article 12-06-2016

Forbes: "Royce Special Equity Fund Earns Its Fees"

Forbes contributor David Trainer calls Royce Special Equity Fund a small-cap value option that "breaks the mold and is worthy of a second look." 

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"True value investing still works despite the proliferation of technical and momentum trading, says Forbes contributor David Trainer.

"All too often, funds are labeled “value” despite allocating to some of the most expensive stocks in the market. However, I see an exception in Royce Special Equity Fund. These managers do a good job of finding truly undervalued stocks," said Trainer.

In the article, Royce Special Equity Fund Earns Its Fees, Trainer discusses the Fund's fee structure and explains the rationale for higher fees: "Royce Special Equity investors are paying higher fees for stock selection that allocates to more undervalued stocks while limiting downside risk as compared to the benchmark."

On the portfolio’s fundamentals, Trainer says, "Ultimately, the underlying fundamentals of Royce Special Equity Fund’s holdings, with low market expectations, provide excellent opportunity for outperformance moving forward."

Read the full article about Royce Special Equity Fund here.

Important Disclosure Information

Average Annual Total Returns as of 9/30/16 (%)

  QTR* YTD* 1YR 3YR 5YR 10YR 20YR SINCE
INCEPT.
DATE
Special Equity 5.71 14.49 13.78 2.55 11.50 7.60 N/A 8.82 05/01/98
Russell 2000 9.05 11.46 15.47 6.71 15.82 7.07 8.06 6.69 N/A
Annual Operating Expenses: 1.15%
*Not Annualized

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 30 days of purchase may be subject to a 1% redemption fee, payable to the Fund, which is not reflected in the performance shown above; if it were, performance would be lower. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.roycefunds.com. Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses. 

Past performance is no guarantee of future results.

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 Fund invests primarily in small-cap and micro-cap stocks which may involve considerably more risk than investing in larger-cap stocks. 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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