Northern Global Tactical Asset Allocation Fund Q4 2025 Commentary

Northern Trust Asset Management11 FollowersFollow5ShareSavePlay(5min)CommentsSummaryFollowing resumed economic data, the broader U.S. macroeconomic landscape held firm with ongoing resilience amid a gradually cooling labor market.The Global Tactical Asset Allocation Fund posted a total return of 2.21% for the quarter, compared with 2.42 for the Fund's Asset Allocation Blend Index.The Fund slightly underperformed in the fourth quarter as modest benefits from tactical positioning were unable to completely offset some headwinds from product fulfillment.The Fund remains overweight global equities and real assets, with a broad-based equities overweight across the major global regions and a preference for global listed infrastructure.The Fund continues to be underweight fixed income, predominantly in investment grade fixed income. rawintanpin/iStock via Getty Images The fourth quarter began with a U.S. government shutdown, which lasted into mid-November. The U.S. economy avoided major broad-based disruption. However, the shutdown hampered economic data collection – creating a considerable information vacuum just as markets sought clarity on growth, inflation, and policy trajectories. Following resumedThis article was written byNorthern Trust Asset Management11 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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