Summary

• Northern Ultra-Short Fixed Income Fund outperformed its benchmark by 8 basis points (0.08%) this quarter.
• Economic momentum entering the quarter was reasonably constructive, and published consensus estimates for trend-like global growth and manageable inflation largely remained intact by quarter-end.
• Global equities declined 3%, while fixed income returns were slightly negative with headwinds from both rates and credit spreads.

Fund Commentary

The first quarter was defined less by realized macroeconomic outcomes than by a reassessment of risks. Economic momentum entering the quarter was reasonably constructive, and published consensus estimates for trend-like global growth and manageable