Fund Evaluator:
Northern Stock Index (NOSIX)
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Best Performing in Large Blend Over the Last Year
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Fund Details
Northern Stock Index Overview
Northern Stock Index (NOSIX) is a passively managed U.S. Equity Large Blend fund. Northern Funds launched the fund in 1996.
The investment seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the S&P 500® Index. The fund will invest substantially all (and at least 80%) of its net assets in the equity securities included in the index, in weightings that approximate the relative composition of the securities contained in the index, and in S&P 500 Index futures approved by the Commodity Futures Trading Commission. The index is a free float-adjusted market capitalization index consisting of 504 stocks and is a widely recognized measure of large‑cap U.S. equities. It is non-diversified.
About Northern Stock Index (NOSIX)
There are 4 members of the management team with an average tenure of 2.84 years: Lucy Johnston (2024), Keith Carroll (2025), Christopher Jaeger (2019), Shivani Shah (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Northern Stock Index has 521 securities in its portfolio. The top 10 holdings constitute 36.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Northern Stock Index is part of the Equity global asset class and is within the U.S. Equity fund group. Northern Stock Index has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.5%. There is 0.6% 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 Stock Index has -0.1% of the portfolio in cash.
Assets Under Management
The fund has $19 billion in total assets, which is above the $6 billion average for the Large 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.
NOSIX 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 Stock Index expense ratio is low compared to funds in the Large Blend category. Northern Stock Index has an expense ratio of 0.05%, which is 94% 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 Stock Index has a portfolio turnover rate of 3%, indicating that holds its assets around 0.3 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of June 2026, Northern Stock Index returned -0.9%, which earned it a grade of D, as the Large Blend category had an average return of -0.2%. 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 Stock Index has a trailing yield of 1.05%, which is above the 0.56% 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 Stock Index Grades
Year to date, the fund has returned 10.2%, 1.2 percentage points better than the category, which translates into a grade of B. The fund has returned 22.3% over the past year (grade of B), 20.5% over the past three years (grade of B) and 13.3% per year over the past five years (grade of B) and 15.4% per year over the past 10 years (grade of A).
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NOSIX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NOSIX Return (NAV) | -0.9% | 15.2% | 22.3% | 20.5% | 13.3% | 15.4% |
| NOSIX Grade | D | B | B | B | B | A |
| +/- Category | -0.7% | 1.4% | 2.8% | 2.1% | 1.8% | 1.3% |
| Large Blend Avg | -0.2% | 13.8% | 19.5% | 18.5% | 11.6% | 14.1% |
| NOSIX Tax Cost Ratio | na | na | 0.9% | 1.1% | 1.1% | 1.1% |
NOSIX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NOSIX Return (NAV) | 10.2% | 17.8% | 24.9% | 26.2% | -18.2% | 28.6% | 18.3% | 31.4% | -4.5% | 21.7% | 11.9% |
| NOSIX Grade | B | B | B | B | C | B | C | B | B | B | B |
| +/- Category | 1.2% | 1.9% | 2.8% | 2.5% | -0.9% | 2.0% | 0.8% | 1.5% | 1.4% | 0.4% | 1.6% |
| Large Blend Avg | 9.0% | 15.9% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 13.0% |
| Total Risk Index: | 1.07 - Above Average |
| Category Risk Index: | 0.99 - Below Average |
| Category Risk Grade: | B (37% Rank) |
| Beta: | 1.00 |
| R-Squared: | 100% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.1% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $19390 Mil |
| Fund Total Assets: | $19,390 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 4% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 6.9 years | |||
| Average Tenure: 2.8 years | |||
| Managers (Year): Jaeger Christopher (2019), Shah Shivani (2024), Johnston Lucy (2024), Carroll Keith (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 521 |
| % in Top 10 Holdings: | 36.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 99.5% |
| Foreign Stock: | 0.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -0.1% |
Purchase Information
| Fund Family: | Northern Funds |
| Phone Number: | 800-595-9111 |
| Website: | www.northernfunds.com |
| Status: | Open |
| Inception Date: | October 7, 1996 |
| 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 (%): | 0.05% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | Northern Stock Index |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
