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International Equity

 
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TickerNAV AS OF 05/24/17
NOIGX$9.65 $0.01 Arrow Up Icon
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Snapshot
The International Equity Fund is designed to identify and efficiently exploit short term market inefficiencies using quality, value, and momentum factors to deliver alpha through a disciplined, systematic process. The Fund is designed to create a portfolio with similar risk, style, capitalization and industry characteristics as the MSCI EAFE Index. The investment management team attempts to achieve the Fund's objective by overweighting those stocks that it believes will outperform the Index and underweighting those stocks that it believes will underperform the Index.
Fund Objective
Capital Appreciation
Fund Strategy
  • Use a proprietary, multi-factor quantitative stock selection model with the goal of providing excess return relative to the MSCI EAFE Index.
  • Create a portfolio with risk, style, capitalization and characteristics similar to the MSCI EAFE Index while seeking to provide excess returns by overweighting or underweighting stocks in line with the Fund's philosophy.
  • Actively manage portfolio based on relative attractiveness across valuation, sentiment and earnings quality criteria.
Investor Profile
The Fund may be suitable for investors seeking potential for capital appreciation and portfolio diversification offered by investing in international securities. In addition, investing in non-U.S. markets may involve greater risks and above-average volatility.
Redemption Fee
2% on shares sold or exchanged within 30 days of purchase
Risk/Reward Potential
”Risk/Reward

Fund Literature

 
Important risk information can be found on the Portfolio tab.

 

CUSIP665162509
YTD Total Return14.20% (as of 05/24/17)
Inception Date04/01/94
Total Net Assets$162,903,680 (as of 04/30/17)

Total Returns

Total Returns for Month Ending 04/30/17
 Annualized
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Incept.
International Equity2.76%7.13%10.18%13.51%-0.81%5.96%1.14%4.63%
MSCI EAFE Index2.54%6.87%9.97%11.29%0.86%6.78%0.87%4.96%
Morningstar Cat. Avg.
Foreign Large Blend
2.70%7.04%10.65%12.00%1.01%5.94%0.90%N/A

Total Returns

Total Returns for Quarter Ending 03/31/17
 Annualized
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Incept.
International Equity3.19%7.22%7.22%13.32%-0.99%4.90%1.27%4.53%
MSCI EAFE Index2.75%7.25%7.25%11.67%0.50%5.83%1.05%4.87%
Morningstar Cat. Avg.
Foreign Large Blend
2.98%7.74%7.74%10.88%0.40%5.02%0.96%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 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, extraordinary expenses and interest) to the extent the "Total Annual Fund Operating Expenses" exceed 0.50%. The "Total Annual Fund Operating Expenses After Expense Reimbursement" may be higher than the contractual limitation as a result of the excepted expenses that are not reimbursed. This contractual limitation may not be terminated before January 1, 2018 without the approval of the Board of Trustees.

Annual Expense Ratios

 
 Gross Expense RatioNet Expense Ratio
International Equity1.22%0.52%
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.

Calendar Year Returns

 
       2016      2015      2014      2013      2012
International Equity3.90%-5.96%-7.08%24.12%17.88%
MSCI EAFE Index1.00%-0.81%-4.90%22.78%17.32%
Morningstar Category Avg. Foreign Large Blend0.79%-1.59%-4.98%19.44%18.29%
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
Roche Holding Ltd 2.4%
Siemens AG1.9%
Sanofi1.9%
Royal Dutch Shell PLC Class B1.7%
Unilever NV CVA1.7%
BNP Paribas SA 1.6%
BASF SE1.6%
Australia and New Zealand Banking Group Ltd1.5%
Diageo PLC1.5%
Toyota Motor Corp1.3%
% of Portfolio17.1%
As of 04/30/17
Sector WeightingsFundBenchmark
Financials21.5%21.4%
Industrials14.7%14.5%
Consumer Discretionary12.9%12.4%
Consumer Staples11.2%11.4%
Health Care10.4%10.7%
Materials8.0%7.8%
Information Technology5.5%5.7%
Energy4.5%4.8%
Telecommunication Services4.2%4.3%
Real Estate3.9%3.7%
Utilities3.2%3.3%
TOTAL100.0%100.0%
   
Top 10 Country WeightingsFundBenchmark
Japan23.4%23.1%
United Kingdom17.1%17.8%
France11.7%10.5%
Germany8.8%9.5%
Switzerland7.5%8.8%
Australia6.4%7.4%
Spain4.1%3.4%
Netherlands3.0%3.5%
Hong Kong3.0%3.5%
Sweden2.8%2.9%
TOTAL87.8%90.4%
As of 04/30/17
Risk Characteristics*International EquityMSCI EAFE Index
Beta1.051.00
Up Market Capture94.07100.00
Down Market Capture104.00100.00
Information Ratio–0.410.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 03/31/17Insert Icon
As of 12/31/16Insert Icon

Fund Characteristics

Number of Holdings214
Portfolio Turnover12.78% (as of 03/31/16)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$46,097
BenchmarkMSCI EAFE Index
Morningstar CategoryForeign Large Blend
Trailing 12-Month Price-to-Earnings Ratio
Fund14.63
Benchmark18.51
Price-to-Book Ratio
Fund1.51
Benchmark1.67
Historical 5-Year Earnings Growth
Fund8.47
Benchmark5.47
Asset Allocation 
Stocks96.7%
Cash3.3%
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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Mark C. Sodergren, CFA<sup>&reg;</sup>

Mark C. Sodergren, CFA®

Portfolio Manager

Northern International Equity Fund (NOIGX)
Northern Large Cap Core Fund (NOLCX)
Northern Large Cap Value Fund (NOLVX)

With Northern Trust Since 2007
Began Career in 1995

Mark C. Sodergren, Senior Vice President of Northern Trust, is Head of the Quantitative Active Equity team responsible for research and implementation of several quantitative equity strategies. He currently manages the Northern International Equity Fund, Northern Large Cap Core Fund and is a co-manager of the Northern Large Cap Value Fund.

Before joining Northern Trust in 2007, Mr. Sodergren was a portfolio manager at Barclays Global Investors focused on active U.S. large cap strategies. Prior to this, he spent six years at Citigroup Asset Management as a portfolio manager and researcher focused on both active international and domestic portfolios.

Mr. Sodergren received a B.A. in quantitative economics and decision sciences from the University of California, San Diego and an MBA from the University of Chicago. He is an active CFA® charterholder and member of the Chicago Quantitative Alliance.

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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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