Munder Opens International Version of NetNet Fund
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Munder Capital Management this week stamped the passport on its NetNet fund and has sent it abroad, weighing its newest fund with a minimum 65 percent lean towards companies based outside of the U.S.
The Munder International NetNet Fund will be targeted towards overseas Internet or intranet businesses, particularly those "engaged in the research, design, development, or manufacturing of products, processes or services for use with the Internet or Internet-related businesses." The fund will also consider IPOs, and firms active in the distribution of Net-related products.
The fund will be jointly run by Munder Capital and its London-based partner Framlington Group, plc, in addition to the co-managed Munder Framlington Healthcare Fund, Munder Framlington Emerging Markets Fund and the Munder Framlington International Growth Fund.
"Athough most Internet usage today is still in North America, we are now seeing a significant escalation in the number of international users and expect the growth to continue over the next two years," said Alan Harris, Senior Portfolio Manager at Munder Capital Management and a co-manager of the Munder International NetNet Fund. "We expect this rampant growth will translate into an ever-increasing number of compelling Internet-related investment opportunities in these regions."
The company warned in a statement that the combination of the volatile tech sector and the fluctuations of global currencies make the fund "subjects it to an even higher degree of risk than other international funds whose investments are diversified."
Still, Internet sector seers such as Henry Blodget are pointing to international markets as "a very hot sector."
The International NetNet Fund is the group's sixth international fund. Its Net sector flagship fund, the original NetNet, will close on April 17. Munder Capital Management controls $56 billion in assets.