NOEMX
Emerging Markets Equity Index Fund
Northern Funds
Index fund
Expense ratio1
0.15%
Net assets2
$2.54B
Holdings2
1224
Category
International Equity
2025 return3
33.65%

Investment objective & strategy

As of July 29, 2025 · prospectus

Objective. The Fund seeks to provide investment results approximating the overall performance of the MSCI Emerging Markets Index (the Index).

Strategy. Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in equity securities, in weightings that approximate the relative composition of the securities included in the Index, in American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), and Global Depositary Receipts (GDRs) representing such securities, and in MSCI Emerging Markets Index futures approved by the Commodity Futures Trading Commission. The Funds common stock investments also include China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange). The Index captures large and mid-cap representation across 24 Emerging Markets countries, as determined by the index provider, and covers approximately 85% of the free float-adjusted market … Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in equity securities, in weightings that approximate the relative composition of the securities included in the Index, in American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), and Global Depositary Receipts (GDRs) representing such securities, and in MSCI Emerging Markets Index futures approved by the Commodity Futures Trading Commission. The Funds common stock investments also include China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange). The Index captures large and mid-cap representation across 24 Emerging Markets countries, as determined by the index provider, and covers approximately 85% of the free float-adjusted market capitalization in each country as of May 30, 2025. As of May 30, 2025, the Index was comprised of 1,206 constituents with market capitalizations ranging from $113.36 million to $794.94 billion. It is rebalanced quarterly. The Fund generally rebalances its portfolio in accordance with the Index. NTI uses a passive or indexing approach to try to achieve the Funds investment objective. Unlike many investment companies, the Fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index as well as in response to subscriptions and redemptions. The Fund generally invests in substantially all of the securities in the Index in approximately the same proportion as the Index (i.e., replication). In certain circumstances, however, the Fund may not hold every security in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses. The Fund intends to be diversified in approximately the same proportion as the Index is diversified. The Fund may become non-diversified, as defined in the Investment Company Act of 1940 (the 1940 Act), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can. Shareholder approval will not be sought if the Fund becomes non-diversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Index. In seeking to track the performance of the Index, 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 China, India and Taiwan, and in the financials and information technology sectors. NTI expects that, under normal circumstances, the quarterly performance of the Fund, before fees and expenses, will track the performance of the Index within a 0.95 correlation coefficient. The Index is created and sponsored by Morgan Stanley Capital International, Inc. (MSCI), as the index provider. MSCI determines the composition and relative weightings of the securities in the Index and publishes information regarding the market value of the Index. MSCI does not endorse any of the securities in the Index. It is not a sponsor of the Emerging Markets Equity Index Fund and is not affiliated with the Fund in any way.

Top holdings

As of March 31, 2026 · N-PORT
SecurityTickerValue% of fund
TSMC TSMWF $333.53M 13.11%
SAMSUNG ELECTRON $127.74M 5.02%
TENCENT $96.87M 3.81%
SK Hynix Inc. KRW5000 HXSCF $71.32M 2.80%
COMMON STOCK BABAF $65.00M 2.55%
VERISURE HOLDING AB $59.13M 2.32%
Northern Institutional Funds GOVT PTFL BNGXX $40.74M 1.60%
COMMON STOCK CICHF $25.15M 0.99%
HDFC Bank Ltd. INR1 HDFCBANK $21.79M 0.86%
RELIANCE INDUSTR $21.25M 0.84%
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
43
Increased
418
Decreased
9
Unchanged
771

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 →

Similar funds

Funds whose portfolios most overlap this one, by weight
FundOverlapNet exp.
Nuveen Emerging Markets Equity Index Fund · TEQKX, TEQSX, TEQPX, TEQLX, TEQHX, TENWX 87% 0.00%
Emerging Markets Equity Fund · TEMUX 64% 0.75%
Empower Emerging Markets Equity Fund · MXENX, MXEOX 50% 0.91%
View all similar funds →

Advisers

As of March 31, 2025 · N-CEN
FirmRole
NORTHERN TRUST INVESTMENTS, INC. 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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