Fund Evaluator:

Northern International Equity Overview

Northern International Equity (NOIGX) is an actively managed International Equity Foreign Large Value fund. Northern Funds launched the fund in 1994.

The investment seeks long-term capital appreciation; any income received is incidental to this objective. The fund will invest at least 80% of its net assets in equity securities. The fund will invest significantly (at least 40%) in the securities of companies that are located, headquartered, incorporated or otherwise organized outside of the United States. These companies generally have market capitalizations in excess of $1 billion. It may use derivatives such as stock index futures contracts to equitize cash and enhance portfolio liquidity.

About Northern International Equity (NOIGX)

There are 3 members of the management team with an average tenure of 1.42 years: Sridhar Kancharla (2024), Reed LeMar (2024), Jiemin Xu (2026). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI World ex USA NR USD index with a weighting of 100%. Northern International Equity has 261 securities in its portfolio. The top 10 holdings constitute 17.5% 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 International Equity is part of the Equity global asset class and is within the International Equity fund group. Northern International Equity has 100.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.3%. There is 100.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.4% (0.0% domestic bond, 0.4% foreign bond and 0.0% convertible bond). Northern International Equity has -0.8% of the portfolio in cash.

Assets Under Management

The fund has $221 million in total assets, which is below the $951 million average for the Foreign Large Value 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.

NOIGX 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 International Equity expense ratio is average compared to funds in the Foreign Large Value category. Northern International Equity has an expense ratio of 0.51%, which is 51% 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 International Equity has a portfolio turnover rate of 64%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Value category.

Recently, in the month of June 2026, Northern International Equity returned 0.2%, which earned it a grade of B, as the Foreign Large Value category had an average return of -0.6%. 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 International Equity has a trailing yield of 0.71%, which is below the 2.87% 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 International Equity Grades

Year to date, the fund has returned 10.4%, 0.4 percentage points worse than the category, which translates into a grade of C. The fund has returned 24.8% over the past year (grade of C), 19.4% over the past three years (grade of C) and 11.5% per year over the past five years (grade of C) and 9.6% per year over the past 10 years (grade of C).

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