Equity

Active M International Equity

Ticker:

NAV AS OF 05/31/23

NMIEX

$11.29
-$0.09

FUND LITERATURE

Fact Sheet

Holdings

Commentary

Multi-Manager Sub-Adviser Allocation

4Q22 Fund Performance Review

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Summary

The Active M 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. The Fund utilizes a "multi-manager" approach whereby the Fund's assets are allocated to one or more sub-advisers, in percentages determined at the discretion of the Fund's investment adviser. 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

The Fund seeks to provide long-term capital appreciation through a diversified portfolio of primarily non-U.S. equity securities. Any income received is incidental to this objective.

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 World ex USA IM Index.
Select complementary investment strategies from a broad universe of investment managers, where manager selection and allocations are determined using a multi-factor based screening and optimization approach, augmented with deep qualitative and fundamental due diligence.
Blend managers into a single fund in an effort to provide an attractive combination of risk/return.
Designed to deliver robust alpha and broad diversification, while maintaining factor neutral biases (such as size, value and momentum) across the international equity market.

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

Sub-Adviser Allocations

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

SUB-ADVISER	TARGET ALLOCATION*	ROLE IN PORTFOLIO
WCM Investment Management	30%	A concentrated large-cap growth manager focusing on companies that possess a durable and growing competitive advantage.
Wellington Management Company LLP	25%	A large-cap to mid-cap, contrarian value approach with a focus on companies trading at significant discount to current market price and strong balance sheets.
Causeway Capital Management LLC	21%	A fundamental, bottom-up, value manager. The portfolio is relatively concentrated with a preference toward yield and risk-adjusted rates of return.
Victory/Trivalent	14%	A diversified, small-cap specialist manager with positive exposure to momentum and value.
Polen Capital Management LLC	10%	A concentrated large-cap growth manager that seeks to invest in companies with consistent earnings growth and strong balance sheets that offer a "margin of safety."

*Actual allocations may vary.

Important risk information can be found on the Portfolio tab.

Not FDIC insured | May lose value | No bank guarantee

View investment terms definitions

Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds carefully before investing. Call 800-595-9111 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.