article 05-12-2015

Buzz Zaino in Bloomberg: For Long-Term Investors, Temporary Share-Price Weakness Creates Opportunity

"There are a lot of reasons to believe the motor-home market will continue to improve."


"Investors with a longer-term outlook may see lagging share prices as an attractive entry-point to bet on broader industry trends that remain positive," said Portfolio Manager Buzz Zaino in "Recreational Vehicles' Seasonal Slump May Invite Bullish Bets," an article published in Bloomberg on May 8, 2015.

Authored by Anna-Louise Jackson, the article looked at the recent share prices of two recreational-vehicle manufacturers whose industry, although on the precipice of a seasonal lull, is seeing rising sales, strong demand, and pre-recession peaks.

Michael Swartz, an analyst at SunTrust Robinson Humphrey Inc., believes that declining stock prices in May and June are a result of unmet expectations anticipated earlier in the year. He is quoted in the article: "If things aren't absolutely perfect, or as expected, the stocks will trade off."

Buzz, however, is confident in the long-term prospects for the industry. According to Buzz, who believes current economic conditions are conducive for consumers, a growing demographic, a rebound in housing prices, and improvement in employment gives him cause to be sanguine.

Buzz Zaino has nearly half a century of investment industry experience and has been at Royce since 1998. He is the lead portfolio manager for Royce Opportunity Fund (with Bill Hench serving with him as portfolio manager) and assists on Royce Micro-Cap Opportunity Fund, managed by Bill Hench. 

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