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Multi-Manager International Equity

 
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TickerNAV AS OF 10/23/14
NMIEX$10.35 $0.06 Arrow Up Icon
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Snapshot
The Multi-Manager International Equity Fund is a good choice for those long-term investors who enjoy diversifying their portfolio by pursuing the growth potential of international stocks. Our approach blends specialist managers from a broad universe of external international managers into a single fund. The Fund utilizes two principal styles intended to complement each other; value style whereby the Sub-Advisers seek to identify companies whose improving businesses are not fully recognized by the market and growth style whereby the Sub-Advisers seek to identify companies that are exhibiting rapid growth in their business.

Fund Objective
Capital Appreciation

Fund Strategy
  • Invest in companies of any size throughout the world, but primarily in developed markets and generally in securities similar to those in the MSCI ACWI® EX-USA Index.
  • 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 international stocks, 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
William Blair & Company, LLC 25% Portfolio of companies showing superior growth at reasonable valuations. Process combines bottom-up fundamental analysis with a top-down strategic overlay.
NFJ Investment Group, LLC 22% Value manager with a focus on dividend-paying companies.
Northern Cross, LLC 20% Core manager focusing on companies that exhibit fundamental characteristics that may lead to margin expansion over the long term. Will provide larger cap focus.
EARNEST Partners, LLC 18% Combining quantitative techniques with deep fundamental research, this manager can provide exposure to mid- and small-cap companies with a bias towards value relative to the benchmark.
Altrinsic Global Advisors, LLC 15% Relative value style expected to protect capital in negative markets. Favors high-quality, large-cap companies.
Important risk information can be found on the Portfolio tab.
CUSIP665162558
YTD Total Return-5.39% (as of 10/23/14)
Inception Date06/22/06
Total Net Assets$2,556,374,824 (as of 09/30/14)

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
International Equity
-4.45%-5.46%-1.83%3.28%11.56%5.36%N/A2.71%
MSCI ACWI Ex-USA Index-4.84%-5.27%0.00%4.77%11.79%6.03%N/A4.16%
Morningstar Cat. Avg.
Foreign Large Blend
-3.92%-5.62%-2.01%3.75%13.05%6.22%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 1.20%. 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 International Equity1.25%1.21%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.

Calendar Year Returns

 
       2013      2012      2011      2010      2009
Multi-Manager International Equity15.77%17.76%-15.14%12.14%27.74%
MSCI ACWI Ex-USA Index15.29%16.83%-13.71%11.15%41.45%
Morningstar Category Avg. Foreign Large Blend19.44%18.29%-13.97%10.24%31.24%
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
Roche Holding Ltd1.9%
Novartis AG1.4%
Diageo PLC1.3%
Royal Dutch Petroleum Co1.1%
Nestle SA1.0%
Hitachi Ltd1.0%
Sanofi0.9%
Shire PLC0.9%
HSBC Holdings PLC0.9%
ICICI Bank Ltd0.9%
% of Portfolio11.3%
As of 09/30/14
Sector WeightingsFundBenchmark
Financials26.2%27.0%
Health Care12.3%8.7%
Industrials11.5%10.9%
Consumer Discretionary10.9%10.6%
Consumer Staples10.1%9.8%
Energy8.7%9.1%
Information Technology8.0%7.0%
Materials8.0%8.0%
Telecommunication Services2.8%5.3%
Utilities1.5%3.6%
TOTAL100.0%100.0%
   
Top 10 Country WeightingsFundBenchmark
United Kingdom17.3%15.1%
Japan14.1%14.8%
Switzerland8.5%6.5%
France8.0%7.0%
United States6.6%0.0%
Germany6.4%6.2%
China4.5%4.2%
Canada4.1%7.6%
Brazil3.2%2.2%
Sweden2.4%2.2%
TOTAL75.1%65.8%
As of 09/30/14
Risk Characteristics*Multi-Manager International EquityMSCI ACWI Ex-USA Index
Beta0.931.00
Up Market Capture96.88100.00
Down Market Capture97.35100.00
Information Ratio–0.080.00
*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 Holdings387
Portfolio Turnover39.36% (as of 03/31/14)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$51,958
BenchmarkMSCI ACWI Ex-USA Index
Morningstar CategoryForeign Large Blend
Trailing 12-Month Price to Earnings Ratio
Fund14.19
Benchmark14.77
Price to Book Ratio
Fund1.74
Benchmark1.66
Historical 5-Year Earnings Growth
Fund10.27
Benchmark8.80
Asset Allocation 
Stocks97.2%
Cash2.8%
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.
Emerging Markets Risk: Emerging market investing is subject to additional economic, political, liquidity and currency risks not associated with more developed countries.
International Risk: International investing involves increased risk and volatility.
MSCI ACWI® Ex-USA Index is a free-float adjusted market capitalization index that is designed to measure the equity performance in the global developed and emerging markets excluding the U.S. 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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