Prospects for the U.S. Economy

by Chuck Royce and Chris Clark

Chuck Royce on inflation, interest rates, M&A activity, and CAPEX.  ...
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Market Perspective

Whitney George on Two Domestic Stock Picks

by Whitney George

Two names with the quality characteristics that Portfolio Manager Whitney George typically looks for.

Investment Approach

Bill Hench on Health Care and Energy

by Bill Hench and Dave Gruber

How did Portfolio Manager Bill Hench take advantage of developments in the Health Care and Energy sectors?

Market Perspective

How Quality Can Lead in the Small-Cap Market

by Chuck Royce and Chris Clark

Chuck Royce on the prospects for quality leading in small-cap and opportunities abroad.

Market Perspective

Current Opportunities in International Small-Caps

by David Nadel and Francis Gannon

Valuation disparities around the world make international small-caps an attractive source of investment opportunity.

Global/International

The Long-Term Value of Active Management in the Small-Cap Space

by Chuck Royce

A willingness to stick to one's approach—regardless of market movements and trends—is critical to long-term outperformance.

Market Perspective

Brazil: A Ripe Market for Bottom-Up Stock Pickers

by Jim Harvey and Dilip Badlani

The economic climate and political uncertainty in Brazil have created conditions that may benefit patient value investors.

Global/International

Opportunity and Opportunity Select: Differences and Similarities

by Bill Hench and Dave Gruber

Portfolio Manager Bill Hench provides an in-depth look into Opportunity Select's portfolio structure.

Fund Focus

There's No Such Thing as a Sure Thing

by Jack Fockler

In this business, every asset manager must live with the reality of the scorecard.

Investment Approach

Valuations in Today's Market Climate

by Whitney George

While valuations are on the high side of normal, we are still finding businesses that look attractive on an absolute basis.

Market Perspective

Why Individual Stock Selection Matters in Today's Environment

by Bill Hench and Dave Gruber

Our job is to find temporarily inexpensive stocks that will one day appreciate in value.

Investment Approach

Current Opportunities in Consumer Discretionary

by Charlie Dreifus and Dave Gruber

Why is Portfolio Manager Charlie Dreifus bullish on Consumer Discretionary names, particularly retailers?

Investment Approach

2014's Market So Far

by Chuck Royce and Chris Clark

Chuck Royce offers his perspective on the investment performance of The Royce Funds.

Market Perspective

Is the Improving Economy a Good Sign for Active Managers?

by Chuck Royce, Chris Clark, and Francis Gannon

Ultimately, we suspect that both the expanding economy and slower pace of returns will result in more fundamentally focused investors.

Market Perspective

The Importance of Dividends in Small-Cap Investing

In the small-cap asset class we view dividends as a key component of strong, long-term total returns.

Market Perspective

What's Driving the Rebound for Our Approach?

by Whitney George

Will growing optimism in the U.S. economy favor the quality-oriented businesses we typically seek for our portfolios?

Market Perspective

Current Economic Conditions May Push Valuations Higher

by Charlie Dreifus and Dave Gruber

Slow but consistent growth has created a "Goldilocks" scenario in which the economy is not too hot, not too cold.

Market Perspective

Drawing Parallels Between Company Quality and Economic Strength

by Francis Gannon

As August begins and markets move further into 2014, it's interesting to look at first-half results in the broader context of the last five years.

Market Perspective

South Korea's Influence on Asia is Hard to Ignore

by Jim Harvey and Dilip Badlani

South Korea is the seventh-largest exporter in the world, with exports making up roughly half of the country's GDP.

Global/International

Looking at Micro-Caps: A Long History of Compelling Returns

The combination of low expectations and a history of strong, above-average returns may mean something good for the underfollowed and underappreciated micro-cap asset class.

Research & Whitepapers

Are Small-Caps Overvalued?

by Chuck Royce and Chris Clark

What does Chuck Royce think about Janet Yellen's comments on current small-cap valuations?

Market Perspective

Does Active Management Succeed in International Small-Caps?

Why should advisors consider active management for international small-caps?

Research & Whitepapers

Rolling Returns: A Better Way to Measure Performance

Rolling returns provide a particularly robust analytical tool for evaluating manager performance, especially during volatile periods.

Research & Whitepapers

Equities Remain Resilient in Current Environment

by Charlie Dreifus

Portfolio Manager Charlie Dreifus on the second quarter, the current economy, and why he thinks stocks still have room to run.

Market Perspective

Hong Kong: A Rich Market for Long-Term Investors

by Jim Harvey and Dilip Badlani

Portfolio Managers Jim Harvey and Dilip Badlani are finding attractive, undervalued Hong Kong-listed Chinese companies.

Global/International

Small-Cap: The Evergreen Asset Class

The ongoing evolution of the asset class, which includes the entrance of new companies and IPOs, makes small companies an evergreen source of investment opportunities.

Research & Whitepapers

Cornerstones of Our Value Approach

A look at our security selection process including the balance sheet, cash flow, and cap rate.

Research & Whitepapers

Chuck Royce on 2Q14: Fundamentals Reassert Their Importance

by Chuck Royce

The market is beginning to once again favor quality and reward investors with an active orientation.

Market Perspective

2Q14 Market: Bullish Trend Continues

by Jack Fockler

Managing Director and Vice President Jack Fockler believes the market appears to be conducive for a quality focus and active approach.

Market Perspective

Royce's Dividend-Paying Mutual Funds

by Jay Kaplan and Francis Gannon

Our dividend-paying funds focus on total return, not yield.

Fund Focus

Stock Picking Matters in the Current Market Climate

by Whitney George

We're still seeing companies that look attractively valued to us based on their fundamentals.

Market Perspective

How Operating Margins and Capital Allocation Affect Small-Caps

by Chuck Royce and Chris Clark

We look for companies that have high margins of safety and management teams that allocate excess capital sensibly and conservatively.

Market Perspective

Looking Closer at Morningstar Peer Groups for Fund Analysis

by Gunjan Banati and Francis Gannon

Are investment advisors effectively able to compare funds using Morningstar peer groups?

Market Perspective

Royce Value Fund's Investment Strategy

by Jay Kaplan and Francis Gannon

Jay Kaplan provides a detailed look into how he manages Royce Value Fund.

Fund Focus

Why Have We Been Focusing on Cyclical Growth?

by Chuck Royce and Chris Clark

Chuck Royce talks about cyclical growth opportunities in the current market.

Market Perspective

Current Opportunities for Active Management

by Chuck Royce and Chris Clark

Chuck Royce is optimistic about active management, especially in the small-cap space.

Market Perspective

When is it Time to Sell: A WWE Case Study

by Jay Kaplan

Portfolio Manager Jay Kaplan walks through the steps that led us to sell a long-held position.

Investment Approach

Chip Skinner on the Current Market and Royce Value Plus Fund

by Chip Skinner and Chris Clark

With only two small market corrections so far in 2014, Portfolio Manager Chip Skinner believes the economy is accelerating.

Market Perspective

Canadian Micro-Caps Provide Ample Opportunities

by Jim Harvey and Dilip Badlani

Canada is a resource-rich country home to many high-quality businesses that are leaders in their industries.

Global/International

How Jay Kaplan Interprets Royce's Investment Process

by Jay Kaplan and Francis Gannon

How does Portfolio Manager and Principal Jay Kaplan apply our process on a daily basis?

Investment Approach

Absolute Returns with Less Volatility: A Premise of Our Firm

by Chuck Royce and Chris Clark

Chuck Royce sits down with Co-Chief Investment Officer Chris Clark to talk about the recent shifts in the market.

Market Perspective

Our Favorite European Small-Caps

by David Nadel

Europe is home to a number of world-class businesses, many of them export oriented

Global/International

Why We're Often Bullish When the Market Turns Bearish

by Francis Gannon

Is the market finally beginning to reward the kind of patient and disciplined stock selection that has always been a hallmark here at Royce?

Market Perspective

Why We're Optimistic About Japanese Micro-Caps

by Jim Harvey and Dilip Badlani

We think Japan's potential structural reforms will benefit the types of smaller Japanese companies that we typically invest in.

Global/International

Royce Dividend Value Fund Celebrates 10 Years of History

by Chuck Royce and Jay Kaplan

We believe that dividend-paying small-caps and mid-caps offer investors many advantages, especially at this point in the economic and stock-market cycle.

Fund Focus

How Morningstar Category Flux Impacts Peer Group Analysis

Both our investment philosophy and process, which date back to 1972, have remained steady over the years. Why, then, have most of our Funds experienced frequent movement in and out of Morningstar's equity style categories?

Research & Whitepapers

Value Plus: Combining the Elements of a Value and Growth Approach

by Chip Skinner

A more singular product in our lineup of offerings, Royce Value Plus Fund is a growth-oriented portfolio with a value overlay.

Fund Focus

Will a Rise in Rates See a More Lasting Shift to Quality?

by Charlie Dreifus

The Federal Reserve meeting on March 19 had an effect on the market, which included a move to more quality-like attributes in stocks.

Market Perspective

Why Should Investors Look at European Small-Caps?

by David Nadel

Our exposure to European small-caps has always been a result of careful stock selection, not macro factors.

Global/International

Understanding Market Cycles and Fund Performance

by Gunjan Banati

Director of Risk Management Gunjan Banati explains the advantages of measuring performance over full market cycles.

Market Perspective

Chip Skinner on 1Q14: Looking at Current Long-Term Growth Plays

by Chip Skinner

While the pace of returns cooled to kick off 2014, we think the bull market still has legs.

Market Perspective

Chuck Royce on 1Q14: Despite Minor Pullback, Market Still Shows Strength

by Chuck Royce

It's been nearly two-and-a-half years since the market has seen a significantly bearish period.

Market Perspective

Gain International Exposure with Small-Caps

by David Nadel

Investors should consider adding international small-caps to their portfolio to gain exposure to new businesses and to take advantage of compelling valuations and depressed profit margins.

Global/International

A Focus on Dividends and Cash Flow

by Charlie Dreifus

We view the practice of consistently paying dividends as a sensible act of corporate governance.

Investment Approach

Getting Rightsized with Small-Caps

by Gunjan Banati

How are we applying our small-cap expertise to the micro-cap and smid-cap segments?

Investment Approach

Strengthening Economy Should Benefit High-Quality Small-Caps

by Chuck Royce

As the economy keeps expanding, we think investors will return their focus to fundamentals, helping companies with the high-quality characteristics we have always coveted to once again assume market leadership.

Market Perspective

What Columbus Missed: Royce Rediscovers India

by David Nadel

While most investors are running away, our investment view on India is cautiously optimistic.

Global/International

The U.S. an Oasis in a Global Sea of Problems

by Charlie Dreifus

Portfolio Manager and Principal Charlie Dreifus believes the U.S. economy is in good shape going forward despite the market's slow start in 2014.

Market Perspective

Finding Value in More Economically Sensitive Sectors

by Lauren Romeo

Portfolio Manager Lauren Romeo likes how Royce 100 Fund is positioned for the long-term.

Fund Focus

The State of International Small-Cap

by Francis Gannon

How much of a contribution have overseas revenues made to last year's dynamic domestic small-cap rally, and where do we stand on international investing?

Market Perspective

From Micro-Caps to Mid-Caps: A Comprehensive Approach

Moving up to the smid-cap space and down to the micro-cap space gives investors access to an underappreciated—and inefficient—zone of the equity market.

Research & Whitepapers

Small-Cap Opportunities in a Bull Market

by Chuck Royce

Chuck Royce looks at 2013's small-cap performance and how he's finding ideas in an expensive market.

Market Perspective

Royce Special Equity Multi-Cap's Notable Three-Year Record

by Charlie Dreifus

Why, after 40 years of investing almost exclusively in smaller companies, did we turn our sights toward the large-cap space?

Fund Focus

The Case for Active Management

Our focus has always been on seeking to provide our shareholders with above-average long-term results on both an absolute and risk-adjusted basis—not on beating our respective benchmarks.

Research & Whitepapers

4Q13: Abnormally High Returns Reinforce Our Bias

by Chuck Royce

In his 40 plus years in the industry, Chuck Royce has seen many bull and bear markets come and go. What does he have to say about 2013’s small-cap rally?

Market Perspective

Royce Low-Priced Stock Fund Looks to Rebound

by Whitney George

How has Low-Priced Stock coped in a market of easy money and low interest rates, and how might it fare in an economy with a more normalized pace of recovery?

Fund Focus

Whitney George on 4Q13: Market Shows Resilience in Spite of Macro Headwinds

by Whitney George

Unlike 2008-09, when headlines seemed to command investor emotions, this past year’s market continued to rally in the face of negative events.

Market Perspective

How Charlie Dreifus Uncovers Absolute Value

by Charlie Dreifus

What type of businesses does Portfolio Manager and Principal Charlie Dreifus seek for his portfolios, and what metrics does he use to determine whether or not they will provide a desired rate of absolute return?

Investment Approach

Royce Total Return Fund: A Focus on Dividend-Paying Small-Caps

by Chuck Royce and Jay Kaplan

To us, the practice of consistently paying or growing a dividend is not only a mark of quality but a shareholder-friendly capital allocation strategy.

Fund Focus

Some Small-Caps Are More Global Than Others

by Francis Gannon

Small-caps vary widely in the percentage of revenue they generate from outside the U.S. Francis Gannon looks at why that may become more important in the months ahead.

Market Perspective

GameStop and Our Long-Term, Contrarian Investment Approach

by Jay Kaplan

What is it about GameStop that has made it attractive to contrarian investors like us?

Investment Approach

Royce Select Fund I: Valuation and Emerging Quality

by Lauren Romeo

To mark Select I’s 15 years of history—which it celebrated November 18, 2013—we want to provide a closer look at the Fund’s investment approach, portfolio process, management, and performance.

Fund Focus

Quality, Low-Leverage Companies Should Benefit from Tapering

by Francis Gannon

To us, quality companies are those that are conservatively capitalized.

Market Perspective

Micro-Cap Discovery Mixes Quantitative Screening with Qualitative Analysis

by George Necakov and Jim Harvey

What differentiates Micro-Cap Discovery from our other mutual fund offerings?

Fund Focus

Understanding the Benefits of Rolling Returns

by Gunjan Banati

What are the advantages of using rolling returns when measuring performance?

Market Perspective

Can Small-Cap Year-to-Date Outperformance Continue?

In an environment of slow economic growth accompanied by robust stock market returns, what’s next for small-cap stocks?

Research & Whitepapers

Despite Uncertainty, the Market Still Looks Strong

by Charlie Dreifus

Do a strong market, improving consumer confidence, and favorable economic conditions indicate that the U.S. is beginning a more typical recovery?

Market Perspective

A Theme-Based Approach to Small-Cap Investing

by Bill Hench

Portfolio Manager Bill Hench discusses the strategy used in building Royce Opportunity and Opportunity Select Funds' performance records.

Investment Approach

George on 3Q13: Market May Be Signaling Return to Recovery

by Whitney George

What does a strengthening economy mean for the quality companies that have languished under the easy-money environment of the past few years?

Market Perspective

Chuck Royce on 3Q13: Quality Small-Caps Can Continue to Bear Fruit

by Chuck Royce

While corrections are to be expected, Co-CIO Chuck Royce anticipates positive results for small-caps and active managers with a disciplined, long-term approach.

Market Perspective

Are Investors Paying More Attention to Quality Small-Caps?

by Francis Gannon

Historically, prudently capitalized, well-managed companies have been solid investments, and we believe they will be once again.

Market Perspective

Exploring Compelling Investment Themes in an Atypical Market

by Chip Skinner

Portfolio Manager and Principal Chip Skinner discusses areas of the market that he believes are providing attractive opportunities and companies that exemplify the themes he’s been developing.

Investment Approach

Using Capture Ratios to Measure Market Cycles

by Gunjan Banati

Capture ratios provide a revealing way to measure portfolio performance during full market cycles.

Investment Approach

Out-of-Sync Periods: A Natural Byproduct of Active Management

by Chris Clark

While not always pleasant, we accept that out-of-sync periods are a natural byproduct of our active management approach.

Investment Approach

Finding Investment Ideas in a Rising Market

by Jay Kaplan

Despite company margins that are generally still solid and profitability that is still respectable, Jay Kaplan believes that low revenue growth continues to be a major obstacle.

Investment Approach

Opportunity Select Fund Built Impressive Three-Year Record

Debuting in August 2010, Bill Hench's Opportunity Select Fund has much to celebrate.

Fund Focus

An Inside Look at How We Evaluate Stocks

by Chris Flynn

What characteristics do we look for in our long-term investments?

Investment Approach

Risk-Oriented Approach to Micro-Caps

by Jen Taylor

Portfolio Manager Jenifer Taylor details our approach to the micro-cap asset class.

Investment Approach

Chuck Royce on the Opportunities and Elements of Micro-Cap Investing

by Chuck Royce

Co-CIO Chuck Royce talks about micro-caps as a distinct asset class and our approach to this large and evergreen universe.

Investment Approach

Royce Heritage Fund: A Broader Definition of Quality

by Steven McBoyle

At Royce, we pride ourselves on being a quality-focused investment manager. But what do we mean by “quality,” why is it so important to us, and how does it inform what we do?

Fund Focus

Light at the End of the Tunnel: Patience and Discipline Matter Most

We suspect an environment in which the Fed is not as intimately involved in the economy will be a healthy one for stocks.

Market Perspective

What Does an Improving Economy Mean for Stocks and Bonds?

by Charlie Dreifus

As investors start to look towards the end of the summer, Portfolio Manager and Principal Charlie Dreifus believes much is ahead for September.

Market Perspective

Seeking Out Global and International Opportunities

by David Nadel

International small-cap is an asset class rapidly growing in acceptance—one that we believe investors should consider when allocating assets.

Global/International

Hong Kong: A Gateway to Chinese Companies

by Dilip Badlani

On his recent visit to Hong Kong, Assistant Portfolio Manager and Analyst Dilip Badlani met with some of our Hong Kong-listed investments, as well as potential business investments, to learn how they are managing macro headwinds.

Global/International

Understanding Quality: The Crux of Long-Term Investing

by Francis Gannon

The search for quality companies begins with an analysis of a company’s historical returns over full business cycles.

Market Perspective

Royce Premier Fund: Bullish Outlook for High-Quality Small-Caps

by Jack Fockler

Managing Director Jack Fockler takes a deep dive into the approach we use in Royce Premier Fund and explains why he is bullish on the Fund’s long-term prospects.

Fund Focus

Capture Ratios Are Key to Measuring Fund Performance

One highly effective method of measuring how successfully a portfolio has tackled market cycles is to categorize the performance by bull and bear market periods. This can be done by calculating the upside and downside capture ratio.

Research & Whitepapers

Beyond the T.I.N.A. Principle: Why Quality Stocks Remain Attractive

by Charlie Dreifus

With the U.S. economy improving, Charlie Dreifus explains why he thinks U.S. equities remain attractive.

Market Perspective

Volatility, Correlation, and Cyclical Businesses

by Francis Gannon

Does a rise in volatility signal a positive change in the overall market?

Market Perspective

Humility, Discipline, and Patience Drive Our Approach

by Chris Clark

The gravitational pull of the market’s increasingly short-term orientation can be challenging, but we believe having the courage to stay the course will ultimately win out.

Investment Approach

We Think Dividend Growers Are Better Businesses

by Francis Gannon

The dividend story is one that can be exciting within the small-cap space, but it’s not about investing in companies that have the highest dividend yields.

Market Perspective

Francis Gannon Makes a Case for Small-Cap Equities

by Francis Gannon

Our goal is to find high quality small-cap companies that are selling at a discount to what we believe their intrinsic net value might be.

Investment Approach

George on 2Q13: Stocks Look More Appealing Than Fixed Income

by Whitney George

With correlations beginning to decline at the sector and industry levels, Co-CIO Whitney George believes that investors’ preference for passive vehicles will slowly shift in favor of active management.

Market Perspective

Why a Normalized Yield Environment Marks the Return of Capitalism

by Francis Gannon

Are stocks moving from a reliance on Fed policies to fundamentals?

Market Perspective

Royce on 2Q13: Bullish on Quality and Active Management

by Chuck Royce

Will higher-quality companies lead the market once Fed policy cools?

Market Perspective

Searching for Super Small-Cap Companies Through the Macro Noise

by Chris Clark

Rather than predict the outcome of the macro challenges at hand, we look for companies that have the resilience to survive in any environment.

Market Perspective

The Evolution of International Small-Cap Investing at Royce

by David Nadel

From our perspective, international small-caps offer a large universe of companies that we believe can benefit from a disciplined active management.

Global/International

Are Actively Managed Funds About to Gain an Edge?

by Francis Gannon

Did May’s sector shift signal that active managers will begin to assert themselves over their passive counterparts?

Market Perspective

Adding Value Through Qualitative Analysis

by John Protos

In an asset class where research coverage is limited, we go to great lengths to get a full picture of our investments.

Investment Approach

Charlie Dreifus Looks at the Fed, Interest Rates, and Money Velocity

by Charlie Dreifus

What happens to stock prices if interest rates rise?

Market Perspective

Are Investors Missing the Bull Market?

by Chris Clark

While many investors feared that equities would suffer the same slow-growth fate as the global economy during the past 10 years, few saw that the overall performance of the market for the 10-year period as of March 31, 2013 was actually quite good.

Market Perspective

Charlie Dreifus on the Current Market, Managing Risk, and T.I.N.A.

by Charlie Dreifus

Portfolio Manager Charlie Dreifus offers his thoughts on topics such as the importance of managing risk in the current market environment and how the T.I.N.A. Principle (There Is No Alternative) might potentially push equities higher.

Market Perspective

Steven McBoyle Makes a Case for Mid-Caps

by Steven McBoyle

Mid-cap investing is a logical extension of Royce’s 40-year experience with the small-cap asset class. Portfolio Manager Steven McBoyle talks about our approach to mid-caps, as well as his thoughts on current market opportunities and portfolio positioning.

Investment Approach

Charlie Dreifus on Picking Large-Cap and Small-Cap Stocks

by Charlie Dreifus

Charlie Dreifus talks about his classic value and accounting-oriented investment approach and the differences in finding opportunity between small- and large-cap businesses.

Investment Approach

Dividends, Investing Across Market Caps, and Lessons from the Bear

by Charlie Dreifus

“Dividend policy is likely more important now than it ever has been in the entire history of U.S. equities.”

Market Perspective

Bill Hench: Making Room for New Opportunities

by Bill Hench

Portfolio Manager Bill Hench discusses how he's been positioning Royce Opportunity Select Fund in 2013 and what distinguishes his Fund from Buzz Zaino's Opportunity Fund.

Fund Focus

Back to Basics

by Francis Gannon

As the ongoing effects of anemic economic growth continue to play out, one has to wonder when investors will resume viewing stocks as businesses.

Market Perspective

Whitney George: Comments on the State of the U.S. Economy

by Whitney George

Are some kinds of inflation good for the economy?

Market Perspective

Jay Kaplan Talks Dividends and Changes to Royce Value Fund

by Jay Kaplan

After becoming sole portfolio manager of Royce Value Fund in March, Jay Kaplan talks about re-positioning the portfolio, the current market, and the potential value of dividends.

Fund Focus

Whitney George: Comments on the Current State of the Market

by Whitney George

Co-CIO Whitney George discusses current valuations, equities and fixed income, and sticking with patience and discipline during an unpredictable market period.

Market Perspective

1Q13 Market Cycle, Risk-Adjusted Performance, and Rolling Returns

See how The Royce Funds have fared in the most recent small-cap market cycles.

Market Perspective

The Clock is Ticking for Passive Management

by Francis Gannon

While the Fed’s policies have leveled the playing field for lower quality, PM Francis Gannon believes that time is running out for passive strategies.

Market Perspective

Whitney George on 1Q13: Opportunities Amidst Extreme Valuations

by Whitney George

Whitney George discusses the current state of the market and finding opportunities in a challenging period for patient and disciplined bottom-up stock pickers.

Market Perspective

Chile: Reaching Potential for Future Possibilities

by Dilip Badlani

While Chile is often overshadowed by Brazil and currently faces its share of challenges, the underlying economy has potential.

Global/International

Chuck Royce on 1Q13: Conditions Remain Favorable for Equities

by Chuck Royce

In stark contrast to what we saw in 2010, 2011, and most of the first half of 2012, the market tuned out a lot of seemingly ominous political news and enjoyed a strong first quarter.

Market Perspective

The Art of Finding Quality Small-Cap Businesses

by Jay Kaplan

Jay Kaplan talks about value traps and uncovering great value with Consuelo Mack.

Investment Approach

Beyond the Numbers: Why Management Matters

by Chris Clark

Though technology has benefited the investment world in part by making access to information instantaneous, meetings with management still provide an unparalleled research advantage.

Investment Approach

Let us Count the Ways: Royce on Small-Cap Dividends

by Jay Kaplan

Jay Kaplan talks with Consuelo Mack about our love affair with dividends.

Investment Approach

What Will Drive the Market?

by Charlie Dreifus

While Portfolio Manager Charlie Dreifus's disciplined value approach is fundamentally based and strictly bottom-up, his process involves keeping a close eye on the big picture with regard to the economy and the stock market.

Market Perspective

What Quality Means at Royce

by Jay Kaplan

Jay Kaplan shares what quality means at Royce with Consuelo Mack.

Investment Approach

CAPEX Revival

by Francis Gannon

While both investors and businesses remain defensive, they may be missing out on growth opportunities in the current investment environment.

Market Perspective

Are Investors Returning to Business Fundamentals?

by Lauren Romeo

After multiple rounds of quantitative easing and indications that the U.S. economy is improving, Portfolio Manager Lauren Romeo believes that the recent focus on financial engineering will shift back to a focus on business fundamentals.

Market Perspective

The Lessons of 40 Years

by Chuck Royce

Although the market has undergone dramatic changes over the past four decades, three things at Royce remain the same—our attention to risk, our emphasis on the long term, and our patience.

Investment Approach

Don't Fear Rising Rates

by Chris Clark

Portfolio Manager and Principal Chris Clark discusses the correlation between high equity risk and rising interest rates, and why this time around they may not signal immediate inflation but improvements in the stock market and economic activity.

Market Perspective

Buzz Zaino and Bill Hench: Putting Their Thesis to Work

by Buzz Zaino and Bill Hench

Keeping a long-term investment horizon in mind, PMs Boniface "Buzz" Zaino and Bill Hench turned certain 2011 stock-picks into portfolio successes in 2012.

Fund Focus

Growth. Pause. Repeat.

by Francis Gannon

Do declining levels of correlation mean a new dawn for the market or another round of spring-time declines?

Market Perspective

4Q'12 Small-Cap Market Cycle Performance

See how The Royce Funds have fared in the most recent small-cap market cycles.

Market Perspective

Europe, Asia, and Emerging Countries

by David Nadel and Mark Rayner

Europe’s sovereign debt issues and Japan and China’s slowing economies have been fundamental to inconsistent market performance, but quality companies are still plentiful.

Global/International

Welcomed Again, Our Dear Old Friend Quality

The light at the end of the recent market’s tunnel looks bright to us as the wall of worry has been scaled, macro anxieties have cooled, and correlation continues to subside.

Market Perspective

Jay Kaplan on Dividend-Paying Small-Caps

by Jay Kaplan

The second half of 2012 for investors saw a shift in confidence from fixed-income options to the equity market. Portfolio Manager Jay Kaplan discusses why he thinks investors are returning to dividend-paying stocks.

Market Perspective

Investment Opportunities as China Embarks on New Five-Year Plan

by Dilip Badlani

From economic reforms to dealing with the slowdown in Europe, China’s economy takes on new challenges as the country restructures.

Global/International

Compelling Opportunities, Attractive Sectors, and Niche Markets in Europe

by David Nadel and Mark Rayner

Although macro headlines paint a dismal picture of the global economy, we are still finding quality companies abroad that present us with unique opportunities.

Global/International

Stocks Are Climbing the Wall of Worry

by Chris Clark

Despite being a year of uncertainty, the U.S. equity market in 2012 posted impressive gains for the year. As political tension continues, will investors stick with equities and return to quality?

Market Perspective

Whitney George on 4Q 2012: Company Quality Making a Comeback

by Whitney George

Although the correlated market of the past two years has invited much uncertainty for investors, Co-CIO Whitney George has confidence in equities going into 2013.

Market Perspective

Royce Micro-Cap Fund: Between High and Low Risk

by Jenifer Taylor

Portfolio Manager Jen Taylor looks back at the micro-cap market and its effect on Royce Micro-Cap Fund’s 2012 performance and talks about her plans for fine-tuning the Fund’s portfolio in 2013.

Fund Focus

Investing in Europe, the Fate of the Euro, and Sovereign Debt

by David Nadel and Mark Rayner

Director of International Research David Nadel and London-based Senior Analyst Mark Rayner are finding quality companies in Europe despite a slow-growth global economy.

Global/International

Another Look at Small-Cap Myths

by Francis Gannon

Francis Gannon debunks some of the misconceptions and dislocations that affect the small-cap asset class.

Market Perspective

Active Management: The Long-Term Value

At Royce, our stock selection is based on trying to generate a desired long-term rate of return for each company that we select, not on beating the return of an index.

Research & Whitepapers

Chuck Royce on 4Q 2012: Quality Rising

by Chuck Royce

Chuck Royce sees the solid fourth quarter as evidence of a more stable, quality-centric period for equities.

Market Perspective

Japan: Abundant Opportunities Despite Deleveraging Cycle

by David Nadel

Although its growth has slowed, Japan remains the world’s third-largest economy, with several potentially attractive investment opportunities for patient investors.

Global/International

Chuck Royce Celebrates 40 Years with Royce Pennsylvania Mutual Fund

by Chuck Royce

Join us for a trip down memory lane with a decade-by-decade look at the firm and the markets over the last 40 years.

Fund Focus

A New Era for Quality

by Chris Clark

Quantitative easing, declining volatility, and low interest rates have contributed to the outperformance of low-quality small-caps, but will this era soon end?

Market Perspective

High Uncertainty, Low Optimism

by Francis Gannon

Francis Gannon makes the case for ongoing value in the small-cap market.

Market Perspective

Chip Skinner on the Rebound of Royce Value Plus Fund

by Chip Skinner

Portfolio Manager Chip Skinner discusses some of the investment ideas that have helped Royce Value Plus Fund’s year-to-date results.

Fund Focus

Jim Harvey on Why It’s a Stock-Picker’s Market

by Jim Harvey

Portfolio Manager Jim Harvey explains why he doesn’t fear the fiscal cliff and why current economic conditions make the whole globe a stock-pickers’ market.

Fund Focus

Whatever Happened to Merger Mania?

by Chris Clark

Conservative capital allocation decisions have been hindering M&A activity. Chris Clark explains why that could soon change.

Market Perspective

Chuck Royce Remains Optimistic After the Election

by Chuck Royce

The likelihood of fiscal and tax reform in 2013 gives us faith in the long-term viability of both the U.S. economy and equities.

Market Perspective

Is Quantitative Easing Distorting Asset Prices?

by Francis Gannon

With the market on the move and the economy slowly improving, are investors forgetting that good things still happen to stocks?

Market Perspective

Five-Year Anniversaries: Royce SMid-Cap Value and Enterprise Select Funds

by Steven McBoyle

While market cycles have remained consistently volatile, Royce’s smid-cap funds—SMid-Cap Value and Enterprise Select—find reasons for celebration on their five-year anniversaries.

Fund Focus

What's in a Name? How Small-Caps Have Evolved

While the adoption of small-cap is now widespread, there remain differences in how the category is defined in the U.S. and abroad.

Research & Whitepapers

Why Are So Many Investors Fighting the Fed?

by Chris Clark

By ignoring equities, too many investors are fighting the Fed—and missing a dynamic rally.

Market Perspective

3Q'12 Small-Cap Market Cycle Performance

See how The Royce Funds have fared in the most recent small-cap market cycles.

Market Perspective

Singapore: Developed-Country Play on Asian Emerging Markets

by David Nadel

Portfolio Manager David Nadel takes a look at opportunities in Singapore, a country distinguished by historically stellar growth and a prime location.

Global/International

Co-CIO Update: Has the Market Turned Around?

Co-CIOs Chuck Royce and Whitney George share their thoughts on the current market rally, how interest in equities might be reignited, and the prospects for Europe and China.

Market Perspective

Uncertainty Abounds, Royce Remains Consistent

by Francis Gannon

Francis Gannon explains why small-caps are still statistically cheap.

Investment Approach

George on 3Q12: Why Fear Has Replaced Greed in Today's Market

by Whitney George

Co-CIO Whitney George examines the third-quarter bull run and explains why today’s market looks a lot like that of the late ‘90s.

Market Perspective

Chuck Royce on 3Q 2012: Is the Market Climbing a Wall of Worry?

by Chuck Royce

Co-CIO Chuck Royce discusses the current rally and looks at what it might take to bring investors back to stocks.

Market Perspective

Back to School, Back to Stocks

by Chris Clark

With the market on the move and the economy slowly improving, are investors forgetting that good things still happen to stocks?

Market Perspective

Charlie Dreifus on the Global Economy and Its Impact on Stocks

by Charlie Dreifus

Royce Special Equity Fund’s Charlie Dreifus examines the data from Europe, China, and the U.S., and discusses how it may affect domestic stock prices.

Market Perspective

Return Visit to Turkey: "MIST" Opportunities?

by David Nadel

Is Turkey worthy of the MIST (Mexico, Indonesia, South Korea, Turkey) moniker, or are Turkish opportunities better "missed" by us and our mutual fund investors?

Global/International

Is Defensive Investing the New Offense?

by Francis Gannon

Francis Gannon looks at why being risk averse in today’s market carries risks of its own.

Market Perspective

Romeo Seeks the Advantage of Uncertainty in Selecting Small-Caps

by Lauren Romeo

Portfolio Manager Lauren Romeo explains why uncertainty can be beneficial for long-term equity investors.

Investment Approach

Jay Kaplan Discusses the Small-Cap Equity Environment

by Jay Kaplan

Though currently out of favor, we believe small-cap cyclicals seem to have the most compelling valuations.

Market Perspective

Challenge the Prevailing Wisdom and Take the Long View

by Chris Clark

While on a trip in Montana, Chris Clark reflects on the remarkable challenges of investing in today’s world and how investors seem to have lost sight of the promise of the future.

Market Perspective

Royce Reflects on the First Half: Tragedy, Farce, and Now What?

by Chuck Royce and Whitney George

While the markets have been sluggish for the third straight year, we have been focusing on patience and fundamentals.

Investment Approach

Investing When the World is Afraid

by Francis Gannon

Francis Gannon looks at another season of negative sentiment and plentiful small-cap opportunities.

Market Perspective

Royce Opportunity Fund's Bill Hench on the Current Market

by Bill Hench

Portfolio Manager Bill Hench shares his thoughts on portfolio diversification, buying and selling stocks, and where he’s finding compelling micro-cap and small-cap valuations for his opportunistic value approach to investing.

Investment Approach

2Q'12 Small-Cap Market Cycle Performance

See how The Royce Funds have fared in the most recent small-cap market cycles.

Market Perspective

Is the Business Cycle Dead?

by Chris Clark

Shorter business cycles have caused short-term disappointments that could lead to long-term opportunity.

Market Perspective

Out-of-Sync Markets Create Long-Term Opportunities

by Francis Gannon

Frank Gannon looks at another season of negative sentiment and plentiful small-cap opportunities.

Market Perspective

Patience and Discipline Are Key to Surviving Current Volatility

Co-CIOs Chuck Royce and Whitney George discuss how ongoing volatility is affecting fund performance, the importance of the firm’s patient and disciplined approach, and the viability of equity investing.

Market Perspective

Whitney George on 2Q 2012: The Value of Patience and Fundamentals

by Whitney George

Co-CIO Whitney George looks at the disappointing second quarter and discusses why patience and fundamentals are so critical in today’s uncertain market.

Market Perspective

Royce on 2Q12: I Still Believe in the Long-Term Viability of Stocks

by Chuck Royce

Co-CIO Chuck Royce examines the recent range-bound market and why he still has confidence in stocks.

Market Perspective

Reducing Risk with Concentration and Diversification

by Chris Clark

Why concentrating portfolio holdings can work as effectively as broad diversification in uncertain markets.

Investment Approach

Royce Opportunity Fund Seeks to Take Advantage of Short-Term Noise

by Buzz Zaino and Bill Hench

While equity markets react to headline news and other short-term noise with price volatility, Royce Opportunity Fund portfolio managers Buzz Zaino and Bill Hench seek to use the noise to their advantage by purchasing small-cap companies at moments of distress.

Fund Focus

Chip Skinner on Royce Value Plus Fund

by Chip Skinner

Chip Skinner has been repositioning Royce Value Plus Fund by de-emphasizing special situations and turnarounds and re-focusing on what he sees as high-quality, undervalued growth companies.

Fund Focus

Whitney George on Royce Low-Priced Stock Fund

by Whitney George

Whitney talks about why the portfolio’s positioning has remained mostly unchanged over the last few years and why he remains bullish on mining and energy stocks.

Fund Focus

Are Small-Caps Overexposed to International Markets?

by Francis Gannon

Frank Gannon looks at U.S. small-caps and how much revenue they derive from non-U.S. sources.

Market Perspective

Can China’s Slowing Growth Pave the Way for Quality?

by Jim Harvey

While the pace of growth is slowing in China, the quality of growth is improving. The Chinese government is recalibrating the economy towards the consumer, which makes for more interesting investment opportunities at attractive valuations.

Global/International

The Great Divide: Company Fundamentals vs. Macroeconomics

by Chris Clark

Over time, companies tend to have more influence on their own success or failure than do the broader economic trends around them.

Investment Approach

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.

Global/International

Can Stocks Avoid Another Bear in Spring?

by Francis Gannon

Investors may be spooked by ominous economic headlines for a third consecutive spring, but we’re still seeing plenty of well-run small-caps with confident, capable management.

Market Perspective

Volatility in Micro-Caps Can Open the Door to Investment Opportunity

by Jenifer Taylor

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.

Investment Approach

Sri Lanka: Recovery, Growth, Opportunities, and Concerns

by Dilip Badlani

Following years of civil war, Sri Lanka faces significant growing pains but also offers a number of promising opportunities for cautious, disciplined investors.

Global/International

The Valuation Challenge: Inexpensive Quality is Plentiful in Small-Caps

Quality is not only plentiful within the small-cap universe, but it is also attractively valued right now across the market cap spectrum.

Research & Whitepapers

1Q'12 Small-Cap Market Cycle Performance

See how The Royce Funds have fared in the most recent small-cap market cycles.

Market Perspective

Preservation of Capital vs. Margin of Safety

by Chris Clark

We attempt to build a margin of safety in equities through three important tactics.

Investment Approach

Experience Royce’s Unique Culture

Throughout our nearly 40 years as small-cap value investors, we have always emphasized the long run.

Active Management

The Great Equity Shrink: Effective Capital Allocation in Small-Caps

by Francis Gannon

While many investors continue to shun smaller stocks, we've been watching small-cap companies make effective and intelligent capital allocation decisions.

Market Perspective

George on 1Q12: We're Happy with the State of Our Portfolios

by Whitney George

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.

Market Perspective

Chuck Royce on 1Q 2012: Why the Rally Can Last

by Chuck Royce

Co-CIO Chuck Royce talks about the recent rally, correlation, and why he remains bullish on quality small-caps.

Market Perspective

Focus on Europe: Finding Quality Through the Crisis

Royce’s global investment team looks at Europe’s sovereign debt crisis, the euro, and the case for investing in high quality European small-caps.

Global/International

Preservation of Capital vs. Preservation of Purchasing Power

by Chris Clark

Preserving the purchasing power of an investment is arguably more important today than preserving capital.

Investment Approach

Chip Skinner Repositions Royce Value Plus Fund for 2012

by Chip Skinner

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

Fund Focus

Lauren Romeo on Risk Management and Quality Small-Caps

by Lauren Romeo

Royce Portfolio Manager Lauren Romeo talks about how she’s been finding her high-quality small-caps.

Investment Approach

The Psychology of Earnings

by Francis Gannon

Earnings are the signposts that allow us to either push the accelerator or tap on the brakes if we see a warning sign.

Market Perspective

Value - It's Not All Relative

by Chris Clark

When looking at valuations of small-cap stocks versus large-caps, we think it’s most useful to compare and contrast the opportunity set and selection universe.

Value

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.

Investment Approach

Growth Through Acquisitions in Uncertain Times

by Francis Gannon

We are continually struck by the way smaller companies continue to grow and operate in this ambiguous and anemic economic environment.

Investment Approach

Africa: Opportunities and Challenges in a Growing Economy

by Dilip Badlani

Africa presents intriguing opportunities considering its positive demographics, rich natural resources, and untapped potential for growth.

Global/International

Finding Opportunity in Correlated Markets

by Chris Clark

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.

Investment Approach

Charlie Dreifus Reveals His Secret Sauce for Royce’s Special Equity Funds

by Charlie Dreifus

Charlie Dreifus’s strategy for Royce Special Equity Funds provided positive absolute returns in an environment fraught with volatility and high correlation.

Fund Focus

4Q'11 Small-Cap Market Cycle Performance

See how The Royce Funds have fared in the most recent small-cap market cycles.

Market Perspective

Whitney George on 2011: High Volatility and Attractive Valuations

by Whitney George

Whitney George looks back at 2011 and details why he thinks small-cap valuations are as attractive as he's seen in three years.

Market Perspective

Chuck Royce on 4Q 2011: Quality Small-Caps Look Poised to Rebound

by Chuck Royce

Co-CIO Chuck Royce looks ahead and sees great potential for a strong run for quality small-cap stocks.

Market Perspective

Is One Man’s Index Another’s Benchmark?

by Francis Gannon

Unlike a lot of investment managers, we do not manage against a particular index and instead think of ourselves as benchmark agnostic.

Investment Approach

A Look Back at 2011’s Global Market and a Bullish Outlook for 2012

by David Nadel

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.

Global/International

Contrarian Thinking is a Critical Part of the Royce Approach

by Chris Clark

Patience is an increasingly rare commodity in equity investing, one that we believe has also become a contrarian characteristic.

Investment Approach

What Does Risk Mean in Today's Market?

by Francis Gannon

As we have always done during difficult periods, we are adding risk as the market is removing it by reducing valuations.

Investment Approach

Experience and Focus Drive Royce Opportunity Fund’s 15 Years

by Buzz Zaino and Bill Hench

Portfolio Managers Buzz Zaino and Bill Hench reflect on 15–year old Royce Opportunity Fund and their unique and disciplined opportunistic value approach.

Fund Focus

What If the "What-Ifs" Don't Pan Out?

by Francis Gannon

As we have seen and heard in many third-quarter earnings reports, fundamentals are clearly better than the dire daily headlines.

Market Perspective

Rediscovering Royce Discovery Fund

by George Necakov and Jim Harvey

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.

Fund Focus

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.

Investment Approach

3Q'11 Small-Cap Market Cycle Performance

See how The Royce Funds have fared in the most recent small-cap market cycles.

Market Perspective

China: A Look at Growth, the Environment, Real Estate, and Education

by Dilip Badlani

Royce examines China's economic growth, how environmental issues may play a role in its future, the real estate boom and its focus on education.

Global/International

Chuck Royce on 3Q 2011: Be Patient and Take the Long View

by Chuck Royce

Co-CIO Chuck Royce looks at the third quarter and details why active small-cap management can be successful in the long run.

Market Perspective

Whitney George: No News Would Be Good News for the Market

by Whitney George

Whitney George discusses the prospects for a market turnaround and looks at what it might take for the economy to grow more robustly.

Market Perspective

What's Important Now? As Always, Focusing on High-Quality Companies

by Francis Gannon

We continue to believe that high-quality smaller companies are inexpensive and the source of great potential value.

Investment Approach

Dealing with a Volatile Market

Market Perspective

Focus on Europe: Sovereign Debt Crisis, Currency Woes, Finding Quality

by David Nadel and Mark Rayner

David Nadel and Mark Rayner examine the European sovereign debt crisis, providing insight on the state of the euro, currency unions, Europe’s options and how Royce is positioning its European investments.

Global/International

Uncertainty Abounds, But Our Approach Remains Consistent

by Francis Gannon

We continue to believe that inexpensive high-quality companies are under owned, especially within the small-cap space, so we are using the declines as an opportunity to refresh our portfolios.

Investment Approach

Charlie Dreifus Takes on Large-Caps

by Charlie Dreifus

Charlie Dreifus is applying his tried and true investment process to Large-Cap companies.

Investment Approach

Intelligent Trading: A Competitive Advantage During Market Plunges

by Dan O'Byrne

Royce traders discuss the nuances involved with trading small-caps domestically and internationally and how they handled the recent market plunge.

Investment Approach

Conference Call Replay: Co-CIO George Sizes Up the New Bear Market

by Whitney George

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.

Value

Co-CIO Market Update: Keeping Our Focus in the Bear Market

by Chuck Royce and Whitney George

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.

Investment Approach

Jay Kaplan on U.S. Debt and the Small-Cap Market

by Jay Kaplan

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.

Market Perspective

Why Quality May Shine as Volatility Increases

by Francis Gannon

Current economic conditions are quite dynamic and so much more fluid than the daily headlines portend.

Market Perspective

Small-Caps and the Market: Déjà vu All Over Again?

by Chuck Royce and Whitney George

In an environment of political and economic uncertainty, our bullishness and optimism are real, but low key.

Investment Approach

Assessing Risks and Opportunities in Russia

by Dilip Badlani

We are intrigued by Russia's economic recovery and access to natural resources, though we remain concerned with corruption.

Global/International

Co-CIO Interview: Whitney George on the Current Market

by Whitney George

Whitney George talks about the current state of the market and why he still sees value in technology and commodity stocks.

Market Perspective

2Q'11 Small-Cap Market Cycle Performance

See how The Royce Funds have fared in the most recent small-cap market cycles.

Market Perspective

Dividends + Small-Caps = Opportunities

Co-CIO Chuck Royce and Portfolio Managers Jay Kaplan, David Nadel and Frank Gannon detail why we think having exposure to dividend-paying small-cap companies is important for investors.

Investment Approach

2010 Redux? A Normalized Environment Can Create Positive Long-Term Returns

by Francis Gannon

For some time now, we have espoused the view that we are in a more normalized market environment, where one should see positive longer-term returns for equities with normal corrections.

Market Perspective

Chuck Royce on 2Q 2011: Recent Volatility is Not Surprising

by Chuck Royce

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.

Market Perspective

Ten Years for Royce Value Fund and Royce Value Plus Fund

by Whitney George and Jay Kaplan

"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.

Fund Focus

Dividends Are a Sign of Quality and Corporate Commitment

by Jay Kaplan

"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."

Investment Approach

Can Stocks Move Beyond Their Current Peaks?

by Francis Gannon

Stocks began to shift direction in May. Is it a sign that investors are worried about the sustainability of share values?

Market Perspective

Indonesia and Malaysia: Uncovering Quality in Southeast Asia

by Dilip Badlani

The Association of Southeast Asian Nations (ASEAN), which includes Indonesia and Malaysia, is the third-largest economy in Asia behind China and Japan, which makes it interesting for investors.

Global/International

South Korea: Looking at the Market in Asia's Fourth Largest Economy

by Dilip Badlani

With a GDP of more than one trillion dollars, South Korea is the world’s fifteenth largest economy and the fourth largest in Asia—making it impossible to ignore for a global investor.

Global/International

Dividends Make a World of Difference in Global Markets

by David Nadel

American investors typically think of dividends as an afterthought, but abroad dividends in smaller companies are commonly accepted and expected.

Global/International

Identifying and Investing in High-Quality Small-Cap Companies

by Lauren Romeo

"After identifying what appears to be a quality company based on its financial metrics, our real work begins—applying our bottom-up, business-buyer’s research approach."

Investment Approach

Be Prepared!

by Francis Gannon

By doing our research first and patiently waiting for the right opportunity, we have been able to take advantage of many of the market dislocations over the past several years.

Investment Approach

Co-CIO Interview: Whitney George on Japan, Energy, and Technology

by Whitney George

Whitney George looks at the events in 2011’s first quarter and discusses why Japan’s future may be brighter than many think.

Market Perspective

Review Spotlight: You Can Never Go Wrong with Quality

For some time, we have been arguing that higher-quality companies would lead in the market recovery regardless of market capitalization and especially as the economic recovery matures.

Market Perspective

1Q'11 Small-Cap Market Cycle Performance

See how The Royce Funds have fared in the most recent small-cap market cycles.

Market Perspective

Quality: A Most Overused Word

by Francis Gannon

Quality may be the most overused word in the investment community today. After all, who thinks that their portfolio isn’t high quality?

Investment Approach

SMid-Cap and Mid-Cap Stocks: Broadening Our Horizons

Co-CIO Whitney George and Portfolio Managers Steven McBoyle and Brendan Hartman discuss Royce’s natural progression of investing in the smid-cap/mid-cap space, and where we see advantages to both asset classes.

Investment Approach

Japan: A Fresh Look at Challenges and Opportunities

by David Nadel & Jim Harvey

David Nadel, Director of International Research and Portfolio Manager, and Jim Harvey, Portfolio Manager, recently returned from Japan and with some compelling insights about what the future may hold.

Global/International

Chuck Royce 1Q 2011

by Chuck Royce

Chuck Royce looks at why the market was so placid while the world was so wild.

Market Perspective

The Golden Mean? Looking at SMid-Caps

by Steven McBoyle

An interesting alternative to typical allocations of small-cap and large-cap stocks lies in the smid-cap zone, that space with market capitalizations between $2.5 billion through $15 billion.

Fund Focus

Royce's Newest Offerings in the Global/International Lineup

by David Nadel

Royce seeks the same attributes abroad that we look for domestically: strong balance sheets, an established record of earnings, the ability to generate free cash flow, and excellent growth prospects.

Fund Focus

Style Points: How Do Active Managers Achieve a Performance Edge?

Adhering to our discipline is as vital to our success as the approach itself. This is especially relevant during market extremes such as those we have seen over the last several years.

Active Management

Taking Stock of Technology

by Francis Gannon

Tech stocks have recently begun to emerge from a 10-year bear market, but we think the sector still offers compelling opportunities.

Market Perspective

Local Knowledge in Hong Kong and Mainland China

by Dilip Badlani

Analyst Dilip Badlani shares insights on Hong Kong and discusses the potential growth in Mainland Chinese companies.

Global/International

Getting in Position

by Chip Skinner

Chip Skinner is looking for companies with what he believes are top-notch growth prospects to position Royce Value Plus Fund for the nascent economic recovery.

Fund Focus

Royce’s Take on 2010: Into the Great Wide Open

by Chuck Royce and Whitney George

While the headlines were focusing on unemployment and housing, we were seeing an economy on the mend. So the market’s strength through much of 2010 was not a surprise to us.

Investment Approach

"It's Déjà vu All Over Again"

by Francis Gannon

If the market’s results in January 2011 had a familiar feel, there was a good reason. Twenty-eleven already feels eerily like 2010.

Market Perspective

The Value of Thinking Like Owners, Not Renters

Our long-term perspective involves an attempt to understand what a business is worth, which is why we think like owners, not renters.

Investment Approach

Whitney George Looks Back at 2010

by Whitney George

Whitney George discusses 2010, including where he was focusing on both domestic and non-U.S. small-cap stocks.

Market Perspective

4Q'10 Small-Cap Market Cycle Performance

See how The Royce Funds have fared in the most recent small-cap market cycles.

Market Perspective

Review Spotlight: Style Wars

This quarter's Review Spotlight examines the age-old "value" versus "growth" debate. Do investors without these style constraints have a better chance of achieving strong long-term results? Our analysis found some interesting points to ponder regarding this so-far unwinnable battle.

Investment Approach

Impressions from Poland

by Mark Rayner

Senior Analyst Mark Rayner offers his thoughts on investment opportunities in Poland, which fared well during the global economic downturn and boasts low levels of consumer, government, and corporate debt.

Global/International

Chuck Royce 4Q 2010

by Chuck Royce

A bullish market in an uncertain economy—Chuck Royce discusses the fourth quarter and recaps the year in stocks.

Market Perspective

Three Small-Cap Myths

by Francis Gannon

Our goal is to take advantage of small-cap myths to uncover high-quality smaller companies trading at significant discounts to our estimate of their worth as a business.

Investment Approach

The World According to Royce

Co-CIO Whitney George and Director of International Research David Nadel discuss global opportunities and the challenges of investing in foreign markets.

Investment Approach
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