article 06-11-2014

Jay Kaplan Makes a Case for GameStop in Fortune Article

Portfolio Manager Jay Kaplan gives his contrarian view on GameStop.

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"The world wrongly views [GameStop] as 'the next Blockbuster,' contends Royce Funds' Jay Kaplan," wrote Jen Wieczner in Fortune's "5 Fortune 500 stocks that could lift off," an article taken from Fortune's June 16, 2014 issue and published June 2, 2014 on its website.

In the article, Wieczner points out the argument against GameStop that many have made over the years—that mobile gaming is quickly overtaking console gaming.

"Ultimately, [GameStop] really [does] understand that the idea of someone walking into a store and buying a game is going to end," said Jay in the article. "The disconnect is the market thinks that's tomorrow, and that's not going to happen for a while."

Read more about our contrarian investment approach to GameStop.

Jay Kaplan has 26 years of investment experience. In addition to Royce Value Fund—which invests in small-cap and mid-cap stocks up to $5 billion using a focused portfolio, disciplined value approach—Jay manages Royce Total Return Fund and Royce Dividend Value Fund (with Chuck Royce) and Royce Capital Fund – Small-Cap Portfolio. He also serves as the assistant portfolio manager—along with Lauren Romeo—of Royce Pennsylvania Mutual Fund.

Read the full article at Fortune.com

Important Disclosure Information

Jay Kaplan is a Portfolio Manager of Royce & Associates, LLC, investment advisor to The Royce Funds. He is the portfolio manager of Royce Total Return Fund (RTR), Royce Value Fund (RVV), Royce Dividend Value Fund (RDV), and Royce Capital Fund – Small-Cap Portfolio (RCS). He also assists on Royce Pennsylvania Mutual Fund (PMF). The thoughts and opinions expressed in the video are solely those of the person speaking and may differ from those of other Royce investment professionals, or the firm as a whole. There can be no assurance with regard to future market movements.

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.

Percentage of Fund Holdings as of 3/31/14 (%)

  RTR RVV RDV RCS PMF
GameStop Cl. A 0.75 2.98 0.71 0.38 0.43

There can be no assurance that any of the securities mentioned in this piece will be included in these portfolios in the future. References to specific securities in this piece are not intended as recommendations and should not be relied upon as the basis for anyone to buy, sell, or hold any security.

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