Bill Hench in WSJ: Pullback in Commodities Prices is Encouraging
article 07-27-2015

Bill Hench in WSJ: Pullback in Commodities Prices is Encouraging

Portfolio Manager Bill Hench believes that slumping commodity prices, particularly in oil, are a benefit to the U.S. economy.


On Wednesday, July 22, 2015, The Wall Street Journal reported a drop in U.S. stocks after Apple and Microsoft announced, respectively, a miss in analyst estimates and never-before-seen quarterly losses.

The article, "U.S. Stocks Drop, Weighted Down by Apple, Microsoft," added that declining share prices for Facebook and other tech companies dependent on big players such as Apple also contributed to the descent.

Saumya Vaishampayan, the article’s author, also commented on commodity prices, stating that gold futures saw a 1.4% loss and crude oil futures fell 1.8%. Portfolio Manager Bill Hench sees these slumping prices, particularly in oil, as a benefit to the consumer and the U.S. economy as a whole.

"What’s really encouraging… is the tremendous pullback in commodities prices," said Bill. "As you get into the winter, when it starts affecting heating bills, it’s going to be a significant tailwind for the economy."

Bill Hench has 23 years of investment industry experience and joined Royce in 2002. He is portfolio manager of Royce Opportunity Fund and Royce Micro-Cap Opportunity Fund.

Read the full article at

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. The Nasdaq Composite is an index of the more than 3,000 common equities listed on the Nasdaq stock exchange. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

Royce Opportunity Fund and Royce Micro-Cap Opportunity Fund do not currently hold shares of Apple or Microsoft. 



Sign Up