Growth Trends In The Software-as-a-service Space
TWST: Please begin with a brief overview of your coverage areas, including some of the specific names you follow.
Mr. Dunham: My focus is on the small-cap software space, really the small- to mid-cap software space. I tend to pick names with what I feel are the best growth opportunities. So in that context, I picked the software-as-a-service group as the initial roll out. Names in that space include Ariba (ARBA), Concur Technologies (CNQR), Constant Contact (CTCT), IntraLinks (IL), NetSuite (N), Rackspace (RAX), RightNow Technologies (RNOW), SuccessFactors (SFSF) and Taleo (TLEO). So that's my coverage universe as it stands.
TWST: The economy is still recovering at a slow pace. What trends drive growth in the software-as-a-service space?