
Total Net Assets$924,592,934 (as of 08/31/14)

Total Returns

Total Returns for Month Ending 08/31/14
 Annualized
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Incept.
Multi-Manager Global
Real Estate
0.73%1.97%10.78%16.86%10.53%11.82%N/A19.10%
FTSE EPRA/NAREIT
Global Index
1.34%3.54%13.76%18.63%11.38%12.23%N/A19.50%
Morningstar Cat. Avg.
Global Real Estate
1.43%3.37%12.60%19.10%11.92%12.08%N/AN/A

Total Returns

Total Returns for Quarter Ending 06/30/14
 Annualized
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Incept.
Multi-Manager Global
Real Estate
1.18%6.71%9.92%12.13%7.83%15.23%N/A19.57%
FTSE EPRA/NAREIT
Global Index
1.01%6.90%10.98%11.70%8.38%15.52%N/A19.62%
Morningstar Cat. Avg.
Global Real Estate
1.52%7.45%10.48%13.46%8.65%15.27%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.

The Advisor has agreed to reimburse certain expenses of the Fund (excluding acquired fund fees and expenses; a portion of the compensation paid to each Trustee who is not an officer, director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of the Trust; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; extraordinary expenses; and interest, if any) to the extent the "Total Annual Fund Operating Expenses" exceed 1.10%. The contractual limitation may not be terminated before July 31, 2015 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.

Annual Expense Ratios

 
 Gross Expense RatioNet Expense Ratio
Multi-Manager Global Real Estate1.19% 1.11%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.

Calendar Year Returns

 
       2013      2012      2011      2010      2009
Multi-Manager Global Real Estate1.87%27.99%-7.02%17.49%36.25%
FTSE EPRA/NAREIT Global Index1.57%28.98%-8.72%19.31%37.94%
Morningstar Category Avg. Global Real Estate2.92%31.78%-10.10%17.22%37.01%
Performance quoted represents past performance and does not guarantee future results.
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Portfolio Composition
   
Top 10 HoldingsFund
Simon Property Group Inc5.1%
Mitsui Fudosan Co Ltd3.6%
Prologis Inc3.1%
Equity Residential3.1%
Essex Property Trust Inc2.9%
Mitsubishi Estate Co Ltd2.6%
Host Hotels & Resorts Inc2.5%
Health Care REIT Inc2.4%
Boston Properties Inc2.3%
Land Securities Group PLC2.0%
% of Portfolio29.6%
As of 08/31/14
Industry WeightingsFund   Benchmark
Household Durables0.0%0.6%
Healthcare Providers0.0%0.1%
MultiLine Retail0.9%0.0%
Real Estate Management & Development27.4%27.0%
Hotels Restaurants & Leisure3.0%0.0%
Real Estate5.1%3.9%
TOTAL100.0%100.0%
   
Top 10 Country WeightingsFundBenchmark
United States46.6%44.5%
Japan12.3%11.0%
Hong Kong9.1%7.6%
United Kingdom8.1%5.4%
Australia5.4%5.9%
France4.5%3.2%
Singapore4.2%3.4%
China2.5%2.8%
Canada2.2%3.2%
Spain1.3%0.2%
TOTAL96.2%87.2%
As of 08/31/14
Risk Characteristics*Multi-Manager Global Real EstateFTSE EPRA/NAREIT Global Index
Beta0.961.00
Up Market Capture90.86100.00
Down Market Capture93.40100.00
Information Ratio–0.350.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 06/30/14Insert Icon
As of 03/31/14Insert Icon

Fund Characteristics

Number of Holdings130
Portfolio Turnover48.54% (as of 03/31/14)
Dividend ScheduleQuarterly
Dividend Income Last Quarter$0.0383
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$15,189
BenchmarkFTSE EPRA/NAREIT Global Index
Morningstar CategoryGlobal Real Estate
Trailing 12-Month Price to Earnings Ratio
Fund25.18
Benchmark22.73
Price to Book Ratio
Fund1.54
Benchmark1.50
Historical 5-Year Earnings Growth
Fund10.43
Benchmark12.76
Asset Allocation 
Stocks94.6%
Cash5.4%
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.
International Risk: International investing involves increased risk and volatility.
REIT/Real Estate Risk: Investments in the Fund are subject to the risks related to direct investment in real estate, such as real estate risk, regulatory risks, concentration risk, and diversification risk. Investments in REITs involve certain additional unique risks. By itself the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investments.
FTSE® EPRA®/NAREIT® Global Index is a free float, market capitalization-weighted real estate index designed to represent publicly traded equity REITs and listed property companies in 38 countries worldwide, covering both the developed and emerging markets. It is not possible to invest directly in an index.
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Jessica K. Hart

Jessica K. Hart

Portfolio Manager

Northern Multi-Manager Emerging Markets Debt Opportunity Fund (NMEEX)
Northern Multi-Manager Emerging Markets Equity Fund (NMMEX)
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 International Equity Fund (NMIEX)
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 Multi-Manager Emerging Markets Debt Opportunity Fund (NMEEX)
Northern Multi-Manager Emerging Markets Equity Fund (NMMEX)
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 International Equity Fund (NMIEX)
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 Chief Investment Officer with responsibility for manager research and portfolio construction processes across Northern Trust's market segments. He is responsible for the global manager research platform, consisting of approximately $60B 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, 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 17 years of manager research experience.

Mr. Vella graduated Phi Beta Kappa from Lehigh University with a B.S. in finance and a minor in applied mathematics. 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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