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Active M International Equity

 
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TickerNAV AS OF 01/21/20
NMIEX$10.99 $-0.08 Arrow Down Icon
 
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Snapshot
The Active M International Equity Fund is a good choice for those long-term investors who enjoy diversifying their portfolio by pursuing the growth potential of international stocks. The Fund utilizes a "multi-manager" approach whereby the Fund's assets are allocated to one or more sub-advisers, in percentages determined at the discretion of the Fund's investment adviser. Each sub-adviser acts independently from the others and utilizes its own distinct investment style in selecting securities while seeing long-term capital appreciation. Any income received is incidental to the Fund's objective.

Fund Objective
Capital Appreciation
Fund Strategy
  • Invest in companies of any size throughout the world, but primarily in developed markets and generally in securities similar to those in the MSCI World ex USA IM Index.
  • 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 international equity market.
Investor Profile
If you're a long-term investor looking to diversify your investments by pursuing the growth potential of international stocks, then this Fund may be right for you. It is intended for investors who are aware that foreign markets may involve additional risks, such as social and political instability, reduced market liquidity, and currency volatility.
Redemption Fee
2% on shares sold or exchanged within 30 days of purchase
Risk/Reward Potential
”Risk/Reward
Sub-Adviser Allocations

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

SUB-ADVISERTARGET ALLOCATION*ROLE IN PORTFOLIO
WCM Investment Management
 30% A concentrated large-cap growth manager focusing on companies that possess a durable and growing competitive advantage.
Wellington Management Company LLP 30% A large-cap to mid-cap, contrarian value approach with a focus on companies trading at significant discount to current market price and strong balance sheets.
Causeway Capital Management LLC 20% A fundamental, bottom-up, value manager. The portfolio is relatively concentrated with a preference toward yield and risk-adjusted rates of return.
Brandes Investment Partners, LP 10% A small/mid-cap manager following a traditional 'Graham and Dodd,' bottom-up, value approach.
Victory/Trivalent 10% A diversified, small-cap specialist manager with positive exposure to momentum and value.
*Actual allocations may vary.
      Important risk information can be found on the Portfolio tab.

       
      CUSIP665162558
      YTD Total Return-0.27% (as of 01/21/20)
      Inception Date06/22/06
      Total Net Assets$916,024,905 (as of 03/31/19)

      Total Returns

      Total Returns for Quarter Ending 03/31/19
       Annualized
          Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
      Incept.
      Active M International Equity-0.29%9.38%9.38%-5.40%6.90%1.50%7.15%2.47%
      MSCI World ex USA IM Index0.43%10.52%10.52%-3.97%7.29%2.40%9.23%3.87%
      Morningstar Cat. Avg.
      Foreign Large Blend      		0.70%10.24%10.24%-5.01%6.62%2.10%8.43%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 0.84%. 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 contractual expense reimbursements, 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 International Equity0.91%0.85%
      ‡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

       
             2018      2017      2016      2015      2014
      Active M International Equity-13.74%29.05%-1.16%-5.15%-5.81%
      MSCI World ex USA IM Index-14.68%25.17%2.95%-1.95%-4.45%
      Morningstar Category Avg. Foreign Large Blend-14.59%25.12%0.79%-1.59%-4.98%
      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
      Takeda Pharmaceutical Co Ltd1.4%
      Shopify Inc 1.4%
      Royal Dutch Shell PLC Class B1.4%
      Keyence Corp1.3%
      Accenture PLC 1.3%
      CSL Ltd1.3%
      Total SA1.2%
      Canadian Pacific Railway Ltd1.2%
      Experian PLC1.2%
      LVMH Moet Hennessy Louis Vuitton SE1.2%
      As of 03/31/19
      Sector WeightingsFundBenchmark
      Financials19.3%19.3%
      Industrials14.8%14.9%
      Consumer Discretionary12.2%10.6%
      Information Technology10.2%6.7%
      Health Care9.3%10.0%
      Materials7.9%8.0%
      Communication Services7.8%5.1%
      Energy7.5%6.7%
      Consumer Staples7.0%10.5%
      Real Estate2.1%4.8%
      Utilities1.9%3.5%
         
      Top 10 Country WeightingsFundBenchmark
      Japan18.5%22.6%
      United Kingdom17.6%15.8%
      France9.0%9.1%
      United States7.9%0.0%
      Switzerland6.8%7.5%
      Germany5.5%7.4%
      Canada4.7%9.1%
      China4.0%0.0%
      South Korea3.5%0.0%
      Italy3.3%2.3%
      As of 03/31/19
      Risk Characteristics*Active M
      International Equity      		MSCI World
      ex USA IM Index
      Beta0.971.00
      Up Market Capture91.88100.00
      Down Market Capture93.92100.00
      Information Ratio–0.160.00
      *Above risk characteristics are based on a 3-year time period
      DateHoldings File
      As of 03/31/19Insert Icon
      As of 12/31/18Insert Icon

      Fund Characteristics

      Number of Holdings454
      Portfolio Turnover65.70% (as of 03/31/18)
      Dividend ScheduleAnnually
      Dividend Income Last QuarterN/A
      Capital Gain Income Last QuarterN/A
      Weighted Average Market Cap ($Mil)$49,872
      BenchmarkMSCI World ex USA IM Index
      Morningstar CategoryForeign Large Blend
      Trailing 12-Month Price-to-Earnings Ratio
      Fund13.99
      Benchmark14.93
      Price-to-Book Ratio
      Fund1.37
      Benchmark1.64
      Historical 5-Year Earnings Growth
      Fund8.98
      Benchmark10.04
      Asset Allocation 
      Stocks95.3%
      Cash4.7%
      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.
      International Risk: International investing involves increased risk and volatility.
      MSCI World ex USA IM Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. It captures large, mid and small cap representation across 22 developed markets, excluding the United States, and covers approximately 99% of the free float-adjusted market capitalization in each country. It is not possible to invest directly in an Index.
      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.
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        Christopher E. Vella, CFA<sup>&reg;</sup>, CIO

        Christopher E. Vella, CFA®, CIO

        Portfolio Manager

        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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