Insights: Investment Approach | Royce Funds

    An Introduction to Royce's Deep Value Strategy

    by Bill Hench

    What you need to know about Royce's turnaround-focused deep value strategy. ... Continue reading

    Investment Approach

    How to Account for Risk in a High-Quality Approach

    by David Nadel

    How does a high-quality approach deal with risk at the security and portfolio levels?  

    Investment Approach

    How a Deep Value Approach Is Succeeding in a Growth Market

    by Bill Hench

    Portfolio Manager Bill Hench explains his deep value strategy's ongoing strength and how he finds opportunities name by name.

    Investment Approach

    How Does This Royce Portfolio Manager Find New Ideas?

    by Jay Kaplan

    Portfolio Manager Jay Kaplan discusses how he builds his portfolios and the lessons he has learned throughout his career.

    Investment Approach

    Why Asset Allocators Should Consider International Small-Cap

    by David Nadel

    What might surprise investors about international small-caps?

    Investment Approach

    How Does Royce Incorporate ESG Factors into Our Investment Process

    by Chris Clark and Gunjan Banati

    Why is Royce & Associates incorporating ESG factors into our investment process?

    Investment Approach

    Where Is a Contrarian Finding Opportunities In a High-Priced Market?

    by Jay Kaplan

    Where is Portfolio Manager Jay Kaplan finding opportunities in a market near all-time highs?

    Investment Approach

    Is It Time for International Small-Cap?

    by David Nadel

    What's driving 2017’s high returns for international small-caps?

    Investment Approach

    Why Investment Discipline Matters

    by Bill Hench

    Portfolio Manager Bill Hench provides a detailed look into his investment approach and discipline.

    Investment Approach

    Chuck Royce's Unique Approach to Financials

    by Chuck Royce

    Chuck Royce details where he sees opportunities in the financial sector.

    Investment Approach

    How Does a Deep Value Investor Find New Ideas and Manage Risk?

    by Bill Hench

    As a deep value investor, how does Portfolio Manager Bill Hench find overlooked opportunities and manage risk?

    Investment Approach

    How to Manage Risk in a Bull Market

    by Jay Kaplan

    Learn how a contrarian investor manages risk in a bull market.

    Investment Approach

    Why is Chuck Royce Bullish on Industrials?

    by Chuck Royce

    Chuck Royce on why he sees so many opportunities in the industrial sector.

    Investment Approach

    Why is Portfolio Manager Charlie Dreifus Bullish About His Portfolio?

    by Charlie Dreifus

    Where is absolute value investor Charlie Dreifus finding opportunities in the market?

    Investment Approach

    The Art of Analyzing A Company's Moat

    Many portfolio managers analyze company moats, but adding a predictive framework is key.

    Investment Approach

    Is Now The Time For A Deep Value Strategy?

    by Bill Hench

    Portfolio Manager Bill Hench describes what’s making his deep value strategy work in 2016.

    Investment Approach

    Our Case for Active Management

    Our focus has always been on seeking to provide our shareholders with above-average long-term results on both an absolute and risk-adjusted basis—not on beating our respective benchmarks.

    Investment Approach

    Positioning a Deep Value Strategy for Further Success

    Portfolio managers Buzz Zaino and Bill Hench worked to position these Royce Funds so they could benefit from the deep value stocks they focus on.

    Investment Approach

    A Contrarian Approach to Small-Cap Retailers

    by Jay Kaplan

    Why is Jay Kaplan bullish on small-cap retail companies?

    Investment Approach

    The Benefits of a Lower Volatility Strategy in an Uncertain Market

    by Jay Kaplan

    What are the benefits of a lower volatility strategy in an uncertain market, and why might dividend-paying companies be attractive?

    Investment Approach

    The Contrarian View of Small-Cap Industrials

    Portfolio Manager Steven McBoyle and Senior Investment Strategist Steve Lipper discuss the attributes of industrial companies they find attractive, in an area many investors are overlooking.

    Investment Approach

    Examining an Absolute Value Approach

    by Charlie Dreifus

    Portfolio Manager Charlie Dreifus provides a look at his absolute value approach.

    Investment Approach

    Bill Hench Sees a Deep Value Opportunity in Industrial Manufacturing

    by Bill Hench

    Why do industrial manufacturing companies interest Portfolio Manager Bill Hench?

    Investment Approach

    A Look Into a Contrarian Value Approach

    by Jay Kaplan

    A contrarian value investor, Portfolio Manager Jay Kaplan shares what distinguishes his approach.

    Investment Approach

    Signs of a Market Rotating Back to Value

    by Francis Gannon and Chris Clark

    Royce's Co-CIOs, President Chris Clark and Managing Director Francis Gannon, discuss the performance turnaround in the first quarter and how we've positioned our business for a return to normalization.

    Investment Approach

    Understanding The Royce Funds' 1Q16 Performance

    by Steve Lipper

    With a strong performance across The Royce Funds lineup in the first quarter, Senior Investment Strategist Steve Lipper examines the value, core, and growth funds.

    Investment Approach

    The Royce Funds Show Shift, Outperform YTD

    by Chris Clark and Francis Gannon

    Royce's Co-CIOs Chris Clark and Francis Gannon on The Royce Funds' recent performance turnaround.

    Investment Approach

    What's Working in the Current Market?

    by Jay Kaplan

    Portfolio Manager Jay Kaplan looks at three holdings in the trucking and transport industry, which is bucking the market's downward trend in 2016.

    Investment Approach

    Seizing Opportunities When the Market Pulls Back

    by Chip Skinner

    Portfolio Manager Chip Skinner looks at the current volatile market and explains how a GARP investor tries to take advantage of market corrections.

    Investment Approach

    Growth Themes Benefiting from a Steady Economy

    by Chip Skinner

    The volatile market is creating both successes and opportunities for our GARP portfolio, Royce Smaller-Companies Growth Fund.

    Investment Approach

    How Does Market Volatility Usually Affect Investing in Small-Caps?

    by Jay Kaplan

    To us, volatile periods provide opportunities to purchase quality stocks at a discount.

    Investment Approach

    How Should an Asset Allocator Think About The Royce Funds Today?

    by Steve Lipper and Francis Gannon

    While each Royce portfolio uses a disciplined, bottom-up approach to stock selection, our varied investment approaches give investors options depending on where they think the economy and markets are heading.

    Investment Approach

    Managing a Portfolio of Premier Businesses

    by Steven McBoyle and Lauren Romeo

    Portfolio Managers Lauren Romeo and Steven McBoyle share the lessons they've learned from working with Chuck Royce.

    Investment Approach

    What Makes Royce Smaller-Companies Growth Fund Unique?

    by Chip Skinner

    Portfolio Manager Chip Skinner talks about the distinctive Growth at a Reasonable Price (“GARP”) approach he uses in Royce Smaller-Companies Growth Fund.

    Investment Approach

    Will Rate Increases Impact Investing in Dividend-Paying Companies?

    by Jay Kaplan

    To Portfolio Manager Jay Kaplan, the ways in which dividend income is generated and distributed could play a major role in determining the effects a rise in rates might have on dividend investors.

    Investment Approach

    Royce Premier Fund: Looking for Enduring Franchises

    by Steven McBoyle and Lauren Romeo

    Portfolio Managers Lauren Romeo and Steven McBoyle on the characteristics they like to see in potential portfolio candidates.

    Investment Approach

    Micro-Cap Opportunity Fund: Exploiting Market Inefficiencies

    by Bill Hench

    A detailed look into Portfolio Manager Bill Hench's four opportunistic investment themes and how he manages risk in an inherently riskier part of the market.

    Investment Approach

    The Benefits of Being Temporarily Out of Favor

    by Lauren Romeo

    Investor preferences have not been kind to our style of investing over the past couple of years—and this has created opportunities.

    Investment Approach

    Searching for Sustainable Growth in Malaysia

    by Dilip Badlani

    Focusing on non-U.S. companies that have the ability to grow irrespective of market environments.

    Investment Approach

    U.S. Small-Caps: A Look Forward and a Look Back

    by Bill Hench

    A deeper look into the small-cap market's strong long-term returns suggests that there is still untapped potential in stocks investors have mostly passed by.

    Investment Approach

    How Are We Responding to This Challenging Period?

    by Chuck Royce and Francis Gannon

    While our underlying process has not changed, we have made several adjustments that we believe will strengthen the firm for the future.

    Investment Approach

    Taking Stock of the Changing Environment

    by Chris Clark

    President Chris Clark addresses the challenges we face as a firm and how we're making strides to better serve our clients.

    Investment Approach

    Royce Smaller-Companies Growth: Seeking Emerging Industry Leaders

    by Chip Skinner and Chuck Royce

    Listen to Portfolio Manager Chip Skinner share the details of his investment approach in Royce Smaller-Companies Growth Fund with CEO Chuck Royce.

    Investment Approach

    The Foundations for Royce's Future Success

    by Chris Clark

    Royce's President Chris Clark reflects on his first year in this leadership role, the performance challenges we face, and how we are positioning the business for the long-term benefit of our shareholders.

    Investment Approach

    Royce International Premier: A Portfolio of World-Class Businesses

    by David Nadel and Chuck Royce

    CEO Chuck Royce and Portfolio Manager David Nadel discuss the types of companies we like to own in International Premier's portfolio and how we evaluate candidates.

    Investment Approach
    • Organizing...

    Fund Manager Commentaries

    By David Nadel, Mark Rayner
    We remain sanguine about both our outlook and positioning, and 2017’s performance did not necessitate any significant repositioning in the portfolio.
    By Buzz Zaino, Bill Hench
    Holding companies in cyclical areas where turnarounds were just getting underway fuels our cautious optimism for 2018 as global growth should keep stoking demand.
    By Lauren Romeo, Chuck Royce, Jay Kaplan
    We are optimistic about the portfolio’s prospects as it leans towards factors that we believe will be rewarded—cyclicals, global exposure, and, often, high profitability.
    By Chuck Royce, Lauren Romeo, Steven McBoyle
    We believe that high-ROIC small-cap companies, many in our preferred cyclical areas, can continue to outperform.
    By Charlie Dreifus, Steven McBoyle
    The portfolio appears well-positioned to potentially benefit from a more volatile market in 2018 as it holds profitable companies that generate most of their earnings in the U.S.
    By Jay Kaplan, Chuck Royce
    Though we are cautious about the prospects for the small-cap index, we are optimistic about the portfolio’s potential as it leans towards factors that we believe will be rewarded.
    View Fund Performance

    My Funds

    Featured Funds

    By David Nadel, Mark Rayner
    We remain sanguine about both our outlook and positioning, and 2017’s performance did not necessitate any significant repositioning in the portfolio.
    By Buzz Zaino, Bill Hench
    Holding companies in cyclical areas where turnarounds were just getting underway fuels our cautious optimism for 2018 as global growth should keep stoking demand.

    All Funds2

     

    By Lauren Romeo, Chuck Royce, Jay Kaplan
    We are optimistic about the portfolio’s prospects as it leans towards factors that we believe will be rewarded—cyclicals, global exposure, and, often, high profitability.
    By Chuck Royce, Lauren Romeo, Steven McBoyle
    We believe that high-ROIC small-cap companies, many in our preferred cyclical areas, can continue to outperform.

     

     

    By Charlie Dreifus, Steven McBoyle
    The portfolio appears well-positioned to potentially benefit from a more volatile market in 2018 as it holds profitable companies that generate most of their earnings in the U.S.
    By Jay Kaplan, Chuck Royce
    Though we are cautious about the prospects for the small-cap index, we are optimistic about the portfolio’s potential as it leans towards factors that we believe will be rewarded.

     

    By David Nadel, Mark Rayner
    We remain sanguine about both our outlook and positioning, and 2017’s performance did not necessitate any significant repositioning in the portfolio.
    By Buzz Zaino, Bill Hench
    Holding companies in cyclical areas where turnarounds were just getting underway fuels our cautious optimism for 2018 as global growth should keep stoking demand.
    By Lauren Romeo, Chuck Royce, Jay Kaplan
    We are optimistic about the portfolio’s prospects as it leans towards factors that we believe will be rewarded—cyclicals, global exposure, and, often, high profitability.
    By Chuck Royce, Lauren Romeo, Steven McBoyle
    We believe that high-ROIC small-cap companies, many in our preferred cyclical areas, can continue to outperform.
    By Charlie Dreifus, Steven McBoyle
    The portfolio appears well-positioned to potentially benefit from a more volatile market in 2018 as it holds profitable companies that generate most of their earnings in the U.S.
    By Jay Kaplan, Chuck Royce
    Though we are cautious about the prospects for the small-cap index, we are optimistic about the portfolio’s potential as it leans towards factors that we believe will be rewarded.
    View Fund Performance

    My Funds

    Featured Funds

    By David Nadel, Mark Rayner
    We remain sanguine about both our outlook and positioning, and 2017’s performance did not necessitate any significant repositioning in the portfolio.
    By Buzz Zaino, Bill Hench
    Holding companies in cyclical areas where turnarounds were just getting underway fuels our cautious optimism for 2018 as global growth should keep stoking demand.

    All Funds2

     

    By Lauren Romeo, Chuck Royce, Jay Kaplan
    We are optimistic about the portfolio’s prospects as it leans towards factors that we believe will be rewarded—cyclicals, global exposure, and, often, high profitability.
    By Chuck Royce, Lauren Romeo, Steven McBoyle
    We believe that high-ROIC small-cap companies, many in our preferred cyclical areas, can continue to outperform.

     

     

    By Charlie Dreifus, Steven McBoyle
    The portfolio appears well-positioned to potentially benefit from a more volatile market in 2018 as it holds profitable companies that generate most of their earnings in the U.S.
    By Jay Kaplan, Chuck Royce
    Though we are cautious about the prospects for the small-cap index, we are optimistic about the portfolio’s potential as it leans towards factors that we believe will be rewarded.

     

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