Chuck Royce in The Economist
article 10-07-2016

Chuck Royce in The Economist 

Chuck Royce comments on increasingly complex security trading systems and their impact on smaller companies in The Economist.

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Chuck Royce is featured in The Economist's recent article "Warping the loom: The markets for trading financial products are themselves churning." This article addresses changes in securities trading systems, which have grown into a "bewilderingly complex tapestry."

Chuck comments on the impact of these changes:

"Charles Royce, who has specialised in small-company investments for decades, says it has become harder to buy and sell. Even though prices are displayed, the volume of shares available and demand for them is becoming more opaque. That is widely blamed on high-speed traders who put out a vast number of tiny buy or sell orders to gauge interest and then get in ahead of slower investors on larger trades. Mr. Royce says it is hard to say whether these traders provide liquidity (as they claim) or rather make profits at the expense of long-term investors."

Chuck Royce has 53 years of investment industry experience. Chuck manages Royce Pennsylvania Mutual FundRoyce Premier Fund (with Lauren Romeo and Steven McBoyle), Royce Total Return Fund and Dividend Value Fund (with Jay Kaplan), and Royce Global Financial Services Fund (with Chris Flynn). He also manages Royce Value TrustMicro-Cap Trust, and Global Value Trust, the firm's three closed-end fund offerings.

Read the full article here.

Important Disclosure Information

Mr. Royce's thoughts and opinions concerning the stock market are solely his own and, of course, there can be no assurance with regard to future market movements. No assurance can be given that the past performance trends as outlined above will continue in the future.

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. Smaller-cap stocks may involve considerably more risk than larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.)

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