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Equity Index

Emerging Markets Equity Index

TickerNAV AS OF 03/26/15
NOEMX$10.72  $-0.10 Arrow Down Icon

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Emerging markets exposure may be suitable for those investors who have an above-average tolerance to market volatility and seek a global component to their diversified investment portfolio. Our Emerging Markets Equity Index Fund intends to invest a substantial portion of its total assets in foreign countries that are considered emerging markets. These markets involve additional risks including currency fluctuation, less market liquidity, more market volatility and political instability. The fund may invest more than 25% of it's assets in securities of issuers located in a single foreign country.

Fund Objective
Seeks to Replicate Index
Fund Strategy
  • Select stocks on the basis of quantitative analysis with the aim of producing a portfolio that will approximate the performance of the MSCI Emerging Markets Index.
  • Maintain industry diversification, country weightings, market capitalization and other financial characteristics similar to the Index.
  • Buy and sell securities in response to changes in the Index.
Investor Profile
If you are a long-term investor seeking access to the total return potential of emerging markets equities, this Fund may be right for you. Emerging markets exposure may be appropriate for investors with an above-average tolerance for market volatility who seek a global component for a broadly diversified investment portfolio.
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 Return1.04% (as of 03/26/15)
Inception Date04/25/06
Total Net Assets$1,745,052,023 (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
Emerging Markets Equity Index3.47%-1.00%4.05%4.76%-0.44%3.14%N/A3.41%
MSCI Emerging Markets Index3.10%-1.07%3.71%5.01%-0.34%3.64%N/A4.35%
Morningstar Cat. Avg.
Diversified Emerging Mkts

Total Returns

Total Returns for Quarter Ending 12/31/14
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Emerging Markets Equity Index-4.86%-4.94%-3.34%-3.34%3.65%1.26%N/A3.01%
MSCI Emerging Markets Index-4.61%-4.50%-2.19%-2.19%4.04%1.78%N/A4.00%
Morningstar Cat. Avg.
Diversified Emerging Mkts
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 0.30%. 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
Emerging Markets Equity Index0.34%0.30%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.

Calendar Year Returns

       2014      2013      2012      2011      2010
Emerging Markets Equity Index-3.34%-3.03%18.80%-19.17%18.28%
MSCI Emerging Markets Index-2.19%-2.60%18.22%-18.42%18.88%
Morningstar Category Avg. Diversified Emerging Mkts-3.01%-0.14%18.15%-19.86%19.26%
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
Samsung Electronics Co Ltd3.5%
Taiwan Semiconductor Manufacturing Co Ltd3.0%
Tencent Holdings Ltd2.3%
China Mobile Ltd2.1%
China Construction Bank Corp 1.5%
Naspers Ltd1.5%
Industrial and Commercial Bank of China Ltd1.4%
Bank of China Ltd 1.2%
Itau Unibanco Holding SA0.9%
America Movil SAB de CV 0.9%
% of Portfolio18.3%
As of 02/28/15
Sector WeightingsFundBenchmark
Information Technology18.6%18.6%
Consumer Discretionary9.2%9.1%
Consumer Staples8.1%8.2%
Telecommunication Services7.5%7.6%
Health Care2.3%2.3%
Top 10 Country WeightingsFundBenchmark
South Korea14.7%14.6%
South Africa8.0%8.0%
As of 02/28/15
Risk Characteristics*Emerging Markets Equity IndexMSCI Emerging Markets Index
Up Market Capture100.44100.00
Down Market Capture100.75100.00
Information Ratio–0.060.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 02/28/15Insert Icon
As of 01/31/15Insert Icon
As of 12/31/14Insert Icon
As of 11/30/14Insert Icon
As of 10/31/14Insert Icon
As of 09/30/14Insert Icon

Fund Characteristics

Number of Holdings834
Portfolio Turnover32.31% (as of 03/31/14)
Dividend ScheduleAnnually
Dividend Income Last Quarter$0.2899
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$39,558
BenchmarkMSCI Emerging Markets Index
Morningstar CategoryDiversified Emerging Markets
Trailing 12-Month Price-to-Earnings Ratio
Price-to-Book Ratio
Historical 5-Year Earnings Growth
Asset Allocation 
Committed Cash1.1%
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.
Emerging Markets Risk: Emerging market investing is subject to additional economic, political, liquidity and currency risks not associated with more developed countries.
Index Fund Risk: The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. It is important to remember that there are risks associated with index investing, including the potential risk of market decline, as well as the risks associated with investing in specific companies.
MSCI Emerging Markets IndexSM is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. It is not possible to invest directly in an index.
Steven J. Santiccioli

Steven J. Santiccioli

Portfolio Manager

Northern Emerging Markets Equity Index Fund (NOEMX)
Northern International Equity Index Fund (NOINX)

With Northern Trust Since 2003
Began Career in 1993

Steven J. Santiccioli, Vice President of Northern Trust, manages the Northern Emerging Markets Equity Index Fund and Northern International Equity Index Fund.

Prior to joining Northern Trust in 2003, Mr. Santiccioli was a portfolio manager with Deutsche Bank. Prior to his portfolio manager position at Deutsche, he served as the head of the accounting group for international index portfolios.

Mr. Santiccioli received a B.A. from Bucknell University and an MBA from Fordham University.

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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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