Jay Kaplan on Nasdaq
article 03-26-2019

Jay Kaplan on Nasdaq

Jay Kaplan appeared recently on Nasdaq Trade Talks discussing long-term contrarian opportunities in small-cap banks and trucking.

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PM Jay Kaplan joined host Jill Malandrino on Nasdaq’s Trade Talks to explain why he believes small-cap banks and trucking companies are interesting long-term contrarian opportunities.

Watch Jay’s appearance here.

Jay noted that small-cap banks tend to be more predictable, conservative, and have stable credit quality when the market is good. He added that investing in small-cap banks, along with the trucking industry, are ideal options for long-term investors.

When asked about the potential uptick in inflation, Jay said he believes it could be a surprise to investors. “The Fed wants inflation—they told you last week they want inflation,” he said. “So if we get inflation, that could be a market surprise and we’ll see what happens.”

Watch Jay’s appearance 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.

Important Disclosure Information

The thoughts and opinions expressed in the video are solely those of the persons speaking as of March 25, 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.

Cyclical and Defensive are defined as follows: Cyclical: Consumer Discretionary, Energy, Financials, Industrials, Information Technology, Materials. Defensive: Consumer Staples, Health Care, Real Estate, Telecommunication Services, Utilities.

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. All indexes referenced are unmanaged and capitalization-weighted. The Russell 2000 Index is an index of domestic small-cap stocks that 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.)

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