Insights | Royce Funds

Bill Hench on Updates and Opportunities For Royce’s Deep Value Strategy

Bill Hench on additions to our Deep Value team, his view of the small-cap market, and where he’s been finding opportunities. ...
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Fund Focus

Royce: What You May Not Know About Small-Cap in 5 Charts

What three conditions may be changing for small-caps? Steve Lipper explains.

Market Perspective

The Case for Allocating to International Small-Cap Stocks

by Steve Lipper

Steve Lipper discusses the opportunities asset allocators can find in international small-caps based on their historically lower volatility as well as their absolute and relative performance.

Innovative Research

David Nadel on What’s Driving International Small-Cap Performance

David Nadel discusses holdings in Japan, Australia, and the U.K. while offering his long-term perspectives for international small-caps and our Quality at a Reasonable Price (‘QARP’) approach.

Fund Focus

Small-Caps and the Importance of Buying in Declines

Chuck Royce and Co-CIO Francis Gannon discuss the October downdraft, the ongoing prospects for cyclical businesses, and more.

Market Perspective

What Could the Midterms Mean for Small-Caps?

Much Ado About the Midterms? Royce’s Deep Value team offers their insights about the investment implications on small-cap stocks.

Market Perspective

10 Questions with Chuck Royce

by Chuck Royce

Chuck Royce discusses how the firm’s flagship portfolio blends quality-focused, valuation-sensitive, micro-cap, and special situation themes.

Fund Focus

New Small-Cap Highs, Renewed Strength for Cyclicals

by Chuck Royce and Francis Gannon

Portfolio Manager Chuck Royce and Co-CIO Francis Gannon recap 3Q18 and discuss why they’re confident in the long-term prospects for small-cap cyclical stocks.

Market Perspective

3Q18 Small-Cap Investment Update

by Francis Gannon

Small-cap stocks saw record highs, even lower volatility, and a market cap performance reversal. See why we’re focusing on the curious but promising juxtaposition between strong fundamentals and stretched valuations.

Market Perspective

Steve Lipper On 5 Things To Know About International Small-Caps

by Steve Lipper

Senior Investment Strategist Steve Lipper provides an introduction to a timely asset class.

Innovative Research

Steven McBoyle On Global M&A In Small-Caps

by Steven McBoyle

Portfolio Manager Steven McBoyle discusses the recent surge in U.S. small-caps acquiring European companies.

Market Perspective

Why Quality Is the Central Concern for PM Mark Rayner

by Mark Rayner

As the pace of global growth continues to slow, Mark discusses why our Quality at a Reasonable Price (“QARP”) strategy is focused squarely on fundamental quality in international small-cap stocks.

Fund Focus

Portfolio Allocation Brief: Royce Opportunity In Different Market Regimes

by Steve Lipper

Senior Investment Strategist Steve Lipper discusses performance trends for Royce’s Deep Value Strategy.

Fund Focus

Buzz Zaino Discusses Stepping Down From Opportunity Fund

by Buzz Zaino

Portfolio Manager Buzz Zaino discusses our Deep Value approach and why he’s stepping down as portfolio manager.

Fund Focus

Manager Commentaries

Twice a year, our Fund Manager Commentaries give you a detailed look at their portfolio’s performance, positioning, prospects, and opportunities.

Fund Focus

Jay Kaplan on 3 Overlooked Tech Opportunities

by Jay Kaplan

Portfolio Manager Jay Kaplan discusses his contrarian view of opportunities in the tech world.

Market Perspective

Obstacles And Optimism: Our Review And Outlook For 2018

Although the first six months of 2018 remain curious to us, we’re hopeful the second half will feature more normalizing markets.

Market Perspective

What Are Most Investors Overlooking?

Four small-cap specialists on what they believe most investors are overlooking.

Market Perspective

Francis Gannon On Why Volatility Is Better For Active Managers

by Francis Gannon

Co-CIO Francis Gannon discusses the disconnect between the markets and the economy.

Market Perspective

Steven McBoyle On Premier’s Performance Pendulum

by Steven McBoyle

Portfolio Manager Steven McBoyle discusses the dichotomy between a strong economy and performance for economically sensitive sectors.

Fund Focus

PM Jay Kaplan’s Outlook and Perspective for Total Return

by Jay Kaplan

Portfolio Manager Jay Kaplan explains how the market’s behavior is leading him to be more cautious.

Fund Focus

Why Is There A Disconnect Between Cyclical Businesses And The Market?

by Chuck Royce and Francis Gannon

Portfolio Manager Chuck Royce and Co-CIO Francis Gannon discuss why non-earners and healthcare are doing well, but industrial and material businesses seem to be unrecognized by the market—at least for now.

Market Perspective

Royce’s View on Small-Cap Valuations and Opportunities

by Francis Gannon

How did the Russell 2000 get cheaper in 1Q 2018? Francis Gannon explains.

Market Perspective

David Nadel on the Effects of Geopolitics, Brexit, and Tariffs

by David Nadel

Portfolio Manager David Nadel talks about the effects of Brexit, tariffs, and how he gains exposure to Russia.

Fund Focus

Royce Premier Fund: What a Change in the Market Might Mean

by Steve Lipper

Senior Investment Strategist Steve Lipper looks at the historical performance patterns for our Premier Quality strategy.

Fund Focus

Lauren Romeo on 4 Premier Quality Small-Caps

by Lauren Romeo

PM Lauren Romeo describes the potential advantages of increased volatility and details what she likes about four current holdings.

Fund Focus

Lauren Romeo on 4 Premier Quality Small-Caps

by Lauren Romeo

PM Lauren Romeo describes the potential advantages of increased volatility and details what she likes about four current holdings.

Fund Focus

Winners and Losers in Small-Cap Retail

by Bill Hench

Bill Hench looks at the dynamics in the retail industry and outlines the factors that he thinks will help some companies to survive and thrive.

Market Perspective

3 Reasons to be Optimistic about Active Management

by Steve Lipper

Senior Investment Strategist Steve Lipper examines a small-cap market transitioning to one that looks more favorable for active management.

Market Perspective

Francis Gannon: Is the Market in a Tug-of-War?

by Francis Gannon

Francis looks at the opportunities in increased volatility and how certain small-cap cyclicals look primed to benefit from a growing economy.

Market Perspective

Charlie Dreifus updates investors on Royce Special Equity

by Charlie Dreifus

Charlie recaps the first quarter and looks at the signs he’s observed that suggest a small-cap market ready to shift.

Fund Focus

Bill Hench on Deep Value Opportunities

by Bill Hench

Bill Hench recaps the first quarter and discusses the industries that are attracting his attention.

Fund Focus

How Increased Volatility Is Creating International Opportunities

by David Nadel

David Nadel discusses a Fintech holding from Australia and how his strategy navigated the volatile first quarter.

Fund Focus

Charlie Dreifus Thanks Investors for Their Support

by Charlie Dreifus

To help mark 20 years managing Royce Special Equity Fund, Charlie Dreifus highlights that he’s grateful to have helped individuals meet their investment needs.

Fund Focus

Charlie Dreifus Celebrates 20 Years on Royce Special Equity Fund and 50 Years on Wall Street

by Charlie Dreifus

Charlie Dreifus celebrates 20 years managing Royce Special Equity Fund and 50 years on Wall Street while looking at the biggest changes he’s seen during these years.

Fund Focus

Does Volatility Mean Opportunity in Small-Caps?

Chuck Royce and Co-CIO Francis Gannon look at volatility, the likelihood of a small-cap leadership shift, and why inflation and rising rates are not yet a major concern.

Market Perspective

How Higher Volatility and Lower Returns Can Be Good for Active Managers

by Chuck Royce and Francis Gannon

Portfolio Manager Chuck Royce and Co-CIO Francis Gannon review 1Q18 and detail why they still favor profitable small-cap cyclicals with global exposure

Market Perspective

Volatility Is Back—And Probably Here to Stay

Co-CIO Francis Gannon thinks investors should tune out the noise of volatility, tariffs, and rising rates and stay focused on cyclical small-caps with improving earnings and global exposure.

Market Perspective

What’s the Secret Sauce behind Royce’s Premier Quality Strategy?

by Steven McBoyle

PM Steve McBoyle discusses the attributes that make our Premier Quality Strategy distinctive.

Fund Focus

CEO Chris Clark on Why Small-Caps Are Well Suited for Active Management

by Chris Clark

Royce CEO Chris Clark details why the emerging environment may be favorable for active strategies.

Market Perspective

An Introduction To Royce's Premier Quality Strategy

by Steven McBoyle

PM Steven McBoyle on the attributes that differentiate Royce's high-quality "premier" small-cap strategy.

Fund Focus

Why PM Mark Rayner Says, “Stay Invested” in International Small-Caps

by Mark Rayner

Portfolio Manager Mark Rayner discusses the recent volatility in the global equity markets and how it’s impacting Royce International Premier Fund.

Fund Focus

Why Buzz Zaino Feels at Home With Housing Stocks

by Buzz Zaino

PM Buzz Zaino talks about housing industry’s post-Financial Crisis recovery and how that’s created opportunities for his deep value strategy.

Fund Focus

A Contrarian Value Investor on Two Airlines He Likes

by Jay Kaplan

Portfolio Manager Jay Kaplan talks about the changing airline industry and two small-cap carriers that have drawn his interest.

Market Perspective

CEO Chris Clark on Our Strategic Initiatives

by Chris Clark

Royce CEO Chris Clark discusses new initiatives, including new types of investment vehicles that appeal to a wide array of potential investors.

Market Perspective

Co-CIO Francis Gannon on Selectivity, Cyclicals, and Small-Cap Valuations

by Francis Gannon

Co-CIO Francis Gannon talks about why he thinks select small-cap cyclicals looks so well positioned to lead.

Market Perspective

What a Small-Cap Value Veteran Likes about Technology

by Buzz Zaino

PM Buzz Zaino discusses the appeal of the industry dynamics in semiconductor & semiconductor capital equipment companies for his deep value strategy.

Fund Focus

Jay Kaplan: A Review and Outlook for Our Small-Cap Dividend Strategy

by Jay Kaplan

Portfolio Manager Jay Kaplan explains why a growing global economy could mean good things for our small-cap dividend value strategy.

Fund Focus

2017 Small-Cap Review and Outlook

2017 was a terrific year for stocks across much of the globe—yet it was also a seemingly odd year, playing out much differently than we thought it would.

Fund Focus

High Valuations + Ample Leverage = Risky Russell?

by Francis Gannon

Co-CIO Francis Gannon on why too many companies with high leverage and/or no earnings make the Russell 2000 Index look risky.

Market Perspective

PM Steven McBoyle’s Overview and Outlook for Our Quality Strategy

PM Steven McBoyle reveals what worked in our quality—or “premier”—strategy in 2017

Fund Focus

Where is a Veteran Small-Cap Manager Focusing Now?

Portfolio Manager Chuck Royce and Co-CIO Francis Gannon look at what’s most interesting about the current small-cap market cycle.

Market Perspective

What Will Surprise Investors in 2018?

Four small-cap specialists reveal what surprises they think 2018 might have for investors

Market Perspective

Why Our Focus Is on Profitability, Cyclicals, and Economic Growth

by Chuck Royce and Francis Gannon

Portfolio Manager Chuck Royce and Co-CIO Francis Gannon recap 2017 and discuss the opportunities they’re focusing on.

Market Perspective

Be Selective and Lower Your Expectations: Six Small-Cap Points for 2017 and Beyond

Co-CIO Francis Gannon on what worked best in small-cap in 2017 and what investors should be looking at as we enter the post-tax-reform world.

Market Perspective

An Introduction to Royce's Deep Value Strategy

by Bill Hench

What you need to know about Royce's turnaround-focused deep value strategy.

Investment Approach

The Impact of Tax Reform on Small-Caps

by Charlie Dreifus

How might tax reform affect small-caps and the general economy?

Market Perspective

How to Account for Risk in a High-Quality Approach

by David Nadel

How does a high-quality approach deal with risk at the security and portfolio levels?  

Investment Approach

Why Royce International Premier Now?

by David Nadel

Portfolio Manager David Nadel explores the positioning and outlook for his high-quality international small-cap portfolio and discusses some of the companies that fit his approach.

Fund Focus

How a Deep Value Approach Is Succeeding in a Growth Market

by Bill Hench

Portfolio Manager Bill Hench explains his deep value strategy's ongoing strength and how he finds opportunities name by name.

Investment Approach

International Premier: How to Uncover Quality in Int'l Small-Caps

by David Nadel

Portfolio Manager David Nadel explores key reasons to consider investing in international small-caps.

Fund Focus

Chuck Royce on What You Need to Know About Small-Caps

by Chuck Royce and Francis Gannon

Chuck Royce explains what investors should know about the current state of small-caps.

Market Perspective

Where Are Small-Caps Headed Next?

by Francis Gannon

Co-CIO Francis Gannon offers a look at what’s next for small-caps.

Market Perspective

Will Amazon Kill All Retail?

by Charlie Dreifus

How has the growth of e-commerce affected small-cap retailers?

Market Perspective

Why Do Small-Cap Cyclicals with Global Exposure Look Poised to Lead?

by Chuck Royce and Francis Gannon

Portfolio Manager Chuck Royce and Co-CIO Francis Gannon consider current valuations and the "September Shift" in style and sector.

Market Perspective

The September Shift to Small-Cap Value + 5 More Observations on 3Q17

Co-CIO Francis Gannon on a September Shift for small-caps (and interest rates) and why it could mean good news for cyclical stocks.

Market Perspective

The Undiscovered Connection: Value-Led Periods and Active Management

by Steve Lipper

There seems to be a notable historical trend of active small-cap managers outperforming the Russell 2000 Index in periods when value stocks lead, while trailing the small-cap index when growth stocks lead.

Innovative Research

How Does This Royce Portfolio Manager Find New Ideas?

by Jay Kaplan

Portfolio Manager Jay Kaplan discusses how he builds his portfolios and the lessons he has learned throughout his career.

Investment Approach

Why Asset Allocators Should Consider International Small-Cap

by David Nadel

What might surprise investors about international small-caps?

Investment Approach

How Does Royce Incorporate ESG Factors into Our Investment Process

by Chris Clark and Gunjan Banati

Why is Royce & Associates incorporating ESG factors into our investment process?

Investment Approach

Resisting the Madness of Crowds

by Buzz Zaino

A veteran deep value investor discusses current and past investment cycles.

Market Perspective

How Will an Expanding Global Economy Affect U.S. Small-Caps?

by Francis Gannon

Co-CIO Francis Gannon on the expansion of global growth and how certain small-caps could benefit.

Market Perspective

Where Is a Contrarian Finding Opportunities In a High-Priced Market?

by Jay Kaplan

Where is Portfolio Manager Jay Kaplan finding opportunities in a market near all-time highs?

Investment Approach

Is It Time for International Small-Cap?

by David Nadel

What's driving 2017’s high returns for international small-caps?

Investment Approach

How a Deep Value Approach Is Outperforming in a Growth-Led Market

by Buzz Zaino

What’s helping Buzz Zaino's deep value approach work well so far in 2017?

Fund Focus

How Could Small-Caps Surprise?

by Francis Gannon

Co-CIO Francis Gannon on small-cap earnings, valuations, and volatility.

Market Perspective

Where Chuck Royce Thinks Small-Caps are Headed

by Chuck Royce and Francis Gannon

Chuck Royce's key takeaways from 2Q17 and the first half of 2017.

Market Perspective

Small-Cap's Road Back to Normal

by Chuck Royce and Francis Gannon

Portfolio Manager Chuck Royce and Co-CIO Francis Gannon look at both 2Q17 and the year’s first half where they see a winding road back to normalization.

Market Perspective

Small-Cap: Healthy Rotation or Rally at Risk?

Co-CIO Francis Gannon looks at recent small-cap results and sees a consolidating asset class setting the stage for its next move up.

Market Perspective

Why Investment Discipline Matters

by Bill Hench

Portfolio Manager Bill Hench provides a detailed look into his investment approach and discipline.

Investment Approach

How Can Small-Cap Investors Benefit from the Growth in e-Commerce?

by Steven McBoyle

Portfolio Manager Steven McBoyle describes small-cap opportunities in e-commerce.

Market Perspective

Why The 'Amazon Effect' Matters

by Steven McBoyle

What small-cap investors need to know about the 'Amazon Effect.'

Market Perspective

Chuck Royce's Unique Approach to Financials

by Chuck Royce

Chuck Royce details where he sees opportunities in the financial sector.

Investment Approach

Charlie Dreifus Examines the Small-Cap Market

by Charlie Dreifus

Portfolio Manager Charlie Dreifus offers his take on the current market and what needs to happen for small-cap value to shine.

Market Perspective

The Global Technology Buildout and its Effect on Small-Cap Stocks

by Bill Hench

What should small-cap investors know about the global technology buildout?

Market Perspective

Outlook and Opportunities in Premier Small-Caps

by Steven McBoyle

Portfolio Manager Steven McBoyle describes the attributes behind his quality approach and looks at what’s next for small-caps.

Fund Focus

Bill Hench's Top Tech Stock Picks

by Bill Hench

Portfolio Manager Bill Hench discusses the benefits of the global technology buildout on Royce Opportunity Fund/his portfolios.

Market Perspective

A Long Runway for Small-Cap Value?

by Francis Gannon

Co-CIO Francis Gannon explains what investors should know about the current state of small-caps.

Market Perspective

Has There Been a Regime Change in Small-Cap?

Four small-cap specialists consider the change in leadership within the asset class.

Market Perspective

What's Next for Monetary Policy?

by Charlie Dreifus

What does Portfolio Manager Charlie Dreifus think is next for monetary policy?

Market Perspective

Chuck Royce: What's Next for Small-Caps

by Chuck Royce

Chuck Royce offers key takeaways from 1Q17 and a look at what's next for small-caps.

Market Perspective

Reversals and Cross-Currents in 1Q17

by Chuck Royce and Francis Gannon

Portfolio Manager Chuck Royce and Co-CIO Francis Gannon recap the performance reversals and cross-currents in 1Q17 and explain why lower returns for small-caps might be the pause that refreshes.

Market Perspective

A Small-Cap Pause That Refreshes?

Co-CIO Francis Gannon analyzes the cross-currents and reversals in 1Q17 and details why the small-cap rally has room to run.

Market Perspective

4 Elements of Small-Cap Risk Management

by Charlie Dreifus

Portfolio Manager Charlie Dreifus delves into four elements of risk management that involve corporate culture.

Market Perspective

Be Prepared for Increased Volatility

by Francis Gannon

What increased volatility could mean for small-cap investors.

Market Perspective

Why Is Now a Good Time to Own Small-Cap Banks?

by Jay Kaplan

Why does Portfolio Manager Jay Kaplan think the current environment for small-cap banks is promising?

Market Perspective

Concerned About Interest Rate Risk? Consider Small-Caps

by Steve Lipper

Why should asset allocators consider small-caps when interest rates are rising?

Innovative Research

How Does a Deep Value Investor Find New Ideas and Manage Risk?

by Bill Hench

As a deep value investor, how does Portfolio Manager Bill Hench find overlooked opportunities and manage risk?

Investment Approach

A Most Wonderful Year for Small-Caps

2016 was a terrific year for small-cap stocks—and an even better year for small-cap value and cyclical sectors.

Market Perspective

How to Manage Risk in a Bull Market

by Jay Kaplan

Learn how a contrarian investor manages risk in a bull market.

Investment Approach

Why Was 2016 a Great Year for Opportunity Fund?

by Bill Hench

Portfolio Manager Bill Hench explains what drove the strong performance in 2016.

Fund Focus

Reassessing Investment Opportunities After a Strong Year

by Charlie Dreifus

Portfolio Manager Charlie Dreifus discusses the strong 2016 for small-caps and what he thinks might come next in 2017.

Market Perspective

3 Dramatic Reversals in the Small-Cap Market

by Francis Gannon

What are three key reversals from 2016 that could continue to impact small-caps in 2017?

Market Perspective

The Undiscovered Connection: Value-Led Periods and Active Management

by Steve Lipper

There seems to be a notable historical trend of active small-cap managers outperforming the Russell 2000 Index in periods when value stocks lead, while trailing the small-cap index when growth stocks lead.

Innovative Research

4 Small-Cap Specialists on 2017

Four veteran small-cap portfolio managers share their unique outlooks this year.

Market Perspective

2016: A Terrific Year for Small-Caps

by Chuck Royce and Francis Gannon

Chairman Chuck Royce and Co-CIO Francis Gannon recap a strong year for small-caps and explain why the rally has room to run.

Market Perspective

A Dramatic Rebound for Small-Caps

Co-CIO Francis Gannon discusses small-cap's ongoing strength in 4Q16 and some key reversals for the asset class in 2016.

Market Perspective

Why is Chuck Royce Bullish on Industrials?

by Chuck Royce

Chuck Royce on why he sees so many opportunities in the industrial sector.

Investment Approach

How the Fed Rate Hike Impacts Small-Caps

by Charlie Dreifus

What do small-cap investors need to know about the Fed rate increase?

Market Perspective

2 Tools Experts Use to Measure Performance

Learn why rolling returns and risk-adjusted are particularly robust analytical tools for evaluating performance.

Innovative Research

What's the Outlook for U.S. Small-Caps?

by Bill Hench

Why does Bill Hench have a positive outlook for U.S. small-caps?

Market Perspective

Why is Portfolio Manager Charlie Dreifus Bullish About His Portfolio?

by Charlie Dreifus

Where is absolute value investor Charlie Dreifus finding opportunities in the market?

Investment Approach

The Art of Analyzing A Company's Moat

Many portfolio managers analyze company moats, but adding a predictive framework is key.

Investment Approach

What Does a Post-Trump Market Mean for Investors?

by Charlie Dreifus

Portfolio Manager Charlie Dreifus on the market's enthusiastic response to Trump's election and what to watch for going forward.

Market Perspective

What Should Asset Allocators Know About Value-Led Markets?

by Steve Lipper

Are asset allocators missing a connection in the small-cap market?

Innovative Research

Why Investors Should Care About Corporate Governance

by Charlie Dreifus

What are the four key corporate governance issues investors should know about?

Market Perspective

Is Now The Time For A Deep Value Strategy?

by Bill Hench

Portfolio Manager Bill Hench describes what’s making his deep value strategy work in 2016.

Investment Approach

What Small-Cap Investors Need to Know About the Election

by Francis Gannon

Co-CIO Francis Gannon outlines what's important for small-cap investors to know about the election.

Market Perspective

Investors Should Focus on GDP Growth, Not Interest Rates

by Charlie Dreifus

Why should investors pay close attention to GDP growth rather than worry about interest rates?

Market Perspective

The Small-Cap Bull Market Has Legs

by Chuck Royce

Why does Chuck Royce believe value will continue to outperform?

Market Perspective

Our Case for Active Management

Our focus has always been on seeking to provide our shareholders with above-average long-term results on both an absolute and risk-adjusted basis—not on beating our respective benchmarks.

Investment Approach

Rolling Returns: A Better Way to Measure Performance

Though calendar-year returns are among the most common measures of portfolio performance, rolling returns arguably offer a robust analysis.

Innovative Research

Is The Fed Out of Options?

by Charlie Dreifus

Portfolio Manager Charlie Dreifus explains the Fed's conundrum, why there's too much hesitation in the market and economy, and the challenges to subsequent growth.

Market Perspective

The Strong Small-Cap Rally Will Keep Rolling

Four small-cap specialists discuss the small-cap rally and their outlook for the asset class.

Market Perspective

Positioning a Deep Value Strategy for Further Success

Portfolio managers Buzz Zaino and Bill Hench worked to position these Royce Funds so they could benefit from the deep value stocks they focus on.

Investment Approach

Small-Cap Strength Broadens in 3Q16

by Chuck Royce and Francis Gannon

Chairman Chuck Royce and Co-CIO Francis Gannon discuss broadening small-cap strength, why value should continue to lead in the current cycle, and why many Industrials still look reasonably valued.

Market Perspective

The Stealth Bull Market for Small-Caps Rolls On

3Q16 was a strong quarter for small-cap stocks. Despite potential near-term volatility, Co-CIO Francis Gannon thinks the small-cap rally has room to run.

Market Perspective

What Is The Connection Between Value-Led Small-Cap Markets and Success for Active Management?

by Steve Lipper

Our recent research into markets led by small-cap value and success for active management revealed a striking connection.

Innovative Research

A Contrarian Approach to Small-Cap Retailers

by Jay Kaplan

Why is Jay Kaplan bullish on small-cap retail companies?

Investment Approach

Lauren Romeo on Today's Opportunities in Quality Small-Caps

Portfolio Manager Lauren Romeo talks about five key holdings and discusses sector and industry positioning.

Fund Focus

How Are Leading Companies Adapting to a Low Return World?

Why is Portfolio Manager Steven McBoyle bullish on small-caps companies with the capacity to reinvest capital?

Market Perspective

The Benefits of a Lower Volatility Strategy in an Uncertain Market

by Jay Kaplan

What are the benefits of a lower volatility strategy in an uncertain market, and why might dividend-paying companies be attractive?

Investment Approach

The Contrarian View of Small-Cap Industrials

Portfolio Manager Steven McBoyle and Senior Investment Strategist Steve Lipper discuss the attributes of industrial companies they find attractive, in an area many investors are overlooking.

Investment Approach

3 Investment Ideas from Chuck Royce

by Chuck Royce and Francis Gannon

Why is Chuck Royce bullish on industrial automation, alternative asset managers, and select investment banks?

Market Perspective

A Bear, A Brexit, and A Welcome Start to 2016

We were happy to greet 2016 with a spirited "Hello" because we think that leadership for value—now in place for more than a year—has ample room to run.

Market Perspective

Why Is Small-Cap Value so Attractive Now?

by Francis Gannon

Even in a post-Brexit world, we expect small-cap value to continue outperforming.

Market Perspective

Why Are the Markets Prone to Black Swans?

by Charlie Dreifus

Does the combination of slow growth and high valuations, make the markets more prone to black swan events?

Market Perspective

Equity Market Highs, Bond Yields at Record Lows. Who's Right?

by Francis Gannon

Co-CIO Francis Gannon examines the disconnect between the equity and bond markets.

Market Perspective

Royce Total Return Fund 2016 Review and Outlook

by Jay Kaplan

Portfolio Manager Jay Kaplan shares his outlook for Royce Total Return Fund and examines the Fund's year-to-date 2016 performance.

Fund Focus

Small-Cap Value Leads 2Q16 Despite Brexit Interruption

A once mildly bullish quarter turned wildly volatile in the wake of Brexit. The small-cap indexes then rebounded, recouping their losses to finish the quarter with modest gains. Despite the volatility, we saw certain longer-term trends continue to progress throughout the quarter.

Market Perspective

Small-Cap Value Stays Strong

by Chuck Royce and Francis Gannon

Chuck Royce and Francis Gannon look at value's leadership in the current small-cap cycle, the impact of Brexit, and where they are currently finding opportunities.

Market Perspective

Examining an Absolute Value Approach

by Charlie Dreifus

Portfolio Manager Charlie Dreifus provides a look at his absolute value approach.

Investment Approach

Bill Hench Sees a Deep Value Opportunity in Industrial Manufacturing

by Bill Hench

Why do industrial manufacturing companies interest Portfolio Manager Bill Hench?

Investment Approach

A Look Into a Contrarian Value Approach

by Jay Kaplan

A contrarian value investor, Portfolio Manager Jay Kaplan shares what distinguishes his approach.

Investment Approach

How Will the Brexit Affect Small-Caps?

by Chris Clark and Francis Gannon

Royce's Co-Chief Investment Officers Chris Clark and Francis Gannon on the surprising Brexit and the importance of prudence and perspective in the days ahead.

Market Perspective

Investors: Mind the Gap in GAAP

by Charlie Dreifus and Steven McBoyle

The gap between GAAP and non-GAAP accounting practices may prove problematic to investors.

Market Perspective

Finding Deep Value in the Small-Cap Market

by Bill Hench

Where Portfolio Manager Bill Hench is finding value in today's small-cap market.

Market Perspective

What Does Increased M&A Activity Signal?

by Jay Kaplan

What is Portfolio Manager Jay Kaplan’s take on the first quarter’s increase in small-cap M&A activity?

Fund Focus

Outlook for Active Investors Amid Tepid Economic Growth

by Charlie Dreifus

Portfolio Manager Charlie Dreifus on worldwide economic progress, the current investment environment, and the outlook for his small-cap portfolio.

Fund Focus

Optimistic About the Small-Cap Market

by Bill Hench

Why is Portfolio Manager Bill Hench optimistic about the small-cap market?

Market Perspective

Royce Special Equity Fund: Performance Turnaround and Investment Opportunities

by Charlie Dreifus

Portfolio Manager Charlie Dreifus looks at the factors that contributed to a stronger first-quarter performance for his small-cap portfolio.

Fund Focus

3 Questions for Chuck Royce on Pennsylvania Mutual Fund

by Chuck Royce and Steve Lipper

A close look at Royce Pennsylvania Mutual Fund's first-quarter performance and the rotation to small-cap value.

Fund Focus

Why We Think Value's Outperformance Is Likely to Continue

by Francis Gannon

Why does the small-cap leadership shift from growth to value have a long way to go?

Market Perspective

Royce Small-Cap Value Fund's 1Q16 Turnaround

by Jay Kaplan

What drove the performance turnaround for Portfolio Manager Jay Kaplan in the first quarter?

Fund Focus

Is M&A in Small-Caps Accelerating?

by Bill Hench

Why is Portfolio Manager Bill Hench closely watching small-cap M&A activity?

Market Perspective

Signs of a Market Rotating Back to Value

by Francis Gannon and Chris Clark

Royce's Co-CIOs, President Chris Clark and Managing Director Francis Gannon, discuss the performance turnaround in the first quarter and how we've positioned our business for a return to normalization.

Investment Approach

Do Small-Caps Look Attractive Versus Large-Caps?

Co-CIO Francis Gannon looks at how current small-cap valuations stack up versus large-caps.

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Small Talk Blog

Risk, Volatility, and Royce Total Return Fund

by Chuck Royce and Jay Kaplan

How has Total Return fared in down market periods relative to its benchmark and peers?

Market Perspective

Understanding The Royce Funds' 1Q16 Performance

by Steve Lipper

With a strong performance across The Royce Funds lineup in the first quarter, Senior Investment Strategist Steve Lipper examines the value, core, and growth funds.

Investment Approach

The Economy's Journey into Uncharted Waters

by Charlie Dreifus

Portfolio Manager Charlie Dreifus's observations on current Fed policy and how the globe's continuing dependence on monetary stimulus has kept the markets in uncharted waters.

Market Perspective

Does the Shift to Value Signal a Shift to Active Management?

by Chuck Royce and Francis Gannon

CEO Chuck Royce and Co-CIO Francis Gannon discuss the first quarter, which saw a sharp down and sharp up, and the transition from growth to value and non-earners to earners.

Market Perspective

An Encouraging Market Turn For a Disciplined Contrarian

Portfolio Manager Jay Kaplan looks at the recent market shift and discusses his contrarian approach with current holdings in retail and energy.

Fund Focus

The Royce Funds Show Shift, Outperform YTD

by Chris Clark and Francis Gannon

Royce's Co-CIOs Chris Clark and Francis Gannon on The Royce Funds' recent performance turnaround.

Investment Approach

Fundamentals Rule Small-Caps in 1Q16

by Chuck Royce and Francis Gannon

CEO Chuck Royce and Co-CIO Francis Gannon look at the resurgence in value, the small-cap bottom in mid-February, and the earnings-driven performance reversal in the first quarter.

Market Perspective

Small-Caps Shift in a Wild Quarter

In a volatile quarter full of downs and ups, equity returns wound up close to where we started in 2016. Underlying these unremarkable results was the real story-the leadership shift to small-cap value.

Market Perspective

The Small-Cap Market in 2016

by Francis Gannon

Co-CIO Francis Gannon discusses the current bear market and why he sees it as an opportunity within the small-cap space.

Market Perspective

What's Working in the Current Market?

by Jay Kaplan

Portfolio Manager Jay Kaplan looks at three holdings in the trucking and transport industry, which is bucking the market's downward trend in 2016.

Investment Approach

2016 Outlook for Royce Total Return Fund

by Jay Kaplan

Portfolio Manager Jay Kaplan offers his outlook for Royce Total Return Fund and discusses opportunities in the Consumer and Industrial sectors for the Fund.

Fund Focus

Four Reversals in the Market

by Francis Gannon

Co-CIO Francis Gannon looks at the four substantial market reversals that have occurred within the last year, and how these will impact active managers.

Market Perspective

The Importance of Dividends in Small-Cap Investing

In the small-cap asset class we view dividends as a key component of strong, long-term total returns.

Market Perspective

Wild Swings and Black Swans

by Charlie Dreifus

Portfolio Manager Charlie Dreifus offers his insights and observations on the wild ride to nowhere that was 2015 and the crazy swings that have so far marked 2016.

Market Perspective

A Wild Start to 2016 Follows an Eventful 2015

After an eventful 2015 and a wild start to 2016, the question is: Where are we now? In spite of a long and chilling list of risks, we're guardedly optimistic about the prospects for active small-cap management.

Market Perspective

Royce Opportunity Fund Review and Outlook

by Bill Hench

Portfolio Manager Bill Hench looks at Royce Opportunity Fund’s performance in 2015, and explains what drives his optimism for the portfolio in 2016.

Fund Focus

A Disciplined Strategy Will Prove Its Merits

by Charlie Dreifus

Portfolio Manager Charlie Dreifus reviews 2015 performance for Royce Special Equity Fund and details the portfolio's disciplined strategy.

Fund Focus

Small Talk: Positioning The Royce Funds for 2016

Five small-cap portfolio managers share how they are positioning their Funds for 2016.

Market Perspective

Chuck Royce & Francis Gannon: Small-Cap Review and Outlook

by Chuck Royce and Francis Gannon

CEO Chuck Royce and Co-CIO Francis Gannon look back at 2015, discuss signs such as widening credit spreads that signal a possible return to normalcy, and examine the prospects for active managers.

Market Perspective

A Market in Transition?

In the fourth quarter of this volatile year equities rebounded and the Fed (finally) raised interest rates, which we believe points to a market in transition.

Market Perspective

Signs of a Market Turning

by Chuck Royce and Francis Gannon

CEO Chuck Royce and Co-CIO Francis Gannon look at the volatile fourth quarter, the credit markets, and recent signs that the market is turning gradually back to steady profitability and strong balance sheets.

Market Perspective

Seizing Opportunities When the Market Pulls Back

by Chip Skinner

Portfolio Manager Chip Skinner looks at the current volatile market and explains how a GARP investor tries to take advantage of market corrections.

Investment Approach

The Fed Raises Rates—Why U.S. Stocks Still Look Pretty Good

by Charlie Dreifus

What does the Fed's modest rate increase mean for U.S. stocks and the economy?

Market Perspective

What Makes The Current Market Cycle Unique?

by Chuck Royce and Francis Gannon

CEO Chuck Royce draws a few parallels between the past several years and the Internet bubble of the late '90s while discussing how today's environment has so far had a different outcome.

Market Perspective

Growth Themes Benefiting from a Steady Economy

by Chip Skinner

The volatile market is creating both successes and opportunities for our GARP portfolio, Royce Smaller-Companies Growth Fund.

Fund Focus

How Does Market Volatility Usually Affect Investing in Small-Caps?

by Jay Kaplan

To us, volatile periods provide opportunities to purchase quality stocks at a discount.

Market Perspective

How Should an Asset Allocator Think About The Royce Funds Today?

by Steve Lipper and Francis Gannon

While each Royce portfolio uses a disciplined, bottom-up approach to stock selection, our varied investment approaches give investors options depending on where they think the economy and markets are heading.

Investment Approach

Managing a Portfolio of Premier Businesses

by Steven McBoyle and Lauren Romeo

Portfolio Managers Lauren Romeo and Steven McBoyle share the lessons they've learned from working with Chuck Royce.

Fund Focus

What Makes Royce Smaller-Companies Growth Fund Unique?

by Chip Skinner

Portfolio Manager Chip Skinner talks about the distinctive Growth at a Reasonable Price (“GARP”) approach he uses in Royce Smaller-Companies Growth Fund.

Fund Focus
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