Commentary

2012

05-15-2012    Global Small-Caps: An Important Part of Your Asset Allocation
Royce has been finding high quality businesses around the globe for many years. Learn how we apply our stringent risk-averse approach internationally and seek to take advantage of inefficiencies in the market.

05-01-2012  Volatility in Micro-Caps Can Open the Door to Investment Opportunity
Micro-cap stocks represent a dynamic element of our investment universe and often times this misunderstood asset class offers unique opportunities not found elsewhere in equities.

04-15-2012  Small-Cap Market Cycle Performance
See how The Royce Funds have fared in the most recent small-cap market cycles.

04-02-2012    Experience Royce’s Unique Culture
Throughout our nearly 40 years as small-cap value investors, we have always emphasized the long run.

04-01-2012  Chuck Royce on 1Q 2012: Why The Rally Can Last
Co-CIO Chuck Royce talks about the recent rally, correlation, and why he remains bullish on quality small-caps.

04-01-2012  Whitney George on 1Q 2012: We’re Very Happy With The State Of Our Portfolios
Whitney George talks about the rally, his ongoing affection for Tech and Materials stocks, and why the best values may already be in his portfolios.

03-15-2012  Chip Skinner Repositions Royce Value Plus Fund for 2012
Portfolio Manager Chip Skinner discusses where he’s been seeing higher-quality growth and finding good fits for Royce Value Plus.

03-01-2012  Lauren Romeo, Royce’s Captain of Quality, on Risk Management and High-Quality Small-Caps
Royce Portfolio Manager Lauren Romeo talks about how she’s been finding her high-quality small-caps.

02-15-2012  George Wyper Extols Free Cash Flow and Capital Management as Key to His Investment Discipline
Portfolio Manager George Wyper explains his process and why he searches for companies that wisely use their free cash flow to benefit shareholders.

02-01-2012  Royce Looks Back at 2011, a Year of Correlation, Capitulation, and Consternation
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.

01-15-2012  Charlie 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.

01-15-2012  Small-Cap Market Cycle Performance
See how The Royce Funds have fared in the most recent small-cap market cycles.

01-01-2012  Chuck Royce on 4Q 2011: Quality Small-Caps Look Poised to Rebound
Co-CIO Chuck Royce looks ahead and sees great potential for a strong run for quality small-cap stocks.

01-01-2012  Whitney George on 2011: High Volatility and Attractive Valuations
Whitney George looks back at 2011 and details why he thinks small-cap valuations are as attractive as he's seen in three years.

2011

12-15-2011  A Look Back at 2011’s Global Market and a Bullish Outlook for 2012
Royce’s Director of International Research David Nadel sees compelling small-cap opportunities outside the U.S. and thinks that 2012 could prove to be a year when international equities come storming back.

12-01-2011  Experience and Focus Drive Royce Opportunity Fund’s 15 Years
Portfolio Managers Buzz Zaino and Bill Hench reflect on 15–year old Royce Opportunity Fund and their unique and disciplined opportunistic value approach.

11-01-2011  Rediscovering Royce Discovery Fund
Portfolio Managers George Necakov and Jim Harvey discuss how Royce performs quantitative analysis and how the changes we made to Royce Discovery Fund in August 2010 have affected its portfolio of micro-cap stocks.

10-15-2011  Style Investing Revisited: A Disciplined Approach Means More Than Adhering to a Style Universe
There are important differences between a disciplined value approach and style index investing. We think that long-term performance has more to do with finding attractively priced companies than it does with constructing a particular investment universe using a limited set of metrics.

10-15-2011  Small-Cap Market Cycle Performance
See how The Royce Funds have fared in the most recent small-cap market cycles.

10-01-2011  Chuck Royce on 3Q 2011: Be Patient and Take the Long View
Co-CIO Chuck Royce looks at the third quarter and details why active small-cap management can be successful in the long run.

10-01-2011  Whitney George: No News Would Be Good News for the Market
Whitney George discusses the prospects for a market turnaround and looks at what it might take for the economy to grow more robustly.

09-01-2011  Charlie Dreifus Takes on Large-Caps
Charlie Dreifus is applying his tried and true investment process to Large-Cap companies.

08-15-2011  Intelligent Trading: A Competitive Advantage During Market Plunges
Royce traders discuss the nuances involved with trading small-caps domestically and internationally and how they handled the recent market plunge.

08-09-2011  Co-CIO Market Update: Keeping Our Focus in the Bear Market
Co-CIOs Chuck Royce and Whitney George discuss the market’s plunging prices and the importance of maintaining our discipline at a major stress point for equities.

08-09-2011    Conference Call Replay: Co-CIO Whitney George Sizes up the New Bear Market
Listen to a replay of Whitney's take on the tumultuous events of the last several days of market mayhem from Legg Mason's August 9 conference call.

08-09-2011    Jay Kaplan on U.S. Debt and the Small-Cap Market
Portfolio Manager Jay Kaplan offers his thoughts on the impact of a U.S. credit downgrade, the impact of U.S. debt and investing in this economy.

08-01-2011  Royce's View on the First Half, Small-Caps and the Market: Déjà vu All Over Again?
In an environment of political and economic uncertainty, our bullishness and optimism are real, but low key.

07-15-2011  Co-CIO Interview: Whitney George on the Current Market
Whitney George talks about the current state of the market and why he still sees value in technology and commodity stocks.

07-15-2011  Small-Cap Market Cycle Performance
See how The Royce Funds have fared in the most recent small-cap market cycles.

07-01-2011  Chuck Royce on 2Q 2011: Recent Volatility is Not Surprising
Co-CIO Chuck Royce is "modestly bullish and cautiously optimistic". He thinks the market’s recent volatility is a normal part of a generally bullish cycle.

07-01-2011  Exposure to Small-Caps That Pay Dividends Is Important

06-15-2011  Ten Years for Royce Value Fund and Royce Value Plus Fund
"We’re happy to see these relative youngsters in our portfolio line-up off to such a strong start in their first decade," said Co-CIO Whitney George.

06-01-2011  Dividends Are a Sign of Quality and Corporate Commitment
"The practice of paying a dividend is typically a long-term commitment, like a marriage, whereas a stock buy back is more like dating: you can get in and get out on a moment’s notice, without the same level of commitment."