Insights: Market Perspective | Royce Funds

    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. ... Continue reading

    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

    What Might Surprise Investors in 2017?

    What should small-cap investors be watching for 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

    3 Investment Ideas from Chuck Royce

    by Chuck Royce and Francis Gannon

    Why is Chuck Royce bullish on industrial automation, alternative asset managers, and select investment banks?

    Market Perspective

    A Bear, A Brexit, and A Welcome Start to 2016

    We were happy to greet 2016 with a spirited "Hello" because we think that leadership for value—now in place for more than a year—has ample room to run.

    Market Perspective

    Why Is Small-Cap Value so Attractive Now?

    by Francis Gannon

    Even in a post-Brexit world, we expect small-cap value to continue outperforming.

    Market Perspective

    Why Are the Markets Prone to Black Swans?

    by Charlie Dreifus

    Does the combination of slow growth and high valuations, make the markets more prone to black swan events?

    Market Perspective

    Equity Market Highs, Bond Yields at Record Lows. Who's Right?

    by Francis Gannon

    Co-CIO Francis Gannon examines the disconnect between the equity and bond markets.

    Market Perspective

    Small-Cap Value Leads 2Q16 Despite Brexit Interruption

    A once mildly bullish quarter turned wildly volatile in the wake of Brexit. The small-cap indexes then rebounded, recouping their losses to finish the quarter with modest gains. Despite the volatility, we saw certain longer-term trends continue to progress throughout the quarter.

    Market Perspective

    Small-Cap Value Stays Strong

    by Chuck Royce and Francis Gannon

    Chuck Royce and Francis Gannon look at value's leadership in the current small-cap cycle, the impact of Brexit, and where they are currently finding opportunities.

    Market Perspective

    How Will the Brexit Affect Small-Caps?

    by Chris Clark and Francis Gannon

    Royce's Co-Chief Investment Officers Chris Clark and Francis Gannon on the surprising Brexit and the importance of prudence and perspective in the days ahead.

    Market Perspective

    Investors: Mind the Gap in GAAP

    by Charlie Dreifus and Steven McBoyle

    The gap between GAAP and non-GAAP accounting practices may prove problematic to investors.

    Market Perspective

    Finding Deep Value in the Small-Cap Market

    by Bill Hench

    Where Portfolio Manager Bill Hench is finding value in today's small-cap market.

    Market Perspective

    Optimistic About the Small-Cap Market

    by Bill Hench

    Why is Portfolio Manager Bill Hench optimistic about the small-cap market?

    Market Perspective

    Why We Think Value's Outperformance Is Likely to Continue

    by Francis Gannon

    Why does the small-cap leadership shift from growth to value have a long way to go?

    Market Perspective

    Is M&A in Small-Caps Accelerating?

    by Bill Hench

    Why is Portfolio Manager Bill Hench closely watching small-cap M&A activity?

    Market Perspective

    Risk, Volatility, and Royce Total Return Fund

    by Chuck Royce and Jay Kaplan

    How has Total Return fared in down market periods relative to its benchmark and peers?

    Market Perspective

    The Economy's Journey into Uncharted Waters

    by Charlie Dreifus

    Portfolio Manager Charlie Dreifus's observations on current Fed policy and how the globe's continuing dependence on monetary stimulus has kept the markets in uncharted waters.

    Market Perspective

    Does the Shift to Value Signal a Shift to Active Management?

    by Chuck Royce and Francis Gannon

    CEO Chuck Royce and Co-CIO Francis Gannon discuss the first quarter, which saw a sharp down and sharp up, and the transition from growth to value and non-earners to earners.

    Market Perspective

    Fundamentals Rule Small-Caps in 1Q16

    by Chuck Royce and Francis Gannon

    CEO Chuck Royce and Co-CIO Francis Gannon look at the resurgence in value, the small-cap bottom in mid-February, and the earnings-driven performance reversal in the first quarter.

    Market Perspective

    Small-Caps Shift in a Wild Quarter

    In a volatile quarter full of downs and ups, equity returns wound up close to where we started in 2016. Underlying these unremarkable results was the real story-the leadership shift to small-cap value.

    Market Perspective

    The Small-Cap Market in 2016

    by Francis Gannon

    Co-CIO Francis Gannon discusses the current bear market and why he sees it as an opportunity within the small-cap space.

    Market Perspective

    Four Reversals in the Market

    by Francis Gannon

    Co-CIO Francis Gannon looks at the four substantial market reversals that have occurred within the last year, and how these will impact active managers.

    Market Perspective

    The Importance of Dividends in Small-Cap Investing

    In the small-cap asset class we view dividends as a key component of strong, long-term total returns.

    Market Perspective

    Wild Swings and Black Swans

    by Charlie Dreifus

    Portfolio Manager Charlie Dreifus offers his insights and observations on the wild ride to nowhere that was 2015 and the crazy swings that have so far marked 2016.

    Market Perspective

    A Wild Start to 2016 Follows an Eventful 2015

    After an eventful 2015 and a wild start to 2016, the question is: Where are we now? In spite of a long and chilling list of risks, we're guardedly optimistic about the prospects for active small-cap management.

    Market Perspective

    Small Talk: Positioning The Royce Funds for 2016

    Five small-cap portfolio managers share how they are positioning their Funds for 2016.

    Market Perspective

    Chuck Royce & Francis Gannon: Small-Cap Review and Outlook

    by Chuck Royce and Francis Gannon

    CEO Chuck Royce and Co-CIO Francis Gannon look back at 2015, discuss signs such as widening credit spreads that signal a possible return to normalcy, and examine the prospects for active managers.

    Market Perspective

    A Market in Transition?

    In the fourth quarter of this volatile year equities rebounded and the Fed (finally) raised interest rates, which we believe points to a market in transition.

    Market Perspective

    Signs of a Market Turning

    by Chuck Royce and Francis Gannon

    CEO Chuck Royce and Co-CIO Francis Gannon look at the volatile fourth quarter, the credit markets, and recent signs that the market is turning gradually back to steady profitability and strong balance sheets.

    Market Perspective

    The Fed Raises Rates—Why U.S. Stocks Still Look Pretty Good

    by Charlie Dreifus

    What does the Fed's modest rate increase mean for U.S. stocks and the economy?

    Market Perspective

    What Makes The Current Market Cycle Unique?

    by Chuck Royce and Francis Gannon

    CEO Chuck Royce draws a few parallels between the past several years and the Internet bubble of the late '90s while discussing how today's environment has so far had a different outcome.

    Market Perspective

    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.

    Market Perspective

    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.

    Market Perspective

    Does A Rate Hike = Normal?

    by Charlie Dreifus

    With an interest rate increase looking all but certain to us, what are the prospects for stocks and the economy?

    Market Perspective

    3 Unusual Aspects of the Current Market

    by Francis Gannon

    What anomalies have characterized the market over the past several years, and what signs have we seen that these irregularities are reversing?

    Market Perspective

    Chuck Royce on the Current State of the Small-Cap Market

    by Chuck Royce and Francis Gannon

    Is the recent small-cap correction signaling a shift in investor preferences?

    Market Perspective

    Market Reversals Are on the Horizon

    The volatile third quarter was characterized by the largest declines for U.S. stocks in four years, small-cap value reasserting leadership over small-cap growth, U.S. large-caps outperforming small-caps, and steep losses for Energy, Materials, and Health Care within the Russell 2000.

    Market Perspective

    Recent Volatility Signals a Market in Transition

    by Chuck Royce and Francis Gannon

    CEO Chuck Royce and Co-CIO Francis Gannon talk about why they believe the recent tumult in the market, as well as the waning of the Fed's interventionist policies, is ultimately a positive sign for disciplined, active small-cap approaches.

    Market Perspective

    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.

    Market Perspective

    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.

    Market Perspective

    Near-Term Headwinds Offer Attractive Buying Opportunities

    by Steven McBoyle and Lauren Romeo

    Portfolio Managers Steven McBoyle and Lauren Romeo give their outlook for small-cap stocks and discuss the sectors in which they're finding opportunities.

    Market Perspective

    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.

    Market Perspective

    Is the Small-Cap Market Out of Joint?

    by Chuck Royce, Chris Clark, and Francis Gannon

    Were shifting investor preferences in the first half, led most notably by a GDP growth scare in the first quarter, an indication of how the landscape for small-cap stocks might look when markets begin to normalize?

    Market Perspective

    2Q15 Market: Is a More Normalized Environment on the Horizon?

    by Francis Gannon

    Will higher volatility follow high returns as the economy continues to strengthen and rates rise?

    Market Perspective

    More Volatility: A Positive Environment for Active Managers

    by Chuck Royce and Francis Gannon

    CEO Chuck Royce and Co-CIO Francis Gannon discuss second-quarter results for small-caps and the prospects for active management in an environment poised for a hike in interest rates, lower returns, and increased volatility.

    Market Perspective

    Can a Slow-Growth Environment Create Opportunities?

    by Bill Hench

    Portfolio Manager Bill Hench is taking advantage of current market and economic conditions.

    Market Perspective

    The Market and U.S. Economy from a Small-Cap Perspective

    by Jay Kaplan and Francis Gannon

    Why owning high-quality companies, especially during periods of uncertainty, may have long-term benefits for patient, fundamental investors.

    Market Perspective

    On the Road to Normal

    by Charlie Dreifus

    Despite uncertainty over the pace of economic growth, one thing remains clear—an increase in interest rates is still on the horizon.

    Market Perspective

    Energy, Interest Rates, and Risk Management Today

    by Chuck Royce and Francis Gannon

    Investing in quality businesses as the economy continues on the road to normalization.

    Market Perspective

    What's Next for Active Small-Cap Investing?

    by Chuck Royce, Charlie Dreifus, Bill Hench, Lauren Romeo, Francis Gannon, Steve Lipper, and Jack Fockler

    Why the next few years will not look like the last five for small-cap stocks.

    Market Perspective

    Margin Levels Look Safe Despite Tepid Economic Growth

    by Charlie Dreifus

    While economic growth cooled in the first quarter, Portfolio Manager Charlie Dreifus believes many companies still look poised for additional incremental margin expansion.

    Market Perspective

    Chuck Royce on 1Q15: Will Rising Rates Benefit Active Stock Pickers?

    by Chuck Royce

    Chuck Royce believes the economy continues to look strong, in spite of slower growth in 2015's first quarter. What does this all mean for our risk-conscious approaches?

    Market Perspective

    1Q15 Market: Slow Start Leads to Solid Gains

    by Jack Fockler

    A bearish January gave way to solid first-quarter gains, with the small-cap Russell 2000 leading the broad-based domestic indexes.

    Market Perspective

    Signs of a Normalizing Market

    by Chris Clark

    Quantitative easing as we have known it in the U.S. has ended, and we are anticipating a more favorable environment for active management in the years ahead.

    Market Perspective

    Great Expectations for Small-Cap Active Management

    by Chuck Royce, Chris Clark, and Francis Gannon

    Widening credit spreads, increasing volatility, and decreasing stock correlation should allow stock pickers the chance to emerge as performance leaders.

    Market Perspective

    Economic Outlook and Current Opportunities

    by Chuck Royce and Francis Gannon

    Chuck Royce and Co-CIO Francis Gannon talk about the prospects for increased capital spending and opportunities for active small-cap management in 2015.

    Market Perspective

    Why Equities Should Be in Your Portfolio

    by Charlie Dreifus and Dave Gruber

    What kind of total return could the market produce this year?

    Market Perspective

    Looking at Returns in Today's Environment

    by Chuck Royce and Francis Gannon

    The last four years have been a period in which government intervention has largely distorted asset prices. How should investors look at performance during this time frame?

    Market Perspective

    Surprises in 2014 and Expectations for 2015

    by Charlie Dreifus and Dave Gruber

    Portfolio Manager Charlie Dreifus on interest rates, the global economy, and wage inflation.

    Market Perspective

    Will Active Stock Picking Be More Relevant in 2015?

    by Charlie Dreifus

    Portfolio Manager Charlie Dreifus believes recent developments in the U.S. equity market should favor patient investors with a quality orientation.

    Market Perspective

    Small-Caps Rebound in 4Q But Lag for 2014

    by Jack Fockler

    After a dreadful third quarter, small-caps rallied to outpace large-caps in the fourth quarter.

    Market Perspective

    Chuck Royce on 4Q14: Positioning for a Normalizing Economy

    by Chuck Royce

    While equity leadership rotated to large-cap stocks in 2014, Chuck Royce remains bullish on the long-term prospects for quality small-caps.

    Market Perspective

    Will Current M&A Activity Benefit Small-Caps?

    by Lauren Romeo and Jeff Smith

    Portfolio Manager Lauren Romeo on recent M&A activity in the small-cap space.

    Market Perspective
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