Northern Arizona Tax-Exempt Fund Q4 2025 Commentary

Northern Trust Asset Management8 FollowersFollow5ShareSavePlay(6min)CommentsSummaryFor most of the final quarter of 2025, the macroeconomic landscape was shaped as much by what investors couldn't see as by what they could.Financial markets capped a strong 2025 with 4Q gains across both equities and fixed income.The Fund outperformed its benchmark in the quarter.The largest contributor to performance was an overweight to longer-duration bonds. VEX Collective/iStock via Getty Images For most of the final quarter of 2025, the macroeconomic landscape was shaped as much by what investors couldn't see as by what they could. The U.S. government shutdown—lasting a record 43 days—created a significant information vacuumThis article was written byNorthern Trust Asset Management8 FollowersFollowNorthern Trust Asset Management is a global investment manager that helps investors navigate changing market environments in efforts to realize their long-term objectives. Entrusted with $1.2 trillion in assets under management as of March 31, 2024, we understand that investing ultimately serves a greater purpose and believe investors should be compensated for the risks they take — in all market environments and any investment strategy. That’s why we combine robust capital markets research, expert portfolio construction and comprehensive risk management in an effort to craft innovative and efficient solutions that seek to deliver targeted investment outcomes. As engaged contributors to our communities, we consider it a great privilege to serve our investors and our communities with integrity, respect and transparency.

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