| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.23% | 4.58% | 4.58% |
Northern Small Cap Value Fund returned 4.58% in Q1 2026, underperforming the Russell 2000 Value Index which gained 4.96%. The quarter was marked by geopolitical tensions in the Middle East driving oil prices higher and widening credit spreads on concerns about private credit leverage and slowing growth. Energy was the best performing sector while Consumer Discretionary lagged. The fund's underperformance was driven by weak stock selection in Health Care and Materials, which offset strong performance in Industrials and Utilities. Within their quantitative model, BUY-rated stocks outperformed while SELL-rated names underperformed as expected, but HOLD-rated selections detracted from returns. Looking ahead, the fund maintains its disciplined value approach, seeking reasonably priced but profitable small companies while avoiding lower quality names. The strategy emphasizes balancing return, risk, and transaction costs through their systematic investment process.
Disciplined value investing in small-cap stocks, focusing on reasonably priced but profitable companies while avoiding lower quality names.
The fund will continue to seek out more reasonably priced, but profitable, small-company stocks and avoid lower quality companies, applying their disciplined cost- and risk-efficient investment strategy.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 11 2026 | 2026 Q1 | - | credit, energy, Russell 2000, small caps, value | - | Northern Small Cap Value Fund underperformed in Q1 2026 despite Energy sector strength from higher oil prices. Weak stock selection in Health Care and Materials offset gains in Industrials and Utilities. The fund maintains its disciplined value approach, targeting reasonably priced profitable small-cap companies while avoiding lower quality names. |
| Feb 5 2026 | 2025 Q4 | NOSGX | healthcare, industrials, small cap, technology, value | - | Northern Small Cap Value Fund underperformed its benchmark in Q4 2025, returning 2.62% versus 3.26% for the Russell 2000 Value Index. Mixed stock selection and underweight positioning in volatile, low-profitability names created headwinds. The fund maintains its disciplined value approach, focusing on reasonably priced, profitable small-cap companies while avoiding lower quality names. |
| Nov 11 2025 | 2025 Q3 | - | financials, healthcare, materials, Russell 2000, small cap, value | - | Northern Small Cap Value Fund underperformed Russell 2000 Value Index in Q3 despite strong small-cap value market performance. Fund's disciplined approach of avoiding volatile, low-profitability names created headwinds as these segments outperformed. Management maintains long-term focus on reasonably priced, profitable small-cap companies while avoiding lower quality names. |
| Jul 31 2025 | 2025 Q2 | - | financials, healthcare, small caps, technology, value | - | Northern Small Cap Value Fund underperformed in Q2 2025 as volatile, low-profitability names outperformed, creating headwinds for the fund's quality-focused value approach. Strong Financials and Health Care selection was offset by Technology and Communication Services weakness. The fund maintains its disciplined strategy of targeting profitable, reasonably priced small-caps while avoiding lower quality companies. |
| Mar 31 2025 | 2025 Q1 | - | financials, healthcare, profitability, small cap, technology, value | - | Northern Small Cap Value Fund outperformed its benchmark in Q1 2025 through strong stock selection in healthcare, technology, and financials, despite market volatility from tariff concerns. The fund's focus on profitable companies with higher margins and return on equity drove relative outperformance, maintaining its disciplined value approach targeting reasonably priced, quality small-cap stocks. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilOil prices rose sharply during the quarter due to geopolitical conflict in the Middle East, benefiting the Energy sector which was the best performing sector in the Russell 2000 Value Index. |
Oil Energy Geopolitics |
Credit StressCredit spreads widened as investors weighed slowing growth prospects and potential negative spillover effects from leverage in the private credit space. |
Credit Spreads Private Credit | |
ValueThe fund continues its disciplined value approach, seeking reasonably priced but profitable small-company stocks while avoiding lower quality companies. |
Value Small Caps Quality | |
| 2025 Q4 |
DividendsThe fund invests approximately 50% of its assets in the 10 highest dividend-yielding Dow Jones Industrial Average stocks, known as the Dogs of the Dow strategy. The fund systematically selects stocks based on annualized dividend yields and holds them for one-year periods before rebalancing. |
Dividend Yield Dogs of the Dow Income DJIA Systematic |
Risk AppetiteThe fund limits exposure to market risk and volatility by investing approximately 50% of its assets in U.S. Treasury securities with maturity of less than one year. This balanced approach aims to provide both capital appreciation and current income while managing downside risk. |
Risk Management Treasury Securities Balanced Volatility Defensive | |
| 2025 Q3 |
ValueThe fund continues its disciplined value approach, seeking reasonably priced but profitable small-company stocks while avoiding lower quality companies. The strategy focuses on balancing return, risk, and transaction costs. |
Value Investing Profitability Quality Discipline Risk Management |
Small CapsThe fund invests in small-cap value stocks, tracking the Russell 2000 Value Index. Performance was impacted by the outperformance of highly volatile names with low profitability, which the fund typically avoids. |
Small Cap Russell 2000 Volatility Market Cap Benchmark | |
| 2025 Q2 |
ValueThe fund continues its disciplined value approach, seeking reasonably priced but profitable small-company stocks while avoiding lower quality companies. Value stocks underperformed growth during the quarter as highly volatile names with low profitability outperformed. |
Value Investing Profitability Quality Disciplined Undervalued |
Small CapsThe Russell 2000 Value Index finished the quarter sharply higher but trailed larger cap indices and growth. The fund focuses on small-company stocks while managing the inherent risks of smaller companies including limited resources and lower trading volumes. |
Russell 2000 Small Companies Market Cap Volatility Liquidity | |
| 2025 Q1 |
ValueThe fund continues its disciplined value approach, seeking reasonably priced but profitable small-company stocks while avoiding lower quality companies. The strategy focuses on companies with higher profit margins and return on equity, with profitability being a key driver of positive relative returns. |
Value Investing Profitability Quality Small Cap Margins |
| 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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| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
