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Commentary
The past year offered high volatility, a significant downturn, and a welcome rally to close out the year. After a wild 12 months, it was amazing how little most markets moved.
Royce Looks Back at 2011, a Year of Correlation, Capitulation, and ConsternationCharlie Dreifus Reveals His Secret Sauce for Royce's Special Equity Funds
Charlie Dreifus’s strategy for Royce Special Equity Funds provided positive absolute returns in an environment fraught with volatility and high correlation.
The semiannual Performance Discussions, drawn from our financial reports, help you to understand each Fund's recent performance and how each portfolio's approach has worked over the last one-year or six-month time period, though we also discuss certain investments over longer-term time spans.
Growth Through Acquisitions in Uncertain Times
We are continually struck by the way smaller companies continue to grow and operate in this ambiguous and anemic economic environment.Finding Opportunity in Correlated Markets
In highly correlated markets like 2011, we find ourselves building existing positions and revisiting old favorites at least as frequently as investing in new companies.Africa: Opportunities and Challenges in a Growing Economy
Africa presents intriguing opportunities considering its positive demographics, rich natural resources, and untapped potential for growth.
View the February 2012 eWordRoyce Looks Back at 2011, a Year of Correlation, Capitulation, and Consternation; Charlie Dreifus Reveals His Secret Sauce for Royce's Special Equity Funds; Small-Cap Market Cycle Performance; The Gannon Report: Growth Through Acquisitions in Uncertain Times; The Contrarian Report: Finding Opportunity in Correlated Markets; Exploring Global Small-Caps: Africa: Opportunities and Challenges in a Growing Economy
Download a PDF of the Fall 2011 RWord which features Chuck Royce on Third Quarter 2011, Co-CIO Whitney George Celebrates 20 Years at Royce, Charlie Dreifus Takes on Large Caps, our latest video, "What Always Matters and What Matters Now" and more.This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money.
The Royce Funds invest primarily in securities of mid-cap, small-cap and micro-cap stocks that may involve considerably more risk than investments in securities of larger-cap companies (see Primary Risks for Fund Investors in the prospectus).
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Royce & Associates, LLC, 745 Fifth Avenue, New York, NY 10151, (800) 221-4268. All rights reserved. Distributor of The Royce Fund and Royce Capital Fund: Royce Fund Services, Inc., a wholly owned subsidiary of Royce & Associates. The Royce Funds are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.