Please be advised you are now leaving the Northern Financial Intermediary section and being directed to a site maintained by Northern Trust. Please click OK to continue.
Northern Trust Logo
Equity Active

Multi-Manager Small Cap

The Board of Trustees of the Northern Funds has approved the closing and subsequent liquidation and termination of the Multi-Manager Small Cap Fund on May 19, 2016. The fund was liquidated after the close of business on July 22, 2016. Please contact the Northern Funds Center at 800-595-9111 if you have any questions.

Find A Fund

Search go

For those long-term investors looking to diversify their investments by pursuing the growth potential of small-company stocks, then the Northern Multi-Manager Small Cap Fund may be the right choice for you. This Fund is intended for investors who are aware that small-company stocks are generally riskier than large-company stocks due to greater volatility and less liquidity. The Northern Trust approach blends specialist managers from a broad universe of external mid-cap managers into a single fund. Our managers will invest in those companies whose market capitalization is, at the time the Fund makes an investment, generally within the range of the market capitalization of companies in the Russell 2000 Index.

Fund Objective

Capital Appreciation

Fund Strategy
  • Invest in small-cap stocks through a variety of external small-cap managers who have distinct investment styles and strategies.
  • 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 small-company stocks, then this Fund may be right for you. It is intended for investors who are aware that small-company stocks are generally riskier than large-company stocks due to greater volatility and less liquidity.
Risk/Reward Potential
Sub-Adviser Allocations

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

Summit Creek Advisors LLC 30% Traditional growth approach. Strategy tends to exhibit a high quality bias and is benchmark agnostic with a bias towards traditional growth sectors.
Hotchkis and Wiley Capital Management, LLC 20% Traditional value style that seeks to take advantage of short-term mispricing, looking for significant discounts in valuations.
Riverbridge Partners, LLC 20% Concentrated strategy focused on high-quality, growth companies.
Cardinal Capital Management, L.L.C. 15% Relative value strategy with a focus on future cash flows. The portfolio tends to have material exposure differences versus the benchmark.
Denver Investment Advisors LLC 15% Value manager with focus on dividend-paying companies. Should provide attractive downside protection.
*Actual allocations may vary.
Important risk information can be found on the Portfolio tab.


YTD Total ReturnN/A
Inception Date06/22/06
Total Net AssetsN/A

Total Returns

Total Returns for Month Ending 08/31/16
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Multi-Manager Small CapN/AN/AN/AN/AN/AN/AN/AN/A
Russell 2000 IndexN/AN/AN/AN/AN/AN/AN/AN/A
Morningstar Cat. Avg.
Small Growth

Total Returns

Total Returns for Quarter Ending 06/30/16
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Multi-Manager Small Cap0.44%1.61%1.02%-5.48%6.86%7.68%5.16%5.49%
Russell 2000 Index-0.06%3.79%2.22%-6.73%7.09%8.35%6.20%N/A
Morningstar Cat. Avg.
Small Growth
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 1.10%. 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, 2017 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 Small Cap1.19%1.13%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2017.

Calendar Year Returns

       2015      2014      2013      2012      2011
Multi-Manager Small Cap-3.27%3.98%39.59%14.31%-5.07%
Russell 2000 Index-4.41%4.89%38.82%16.35%-4.18%
Morningstar Category Avg. Small Growth-2.41%2.44%40.91%13.15%-3.55%
Performance quoted represents past performance and does not guarantee future results.
Important risk information can be found on the Portfolio tab.


Portfolio Composition
Top 10 HoldingsFund
% of PortfolioN/A%
As of 08/31/16
Sector WeightingsFundBenchmark
Financials 0.0 %26.1%
Information Technology 0.0 %17.8%
Industrials 0.0 %14.3%
Health Care 0.0 %13.5%
Consumer Discretionary 0.0 %13.1%
Materials 0.0 %4.6%
Utilities 0.0 %3.8%
Consumer Staples 0.0 %3.1%
Energy 0.0 %3.0%
Telecommunication Services 0.0 %0.7%
As of 08/31/16
Risk Characteristics*Multi-Manager Small CapRussell 2000 Index
Up Market Capture
Down Market Capture
Information Ratio
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 06/30/16Insert Icon
As of 03/31/16Insert Icon

Fund Characteristics

Number of HoldingsN/A
Portfolio Turnover47.15% (as of 03/31/16)
Dividend ScheduleAnnually
Dividend Income Last Quarter
Capital Gain Income Last Quarter
Weighted Average Market Cap ($Mil)N/A
BenchmarkRussell 2000 Index
Morningstar CategorySmall Growth
Trailing 12-Month Price-to-Earnings Ratio
Price-to-Book Ratio
Historical 5-Year Earnings Growth
Asset Allocation 
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.
Small-Cap Risk: Small-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure. Their stocks are subject to a greater degree of volatility, trade in lower volume and may be less liquid.
Russell 2000® Index is an unmanaged index which measures the performance of the 2,000 smallest of the 3,000 largest U.S. companies, based on market capitalization. It is not possible to invest directly in an index.
Multi-Manager Risk is the risk that the sub-advisers' investment styles will not always be complementary, which could affect the performance of the Fund.
Christopher E. Vella, CFA<sup>&reg;</sup>, CIO

Christopher E. Vella, CFA®, CIO

Portfolio Manager

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.

CommentaryFact SheetHoldingsSummary ProspectusProspectus    Statement of Additional InformationAnnual ReportSemi Annual Report
CommentaryDownload PDFDownload ExcelDownload PDFDownload PDFDownload PDFDownload PDFDownload PDF
View AllView All View AllView AllView AllView AllView All