Charlie Dreifus on What’s Next for the Financial Markets—Royce
article 09-07-2021

What’s Next for the Financial Markets? Charlie Dreifus Weighs in on a Barron’s Podcast

PM Charlie Dreifus was recently featured on a Barron’s podcast, Stocks to Watch: The Week Ahead in the Markets, discussing three holdings he currently favors and why accounting cynicism is integral to his approach.


PM Charlie Dreifus joined Barron's senior managing editor Lauren R. Rublin and deputy editor Ben Levisohn on the Stocks to Watch: The Week Ahead in the Markets podcast to discuss what may be next for the financial market and his views on recent Fed moves.

Listen to the podcast here.

Charlie explained that his Royce Special Equity Fund aims to make investors money by losing less in down markets. In detailing why attractively low valuations are critical to his approach, he discussed why currently high valuations are creating a dearth of buying opportunities. He also opined on recent moves by the Fed.

In the podcast, which was recorded on August 30, 2021, Charlie also talked about why accounting cynicism, which he learned from his mentor, Abe Briloff, is integral to his approach.

Listen to the podcast here.

Learn more about Charlie Dreifus here.

Important Disclosure Information

Average Annual Total Returns as of 6/30/21 (%) 

Special Equity 0.82 36.27 7.96 10.39 8.58 8.28 9.69 9.00 5/01/98
Russell 2000 Value 4.56 73.28 10.27 13.62 10.85 7.90 9.17 8.59 N/A
Russell 2000 4.29 62.03 13.52 16.47 12.34 9.51 9.26 8.40 N/A

Annual Operating Expenses: 1.23

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 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. Dreifus’s thoughts and opinions concerning the stock market are solely their own and, of course, there can be no assurance with regard to future market movements. No assurance can be given that the past performance trends as outlined above will continue in the future.

The performance data and trends outlined in this presentation are presented for illustrative purposes only. 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 6/30/2020 (%)

  Royce Special
Equity Fund

Marcus & Millichap


Standard Motor Products


Hooker Furniture


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.

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