article 01-09-2015

WealthTrack Web Extra: Gaining Exposure to Russian Markets via Finland

Portfolio Manager and Director of International Research David Nadel likes this Finnish tire maker.

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"Russia presents a little bit of a quandary in terms of corporate governance, shareholders' rights, and a bunch of basic things that conservative, long-term people should care about," said Portfolio Manager and Director of International Research David Nadel in his WealthTrack Web Extra interview with Consuelo Mack, published on www.wealthtrack.com following his public television appearance on December 19, 2014. (Watch the interview here.)

"We have traditionally played Russia through Finland—the Fins have been doing business with Russia for hundreds of years," said David. "Nokian Tyres is the global number one pure play in high-end winter tires. So this is a phenomenon—not a lot of people in the U.S. use winter tires, but in Europe it’s actually mandated to use winter tires, and about half of their sales come from Russia," he added.

David Nadel joined the firm in 2006, and has 22 years of investment industry experience. He is the portfolio manager of Royce International Smaller-Companies Fund, Royce International Premier Fund, Royce European Smaller-Companies Fund (with Mark Rayner), and Royce Global Value Fund (with Steven McBoyle, Jim Harvey, and Dilip Badlani).

Important Disclosure Information

David Nadel is Director of International Research and a Portfolio Manager of Royce & Associates, LLC, investment adviser to The Royce Funds. He is the portfolio manager of Royce International Smaller-Companies Fund (RIS), Royce European Smaller-Companies Fund (RES), Royce International Premier Fund (RIP), and Royce Global Value Fund (RGV). He also assists Royce Global Dividend Value Fund (RGD), Royce International Micro-Cap Fund (RMI), Royce Global Value Trust (RGT), and Royce Value Trust (RVT). The thoughts and opinions expressed in the video are solely those of the person speaking and may differ from those of other Royce investment professionals, or the firm as a whole. There can be no assurance with regard to future market movements. 

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. Investments in foreign companies 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.)

Percentage of Fund Holdings as of 12/31/14 (%)

  RIS RES RIP RGV RGD RMI RGT RVT
Nokian Renkaat 0.00 2.23 2.43 0.96 0.70 0.00 0.23 0.00

There can be no assurance that any of the securities mentioned in this piece will be included in these portfolios in the future. References to specific securities in this piece are not intended as recommendations and should not be relied upon as the basis for anyone to buy, sell, or hold any security.

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