Equity

Active M International Equity

Ticker:

NAV AS OF 09/25/23

NMIEX

$11.35
-$0.03

FUND LITERATURE

Fact Sheet

Holdings

Commentary

Multi-Manager Sub-Adviser Allocation

1Q23 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

Overall Morningstar Rating ^TM

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4 stars for the Morningstar rating

Among 676 foreign large blend funds derived from a weighted average of the fund's 3-, 5- and 10-year risk-adjusted returns as of 8/31/23.

Active M International Equity received 4 stars for the 3-year rating among 676 foreign large blend funds, 4 stars for the 5-year rating among 617 funds and 3 stars for the 10-year rating among 407 funds.

The Morningstar Rating^TM for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

©2023 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-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.