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International Equity

 
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TickerNAV AS OF 07/30/15
NOIGX$9.39 $-0.04 Arrow Down Icon
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Snapshot
For those growth-oriented investors who enjoy the opportunities and portfolio diversification international investing offers, this will be the Fund for you. Our experienced investment team, using research and quantitative analysis, buys securities of a broad mix of international companies that offer the potential for long-term, above-average growth at a reasonable price. Foreign securities may involve additional risks, including social and political instability, reduced market liquidity and currency volatility.
Fund Objective
Capital Appreciation
Fund Strategy
  • Seek outstanding companies through fundamental research that is based on a deep understanding of industry and sector dynamics.
  • Combine creativity in stock analysis and selection with intelligent portfolio construction.
  • Seek to provide consistent results through disciplined risk management.
Investor Profile
If you are a growth-oriented investor who is interested in the opportunities and portfolio diversification international investing offers, you may find this Fund suitable. You should have a more aggressive risk profile and be able to tolerate the above-average volatility and special risks that investing in foreign markets entails.
Redemption Fee
2% on shares sold or exchanged within 30 days of purchase
Risk/Reward Potential
”Risk/Reward
Overall Morningstar RatingTM
Morningstar Rating

Among 668 foreign large blend funds derived from a weighted average of the fund's 3-, 5- and 10-year risk adjusted returns as of 6/30/15.

International Equity received 4 stars for the 3-year rating among 668 foreign large blend funds, 3 stars for the 5-year rating among 584 funds and 4 stars for the 10-year rating among 331 funds.

Past performance is no guarantee of future results. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower.

Star ratings are based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is a weighted average of the 3-, 5-, and 10-year (if applicable) returns. 5 stars = top 10% of funds in an asset category; 4 stars = next 22.5% of funds; 3 stars = next 35%; 2 stars = next 22.5% and 1 star = next 10%. A fund must be in existence three years to be rated. Ratings are subject to change monthly.

©2015 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.

Fund Literature

 
Important risk information can be found on the Portfolio tab.
CUSIP665162509
YTD Total Return4.80% (as of 07/30/15)
Inception Date04/01/94
Total Net Assets$209,072,752 (as of 06/30/15)

Total Returns

Total Returns for Quarter Ending 06/30/15
 Annualized
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Incept.
International Equity-2.68%0.43%5.25%-6.05%12.31%8.99%5.54%4.93%
MSCI EAFE Index-2.83%0.62%5.52%-4.22%11.97%9.54%5.12%5.19%
Morningstar Cat. Avg.
Foreign Large Blend
-2.77%1.12%5.89%-3.28%10.83%8.91%5.15%N/A
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 1.06%. This contractual limitation may not be terminated before July 31, 2016 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
International Equity1.22%1.06%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2016.

Calendar Year Returns

 
       2014      2013      2012      2011      2010
International Equity-7.08%24.12%17.88%-13.10%8.56%
MSCI EAFE Index-4.90%22.78%17.32%-12.14%7.75%
Morningstar Category Avg. Foreign Large Blend-4.98%19.44%18.29%-13.97%10.24%
Performance quoted represents past performance and does not guarantee future results.
Important risk information can be found on the Portfolio tab.
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Portfolio Composition
   
Top 10 HoldingsFund
Novartis AG3.1%
Roche Holding Ltd2.8%
Mitsubishi UFJ Financial Group Inc2.8%
Bank of China Ltd Class H2.7%
Itau Unibanco Holding SA2.6%
Diageo PLC2.5%
Anheuser-Busch InBev SA2.5%
Samsung Electronics Co Ltd2.4%
WPP PLC2.3%
Barclays PLC2.3%
% of Portfolio26.0%
As of 06/30/15
Sector WeightingsFundBenchmark
Financials27.3%26.3%
Consumer Discretionary15.4%13.2%
Industrials12.1%12.6%
Health Care10.5%11.2%
Energy9.6%5.2%
Information Technology8.1%4.7%
Consumer Staples7.4%10.9%
Materials3.8%7.4%
Telecommunication Services3.7%4.9%
Utilities2.1%3.6%
TOTAL100.0%100.0%
   
Top 10 Country WeightingsFundBenchmark
United Kingdom17.2%20.3%
Germany14.4%8.9%
France13.4%9.7%
Japan12.4%22.9%
Switzerland9.1%9.2%
Brazil6.8%0.0%
United States6.7%0.0%
Spain3.3%3.5%
Hong Kong2.8%3.3%
China2.7%0.0%
TOTAL88.8%77.8%
As of 06/30/15
Risk Characteristics*International EquityMSCI EAFE Index
Beta1.101.00
Up Market Capture107.08100.00
Down Market Capture108.47100.00
Information Ratio0.130.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 06/30/15Insert Icon
As of 03/31/15Insert Icon

Fund Characteristics

Number of Holdings59
Portfolio Turnover13.02% (as of 03/31/15)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$68,624
BenchmarkMSCI EAFE Index
Morningstar CategoryForeign Large Blend
Trailing 12-Month Price-to-Earnings Ratio
Fund16.90
Benchmark17.25
Price-to-Book Ratio
Fund1.48
Benchmark1.67
Historical 5-Year Earnings Growth
Fund6.59
Benchmark10.18
Asset Allocation 
Stocks97.9%
Cash2.1%
TOTAL100.0%
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.
International Risk: International investing involves increased risk and volatility.
MSCI EAFE® Index is a free float-adjusted market capitalization index that is designed to measure the equity performance of developed markets, excluding the U.S. and Canada. It is not possible to invest directly in an index.
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Douglas J. McEldowney, CFA<sup>&reg;</sup>, CPA

Douglas J. McEldowney, CFA®, CPA

Portfolio Manager

Northern International Equity Fund (NOIGX)

With Northern Trust Since 2006
Began Career in 1984

Douglas J. McEldowney, Senior Vice President of Northern Trust, manager of the Northern International Equity Fund.

Mr. McEldowney started in the investment industry in 1984, managing portfolios for high net worth and institutional clients as well as mutual funds. He has research experience encompassing private equity, mergers and acquisitions as well as domestic and international equity security analysis. At his predecessor firms, he was a research analyst, investment committee member and senior portfolio manager.

Prior to joining Northern Trust in 2006, Mr. McEldowney served as a Portfolio Manager from 1999 to 2003 at Invesco Funds and from 2003 to 2006 at Franklin Templeton.

Mr. McEldowney received a B.A. from the University of Kentucky and an MBA from Rollins College. He is an active CFA® charterholder and a CPA.

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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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