Northern California Tax-Exempt Fund Q3 2025 Commentary
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Northern Trust Asset Management5 FollowersFollow5ShareSavePlay(6min)CommentsSummaryNorthern California Tax-Exempt Fund underperformed its benchmark in the quarter. Duration was a positive contributor. Security selection was the largest detractor.It was an atypical macro backdrop, as economic activity defied expectations for a slowdown despite clear signs of labor market deceleration.Major asset class returns were largely positive, with outperformance in equities relative to fixed income. Pavel Kot/iStock via Getty Images It was an atypical macro backdrop, as economic activity defied expectations for a slowdown despite clear signs of labor market deceleration. Following several upward revisions, U.S. second-quarter real GDP growth—initially reported in July—was finalized at 3.8% annualized, well above theThis article was written byNorthern Trust Asset Management5 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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