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Multi-Manager Global Real Estate

TickerNAV AS OF 03/23/18
NMMGX$10.18 $-0.11 Arrow Down Icon

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The Multi-Manager Global Real Estate Fund may be a good choice for those long-term investors looking to diversify their portfolio by pursuing the growth potential of global real estate. Our approach blends specialist managers from a broad universe of external global real estate 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 long-term capital appreciation and current income.
Fund Objective
Capital Appreciation and Current Income
Fund Strategy
  • Invest at least 80% of net assets in global real estate equities, primarily in real estate investment trusts (REITs).
  • 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 growth potential of global real estate, 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 real estate equities involves special risks linked to the real estate market, including declines in the value of real estate, changes in the value of the underlying property, and defaults by borrowers. Foreign investing entails the risk that returns may be reduced by currency fluctuations.
Redemption Fee
2% on shares sold or exchanged within 30 days of purchase
Risk/Reward Potential
Sub-Adviser Allocations

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

Massachusetts Financial Services Company 60% High conviction, value-oriented portfolio with a quality bias. Bottom-up, fundamental driven portfolio focused on cash flow and NAV per share growth. Seeks companies where these characteristics are underappreciated, or developing, with the expectation they should outperform over the long run.
Brookfield Investment Management, Inc. 40% A concentrated value-based approach which focuses on under-followed and out-of-favor real estate securities. The portfolio should exhibit slightly higher volatility than the market, while yield and valuation characteristics are generally below that of the index.
*Actual allocations may vary.
YTD Total Return-6.09% (as of 03/23/18)
Inception Date11/19/08
Total Net Assets$77,771,906 (as of 02/28/18)

Total Returns

Total Returns for Month Ending 02/28/18
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Multi-Manager Global
Real Estate
Developed Index
Global Index
Morningstar Cat. Avg.
Global Real Estate

Total Returns

Total Returns for Quarter Ending 12/31/17
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Multi-Manager Global
Real Estate
Developed Index*
Global Index
Morningstar Cat. Avg.
Global Real Estate
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 0.91%. The "Total Annual Fund Operating Expenses After Expense Reimbursement" may be higher than the contractual limitation as a result of the excepted expenses, including but not limited to acquired fund fees and expenses, that are not reimbursed. This contractual limitation may not be terminated before July 31, 2018 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.

*Effective December 1, 2017, the benchmark for the Multi-Manager Global Real Estate Fund has changed from the FTSE EPRA/NAREIT Global Index to the FTSE EPRA/NAREIT Developed Index which is a better representative of the Fund’s composition.

Annual Expense Ratios

 Gross Expense RatioNet Expense Ratio
Multi-Manager Global Real Estate1.07% 0.93%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2018. The Fund also includes voluntary expense reimbursements that may change or end at any time.

Calendar Year Returns

       2017      2016      2015      2014      2013
Multi-Manager Global Real Estate9.67%4.30%-0.92%11.72%1.87%
FTSE EPRA/NAREIT Developed Index*10.36%4.06%-0.79%15.02%3.67%
FTSE EPRA/NAREIT Global Index13.99%3.75%-1.19%13.92%1.57%
Morningstar Category Avg. Global Real Estate15.12%1.97%-0.92%11.67%2.92%
*Effective December 1, 2017, the benchmark for the Multi-Manager Global Real Estate Fund has changed from the FTSE EPRA/NAREIT Global Index to the FTSE EPRA/NAREIT Developed Index.

Performance quoted represents past performance and does not guarantee future results.
Portfolio Composition
Top 10 HoldingsFund
Simon Property Group Inc6.4%
Mitsui Fudosan Co Ltd4.3%
Public Storage3.6%
Unibail-Rodamco SE2.7%
Mid-America Apartment Communities Inc2.6%
Link Real Estate Investment Trust2.1%
American Homes 4 Rent 2.0%
Gateway Lifestyle Group1.9%
Gramercy Property Trust1.8%
Hang Lung Properties Ltd1.8%
% of Portfolio29.2%
As of 02/28/18
Industry WeightingsFund   Benchmark
Health Care Providers & Services0.0%0.2%
Hotels Restaurants & Leisure0.3%0.1%
Mortgage Real Estate Investment Trusts (REITS)1.1%0.0%
Real Estate Management & Development20.2%21.7%
Real Estate6.4%3.4%
Equity Real Estate Investment Trusts (REITs)72.0%74.6%
Top 10 Country WeightingsFundBenchmark
United States51.5%49.9%
United Kingdom9.2%5.2%
Hong Kong5.5%8.7%
As of 02/28/18
Risk Characteristics*Multi-Manager Global Real EstateFTSE EPRA/NAREIT Developed Index
Up Market Capture87.95100.00
Down Market Capture95.74100.00
Information Ratio–0.550.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 12/31/17Insert Icon
As of 09/30/17Insert Icon

Fund Characteristics

Number of Holdings93
Portfolio Turnover167.04% (as of 03/31/17)
Dividend ScheduleQuarterly
Dividend Income Last Quarter$0.4246
Capital Gain Income Last Quarter$0.1037
Weighted Average Market Cap ($Mil)$12,718
BenchmarkFTSE EPRA/NAREIT Developed Index**
Morningstar CategoryGlobal Real Estate
**Effective December 1, 2017, the benchmark for the Multi-Manager Global Real Estate Fund has changed from the FTSE EPRA/NAREIT Global Index to the FTSE EPRA/NAREIT Developed Index which is a better representative of the Fund’s composition.
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.
International Risk: International investing involves increased risk and volatility.
REIT/Real Estate Risk: Investments in the Fund are subject to the risks related to direct investment in real estate, such as real estate risk, regulatory risks, concentration risk, and diversification risk. Investments in REITs involve certain additional unique risks. By itself the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investments.
FTSE® EPRA®/NAREIT® Global Index is a free float-adjusted, market capitalization-weighted real estate index designed to represent publicly traded equity REITs and listed property companies in 38 countries worldwide, covering both the developed and emerging markets. It is not possible to invest directly in an index.
Multi-Manager Risk is the risk that the sub-advisers' investment styles will not always be complementary, which could affect the performance of the Fund.
Christopher E. Vella, CFA<sup>&reg;</sup>, CIO

Christopher E. Vella, CFA®, CIO

Portfolio Manager

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With Northern Trust Since 2004
Began Career in 1993

Christopher E. Vella, CFA®, is Senior Vice President of Northern Trust's Multi-Manager Solutions Practice. He is Chief Investment Officer with responsibility for manager research and portfolio construction processes across Northern Trust's Multi-Manager Solutions Practice. He is responsible for the global manager research platform, consisting of approximately $95B 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 in 2004, 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 20 years of manager research and multi-manager portfolio construction experience.

Mr. Vella received a B.S. magna cum laude in finance with a minor in applied mathematics from Lehigh University and was elected into the Phi Beta Kappa honor society. He is a member of the New York Society of Financial Analysts. 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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