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| Quarterly Commentary as of June 30, 2008 |
previous commentary |
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The Fund delivered a positive return in what proved to be a volatile second quarter, although it lagged its Morgan Stanley Internet benchmark. In terms of absolute performance, the Fund benefited from a position in CNET Networks, Inc. (2.5% of the Fund). The company, which was acquired by CBS Corp., posted a return of 62% for the quarter. (CBS Corp. is not owned in the Fund.) The Fund also benefited from holdings in Sohu.com, Inc. (1.6%) and Akamai Technologies, Inc. (3.4%). These stocks gained 56% and 24%, respectively, during the quarter. In contrast, the Fund's performance was negatively influenced by holdings in Yahoo! Inc. (3.8%) and Move, Inc. (2.5%), down 29%, and 24% during the quarter, respectively.
Relative to the Morgan Stanley Internet Index, overweight positions in Sohu.com and Tencent Holdings, Ltd. (0.9%) made a significant positive contribution to performance. The lack of a position in Blue Nile Inc. also contributed positively to relative returns. Detractors from relative performance included underweight positions in CNET Networks and Baidu.com, Inc. (3.0%), and an overweight position in Move, Inc. |
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Past performance does not guarantee future results.
An investor should consider the Fund's investment objectives, risks, and charges and expenses carefully before sending money. This and other important information about the investment company can be found in the Fund's prospectus. To obtain a prospectus, please click here. Please read the prospectus carefully before investing.
RISKS
The Fund concentrates its investments in technology and Internet-related securities, which tend to be relatively volatile. It is therefore subject to higher market risk and price volatility than funds with more broadly diversified investments. The Fund may invest in smaller and medium-sized company stocks, which are more volatile and less liquid than larger, more established company securities. This Fund may invest up to 25% of its assets in foreign securities, which involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards. Performance and after-tax returns can be significantly impacted by the Fund's investments in Initial Public Offerings (IPOs), which may involve short-term trading. We cannot ensure that the Fund will obtain IPOs.
Fund holdings mentioned in the manager commentary are as of 5/31/08 . The portfolio holding information provided should not be considered as a recommendation to purchase or sell a particular security. There is no assurance that the securities mentioned remain in the Fund's portfolio or that securities sold have not been repurchased.
The statements and opinions expressed are those of the author(s) and do not necessarily represent the views of Munder Capital Management as a firm or the Munder Funds. While the information and statistical data contained in this material are based on sources believed to be reliable, it is current as of the time made and is subject to change without notice. Further, the information presented is general in nature and is not intended to provide personal investment advice or as an endorsement of any specific investment. The information does not take into account the specific investment objectives, financial situation and particular needs of any specific person who may receive it.
Munder Funds distributed by Funds Distributor, LLC.
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| Munder Funds distributed by Funds Distributor, LLC. |
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