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International Equity

TickerNAV AS OF 01/18/17
NOIGX$8.63 $-0.05 Arrow Down Icon

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For those growth-oriented investors who enjoy the opportunities and portfolio diversification international investing offers, this will be the Fund for you. Our experienced investment team, using research and quantitative analysis, buys securities of a broad mix of international companies that offer the potential for long-term, above-average growth at a reasonable price. Foreign securities may involve additional risks, including social and political instability, reduced market liquidity and currency volatility.
Fund Objective
Capital Appreciation
Fund Strategy
  • Seek outstanding companies through fundamental research that is based on a deep understanding of industry and sector dynamics.
  • Combine creativity in stock analysis and selection with intelligent portfolio construction.
  • Seek to provide consistent results through disciplined risk management.
Investor Profile
If you are a growth-oriented investor who is interested in the opportunities and portfolio diversification international investing offers, you may find this Fund suitable. You should have a more aggressive risk profile and be able to tolerate the above-average volatility and special risks that investing in foreign markets entails.
Redemption Fee
2% on shares sold or exchanged within 30 days of purchase
Risk/Reward Potential

Fund Literature

Important risk information can be found on the Portfolio tab.


YTD Total Return2.13% (as of 01/18/17)
Inception Date04/01/94
Total Net Assets$149,968,946 (as of 12/31/16)

Total Returns

Total Returns for Quarter Ending 12/31/16
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
International Equity0.85%-0.90%3.90%3.90%-3.17%5.84%0.94%4.26%
MSCI EAFE Index3.42%-0.71%1.00%1.00%-1.60%6.53%0.75%4.60%
Morningstar Cat. Avg.
Foreign Large Blend
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 1.06%. This contractual limitation may not be terminated before July 31, 2017 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
International Equity1.22%0.52%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2017. The Fund also includes voluntary expense reimbursements that may change or end at any time.

Calendar Year Returns

       2015      2014      2013      2012      2011
International Equity-5.96%-7.08%24.12%17.88%-13.10%
MSCI EAFE Index-0.81%-4.90%22.78%17.32%-12.14%
Morningstar Category Avg. Foreign Large Blend-1.59%-4.98%19.44%18.29%-13.97%
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
Itau Unibanco Holding SA Sponsored ADR 4.1%
Samsung Electronics Co Ltd3.3%
Infineon Technologies AG3.1%
Baidu Inc Sponsored ADR 3.1%
Roche Holding Ltd 2.8%
Halliburton Co2.7%
Mitsubishi UFJ Financial Group Inc2.6%
Tokio Marine Holdings Inc2.5%
Novartis AG2.5%
Anheuser-Busch InBev SA/NV2.5%
% of Portfolio29.2%
As of 11/30/16
Sector WeightingsFundBenchmark
Information Technology13.6%5.5%
Consumer Discretionary9.6%12.6%
Health Care9.1%10.6%
Consumer Staples6.3%11.3%
Telecommunication Services2.6%4.5%
Real Estate0.0%3.9%
Top 10 Country WeightingsFundBenchmark
United Kingdom14.6%18.2%
United States4.6%0.0%
Hong Kong3.7%3.6%
South Korea3.3%0.0%
As of 11/30/16
Risk Characteristics*International EquityMSCI EAFE Index
Up Market Capture102.68100.00
Down Market Capture105.16100.00
Information Ratio–0.190.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 12/31/16Insert Icon
As of 09/30/16Insert Icon

Fund Characteristics

Number of Holdings56
Portfolio Turnover12.78% (as of 03/31/16)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$62,953
BenchmarkMSCI EAFE Index
Morningstar CategoryForeign Large Blend
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.
MSCI EAFE® Index is a free float-adjusted market capitalization index that is designed to measure the equity performance of developed markets, excluding the U.S. and Canada. It is not possible to invest directly in an index.
Mark C. Sodergren, CFA<sup>&reg;</sup>

Mark C. Sodergren, CFA®

Portfolio Manager

Northern International Equity Fund (NOIGX)
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 International Equity Fund, Northern Large Cap Core Fund and is a co-manager of the 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

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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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