Morningstar Includes Royce Special Equity Fund in a List of "3 of Our Favorite Value Funds"
article 01-17-2018

Morningstar Includes Royce Special Equity Fund in a List of "3 of Our Favorite Value Funds"

Morningstar Analyst Tony Thomas joins host Jeremy Glaser and Analysts Greg Carlson and Robby Greengold, highlighting Royce Special Equity Fund's emphasis on quality and clean accounting.


Morningstar recently featured Royce Special Equity Fund in its list of 3 of Our Favorite Value Funds in a video hosted by Jeremy Glaser.

Analyst Tony Thomas opines that, while the Fund “struggled for much of 2017… managers Charlie Dreifus and Steve McBoyle continue to maintain the portfolio's quality orientation that has served investors over the long term.”

He goes on to mention that Portfolio Manager Charlie Dreifus and Assistant PM Steven McBoyle “focus on clean accounting, low debt, and high returns on invested capital."

Watch the video here.

Charlie Dreifus, who has 49 years of investment experience, manages Royce Special Equity Fund and Royce Special Equity Multi-Cap Fund. Steven McBoyle, who has 27 years of investment experience, serves as assistant portfolio manager for Special Equity and Special Equity Multi-Cap. Steven is a portfolio manager on Royce Premier and Small/Mid-Cap Premier Funds.

Important Disclosure Information

Average Annual Total Returns as of 12/31/17 (%)

Special Equity 4.59 7.87 7.87 7.72 10.33 8.82 9.69 9.46 05/01/98
Russell 2000 3.34 14.65 14.65 9.96 14.12 8.71 11.17 7.45 N/A
Annual Operating Expenses: 1.17%

1Not 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 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.

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.)

Royce Special Equity Fund invests primarily in small-cap and micro-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 12/31/17 the Fund invested a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than more broadly diversified portfolio because a decline in the value of any one of these stocks would cause the Fund's overall value to decline to a greater degree. (Please see "Primary Risks for Fund Investors" in the prospectus.)



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