Northern Active M Emerging Markets Equity Fund Q3 2025 Commentary

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**Northern Active M Emerging Markets Equity Fund Q3 2025 Commentary**
*November 9, 2025 – 8:10 PM ET*

**Northern Active M Emerging Markets Equity Fund (NMMEX)**
*Northern Trust Asset Management*

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Emerging markets posted a strong quarter, with the MSCI Emerging Markets Index rising 10.64%. Chinese internet-related stocks, along with semiconductor stocks in South Korea and Taiwan, benefited significantly from the exuberant market sentiment surrounding artificial intelligence (AI).

The Active M Emerging Markets Equity Fund outperformed during the third quarter, gaining 11.20% compared to the MSCI index’s 10.64%. Additional value was generated through an underweight position in India combined with overweight allocations in South Africa and Peru.

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**About Northern Trust Asset Management**

Northern Trust Asset Management is a global investment manager dedicated to helping investors navigate changing market environments in pursuit of their long-term objectives. Entrusted with $1.2 trillion in assets under management as of March 31, 2024, we recognize that investing serves a greater purpose. We believe investors should be rewarded for the risks they take across all market environments and investment strategies.

To achieve this, we combine robust capital markets research, expert portfolio construction, and comprehensive risk management to develop innovative and efficient solutions aimed at delivering targeted investment outcomes.

As engaged contributors to our communities, we consider it a privilege to serve both our investors and communities with integrity, respect, and transparency.

Northern Trust Asset Management comprises several entities including Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc., 50 South Capital Advisors, LLC, Northern Trust Asset Management Australia Pty Ltd, as well as investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.

For inquiries or further communication, please contact Northern Trust Asset Management through our official channels.

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