About the Equity Fund Style Box
A picture that's worth a thousand words.

Equity fund style boxes provide a wealth of information in just a glance. These easy-to-understand visual references summarize a fund's investment strategy. The vertical axis shows the capitalization of the companies in which the fund invests, while the horizontal axis focuses on the investment philosophy: growth versus value.

Capitalization

The market value of a company, or capitalization, is measured by multiplying the price-per-share of stock by the number of shares outstanding.

The Munder equity style boxes are based on the following capitalization guides:

    Large-cap: $5 billion or larger
    Medium-cap: $500 million to $10 billion
    Small-cap: $100 million to $1.5 billion

The shaded capitalization box(es) represent the capitalization focus of the fund. Some Munder funds are focused on a specific capitalization segment. In those cases, only one capitalization box will be shaded. Other Munder funds are multi-cap funds that invest in a number of capitalization segments. For these funds, more than one capitalization box is shaded.

Valuation

Munder growth funds focus on investing in companies that we believe offer the potential for superior earnings growth. Characteristics we emphasize when choosing stocks for a growth-oriented fund include:

• Consistent and predictable revenue and earnings per share growth
• Solid balance sheets
• Quality management team

Munder value funds focus on investing in companies whose stocks we believe have a low valuation relative to the stock market and/or to its peers. We believe these stocks will increase in price as the market recognizes their worth. Characteristics we emphasize when choosing stocks for a value-oriented fund include:

• Relatively low valuation as measured by price-to-earnings, price-to-cash flow and price-to-book ratios as well as other measures of stock valuation
• Stable or improving business trends, often evidenced by upward earning estimate revisions
• Price momentum

Munder blended funds combine growth and value investment strategies.