David Nadel in Barron’s
article 04-29-2019

David Nadel in Barron’s

David Nadel was recently featured in Barron’s to discuss Royce International Premier Fund.

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Barron’s recently featured David Nadel and Royce International Premier Fund in an article titled “Royce’s Nadel and His Bias for Predictable High-Quality Stocks” by Lewis Braham.

Read the piece here.

David said he chooses companies with recurring revenues, high returns on invested capital, and low debt. After choosing the companies that he and Mark Rayner (also a portfolio manager for the Fund) consider high quality, they then score the companies using an enterprise quality scoring system.

“We’re attracted to industries that are built to last and have a lot of pricing power and very strong customer relationships,” David was quoted saying in the article.

Read the piece here.

Bio of David Nadel:

David Nadel joined Royce in 2006 and he is the lead portfolio manager for International Premier. Previously, he was a Senior Portfolio Manager at Neuberger Berman Inc. and a Senior Analyst at Pequot Capital Management Inc. (2001-2003). He was also named to the 1999 and 2000 Institutional Investor All-American Research Teams. Mr. Nadel started his career at the French advisory firm Lazard Frerès & Co. and also worked in Hong Kong for Value Partners Group Ltd, Asia's largest hedge fund manager. David holds a bachelor's degree from Williams College and a master's degree from Harvard University, as well as a Master of Business Administration from Harvard Business School.

 

ROYCE INTERNATIONAL PREMIER FUND

 

Important Disclosure Information

Average Annual Total Returns as of 3/31/19 (%) 

  1Q19 1YR 3YR 5YR SINCE INCEPT. DATE
International Premier 13.43 -1.06 11.76 7.96 7.38 12/31/10
MSCI ACWI x USA SC 10.26 -9.49 7.01 3.26 4.21 N/A

Annual Operating Expenses: 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 at www.roycefunds.com. 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, 2019.

Mr. Nadel’s thoughts and opinions concerning recent market movements and future prospects for small-company stocks are solely those of Royce & Associates, LP, and, of course, there can be no assurances with respect to future small-cap market performance.

The performance data and trends outlined in this article are presented for illustrative purposes only. All performance information is presented on a total return basis and reflects the reinvestment of distributions. 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 3/31/2019 (%)

  Royce International Premier Fund

IMCD

2.1

Cochlear Limited

1.7

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.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The MSCI ACWI ex USA Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks, excluding the United States. Index returns include net reinvested dividends and/or interest income. 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. 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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