Munder Opens International Version of NetNet Fund

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 fund’s objective is to boost “undiscovered and undervalued” companies
which have made a place in Internet sectors overseas, Harris explained.

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.

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