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Large Cap Core

 
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TickerNAV AS OF 05/26/23
NOLCX$23.26 $0.30 Arrow Up Icon
 
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Snapshot
For those investors who are seeking a low cost, disciplined approach to investing in equities, this may be the fund for you. The Large Cap Core Fund attempts to create a portfolio with similar risk, style, and industry characteristics as the Russell 1000 Index. In managing the Fund, your investment management team attempts to achieve the Fund's objective by overweighting those stocks that it believes will outperform the S&P 500 Index and underweighting those stocks that it believes will under-perform the S&P 500 Index.
Fund Objective
Capital Appreciation
Fund Strategy
  • Use a multi-factor proprietary quantitative stock selection model with the goal of providing additional total return versus the S&P 500® Index.
  • Create a portfolio with risk, style, and characteristics similar to the Russell 1000 Index while potentially providing excess returns by overweighting or underweighting stocks that have the potential to achieve the Fund's objective.
  • Sell securities when they are no longer attractive based upon evaluation criteria, such as valuation, price momentum and earnings quality.
Investor Profile
If you're seeking a low cost, disciplined approach to investing in equities, this fund may be appropriate for you. It seeks long term growth of capital and dividend income and invests primarily in a broadly diversified portfolio of established, large-cap companies. The Fund is intended for use as a core equity investment.
Risk/Reward Potential
”Risk/Reward
Overall Morningstar RatingTM
”Morningstar

Among 1,096 large value funds derived from a weighted average of the fund's 3-,5- and 10-year risk-adjusted returns as of 3/31/19.

Large Cap Core received 4 stars for the 3-year rating among 1,096 large value funds, 4 stars for the 5-year rating among 939 funds and 4 stars for the 10-year rating among 691 funds.

The Morningstar RatingTM for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

©2019 Morningstar, Inc. All Rights Reserved. Morningstar and/or its content providers are the proprietors of this information; do not permit its unauthorized copying or distribution; do not warrant it to be accurate, complete or timely; and are not responsible for damages or losses arising from its use.

Fund Literature

 

Morningstar Sustainability Rating*


Among 643 Large Value Funds as of 12/31/2018. Based on 98.48% 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 global.morningstar.com/SustainableInvesting.

        As of 3/31/2019, the Large Cap Core Fund received the following: ESG Score 55.06 – Controversy Score 7.57 which equals a Sustainability score 47.49 (14% category rank; 642 funds) and a Sustainability Rating of 4 Globe Icons (or "Above Average").

         
        CUSIP665162590
        YTD Total Return8.47% (as of 05/26/23)
        Inception Date12/16/05
        Total Net Assets$245,358,128 (as of 03/31/19)

        Total Returns

        Total Returns for Quarter Ending 03/31/19
         Annualized
            Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
        Incept.
        Large Cap Core0.75%11.55%11.55%5.45%11.38%8.84%15.26%7.59%
        S&P 500 Index1.94%13.65%13.65%9.50%13.51%10.91%15.92%9.21%
        Morningstar Cat. Avg.
        Large Value        		0.46%11.29%11.29%4.48%10.01%7.20%13.68%N/A
        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 0.45%. The “Total Annual Fund Operating Expenses After Expense Reimbursement" may be higher than the contractual limitation as a result of the excepted 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‡
        Large Cap Core0.55%0.45%
        ‡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

         
               2018      2017      2016      2015      2014
        Large Cap Core-5.89%20.31%11.23%-1.50%13.84%
        S&P 500 Index-4.38%21.83%11.96%1.38%13.69%
        Morningstar Category Avg. Large Value-8.53%15.94%14.81%-4.05%10.21%
        Performance quoted represents past performance and does not guarantee future results.
        Important risk information can be found on the Portfolio tab.

         
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        Portfolio Composition
           
        Top 10 HoldingsFund
        Microsoft Corp4.5%
        Apple Inc4.0%
        Alphabet Inc Class A2.9%
        Amazon.com Inc2.8%
        Johnson & Johnson2.2%
        Exxon Mobil Corp2.1%
        Verizon Communications Inc1.7%
        Intel Corp1.7%
        Cisco Systems Inc1.7%
        Chevron Corp1.6%
        As of 03/31/19
        Sector WeightingsFundBenchmark
        Information Technology21.7%21.2%
        Health Care14.5%14.6%
        Financials12.6%12.7%
        Communication Services10.3%10.1%
        Consumer Discretionary10.1%10.1%
        Industrials9.3%9.5%
        Consumer Staples6.9%7.3%
        Energy5.6%5.4%
        Utilities3.6%3.3%
        Real Estate3.0%3.1%
        Materials2.4%2.6%
        As of 03/31/19
        Risk Characteristics*Large Cap CoreS&P 500 Index
        Beta1.001.00
        Up Market Capture87.18100.00
        Down Market Capture98.33100.00
        Information Ratio–1.190.00
        *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 Holdings161
        Portfolio Turnover50.70% (as of 03/31/18)
        Dividend ScheduleQuarterly
        Dividend Income Last Quarter$0.1036
        Capital Gain Income Last QuarterN/A
        Weighted Average Market Cap ($Mil)$226,765
        BenchmarkS&P 500 Index
        Morningstar CategoryLarge Value
        Trailing 12-Month Price-to-Earnings Ratio
        Fund15.89
        Benchmark19.94
        Price-to-Book Ratio
        Fund3.06
        Benchmark3.31
        Historical 5-Year Earnings Growth
        Fund10.87
        Benchmark12.98
        Asset Allocation 
        Stocks99.5%
        Cash0.5%
        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.
        S&P 500® Index is an unmanaged index consisting of 500 stocks and is a widely recognized common measure of the performance of the overall U.S. stock market. It is not possible to invest directly in an index.
        .
        Mark C. Sodergren, CFA<sup>&reg;</sup>

        Mark C. Sodergren, CFA®

        Portfolio Manager

        Northern International Equity Fund (NOIGX)
        Northern Large Cap Core Fund (NOLCX)
        Northern Large Cap Value Fund (NOLVX)

        With Northern Trust Since 2007
        Began Career in 1995

        Mark C. Sodergren, Senior Vice President of Northern Trust, is Head of the Quantitative Active Equity team responsible for research and implementation of several quantitative equity strategies. He currently manages the Northern International Equity Fund, Northern Large Cap Core Fund and is a co-manager of the Northern Large Cap Value Fund.

        Before joining Northern Trust in 2007, Mr. Sodergren was a portfolio manager at Barclays Global Investors focused on active U.S. large cap strategies. Prior to this, he spent six years at Citigroup Asset Management as a portfolio manager and researcher focused on both active international and domestic portfolios.

        Mr. Sodergren received a B.A. in quantitative economics and decision sciences from the University of California, San Diego and an MBA from the University of Chicago. He is an active CFA® charterholder and member of the Chicago Quantitative Alliance.

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            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.