Francis Gannon in The Wall Street Journal: Is Psychology Running the Market?—Royce
article 07-14-2022

Francis Gannon in The Wall Street Journal: Is Psychology Running the Market?

How can a long-term approach benefit small-cap investors in volatile times?


Co-CIO Francis Gannon was recently featured in The Wall Street Journal discussing Royce’s long-term approach, his case for small-caps, and more.

Read the article (subscription required).

Francis stated that while many investors have been focusing on mega-cap stocks as well as the upper end of the S&P 500 and the Russell 1000 indexes, he sees higher rates of volatility as providing an opportune time to invest in small-caps.

“Psychology is running the market short term here,” Francis added.

Read the article (subscription required).

Learn more about Francis Gannon.

Important Disclosure Information

Mr. Gannon’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 6/30/2022 (%)

Jack in
the Box

Capital Micro-Cap

0.0  0.0 0.0 0.0

Capital Small-Cap

  0.0   0.0   0.0  0.0  

Dividend Value

 0.0   0.0   0.0  0.0  

Global Financial Services

 0.0   0.0   0.0  0.0  

International Premier

0.0   0.0   0.0    0.0 


0.0   0.0   0.0    0.0 


0.0   0.0    0.0  0.0  

Pennsylvania Mutual

 0.0  0.0   0.0  0.0  


 0.0  0.0   0.0    0.0 

Small-Cap Value

 0.0  0.0    0.0  0.0  

Smaller-Companies Growth

0.0    0.0   0.0  0.0  

Special Equity

 0.0  0.0    0.0  0.0  

Total Return

0.0    0.0   0.0  0.0  

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.

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 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 Russell 1000 Index is an unmanaged, capitalization-weighted index of domestic large-cap stocks. It measures the performance of the 1,000 largest publicly traded U.S. companies in the Russell 3000 Index. Index returns include net reinvested dividends and/or interest income. The S&P 500 is an index of U.S. large-cap stocks selected by Standard & Poor’s based on market size, liquidity, and industry grouping, among other factors, and includes reinvested dividends. The S&P 600 is a benchmark index for small-cap stocks published by Standard & Poor's. 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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