Chuck Royce in Barron’s on Pennsylvania Mutual Fund’s exceptional long-term record.—Royce
article 05-12-2023

Chuck Royce in Barron’s on Pennsylvania Mutual Fund’s exceptional long-term record

Why Barron’s thinks that holding a proven small-cap fund may be an effective way to “ride the market’s next wave."


Read the article here (subscription required).

Chuck Royce was recently featured in the Barron’s piece, “2 Small-Cap Funds That Could Ride the Market’s Next Big Move” penned by Lauren Foster, that looked at why small-cap stocks “could be poised to take off again.”

The piece looks at how the struggles of regional banks hurt small caps more than their larger siblings, as their corrections “would drag down returns of the small-cap index and send jitters throughout the market.”

Foster goes on to say that, “With so much turmoil in the markets, the coming months could be a time for active managers to shine” before going on to look at  both short-term outperformance for Royce Pennsylvania Mutual Fund and Chuck’s long-term record managing the portfolio.

Read the article here (subscription required).

Learn more about Chuck Royce.

Important Disclosure Information

Average Annual Total Returns as of 3/31/2023 (%)

NET               GROSS
Pennsylvania Mutual 8.15 -1.30 21.46 7.24 8.53 12.19 N/A  0.96  0.96
Russell 2000
2.74 -11.61 17.51 4.71 8.04 N/A N/A  N/A  N/A
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. Royce’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.

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 2000 Value and Growth indexes consist of the respective value and growth stocks within the Russell 2000 as determined by Russell Investments. 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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