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|The Active M Emerging Markets Equity Fund (formerly known as the Multi-Manager Emerging Markets Equity Fund) may be a good choice for those long-term investors looking to diversify their portfolio by pursuing the growth potential of emerging and frontier market equity securities. 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.
If you're a long-term investor looking to diversify your investments by pursuing the growth potential of emerging and frontier market equities, 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.
|2% on shares sold or exchanged within 30 days of purchase|
Sub-Advisers and Allocations subject to change at any time.
|YTD Total Return||4.99% (as of 01/19/17)|
|Total Net Assets||$837,124,137 (as of 12/31/16)|
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|Active M Emerging Markets Equity||-0.03%||-3.68%||12.65%||12.65%||-3.25%||1.73%||N/A||10.96%|
|MSCI Emerging |
|Morningstar Cat. Avg.|
Diversified Emerging Mkts
|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 1.10%. 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.
|Gross Expense Ratio||Net Expense Ratio‡|
|Active M Emerging Markets Equity||1.23%||1.10%|
|‡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.|
|Active M Emerging Markets Equity||-16.06%||-4.22%||0.44%||19.75%||-17.73%|
|MSCI Emerging Markets Index||-14.92%||-2.19%||-2.60%||18.22%||-18.42%|
|Morningstar Category Avg. Diversified Emerging Mkts||-13.79%||-3.01%||-0.14%||18.15%||-19.86%|
|Performance quoted represents past performance and does not guarantee future results.|
|Top 10 Holdings||Fund|
|Samsung Electronics Co Ltd||6.5%|
|Taiwan Semiconductor Manufacturing Co Ltd||4.8%|
|China Mobile Ltd||3.3%|
|Itau Unibanco Holding SA Sponsored ADR||2.5%|
|Tencent Holdings Ltd||2.2%|
|Shinhan Financial Group Co Ltd||2.2%|
|Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR||2.1%|
|Hon Hai Precision Industry Co Ltd||2.0%|
|Tata Consultancy Services Ltd||1.9%|
|Alibaba Group Holding Ltd Sponsored ADR||1.9%|
|% of Portfolio||29.4%|
|Top 10 Country Weightings||Fund||Benchmark|
|United Arab Emirates||2.0%||0.8%|
|Risk Characteristics*||Active M Emerging Markets Equity||MSCI Emerging Markets Index|
|Up Market Capture||94.90||100.00|
|Down Market Capture||97.92||100.00|
|*||Above risk characteristics are based on a 3-year time period|
|Number of Holdings||322|
|Portfolio Turnover||37.58% (as of 03/31/16)|
|Dividend Income Last Quarter||N/A|
|Capital Gain Income Last Quarter||N/A|
|Weighted Average Market Cap ($Mil)||$60,020|
|Benchmark||MSCI Emerging Markets Index|
|Morningstar Category||Diversified Emerging Markets|
|Trailing 12-Month Price-to-Earnings Ratio|
|Historical 5-Year Earnings Growth|
Northern Active M Fund (NMUSX)
Northern Active M Emerging Markets Equity Fund (NMMEX)
Northern Active M International Equity Fund (NMIEX)
Northern Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX)
Northern Multi-Manager Global Listed Infrastructure Fund (NMFIX)
Northern Multi-Manager Global Real Estate Fund (NMMGX)
Northern Multi-Manager High Yield Opportunity Fund (NMHYX)
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.
Not FDIC insured | May lose value | No bank guarantee
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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