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|The Multi-Manager Global Listed Infrastructure Fund may be a good choice for those long-term investors seeking exposure to infrastructure companies, global diversification of their portfolio, a quarterly dividend and for a Fund which may help lower a portfolio's overall long-term volatility when included as a part of a diversified portfolio. Our approach blends specialist managers from a broad universe of external global managers into a single fund. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities while seeking total return through both long-term current income and capital appreciation.
|Total return through both income and capital appreciation|
|If you're a long-term investor looking to diversify your investments by pursuing the income and growth potential of globally listed infrastructure securities, then this Fund may be right for you. It is intended for investors who are aware that foreign markets may involve additional risks, such as social and political instability, reduced market liquidity and currency volatility.|
|2% on shares sold or exchanged within 30 days of purchase|
Sub-Advisers and Allocations subject to change at any time.
*The Morningstar Sustainability Rating is a measure of how well the companies held by a fund are managing their Environmental, Social and Governance ("ESG") risks and opportunities when compared with similar funds. A fund's Sustainability Rating is assigned in two steps: First, a Morningstar Portfolio Sustainability Score is derived from an asset-weighted average of the underlying company ESG scores with deductions made for holdings involved in controversial incidents. Next, funds are sorted into five normally distributed groups by comparing a fund’s Portfolio Sustainability Score with that of its Morningstar Category peers. The peer groups are assigned as follows: 5 Globe Icons (“High”) = top 10% of funds in an asset category; 4 Globe Icons ("Above Average") = next 22.5% of funds; 3 Globe Icons ("Average") = next 35%; 2 Globe Icons ("Below Average") = next 22.5% and 1 Globe Icon ("Low") = next 10%.
For a portfolio to receive a Morningstar Sustainability Score, at least 50% of its assets must be in one of the more than 4,500 companies covered by Sustainalytics (a research firm which collects ESG data) globally. To receive a Morningstar Sustainability Rating, at least 10 funds in a Morningstar Category must also receive a Portfolio Sustainability Score. The Sustainability Rating is portfolio-based, not performance-based. It should be used alongside traditional risk, return, and style metrics as well as qualitative assessments of a fund's investment process and how well it has been executed over time. Sustainability scores are calculated on a monthly basis and range from 0 to 100, 100 being the best. For more information, visit global.morningstar.com/SustainableInvesting.
As of 3/31/19, the Multi-Manager Global Listed Infrastructure Fund received the following: ESG Score 54.33 – Controversy Score 5.63 which equals a Sustainability score 48.70 (12% category rank; 222 funds) and a Sustainability Rating of 4 Globe Icons (or "Above Average").
|YTD Total Return||11.69% (as of 04/19/19)|
|Total Net Assets||$1,010,180,389 (as of 03/31/19)|
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|Multi-Manager Global |
|S&P Global Infrastructure |
|Morningstar Cat. Avg.|
|Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here.
Northern Trust Investments, Inc. has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than certain excepted expenses, i.e., acquired fund fees and expenses; the compensation paid to each Independent Trustee of the Trust; expenses of third party consultants engaged by the Board of Trustees; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; expenses in connection with the negotiation and renewal of the revolving credit facility; and extraordinary expense and interest) to the extent the "Total Annual Fund Operating Expenses" exceed 1.00%. The "Total Annual Fund Operating Expenses After Expense Reimbursement" may be higher than the contractual limitation as a result of the excepted expenses, including but not limited to acquired fund fees and expenses, that are not reimbursed. This contractual limitation may not be terminated before July 31, 2019 without the approval of the Board of Trustees. In the absence of contractual expense reimbursements, yield, total return, growth since inception and dividends would have been reduced. Total return is based on net change in NAV assuming reinvestment of distributions.
|Gross Expense Ratio||Net Expense Ratio‡|
|Multi-Manager Global Listed Infrastructure||1.03%||1.01%|
|‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2019. The Fund also includes voluntary expense reimbursements that may change or end at any time.|
|Multi-Manager Global Listed Infrastructure||-10.28%||22.21%||8.99%||-7.86%||7.62%|
|S&P Global Infrastructure Index||-9.50%||20.13%||12.43%||-11.46%||12.98%|
|Morningstar Category Avg. Infrastructure||-8.88%||17.00%||9.17%||-10.38%||10.50%|
|Performance quoted represents past performance and does not guarantee future results.|
|Top 10 Holdings||Fund|
|National Grid PLC||7.2%|
|Severn Trent PLC||5.2%|
|Transurban Group Ltd||4.0%|
|United Utilities Group PLC||4.0%|
|Kinder Morgan Inc Class P||3.9%|
|Top 10 Country Weightings||Fund||Benchmark|
|Risk Characteristics*||Multi-Manager Global Listed Infrastructure||S&P Global Infrastructure Index|
|Up Market Capture||95.54||100.00|
|Down Market Capture||95.41||100.00|
|*||Above risk characteristics are based on a 3-year time period|
|Number of Holdings||48|
|Portfolio Turnover||44.40% (as of 03/31/18)|
|Dividend Income Last Quarter||$0.1027|
|Capital Gain Income Last Quarter||$0.7488|
|Weighted Average Market Cap ($Mil)||$22,183|
|Benchmark||S&P Global Infrastructure Index|
|Trailing 12-Month Price-to-Earnings Ratio|
|Historical 5-Year Earnings Growth|
Northern Active M Emerging Markets Equity Fund (NMMEX)
Northern Active M International Equity Fund (NMIEX)
Northern Engage360TM Fund (NENGX)
Northern Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX)
Northern Multi-Manager Global Listed Infrastructure Fund (NMFIX)
Northern Multi-Manager Global Real Estate Fund (NMMGX)
Northern Multi-Manager High Yield Opportunity Fund (NMHYX)
With Northern Trust Since 2004
Began Career in 1993
Christopher E. Vella, CFA®, is Senior Vice President of Northern Trust's Multi-Manager Solutions Practice. He is Chief Investment Officer with responsibility for manager research and portfolio construction processes across Northern Trust's Multi-Manager Solutions Practice. He is responsible for the global manager research platform, consisting of approximately $95B in assets across 200 investment strategies. He manages a team of approximately 25 investment professionals across all traditional asset classes. The team covers all external manager relationships on behalf of Northern Trust's private and institutional clientele.
Prior to joining Northern Trust in 2004, Mr. Vella was a founding member of Goldman Sach's external manager business which consists of institutional and private client assets. While at Goldman, he managed the international and emerging markets equity team. Prior to Goldman Sachs, Mr. Vella spent close to 6 years at SEI Investments working primarily on international equity and emerging markets equity manager research. He has over 20 years of manager research and multi-manager portfolio construction experience.
Mr. Vella received a B.S. magna cum laude in finance with a minor in applied mathematics from Lehigh University and was elected into the Phi Beta Kappa honor society. He is a member of the New York Society of Financial Analysts. He is an active CFA® charterholder.
Not FDIC insured | May lose value | No bank guarantee
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