Jay Kaplan in MarketWatch
article 03-06-2019

Jay Kaplan in MarketWatch

Jay Kaplan was featured in MarketWatch.com discussing opportunities in small-cap community banks and Royce Total Return Fund.

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MarketWatch.com recently featured Jay Kaplan and Royce Total Return Fund in an article titled “4 Good Reasons This Small-Cap, Dividend-Paying Stock Sector Could Reward Contrarian Investors” by Philip van Doorn.

Read the piece here.

In the article, Jay explains why community banks are an interesting investment to him at this time because the sector has underperformed, largely due to increased short-term interest rates and stagnant long-term rates. However, he noted that these picks are geared toward a patient investor who is willing to hold on to the stock for years.

“My argument is there are companies with internal self-help things that may buffer some of that, or they have a track record or geography, or something interesting. But even if they are sold off by the fast-finger crowd, it can create a buying opportunity,” Jay was quoted in the article saying.

Jay went on to name three banking stocks— Financial Institutions, National Bankshares, and Northrim BanCorp—that he finds particularly attractive and explain why he favors them.

Read the piece here.

Bio of Jay Kaplan

Jay Kaplan has been at Royce & Associates for 18 years, and he is a portfolio manager for five funds at the Firm. Prior to joining, he spent 12 years with The Prudential, most recently as Managing Director and Portfolio Manager. Mr. Kaplan holds a bachelor's degree from the State University of New York at Binghamton and a Master of Business Administration from New York University. He is a CFA® charterholder.

 

ROYCE TOTAL RETURN FUND

 

Important Disclosure Information

Average Annual Total Returns as of 12/31/18 (%) 

  4Q18 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Total Return -15.34 -12.46 7.78 3.32 10.61 7.14 8.39 9.99 12/15/93
Russell 2000 -20.20 -11.01 7.36 4.41 11.97 7.50 7.40 8.42 N/A

Annual Operating Expenses: 1.21% 

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, other expenses, and acquired fund fees and expenses. Acquired fund fees and expenses reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds, and other investment companies.

The thoughts and opinions expressed in the video are solely those of the persons speaking as of March 4, 2019 and may differ from those of other Royce investment professionals, or the firm as a whole. There can be no assurance with regard to future market movements.

The performance data and trends outlined in this presentation are presented for illustrative purposes only. Past performance is no guarantee of future results. Historical market trends are not necessarily indicative of future market movements.

Percentage of Fund Holdings As of 12/31/2018 (%)

  Royce Premier Fund

Financial Institutions

0.26

National Bankshares

0.29

Northrim BanCorp

0.27

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.

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI.

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

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.) The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. The Fund may invest up to 25% of its net assets (measured at the time of investment) in securities of companies headquartered in foreign countries, which may involve political, economic, currency, and other risks not encountered in U.S. investments. (Please see "Investing Foreign Securities" in the prospectus.)

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