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Equity Active

Multi-Manager Emerging Markets Equity

 
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TickerNAV AS OF 10/23/14
NMMEX$18.85 $-0.01 Arrow Down Icon
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Snapshot
The Multi-Manager Emerging Markets Equity Fund may be a good choice for those long-term investors looking to diversify their portfolio by pursuing the growth potential of emerging and frontier market equity securities. Our approach blends specialist managers from a broad universe of external managers into a single fund. In seeking to create an optimal portfolio, the Fund utilizes three principal styles intended to complement each other: Growth, value and quantitative value. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities while seeking long-term capital appreciation. Any income received is incidental to the Fund's objective.

Fund Objective
Capital Appreciation

Fund Strategy
  • Invest at least 80% of net assets in equity securities of emerging and frontier markets — emerging and frontier markets are defined as markets in MSCI Emerging Markets Index and MSCI Frontier Markets 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 emerging and frontier market equities, 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.

Investing in emerging markets entails extra risk. The securities markets of emerging countries are less liquid, more volatility, and less regulated than the markets of more developed countries. This risk is magnified in frontier countries since they generally have smaller economies or less developed capital markets than traditional emerging markets.

Redemption Fee
2% on shares sold or exchanged within 30 days of purchase
Risk/Reward Potential
”Risk/Reward
Overall Morningstar RatingTM
”Morningstar

Among 484 diversified emerging markets funds derived from a weighted average of the fund's 3- and 5-year risk-adjusted returns as of 09/30/14.

Multi-Manager Emerging Markets Equity received 3 stars for the 3-year rating among 484 diversified emerging markets funds and 4 stars for the 5-year rating among 336 funds. The 10-year Morningstar Rating is not available.

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.

©2014 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.

Sub-Adviser Allocations

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

SUB-ADVISERTARGET ALLOCATIONROLE IN PORTFOLIO
Axiom International Investors, LLC 30% Opportunistic bottom-up growth strategy seeks to identify high-quality companies exhibiting signs of improvement and/or acceleration in key business drivers. Axiom also applies a qualitative top-down overlay. The portfolio should participate in earnings momentum-driven markets.
Westwood Global Investments, LLC 30% Value-oriented, opportunistic investment approach complementary to PanAgora’s diversified quantitative style. This portfolio should exhibit a less benchmark-oriented approach to value investing.
Oaktree Capital Management, L.P. 20% Opportunistic, fundamentally driven investment approach with a valuation overlay. Oaktree utilizes a bottom-up process with a focus on cash flow analysis.
PanAgora Asset Management, Inc. 10% Highly diversified quantitative value approach. Primary driver of out performance is country weights. Expected to provide consistent risk-adjusted performance as a result of its diversified investment approach.
Pzena Investment Management, LLC 10% A deeper value strategy approach that targets companies whose earnings are underperforming their historical average.
Important risk information can be found on the Portfolio tab.
CUSIP665162483
YTD Total Return-1.05% (as of 10/23/14)
Inception Date11/19/08
Total Net Assets$1,941,381,811 (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
Emerging Markets Equity
-7.46%-3.54%1.52%4.48%8.87%5.87%N/A17.76%
MSCI Emerging
Markets Index
-7.41%-3.50%2.43%4.30%7.19%4.42%N/A15.86%
Morningstar Cat. Avg.
Diversified Emerging Mkts
-6.24%-3.47%2.08%4.81%7.92%4.28%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 1.35%. 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 Emerging Markets Equity1.41% 1.36%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.

Calendar Year Returns

 
       2013      2012      2011      2010      2009
Multi-Manager Emerging Markets Equity0.44%19.75%-17.73%23.04%74.90%
MSCI Emerging Markets Index-2.60%18.22%-18.42%18.88%78.51%
Morningstar Category Avg. Diversified Emerging Mkts-0.14%18.15%-19.86%19.26%73.81%
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
Samsung Electronics Co Ltd4.7%
China Mobile Ltd2.9%
Taiwan Semiconductor Manufacturing Co Ltd2.5%
Grupo Televisa SAB2.4%
Emaar Properties PJSC2.0%
Itau Unibanco Holding SA2.0%
Tata Consultancy Services Ltd2.0%
Hon Hai Precision Industry Co Ltd2.0%
Petroleo Brasileiro SA1.8%
Shinhan Financial Group Co Ltd1.7%
% of Portfolio24.0%
As of 09/30/14
Sector WeightingsFundBenchmark
Financials23.7%27.6%
Information Technology23.2%16.7%
Consumer Discretionary15.3%9.0%
Energy9.2%10.2%
Materials8.3%8.3%
Telecommunication Services6.8%7.7%
Industrials5.4%6.6%
Consumer Staples5.3%8.3%
Health Care1.5%2.1%
Utilities1.3%3.5%
TOTAL100.0%100.0%
   
Top 10 Country WeightingsFundBenchmark
China16.6%19.2%
South Korea13.3%15.0%
Brazil12.6%10.3%
Taiwan11.0%12.0%
India8.2%7.1%
South Africa8.2%7.4%
Mexico6.9%5.4%
Russia4.1%4.6%
Turkey2.5%1.6%
United Arab Emirates2.4%0.6%
TOTAL85.8%83.2%
As of 09/30/14
Risk Characteristics*Multi-Manager Emerging Markets EquityMSCI Emerging Markets Index
Beta0.931.00
Up Market Capture95.91100.00
Down Market Capture89.51100.00
Information Ratio0.470.00
*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 Holdings355
Portfolio Turnover54.90% (as of 03/31/14)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$42,780
BenchmarkMSCI Emerging Markets Index
Morningstar CategoryDiversified Emerging Markets
Trailing 12-Month Price to Earnings Ratio
Fund11.71
Benchmark11.87
Price to Book Ratio
Fund1.57
Benchmark1.57
Historical 5-Year Earnings Growth
Fund14.25
Benchmark15.06
Asset Allocation 
Stocks97.3%
Cash2.7%
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.
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.
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.
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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.