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Small Cap Value

TickerNAV AS OF 04/01/15
NOSGX$21.60 $-0.01 Arrow Down Icon

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The Northern Small Cap Value Fund is a good choice for those aggressive investors looking for the value potential offered by the stocks of small companies - those that the adviser believes are worth more than is indicated by current market prices. It is intended for equity investors with an above-average tolerance for volatility who want to diversify their investments and plan to invest for the long term without concern for current income.

Fund Objective
Capital Appreciation
Fund Strategy
  • Follow a quantitative, active equity strategy to select stocks based on a statistical analysis of historical relationships among value characteristics, stock prices and market capitalization ranges.
  • Use a screening process designed to reduce exposure to stocks with negative fundamental indicators.
  • Maintain a highly diversified portfolio, consistent with small-cap value benchmarks, in an effort to reduce the risks associated with any specific stock or industry.
Investor Profile

If you're a more aggressive investor looking for the value potential offered by the stocks of smaller companies — those the adviser believes are worth more than is indicated by current market prices — this Fund may be right for you. It is intended for equity investors with an above-average tolerance for volatility who want to diversify their investments and plan to invest for the long term without concern for current income.

Risk/Reward Potential
Overall Morningstar RatingTM

Among 362 small value funds derived from a weighted average of the fund's 3-, 5- and 10-year risk-adjusted returns as of 2/28/15.

Small Cap Value received 4 stars for the 3-year rating among 362 small value funds, 4 stars for the 5-year rating among 295 funds and 4 stars for the 10-year rating among 201 funds.

Past performance is no guarantee of future results. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower.

Star ratings are based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is a weighted average of the 3-, 5-, and 10-year (if applicable) returns. 5 stars = top 10% of funds in an asset category; 4 stars = next 22.5% of funds; 3 stars = next 35%; 2 stars = next 22.5% and 1 star = next 10%. A fund must be in existence three years to be rated. Ratings are subject to change monthly.

©2015 Morningstar, Inc. All Rights Reserved. Morningstar and/or its content providers are the proprietors of this information; do not permit its unauthorized copying or distribution; do not warrant it to be accurate, complete or timely; and are not responsible for damages or losses arising from its use.

Fund Literature

Important risk information can be found on the Portfolio tab.
YTD Total Return2.27% (as of 04/01/15)
Inception Date04/01/94
Total Net Assets$2,901,004,080 (as of 02/28/15)

Total Returns

Total Returns for Month Ending 02/28/15
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Small Cap Value4.32%3.40%0.57%7.37%15.86%15.44%8.37%10.43%
Russell 2000 Value Index4.64%3.03%0.29%3.96%15.32%13.97%7.13%N/A
Morningstar Cat. Avg.
Small Value

Total Returns

Total Returns for Quarter Ending 12/31/14
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Small Cap Value2.82%10.80%7.07%7.07%18.46%15.54%8.22%10.48%
Russell 2000 Value Index2.73%9.40%4.22%4.22%18.29%14.26%6.89%N/A
Morningstar Cat. Avg.
Small Value
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 1.00%. 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
Small Cap Value1.26%1.01%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.

Calendar Year Returns

       2014      2013      2012      2011      2010
Small Cap Value7.07%36.44%13.78%-0.60%24.61%
Russell 2000 Value Index4.22%34.52%18.05%-5.50%24.50%
Morningstar Category Avg. Small Value3.34%36.22%16.00%-4.45%26.17%
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
JetBlue Airways Corp1.0%
LaSalle Hotel Properties0.8%
EPR Properties0.8%
Esterline Technologies Corp0.8%
Idacorp Inc0.7%
Medical Properties Trust Inc0.7%
CONMED Corp0.7%
RLJ Lodging Trust0.7%
Curtiss-Wright Corp0.7%
Southwest Gas Corp0.7%
% of Portfolio7.6%
As of 02/28/15
Sector WeightingsFundBenchmark
Information Technology11.8%9.8%
Consumer Discretionary11.2%12.0%
Health Care5.5%5.8%
Consumer Staples2.1%2.8%
Telecommunication Services0.6%0.7%
As of 02/28/15
Risk Characteristics*Small Cap ValueRussell 2000 Value Index
Up Market Capture100.82100.00
Down Market Capture98.17100.00
Information Ratio0.400.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 12/31/14Insert Icon
As of 09/30/14Insert Icon

Fund Characteristics

Number of Holdings520
Portfolio Turnover20.70% (as of 03/31/14)
Dividend ScheduleAnnually
Dividend Income Last Quarter$0.1932
Capital Gain Income Last Quarter$0.9300
Weighted Average Market Cap ($Mil)$2,143
BenchmarkRussell 2000 Value Index
Morningstar CategorySmall Value
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.
Value Risk: Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.
Russell 2000® Value Index is an unmanaged index measuring the performance of those companies included in the Russell 2000 Index having lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index.
Robert H. Bergson, CFA<sup>&reg;</sup>

Robert H. Bergson, CFA®

Portfolio Manager

Northern Small Cap Core Fund (NSGRX)
Northern Small Cap Value Fund (NOSGX)

With Northern Trust Since 1997
Began Career in 1995

Robert H. Bergson, Senior Vice President of Northern Trust, is a senior portfolio manager and researcher for Northern Trust's Quantitative Active Equity Team. He is responsible for research and implementation of several small cap equity strategies representing more than $3.5 billion in small cap assets. He manages the Northern Small Cap Core Fund and Northern Small Cap Value Fund.

Prior to joining Northern Trust in 1997, Mr. Bergson served as Director of Investment Research for Real Estate Research Corporation, a real estate consulting and research firm.

Mr. Bergson received a B. Arch. from Carnegie Mellon University and an M.S. in real estate development from the Massachusetts Institute of Technology. He is an active CFA® charterholder, and a member of the CFA Institute, the CFA Society Chicago and the Chicago Quantitative Alliance.

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Not FDIC insured | May lose value | No bank guarantee

View investment term definitions

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.

©2015 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.