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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Northern Funds International Equity Fund delivered strong performance of 6.19% in Q3 2025, outperforming its MSCI World ex USA benchmark. The fund continues to favor high-quality, inexpensive securities to navigate ongoing market volatility."
Northern Funds International Equity Fund (NOIGX) outperformed its benchmark, the MSCI World ex USA Index, in the quarter ending September 30, 2025, delivering a 6.19% return compared to the index's 5.33%. The quarter was marked by resilient global economic activity despite U.S. labor market deceleration, prompting the first Fed rate cut of 2025. Emerging markets led global equities, bolstered by tech-related exposure in China and broader Asia. The Fund's performance was aided by its exposure to value stocks, which modestly outperformed. However, its higher-quality posture and momentum exposure detracted from performance, as the highest-quality quintile and momentum names lagged. Stock selection was strongest in Information Technology and Real Estate, and weakest in Materials, Industrials, and Energy. The managers expect the outlook for high-quality, inexpensive securities to remain positive.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Northern Funds International Equity Fund delivered strong performance of 6.19% in Q3 2025, outperforming its MSCI World ex USA benchmark. The fund continues to favor high-quali...
Growth Outlook
Market outlook remains above average conviction: The Northern Funds International Equity Fund delivered strong performance of 6.19% in Q3 2025, outperforming its MSCI World ex USA benchmark. The fund continues to favor high-quali...
Risk Appetite
Risk appetite posture is moderate conviction: The Northern Funds International Equity Fund delivered strong performance of 6.19% in Q3 2025, outperforming its MSCI World ex USA benchmark. The fund continues to favor high-quali...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Northern Funds International Equity Fund delivered strong performance of 6.19% in Q3 2025, outperforming its MSCI World ex USA benchmark. The fund continues to favor high-quali...
Forward Guidance
Forward guidance signal: The Northern Funds International Equity Fund delivered strong performance of 6.19% in Q3 2025, outperforming its MSCI World ex USA benchmark. The fund continues to favor high-quali...
Language Signal
Tone analysis indicates above average conviction language: The Northern Funds International Equity Fund delivered strong performance of 6.19% in Q3 2025, outperforming its MSCI World ex USA benchmark. The fund continues to favor high-quali...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The Northern Funds International Equity Fund delivered strong performance of 6.19% in Q3 2025, outperforming its MSCI World ex USA benchmark. The fund continues to favor high-quali...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Northern Funds International Equity Fund delivered strong performance of 6.19% in Q3 2025, outperforming its MSCI World ex USA benchmark. The fund continues to favor high-quali...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Northern Funds International Equity Fund delivered strong performance of 6.19% in Q3 2025, outperforming its MSCI World ex USA benchmark. The fund continues to favor high-quali...
