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Seeks long-term capital appreciation by investing primarily in equity securities of large-capitalization companies.  
Class A B^ C R
Ticker MUGAX MUGBX MUGCX MUGRX
CUSIP 626129688 626129670 626129290 626127815
Fund Code 218 318 418 818
Inception Date 08/08/94 08/09/94 12/05/95 11/01/06
Minimum Initial Investment: $2,500; $50 subsequent/automatic
Learn more
^Open to limited investors only

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. More here

MORE FUND INFORMATION
Download the Fact Sheet | Prospectus | Annual Report | Commentary
     
 
 
Large-Cap Value
Daily NAV's as of 07/30/10
Class A Class B^ Class C Class R
NAV 11.31 10.91 10.90 11.28
Chg. $ 0.05 0.04 0.04 0.04
Chg. % 0.44 0.37 0.37 0.36
POP 11.97 10.91 10.90 11.28
YTD Return % -1.99 -2.42 -2.50 -2.17
52 Wk High
Date
12.59
04/23/10
12.18
04/23/10
12.17
04/23/10
12.58
04/23/10
52 Wk Low
Date
10.44
08/17/09
10.12
08/17/09
10.11
08/17/09
10.43
08/17/09
Download Historical NAV/POP

     
Large-Cap Value Fund Total Returns (%) as of 06/30/10    Risks
- - - - - Cumulative - - - - -
- - - - - Annualized - - - - -
Class 1 month 3 month YTD 1 year 3 year 5 year 10 year SI Inception Date
A With load -10.79 -16.38 -12.61 2.44 -12.63 -2.53 2.03 5.58 08/08/94
A Without load -5.58 -11.53 -7.54 8.45 -10.96 -1.42 2.61 5.96 08/08/94
B^ With load -10.31 -16.07 -12.39 2.78 -12.42 -2.45 1.99 5.56 08/09/94
B^ Without load -5.59 -11.65 -7.78 7.78 -11.63 -2.14 1.99 5.56 08/09/94
C With load -6.54 -12.55 -8.79 6.68 -11.63 -2.15 1.85 3.85 12/05/95
C Without load -5.59 -11.66 -7.87 7.68 -11.63 -2.15 1.85 3.85 12/05/95
R Without load -5.59 -11.54 -7.63 8.21 -11.19 N/A N/A -6.54 11/01/06
 

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, B, C and R shares gross expense ratios for the fiscal year ended June 30, 2009 were 1.60%, 2.34%, 2.36% and 1.83%, 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 limited certain expenses of the Fund's class A, B and C shares during the 1994-1996 calendar years. Total returns would have been lower if the Advisor had not limited expenses during those periods.

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 B Shares of all Funds except the Index 500 Fund have a Contingent Deferred Sales Charge (CDSC) on redemptions made within six years of purchase as follows: Year 1 = 5.0%, Year 2 = 4.0%, Year 3 = 3.0%, Year 4 = 3.0%, Year 5 = 2.0%, Year 6 = 1.0%. Class B Shares of the Index 500 Fund have a CDSC on redemptions made within six years of purchase as follows: Year 1 = 3.0%, Year 2 = 2.50%, Year 3 = 2.0%, Year 4 = 1.5%, Year 5 = 1.0%, Year 6 = 0.5%.

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

Class R Shares are not subject to sales charges. Class R Shares are only available for purchase by limited types of investors, as outlined in the Fund’s prospectus.

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  

Equity securities (stocks) are more volatile and carry more risk, but generally provide greater return potential, than investments in certain other securities, like high-grade fixed income securities. Large-cap stocks generally have less volatility than smaller-cap and certain specialty securities, such as technology investments. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. The Fund may concentrate its investments in one or more economic sectors. When the Fund's investments are concentrated, market or economic factors affecting these sectors could have a significant effect on the Fund's value. The 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.

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.

 

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

 

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

 

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

 

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

 

^Open to limited investors only.



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.
 
 
Large-Cap Value
Quarterly Commentary as of June 30, 2010
previous commentary Print or Download
The second quarter of 2010 was a tough and volatile period for the equity markets overall. During the first few weeks of the quarter, the Fund lagged its benchmark as the stock market continued its rally from earlier in the year. When the market later became spooked by the “Flash Crash”, as well as a number of concerns, including the sovereign debt crisis in Europe, U.S. financial services reform and disappointing domestic employment growth, the Fund started to outperform as its holdings of higher quality companies declined less than those of the benchmark. Although the Fund made up for much of the ground lost earlier in the quarter, the Fund lagged slightly behind its Russell 1000® Value benchmark for the quarter.

All ten sectors of the Russell 1000® Value Index posted declines for the quarter, with most sectors down double-digits. In fact, only three of the more defensive sectors - consumer staples, telecommunications services and utilities – fell by only single-digits. The materials sector had the most negative performance, presumably due to concerns about slowing growth in China. More surprising were the double-digit declines in the consumer discretionary, industrials and information technology sectors, where U.S. companies’ earnings surprises and outlooks generally continued to be strong. In contrast, the weak performance of the health care sector was accompanied by reports of weaker than expected outlooks by many companies in the sector, due to the negative impact of health care reform on their expected earnings. We expect financial companies to experience similar cuts to expectations during the second quarter earnings season, due to the government-driven financial reform that is currently being finalized.

For the Fund, the consumer discretionary, industrials and telecommunications services sectors had the strongest relative performance for the quarter. In the consumer discretionary sector, relative outperformers included Hasbro, Inc. (1.9% of the Fund) and Time Warner Cable, Inc. (1.9%). Hasbro was up due to another strong quarter and rumors of a private equity firm buyout. The earnings stability and operating cash flow of Time Warner Cable proved to be relatively attractive to investors as questions resurfaced regarding the health of the U.S. consumer. The strong relative performance of the Fund’s industrials holdings was primarily due to an underweighted position in industries that would be considered more deeply cyclical (and which we considered to be overpriced), an overweighted position and good stock selection in the electrical equipment industry, and positive performance from machinery stock Cummins, Inc. (0.8%). Cummins’ strong performance was driven by another quarter of solid earnings that beat estimates and improving sentiment towards the trucking industry. In the telecommunications services sector, an over-weighted position in Qwest Communications International, Inc. (2.7%), which received a buyout offer from CenturyLink, Inc., was the primary reason for relative strength.

In contrast to these positive factors, the financials, consumer staples, health care and utilities sectors of the Fund showed relative weakness for the quarter. The underperformance of the Fund’s financials holdings was driven by relative weakness in the commercial banks, diversified financial services and capital markets industries. Among the bank holdings, weak performance from regional banking company BB&T Corp. (1.2%) and an underweighted position in Citigroup, Inc. (0.3%) were contributing factors to the underperformance. An overweighted position in the asset management segment of the capital markets industry also hurt relative performance, as the declining equity market contributed to weaker earnings outlooks for these companies. In the consumer staples sector, stock selection within the household products industry and the Fund’s holding of CVS Caremark Corp. (1.5%) contributed to relative weakness. For CVS Caremark, a short but very public dispute with Walgreen regarding participation in the CVS Caremark pharmacy benefit manager national retail network contributed to a sharp stock price decline. While the companies mended their relationship fairly quickly, CVS’ stock price did not fully recover. In the health care sector, Teva Pharmaceutical Industries Ltd. (1.6%) was weak, seemingly due to concerns over the environment for European generics pricing.

 

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: Equity securities (stocks) are more volatile and carry more risk, but generally provide greater return potential than investments in certain other securities, like high-grade fixed income securities. Large-cap stocks generally have less volatility than smaller-cap and certain specialty securities, such as technology investments. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. The Fund may concentrate its investments in one or more economic sectors.  When the Fund’s investments are concentrated, market or economic factors affecting these sectors could have a significant effect on the Fund’s value. The 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.

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 Russell 1000® Value Index is a capitalization-weighted index that measures the performance of those Russell 1000® companies (the 1,000 largest companies in the Russell 3000® Index, an index representing approximately 98% of the investable U.S. equity market) with lower price-to-book ratios and lower forecasted growth rates. 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 07/10


 
Investment Team
John F Kreiter, CFA
Joined Munder Capital Management in 1995
 
John F. Kreiter, CFA
Senior Portfolio Manager
BBA in Business Administration from Northwood University
MBA in Finance from Wayne State University
Years of Experience:20
Focus:Member of Munder Capital's Large-Capitalization Value, Mid-Capitalization Value and Multi-Capitalization Value portfolio management teams, and co-manages the Munder Large-Cap Value Fund. Focuses on security analysis and selection with an emphasis on the energy, industrials, basic materials and the consumer discretionary sectors and participates in portfolio strategy and administration.
Joseph W Skornicka, CFA
 
Joseph W. Skornicka, CFA
Senior Portfolio Manager
BA in Financial Administration from Michigan State University
MBA from the University of Michigan
Started with Comerica, Inc. in 1988. Joined Munder Capital in 1995 as a result of the merger with Comerica and its investment subsidiaries. Left Munder in 2001; rejoined firm in 2004.
Years of Experience:22
Focus:Member of the team responsible for managing the Large-Capitalization Value, Mid-Capitalization Value and Multi-Cap Value investment strategies at Munder Capital, including the Large-Cap Value Fund and co-manages the Asset Allocation Fund-Balanced. Provides idea generation and research support in the financial services sector for other equity strategies at Munder Capital.
Kenneth A Smith, CFA
Joined Munder Capital Management in 1996. Left Munder in 1998; rejoined firm in 1999.
 
Kenneth A. Smith, CFA
Senior Portfolio Manager
BBA from the University of Michigan
MBA from the University of Chicago Graduate School of Business
Years of Experience:15
Focus:Member of Munder Capital’s Large-Capitalization Value and Multi-Cap Value portfolio management teams, focusing on the technology and telecommunications industries. Also co-manages the Munder Internet Fund and the Munder Technology Fund.

Munder Funds distributed by Funds Distributor, LLC.

 

Large-Cap Value
Portfolio Data as of 06/30/2010
Total Net Assets* $66,546,893
Number of Holdings 90
Weighted Average Market Cap $55,525 MM
P/E Ratio - Last 12 Mos 14.38
Earnings Growth - Last 5 Yrs 7.2%
Earnings Growth - Last 12 Mos. -0.4%
Beta 0.97
Turnover - as of 6/30/2010 75.7%

Asset Allocation as of 06/30/2010
Cash & Equivalents 0.4 %
Equity 99.6 %
Total 100.0 %
 
 
There were no buy transactions for the month of June 2010
 
There were no sell transactions for the month of June 2010
 
 
Top Holdings as of 06/30/2010 Holdings Detail
Symbol Company Name
T AT&T, Inc.
BAC Bank of America Corp.
CVX Chevron Corporation
JNJ Johnson & Johnson
JPM JPMorgan Chase & Co.
MRK Merck & Co., Inc.
OXY Occidental Petroleum Corp.
PG Procter & Gamble Co.
Q Qwest Communications International, Inc.
WFC Wells Fargo & Co.
  Total Percentage of Top Holdings: 24.7
  Link to All Holdings as of 6/30/2010
  Historical All Holdings
 
Sector Diversification as of 06/30/2010
Sector % of Holdings
Consumer Discretionary 9.1
Consumer Staples 9.3
Energy 11.0
Financials 27.2
Health Care 13.2
Industrials 9.9
Information Technology 5.9
Materials 3.2
Telecommunication Services 5.3
Utilities 5.5
Cash & Equivalents 0.4
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  

Equity securities (stocks) are more volatile and carry more risk, but generally provide greater return potential, than investments in certain other securities, like high-grade fixed income securities. Large-cap stocks generally have less volatility than smaller-cap and certain specialty securities, such as technology investments. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. The Fund may concentrate its investments in one or more economic sectors. When the Fund's investments are concentrated, market or economic factors affecting these sectors could have a significant effect on the Fund's value. The 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.

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.

 

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

 

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

 

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

 

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

 

^Open to limited investors only.



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.