NMIEX
Active M International Equity Fund
Northern Funds
Expense ratio1
0.86%
Net assets2
$605.83M
Holdings2
495
Category
International Equity
2025 return3
34.88%

Investment objective & strategy

As of July 29, 2025 · prospectus

Objective. The Fund seeks to provide long-term capital appreciation through a diversified portfolio of primarily non-U.S. equity securities. Any income received is incidental to this objective.

Strategy. In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of issuers domiciled outside the U.S. The Fund may invest in companies of any size located in a number of countries throughout the world but primarily invests in companies domiciled in developed markets. The Fund may also invest in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). The Fund may invest up to 40% of its net assets in issuers domiciled in emerging markets (i.e., those that are generally in the early stages of their industrial cycles). The Fund utilizes a multi-manager approach whereby the Funds assets are allocated to one or more sub-advisers, in percentages determined … In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of issuers domiciled outside the U.S. The Fund may invest in companies of any size located in a number of countries throughout the world but primarily invests in companies domiciled in developed markets. The Fund may also invest in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). The Fund may invest up to 40% of its net assets in issuers domiciled in emerging markets (i.e., those that are generally in the early stages of their industrial cycles). The Fund utilizes a multi-manager approach whereby the Funds assets are allocated to one or more sub-advisers, in percentages determined at the discretion of NTI. Each sub-adviser acts independently from the others and utilizes its own distinct investment style in selecting securities. However, each sub-adviser must operate within the constraints of the Funds investment objective, strategies and restrictions. When determining the allocations and reallocations to sub-advisers, NTI will consider a variety of factors, including but not limited to the sub-advisers style, historical performance, and the characteristics of each sub-advisers allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). NTI seeks, through its selection of sub-advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the Fund. From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors, countries and/or geographic regions. As of March 31, 2025, the Fund had focused investments in the financials and industrials sectors, and in the United Kingdom and European Union. The sub-advisers may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.

Top holdings

As of March 31, 2026 · N-PORT
SecurityTickerValue% of fund
Siemens Energy AG NPV SMEGF $12.69M 2.10%
VERISURE HOLDING AB $11.60M 1.92%
TSMC TSMWF $10.20M 1.68%
Northern Institutional Funds GOVT PTFL BNGXX $9.74M 1.61%
Rolls-Royce Holdings PLC ORD GBP0.20 RYCEF $8.45M 1.39%
BAE Systems PLC ORD GBP0.025 BA/ LN $7.31M 1.21%
SEA LTD ADR $6.45M 1.06%
Kering S.A. EUR4 PPRUF $6.06M 1.00%
PHILIP MORRIS INTL INC $5.90M 0.97%
ASML Holding NV - NY Reg Shares $5.86M 0.97%
View all holdings →

Allocation by sector

As of March 31, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Dec 31, 2025 → Mar 31, 2026
Opened
47
Exited
37
Increased
132
Decreased
308
Unchanged
12

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

View portfolio moves →

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Advisers

As of March 31, 2025 · N-CEN
FirmRole
NORTHERN TRUST INVESTMENTS, INC. Adviser
Wellington Management Company LLP Sub-adviser
Victory Capital Management Inc. Sub-adviser
CAUSEWAY CAPITAL MANAGEMENT LLC Sub-adviser
WCM INVESTMENT MANAGEMENT Sub-adviser
Polen Capital Management, L.L.C. Sub-adviser

Footnotes

  1. Expense ratio as of July 29, 2025, from the fund's prospectus.
  2. Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
  3. Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).

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