| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.41% | 4.62% | 4.62% |
The Northern Active M Emerging Markets Equity Fund outperformed the MSCI Emerging Markets Index by 479 basis points in Q1 2026, returning 4.62% versus the benchmark's -0.17%. The quarter was marked by heightened volatility from Middle East conflict, creating divergent regional performance. Commodity-rich markets like Brazil, Peru, and Saudi Arabia surged on higher oil and commodity prices. Taiwan and South Korea gained significantly as semiconductor and technology companies benefited from continued AI investment and a cyclical recovery in memory and advanced logic chips. Conversely, energy-importing economies like India and Indonesia declined sharply, while China fell on persistent consumption weakness and real estate sector struggles. The fund's outperformance came from strong stock selection across consumer discretionary, communications services, information technology, materials, and financials sectors. Geographic positioning was mixed, with value added in South Korea, Mexico, Peru, and Turkey, plus beneficial underweights to China and India. However, underweights to Taiwan and overweights to Indonesia detracted from performance. All sub-advisers outperformed the benchmark during the quarter.
The fund seeks to outperform emerging markets through active stock selection across sectors and countries, with sub-advisers providing specialized regional expertise.
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 11 2026 | 2026 Q1 | - | AI, China, commodities, emerging markets, oil, semiconductors, Taiwan, technology | - | Northern's emerging markets fund outperformed by 479bp in Q1 2026 through superior stock selection across multiple sectors. Geopolitical volatility created regional divergence, with commodity exporters outperforming while energy importers declined. AI-driven semiconductor recovery boosted Taiwan and Korea. China weakness from consumption and real estate headwinds. Strong sub-adviser performance across the board. |
| Feb 5 2026 | 2025 Q4 | NMMEX | China, commodities, emerging markets, semiconductors, South Korea, Taiwan | - | Northern's emerging markets fund outperformed in Q4 2025 through strong South Korean semiconductor stock selection and underweighting China. Multiple sub-adviser approach delivered 34.14% annual returns versus 33.57% benchmark. Rising commodities helped Latin American and African positions while Taiwan underweight hurt performance. |
| Nov 11 2025 | 2025 Q3 | BABA | AI, China, commodities, emerging markets, materials, Mining, semiconductors, technology | - | The fund outperformed emerging markets in Q3 2025 by capitalizing on AI-driven semiconductor strength in Taiwan and South Korea while benefiting from commodity price rises through South Africa and Peru exposure. Strategic underweighting of high-valued India added value, though China underweighting and missed opportunities like Alibaba's AI rally hurt performance. |
| Jul 31 2025 | 2025 Q2 | - | AI, Brazil, China, emerging markets, India, semiconductors, South Korea, Taiwan | - | Northern's emerging markets fund slightly outperformed in Q2 2025 through superior country allocation, particularly underweighting China while overweighting Greece and Mexico. AI-driven semiconductor demand boosted Taiwan and South Korea, though the fund's underweight to Taiwanese semis hurt. Multiple sub-advisers delivered mixed results with strong China and Brazil selection offset by weak India performance. |
| Mar 31 2025 | 2025 Q1 | - | AI, China, emerging markets, India, Performance, Underweight | - | Northern's emerging markets fund underperformed due to underweight China exposure, missing the country's 15% rally driven by stimulus and AI optimism. Multi-manager structure showed divergent China views based on fundamentals versus governance concerns. Brazil overweight helped offset some weakness from poor selection in India and other Asian markets. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Semiconductor CycleTaiwan and South Korea gained on the back of large cap semiconductor and technology companies that benefited from continued artificial intelligence related investment and a cyclical recovery in memory and advanced logic chips. |
Memory Logic Taiwan Korea |
AILarge cap semiconductor and technology companies benefited from continued artificial intelligence related investment, driving gains in Taiwan and South Korea markets. |
Investment Technology Semiconductors | |
OilOil and commodity rich nations such as Brazil and Peru in Latin America, and Saudi Arabia in the Middle East, rose on higher commodities prices during the quarter. |
Commodities Brazil Peru Saudi Arabia | |
| 2025 Q4 |
Healthcare ITCareCloud helps smaller U.S. health practices manage data and collect payments. High switching costs lock in practices but also lock out competitors. Most RCMs have high fixed costs and too few clients, creating consolidation opportunities for CareCloud to buy cheaply and cut costs. |
RCM EHR Healthcare Consolidation Switching Costs |
CementICG owns cement plants in Kazakhstan and Tajikistan with significant energy and transport cost advantages. Newest dry process plants with heat recovery versus competitors' older wet process plants. Strategic locations 100km closer to customers than competitors. |
Energy Efficiency Transport Kazakhstan Dry Process Cost Advantage | |
ConstructionCTR Holdings builds structural frames and handles finishing work in Singapore. Most projects are public with stable government payments guaranteeing cash flow. Company had significant net cash and signed project backlog. |
Singapore Government Cash Flow Backlog Public Projects | |
| 2025 Q3 |
AIChinese internet-related stocks and semiconductor stocks in South Korea and Taiwan benefited from euphoric sentiment towards artificial intelligence. Alibaba rallied on announcement of manufacturing its own chips as well as AI platform. |
Semiconductors Internet Chips |
SemiconductorsSemiconductor stocks in South Korea and Taiwan performed strongly during the quarter. Stock selection strength was exhibited through semiconductor exposure in Taiwan and South Korea, with sub-advisers adding value through exposure to semiconductor stocks. |
Taiwan South Korea Technology | |
CommoditiesRising commodity prices, particularly gold, copper and platinum, supported mining stocks and strong returns in South Africa and Peru. Materials sector led with 23.99% return. |
Gold Copper Platinum Mining | |
| 2025 Q2 |
AISurging artificial intelligence and high performance computing semiconductor chips demand supported semiconductor stocks in Taiwan and South Korea during the quarter. |
Semiconductors Taiwan South Korea Computing |
SemiconductorsSemiconductor stocks in Taiwan and South Korea benefited from surging demand for AI and high performance computing chips, contributing to strong performance in these markets. |
AI Computing Taiwan South Korea Chips | |
| 2025 Q1 |
ChinaChina was buoyed by government stimulus measures announced in December, positive economic indicator readings including a fourth quarter YoY GDP of +5.4%, and optimism around domestic AI capabilities after DeepSeek released its lower-cost AI model. The strong return in China negatively impacted results of sub-advisers who were underweight due to negative business fundamentals trajectory and corporate governance concerns. |
Stimulus GDP AI DeepSeek |
AIOptimism around domestic AI capabilities in China emerged after DeepSeek released its lower-cost AI model, contributing to positive sentiment in Chinese markets during the quarter. |
DeepSeek China Technology |
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