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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Northern Large Cap Value Fund posted 10.52% in Q2 2026 but underperformed its benchmark as high-quality value stocks lagged despite broad value outperformance. Semiconductors like MU and INTC surged over 200% on AI demand and memory shortages."
The Northern Large Cap Value Fund underperformed its benchmark in Q2 2026 despite strong absolute gains of 10.52%, trailing the Russell 1000 Value Index which returned 13.87%. The quarter was characterized by significant outperformance in Information Technology, particularly semiconductors like MU and INTC which benefited from AI buildout and memory chip shortages, recording over 200% annualized returns. While value stocks broadly outperformed non-value stocks in the quarter, the fund's emphasis on high-quality characteristics detracted from relative performance. The macroeconomic backdrop remained challenging with persistent inflation above the Fed's target driven by tariffs and services inflation, prompting the Fed to maintain a hawkish stance with unchanged rates. Labor markets softened modestly with unemployment rising toward the low-4% range. Looking ahead, the manager maintains conviction in their quality-value approach, believing investors will continue to favor inexpensive, well-managed companies with sustainable cash flows as an effective way to avoid value traps and outperform over the full economic cycle.
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