Fund Evaluator:

Northern Multi-Mgr Glbl Listed Infra Overview

Northern Multi-Mgr Glbl Listed Infra (NMFIX) is an actively managed Sector Equity Infrastructure fund. Northern Funds launched the fund in 2012.

The investment seeks total return through both income and capital appreciation. The fund will invest, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in securities of infrastructure companies listed on a domestic or foreign exchange. It invests primarily in equity securities, including common stock of infrastructure companies. The fund normally will invest at least 40%, and may invest up to 100%, of its net assets in the securities of infrastructure companies economically tied to a foreign (non-U.S.) country, including emerging market countries.

About Northern Multi-Mgr Glbl Listed Infra (NMFIX)

There are 4 members of the management team with an average tenure of 1.00 years: Deepika Sharma (2026), Luis Diez (2026), Jim Hardman (2023), Robert Dwinall (2026). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and S&P Global Infrastructure NR USD index with a weighting of 100%. Northern Multi-Mgr Glbl Listed Infra has 195 securities in its portfolio. The top 10 holdings constitute 27.6% 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 Multi-Mgr Glbl Listed Infra is part of the Equity global asset class and is within the Sector Equity fund group. Northern Multi-Mgr Glbl Listed Infra has 54.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 43.1%. There is 54.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Northern Multi-Mgr Glbl Listed Infra has 2.0% of the portfolio in cash.

Assets Under Management

The fund has $984 million in total assets, which is above the $318 million average for the Infrastructure 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.

NMFIX 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 Multi-Mgr Glbl Listed Infra expense ratio is high compared to funds in the Infrastructure category. Northern Multi-Mgr Glbl Listed Infra has an expense ratio of 0.98%, which is 18% lower than its category average, making the fund expense ratio grade a C. 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 Multi-Mgr Glbl Listed Infra has a portfolio turnover rate of 56%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 56% for the Infrastructure category.

Recently, in the month of June 2026, Northern Multi-Mgr Glbl Listed Infra returned -0.1%, which earned it a grade of F, as the Infrastructure category had an average return of 0.8%. 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 Multi-Mgr Glbl Listed Infra has a trailing yield of 2.35%, which is above the 1.96% category average. The fund normally distributes its income quarterly 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 Multi-Mgr Glbl Listed Infra Grades

Year to date, the fund has returned 9.2%, 1.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 14.9% over the past year (grade of C), 11.8% over the past three years (grade of D) and 7.5% per year over the past five years (grade of D) and 7.3% per year over the past 10 years (grade of D).

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