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Fund Impact and Attribution Reports
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Joanne Newgard
Director of Client Services & Media Relations
Contact (800) 562-0880 or joanne@roycefunds.com
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Text SizeRelated Commentary
> Quality Recognizes No Borders: Royce's Global/International Funds
> A Look Back at 2011's Global Market and a Bullish Outlook for 2012
December 29, 2006 represents an important day in our history. Since the late 1990's, many domestic-oriented Royce Funds had been dipping their toes into international waters by investing in non-U.S. companies, but all that was about to change.
On that date five years ago, we launched Royce Global Value Fund and Royce European Smaller Companies Fund, which helped take Royce into a new era of smaller company investing. Fast forward to today, and acronyms such as BRIC or headlines about the European debt crisis are as common as news from "corporate America."
Royce now offers a total of seven global or international mandated funds. Investments in domestic companies still represent the bulk of Royce's total assets under management, but just as American companies have made international expansion a key strategic priority during the past few years, so too has Royce's investment universe.
The woes of the European debt crisis paint a bleak picture. There is, however, a silver lining to this barrage of negativity – we are seeing cheaper valuations for the higher-quality global companies that we target for their access to the world's growing geographies, and their adeptness at managing currency exposure. As David Nadel pointed out in a recent commentary, "The fact that all of Europe is painted by many investors with the same brush means we can try to take advantage of the reduced valuations of these companies. As they say, never waste a crisis."
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. Royce Global Value Fund and Royce European Smaller Companies Fund invest a significant portion of their respective assets in foreign companies, which may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic or other developments that are unique to a particular country or region. (Please see "Investing in International Securities" in the prospectus). Therefore, the prices of the securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies. (Please see "Primary Risks for Fund Investors" in the prospectus.) The Funds invest primarily in micro-cap, small-cap and/or mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.)
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Royce & Associates, LLC, 745 Fifth Avenue, New York, NY 10151, (800) 221-4268. All rights reserved. Distributor of The Royce Fund and Royce Capital Fund: Royce Fund Services, Inc., a wholly owned subsidiary of Royce & Associates. The Royce Funds are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.