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Multi-Manager Global Real Estate

TickerNAV AS OF 12/01/21
NMMGX$12.84 $-0.12 Arrow Down Icon

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The Multi-Manager Global Real Estate Fund may be a good choice for those long-term investors looking to diversify their portfolio by pursuing the growth potential of global real estate. Our approach blends specialist managers from a broad universe of external global real estate managers into a single fund. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities while seeking long-term capital appreciation and current income.
Fund Objective
Capital Appreciation and Current Income
Fund Strategy
  • Invest at least 80% of net assets in global real estate equities, primarily in real estate investment trusts (REITs).
  • Select complementary managers from a broad universe of investment managers.
  • Blend managers into a single fund in an effort to provide an attractive combination of risk/return.
Investor Profile
If you're a long-term investor looking to diversify your investments by pursuing the growth potential of global real estate, 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.

Investing in real estate equities involves special risks linked to the real estate market, including declines in the value of real estate, changes in the value of the underlying property, and defaults by borrowers. Foreign investing entails the risk that returns may be reduced by currency fluctuations.
Redemption Fee
2% on shares sold or exchanged within 30 days of purchase
Risk/Reward Potential
Sub-Adviser Allocations

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

Massachusetts Financial Services Company 60% High conviction, value-oriented portfolio with a quality bias. Bottom-up, fundamental driven portfolio focused on cash flow and NAV per share growth. Seeks companies where these characteristics are underappreciated, or developing, with the expectation they should outperform over the long run.
Brookfield Public Securities Group LLC 40% A concentrated value-based approach which focuses on under-followed and out-of-favor real estate securities. The portfolio should exhibit slightly higher volatility than the market, while yield and valuation characteristics are generally below that of the index.
*Actual allocations may vary.
YTD Total Return19.04% (as of 12/01/21)
Inception Date11/19/08
Total Net Assets$98,930,141 (as of 03/31/19)

Total Returns

Total Returns for Quarter Ending 03/31/19
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Multi-Manager Global
Real Estate
Developed Index
Morningstar Cat. Avg.
Global Real Estate
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 0.91%. 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
Multi-Manager Global Real Estate1.04%0.92%
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
Multi-Manager Global Real Estate-4.57%9.67%4.30%-0.92%11.72%
FTSE EPRA/NAREIT Developed Index-5.63%10.36%4.06%-0.79%15.02%
Morningstar Category Avg. Global Real Estate-7.11%15.12%1.97%-0.92%11.67%
Portfolio Composition
Top 10 HoldingsFund
Public Storage3.9%
AvalonBay Communities Inc3.4%
Simon Property Group Inc3.4%
Mid-America Apartment Communities Inc3.3%
Prologis Inc2.8%
Welltower Inc2.7%
Link Real Estate Investment Trust2.4%
Vonovia SE1.8%
Alexandria Real Estate Equities Inc1.8%
Unibail-Rodamco-Westfield Stapled Secs Cons of 1 S1.7%
As of 03/31/19
Industry WeightingsFund   Benchmark
Residential REITs15.5%11.7%
Retail REITs14.4%18.9%
Industrial REITs11.8%8.7%
Office REITs11.2%12.3%
Specialized REITs10.7%7.4%
Real Estate Operating Companies9.8%9.9%
Diversified REITs8.7%9.4%
Health Care REITs7.2%7.3%
Diversified Real Estate Activities6.7%8.4%
Hotel & Resort REITs3.0%3.7%
Real Estate Development0.6%1.9%
Mortgage REITs0.2%0.0%
Health Care Facilities0.0%0.2%
Hotels Resorts & Cruise Lines0.0%0.1
Top 10 Country WeightingsFundBenchmark
United States53.1%53.1%
Hong Kong7.1%8.4%
United Kingdom6.9%4.6%
As of 03/31/19
Risk Characteristics*Multi-Manager Global Real EstateFTSE EPRA/NAREIT Developed Index
Up Market Capture95.81100.00
Down Market Capture89.47100.00
Information Ratio0.490.00
*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 Holdings102
Portfolio Turnover144.67% (as of 03/31/18)
Dividend ScheduleQuarterly
Dividend Income Last Quarter$0.0700
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$15,683
BenchmarkFTSE EPRA/NAREIT Developed Index**
Morningstar CategoryGlobal Real Estate
**Effective December 1, 2017, the benchmark for the Multi-Manager Global Real Estate Fund has changed from the FTSE EPRA/NAREIT Global Index to the FTSE EPRA/NAREIT Developed Index which is a better representative of the Fund’s composition.
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.
REIT/Real Estate Risk: Investments in the Fund are subject to the risks related to direct investment in real estate, such as real estate risk, regulatory risks, concentration risk, and diversification risk. Investments in REITs involve certain additional unique risks. By itself the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investments.
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.
Christopher E. Vella, CFA<sup>&reg;</sup>, CIO

Christopher E. Vella, CFA®, CIO

Portfolio Manager

Northern Active M Emerging Markets Equity Fund (NMMEX)
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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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