Morningstar Highlights Royce Fund
article 02-19-2016

Morningstar Highlights Special Equity

Morningstar describes Charlie Dreifus's investing style, saying he "places strong emphasis on price and accounting." The article looks at the portfolio strategies for eight highlighted funds, including Royce Special Equity Fund. 

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Royce Special Equity Fund was mentioned in the December 2015 issue of Morningstar FundInvestor, which Charlie Dreifus manages.

The article by Russel Kinnel looks at the portfolio strategy of eight funds, using the Morningstar Style Box to demonstrate how their managers invest.

In discussing the investing strategy of the Fund, Kinnel writes, "Dreifus places strong emphasis on price and accounting. He avoids any companies with a hint of accounting gimmickry in favor of those with healthy balance sheets but whose shares are trading at low valuations."

Charlie also manages Royce Special Equity Multi-Cap Fund, which applies this same investment discipline to a different market-capitalization range: a significant portion of its assets may be invested in mid-cap and large-cap companies with market capitalizations of more than $5 billion.

Read the article here

Important Disclosure Information

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. Royce Special Equity Fund invests primarily in small-cap stocks which may involve considerably more risk than investing in larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.) As of 12/31/15, the Fund invested a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than a more broadly diversified portfolio because a decline in the value of any of these stocks would cause the Fund’s overall value to decline to a greater degree.

Morningstar Style Box™
The Morningstar Style Box™ reveals a fund's investment strategy. For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth).

© Copyright 2016 Morningstar, Inc. All rights reserved.

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