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| March 31, 2010 |
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Effective January 1, 2010, the name of the Fund changed to Munder Growth Opportunities Fund and the Fund's objective was broadened to include long-term capital appreciation by identifying secular growth trends and investing in equity securities of companies we believe will benefit from these trends. We expect that the management of the Fund will remain largely consistent with its historical strategy.
Technology stocks delivered solid returns for the quarter ended March 31, but lagged the broad stock market as measured by the S&P 500® Index. The Munder Growth Opportunities Fund also trailed its S&P 500® benchmark for the quarter, but by a narrower margin. The Fund outperformed the S&P 500® Index for the 1-year, 3-year and 5-year time periods ended March 31, 2010.
For the quarter, strong stock selection in the technology sector of the Fund helped to counter the weak performance of the sector relative to the S&P 500® Index. The stocks that had the largest positive impact on the Fund's relative performance included Baidu, Inc. (4.1% of the Fund) and Move, Inc. (2.8%) in the Internet software & services segment of the Fund, and priceline.com, Inc. (3.0%) and Netflix, Inc. (1.0%) in the Internet & catalog retail segment. All of these stocks had strong performance and were overweighted in the Fund.
In contrast to these positive factors, overweighted positions in Google, Inc., (4.1%) and Yahoo!, Inc. (4.8%) in the Fund's Internet software and services segment were the largest detractors from the Fund's relative performance for the quarter. Both Google and Yahoo remain significant holdings in the Fund, as we believe they should benefit from the cyclical recovery of the advertising market, as well as the long-term shift of advertising to the Internet. Other significant detractors from the Fund's relative performance for the quarter, also in the Internet software and services sector, were SINA Corporation (1.3%) and Monster Worldwide, Inc. (2.8%). Both stocks were overweighted in the Fund.
While the Fund and the broad stock market experienced a solid first quarter, we expect the global financial markets to remain volatile, given the uncertainty regarding the economic environment. Even with this expected volatility, we remain confident in the long-term fundamentals of the companies owned in the Fund. |
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| December 31, 2009 |
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Technology stocks had strong performance for both the fourth quarter and 2009 as a whole, outperforming the broad stock market as measured by the S&P 500® Index. Although the Growth Opportunities Fund lagged its S&P 500® benchmark for the quarter, it significantly outperformed its benchmark for the year as a whole.
For the quarter, the Fund overweight in technology stocks, compared to the S&P 500® Index, provided a significant boost to the Fund's relative performance. In terms of individual holdings, stocks that had the largest positive impact on the Fund's relative performance included Amazon.com, Inc. (3.6% of the Fund) and priceline.com, Inc. (2.4%) in the Internet & catalog retail segment of the Fund, Check Point Software Technologies, Ltd. (3.2%) in the software segment and Google, Inc. (4.2%) and Akamai Technologies, Inc. (1.3%) in the Internet software and services segment. All of these stocks had strong performance and were overweighted in the Fund.
In contrast to these positive factors, an overweighted position in Move, Inc., (2.4%), a holding in the Fund's Internet software and services sector, was the largest detractor from relative performance during the quarter. Move operates the largest online real estate site on the Internet. The stock had been a strong performer in the recent past and gave back some of its gains during the fourth quarter. We believe the company is well positioned to benefit from stabilization in the real estate market. The other significant detractors from the Fund's relative performance for the quarter, also in the Internet software and services sector, were Yahoo! Inc. (4.6%) and Digital River, Inc. (0.5%). All of these stocks were overweighted in the Fund.
While both technology stocks and the broad stock market experienced a strong fourth quarter, as well as a strong 2009, we expect the global financial markets to remain volatile, given the uncertainty relating to the economic environment. Even with this expected volatility, we remain confident in the long-term fundamentals of the companies owned in the Fund.
Effective January 1, 2010, the name of the Fund changed to Munder Growth Opportunities Fund and the Fund's objective changed to pursue long-term capital appreciation by identifying secular growth trends and investing in equity securities of companies we believe will benefit from these trends. We expect that the management of the Fund will remain largely consistent with its historical strategy. |
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| September 30, 2009 |
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Technology stocks had strong performance during the quarter, earning positive double-digit returns, and outperforming the broad
stock market, as measured by the S&P 500® Index. Among technology stocks, Internet stocks had particularly strong returns. As an
example, the Morgan Stanley Internet Index outperformed the S&P 500® Index for the quarter, year-to-date, one-year, three-year and
five-year time periods ended September 30, 2009. The Munder Internet Fund participated in the strong absolute performance of the
Internet-related segment of the stock market, outperforming its Morgan Stanley Internet benchmark for the quarter.
Overweight positions in Monster Worldwide, Inc. (3.4% of the Fund) and Expedia, Inc. (1.4%) had the largest positive impact on the
Fund's performance for the quarter, relative to its Morgan Stanley Internet benchmark. Underweighted positions in eHealth, Inc.
(0.5%) and Akamai Technologies, Inc. (1.5%) also contributed to relative strength.
The positive factors impacting the Fund's relative performance were only partially offset by underweighted positions in several stocks
that had strong relative performance. These included underweighted positions in TechTarget (1.4%) and salesforce.com, Inc. (0.9%).
An underweight position in Omniture Inc., (1.2%), which was acquired by Adobe Systems Inc. (which was not owned in the Fund),
also detracted from performance.
While both technology stocks and the broad stock market experienced a strong quarter, the global financial markets continued to be
volatile, given the uncertainty relating to the economic environment. We continue to believe that the Internet and related technology
segments of the global economy will grow faster than the broader economy and provide attractive investment opportunities. The
Fund's objective is to seek long-term capital appreciation through investments in the stocks of companies we believe are positioned
to benefit from the growth of the Internet. Given our expectations for the relative growth of this segment of the market, we remain
confident in the long-term fundamentals of the companies owned in the Fund. |
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Past performance does not guarantee future results. 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, click here. Read the prospectus and summary prospectuses carefully before investing. RISKS: A significant amount of the Fund's assets is likely to be invested in the information technology sector. In addition, the Fund concentrates its investments in Internet-related securities. Investments in both of these areas tend to be relatively volatile. The Fund is therefore subject to higher market risk and price volatility than funds with more broadly diversified investments. The Fund tends to invest in smaller company stocks, which are more volatile and less liquid than larger, more established company securities. The Fund also 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.
Fund holdings mentioned in the Quarterly Commentary are as of2.28.10 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 S&P 500® Index is a widely recognized capitalization-weighted index that measures the performance of the large-capitalization sector of the U.S. stock market. You cannot invest directly in an index, securities in the Fund will not match those in an 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 04/10
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| Munder Funds distributed by Funds Distributor, LLC. |
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