Multi-Manager Emerging Markets Debt Opportunity Fund

C000131802 Fund Overview

Multi-Manager Emerging Markets Debt Opportunity Fund is a US mutual fund managed by Northern Funds, categorised as Intermediate Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Northern Funds
• Category: Intermediate Total / Aggregate Bond
• Assets under management: $131.21M
• 1-year return: 11.5%
• SEC CIK: 0000916620
• SEC series ID: S000042634
• Share class ID: C000131802

C000131802 Investment Objective and Strategy

Multi-Manager Emerging Markets Debt Opportunity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Northern Funds.

Investment objective

The Fund seeks total return consisting of a combination of income and capital appreciation.

Principal investment strategy

In seeking to achieve total return, the Fund will invest, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in fixed income securities that provide exposure to debt issuers based in or economically tied to emerging or frontier markets. Emerging and frontier markets are defined as those identified by the World Bank Group as being developing or emerging economies or are included in the JP Morgan EMBI Global Diversified Index and/or the JP Morgan GBI-EM Global Diversified Index. As of May 31, 2018, the indices were comprised of markets in 69 different countries located in Central and South America, Africa, Eastern Europe, Russia, the Caribbean and Asia. The Fund may invest in companies of any size located in a number of countries throughout the world.

The Fund may invest without limitation in securities denominated in foreign currencies and in U.S. dollar denominated securities of emerging and frontier markets issuers. The securities in which the Fund may invest include the following: obligations of sovereign nations or their agencies, instrumentalities, or sponsored enterprises; obligations of corporations and banks; senior subordinated bonds and debentures; zero coupon, pay-in-kind and capital appreciation bonds; preferred stock, convertible securities and warrants, rights and other equity securities that are acquired in connection with convertible securities; entities organized to restructure the outstanding debt of emerging and frontier market issuers; structured securities and short sales; and repurchase agreements related to the above instruments.

Although the Fund invests primarily in the debt obligations of emerging and frontier markets issuers, it may make investments in the securities of developed market issuers or currency instruments. Currency instruments may include foreign exchange forwards, futures contracts or options on currency. The Fund may invest in structured securities or derivatives, including but not limited to credit linked notes, financial future contracts and swap contracts for hedging purposes or to gain exposure to certain countries or currencies. A portion of the Funds net assets may be illiquid securities, i.e. securities that do not have a readily available market or that are subject to resale restrictions. The Fund may invest in higher risk, below investment-grade debt securities, commonly referred to as junk bonds.

Lower quality securities are rated BB, Ba or lower by a Nationally Recognized Statistical Rating Organization (NRSRO). Unrated securities will be of comparable quality as determined by each sub-adviser. There is no minimum rating for a security purchased or held by the Fund, and the Fund may purchase securities in default. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the 1940 Act), and may invest more of its assets in fewer issuers than diversified mutual funds. The Fund utilizes a multi-manager approach whereby the Funds assets are allocated to one or more sub-advisers, in percentages determined at the discretion of the Funds investment adviser. Each sub-adviser acts independently from the others and utilizes its own distinct investment style in selecting securities.

However, each sub-adviser must operate within the constraints of the Funds investment objective, strategies and restrictions. When determining the allocations and reallocations to sub-advisers, the Funds investment adviser will consider a variety of factors, including but not limited to the sub-advisers investment approach, historical performance, and the characteristics of each sub-advisers allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). The Funds investment adviser seeks, through its selection of sub-advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the Fund. The Fund intends to be fully invested at all times.

However, for temporary defensive purposes and pending investment money received for share purchases or to facilitate Fund redemptions, the Fund may invest up to 100% of its assets in cash, high quality short-term investments and repurchase agreements. To the extent that the Fund is invested in these instruments, the Fund will not be pursuing its investment objective. The sub-advisers may engage in active trading, and will not consider portfolio trading a limiting factor in making decisions for the Fund.

C000131802 Holdings

Top 10 holdings of Multi-Manager Emerging Markets Debt Opportunity Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000131802 holdings

C000131802 Portfolio Allocation

Asset-class allocation of Multi-Manager Emerging Markets Debt Opportunity Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000131802 Performance

Total returns for C000131802 (as of 2026-10-01), from SEC filings.

C000131802 Risk Information

Risk metrics for C000131802, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 9.7%

C000131802 Costs and Fees

C000131802 costs about $89 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.89%
• Gross expense ratio: 1.06%
• Portfolio turnover: 120%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000131802 Cashflows

Over the 12 months to 2023-12, Multi-Manager Emerging Markets Debt Opportunity Fund had net inflows of $67.02M, from monthly SEC N-PORT filings.

C000131802 Debt Constituents

Largest debt holdings of Multi-Manager Emerging Markets Debt Opportunity Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000131802 Prospectus and SEC Filings

Official Multi-Manager Emerging Markets Debt Opportunity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2023-07-27
• Prospectus (485BPOS) — filed 2022-07-27
• Prospectus supplement (497) — filed 2021-08-03
• Portfolio holdings (N-PORT) — filed 2024-02-26
• Portfolio holdings (N-PORT) — filed 2023-11-27
• Portfolio holdings (N-PORT) — filed 2023-08-24
• Annual census (N-CEN) — filed 2023-06-09
• Annual census (N-CEN) — filed 2022-06-10

Related Funds

Other Intermediate Total / Aggregate Bond funds tracked on ABC INVEST:

• Vanguard Total Bond Market Index Fund (VBMFX)
• Vanguard Total Bond Market II Index Fund (VTBIX)
• Vanguard Total International Bond II Index Fund (VTIIX)
• iShares Core U.S. Aggregate Bond ETF (AGG)
• Vanguard Total International Bond Index Fund (VTIBX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.