Northern Large Cap Core Fund Q4 2025 Commentary

The fourth quarter of 2025 saw continued gains and new all-time highs for the S&P 500. Better-than-expected GDP data and continued strength in corporate earnings overshadowed weakening employment data. The Federal Reserve continued to cut short-term interest Northern Large Cap Core Fund Q4 2025 Commentary Summary - The fourth quarter of 2025 saw continued gains and new all-time highs for the S&P 500. - The Large Cap Core Fund outperformed its benchmark for the quarter. - We believe the Fund's focus on high quality securities is positioned well as economic conditions shift and market volatility

The fourth quarter of 2025 saw continued gains and new all-time highs for the S&P 500. Better-than-expected GDP data and continued strength in corporate earnings overshadowed weakening employment data. The Federal Reserve continued to cut short-term interest Northern Large Cap Core Fund Q4 2025 Commentary Summary - The fourth quarter of 2025 saw continued gains and new all-time highs for the S&P 500. - The Large Cap Core Fund outperformed its benchmark for the quarter. - We believe the Fund's focus on high quality securities is positioned well as economic conditions shift and market volatility