| |
|
The Munder International Equity Fund trailed its MSCI EAFE (Europe, Australasia, Far East) Net Dividends benchmark for the quarter
ended June 30, 2010. 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. This was more than
offset, however, by weakness in some of the Fund's holdings.
In terms of specific sectors and country holdings, the Fund benefited from the relative strength of its information technology and
health care sectors as well sectors, as its Finland and Switzerland holdings. Among the Fund's individual holdings, Computacenter PLC,
which was sold from the Fund in April, was the top contributor to relative performance. The company provides distributed information
technology and related services to corporate and public sector organizations, and is headquartered in the United Kingdom. While the
company had strong performance, other stocks appeared more attractive, primarily on a valuation basis. In absolute terms, the
performance of the Fund was helped by the weakening of the U.S. dollar.
In contrast to these positive factors, holdings in the financials sector and the United Kingdom had a negative impact on the Fund's
relative performance for the quarter. BP PLC. (2.1% of the Fund) was one of the biggest detractors during the quarter. The company is
an oil and petrochemical 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, the Munder International Equity Fund has the potential to increase diversification, while improving return and
reducing risk.
|
|
| |
|
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.
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 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 07/10
|
|
| |
 |
| |
Peter J. Collins
|
| Senior Equity Analyst |
| BBA from the University of Massachusetts at Amherst |
| MS in Finance from Boston College |
Joined Munder Capital Management in 2007
| 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. |
|
 |
| |
Brian E. Kozeliski, CFA, CAIA
|
| Portfolio Manager |
| BA in Mathematics and Spanish from Willamette University |
| MBA with distinction in Finance from Thunderbird - The Garvin School of International Management |
Joined Munder Capital Management in 1999
| Years of Experience:12 |
| Focus:Member of the team responsible for managing the Munder International Equity Fund and the Munder Asset Allocation Fund - Balanced and is the co-manager of the Munder Energy Fund. Also provides quantitative research, including attribution analysis, for all of Munder Capital’s equity investment strategies as a member of the firm’s quantitative support group. |
|
| Munder Funds distributed by Funds Distributor, LLC. |
|
|
Mutual Funds |
Investment Professionals |
Retirement Services |
