Fund Focus Insights:

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.

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.

We believe that our absolute return focus provides the greatest opportunity to build wealth.

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.

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

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.

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.

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

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.

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.

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.

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.

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

Portfolio Manager George Wyper explains his process and why he searches for companies that wisely use their free cash flow to benefit shareholders.

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

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

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.

"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.

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.

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.

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.

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.