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Small Cap Value

TickerNAV AS OF 05/31/23
NOSGX$17.33 $-0.26 Arrow Down Icon

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The Northern Small Cap Value Fund is a good choice for those aggressive investors looking for the value potential offered by the stocks of small companies - those that the adviser believes are worth more than is indicated by current market prices. It is intended for equity investors with an above-average tolerance for volatility who want to diversify their investments and plan to invest for the long term without concern for current income.

Fund Objective
Capital Appreciation
Fund Strategy
  • Follow a quantitative, active equity strategy to select stocks based on a statistical analysis of historical relationships among value characteristics, stock prices and market capitalization ranges.
  • Use a screening process designed to reduce exposure to stocks with negative fundamental indicators.
  • Maintain a highly diversified portfolio, consistent with small-cap value benchmarks, in an effort to reduce the risks associated with any specific stock or industry.
Investor Profile

If you're a more aggressive investor looking for the value potential offered by the stocks of smaller companies — those the adviser believes are worth more than is indicated by current market prices — this Fund may be right for you. It is intended for equity investors with an above-average tolerance for volatility who want to diversify their investments and plan to invest for the long term without concern for current income.

Risk/Reward Potential

Fund Literature

YTD Total Return-3.94% (as of 05/31/23)
Inception Date04/01/94
Total Net Assets$2,977,910,461 (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
Small Cap Value-2.98%11.92%11.92%-0.45%8.55%5.73%14.18%9.62%
Russell 2000 Value Index-2.88%11.93%11.93%0.17%10.86%5.59%14.12%9.18%
Morningstar Cat. Avg.
Small Value
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
Small Cap Value1.15%1.00%
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
Small Cap Value-13.68%6.43%27.87%-4.62%7.07%
Russell 2000 Value Index-12.86%7.84%31.74%-7.47%4.22%
Morningstar Category Avg. Small Value-15.46%8.54%25.99%-6.71%3.34%
Performance quoted represents past performance and does not guarantee future results.
Portfolio Composition
Top 10 HoldingsFund
CACI International Inc 1.1%
Pebblebrook Hotel Trust1.0%
Insight Enterprises Inc0.9%
Southwest Gas Holdings Inc0.9%
FTI Consulting Inc0.9%
SYNNEX Corp0.8%
Radian Group Inc0.8%
United Bankshares Inc0.8%
Washington Federal Inc0.7%
PNM Resources Inc0.7%
As of 03/31/19
Sector WeightingsFundBenchmark
Information Technology11.8%11.5%
Real Estate11.0%12.4%
Consumer Discretionary9.1%9.2%
Health Care5.0%4.3%
Communication Services3.8%3.2%
Consumer Staples2.7%2.6%
As of 03/31/19
Risk Characteristics*Small Cap ValueRussell 2000 Value Index
Up Market Capture88.55100.00
Down Market Capture100.13100.00
Information Ratio–1.160.00
*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 Holdings507
Portfolio Turnover18.65% (as of 03/31/18)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$2,528
BenchmarkRussell 2000 Value Index
Morningstar CategorySmall Value
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.
Small-Cap Risk: Small-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure. Their stocks are subject to a greater degree of volatility, trade in lower volume and may be less liquid.
Value Risk: Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.
Russell 2000® Value Index measures the performance of those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index.
Robert H. Bergson, CFA<sup>&reg;</sup>

Robert H. Bergson, CFA®

Portfolio Manager

Northern Small Cap Core Fund (NSGRX)
Northern Small Cap Value Fund (NOSGX)

With Northern Trust Since 1997
Began Career in 1995

Robert H. Bergson, Senior Vice President of Northern Trust, is a senior portfolio manager and researcher for Northern Trust's Quantitative Active Equity Team. He is responsible for research and implementation of several small cap equity strategies representing more than $3.5 billion in small cap assets. He manages the Northern Small Cap Core Fund and Northern Small Cap Value Fund.

Prior to joining Northern Trust in 1997, Mr. Bergson served as Director of Investment Research for Real Estate Research Corporation, a real estate consulting and research firm.

Mr. Bergson received a B. Arch. from Carnegie Mellon University and an M.S. in real estate development from the Massachusetts Institute of Technology. He is an active CFA® charterholder, and a member of the CFA Institute, the CFA Society Chicago and 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.

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