Please be advised you are now leaving the Northern Financial Intermediary section and being directed to a site maintained by Northern Trust. Please click OK to continue.
Northern Trust Logo
Equity Active

Multi-Manager Global Listed Infrastructure

TickerNAV AS OF 05/26/23
NMFIX$11.69 $0.03 Arrow Up Icon

Find A Fund

Search go

  • Snapshot
  • Performance
  • Portfolio
  • Management
  • Fund Documents
The Multi-Manager Global Listed Infrastructure Fund may be a good choice for those long-term investors seeking exposure to infrastructure companies, global diversification of their portfolio, a quarterly dividend and for a Fund which may help lower a portfolio's overall long-term volatility when included as a part of a diversified portfolio. Our approach blends specialist managers from a broad universe of external global managers into a single fund. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities while seeking total return through both long-term current income and capital appreciation.
Fund Objective
Total return through both income and capital appreciation
Fund Strategy
  • Invest at least 80% of net assets in securities of infrastructure companies listed on a domestic or foreign exchange, normally investing at least 40% (and up to 100%) in infrastructure companies tied to foreign countries, including emerging and frontier markets.
  • Select complementary managers from a broad universe of investment managers.
  • Blend managers into a single fund in an effort to provide an attractive combination of risk/return.
Investor Profile
If you're a long-term investor looking to diversify your investments by pursuing the income and growth potential of globally listed infrastructure securities, then this Fund may be right for you. It is intended for investors who are aware that foreign markets may involve additional risks, such as social and political instability, reduced market liquidity and currency volatility.
Redemption Fee
2% on shares sold or exchanged within 30 days of purchase
Risk/Reward Potential
Sub-Adviser Allocations

Sub-Advisers and Allocations subject to change at any time.

Maple-Brown Abbott Limited 60% Core infrastructure focused on low cash flow volatility, income stability and inflation protection. The strategy is benchmark agnostic and is expected to deliver returns at a lower level of volatility and risk than the benchmark. The portfolio may also invest up to 20% in Master Limited Partnerships.
Lazard Asset Management LLC 40% Benchmark agnostic, bottom-up and valuation based approach to identify long-term value in infrastructure companies.
*Actual allocations may vary.

Fund Literature


Morningstar Sustainability Rating*

Among 211 Infrastructure Funds as of 12/31/2018. Based on 99.83% of AUM.


Important risk information can be found on the Portfolio tab.



*The Morningstar Sustainability Rating is a measure of how well the companies held by a fund are managing their Environmental, Social and Governance ("ESG") risks and opportunities when compared with similar funds. A fund's Sustainability Rating is assigned in two steps: First, a Morningstar Portfolio Sustainability Score is derived from an asset-weighted average of the underlying company ESG scores with deductions made for holdings involved in controversial incidents. Next, funds are sorted into five normally distributed groups by comparing a fund’s Portfolio Sustainability Score with that of its Morningstar Category peers. The peer groups are assigned as follows: 5 Globe Icons (“High”) = top 10% of funds in an asset category; 4 Globe Icons ("Above Average") = next 22.5% of funds; 3 Globe Icons ("Average") = next 35%; 2 Globe Icons ("Below Average") = next 22.5% and 1 Globe Icon ("Low") = next 10%.

For a portfolio to receive a Morningstar Sustainability Score, at least 50% of its assets must be in one of the more than 4,500 companies covered by Sustainalytics (a research firm which collects ESG data) globally. To receive a Morningstar Sustainability Rating, at least 10 funds in a Morningstar Category must also receive a Portfolio Sustainability Score. The Sustainability Rating is portfolio-based, not performance-based. It should be used alongside traditional risk, return, and style metrics as well as qualitative assessments of a fund's investment process and how well it has been executed over time. Sustainability scores are calculated on a monthly basis and range from 0 to 100, 100 being the best. For more information, visit

As of 3/31/19, the Multi-Manager Global Listed Infrastructure Fund received the following: ESG Score 54.33 – Controversy Score 5.63 which equals a Sustainability score 48.70 (12% category rank; 222 funds) and a Sustainability Rating of 4 Globe Icons (or "Above Average").


YTD Total Return1.52% (as of 05/26/23)
Inception Date09/18/12
Total Net Assets$1,010,180,389 (as of 03/31/19)

Total Returns

Total Returns for Quarter Ending 03/31/19
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Multi-Manager Global
Listed Infrastructure
S&P Global Infrastructure
Morningstar Cat. Avg.
Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here.

Northern Trust Investments, Inc. has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than certain excepted expenses, i.e., acquired fund fees and expenses; the compensation paid to each Independent Trustee of the Trust; expenses of third party consultants engaged by the Board of Trustees; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; expenses in connection with the negotiation and renewal of the revolving credit facility; and extraordinary expense and interest) to the extent the "Total Annual Fund Operating Expenses" exceed 1.00%. The "Total Annual Fund Operating Expenses After Expense Reimbursement" may be higher than the contractual limitation as a result of the excepted expenses, including but not limited to acquired fund fees and expenses, that are not reimbursed. This contractual limitation may not be terminated before July 31, 2019 without the approval of the Board of Trustees. In the absence of contractual expense reimbursements, yield, total return, growth since inception and dividends would have been reduced. Total return is based on net change in NAV assuming reinvestment of distributions.

Annual Expense Ratios

 Gross Expense RatioNet Expense Ratio
Multi-Manager Global Listed Infrastructure0.97%0.96%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2019. The Fund also includes voluntary expense reimbursements that may change or end at any time.

Calendar Year Returns

Multi-Manager Global Listed Infrastructure-10.28%22.21%8.99%-7.86%7.62%
S&P Global Infrastructure Index-9.50%20.13%12.43%-11.46%12.98%
Morningstar Category Avg. Infrastructure-8.88%17.00%9.17%-10.38%10.50%
Performance quoted represents past performance and does not guarantee future results.
Important risk information can be found on the Portfolio tab.


Portfolio Composition
Top 10 HoldingsFund
National Grid PLC6.9%
Atlantia SPA5.5%
Severn Trent PLC4.9%
Getlink SE4.4%
Transurban Group Ltd4.3%
Enbridge Inc4.0%
Kinder Morgan Inc Class P3.8%
United Utilities Group PLC3.7%
Fraport AG3.7%
As of 03/31/19
Sector WeightingsFund   Benchmark
Communication Services3.7%0.0%
Real Estate3.1%0.0%
Top 10 Country WeightingsFund   Benchmark
United States24.9%38.1%
United Kingdom16.8%3.7%
As of 03/31/19
Risk Characteristics*Multi-Manager Global Listed InfrastructureS&P Global Infrastructure Index
Up Market Capture91.24100.00
Down Market Capture95.41100.00
Information Ratio–0.210.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 03/31/19Insert Icon
As of 12/31/18Insert Icon

Fund Characteristics

Number of Holdings49
Portfolio Turnover44.40% (as of 03/31/18)
Dividend ScheduleQuarterly
Dividend Income Last Quarter$0.0558
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$22,871
BenchmarkS&P Global Infrastructure Index
Morningstar CategoryInfrastructure
Trailing 12-Month Price-to-Earnings Ratio
Price-to-Book Ratio
Historical 5-Year Earnings Growth
Asset Allocation 
Equity Risk: Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed-income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Concentration Risk: Investing a high percentage of net assets in securities in a specific industry, the Fund may be subject to greater volatility than a fund that is more broadly diversified.

Currency Risk: Foreign currencies will fluctuate in value relative to the U.S. dollar; therefore you may lose money if the local currency of a foreign market depreciates against the U.S. dollar.

Emerging and Frontier Markets Risk: Emerging and frontier market investing may be subject to additional economic, political, liquidity and currency risks not associated with more developed countries. Additionally, frontier countries generally have smaller economies or less developed capital markets than traditional emerging markets and, as a result, the risks of investing in emerging market countries are magnified in frontier countries.

Foreign (Non-U.S.) Securities Risk: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, foreign government intervention and adverse economic, political, diplomatic, financial and regulatory factors.

Infrastructure Companies Risk: Infrastructure companies may not realize projected revenue volumes due to; cost overruns; changes in terms making a project no longer economical; macroeconomic factors may raise the average cost of funding; government regulation; government budgetary constraints; special tariffs and/or changes in tax law and unfavorable accounting standards.

Liquidity Risk: Some securities held by the Fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss.

Master Limited Partnerships (MLPs) Risk: Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes, treatment of an MLP (owned by the Fund) as a corporation would materially reduce the after-tax return to the Fund with respect to its investment in the MLP. The Fund must include its allocable share of the MLP’s taxable income in its taxable income, whether or not it receives a distribution of cash from the MLP. In such cases, the Fund may have to liquidate securities to make required distributions to the Fund’s shareholders.

Multi-Manager Risk is the risk that the sub-advisers’ investment styles will not always be complementary, which could affect the performance of the Fund.

Non-Diversified Risk: The Fund invests in a smaller number of securities than the average mutual fund. The change in value of a single holding may have a more pronounced effect on the Fund’s net asset value and performance than for other funds.

Small and Mid-Cap Risk: Small- and mid-sized company stocks are generally riskier than large-company stocks due to greater volatility and less liquidity.

S&P Global Infrastructure Index provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. The Index has balanced weights across three distinct infrastructure clusters: Utilities, Transportation, and Energy. It is not possible to invest directly in an index.
Christopher E. Vella, CFA<sup>&reg;</sup>, CIO

Christopher E. Vella, CFA®, CIO

Portfolio Manager

Northern Active M Emerging Markets Equity Fund (NMMEX)
Northern Active M International Equity Fund (NMIEX)
Northern Engage360TM Fund (NENGX)
Northern Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX)
Northern Multi-Manager Global Listed Infrastructure Fund (NMFIX)
Northern Multi-Manager Global Real Estate Fund  (NMMGX)
Northern Multi-Manager High Yield Opportunity Fund (NMHYX)

With Northern Trust Since 2004
Began Career in 1993

Christopher E. Vella, CFA®, is Senior Vice President of Northern Trust's Multi-Manager Solutions Practice. He is Chief Investment Officer with responsibility for manager research and portfolio construction processes across Northern Trust's Multi-Manager Solutions Practice. He is responsible for the global manager research platform, consisting of approximately $95B in assets across 200 investment strategies. He manages a team of approximately 25 investment professionals across all traditional asset classes. The team covers all external manager relationships on behalf of Northern Trust's private and institutional clientele.

Prior to joining Northern Trust in 2004, Mr. Vella was a founding member of Goldman Sach's external manager business which consists of institutional and private client assets. While at Goldman, he managed the international and emerging markets equity team. Prior to Goldman Sachs, Mr. Vella spent close to 6 years at SEI Investments working primarily on international equity and emerging markets equity manager research. He has over 20 years of manager research and multi-manager portfolio construction experience.

Mr. Vella received a B.S. magna cum laude in finance with a minor in applied mathematics from Lehigh University and was elected into the Phi Beta Kappa honor society. He is a member of the New York Society of Financial Analysts. He is an active CFA® charterholder.

CommentaryFact SheetHoldingsSummary ProspectusProspectus    Statement of Additional InformationAnnual ReportSemi Annual Report
Download PDFDownload PDFDownload ExcelDownload PDFDownload PDFDownload PDFDownload PDFDownload PDF
View AllView All View AllView AllView AllView AllView All

Not FDIC insured | May lose value | No bank guarantee

View investment term definitions

Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds before investing. Call 800-595-9111 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.

©2019 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.