Royce Opportunity Fund in Morningstar
article 03-25-2019

Royce Opportunity Fund in Morningstar

Royce Opportunity Fund, managed by Bill Hench, was mentioned by Morningstar as an intriguing small-cap value option for long-term, risk-tolerant investors.

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Morningstar recently featured Royce Opportunity Fund in a video titled “This Small-Value Fund Is Not for the Faint of Heart” by Tony Thomas.

Watch the video here.

Tony makes the case for why he believes the Fund is an “intriguing small-cap value option,” stating that Bill Hench and his team invest in undervalued companies that are turning around their businesses. Although this can make the portfolio risky, Tony adds that Bill maintains a modest individual position sizing and allows the companies enough time to overcome challenges they’re facing.

“That strategy is a sensible approach to deep-value, small-cap investing,” Tony says. “These traits give the fund a long-term edge despite its bouncy nature.”

Watch the video here.

Bio of Bill Hench:

Bill Hench manages Royce Opportunity Fund. He joined the firm in 2002 after spending 10 years in the institutional equity business in Boston and New York, most recently with JP Morgan. He began his professional career as a CPA in 1986 with Coopers and Lybrand. Mr. Hench holds a bachelor's degree from Adelphi University.

 

ROYCE OPPORTUNITY FUND

 

Important Disclosure Information

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

  QTR 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Opportunity -24.05 -19.97 8.20 1.73 13.73 7.14 10.61 10.98 11/19/96
Russell 2000 -20.20 -11.01 7.36 4.41 11.97 7.50 7.40 8.42 N/A
Russell 2000 Value -18.67 -12.86 7.37 3.61 10.40 6.91 8.23 7.14 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. The 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.) The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss.

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