David Nadel in CitywireUSA’s “Research Radar"
article 05-30-2018

David Nadel in CitywireUSA’s “Research Radar: Three managers rising up our ratings”

David Nadel was featured in the website’s showcase of three portfolio managers who’ve enjoyed recent success.

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David Nadel was recently featured on CitywireUSA.com’s piece, “Research Radar: Three managers rising up our ratings” for landing “the top Citywire rating – an AAA – for their risk-adjusted returns.”

Read the article here.

Please note that the piece reports that David “delivered a 53.3% total return over the past three years” while the three-year cumulative return for Royce International Premier Fund was 53.1% for the period ended 3/31/18.

The article said that David had garnered the publication’s best manager ratio in the International Small/Mid-Cap Growth category and that David and PM Mark Rayner attributed 2017’s returns to “strong stock selection.”

The methodology for CitywireUSA’s AAA ratings is as follows: The rating is solely based on the manager's three-year risk-adjusted returns, across all the funds they run, which contribute to their Manager Ratio. While the total returns are mentioned in the article, they are not part of rating process.

Portfolio managers who CitywireUSA believes added value over the past three years received a rating, which generally amounts to around 35% of those with three years of experience. Of these, 40% get a +, 30% an A, 20% an AA, and 10% an AAA.

The sector manager ratio is the average information ratio—or the annualized average excess return divided by the tracking error—of the funds the manager has run in a given category over the past three years and is based on monthly data points. A positive figure means the manager has outperformed his/her benchmark.

The International Small/Mid-cap Growth category uses Lipper’s categories and consisted of 59 funds (run by 104 managers) with a three-year track record at 3/31/18.

Important Disclosure Information

Average Annual Total Returns as of 3/31/18 (%) 

QTR1 1YR 3YR 5YR SINCE INCEPT. DATE
International Premier 0.38 28.50 15.50 11.21 8.61 12/31/10
Russell Global x US SC -0.34 19.33 9.82 7.79 5.74 N/A

Annual Operating Expenses:Gross 1.37% Net 1.19%

1 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 2% 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 here. Gross operating expenses reflect the Fund's total gross annual operating expenses for the Investment Class and include management fees and other expenses. Net operating expenses reflect contractual fee waivers and/or expense reimbursements.

All expense information is reported as of the Fund's most current prospectus. Royce & Associates has contractually agreed, without right of termination, to waive fees and/or reimburse expenses to the extent necessary to maintain the Investment Class's net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) at or below 1.19% through April 30, 2018.

The Fund may invest a significant portion of its assets in foreign companies which may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic, or other developments that are unique to a particular country or region. These risk factors may affect the prices of foreign securities issued by companies headquartered in developing countries more than those headquartered in developed countries. (Please see "Investing in Foreign Securities" in the prospectus.) Therefore, the prices of the securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies. (Please see “Primary Risks for Fund Investors” in the prospectus.) The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. The Fund also generally invests 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 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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