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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Northern International Equity Fund returned 7.79% in Q2 2026, underperforming its benchmark as geopolitical tensions eased and AI-driven sectors led global markets. The fund's momentum exposure added value while quality and value factors detracted."
Northern International Equity Fund underperformed its benchmark in Q2 2026, returning 7.79% versus 10.22% for the MSCI World ex USA Index. The quarter began with geopolitical tensions from the U.S.-Iran conflict disrupting oil supply through the Strait of Hormuz, but investor sentiment improved as markets priced in eventual resolution. Despite one of history's largest oil supply disruptions, economic activity remained resilient supported by healthy consumer spending, durable labor markets, and continued technology investment strength. AI-linked sectors across semiconductors, emerging markets, and U.S. large-cap technology delivered exceptional performance. The fund's overweight to momentum stocks provided a tailwind, while exposures to quality and value factors detracted. Stock selection added value in Industrials and Utilities but was offset by weaker selection in Materials and Energy. Looking ahead, the manager remains constructive despite potential volatility, believing the portfolio's emphasis on high quality companies with positive sentiment and attractive valuations positions it well to generate excess returns over both near-term and full market cycles.
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