Fund Evaluator:
Northern Core Bond (NOCBX)
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Fund Details
Northern Core Bond Overview
Northern Core Bond (NOCBX) is an actively managed Taxable Bond Intermediate Core Bond fund. Northern Funds launched the fund in 2001.
The investment seeks to maximize total return (capital appreciation and income) consistent with reasonable risk. The fund will seek capital appreciation and current income in the advisor's attempt to maximize total return. It will invest, under normal circumstances, at least 80% of its net assets in bonds and other fixed-income securities. The fund invests primarily in the investment grade debt obligations of domestic issuers. It also may invest up to 25% of its total assets in U.S. dollar denominated investment grade obligations of foreign issuers.
About Northern Core Bond (NOCBX)
There are 5 members of the management team with an average tenure of 1.76 years: Bilal Memon (2023), Benjamin Gord (2026), Chaitanya (Chaitu) Mandavakuriti (2024), Dmitri Artemiev (2025), Christian Roth (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Northern Core Bond has 348 securities in its portfolio. The top 10 holdings constitute 38.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Northern Core Bond is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Northern Core Bond has 5.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 103.5% (98.0% domestic bond, 5.5% foreign bond and 0.0% convertible bond). Northern Core Bond has -3.5% of the portfolio in cash.
Assets Under Management
The fund has $90 million in total assets, which is below the $3 billion average for the Intermediate Core Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
NOCBX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Northern Core Bond expense ratio is average compared to funds in the Intermediate Core Bond category. Northern Core Bond has an expense ratio of 0.42%, which is 26% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Northern Core Bond has a portfolio turnover rate of 139%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 151% for the Intermediate Core Bond category.
Recently, in the month of August 2026, Northern Core Bond returned 0.4%, which earned it a grade of B, as the Intermediate Core Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Northern Core Bond has a trailing yield of 4.40%, which is above the 4.04% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Northern Core Bond Grades
Year to date, the fund has returned -0.4%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 1.7% over the past year (grade of C), 4.1% over the past three years (grade of B) and -0.4% per year over the past five years (grade of C) and 1.3% per year over the past 10 years (grade of C).
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NOCBX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NOCBX Return (NAV) | 0.4% | -0.6% | 1.7% | 4.1% | -0.4% | 1.3% |
| NOCBX Grade | B | A | C | B | C | C |
| +/- Category | 0.0% | 0.2% | 0.1% | 0.1% | -0.0% | -0.1% |
| Intermediate Core Bond Avg | 0.3% | -0.8% | 1.6% | 4.0% | -0.4% | 1.4% |
| NOCBX Tax Cost Ratio | na | na | 1.8% | 1.7% | 1.5% | 1.3% |
NOCBX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NOCBX Return (NAV) | -0.4% | 7.3% | 1.4% | 5.7% | -13.6% | -1.5% | 7.4% | 9.6% | -1.1% | 3.8% | 2.3% |
| NOCBX Grade | C | B | C | C | C | C | D | A | F | B | D |
| +/- Category | 0.0% | 0.3% | -0.1% | 0.1% | -0.4% | -0.0% | -0.7% | 1.2% | -0.7% | 0.2% | -0.5% |
| Intermediate Core Bond Avg | -0.4% | 7.0% | 1.6% | 5.6% | -13.2% | -1.5% | 8.1% | 8.5% | -0.4% | 3.6% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 5.7% |
| Total Risk Index: | 0.47 - Below Average |
| Category Risk Index: | 1.02 - Above Average |
| Category Risk Grade: | D (74% Rank) |
| Beta: | 1.01 |
| R-Squared: | 100% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $90 Mil |
| Fund Total Assets: | $ 90 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 140% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 3.1 years | |||
| Average Tenure: 1.8 years | |||
| Managers (Year): Memon Bilal (2023), Mandavakuriti Chaitanya (Chaitu) (2024), Roth Christian (2024), Artemiev Dmitri (2025), Gord Benjamin (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 348 |
| % in Top 10 Holdings: | 38.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.0% |
| Foreign Bond: | 5.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -3.5% |
Purchase Information
| Fund Family: | Northern Funds |
| Phone Number: | 800-595-9111 |
| Website: | www.northernfunds.com |
| Status: | Open |
| Inception Date: | March 29, 2001 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.42% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.56% |
| Share Class: | Northern Core Bond |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
