High Yield Fixed Income Fund
Northern Funds · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
High Yield Fixed Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
The Fund seeks a high level of current income. In doing so, the Fund also may consider the potential for capital appreciation.
The fund invests at least 80% of assets in below-investment-grade bonds and fixed-income securities rated BB, Ba or lower, selected through a relative value approach that analyzes economic conditions and compares expected returns against assumed risks; the adviser may emphasize particular sectors or security types expected to offer favorable risk-adjusted returns. Because security selection depends on the adviser's analysis and models, fund performance will diverge from any benchmark. The fund may hold focused positions exceeding 15% of assets in individual sectors and engages in active trading without regard to portfolio turnover.
| Share class | Gross | Net |
|---|---|---|
| NHFIX | 0.66% | 0.61% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 45.13% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 94.97% |
| Derivatives | 6.11% |
| Cash & short-term | 3.90% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 51.4% |
| International | 15.9% |
| Financials | 4.8% |
| Consumer Discretionary | 4.2% |
| 10 smaller | 23.6% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: Chicago Board of Trade ×3, HLF FINC. SARL LLC 7.75%, MERIDIAN ARC HOLDCO 6.25%, SEADRILL FIN. LTD 6.75%, VISTAJET MALTA FIN. 8.75%, COREWEAVE INC 9.75%
Largest exited: CBOT ×2, LEVEL 3 FINC. INC 4.25%, SERVICE PROPS. TRUS 5.50%, PBF HLDG. CO LLC / 6.00%, ACADEMY LTD 6.00%, BEAZER HOMES USA I 5.875%, EG GBL. FIN. PLC 12.00%
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 99.7% |
| Floating rate | 0.2% |
| Zero-coupon or unclassified | 0.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.2% |
| 1-3y | 19.0% |
| 3-5y | 34.8% |
| 5-10y | 39.6% |
| 10y+ | 3.4% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 53% |
| Credit spreads | 47% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.65 yr |
| Investment grade | +0.15 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.28 yr | 9% |
| 1 yr | 0.63 yr | 20% |
| 5 yr | 1.66 yr | 54% |
| 10 yr | 0.50 yr | 16% |
| 30 yr | 0.03 yr | 1% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.63 yr | 23% |
| 5 yr | 1.64 yr | 59% |
| 10 yr | 0.47 yr | 17% |
| 30 yr | 0.03 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.28 | +0.00 | +0.03 | $282 | $6.3k |
| 1 yr | +0.63 | +0.02 | +0.61 | $5.0k | $128.8k |
| 5 yr | +1.66 | +0.05 | +1.59 | $10.6k | $337.3k |
| 10 yr | +0.50 | +0.05 | +0.42 | $10.9k | $88.5k |
| 30 yr | +0.03 | +0.02 | +0.01 | $4.1k | $2.9k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | NI US GOV T PORTFOLIO | 3.90% | $82.87M | — |
| — | Chicago Board of Trade | 3.88% | $82.45M | — |
| — | Chicago Board of Trade | 3.02% | $64.23M | — |
| — | CCO HLDGS. LLC / CC 5.00%5.00% · due 2028-02-01 | 0.89% | $18.96M | — |
| — | ECHOSTAR CORP 10.75%10.75% · due 2029-11-30 | 0.68% | $14.39M | — |
| — | AMERICAN AIRLINES I 5.75%5.75% · due 2029-04-20 | 0.61% | $13.04M | — |
| — | VENTURE GBL. LNG IN 9.50%9.50% · due 2029-02-01 | 0.61% | $12.94M | — |
| — | CERDIA FINANZ GMBH 9.375%9.38% · due 2031-10-03 | 0.57% | $12.04M | — |
| — | ARDONAGH GRP. FIN. 8.875%8.88% · due 2032-02-15 | 0.55% | $11.73M | — |
| — | NCR ATLEOS CORP 9.50%9.50% · due 2029-04-01 | 0.55% | $11.71M | — |
Top 10 positions are 15.27% of net assets, top 25 22.06%, across 521 issuers.
See more of this fund's book
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