Jay Kaplan Talks Tariffs On TD Ameritrade Network
article 08-15-2019

Jay Kaplan Talks Tariffs On TD Ameritrade Network

PM Jay Kaplan was a guest on TD Ameritrade Network’s Morning Trade Live to discuss the recent news on Chinese tariffs.

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Jay Kaplan recently joined host Oliver Renick on TD Ameritrade Network’s Morning Trade Live to discuss how delaying Chinese tariffs affects our portfolios.

Watch Jay’s appearance here.

Jay Kaplan said that the delayed tariffs not only bode well for the market but also for our portfolios, particularly those with a cyclical tilt and exposure to shoes and apparel. He went on to explain why he believes that delaying the threat of tariffs or having them go away completely would push out the likelihood of a recession.

Watch Jay’s appearance here.

Learn more about Jay Kaplan here.

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Average Annual Total Returns as of 6/30/19 (%) 

  2Q191 YTD1 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Total Return 3.40 15.32 0.36 9.95 5.74 11.83 7.72 9.06 10.40 12/15/93
Russell 2000 2.10 16.98 -3.31 12.30 7.06 13.45 8.15 7.77 9.47 N/A

Annual Operating Expenses: 1.20% 

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.

Mr. Kaplan’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.

There can be no assurance that companies that currently pay a dividend will continue to do so in the future.

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

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