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Seeks to provide long-term growth of capital by investing primarily in equity securities of companies in countries represented in the S&P® Developed ex-U.S. SmallCap Index, but may also invest in companies from other countries, including emerging market countries.  
Class A C
Ticker MISAX MCISX
CUSIP 626127690 626127682
Fund Code 247 447
Inception Date 08/17/07 08/17/07
Minimum Initial Investment: $2,500; $50 subsequent/automatic
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MORE FUND INFORMATION
Download the Fact Sheet | Prospectus | Annual Report | Commentary
     
 
 
International Small-Cap
Daily NAV's as of 07/30/10
Class A Class C
NAV 6.35 6.26
Chg. $ -0.04 -0.03
Chg. % -0.63 -0.48
POP 6.72 6.26
YTD Return % 1.44 1.13
52 Wk High
Date
6.84
04/15/10
6.75
04/15/10
52 Wk Low
Date
5.46
08/17/09
5.39
08/17/09
Download Historical NAV/POP

     
International Small-Cap Fund Total Returns (%) as of 06/30/10    Risks
- - - - - Cumulative - - - - -
- - - - - Annualized - - - - -
Class 1 month 3 month YTD 1 year SI Inception Date
A With load -8.65 -16.74 -12.84 8.23 -18.36 08/17/07
A Without load -1.37 -11.91 -7.83 14.62 -16.74 08/17/07
C With load -4.33 -13.09 -9.16 12.49 -17.42 08/17/07
C Without load -1.39 -12.21 -8.24 13.49 -17.42 08/17/07
 
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost.

The recent growth rate in the stock market has helped produce short-term returns for some asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, Fund performance may be subject to substantial short-term changes.

As identified in the current Fund prospectus, the Class A and C shares gross expense ratios for the fiscal year ended June 30, 2009 were 2.56% and 3.33%, respectively, and the net expense ratios were 1.71% and 2.46%, respectively. The Fund publishes Semi-Annual and Annual Reports each February and August, which contain updated expense ratio information. In periods of market volatility, Fund assets may decline significantly, causing a Fund’s gross expense ratio to become higher than the gross expense ratio shown in the current prospectus. The Advisor has agreed to limit certain expenses of the Fund since its inception to October 31, 2010. Total returns would have been lower if the Advisor had not limited expenses.

Class A Shares have a maximum sales charge of 5.5% on Equity Funds (excluding the Index 500 Fund), 2.5% on the Index 500 Fund, 4% on the Bond Fund, and 2% on the Tax-Free Short & Intermediate Bond Fund.

Class C Shares of all Funds have a 1.0% Contingent Deferred Sales Charge (CDSC) on redemptions made within one year of purchase.

Different sales charges affect performance and yields.

An investor should consider the Fund's investment objectives, risks, and charges and expenses carefully before sending money. The prospectus and summary prospectus contain this and other important information about the investment company. To obtain a prospectus and summary prospectus, please click here. Please 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. Smaller-sized company stocks are more volatile and less liquid than larger, more established company securities. The Fund may concentrate its investments in one or more countries. When the Fund’s investments are concentrated in a country or countries, market, economic, political, regulatory and other factors affecting those countries could have a significant effect on the Fund’s value.

The portfolio holdings will change and the 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.

Country classifications are based on the country classifications assigned within the Fund's benchmark and do not include exposure through holdings of foreign currencies, which are included in "Cash & Equivalents". Fund/ETF holdings are classified based on the country exposure represented by the Fund/ETF, and may be classified as "Multi-Country." The percentages shown represent the breakdown of investments and are not based on net assets.

A short term trading fee of 2% may be assessed on redemptions of fund shares within 30 days of purchase. The impact of this fee is reflected in the YTD (load) returns in January and the one-month (load) return in each month with 30 days or fewer.

*Total net asset figures do not reflect adjustments, if any, made for financial reporting purposes. Percentages shown for Asset Allocation, Top Ten Holdings, Country Diversification and Sector represent the breakdown of investments and are not based on net assets. Portfolio holdings will change and should not be considered purchase recommendations. Top holdings do not reflect cash, money market instruments or options/futures contracts holdings.

Fund shares are not guaranteed or insured by any bank, the FDIC or any government agency, and may lose value.

The percentages shown are rounded to the nearest tenth of one percent.

 

N/A - Fund class was not in operation for that time period.



Munder Funds distributed by Funds Distributor, LLC.

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Please read the Terms of Use and Privacy Policy
Munder®, Munder Capital®, Munder Capital Management®, and The Munder Funds® are
registered trademarks of Munder Capital Management®.

  ©Copyright 2010 Munder Capital Management. All Rights Reserved.
 
 
International Small-Cap
Quarterly Commentary as of June 30, 2010
previous commentary Print or Download
Market Environment

Stock markets around the world fell in the second quarter of 2010, driven by a jittery global investment community that perceived slowing global growth. The abundance of government debt in several countries caused the eurozone to significantly underperform the rest of the developed regions. Small-cap stocks in the European region declined more than in other regions during the quarter. Further evidence of turmoil in Europe was seen in the decline of the euro relative to the U.S. dollar during the quarter. The single currency region faces both economic and political challenges going forward.

For the second quarter of 2010, the Fund’s S&P® Developed ex-U.S. SmallCap benchmark had a double-digit negative return. The large dispersion between country returns, which existed in the first quarter, continued in the second. The Greek stock market posted the largest decline, as stocks fell by 30.3%, on average, while the Japanese market was a relative bright spot, with stocks falling by 4.0%. All ten economic sectors posted negative overall returns for the quarter, with energy being the worst performing sector with a decline of 16.2%. Consumer staples (-6.5%) and telecommunications services (-7.3%) showed relative strength for the quarter. Financials (-11.8%) trailed the overall Index.

Portfolio Review

The International Small-Cap Fund trailed relative to its S&P benchmark for the quarter, as solid outperformance through the first ten weeks of the quarter disappeared in the late quarter sell off. Security selection showed relative strength in six of ten sectors, with consumer discretionary and health care leading the way. As the sentiment in the market turned negative in the latter part of the quarter, the more cyclical sectors, such as industrials and materials, became a headwind for the Fund’s performance.

Security selection in the industrials sector lagged relative to the Index, as Virgin Blue Holdings Ltd. (0.3% of the Fund) lowered its profit guidance. The Australian low-cost airline reportedly expects fares to drop as a result of a rapid deterioration in leisure travel both domestically and abroad. The stock fell by 62.1% for the quarter. Additionally, commodity prices began a downward march as investor appetite and money flows to commodity funds declined. Canadian mining company Quadra FNX Mining, Ltd. (0.9%) fell 39.8% as revenues were pressured by the decline in the spot price for metals.

The defensive sectors of the Fund mitigated some of the negative impact from more cyclical sectors, with particular strength in consumer discretionary and health care holdings. Japanese generic drug producer Towa Pharmaceutical Co., Ltd. (0.5%) was up by 28.0% for the quarter. The company posted solid fourth quarter operating results as gross margins remained high and investors continued to believe that government-sponsored generic drug incentives would boost long-term sales. Relative performance in the consumer discretionary sector was also strong, boosted especially by Avex Group Holdings, Inc. (0.5%), a producer and seller of DVDs, videos, and music CDs. The company announced better than expected earnings guidance based on an aggressive plan to cut costs and its stock price rose by 37.1%. Other top contributors to relative performance included U.K.-based Aggreko PLC (0.8%). The manufacturer of mobile electricity generators benefited from large contracts with both the Vancouver Winter Olympics and the World Cup and was up by 17.9% for the quarter. Electronic equipment manufacturer Alps Electric Co., Ltd. (0.8%) reported better than expected operating margins due to lower costs and higher automotive electronic component demand, and experienced a 25.9% increase for the quarter.

Market Outlook

While we remain concerned about the abundance of government debt in several countries, we have seen improving trends in the top line growth of companies we analyze. One year ago, bottom line improvement was mainly due to cost cutting and government stimulus that will dissipate over time. Now there are improving trends in the quality of earnings that are being generated from new market share and general increased economic activity. Recognizing quality earnings growth will be key to generating excess returns. This investing environment is geared toward disciplined stock picking. The Fund’s bottom-up focus will continue to seek companies with higher quality business momentum at a price that may not yet reflect an improving environment for the company’s potential earnings growth.

 

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: 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.  When the Fund’s investments are concentrated in a country or countries, market, economic, political, regulatory and other factors affecting those countries could have a significant effect on the Fund’s value. Smaller and medium-sized company stocks are more volatile and less liquid than larger, more established company securities.

Fund holdings mentioned in the Quarterly Commentary are as of 5.31.10 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® Developed ex-U.S. SmallCap Index (formerly known as the S&P®/Citigroup Extended Market Index (EMI) World ex-U.S.) consists of the bottom 15% (based on market capitalization) of companies from each country other than the U.S. represented in the S&P® Developed Broad Market Index (BMI). The S&P® Developed BMI includes all listed shares of companies from 25 developed market countries with float-adjusted market capitalizations of at least US$100 million and annual trading volume of at least US$50 million. 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.

The Lipper universe of international small/mid-cap core funds represents the universe of mutual funds that are categorized by Lipper, Inc. under the same investment objective as the Fund. You cannot invest directly in a Lipper universe.

Munder Funds are distributed by Funds Distributor, LLC  07/10


 
Investment Team
Daniel B. LeVan, CFA
Joined Munder Capital Management in 2007
 
Daniel B. LeVan, CFA
Director, International Small-Cap Equity
BS in Electrical & Computer Engineering from Clarkson University
MBA from Bentley College
MS in Finance from Boston College
Years of Experience:16
Focus:Lead manager of Munder Capital’s International Small-Cap Equity strategy. Also is a member of the team managing Munder Capital’s International Core Equity strategy, and analyst for the health care and technology sectors for the international team.
Remi J. Browne, CFA
Joined Munder Capital Management in 2007
 
Remi J. Browne, CFA
Managing Director, International Equity Team
BA from Colby College in Math and Economics
MSM from the M.I.T. Sloan School of Management
Years of Experience:25
Focus:Managing Director of Munder Capital's international equity team and a member of the firm's Operating and Product Policy committees. Lead manager of Munder Capital's International Core Equity strategy, a member of the team managing Munder Capital's International Small-Cap Equity strategy, and analyst for the financials sector for the international team.
Peter S. Carpenter, CFA
Joined Munder Capital Management in 2007
 
Peter S. Carpenter, CFA
Senior Portfolio Manager
BA from Middlebury College
MBA from Boston University
Years of Experience:15
Focus:Co-manager of Munder Capital's International Core Equity strategy. Also on the team managing Munder Capital's International Small-Cap Equity strategy, and analyst for the consumer discretionary and industrials sectors for the international team.
Robert D. Cerow, CFA
Joined Munder Capital Management in 2007
 
Robert D. Cerow, CFA
Equity Analyst
BA from St. Lawrence University in Economics and Writing
Years of Experience:7
Focus:Member of the team managing Munder Capital’s International Core and International Small-Cap Equity strategies, and analyst for the telecommunications services sector for the international team.
Peter J. Collins
Joined Munder Capital Management in 2007
 
Peter J. Collins
Senior Equity Analyst
BBA from the University of Massachusetts at Amherst
MS in Finance from Boston College
Years of Experience:10
Focus:Member of the team managing Munder Capital’s International Core and International Small-Cap Equity strategies, and analyst for the utilities sector for the international team. He is also a co-manager of the Munder International Equity Fund and the Munder Energy Fund.
John W. Evers, CFA
Joined Munder Capital Management in 2007
 
John W. Evers, CFA
Senior Portfolio Manager
BS in Business Administration from the University of Maine
MS in Finance from Boston College
Years of Experience:16
Focus:Co-manager of Munder Capital’s International Small-Cap Equity strategy. Also a member of the team managing Munder Capital’s International Core strategy, and analyst for the energy sector for the international team.
Jeffrey R. Sullivan, CFA
Joined Munder Capital Management in 2007
 
Jeffrey R. Sullivan, CFA
Senior Portfolio Manager
BA in Economics from Washington & Jefferson College
Years of Experience:15
Focus:Member of the team managing Munder Capital’s International Core and International Small-Cap Equity strategies, and analyst for the consumer staples and materials sectors for the international team.

Munder Funds distributed by Funds Distributor, LLC.

 

International Small-Cap
Portfolio Data as of 06/30/2010
Total Net Assets* $195,569,499
Number of Holdings 220
Weighted Average Market Cap $2,122 MM

Asset Allocation as of 06/30/2010
Cash & Equivalents 2.6 %
Equity 97.4 %
Total 100.0 %
 
 
 
Top Holdings as of 06/30/2010 Holdings Detail
Symbol Company Name
AGK.LN Aggreko PLC
AGI.CN Alamos Gold, Inc.
6770.JP Alps Electric Co. , Ltd
CHG.LN Chemring Group PLC
IM.NA Imtech NV
8282.JP K's Holding Corp.
ML.FP Michelin (CGDE)
MTX.GR MTU Aero Engines Holdings AG
PSM.VX ProSiebenSat.1 Media AG
7581.JP Saizeriya Co., Ltd.
  Total Percentage of Top Holdings: 8.6
  Link to All Holdings as of 6/30/2010
  Historical All Holdings
 
Sector Diversification as of 06/30/2010
Sector % of Holdings
Consumer Discretionary 18.0
Consumer Staples 5.6
Energy 6.3
Financials 15.1
Health Care 6.2
Industrials 22.1
Information Technology 9.1
Materials 12.1
Private Placement 0.8
Telecommunication Services 2.3
Utilities 2.4
Total 100.0
 
Country Diversification as of 06/30/2010
Country % of Holdings
Australia 5.5
Austria 0.8
Belgium 0.7
Bermuda 0.4
Canada 10.9
Denmark 1.5
Finland 0.4
France 9.0
German Democratic Republic 0.6
Germany 6.8
Hong Kong 1.6
Italy 3.3
Japan 19.4
Luxembourg 1.1
Netherlands 2.4
Norway 1.2
Singapore 2.2
South Korea 3.2
Spain 2.7
Sweden 1.9
Switzerland 5.6
United Kingdom 18.8
Total 100.0
 

An investor should consider the Fund's investment objectives, risks, and charges and expenses carefully before sending money. The prospectus and summary prospectus contain this and other important information about the investment company. To obtain a prospectus and summary prospectus, please click here. Please 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. Smaller-sized company stocks are more volatile and less liquid than larger, more established company securities. The Fund may concentrate its investments in one or more countries. When the Fund’s investments are concentrated in a country or countries, market, economic, political, regulatory and other factors affecting those countries could have a significant effect on the Fund’s value.

The portfolio holdings will change and the 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.

Country classifications are based on the country classifications assigned within the Fund's benchmark and do not include exposure through holdings of foreign currencies, which are included in "Cash & Equivalents". Fund/ETF holdings are classified based on the country exposure represented by the Fund/ETF, and may be classified as "Multi-Country." The percentages shown represent the breakdown of investments and are not based on net assets.

A short term trading fee of 2% may be assessed on redemptions of fund shares within 30 days of purchase. The impact of this fee is reflected in the YTD (load) returns in January and the one-month (load) return in each month with 30 days or fewer.

*Total net asset figures do not reflect adjustments, if any, made for financial reporting purposes. Percentages shown for Asset Allocation, Top Ten Holdings, Country Diversification and Sector represent the breakdown of investments and are not based on net assets. Portfolio holdings will change and should not be considered purchase recommendations. Top holdings do not reflect cash, money market instruments or options/futures contracts holdings.

Fund shares are not guaranteed or insured by any bank, the FDIC or any government agency, and may lose value.

The percentages shown are rounded to the nearest tenth of one percent.

 

N/A - Fund class was not in operation for that time period.



Munder Funds distributed by Funds Distributor, LLC.

E-mail us at feedback@munder.com
Please read the Terms of Use and Privacy Policy
Munder®, Munder Capital®, Munder Capital Management®, and The Munder Funds® are
registered trademarks of Munder Capital Management®.

  ©Copyright 2010 Munder Capital Management. All Rights Reserved.