Fund Evaluator:

Northern World Selection Index I Overview

Northern World Selection Index I (NSRIX) is a passively managed International Equity Global Large-Stock Blend fund. Northern Funds launched the fund in 2008.

The investment seeks to provide investment results approximating the overall performance of the securities included in the MSCI World Selection Index. The fund will invest substantially all (and at least 80%) of its net assets in equity securities included in the index, in weightings that approximate the relative composition of the securities contained in the index, and in ADRs, EDRs, and GDRs representing such securities. The index is free float-adjusted market capitalization weighted index designed to represent the performance of companies selected from the MSCI World Index based on ESG criteria, as determined by the index provider. It is non-diversified.

About Northern World Selection Index I (NSRIX)

There are 4 members of the management team with an average tenure of 2.86 years: Steven Santiccioli (2019), Michael Gleeman (2025), Brendan Sullivan (2024), Volter Bagriy (2024). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI World NR USD index with a weighting of 100% and MSCI WORLD SELECT NR USD index with a weighting of 100%. Northern World Selection Index I has 749 securities in its portfolio. The top 10 holdings constitute 33.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is considered to have an ESG focus with its investment selection and management.

Northern World Selection Index I is part of the Equity global asset class and is within the International Equity fund group. Northern World Selection Index I has 28.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 71.6%. There is 28.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.1% (0.0% domestic bond, 0.1% foreign bond and 0.0% convertible bond). Northern World Selection Index I has -0.3% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is above the $1 billion average for the Global Large-Stock Blend 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.

NSRIX 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 World Selection Index I expense ratio is below average compared to funds in the Global Large-Stock Blend category. Northern World Selection Index I has an expense ratio of 0.29%, which is 72% lower than its category average, making the fund expense ratio grade a A. 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 World Selection Index I has a portfolio turnover rate of 7%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 43% for the Global Large-Stock Blend category.

Recently, in the month of June 2026, Northern World Selection Index I returned 0.5%, which earned it a grade of B, as the Global Large-Stock Blend 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 World Selection Index I has a trailing yield of 1.59%, which is above the 0.96% category average. The fund normally distributes its income annually 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 World Selection Index I Grades

Year to date, the fund has returned 9.9%, 1.0 percentage points better than the category, which translates into a grade of C. The fund has returned 22.5% over the past year (grade of C), 19.1% over the past three years (grade of B) and 11.6% per year over the past five years (grade of A) and 13.2% per year over the past 10 years (grade of A).

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