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Active M U.S. Equity

TickerNAV AS OF 08/17/18
NMUSX$13.67 $0.07 Arrow Up Icon

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The Active M U.S. Equity Fund may be a good choice for those long-term investors looking to diversify their investments by pursuing the growth potential of U.S. company stocks. Our approach blends a "multi-manager" structure whereby the Fund's assets are allocated to one or more Sub-Advisers, in percentages determined at the discretion of the Investment Adviser. These managers, who have distinct investment styles and strategies, will invest primarily in securities whose market capitalizations at the time of purchase is similar to that of companies in the Russell 3000® Index.

Fund Objective
Capital Appreciation
Fund Strategy
  • Under normal circumstances, invest at least 80% of net assets in equity securities of U.S. based companies.
  • 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.
  • Design to deliver robust alpha and broad diversification, while maintaining factor neutral biases (such as size, value and momentum) across the U.S. equity market.
Investor Profile
If you are a long-term investor looking to diversify your investments by pursuing the growth potential of U.S. company stocks, then this Fund might be right for you. It is intended for investors who are aware that small and mid-sized company stocks are generally riskier than large-company stocks due to greater volatility and less liquidity.
Risk/Reward Potential
Sub-Adviser Allocations

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

Delaware Investments Fund Advisers 25% Concentrated, traditional value approach that can be contrarian at times. Seeks to preserve capital in difficult markets.
Thompson, Siegel & Walmsley 25% A mid cap, relative value plus catalyst investment philosophy. Focused on upside potential and downside risk.
Polen Capital Management, LLC 20% Highly concentrated large cap core growth portfolio.
Lazard Asset Management LLC
20% An all cap, concentrated strategy focused on value creation through bottom up stock selection, combining valuation and financial productivity.
Granite Investment Partners, LLC 10% Diversified small cap core strategy with exposure to growth and value names.
*Actual allocations may vary.
Important risk information can be found on the Portfolio tab.


YTD Total Return
9.59% (as of 08/17/18)
Inception Date05/05/16
Total Net Assets$521,702,969 (as of 07/31/18)

Total Returns

Total Returns for Month Ending 07/31/18
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Active M U.S. Equity2.99%6.51%7.83%16.46%N/AN/AN/A15.66%
Russell 3000 Index3.32%6.93%6.64%16.39%N/AN/AN/A17.91%
Morningstar Cat. Avg.
Large Blend

Total Returns

Total Returns for Quarter Ending 06/30/18
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Active M U.S. Equity1.19%4.33%4.70%14.55%N/AN/AN/A14.75%
Russell 3000 Index0.65%3.89%3.22%14.78%N/AN/AN/A16.89%
Morningstar Cat. Avg.
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 0.66%. 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, 2019 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
Active M U.S. Equity0.70%0.67%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2019. The Fund also includes voluntary expense reimbursements that may change or end at any time.

Calendar Year Returns

Active M U.S. Equity  17.44%N/A
Russell 3000 Index  21.13%N/A
Morningstar Category Avg. Large Blend  20.44%N/A
Inception date of the Fund is 5/5/2016
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
Cisco Systems Inc2.5%
Coca-Cola Co2.4%
Medtronic PLC2.2%
Lowe's Companies Inc1.9%
Microsoft Corp1.8%
Adobe Systems Inc1.8%
Alphabet Inc1.8%
Oracle Corp1.7%
Analog Devices Inc1.6%
Visa Inc1.5%
As of 06/30/18
Sector WeightingsFundBenchmark
Information Technology27.6%24.7%
Health Care15.9%13.8%
Consumer Discretionary13.4%13.1%
Consumer Staples8.6%6.2%
Real Estate3.2%3.9%
Telecommunication Services1.9%1.8%
As of 06/30/18
Risk Characteristics*Active M U.S. EquityRussell 3000 Index
Up Market CaptureN/AN/A
Down Market CaptureN/AN/A
Information RatioN/AN/A
*Above risk characteristics are based on a 3-year time period. Inception date of the Fund is May 5, 2016.
DateHoldings File
As of 06/30/18Insert Icon
As of 03/31/18Insert Icon

Fund Characteristics

Number of Holdings195
Portfolio Turnover
68.70% (as of 03/31/18)
Dividend ScheduleQuarterly
Dividend Income Last Quarter$0.0335
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$100,899
BenchmarkRussell 3000 Index
Morningstar CategoryLarge 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.
Management Risk is the risk that a strategy used by the Fund's investment adviser or sub-advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser or subadvisers may cause unintended results.
Mid-Cap Risk: Mid-capitalization stocks typically carry additional risk, since smaller companies generally have higher risk of failure and, historically, their stocks have experienced a greater degree of volatility.
Multi-Manager Risk is the risk that the sub-advisers' investment styles will not always be complementary, which could affect the performance of the Fund.
Portfolio Turnover Risk is the risk that high portfolio turnover is likely to lead to increased Fund expenses that may result in lower investment returns.
Russell 3000® Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization. These companies represent approximately 98% of the investable U.S. equity market. It is not possible to invest directly in an index.
Small-Cap Risk: Small-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure. Their stocks are subject to a greater degree of volatility, trade in lower volume and may be less liquid.
Technology Securities Risk is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices.
Christopher E. Vella, CFA<sup>&reg;</sup>, CIO

Christopher E. Vella, CFA®, CIO

Portfolio Manager

Northern Active M U.S. Equity Fund (NMUSX)
Northern Active M Emerging Markets Equity Fund (NMMEX)
Northern Active M International Equity Fund (NMIEX)
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.

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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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