| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 5.58% | 2.38% | 2.38% |
Northern International Equity Fund outperformed its benchmark in Q1 2026 despite challenging market conditions driven by the Iran war escalation. The fund's value-oriented approach proved beneficial as higher valuation stocks lagged while attractively valued names outperformed. The effective closure of the Strait of Hormuz disrupted global commodity supply, causing Brent crude to surge above $100 per barrel and making energy the standout equity sector winner. Artificial intelligence crosscurrents created headwinds for software companies. The fund's overweight to inexpensive stocks and underweight to richly valued names contributed positively to performance, as did exposure to higher momentum stocks and emphasis on quality securities. Stock selection was strongest in Industrials and Energy sectors, though Materials and Information Technology selection detracted. Looking forward, the manager expects continued positive outlook for high-quality, inexpensive securities given current valuation levels and believes the quality focus positions the fund well for shifting economic conditions and ongoing market volatility.
The fund invests in attractively valued, high quality international stocks with positive market sentiment, benefiting from a value and quality approach during periods of market volatility and geopolitical uncertainty.
The manager expects the outlook for high-quality, inexpensive securities to remain positive given current valuation levels and believes the fund's focus on high quality securities is positioned well as economic conditions shift and markets remain volatile.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 11 2026 | 2026 Q1 | - | AI, energy, international, Iran, oil, Quality, value | - | Northern International Equity Fund outperformed in Q1 2026 through value and quality positioning during Iran war-driven market volatility. Energy sector leadership from oil surge above $100 benefited performance while AI headwinds hurt software. Fund's overweight to cheap, high-quality stocks with positive momentum drove outperformance versus benchmark. |
| Feb 5 2026 | 2025 Q4 | NOIGX | AI, financials, international, materials, Quality, value | - | Northern International Equity Fund outperformed in Q4 by focusing on attractively valued, high quality international stocks. Value and quality factors drove outperformance while AI enthusiasm cooled. Strong stock selection in Financials and Materials offset weakness in Consumer sectors. Manager maintains positive outlook for high-quality, inexpensive securities given current valuations. |
| Nov 11 2025 | 2025 Q3 | - | emerging markets, international, Quality, technology, value | - | Northern International Equity Fund outperformed in Q3 2025 with its value-oriented, high-quality approach. Value stocks outperformed while quality detracted as lower-quality names led markets. Strong tech selection and emerging market exposure, particularly AI-related investments in Asia, drove returns. Management remains optimistic on high-quality, attractively valued international securities given current valuations and economic positioning. |
| Jul 31 2025 | 2025 Q2 | - | AI, international, Quality, technology, Trade Policy, value | - | Northern International Equity Fund outperformed in Q2 2025 by investing in high-quality, attractively valued international stocks. Trade policy uncertainty created market turbulence but eventual de-escalation improved sentiment. High momentum exposure contributed positively while quality emphasis was a headwind. Management expects positive outlook for quality, inexpensive securities given current valuations and volatile conditions. |
| Mar 31 2025 | 2025 Q1 | - | emerging markets, Europe, international, momentum, Quality, Trade Policy, value | - | Northern International Equity Fund outperformed in Q1 2025 by investing in attractively valued, high quality international stocks. Value and momentum factors drove outperformance as inexpensive stocks beat expensive counterparts. European and emerging markets outpaced the U.S. The managers remain optimistic on high-quality, inexpensive securities given current valuations and volatile conditions. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilBrent crude oil prices surged above $100 per barrel due to the Iran war and effective closure of the Strait of Hormuz, making energy the standout winner in equity markets during the quarter. |
Oil Energy Commodities Geopolitical Iran |
AICrosscurrents around artificial intelligence was a central market theme throughout the quarter, contributing to headwinds for the software industry along with private credit. |
AI Software Technology | |
ValueThe fund's overweight to inexpensive stocks and underweight to richly valued names contributed positively to performance as higher valuation stocks lagged while those trading at more attractive valuations outperformed. |
Value Valuation Quality | |
QualityThe fund's emphasis on quality proved beneficial as lower quality stocks underperformed during the period. The manager expects the focus on high quality securities to be positioned well as economic conditions shift. |
Quality Fundamentals | |
| 2025 Q4 |
GrowthThe fund seeks long-term growth of capital by investing in growth-oriented common stocks using a quantitative formula. The Growth Strategy identifies stocks with highest one-year price appreciation that meet specific value and earnings criteria. |
Growth Quantitative Appreciation |
ValueThe fund uses price-to-sales ratio below 1.5 as its value criterion because sales figures are more difficult to manipulate than earnings and provide a clearer picture of company potential value. |
Value Price-to-sales Valuation | |
FinancialsThe fund is currently substantially invested in the Financials sector, with performance tied closely to developments in this industry. Companies may be affected by regulatory changes and interest rate fluctuations. |
Financials Banking Interest Rates | |
| 2025 Q3 |
AIArtificial intelligence narrative gained steam during the quarter, boosting U.S. equities particularly in the broader tech space. Tech-related exposure also bolstered emerging market equities, especially in China and broader Asia. |
Technology Growth Semiconductors |
ValueThe fund focuses on attractively valued, high quality stocks with positive sentiment. Value stocks modestly outperformed lower value names and the market during the quarter, adding to performance. |
Quality Valuation Stock Selection | |
QualityThe portfolio maintains a higher quality posture, though this detracted from active performance as the highest quality quintile was the worst performer during the quarter. The fund's focus on high quality securities is positioned well as economic conditions shift. |
Fundamentals Resilience Risk Management | |
| 2025 Q2 |
Trade PolicyGlobal markets contended with turbulent macroeconomic conditions shaped by evolving U.S. policy initiatives, including reciprocal tariffs and trade talks. Despite de-escalation efforts, elevated tariffs and policy uncertainty continued to reshape the global economic environment. |
Tariffs Trade Policy Global Economic |
AIU.S. equities received a substantial boost from mega cap tech given the resurgence in optimism around AI adoption during the quarter. |
Technology Mega Cap Adoption Optimism | |
QualityThe Fund invests in attractively valued, high quality stocks with positive sentiment. The Fund's emphasis on higher quality stocks was a headwind during this period, as lower quality companies outperformed. |
Stocks Investment Performance Valuation | |
ValueThe Fund focuses on attractively valued securities. During the quarter, inexpensive stocks modestly underperformed both higher valuation peers and the broader market, which weighed on relative performance. |
Valuation Performance Underperform Market | |
| 2025 Q1 |
Trade PolicyPolicy uncertainty was the main surprise for the first quarter, with trade policy as the focal point having potential widespread implications for both global trade and geopolitical relations. This uncertainty weighed on survey-related economic data with perceived risks around lower growth and higher inflation. |
Trade Policy Geopolitical Growth Inflation |
ValueThe strategy invests in attractively valued, high quality stocks with positive sentiment. During the quarter, inexpensive stocks outperformed both their more expensive counterparts and the broader market, contributing positively to performance. The outlook for high-quality, inexpensive securities is expected to remain positive given current valuation levels. |
Value Valuation Inexpensive Quality Outperformance | |
MomentumThe strategy's momentum exposure enhanced results during the quarter, as high momentum stocks delivered stronger returns than the broader market. |
Momentum Returns Exposure Performance |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
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| TICKER | COMMENTARY |
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| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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