Miles and Francis discussed the appeal of the asset class in Barron’s—Royce
article 12-22-2023

Miles Lewis and Francis Gannon Talk Small-Cap Opportunities in Barron’s

Miles and Francis discussed the appeal of the asset class in Barron’s.


Portfolio Manager Miles Lewis and Co-CIO Francis Gannon were quoted in the Barron’s article, “Small-Cap Stocks Are Taking Off. Forget Big Tech,” penned by Jacob Sonenshine, that looked at the prospects for small-cap stocks following a recent rally for the asset class.

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The article examined recent market performance and asserted that “it isn’t too late for long-term investors to jump aboard. Small-cap stocks, with market values generally below $3 billion, are one of the most enticing sectors of the market.”

Francis agreed, saying that, “Small-caps are [still] cheap from a valuation perspective. They have priced in a recession that has yet to materialize,” while Miles discussed a long-term holding that has his confidence.

Important Disclosure Information

Mr. Lewis’s and 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.

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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