Annual Letter: When Will Small-Cap Reach the Summit?

by Chris Clark and Francis Gannon

Can relatively attractive valuations, strong earnings, and heightened volatility put small-cap back on top?
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Market Perspective

Small-Cap Premier Quality Strategy—4Q25 Update and Outlook

Co-Lead Portfolio Managers Lauren Romeo and Steven McBoyle and Assistant Portfolio Manager Andrew Palen update investors on the Strategy’s recent performance while providing an constructive long-term outlook for high-quality U.S. small-caps.

Investment Focus

Royce Small-Cap Total Return—4Q25 Update and Outlook

Lead Portfolio Manager Miles Lewis, Portfolio Manager Joe Hintz, and Assistant Portfolio Manager Jag Sriram update investors on recent performance and their highly constructive outlook.

Investment Focus

Royce Small-Cap Fund—4Q25 Update and Outlook

Portfolio Managers Lauren Romeo, Jay Kaplan, Steven McBoyle, Andrew Palen, and Miles Lewis update investors on how our flagship portfolio, Royce Small-Cap Fund, performed in 4Q25 and the year as a whole while Co-Chief Investment Officer and Portfolio Manager Francis Gannon offers an optimistic long-term outlook.

Investment Focus

The Royce Roundtable: Small-Caps Looking Strong in 2026

Portfolio Managers Lauren Romeo and Jim Harvey join CEO and Co-CIO Chris Clark and Co-CIO Francis Gannon to discuss why they’re constructive on small-cap’s prospects in 2026 and how they’re positioning their portfolios.

Market Perspective

4Q25 Small-Cap Recap

by Francis Gannon

Small-Caps Stay Positive, Micro-Caps Take the Lead

Market Perspective
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Francis Gannon on CNBC’s Power Lunch

frank-cnbc-power-lunch

Co-CIO Francis Gannon speaks with co-anchors Kelly Evans and Brian Sullivan on CNBC’s Power Lunch about the recent run for small-cap stocks and why the Industrials, Information Technology, and Financials sectors still have many attractive small-cap companies.

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  • 16Years at Royce
  • 32Years of Experience

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Francis Gannon on CNBC’s Power Lunch

frank-cnbc-power-lunch

Co-CIO Francis Gannon speaks with co-anchors Kelly Evans and Brian Sullivan on CNBC’s Power Lunch about the recent run for small-cap stocks and why the Industrials, Information Technology, and Financials sectors still have many attractive small-cap companies.

View Article

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