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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.|
|Capital Appreciation and Current Income
|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.
|2% on shares sold or exchanged within 30 days of purchase|
Sub-Advisers and Allocations subject to change at any time.
|YTD Total Return||-4.53% (as of 04/25/18)|
|Total Net Assets||$76,973,969 (as of 03/31/18)|
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|Multi-Manager Global |
|FTSE EPRA/NAREIT |
|FTSE EPRA/NAREIT |
|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.
|Gross Expense Ratio||Net Expense Ratio‡|
|Multi-Manager Global Real Estate||1.07%||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.|
|Multi-Manager Global Real Estate||9.67%||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 Index||13.99%||3.75%||-1.19%||13.92%||1.57%|
|Morningstar Category Avg. Global Real Estate||15.12%||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.
|Top 10 Holdings||Fund|
|Simon Property Group Inc||6.3%|
|Mitsui Fudosan Co Ltd||4.2%|
|Mid-America Apartment Communities Inc||2.9%|
|AvalonBay Communities Inc||2.3%|
|Link Real Estate Investment Trust||2.0%|
|American Homes 4 Rent||1.9%|
|Land Securities Group PLC||1.8%|
|Gramercy Property Trust||1.8%|
|Hotels Restaurants & Leisure||0.5%||0.1%|
|Mortgage Real Estate Investment Trusts (REITs)||1.1%||0.0%|
|Real Estate Management & Development||20.2%||21.4%|
|Equity Real Estate Investment Trusts (REITs)||71.9%||74.9%|
|Health Care Providers & Services||0.0%||0.2%|
|Top 10 Country Weightings||Fund||Benchmark|
|Risk Characteristics*||Multi-Manager Global Real Estate||FTSE EPRA/NAREIT Developed Index|
|Up Market Capture||90.31||100.00|
|Down Market Capture||95.96||100.00|
|*||Above risk characteristics are based on a 3-year time period|
|Number of Holdings||90|
|Portfolio Turnover||167.04% (as of 03/31/17)|
|Dividend Income Last Quarter||$0.0784|
|Capital Gain Income Last Quarter||N/A|
|Weighted Average Market Cap ($Mil)||$12,967|
|Benchmark||FTSE EPRA/NAREIT Developed Index**|
|Morningstar Category||Global 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|
|Historical 5-Year Earnings Growth|
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Northern Engage360TM Fund (NENGX)
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
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