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International Equity

TickerNAV AS OF 11/27/15
NOIGX$8.75 $0.03 Arrow Up Icon

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For those growth-oriented investors who enjoy the opportunities and portfolio diversification international investing offers, this will be the Fund for you. Our experienced investment team, using research and quantitative analysis, buys securities of a broad mix of international companies that offer the potential for long-term, above-average growth at a reasonable price. Foreign securities may involve additional risks, including social and political instability, reduced market liquidity and currency volatility.
Fund Objective
Capital Appreciation
Fund Strategy
  • Seek outstanding companies through fundamental research that is based on a deep understanding of industry and sector dynamics.
  • Combine creativity in stock analysis and selection with intelligent portfolio construction.
  • Seek to provide consistent results through disciplined risk management.
Investor Profile
If you are a growth-oriented investor who is interested in the opportunities and portfolio diversification international investing offers, you may find this Fund suitable. You should have a more aggressive risk profile and be able to tolerate the above-average volatility and special risks that investing in foreign markets entails.
Redemption Fee
2% on shares sold or exchanged within 30 days of purchase
Risk/Reward Potential

Fund Literature

Important risk information can be found on the Portfolio tab.
YTD Total Return-2.34% (as of 11/27/15)
Inception Date04/01/94
Total Net Assets$189,162,192 (as of 10/31/15)

Total Returns

Total Returns for Month Ending 10/31/15
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
International Equity8.54%-6.90%-2.12%-5.17%6.64%3.46%4.00%4.50%
MSCI EAFE Index7.82%-5.19%2.13%-0.07%8.02%4.81%4.05%4.95%
Morningstar Cat. Avg.
Foreign Large Blend

Total Returns

Total Returns for Quarter Ending 09/30/15
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
International Equity-6.48%-14.32%-9.82%-13.71%4.21%2.53%2.93%4.12%
MSCI EAFE Index-5.08%-10.23%-5.28%-8.66%5.63%3.98%2.97%4.60%
Morningstar Cat. Avg.
Foreign Large Blend
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 1.06%. 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.

Annual Expense Ratios

 Gross Expense RatioNet Expense Ratio
International Equity1.22%1.06%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2016.

Calendar Year Returns

       2014      2013      2012      2011      2010
International Equity-7.08%24.12%17.88%-13.10%8.56%
MSCI EAFE Index-4.90%22.78%17.32%-12.14%7.75%
Morningstar Category Avg. Foreign Large Blend-4.98%19.44%18.29%-13.97%10.24%
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
Novartis AG3.0%
Roche Holding Ltd 2.8%
Baidu Inc Sponsored ADR 2.8%
Samsung Electronics Co Ltd2.7%
Diageo PLC2.7%
Mitsubishi UFJ Financial Group Inc2.7%
Anheuser-Busch InBev SA2.6%
Embraer SA Sponsored ADR2.5%
SAP SE2.3%
Prudential PLC2.3%
% of Portfolio26.4%
As of 10/31/15
Sector WeightingsFundBenchmark
Consumer Discretionary13.0%13.3%
Information Technology11.8%4.9%
Health Care10.8%11.6%
Consumer Staples7.7%11.9%
Telecommunication Services3.2%5.0%
Top 10 Country WeightingsFundBenchmark
United Kingdom16.0%20.2%
United States9.0%0.0%
South Korea2.7%0.0%
Hong Kong2.6%3.0%
As of 10/31/15
Risk Characteristics*International EquityMSCI EAFE Index
Up Market Capture102.72100.00
Down Market Capture110.59100.00
Information Ratio–0.460.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 09/30/15Insert Icon
As of 06/30/15Insert Icon

Fund Characteristics

Number of Holdings61
Portfolio Turnover13.02% (as of 03/31/15)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$66,954
BenchmarkMSCI EAFE Index
Morningstar CategoryForeign Large Blend
Trailing 12-Month Price-to-Earnings Ratio
Price-to-Book Ratio
Historical 5-Year Earnings Growth
Asset Allocation 
Committed Cash2.0%
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.
MSCI EAFE® Index is a free float-adjusted market capitalization index that is designed to measure the equity performance of developed markets, excluding the U.S. and Canada. It is not possible to invest directly in an index.
Douglas J. McEldowney, CFA<sup>&reg;</sup>, CPA

Douglas J. McEldowney, CFA®, CPA

Portfolio Manager

Northern International Equity Fund (NOIGX)

With Northern Trust Since 2006
Began Career in 1984

Douglas J. McEldowney, Senior Vice President of Northern Trust, manager of the Northern International Equity Fund.

Mr. McEldowney started in the investment industry in 1984, managing portfolios for high net worth and institutional clients as well as mutual funds. He has research experience encompassing private equity, mergers and acquisitions as well as domestic and international equity security analysis. At his predecessor firms, he was a research analyst, investment committee member and senior portfolio manager.

Prior to joining Northern Trust in 2006, Mr. McEldowney served as a Portfolio Manager from 1999 to 2003 at Invesco Funds and from 2003 to 2006 at Franklin Templeton.

Mr. McEldowney received a B.A. from the University of Kentucky and an MBA from Rollins College. He is an active CFA® charterholder and a CPA.

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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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