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Large Cap Core

TickerNAV AS OF 05/27/16
NOLCX$15.18 $0.07 Arrow Up Icon

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For those investors who are seeking a low cost, disciplined approach to investing in equities, this may be the fund for you. The Large Cap Core Fund attempts to create a portfolio with similar risk, style, capitalization and industry characteristics as the S&P 500 Index. In managing the Fund, your investment management team attempts to achieve the Fund's objective by overweighting those stocks that it believes will outperform the S&P 500 Index and underweighting those stocks that it believes will under-perform the S&P 500 Index.

Fund Objective
Capital Appreciation
Fund Strategy
  • Use a multi-factor proprietary quantitative stock selection model with the goal of providing additional total return versus the S&P 500® Index.
  • Create a portfolio with risk, style, capitalization and characteristics similar to the S&P 500® Index while potentially providing excess returns by overweighting or underweighting stocks that have the potential to achieve the Fund's objective.
  • Sell securities when they are no longer attractive based upon evaluation criteria, such as valuation, price momentum and earnings quality.
Investor Profile
If you're seeking a low cost, disciplined approach to investing in equities, this fund may be appropriate for you. It seeks long term growth of capital and dividend income and invests primarily in a broadly diversified portfolio of established, large-cap companies. The Fund is intended for use as a core equity investment.
Risk/Reward Potential
Overall Morningstar RatingTM

Among 1,199 large value funds derived from a weighted average of the fund's 3-,5- and 10-year risk-adjusted returns as of 4/30/16.

Large Cap Core received 5 stars for the 3-year rating among 1,199 large value funds, 5 stars for the 5-year rating among 1,048 funds and 4 stars for the 10-year rating among 759 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.

©2016 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 Return2.22% (as of 05/27/16)
Inception Date12/16/05
Total Net Assets$141,611,961 (as of 04/30/16)

Total Returns

Total Returns for Month Ending 04/30/16
Large Cap Core-0.60%6.73%1.08%-1.58%10.62%11.04%6.28%6.39%
S&P 500 Index 0.39%7.05%1.74%1.21%11.26%11.02%6.91%7.07%
Morningstar Cat. Avg.
Large Value

Total Returns

Total Returns for Quarter Ending 03/31/16
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Large Cap Core6.54%1.69%1.69%-0.22%11.48%11.76%6.43%6.51%
S&P 500 Index6.78%1.35%1.35%1.78%11.82%11.58%7.01%7.08%
Morningstar Cat. Avg.
Large 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.

Northern Trust Investments, Inc. has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than certain excepted expenses, i.e., acquired fund fees and expenses; the compensation paid to each Independent Trustee of the Trust; expenses of third party consultants engaged by the Board of Trustees; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; expenses in connection with the negotiation and renewal of the revolving credit facility; and extraordinary expense and interest) to the extent the "Total Annual Fund Operating Expenses" exceed 0.60%. The "Total Annual Fund Operating Expenses After Expense Reimbursement" may be higher than the contractual limitation as a result of the excepted expenses that are not reimbursed. This contractual limitation may not be terminated before July 31, 2016 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
Large Cap Core0.81%0.62%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2016.

Calendar Year Returns

       2015      2014      2013      2012      2011
Large Cap Core-1.50%13.84%36.27%14.51%4.13%
S&P 500 Index1.38%13.69%32.39%16.00%2.11%
Morningstar Category Avg. Large Value-4.05%10.21%31.21%14.57%-0.75%
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
Apple Inc3.5%
Exxon Mobil Corp2.7%
Microsoft Corp2.6%
Johnson & Johnson2.4%
JP Morgan Chase & Co1.9%
Pfizer Inc1.7%
Alphabet Inc1.7%
PepsiCo Inc1.5%
Merck & Co Inc1.5% Inc1.4%
% of Portfolio20.9%
As of 04/30/16
Sector WeightingsFundBenchmark
Information Technology19.7%19.6%
Health Care14.7%14.6%
Consumer Discretionary12.3%13.0%
Consumer Staples10.3%10.2%
Telecommunication Services2.5%2.7%
As of 04/30/16
Risk Characteristics*Large Cap CoreS&P 500 Index
Up Market Capture97.41100.00
Down Market Capture100.77100.00
Information Ratio–0.380.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 03/31/16Insert Icon
As of 12/31/15Insert Icon

Fund Characteristics

Number of Holdings132
Portfolio Turnover41.81% (as of 03/31/15)
Dividend ScheduleQuarterly
Dividend Income Last Quarter$0.0605
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$122,170
BenchmarkS&P 500 Index
Morningstar CategoryLarge 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.
S&P 500® Index is an unmanaged index consisting of 500 stocks and is a widely recognized common measure of the performance of the overall U.S. stock market. It is not possible to invest directly in an index.
Mark C. Sodergren, CFA<sup>&reg;</sup>

Mark C. Sodergren, CFA®

Portfolio Manager

Northern Large Cap Core Fund (NOLCX)
Northern Large Cap Value Fund (NOLVX)

With Northern Trust Since 2007
Began Career in 1995

Mark C. Sodergren, Senior Vice President of Northern Trust, is Head of the Quantitative Active Equity team responsible for research and implementation of several quantitative equity strategies. He currently manages the Northern Large Cap Core Fund and Northern Large Cap Value Fund.

Before joining Northern Trust in 2007, Mr. Sodergren was a portfolio manager at Barclays Global Investors focused on active U.S. large cap strategies. Prior to this, he spent six years at Citigroup Asset Management as a portfolio manager and researcher focused on both active international and domestic portfolios.

Mr. Sodergren received a B.A. in quantitative economics and decision sciences from the University of California, San Diego and an MBA from the University of Chicago. He is an active CFA® charterholder and member of 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.

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