Please be advised you are now leaving the Northern Funds section and being directed to a site maintained by Northern Trust. Please click OK to continue.
Northern Trust Logo
Equity Index

International Equity Index

TickerNAV AS OF 12/11/18
NOINX$11.29 $0.03 Arrow Up Icon

Find A Fund

Search go
  • Snapshot
  • Performance
  • Portfolio
  • Management
  • Fund Documents
The International Equity Index Fund is a good choice for those moderate risk investors seeking competitive long-term investment returns through a broadly diversified portfolio. The Fund offers a high degree of relative predictability in an uncertain stock market by seeking investment results, before expenses, approximating the aggregate price and dividend performance of the securities included in the MSCI EAFE Index.
Fund Objective
Seeks to Replicate Index

Fund Strategy
  • Passively managed, the Fund seeks to duplicate the investment composition and overall performance of the stocks included in the MSCI EAFE® Index.
  • The MSCI EAFE® Index consists of 21 developed countries, primarily in Europe and Asia.
  • Use proprietary quantitative techniques designed to minimize trading costs.
Investor Profile
If you're a moderate risk investor seeking competitive long-term investment returns through a broadly diversified portfolio, this Fund may be appropriate for you. It offers a high degree of relative predictability in an uncertain stock market by seeking investment results, before expenses, approximating the aggregate price and dividend performance of the securities included in the MSCI EAFE Index.
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 Return-12.55% (as of 12/11/18)
Inception Date03/22/05
Total Net Assets$5,420,666,922 (as of 11/30/18)

Total Returns

Total Returns for Month Ending 11/30/18
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
International Equity Index0.17%-6.97%-9.06%-7.82%4.10%1.83%7.27%3.85%
MSCI EAFE Index-0.13%-7.28%-9.39%-7.94%4.12%1.84%7.47%4.04%
Morningstar Cat. Avg.
Foreign Large Blend

Total Returns

Total Returns for Quarter Ending 09/30/18
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
International Equity Index0.95%1.27%-1.32%2.46%8.97%4.28%5.02%4.53%
MSCI EAFE Index0.87%1.35%-1.43%2.74%9.23%4.42%5.38%4.75%
Morningstar Cat. Avg.
Foreign 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 0.25%. 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 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
International Equity Index0.30%0.25%
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

       2017      2016      2015      2014      2013
International Equity Index25.26%1.11%-0.93%-5.79%21.74%
MSCI EAFE Index25.03%1.00%-0.81%-4.90%22.78%
Morningstar Category Avg. Foreign Large Blend25.12%0.79%-1.59%-4.98%19.44%
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
Nestle SA2.0%
Novartis AG1.4%
Roche Holding Ltd 1.3%
HSBC Holdings PLC1.2%
Royal Dutch Shell PLC 1.1%
BP PLC1.1%
Total SA1.1%
Toyota Motor Corp1.0%
Royal Dutch Shell PLC Class B0.9%
SAP SE0.8%
As of 10/31/18
Sector WeightingsFundBenchmark
Consumer Discretionary11.9%11.9%
Consumer Staples11.6%11.6%
Health Care11.4%11.4%
Information Technology6.7%6.7%
Communication Services3.8%3.8%
Real Estate3.5%3.5%
Top 10 Country WeightingsFundBenchmark
United Kingdom17.8%17.7%
Hong Kong3.4%3.4%
As of 10/31/18
Risk Characteristics*International Equity IndexMSCI EAFE Index
Up Market Capture94.40100.00
Down Market Capture94.80100.00
Information Ratio0.050.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 11/30/18Insert Icon
As of 10/31/18Insert Icon
As of 09/30/18Insert Icon
As of 08/31/18Insert Icon
As of 07/31/18Insert Icon
As of 06/30/18Insert Icon

Fund Characteristics

Number of Holdings927
Portfolio Turnover31.54% (as of 03/31/18)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$56,080
BenchmarkMSCI EAFE Index
Morningstar CategoryForeign Large 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.
International Risk: International investing involves increased risk and volatility.
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 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.
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.

CommentaryFact SheetHoldingsSummary ProspectusProspectus    Statement of Additional InformationAnnual ReportSemi Annual Report
Download PDFDownload PDFDownload ExcelDownload PDFDownload PDFDownload PDFDownload PDFDownload PDF
View AllView All View AllView AllView AllView AllView All

Not FDIC insured | May lose value | No bank guarantee

View investment term definitions

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.

©2018 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.