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|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.|
|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.|
|2% on shares sold or exchanged within 30 days of purchase|
*The Morningstar Sustainability Rating is a measure of how well the companies held by a fund are managing their Environmental, Social and Governance ("ESG") risks and opportunities when compared with similar funds. A fund's Sustainability Rating is assigned in two steps: First, a Morningstar Portfolio Sustainability Score is derived from an asset-weighted average of the underlying company ESG scores with deductions made for holdings involved in controversial incidents. Next, funds are sorted into five normally distributed groups by comparing a fund’s Portfolio Sustainability Score with that of its Morningstar Category peers. The peer groups are assigned as follows: 5 Globe Icons (“High”) = top 10% of funds in an asset category; 4 Globe Icons ("Above Average") = next 22.5% of funds; 3 Globe Icons ("Average") = next 35%; 2 Globe Icons ("Below Average") = next 22.5% and 1 Globe Icon ("Low") = next 10%.
For a portfolio to receive a Morningstar Sustainability Score, at least 50% of its assets must be in one of the more than 4,500 companies covered by Sustainalytics (a research firm which collects ESG data) globally. To receive a Morningstar Sustainability Rating, at least 10 funds in a Morningstar Category must also receive a Portfolio Sustainability Score. The Sustainability Rating is portfolio-based, not performance-based. It should be used alongside traditional risk, return, and style metrics as well as qualitative assessments of a fund's investment process and how well it has been executed over time. Sustainability scores are calculated on a monthly basis and range from 0 to 100, 100 being the best. For more information, visit global.morningstar.com/SustainableInvesting.
As of 3/31/2019, the International Equity Fund received the following: ESG Score 57.97 – Controversy Score 5.68 which equals a Sustainability score 52.29 (13% category rank; 4,829 funds) and a Sustainability Rating of 4 Globe Icons (or "Above Average").
|YTD Total Return||13.44% (as of 11/13/19)|
|Total Net Assets||$203,714,040 (as of 03/31/19)|
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|MSCI World ex USA Index*||0.51%||10.45%||10.45%||-3.14%||7.29%||2.20%||8.82%||5.05%|
|MSCI EAFE Index||0.63%||9.98%||9.98%||-3.71%||7.27%||2.33%||8.96%||4.89%|
|Morningstar Cat. Avg.|
Foreign Large Value
|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 0.50%. 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 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.
*Effective July 31, 2018 the benchmark for the International Equity Fund has changed from MSCI EAFE Index to MSCI World ex USA Index which better aligns with the investment adviser’s view of the developed international equity markets.
|Gross Expense Ratio||Net Expense Ratio‡|
|‡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.|
|MSCI World ex USA Index*||-14.09%||24.21%||2.75%||-3.04%||-4.32%|
|MSCI EAFE Index||-13.79%||25.03%||1.00%||-0.81%||-4.90%|
|Morningstar Category Avg. Foreign Large Value||-15.44%||22.08%||3.34%||-3.10%||-6.32%|
|*Effective July 31, 2018 the benchmark for the International Equity Fund has changed from MSCI EAFE Index to MSCI World ex USA Index which better aligns with the investment adviser’s view of the developed international equity markets.
Performance quoted represents past performance and does not guarantee future results.
|Top 10 Holdings||Fund|
|Royal Dutch Shell PLC Class B||2.4%|
|Roche Holding Ltd||2.3%|
|Toyota Motor Corp||1.6%|
|Lloyds Banking Group PLC||1.4%|
|Australia and New Zealand Banking Group Ltd||1.4%|
|Macquarie Group Ltd||1.2%|
|Top 10 Country Weightings||Fund||Benchmark|
|Risk Characteristics*||International Equity||MSCI World ex USA Index|
|Up Market Capture||88.04||100.00|
|Down Market Capture||90.44||100.00|
|*||Above risk characteristics are based on a 3-year time period|
|Number of Holdings||197|
|Portfolio Turnover||101.53% (as of 03/31/18)|
|Dividend Income Last Quarter||N/A|
|Capital Gain Income Last Quarter||N/A|
|Weighted Average Market Cap ($Mil)||$49,841|
|Benchmark**||MSCI World ex USA Index|
|Morningstar Category||Foreign Large Value|
|**Effective July 31, 2018, the benchmark for the International Equity Fund has changed from the MSCI EAFE Index to the MSCI World ex USA Index.|
|Trailing 12-Month Price-to-Earnings Ratio|
|Historical 5-Year Earnings Growth|
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.
Not FDIC insured | May lose value | No bank guarantee
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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