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Equity Index

Emerging Markets Equity Index

TickerNAV AS OF 03/23/18
NOEMX$12.92  $-0.26 Arrow Down Icon

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Emerging markets exposure may be suitable for those investors who have an above-average tolerance to market volatility and seek a global component to their diversified investment portfolio. Our Emerging Markets Equity Index Fund intends to invest a substantial portion of its total assets in foreign countries that are considered emerging markets. These markets involve additional risks including currency fluctuation, less market liquidity, more market volatility and political instability. The fund may invest more than 25% of it's assets in securities of issuers located in a single foreign country.

Fund Objective
Seeks to Replicate Index
Fund Strategy
  • Select stocks on the basis of quantitative analysis with the aim of producing a portfolio that will approximate the performance of the MSCI Emerging Markets Index.
  • Maintain industry diversification, country weightings, market capitalization and other financial characteristics similar to the Index.
  • Buy and sell securities in response to changes in the Index.
Investor Profile
If you are a long-term investor seeking access to the total return potential of emerging markets equities, this Fund may be right for you. Emerging markets exposure may be appropriate for investors with an above-average tolerance for market volatility who seek a global component for a broadly diversified investment portfolio.
Redemption Fee
2% on shares sold or exchanged within 30 days of purchase
Risk/Reward Potential

Fund Literature

Important risk information can be found on the Portfolio tab.


YTD Total Return0.47% (as of 03/23/18)
Inception Date04/25/06
Total Net Assets$3,263,423,128 (as of 02/28/18)

Total Returns

Total Returns for Month Ending 02/28/18
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Emerging Markets Equity Index-5.24%6.03%2.72%29.40%8.37%4.58%2.04%4.65%
MSCI Emerging Markets Index-4.61%7.05%3.34%30.51%8.97%5.02%2.65%5.50%
Morningstar Cat. Avg.
Diversified Emerging Mkts

Total Returns

Total Returns for Quarter Ending 12/31/17
Month 3-Month YTD 1-Year 3-Year 5-Year 10-Year Since
Emerging Markets Equity Index3.22%7.02%37.34%37.34%8.84%3.86%1.06%4.47%
MSCI Emerging Markets Index3.59%7.44%37.28%37.28%9.10%4.35%1.68%5.29%
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 0.30%. 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. The recent growth rate in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

Annual Expense Ratios

 Gross Expense RatioNet Expense Ratio
Emerging Markets Equity Index0.35%0.31%
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.

Calendar Year Returns

       2017      2016      2015      2014      2013
Emerging Markets Equity Index37.34%10.63%-15.15%-3.34%-3.03%
MSCI Emerging Markets Index37.28%11.19%-14.92%-2.19%-2.60%
Morningstar Category Avg. Diversified Emerging Mkts34.17%8.47%-13.79%-3.01%-0.14%
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
Tencent Holdings Ltd5.6%
Alibaba Group Holding Ltd Sponsored ADR3.8%
Samsung Electronics Co Ltd3.7%
Taiwan Semiconductor Manufacturing Co Ltd3.7%
Naspers Ltd Class N2.2%
China Construction Bank Corp Class H1.6%
Baidu Inc Sponsored ADR 1.2%
Industrial and Commercial Bank of China Ltd1.1%
China Mobile Ltd1.0%
Ping An Insurance (Group) Co of China Ltd 1.0%
% of Portfolio24.9%
As of 02/28/18
Sector WeightingsFundBenchmark
Information Technology27.3%27.3%
Consumer Discretionary9.9%9.9%
Consumer Staples6.3%6.3%
Telecommunication Services4.6%4.6%
Health Care2.8%2.8%
Real Estate2.7%2.7%
Top 10 Country WeightingsFundBenchmark
South Korea14.4%14.5%
South Africa7.1%7.1%
As of 02/28/18
Risk Characteristics*Emerging Markets Equity IndexMSCI Emerging Markets Index
Up Market Capture97.27100.00
Down Market Capture99.82100.00
Information Ratio–0.430.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 02/28/18Insert Icon
As of 01/31/18Insert Icon
As of 12/31/17Insert Icon
As of 11/30/17Insert Icon
As of 10/31/17Insert Icon
As of 09/30/17Insert Icon

Fund Characteristics

Number of Holdings863
Portfolio Turnover30.14% (as of 03/31/17)
Dividend ScheduleAnnually
Dividend Income Last Quarter$0.2236
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$95,483
BenchmarkMSCI Emerging Markets Index
Morningstar CategoryDiversified Emerging Markets
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.
Emerging Markets Risk: Emerging market investing is subject to additional economic, political, liquidity and currency risks not associated with more developed countries.
Index Fund Risk: The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. It is important to remember that there are risks associated with index investing, including the potential risk of market decline, as well as the risks associated with investing in specific companies.
MSCI Emerging Markets IndexSM is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. It is not possible to invest directly in an index.
Steven J. Santiccioli

Steven J. Santiccioli

Portfolio Manager

Northern Emerging Markets Equity Index Fund (NOEMX)
Northern International Equity Index Fund (NOINX)

With Northern Trust Since 2003
Began Career in 1993

Steven J. Santiccioli, Vice President of Northern Trust, manages the Northern Emerging Markets Equity Index Fund and Northern International Equity Index Fund.

Prior to joining Northern Trust in 2003, Mr. Santiccioli was a portfolio manager with Deutsche Bank. Prior to his portfolio manager position at Deutsche, he served as the head of the accounting group for international index portfolios.

Mr. Santiccioli received a B.A. from Bucknell University and an MBA from Fordham University.

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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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