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Equity Active

Multi-Manager Global Listed Infrastructure

 
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TickerNAV AS OF 12/19/14
NMFIX$12.24 $0.00 Same Icon
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Snapshot
The Multi-Manager Global Listed Infrastructure Fund may be a good choice for those long-term investors seeking exposure to infrastructure companies, global diversification of their portfolio, a quarterly dividend and for a Fund which may help lower a portfolio's overall long-term volatility when included as a part of a diversified portfolio. Our approach blends specialist managers from a broad universe of external global managers into a single fund. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities while seeking total return through both long-term current income and capital appreciation.
Fund Objective
Total return through both income and capital appreciation
Fund Strategy
  • Invest at least 80% of net assets in securities of infrastructure companies listed on a domestic or foreign exchange, normally investing at least 40% (and up to 100%) in infrastructure companies tied to foreign countries, including emerging and frontier markets.
  • 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/return.
Investor Profile
If you're a long-term investor looking to diversify your investments by pursuing the income and growth potential of globally listed infrastructure securities, then this Fund may be right for you. It is intended for investors who are aware that foreign markets may involve additional risks, such as social and political instability, reduced market liquidity and currency volatility.
Redemption Fee
2% on shares sold or exchanged within 30 days of purchase
Risk/Reward Potential
”Risk/Reward
Sub-Adviser Allocations

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

SUB-ADVISERTARGET ALLOCATIONROLE IN PORTFOLIO
Brookfield Investment Management Inc. 50% Opportunistic, concentrated portfolio that may lead to non-benchmark investments resulting in higher tracking error. The portfolio may also invest up to 20% in MLPs.
Lazard Asset Management LLC 50% Benchmark agnostic, bottom-up and valuation based approach to identify long-term value in infrastructure companies.
Important risk information can be found on the Portfolio tab.
CUSIP665162384
YTD Total Return7.19% (as of 12/19/14)
Inception Date09/18/12
Total Net Assets$1,496,787,605 (as of 11/30/14)

Total Returns

Total Returns for Month Ending 11/30/14
 Annualized
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Incept.
Multi-Manager Global
Listed Infrastructure
-0.53%-4.54%10.15%13.18%N/AN/AN/A16.06%
S&P Global Infrastructure
Index
0.11%-2.18%13.64%15.26%N/AN/AN/A13.66%
Morningstar Cat. Avg.
World Stock
1.36%-1.14%4.54%6.67%N/AN/AN/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 Global
Listed Infrastructure
-4.39%-4.25%10.32%17.88%N/AN/AN/A17.58%
S&P Global Infrastructure
Index
-3.90%-3.78%11.64%16.70%N/AN/AN/A13.86%
Morningstar Cat. Avg.
World Stock
-3.32%-3.27%2.26%9.78%N/AN/AN/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 1.00%. 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
Multi-Manager Global Listed Infrastructure1.04%1.01%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.

Calendar Year Returns

 
 2013
Multi-Manager Global Listed Infrastructure24.28%
S&P Global Infrastructure Index14.99%
Morningstar Category Avg. World Stock25.19%
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
Atlantia SPA5.5%
Transurban Group Ltd5.0%
Tokyo Gas Co Ltd4.7%
VINCI SA4.2%
PG&E Corp4.1%
Snam SPA3.7%
CSX Corp3.3%
American Tower Corp3.1%
Eutelsat Communications SA2.9%
Enbridge Inc2.9%
% of Portfolio39.4%
As of 10/31/14
Sector WeightingsFund   Benchmark
Industrials34.9%39.9%
Utilities32.5%41.3%
Energy20.0%18.8%
Financials5.5%0.0%
Consumer Discretionary5.4%0.0%
Telecommunication Services1.7%0.0%
TOTAL100.0%100.0%
   
Top 10 Country WeightingsFund   Benchmark
United States36.5%34.5%
Italy14.1%7.1%
France11.9%7.0%
Australia11.0%8.2%
Canada6.1%8.8%
Japan5.7%3.8%
United Kingdom3.8%7.5%
China2.8%5.0%
Spain2.2%5.8%
Switzerland1.9%1.1%
TOTAL96.0%88.8%
As of 10/31/14
Risk Characteristics*Multi-Manager Global Listed InfrastructureS&P Global Infrastructure Index
BetaN/AN/A
Up Market CaptureN/AN/A
Down Market CaptureN/AN/A
Information RatioN/AN/A
*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 Holdings73
Portfolio Turnover52.90% (as of 03/31/14)
Dividend ScheduleQuarterly
Dividend Income Last Quarter$0.0246
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$18,653
BenchmarkS&P Global Infrastructure Index
Morningstar CategoryWorld Stock
Trailing 12-Month Price-to-Earnings Ratio
Fund20.94
Benchmark21.10
Price-to-Book Ratio
Fund2.38
Benchmark1.92
Historical 5-Year Earnings Growth
Fund5.77
Benchmark–1.78
Asset Allocation 
Stocks96.3%
Cash3.7%
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.

Concentration Risk: Investing a high percentage of net assets in securities in a specific industry, the Fund may be subject to greater volatility than a fund that is more broadly diversified.

Currency Risk: Foreign currencies will fluctuate in value relative to the U.S. dollar; therefore you may lose money if the local currency of a foreign market depreciates against the U.S. dollar.

Emerging and Frontier Markets Risk: Emerging and frontier market investing may be subject to additional economic, political, liquidity and currency risks not associated with more developed countries. Additionally, frontier countries generally have smaller economies or less developed capital markets than traditional emerging markets and, as a result, the risks of investing in emerging market countries are magnified in frontier countries.

Foreign (Non-U.S.) Securities Risk: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, foreign government intervention and adverse economic, political, diplomatic, financial and regulatory factors.

Infrastructure Companies Risk: Infrastructure companies may not realize projected revenue volumes due to; cost overruns; changes in terms making a project no longer economical; macroeconomic factors may raise the average cost of funding; government regulation; government budgetary constraints; special tariffs and/or changes in tax law and unfavorable accounting standards.

Liquidity Risk: Some securities held by the Fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss.

Master Limited Partnerships (MLPs) Risk: Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes, treatment of an MLP (owned by the Fund) as a corporation would materially reduce the after-tax return to the Fund with respect to its investment in the MLP. The Fund must include its allocable share of the MLP’s taxable income in its taxable income, whether or not it receives a distribution of cash from the MLP. In such cases, the Fund may have to liquidate securities to make required distributions to the Fund’s shareholders.

Non-Diversified Risk: The Fund invests in a smaller number of securities than the average mutual fund. The change in value of a single holding may have a more pronounced effect on the Fund’s net asset value and performance than for other funds.

Small and Mid Cap Risk: Small- and mid-sized company stocks are generally riskier than large-company stocks due to greater volatility and less liquidity.

S&P Global Infrastructure Index provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. The Index has balanced weights across three distinct infrastructure clusters: Utilities, Transportation, and Energy. 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.

©2014 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.