Royce Special Equity in the Wall Street Journal
article 06-06-2018

Royce Special Equity in the Wall Street Journal

The Fund was featured in the recent article, “5 Mutual Funds That Have Reopened: Should You Invest in Them?”

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The Wall Street Journal recently featured Royce Special Equity, which was one of the funds mentioned in an article by Dan Weil, “5 Mutual Funds That Have Reopened: Should You Invest in Them?”

Read the piece here (registration required).

The piece said that investing in funds that have closed is sometimes comparable to trying to get a reservation at a great restaurant, where “popularity can surge to the point that average Joes can’t get a table. Eventually the reputation begins to slip, making reservations available again... Many top-name funds have closed to new investors after a strong performance brought a flood of new money.” Royce Special Equity last closed in February 2012 and reopened in January 2016.

Charlie Dreifus, who has 50 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.

Read the piece here (registration required).

Important Disclosure Information

Average Annual Total Returns as of 3/31/18 (%)
QTR1 1YR 3YR 5YR 10YR 15YR SINCE
INCEPT.
DATE
Special Equity -5.00 2.80 5.06 7.40 8.76 9.63 9.05 05/01/98
Russell 2000 -0.08 11.79 8.39 11.47 9.84 11.50 7.35 N/A
Russell 2000 Value -2.64 5.13 7.87 9.96 8.61 10.85 8.02 N/A

Annual Operating Expenses: 1.17%

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 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.

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 3/31/18 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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