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FIXED INCOME | EQUITIES | REAL ASSETS | ALTERNATIVES | |||||||||||||||||||||||||||||||||||||||||||
FIVE-YEAR CMA FORECAST | UNITED STATES | EUROPE | JAPAN | UK | CANADA | AUSTRALIA | GLOBAL | DEVELOPED MARKETS | EMERGING MARKETS | GLOBAL | ||||||||||||||||||||||||||||||||||||
ASSET CLASS | Benchmark |
Geometric Return | Arithmetic Return | Risk | Cash | |||||||||||||||||||||||||||||||||||||||||
FIXED INCOME | UNITED STATES | Cash | FTSE Treasury Bill 3 Mon | 0.1 | 0.1 | 0.4 | 1.00 | Inflation Linked |
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Inflation Linked | BBgBarc Gbl Infl Linked US TIPS | 2.4 | 2.6 | 5.8 | 0.02 | 1.00 | Investment Grade |
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Investment Grade | BBgBarc US Agg Bond | 2.3 | 2.4 | 3.4 | 0.04 | 0.79 | 1.00 | High Yield | ||||||||||||||||||||||||||||||||||||||
High Yield | BBgBarc US Corporate High Yield | 5.5 | 5.9 | 9.2 | -0.10 | 0.35 | 0.22 | 1.00 | Municipal | |||||||||||||||||||||||||||||||||||||
Municipal | BBgBarc Municipal 1-10Y Blend 1-12Y | 2.6 | 2.6 | 2.9 | 0.01 | 0.60 | 0.74 | 0.26 | 1.00 | Cash | ||||||||||||||||||||||||||||||||||||
EUROPE | Cash | JPM GBI Germany 3 Mon | -0.5 | 0.0 | 9.7 | 0.10 | 0.36 | 0.23 | 0.37 | 0.11 | 1.00 | Inflation Linked |
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Inflation Linked | BBgBarc Euro Govt Infl Lkd | 1.5 | 2.2 | 11.9 | 0.05 | 0.54 | 0.42 | 0.48 | 0.29 | 0.90 | 1.00 | Investment Grade |
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Investment Grade | BBgBarc Euro Agg Bond | 1.0 | 1.5 | 10.2 | 0.04 | 0.49 | 0.43 | 0.40 | 0.29 | 0.94 | 0.97 | 1.00 | Cash | |||||||||||||||||||||||||||||||||
JAPAN | Cash | JPM GBI Japan 3 Mon | -0.1 | 0.3 | 9.2 | 0.04 | 0.36 | 0.42 | -0.07 | 0.38 | 0.22 | 0.23 | 0.27 | 1.00 | Inflation Linked |
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Inflation Linked | BBgBarc JPN Govt Infl Lkd | 0.5 | 1.0 | 10.0 | -0.01 | 0.55 | 0.53 | 0.17 | 0.45 | 0.32 | 0.38 | 0.39 | 0.90 | 1.00 | Investment Grade |
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Investment Grade | BBgBarc Japanese Aggregate | 0.2 | 0.7 | 9.9 | 0.03 | 0.40 | 0.48 | -0.06 | 0.42 | 0.22 | 0.25 | 0.29 | 0.98 | 0.91 | 1.00 | Cash | ||||||||||||||||||||||||||||||
UK | Cash | JPM GBI UK 3 Mon | 0.1 | 0.5 | 8.9 | 0.09 | 0.20 | 0.00 | 0.42 | -0.01 | 0.61 | 0.55 | 0.56 | 0.01 | 0.10 | -0.01 | 1.00 | Inflation Linked |
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Inflation Linked | BBgBarc Gbl Infl Linked UK | 1.3 | 1.9 | 10.8 | 0.01 | 0.58 | 0.43 | 0.52 | 0.31 | 0.53 | 0.62 | 0.60 | 0.15 | 0.32 | 0.18 | 0.64 | 1.00 | Investment Grade |
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Investment Grade | BBgBarc Sterling Agg | 1.3 | 1.7 | 9.3 | 0.01 | 0.48 | 0.40 | 0.43 | 0.26 | 0.57 | 0.63 | 0.64 | 0.15 | 0.26 | 0.16 | 0.82 | 0.86 | 1.00 | Cash | |||||||||||||||||||||||||||
CANADA | Cash | FTSE TMX Canada 91 Day TBill | 0.2 | 0.6 | 9.4 | 0.11 | 0.27 | 0.10 | 0.59 | 0.08 | 0.56 | 0.57 | 0.53 | 0.05 | 0.16 | 0.03 | 0.53 | 0.41 | 0.44 | 1.00 | Inflation Linked |
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Inflation Linked | FTSE TMX Canada Real Return Bond | 2.2 | 3.0 | 12.4 | 0.02 | 0.63 | 0.42 | 0.65 | 0.30 | 0.52 | 0.64 | 0.58 | 0.15 | 0.35 | 0.17 | 0.41 | 0.59 | 0.54 | 0.78 | 1.00 | Investment Grade |
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Investment Grade | FTSE TMX Canada Universe Bond | 1.9 | 2.4 | 9.5 | 0.07 | 0.50 | 0.40 | 0.63 | 0.30 | 0.57 | 0.65 | 0.62 | 0.17 | 0.31 | 0.18 | 0.48 | 0.53 | 0.55 | 0.93 | 0.89 | 1.00 | High Yield | ||||||||||||||||||||||||
High Yield | ICE bofAML CA HY CA Isurs | 5.2 | 6.0 | 12.6 | 0.02 | 0.29 | 0.19 | 0.65 | 0.08 | 0.55 | 0.60 | 0.57 | 0.02 | 0.15 | 0.02 | 0.52 | 0.47 | 0.52 | 0.88 | 0.76 | 0.87 | 1.00 | Cash | |||||||||||||||||||||||
AUSTRALIA | Cash | JPM GBI Australia 3 Mon | 0.2 | 1.0 | 12.6 | 0.04 | 0.42 | 0.24 | 0.58 | 0.12 | 0.71 | 0.70 | 0.69 | 0.12 | 0.27 | 0.12 | 0.56 | 0.53 | 0.55 | 0.73 | 0.73 | 0.74 | 0.74 | 1.00 | Investment Grade |
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Investment Grade | BBgBarc Global Australia | 1.2 | 1.9 | 11.9 | 0.02 | 0.57 | 0.44 | 0.55 | 0.29 | 0.71 | 0.74 | 0.74 | 0.26 | 0.41 | 0.27 | 0.50 | 0.59 | 0.60 | 0.68 | 0.75 | 0.77 | 0.69 | 0.95 | 1.00 | Global Aggregate |
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GLOBAL | Global Aggregate | BBgBarc Global Aggregate | 1.6 | 1.8 | 5.6 | 0.05 | 0.70 | 0.73 | 0.36 | 0.53 | 0.76 | 0.84 | 0.87 | 0.61 | 0.71 | 0.64 | 0.43 | 0.64 | 0.66 | 0.44 | 0.61 | 0.64 | 0.49 | 0.61 | 0.75 | 1.00 | Global High Yield |
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Global High Yield | BBgBarc Global High Yield | 5.6 | 6.1 | 9.9 | -0.08 | 0.41 | 0.26 | 0.97 | 0.29 | 0.52 | 0.62 | 0.55 | -0.03 | 0.21 | -0.03 | 0.51 | 0.58 | 0.52 | 0.66 | 0.70 | 0.71 | 0.72 | 0.67 | 0.64 | 0.48 | 1.00 | Emerging Market Debt |
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Emerging Markets Debt | JPM GBI-EM Global Diversified | 4.5 | 5.2 | 11.9 | 0.07 | 0.44 | 0.36 | 0.64 | 0.30 | 0.66 | 0.73 | 0.71 | 0.16 | 0.33 | 0.17 | 0.47 | 0.54 | 0.54 | 0.66 | 0.69 | 0.72 | 0.70 | 0.80 | 0.81 | 0.67 | 0.74 | 1.00 | United States |
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EQUITIES | DEVELOPED MARKETS | United States | MSCI USA IMI | 4.7 | 5.7 | 14.4 | -0.06 | 0.12 | -0.03 | 0.72 | 0.00 | 0.39 | 0.43 | 0.38 | -0.21 | -0.02 | -0.22 | 0.40 | 0.34 | 0.35 | 0.59 | 0.55 | 0.57 | 0.64 | 0.57 | 0.51 | 0.23 | 0.73 | 0.58 | 1.00 | Europe | |||||||||||||||
Europe | EUROPE ex UK IMI | 5.4 | 7.3 | 19.4 | 0.03 | 0.17 | 0.05 | 0.72 | 0.04 | 0.62 | 0.63 | 0.60 | -0.12 | 0.06 | -0.13 | 0.53 | 0.46 | 0.49 | 0.62 | 0.58 | 0.62 | 0.67 | 0.67 | 0.60 | 0.41 | 0.78 | 0.70 | 0.87 | 1.00 | Japan | ||||||||||||||||
Japan | MSCI Japan IMI | 3.8 | 4.9 | 15.0 | -0.05 | 0.18 | 0.06 | 0.53 | 0.01 | 0.33 | 0.40 | 0.34 | 0.00 | 0.12 | -0.05 | 0.38 | 0.34 | 0.34 | 0.47 | 0.47 | 0.49 | 0.50 | 0.50 | 0.46 | 0.27 | 0.56 | 0.53 | 0.65 | 0.66 | 1.00 | United Kingdom |
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United Kingdom | MSCI UK IMI | 5.6 | 7.1 | 17.1 | 0.00 | 0.17 | 0.02 | 0.73 | 0.06 | 0.53 | 0.55 | 0.52 | -0.14 | 0.02 | -0.16 | 0.64 | 0.50 | 0.57 | 0.66 | 0.59 | 0.64 | 0.70 | 0.67 | 0.59 | 0.36 | 0.78 | 0.66 | 0.85 | 0.92 | 0.65 | 1.00 | Canada | ||||||||||||||
Canada | MSCI Canada IMI | 4.5 | 6.5 | 19.9 | 0.05 | 0.27 | 0.07 | 0.73 | 0.10 | 0.48 | 0.53 | 0.47 | -0.06 | 0.09 | -0.08 | 0.51 | 0.44 | 0.44 | 0.84 | 0.75 | 0.81 | 0.83 | 0.71 | 0.64 | 0.37 | 0.77 | 0.67 | 0.80 | 0.78 | 0.60 | 0.83 | 1.00 | Australia | |||||||||||||
Australia | MSCI Australia IMI | 5.8 | 8.2 | 22.0 | 0.04 | 0.30 | 0.14 | 0.72 | 0.09 | 0.55 | 0.60 | 0.56 | -0.06 | 0.12 | -0.06 | 0.49 | 0.46 | 0.48 | 0.67 | 0.70 | 0.69 | 0.74 | 0.82 | 0.77 | 0.45 | 0.78 | 0.76 | 0.80 | 0.83 | 0.63 | 0.83 | 0.83 | 1.00 | Developed Markets |
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Developed Markets | MSCI World IMI | 4.8 | 5.9 | 15.0 | -0.02 | 0.17 | 0.02 | 0.76 | 0.03 | 0.50 | 0.54 | 0.49 | -0.16 | 0.03 | -0.17 | 0.50 | 0.42 | 0.45 | 0.65 | 0.61 | 0.65 | 0.70 | 0.67 | 0.60 | 0.33 | 0.79 | 0.67 | 0.97 | 0.94 | 0.73 | 0.93 | 0.85 | 0.87 | 1.00 | Asia | |||||||||||
EMERGING MARKETS | Asia | EM ASIA IMI | 4.9 | 7.1 | 21.0 | 0.05 | 0.23 | 0.09 | 0.68 | 0.03 | 0.47 | 0.51 | 0.47 | -0.07 | 0.09 | -0.09 | 0.43 | 0.39 | 0.41 | 0.63 | 0.63 | 0.64 | 0.67 | 0.72 | 0.66 | 0.36 | 0.72 | 0.70 | 0.75 | 0.80 | 0.64 | 0.76 | 0.78 | 0.81 | 0.82 | 1.00 | Latin America |
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Latin America | EM LATIN AMERICA IMI | 8.2 | 11.9 | 27.3 | 0.10 | 0.25 | 0.09 | 0.69 | 0.13 | 0.51 | 0.54 | 0.49 | 0.02 | 0.15 | 0.00 | 0.46 | 0.43 | 0.40 | 0.71 | 0.64 | 0.69 | 0.73 | 0.75 | 0.68 | 0.40 | 0.77 | 0.81 | 0.67 | 0.73 | 0.55 | 0.75 | 0.82 | 0.82 | 0.75 | 0.77 | 1.00 | EMEA | |||||||||
EMEA | EM EMEA IMI | 7.1 | 9.8 | 23.4 | 0.05 | 0.30 | 0.11 | 0.68 | 0.07 | 0.57 | 0.60 | 0.55 | -0.01 | 0.14 | -0.03 | 0.51 | 0.48 | 0.48 | 0.70 | 0.69 | 0.70 | 0.75 | 0.77 | 0.71 | 0.44 | 0.76 | 0.82 | 0.74 | 0.83 | 0.67 | 0.82 | 0.84 | 0.85 | 0.83 | 0.83 | 0.88 | 1.00 | Emerging Markets |
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Emerging Markets | MSCI EM IMI | 5.4 | 7.6 | 21.2 | 0.06 | 0.27 | 0.11 | 0.72 | 0.06 | 0.53 | 0.57 | 0.52 | -0.05 | 0.12 | -0.07 | 0.49 | 0.44 | 0.45 | 0.70 | 0.68 | 0.70 | 0.73 | 0.78 | 0.71 | 0.41 | 0.78 | 0.79 | 0.78 | 0.84 | 0.67 | 0.82 | 0.85 | 0.87 | 0.86 | 0.97 | 0.88 | 0.93 | 1.00 | Global Equities |
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GLOBAL | Global Equities | MSCI ACWI IMI | 4.9 | 6.1 | 15.4 | -0.01 | 0.19 | 0.03 | 0.77 | 0.03 | 0.52 | 0.55 | 0.50 | -0.15 | 0.04 | -0.16 | 0.50 | 0.43 | 0.45 | 0.67 | 0.64 | 0.67 | 0.72 | 0.69 | 0.62 | 0.35 | 0.80 | 0.70 | 0.96 | 0.95 | 0.73 | 0.93 | 0.87 | 0.88 | 1.00 | 0.86 | 0.78 | 0.86 | 0.89 | 1.00 | Natural Resources |
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REAL ASSETS | Natural Resources | S&P Global Natural Resources | 3.6 | 5.7 | 20.5 | 0.09 | 0.21 | -0.01 | 0.61 | -0.01 | 0.54 | 0.53 | 0.49 | -0.03 | 0.08 | -0.06 | 0.52 | 0.39 | 0.42 | 0.71 | 0.63 | 0.67 | 0.71 | 0.72 | 0.64 | 0.36 | 0.67 | 0.67 | 0.73 | 0.77 | 0.61 | 0.83 | 0.88 | 0.82 | 0.81 | 0.76 | 0.82 | 0.83 | 0.84 | 0.82 | 1.00 | Listed Real Estate |
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Listed Real Estate | MSCI ACWI IMI Core RE | 6.3 | 8.1 | 18.8 | -0.01 | 0.36 | 0.27 | 0.78 | 0.22 | 0.47 | 0.58 | 0.53 | 0.01 | 0.21 | 0.02 | 0.43 | 0.52 | 0.51 | 0.59 | 0.66 | 0.65 | 0.66 | 0.66 | 0.66 | 0.48 | 0.81 | 0.73 | 0.81 | 0.80 | 0.66 | 0.78 | 0.75 | 0.82 | 0.85 | 0.75 | 0.71 | 0.77 | 0.79 | 0.86 | 0.64 | 1.00 | Listed Infrastructure |
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Listed Infrastructure | S&P Global Infrastructure | 5.8 | 7.0 | 15.4 | 0.07 | 0.36 | 0.25 | 0.75 | 0.22 | 0.58 | 0.67 | 0.63 | 0.02 | 0.22 | 0.03 | 0.52 | 0.57 | 0.57 | 0.66 | 0.70 | 0.73 | 0.73 | 0.71 | 0.69 | 0.55 | 0.81 | 0.77 | 0.80 | 0.87 | 0.65 | 0.86 | 0.82 | 0.85 | 0.87 | 0.76 | 0.79 | 0.82 | 0.82 | 0.88 | 0.77 | 0.86 | 1.00 | Hedge Funds |
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ALTERNATIVES | Hedge Funds | HFRI Fund Weighted | 2.6 | 2.8 | 5.9 | 0.04 | 0.22 | 0.02 | 0.76 | 0.05 | 0.44 | 0.49 | 0.43 | -0.14 | 0.02 | -0.16 | 0.50 | 0.44 | 0.45 | 0.67 | 0.64 | 0.66 | 0.72 | 0.67 | 0.59 | 0.30 | 0.79 | 0.64 | 0.85 | 0.85 | 0.69 | 0.87 | 0.89 | 0.84 | 0.90 | 0.84 | 0.79 | 0.84 | 0.88 | 0.92 | 0.84 | 0.76 | 0.82 | 1.00 | Private Equity |
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Private Equity | Cambridge Associate Global Private Equity | 7.9 | 9.3 | 16.9 | 0.06 | 0.00 | -0.35 | 0.64 | -0.25 | 0.45 | 0.46 | 0.35 | -0.25 | -0.12 | -0.28 | 0.60 | 0.57 | 0.53 | 0.67 | 0.54 | 0.56 | 0.62 | 0.63 | 0.50 | 0.08 | 0.65 | 0.57 | 0.80 | 0.76 | 0.55 | 0.74 | 0.75 | 0.75 | 0.79 | 0.77 | 0.67 | 0.71 | 0.75 | 0.80 | 0.69 | 0.65 | 0.68 | 0.71 | 1.00 |
Forward-looking statements and assumptions are Northern Trust’s current estimates or expectations of future events or future results based upon proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information.
Capital Market Assumption (CMA) model expected returns do not show actual performance and are for illustrative purposes only. They do not reflect actual trading, liquidity constraints, fees, expenses, taxes and other factors that could impact the future returns. Stated return expectations may differ from an investor’s actual result. The assumptions, views, techniques and forecasts noted are subject to change without notice.
This material is directed to professional clients only and is not intended for retail clients. For Asia-Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors. For legal and regulatory information about our offices and legal entities, visit northerntrust.com/disclosures. The following information is provided to comply with local disclosure requirements: The Northern Trust Company, London Branch; Northern Trust Global Services Limited; Northern Trust Global Investments Limited; Northern Trust Securities LLP. The following information is provided to comply with Article 9(a) of The Central Bank of the UAE’s Board of Directors Resolution No 57/3/1996 Regarding the Regulation for Representative Offices: Northern Trust Global Services Limited, Abu Dhabi Representative Office. The Northern Trust Company of Saudi Arabia — a Saudi closed joint stock company — Capital SAR 52 million. Licensed by the Capital Market Authority — License No. 12163-26 — C.R.: 1010366439. Northern Trust Global Services Limited Luxembourg Branch, 6 rue Lou Hemmer, L-1748 Senningerberg, Grand-Duché de Luxembourg, Succursale d’une société de droit étranger RCS B129936. Northern Trust Luxembourg Management Company S.A., 6 rue Lou Hemmer, L-1748 Senningerberg, Grand-Duché de Luxembourg, Société anonyme RCS B99167. Northern Trust (Guernsey) Limited (2651)/Northern Trust Fiduciary Services (Guernsey) Limited (29806)/Northern Trust International Fund Administration Services (Guernsey) Limited (15532) Registered Office: Trafalgar Court Les Banques, St Peter Port, Guernsey GY1 3DA. Issued in the United Kingdom by Northern Trust Global Investments Limited.
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You could lose money by investing in the Money Market Funds. Although each of the Money Market Funds seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
The Money Market Fund and the Municipal Money Market Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors.
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An investment in FlexShares® is subject to numerous risks, including possible loss of principal. Fund returns may not match the return of the respective indexes. The Funds are subject to the following principal risks: asset class; commodity; concentration; counterparty; currency; derivatives; dividend; emerging markets; equity securities; fluctuation of yield; foreign securities; geographic; income; industry concentration; inflation-protected securities; infrastructure-related companies; interest rate / maturity risk; issuer; large cap; management; market; market trading; mid cap stock; MLP; momentum; natural resources; new funds; non-diversification; passive investment; privatization; small cap stock; tracking error; value investing; and volatility risk. A full description of risks is in the prospectus.
Please carefully read the summary prospectus or prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds or FlexShares before investing. Call 800-595-9111 to obtain a summary prospectus or prospectus for Northern Funds or visit www.flexshares.com. for FlexShares. The summary prospectus and prospectus contain this and other information about the Funds.
Shares of the Northern Funds and FlexShares are offered only by a current Prospectus and are intended solely for persons to whom shares of US registered funds may be sold. This site shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the Northern Funds in any jurisdiction in which such offer, solicitation or sale would be unlawful. ©2018 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust. The FlexShares Funds, registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940 (“Funds”) are distributed by Foreside Fund Services, LLC , not affiliated with Northern Trust.
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The Funds shown are sub-funds of Northern Trust Global Funds plc, Northern Trust Investment Funds plc or Northern Trust UCITS Common Contractual Fund, which are regulated collective investment schemes in Ireland under Central Bank of Ireland UCITS regulations. Past performance does not guarantee future results. Information contained herein has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Information is only current as of the date stated and is subject to change without notice. This information does not constitute a recommendation for any investment strategy or product described herein. This information is not intended as investment advice and does not take into account an investor’s individual circumstances. The prospectus in available in English and the key investor information document is available at www.northerntrust.com/pooledfunds.
For Asia-Pacific markets, this material is directed to expert, institutional, professional and wholesale investors only and should not be relied upon by retail clients or invest.
For Asia-Pacific markets, this material is directed to expert, institutional, professional and wholesale investors only and should not be relied upon by retail clients or investors. In Australia, The Northern Trust Company of Hong Kong Limited (TNTCHK) is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act. TNTCHK is authorized and regulated by the SFC under Hong Kong laws, which differ from Australian laws.