Insights: Market Perspective | Royce Funds

    3 Small-Cap Cyclical Opportunities

    by Steve Lipper

    Senior Investment Strategist Steve Lipper details three sectors at the intersection of quality and value where he is finding opportunities. ... Continue reading

    Market Perspective

    What Is A Positive That Investors Are Overlooking?

    by Chuck Royce, Francis Gannon, Jay Kaplan, Steve Lipper

    Four small-cap specialists discuss positives that investors may be overlooking.

    Market Perspective

    The Hidden Appeal Of Small-Caps And Cyclicals

    by Chuck Royce, Chris Clark, Francis Gannon

    In our semiannual letter on the state of small-caps, we delve into what we believe is the next phase for the asset class.

    Market Perspective

    How Small-Caps Are Navigating An Uncertain Economy

    by Chuck Royce, Francis Gannon

    Chuck Royce and Francis Gannon detail where they are finding small-cap opportunities amid negative economic news.

    Market Perspective

    Why Invest In Small-Caps Now?

    by Chuck Royce and Francis Gannon

    Portfolio Manager Chuck Royce and Co-CIO Francis Gannon recap 2Q19 and detail why they are optimistic for small-caps going forward despite negative market sentiment.

    Market Perspective

    2Q19 Small-Cap Investment Review And Outlook

    by Francis Gannon

    Small-cap stocks lagged large-caps in 2Q19, but here’s why a rebound may be coming.

    Market Perspective

    Steve Lipper On 3 Small-Cap Myths

    by Steve Lipper

    Senior Investment Strategist Steve Lipper discusses three misconceptions investors may have about small-cap stocks.

    Market Perspective

    4 Things You Don’t Want To See In Proxies

    by Charlie Dreifus

    PM Charlie Dreifus explains why investors should be wary of these four things in proxies.

    Market Perspective

    Francis Gannon On Innovation In Small-Caps

    by Francis Gannon

    Co-CIO Francis Gannon details opportunities for small-cap investors in sectors he believes may be overlooked.

    Market Perspective

    Bill Hench Makes His Case For Housing Stocks

    by Bill Hench

    PM Bill Hench on where he is finding bargains within the housing sector.

    Market Perspective

    Francis Gannon’s Small-Cap Perspective

    by Francis Gannon

    Co-CIO Francis Gannon on what increased volatility, lower returns, and low interest rates mean for the small-cap market.

    Market Perspective

    Small-Cap Investment Outlook In 4 Charts

    by Steve Lipper

    Senior Investment Strategist Steve Lipper analyzes the recent small-cap market through four charts.

    Market Perspective

    Chuck Royce on the 10th Anniversary of the Financial Crisis

    by Chuck Royce, Francis Gannon

    Chuck Royce and Francis Gannon on current opportunities in cyclical small-caps and how the 10th anniversary of the Great Recession relates to today’s market.

    Market Perspective

    3 Reasons To Consider High Quality Now

    by Steve Lipper

    Senior Investment Strategist Steve Lipper details how higher volatility, lower returns, and the road to normalization may bode well for high-quality small-caps.

    Market Perspective

    PM Jay Kaplan On Finding Opportunities In Banks

    by Jay Kaplan

    PM Jay Kaplan makes the case for small-cap banks.

    Market Perspective

    4 New Strategic Initiatives

    by Chris Clark

    CEO Chris Clark with an update on our newest strategic initiatives, supporting our goal of driving successful small-cap investment results for our clients. 

    Market Perspective

    Interpreting 2018’s Decline: Recession Or Risk Reset?

    by Francis Gannon

    Francis Gannon provides his perspective on the 2018 decline and details the areas he thinks the market is overlooking. 

    Market Perspective

    Annual Letter: Using the Downturn To Find Opportunities

    The bear market that small-cap stocks endured at the end of 2018 gave us plenty of long-term buying opportunities.

    Market Perspective

    Making Sense of The Small-Cap Decline In 3 Charts

    by Steve Lipper

    Senior Investment Strategist Steve Lipper analyzes the recent decline through style, dividends, earnings, and cyclicals.

    Market Perspective

    Navigating The Volatile Market

    Chuck Royce and Co-CIO Francis Gannon look at the recent decline and make the case for why active management looks poised to do well going forward.

    Market Perspective

    Where Is The Consensus Mistaken?

    by Chuck Royce, Francis Gannon, Jay Kaplan, Steve Lipper

    Four small-cap specialists discuss where they believe the current investment consensus is mistaken.

    Market Perspective

    Royce’s Distinctive Approach To Risk Management

    by Gunjan Banati

    Chief Risk Officer Gunjan Banati explains Royce’s independent risk review process and how it helps provide the optimal risk/return tradeoff.

    Market Perspective

    Two Factors Which May Drive Future Value vs. Growth Returns

    by Steve Lipper

    Steve Lipper explains how economic vitality and volatility are connected to the performance spread of value versus growth.

    Market Perspective

    What Do An Aging Cycle And Rising Rates Mean For Small-Caps?

    by Francis Gannon

    Co-CIO Francis Gannon discusses rate hikes and where we are in the current cycle.

    Market Perspective

    David Nadel On Finding Opportunities Amid Tariff Concerns

    by David Nadel

    Portfolio Manager David Nadel discusses where he’s finding small-cap opportunities when investors are worried about tariffs.

    Market Perspective

    Industry Focus: Bill Hench On Opportunities in Tech

    by Bill Hench

    PM Bill Hench on the current state of tech and how his outlook on semiconductors differs from the Wall Street consensus.

    Market Perspective

    Royce: What You May Not Know About Small-Cap in 5 Charts

    What three conditions may be changing for small-caps? Steve Lipper explains.

    Market Perspective

    Small-Caps and the Importance of Buying in Declines

    Chuck Royce and Co-CIO Francis Gannon discuss the October downdraft, the ongoing prospects for cyclical businesses, and more.

    Market Perspective

    What Could the Midterms Mean for Small-Caps?

    Much Ado About the Midterms? Royce’s Deep Value team offers their insights about the investment implications on small-cap stocks.

    Market Perspective

    Steven McBoyle On Global M&A In Small-Caps

    by Steven McBoyle

    Portfolio Manager Steven McBoyle discusses the recent surge in U.S. small-caps acquiring European companies.

    Market Perspective

    Jay Kaplan on 3 Overlooked Tech Opportunities

    by Jay Kaplan

    Portfolio Manager Jay Kaplan discusses his contrarian view of opportunities in the tech world.

    Market Perspective

    Obstacles And Optimism: Our Review And Outlook For 2018

    Although the first six months of 2018 remain curious to us, we’re hopeful the second half will feature more normalizing markets.

    Market Perspective

    What Are Most Investors Overlooking?

    Four small-cap specialists on what they believe most investors are overlooking.

    Market Perspective

    Francis Gannon On Why Volatility Is Better For Active Managers

    by Francis Gannon

    Co-CIO Francis Gannon discusses the disconnect between the markets and the economy.

    Market Perspective

    Steven McBoyle On Premier’s Performance Pendulum

    by Steven McBoyle

    Portfolio Manager Steven McBoyle discusses the dichotomy between a strong economy and performance for economically sensitive sectors.

    Market Perspective

    Why Is There A Disconnect Between Cyclical Businesses And The Market?

    by Chuck Royce and Francis Gannon

    Portfolio Manager Chuck Royce and Co-CIO Francis Gannon discuss why non-earners and healthcare are doing well, but industrial and material businesses seem to be unrecognized by the market—at least for now.

    Market Perspective

    Royce’s View on Small-Cap Valuations and Opportunities

    by Francis Gannon

    How did the Russell 2000 get cheaper in 1Q 2018? Francis Gannon explains.

    Market Perspective

    Winners and Losers in Small-Cap Retail

    by Bill Hench

    Bill Hench looks at the dynamics in the retail industry and outlines the factors that he thinks will help some companies to survive and thrive.

    Market Perspective

    3 Reasons to be Optimistic about Active Management

    by Steve Lipper

    Senior Investment Strategist Steve Lipper examines a small-cap market transitioning to one that looks more favorable for active management.

    Market Perspective

    Francis Gannon: Is the Market in a Tug-of-War?

    by Francis Gannon

    Francis looks at the opportunities in increased volatility and how certain small-cap cyclicals look primed to benefit from a growing economy.

    Market Perspective

    Does Volatility Mean Opportunity in Small-Caps?

    Chuck Royce and Co-CIO Francis Gannon look at volatility, the likelihood of a small-cap leadership shift, and why inflation and rising rates are not yet a major concern.

    Market Perspective

    How Higher Volatility and Lower Returns Can Be Good for Active Managers

    by Chuck Royce and Francis Gannon

    Portfolio Manager Chuck Royce and Co-CIO Francis Gannon review 1Q18 and detail why they still favor profitable small-cap cyclicals with global exposure

    Market Perspective

    Volatility Is Back—And Probably Here to Stay

    Co-CIO Francis Gannon thinks investors should tune out the noise of volatility, tariffs, and rising rates and stay focused on cyclical small-caps with improving earnings and global exposure.

    Market Perspective

    CEO Chris Clark on Why Small-Caps Are Well Suited for Active Management

    by Chris Clark

    Royce CEO Chris Clark details why the emerging environment may be favorable for active strategies.

    Market Perspective

    A Contrarian Value Investor on Two Airlines He Likes

    by Jay Kaplan

    Portfolio Manager Jay Kaplan talks about the changing airline industry and two small-cap carriers that have drawn his interest.

    Market Perspective

    CEO Chris Clark on Our Strategic Initiatives

    by Chris Clark

    Royce CEO Chris Clark discusses new initiatives, including new types of investment vehicles that appeal to a wide array of potential investors.

    Market Perspective

    Co-CIO Francis Gannon on Selectivity, Cyclicals, and Small-Cap Valuations

    by Francis Gannon

    Co-CIO Francis Gannon talks about why he thinks select small-cap cyclicals looks so well positioned to lead.

    Market Perspective

    High Valuations + Ample Leverage = Risky Russell?

    by Francis Gannon

    Co-CIO Francis Gannon on why too many companies with high leverage and/or no earnings make the Russell 2000 Index look risky.

    Market Perspective

    Where is a Veteran Small-Cap Manager Focusing Now?

    Portfolio Manager Chuck Royce and Co-CIO Francis Gannon look at what’s most interesting about the current small-cap market cycle.

    Market Perspective

    What Will Surprise Investors in 2018?

    Four small-cap specialists reveal what surprises they think 2018 might have for investors

    Market Perspective

    Why Our Focus Is on Profitability, Cyclicals, and Economic Growth

    by Chuck Royce and Francis Gannon

    Portfolio Manager Chuck Royce and Co-CIO Francis Gannon recap 2017 and discuss the opportunities they’re focusing on.

    Market Perspective

    Be Selective and Lower Your Expectations: Six Small-Cap Points for 2017 and Beyond

    Co-CIO Francis Gannon on what worked best in small-cap in 2017 and what investors should be looking at as we enter the post-tax-reform world.

    Market Perspective

    The Impact of Tax Reform on Small-Caps

    by Charlie Dreifus

    How might tax reform affect small-caps and the general economy?

    Market Perspective

    Chuck Royce on What You Need to Know About Small-Caps

    by Chuck Royce and Francis Gannon

    Chuck Royce explains what investors should know about the current state of small-caps.

    Market Perspective

    Where Are Small-Caps Headed Next?

    by Francis Gannon

    Co-CIO Francis Gannon offers a look at what’s next for small-caps.

    Market Perspective

    Will Amazon Kill All Retail?

    by Charlie Dreifus

    How has the growth of e-commerce affected small-cap retailers?

    Market Perspective

    Why Do Small-Cap Cyclicals with Global Exposure Look Poised to Lead?

    by Chuck Royce and Francis Gannon

    Portfolio Manager Chuck Royce and Co-CIO Francis Gannon consider current valuations and the "September Shift" in style and sector.

    Market Perspective

    The September Shift to Small-Cap Value + 5 More Observations on 3Q17

    Co-CIO Francis Gannon on a September Shift for small-caps (and interest rates) and why it could mean good news for cyclical stocks.

    Market Perspective

    Resisting the Madness of Crowds

    by Buzz Zaino

    A veteran deep value investor discusses current and past investment cycles.

    Market Perspective

    How Will an Expanding Global Economy Affect U.S. Small-Caps?

    by Francis Gannon

    Co-CIO Francis Gannon on the expansion of global growth and how certain small-caps could benefit.

    Market Perspective

    How Could Small-Caps Surprise?

    by Francis Gannon

    Co-CIO Francis Gannon on small-cap earnings, valuations, and volatility.

    Market Perspective

    Where Chuck Royce Thinks Small-Caps are Headed

    by Chuck Royce and Francis Gannon

    Chuck Royce's key takeaways from 2Q17 and the first half of 2017.

    Market Perspective

    Small-Cap's Road Back to Normal

    by Chuck Royce and Francis Gannon

    Portfolio Manager Chuck Royce and Co-CIO Francis Gannon look at both 2Q17 and the year’s first half where they see a winding road back to normalization.

    Market Perspective

    Small-Cap: Healthy Rotation or Rally at Risk?

    Co-CIO Francis Gannon looks at recent small-cap results and sees a consolidating asset class setting the stage for its next move up.

    Market Perspective

    How Can Small-Cap Investors Benefit from the Growth in e-Commerce?

    by Steven McBoyle

    Portfolio Manager Steven McBoyle describes small-cap opportunities in e-commerce.

    Market Perspective

    Why The 'Amazon Effect' Matters

    by Steven McBoyle

    What small-cap investors need to know about the 'Amazon Effect.'

    Market Perspective

    Charlie Dreifus Examines the Small-Cap Market

    by Charlie Dreifus

    Portfolio Manager Charlie Dreifus offers his take on the current market and what needs to happen for small-cap value to shine.

    Market Perspective

    The Global Technology Buildout and its Effect on Small-Cap Stocks

    by Bill Hench

    What should small-cap investors know about the global technology buildout?

    Market Perspective

    Bill Hench's Top Tech Stock Picks

    by Bill Hench

    Portfolio Manager Bill Hench discusses the benefits of the global technology buildout on Royce Opportunity Fund/his portfolios.

    Market Perspective

    A Long Runway for Small-Cap Value?

    by Francis Gannon

    Co-CIO Francis Gannon explains what investors should know about the current state of small-caps.

    Market Perspective

    Has There Been a Regime Change in Small-Cap?

    Four small-cap specialists consider the change in leadership within the asset class.

    Market Perspective

    What's Next for Monetary Policy?

    by Charlie Dreifus

    What does Portfolio Manager Charlie Dreifus think is next for monetary policy?

    Market Perspective

    Chuck Royce: What's Next for Small-Caps

    by Chuck Royce

    Chuck Royce offers key takeaways from 1Q17 and a look at what's next for small-caps.

    Market Perspective

    Reversals and Cross-Currents in 1Q17

    by Chuck Royce and Francis Gannon

    Portfolio Manager Chuck Royce and Co-CIO Francis Gannon recap the performance reversals and cross-currents in 1Q17 and explain why lower returns for small-caps might be the pause that refreshes.

    Market Perspective

    A Small-Cap Pause That Refreshes?

    Co-CIO Francis Gannon analyzes the cross-currents and reversals in 1Q17 and details why the small-cap rally has room to run.

    Market Perspective

    4 Elements of Small-Cap Risk Management

    by Charlie Dreifus

    Portfolio Manager Charlie Dreifus delves into four elements of risk management that involve corporate culture.

    Market Perspective

    Be Prepared for Increased Volatility

    by Francis Gannon

    What increased volatility could mean for small-cap investors.

    Market Perspective

    Why Is Now a Good Time to Own Small-Cap Banks?

    by Jay Kaplan

    Why does Portfolio Manager Jay Kaplan think the current environment for small-cap banks is promising?

    Market Perspective

    A Most Wonderful Year for Small-Caps

    2016 was a terrific year for small-cap stocks—and an even better year for small-cap value and cyclical sectors.

    Market Perspective

    Reassessing Investment Opportunities After a Strong Year

    by Charlie Dreifus

    Portfolio Manager Charlie Dreifus discusses the strong 2016 for small-caps and what he thinks might come next in 2017.

    Market Perspective

    3 Dramatic Reversals in the Small-Cap Market

    by Francis Gannon

    What are three key reversals from 2016 that could continue to impact small-caps in 2017?

    Market Perspective

    4 Small-Cap Specialists on 2017

    Four veteran small-cap portfolio managers share their unique outlooks this year.

    Market Perspective

    2016: A Terrific Year for Small-Caps

    by Chuck Royce and Francis Gannon

    Chairman Chuck Royce and Co-CIO Francis Gannon recap a strong year for small-caps and explain why the rally has room to run.

    Market Perspective

    A Dramatic Rebound for Small-Caps

    Co-CIO Francis Gannon discusses small-cap's ongoing strength in 4Q16 and some key reversals for the asset class in 2016.

    Market Perspective

    How the Fed Rate Hike Impacts Small-Caps

    by Charlie Dreifus

    What do small-cap investors need to know about the Fed rate increase?

    Market Perspective

    What's the Outlook for U.S. Small-Caps?

    by Bill Hench

    Why does Bill Hench have a positive outlook for U.S. small-caps?

    Market Perspective

    What Does a Post-Trump Market Mean for Investors?

    by Charlie Dreifus

    Portfolio Manager Charlie Dreifus on the market's enthusiastic response to Trump's election and what to watch for going forward.

    Market Perspective

    Why Investors Should Care About Corporate Governance

    by Charlie Dreifus

    What are the four key corporate governance issues investors should know about?

    Market Perspective

    What Small-Cap Investors Need to Know About the Election

    by Francis Gannon

    Co-CIO Francis Gannon outlines what's important for small-cap investors to know about the election.

    Market Perspective

    Investors Should Focus on GDP Growth, Not Interest Rates

    by Charlie Dreifus

    Why should investors pay close attention to GDP growth rather than worry about interest rates?

    Market Perspective

    The Small-Cap Bull Market Has Legs

    by Chuck Royce

    Why does Chuck Royce believe value will continue to outperform?

    Market Perspective

    Is The Fed Out of Options?

    by Charlie Dreifus

    Portfolio Manager Charlie Dreifus explains the Fed's conundrum, why there's too much hesitation in the market and economy, and the challenges to subsequent growth.

    Market Perspective

    The Strong Small-Cap Rally Will Keep Rolling

    Four small-cap specialists discuss the small-cap rally and their outlook for the asset class.

    Market Perspective

    Small-Cap Strength Broadens in 3Q16

    by Chuck Royce and Francis Gannon

    Chairman Chuck Royce and Co-CIO Francis Gannon discuss broadening small-cap strength, why value should continue to lead in the current cycle, and why many Industrials still look reasonably valued.

    Market Perspective

    The Stealth Bull Market for Small-Caps Rolls On

    3Q16 was a strong quarter for small-cap stocks. Despite potential near-term volatility, Co-CIO Francis Gannon thinks the small-cap rally has room to run.

    Market Perspective

    How Are Leading Companies Adapting to a Low Return World?

    Why is Portfolio Manager Steven McBoyle bullish on small-caps companies with the capacity to reinvest capital?

    Market Perspective
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    Fund Manager Commentaries

    By Mark Rayner, David Nadel
    By Bill Hench
    By Jay Kaplan, Chuck Royce, Lauren Romeo, Steven McBoyle
    By Lauren Romeo, Chuck Royce, Steven McBoyle
    By Charlie Dreifus, Steven McBoyle
    By Jay Kaplan, Chuck Royce
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    Featured Funds

    By Mark Rayner, David Nadel
    By Bill Hench

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    By Jay Kaplan, Chuck Royce, Lauren Romeo, Steven McBoyle
    By Lauren Romeo, Chuck Royce, Steven McBoyle

     

     

    By Charlie Dreifus, Steven McBoyle
    By Jay Kaplan, Chuck Royce

     

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    By Mark Rayner, David Nadel
    By Bill Hench
    By Jay Kaplan, Chuck Royce, Lauren Romeo, Steven McBoyle
    By Lauren Romeo, Chuck Royce, Steven McBoyle
    By Charlie Dreifus, Steven McBoyle
    By Jay Kaplan, Chuck Royce
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    By Bill Hench

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    By Jay Kaplan, Chuck Royce, Lauren Romeo, Steven McBoyle
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