|
|
|
|
|
|
|
| September 30, 2011 |
|
|
|
Global equity markets were down significantly in the third quarter of 2011. The Munder International Equity Fund also had negative performance and trailed its MSCI EAFE (Europe, Australasia, Far East) Net Dividends benchmark. The Fund’s “value with a catalyst” approach, which focuses on companies that show signs of improvement in business performance and business sentiment, had a positive impact on relative performance for the quarter. In terms of model performance, the value factors universally added value, while most of the catalyst factors did not.
In terms of specific sector and country holdings, the Fund benefited from the relative strength of its materials and industrials sectors, as well as its Australia and Germany holdings. Among the Fund's individual holdings, Micro Focus International PLC (0.5% of the Fund) was the top contributor to relative performance. The company, which is headquartered in the United Kingdom, provides enterprise application management solutions.
In contrast to these positive factors, holdings in the utilities sector, as well as Japanese holdings, had a negative impact on the Fund's relative performance for the quarter. In terms of individual stocks, Volkswagen AG preferred (3.0%) was one of the biggest detractors from relative returns. The company, which is headquartered in Germany, manufactures personal and commercial vehicles.
It is important to note that more than half of the world's equity investment opportunities lie outside the United States. We believe our disciplined investment approach provides investors with exposure to many of these opportunities. When added to a portfolio of U.S. securities, our international investment discipline has the potential to increase diversification, while improving return and reducing risk. |
|
| June 30, 2011 |
|
|
|
The Munder International Equity Fund had positive performance for the second quarter of 2011, but trailed slightly behind its MSCI EAFE (Europe, Australasia, Far East) Net Dividends benchmark. The Fund’s “value with a catalyst” approach, which focuses on companies that show signs of improvement in business performance and business sentiment, had a positive impact on relative performance for the quarter. While the performance of valuation factors was poor, the performance of catalyst factors was consistently strong.
In terms of specific sector and country holdings, the Fund benefited from the relative strength of its consumer discretionary and information technology sectors, as well as its Germany and Japan holdings. Among the Fund's individual holdings, Volkswagen AG preferred (3.6% of the Fund) was the top contributor to relative performance. The company, which is headquartered in Germany, manufactures personal and commercial vehicles. In absolute terms, the performance of the Fund was helped by the weakening of the U.S. dollar during the quarter.
In contrast to these positive factors, holdings in the consumer staples sector, as well as Australia holdings, had a negative impact on the Fund's relative performance for the quarter. In terms of individual stocks, Caltrex Australia Ltd. (1.5%) was one of the biggest detractors from relative returns. The company, which is headquartered in Australia, is an oil marketing and refining company.
It is important to note that more than half of the world's equity investment opportunities lie outside the United States. We believe our disciplined investment approach provides investors with exposure to many of these opportunities. When added to a portfolio of U.S. securities, our international investment discipline has the potential to increase diversification, while improving return and reducing risk. |
|
| March 31, 2011 |
|
|
|
The Munder International Equity Fund had positive performance for the first quarter of 2011 and outperformed its MSCI EAFE (Europe, Australasia, Far East) Net Dividends benchmark. The Fund’s “value with a catalyst” approach, which focuses on companies that show signs of improvement in business performance and business sentiment, had a positive impact on relative performance for the quarter. The performance of valuation factors was mixed, but the performance of catalyst factors was consistently strong.
In terms of specific sector and country holdings, the Fund benefited from the relative strength of its financials and utilities sectors, as well as its United Kingdom and Netherlands holdings. Among the Fund's individual holdings, Enel S.p.A. (1.4% of the Fund) was the top contributor to relative performance. The company, which is headquartered in Italy, generates, transmits, distributes and trades electricity. In absolute terms, the performance of the Fund was helped by the weakening of the U.S. dollar during the quarter.
In contrast to these positive factors, holdings in the information technology sector, as well as German holdings, had a negative impact on the Fund's relative performance for the quarter. In terms of individual stocks, Air New Zealand Ltd. (0.9%) was one of the biggest detractors from relative returns. The company, which is headquartered in New Zealand, is a passenger and cargo airline business.
It is important to note that more than half of the world's equity investment opportunities lie outside the United States. We believe our disciplined investment approach provides investors with exposure to many of these opportunities. When added to a portfolio of U.S. securities, our international investment discipline has the potential to increase diversification, while improving return and reducing risk. |
|
Past performance does not guarantee future results. There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the Fund. To obtain a prospectus and summary prospectus, call 800.468.6337, click here. Read the prospectus and summary prospectuses carefully before investing.
RISKS: Investors should note that investments in foreign securities involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards. The Fund may concentrate its investments in one or more countries. A substantial portion of the Fund’s assets is invested in securities of Japanese and U.K. issuers; therefore, adverse market conditions impacting those countries may have a more pronounced effect on the Fund. The Fund invests in smaller company stocks, which are more volatile and less liquid than larger, more established company securities.
Fund holdings mentioned in the Quarterly Commentary are as of 12.31.11 and the percentages shown are based on net assets as of that date. Fund holdings are subject to change and should not be considered purchase recommendations. There is no assurance that the securities mentioned remain in the Fund’s portfolio or that securities sold have not been repurchased. The most currently available data regarding portfolio holdings can be found on our website, www.munder.com.
The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure developed equity market performance, excluding the U.S. and Canada. Returns provided for the MSCI EAFE Index are net dividends (i.e., net of foreign withholding taxes applicable to U.S. investors). You cannot invest directly in an index, securities in the Fund will not match those in the index, and performance of the Fund will differ. Although reinvestment of dividend and interest payments is assumed, no expenses are netted against an index’s returns.
Munder Funds are distributed by Funds Distributor, LLC 01.12
|
| Munder Funds distributed by Funds Distributor, LLC. |
|
|
Mutual Funds |
Investment Professionals |
Retirement Services |