article 04-06-2015

Chris Clark on Value Investing in Today's Environment

"We are in the business of buying mispriced assets, things that challenge the conventional wisdom—and the payoff can require a long-term commitment."

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On March 25, 2015, President and Co-Chief Investment Officer Chris Clark joined ClearBridge Investments Co-Chief Investment Officer and Portfolio Manager Scott Glasser and Western Asset Deputy Chief Investment Officer and Head of Global Credit Michael Buchanan for "Time, Money and Security Selection: The Art of Value Investing," a panel discussion that emphasized the importance of a long-term investment horizon when utilizing a value strategy.

"Value is in the eye of the beholder," said Chris. "We are in the business of buying mispriced assets, things that challenge the conventional wisdom—and the payoff can require a long-term commitment."

The panel, which was hosted in Los Angeles and moderated by Consuelo Mack of WealthTrack, was part of an advisor forum sponsored by Legg Mason. Assessing risk, using volatility to create opportunity, and the attractiveness of stocks in today's investing landscape were also topics of discussion.

"The impact of QE in [the small-cap space] is that businesses receiving artificial support are the ones that have been thriving," said Chris. "But the next five years will look very different, and we are likely to see a switch in investor preferences."

Chris Clark has 27 years of investment industry experience, seven of which at Royce. On May 20, 2014, Chris was named President of Royce & Associates, LLC, investment adviser to The Royce Funds.

Read more about the advisor forum

Important Disclosure Information

The thoughts and opinions expressed in this piece 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 securities of small-cap stocks may involve considerably more risk than investments in securities of larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.)

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