Jay Kaplan on CNBC’S Power Lunch—3 Intriguing Small-Cap Companies
article 04-19-2018

Jay Kaplan on CNBC’S Power Lunch—3 Intriguing Small-Cap Companies

PM Jay Kaplan appeared on CNBC’s Power Lunch to talk about the recent market and three small-cap stocks that he likes.

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PM Jay Kaplan joined hosts Tyler Mathisen, Michelle Caruso-Cabrera, Melissa Lee, and Sara Eisen on CNBC’s Power Lunch to talk about the recent market and three small-cap stocks that he likes.

Watch the interview here.

Jay discussed the recent outperformance of small-cap growth versus value over the last 15 months, which he sees as shifting to value in a “sea change” as “interest rates walk back up to normal.” In this environment, he said, “Active managers and value managers can look around and find all kinds of interesting things.”

He then went on to detail what he sees as the attractive attributes of three companies—regional airline Hawaiian Holdings (HA), furniture maker La-Z-Boy (LZB), and semiconductor capital equipment maker Cohu (COHU).

Jay Kaplan, CFA who has 29 years of investment experience, manages Royce Small-Cap Value Fund and Royce Capital Fund–Small-Cap Portfolio as well as Royce Pennsylvania Mutual (with Lead PM Chuck Royce and PM Lauren Romeo), Royce Total Return, and Royce Dividend Value Funds (both with Lead PM Chuck Royce).

Important Disclosure Information

As of 3/31/18 the percentages of these holdings were as follows:

  • Royce Capital Fund–Small-Cap Portfolio: Hawaiian Holdings 1.8%, La-Z-Boy 1.5%, and COHU 0.4%
  • Royce Dividend Value Fund: Hawaiian Holdings 1.1%, La-Z-Boy 0.5%, and COHU 0.0%
  • Royce Pennsylvania Mutual Fund: Hawaiian Holdings 0.2%, La-Z-Boy 0.2%, and COHU 0.3%
  • Royce Total Return Fund: Hawaiian Holdings 0.5%, La-Z-Boy 0.5%, and COHU 0.1%
  • Royce Small-Cap Value Fund: Hawaiian Holdings 1.8%, La-Z-Boy 1.5%, and COHU 0.4%

Company examples are for illustrative purposes only. This does not constitute a recommendation to buy or sell any stock. There can be no assurance that the securities mentioned in this piece will be included in any Fund’s portfolio 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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