Micro Cap Fund
Commentary
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Manager Commentary as of 06/30/10 The second quarter of 2010 erased most of the gains produced in the first three months of the year for the fund as it became evident that the global economic recovery, which had been showing signs of improvement for several quarters, was entering a "soft patch." As the sovereign debt issues in Europe began to unfold, China's orchestrated slowdown continued and fresh evidence appeared that indicated the stimulus-induced U.S. economic rebound might began to fade. This confluence of events triggered a dramatic sell-off in global equities, and as a consequence the fund declined 10.76% versus -7.67% for the Lipper Microcap peer group and -7.85% for the Russell Microcap Growth Index. Click here for holdings Click here for definitions. |
"Good stock picking in technology and industrials helped the Micro Cap Fund's performance. Despite underperformance for the quarter, the fund is still outpacing its benchmarks for 2010." |

