Jay Kaplan Shares His Investment Strategy with Value Investor Insight

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Published November 30, 2012, the most recent issue of Value Investor Insight took interest in Portfolio Manager and Principal Jay Kaplan, who for 12 years has been a key contributor to our work.

The interview, titled "Not-Great Expectations," engaged Jay through a variety of topics, touching on his long-term, contrarian investment approach, valuation metrics, where he is finding opportunities today, and the quality characteristics of a few companies that he has held for years.

"I'm trying not to buy hopes and dreams, but the here and now," said Jay with regards to Royce's general approach to valuation. "If the hopes and dreams come true, all the better," he added.

The article also covered how Jay employs Royce's contrarian view in his portfolios by looking at companies that have strong balance sheets, high returns on capital, and whose stocks are priced below our assessment of the company's intrinsic value.

"My goal is to find situations where expectations built into the current valuation are too low relative to what I believe is far more likely to happen."

Jay Kaplan has 24 years of investing experience. He is the portfolio manager of Royce Total Return Fund and Royce Dividend Value Fund (with Chuck Royce), Royce Value Fund, and Royce Capital Fund – Small-Cap Portfolio. Jay also serves as the assistant manager of Royce Pennsylvania Mutual Fund.

Important Disclosure Information

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.
Jay Kaplan is a Portfolio Manager of Royce & Associates, LLC, investment adviser for The Royce Funds. Mr. Kaplan's thoughts in this interview concerning the stock market are solely his own and, of course, there can be no assurance with regard to future market movements.

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