Commentary

2012

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."

05-15-2011  Dividends Make A World of Difference in Global Markets
American investors typically think of dividends as an afterthought, but abroad dividends in smaller companies are commonly accepted and expected.

05-01-2011  Royce's "Captain of Quality" Talks About Identifying and Investing In High Quality Small-Cap Companies
"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."

04-15-2011  Co-CIO Interview: Whitney George on Japan, Energy and Technology
Whitney George looks at the events in 2011’s first quarter and discusses why Japan’s future may be brighter than many think.

04-15-2011  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.

04-15-2011  Small-Cap Market Cycle Performance
See how The Royce Funds have fared in the most recent small-cap market cycles.

04-01-2011  Chuck Royce on First Quarter 2011
Chuck Royce looks at why the market was so placid while the world was so wild.

04-01-2011  Whitney George and PMs Steven McBoyle and Brendan Hartman on SMid-Caps and Mid-Caps

03-15-2011  The Golden Mean? Looking at SMid-Caps
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.

03-01-2011  Royce's Newest Offerings In the Global/International Lineup
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.

03-01-2011  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.

02-15-2011  Getting in Position
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.