Fund Evaluator:
Northern Ultra-Short Fixed Income (NUSFX)
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Fund Details
Northern Ultra-Short Fixed Income Overview
Northern Ultra-Short Fixed Income (NUSFX) is an actively managed Taxable Bond Ultrashort Bond fund. Northern Funds launched the fund in 2009.
The investment seeks to maximize total return (capital appreciation and income) to the extent consistent with preservation of principal. The fund will, under normal circumstances, invest primarily (and not less than 80% of its net assets) in fixed-income securities. It invests in investment grade domestic debt obligations (i.e., obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization or of comparable quality as determined by the fund's investment adviser).
About Northern Ultra-Short Fixed Income (NUSFX)
There are 3 members of the management team with an average tenure of 6.60 years: Bilal Memon (2018), Morten Olsen (2016), Chaitanya (Chaitu) Mandavakuriti (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and ICE BofA 1-Y US Trsy Note TR USD index with a weighting of 100%. Northern Ultra-Short Fixed Income has 290 securities in its portfolio. The top 10 holdings constitute 15.7% 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 Ultra-Short Fixed Income is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Northern Ultra-Short Fixed Income has 28.4% 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 88.8% (60.4% domestic bond, 28.4% foreign bond and 0.0% convertible bond). Northern Ultra-Short Fixed Income has 11.2% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $950 million average for the Ultrashort 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.
NUSFX 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 Ultra-Short Fixed Income expense ratio is below average compared to funds in the Ultrashort Bond category. Northern Ultra-Short Fixed Income has an expense ratio of 0.26%, which is 42% 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 Ultra-Short Fixed Income has a portfolio turnover rate of 59%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Ultrashort Bond category.
Recently, in the month of July 2026, Northern Ultra-Short Fixed Income returned 0.4%, which earned it a grade of B, as the Ultrashort 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 Ultra-Short Fixed Income has a trailing yield of 4.36%, which is above the 4.21% 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 Ultra-Short Fixed Income Grades
Year to date, the fund has returned 2.1%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 4.2% over the past year (grade of B), 5.3% over the past three years (grade of B) and 3.6% per year over the past five years (grade of D) and 2.7% per year over the past 10 years (grade of C).
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NUSFX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NUSFX Return (NAV) | 0.4% | 1.0% | 4.2% | 5.3% | 3.6% | 2.7% |
| NUSFX Grade | B | B | B | B | D | C |
| +/- Category | 0.1% | 0.0% | 0.1% | 0.1% | -0.1% | 0.1% |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.1% | 5.2% | 3.6% | 2.7% |
| NUSFX Tax Cost Ratio | na | na | 1.8% | 1.8% | 1.5% | 1.1% |
NUSFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NUSFX Return (NAV) | 2.1% | 5.1% | 5.9% | 6.3% | -1.0% | -0.0% | 2.3% | 3.7% | 1.5% | 1.5% | 1.5% |
| NUSFX Grade | C | B | B | A | F | D | A | A | D | B | C |
| +/- Category | 0.0% | 0.3% | 0.1% | 0.4% | -0.8% | -0.2% | 0.8% | 0.6% | -0.1% | -0.0% | 0.0% |
| Ultrashort Bond Avg | 2.1% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 0.5% |
| Total Risk Index: | 0.04 - Low |
| Category Risk Index: | 0.90 - Average |
| Category Risk Grade: | C (53% Rank) |
| Beta: | 0.06 |
| R-Squared: | 59% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2245 Mil |
| Fund Total Assets: | $2,230 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 59% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.0 years | |||
| Average Tenure: 6.6 years | |||
| Managers (Year): Olsen Morten (2016), Memon Bilal (2018), Mandavakuriti Chaitanya (Chaitu) (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 290 |
| % in Top 10 Holdings: | 15.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 28.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 60.4% |
| Foreign Bond: | 28.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 11.2% |
Purchase Information
| Fund Family: | Northern Funds |
| Phone Number: | 800-595-9111 |
| Website: | www.northernfunds.com |
| Status: | Open |
| Inception Date: | June 18, 2009 |
| 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 (%): | 0.26% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | Northern Ultra-Short Fixed Income |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
