| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 0.5% | 6.5% | 37.5% |
| 2025 |
|---|
| 37.5% |
The Northern International Equity Fund outperformed its benchmark in Q4 2025, delivering 6.5% returns versus 5.2% for the MSCI World ex USA Index. The fund's strategy of investing in attractively valued, high quality stocks with positive sentiment proved effective as higher valuation stocks lagged while attractively valued names outperformed. The fund's overweight position in inexpensive stocks and underweight in richly valued names was a positive contributor, while its focus on higher quality stocks also added value as lower quality stocks underperformed. Stock selection was most effective in Financials and Materials sectors, though gains were partially offset by weaker results in Consumer Staples and Consumer Discretionary. Artificial intelligence remained a central market topic, with investors becoming more critical of AI investment returns. The manager expects continued positive outlook for high-quality, inexpensive securities given current valuation levels and believes the fund is well-positioned as economic conditions shift and markets remain volatile.
The fund invests in attractively valued, high quality international stocks with positive sentiment, benefiting from value and quality factors while maintaining defensive positioning for volatile market conditions.
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 |
|---|---|---|---|---|---|
| Feb 5 2026 | 2025 Q4 | NOIGX | AI, financials, international, materials, Quality, value | - | Artificial intelligence remained a central market topic during the quarter. Investors shifted from broad-based enthusiasm to taking a more critical look at potential returns of AI-related investment plans, leading to more varied performance across the largest tech-related and AI-adjacent companies. The fund's overweight position in inexpensive stocks and underweight in richly valued names was a positive contributor to performance. During the quarter, stocks with higher valuations lagged while those trading at more attractive valuations outperformed. The fund's focus on higher quality stocks added to performance as lower quality stocks marginally underperformed. The manager believes this focus positions the fund well as economic conditions shift and markets remain volatile. |
| Nov 11 2025 | 2025 Q3 | - | emerging markets, international, Quality, technology, value | - | Global equities advanced broadly as resilient economic data and Fed easing supported risk appetite, with AI enthusiasm lifting technology-linked sectors. The funds tilt toward attractively valued, high-quality companies contributed, although high-quality factors lagged in a momentum-driven market. Stock selection was strongest in technology and real estate, aligning with stable fundamentals amid global volatility. |
| Jul 31 2025 | 2025 Q2 | - | fundamentals, International Equities, Quality, valuation, volatility | - | The letter stresses investing in high-quality international equities amid tariff uncertainty, shifting global growth expectations, and currency volatility. Management believes quality balance sheets and attractive valuations provide resilience as economic conditions evolve. The outlook favors disciplined stock selection over macro forecasting as markets remain volatile. |
| Mar 31 2025 | 2025 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q2 |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
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