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Equity Active

Multi-Manager Small Cap

 
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TickerNAV AS OF 11/21/14
NMMSX$11.66 $0.01 Arrow Up Icon
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Snapshot
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
”Risk/Reward
Sub-Adviser Allocations

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

SUB-ADVISERTARGET ALLOCATIONROLE IN PORTFOLIO
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.
Important risk information can be found on the Portfolio tab.
CUSIP665162566
YTD Total Return1.39% (as of 11/21/14)
Inception Date06/22/06
Total Net Assets$351,678,973 (as of 10/31/14)

Total Returns

Total Returns for Month Ending 10/31/14
 Annualized
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Incept.
Multi-Manager Small Cap5.55%4.22%0.96%6.40%17.02%16.07%N/A6.54%
Russell 2000 Index6.59%5.11%1.90%8.06%18.18%17.39%N/A8.06%
Morningstar Cat. Avg.
Small Growth
5.25%5.14%-0.07%5.86%16.62%17.42%N/AN/A

Total Returns

Total Returns for Quarter Ending 09/30/14
 Annualized
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Incept.
Multi-Manager Small Cap-4.93%-6.30%-4.35%3.62%19.85%13.31%N/A5.92%
Russell 2000 Index-6.05%-7.36%-4.41%3.93%21.26%14.29%N/A7.31%
Morningstar Cat. Avg.
Small Growth
-4.47%-5.80%-4.99%2.78%20.06%14.84%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 Small Cap1.17%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 Small Cap39.59%14.31%-5.07%24.58%30.49%
Russell 2000 Index38.82%16.35%-4.18%26.85%27.16%
Morningstar Category Avg. Small Growth40.91%13.15%-3.55%26.98%35.46%
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
Maximus Inc2.1%
Dealertrack Technologies Inc1.9%
Advisory Board Co1.7%
CoStar Group Inc1.4%
Roadrunner Transportation Systems Inc1.3%
Ultimate Software Group Inc1.3%
Dorman Products Inc1.2%
Proto Labs Inc1.2%
MWI Veterinary Supply Inc1.1%
ICON PLC1.1%
% of Portfolio14.3%
As of 10/31/14
Sector WeightingsFundBenchmark
Information Technology25.9%17.8%
Industrials17.1%14.0%
Financials16.4%24.2%
Consumer Discretionary15.8%13.1%
Health Care12.2%14.0%
Materials3.9%4.8%
Energy3.3%4.6%
Consumer Staples2.7%3.2%
Utilities1.8%3.5%
Telecommunication Services0.9%0.8%
TOTAL100.0%100.0%
As of 10/31/14
Risk Characteristics*Multi-Manager Small CapRussell 2000 Index
Beta0.901.00
Up Market Capture90.92100.00
Down Market Capture91.87100.00
Information Ratio–0.450.00
*Above risk characteristics are based on a 3-year time period
   
DateHoldings File
As of 09/30/14Insert Icon
As of 06/30/14Insert Icon

Fund Characteristics

Number of Holdings249
Portfolio Turnover41.64% (as of 03/31/14)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$2,318
BenchmarkRussell 2000 Index
Morningstar CategorySmall Growth
Trailing 12-Month Price-to-Earnings Ratio
Fund22.04
Benchmark19.88
Price-to-Book Ratio
Fund2.43
Benchmark2.20
Historical 5-Year Earnings Growth
Fund21.45
Benchmark13.04
Asset Allocation 
Stocks94.9%
Cash5.1%
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.
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.
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Jessica K. Hart

Jessica K. Hart

Portfolio Manager

Northern Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX)
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 (NMEDX)
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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