Charlie Dreifus Thanks Investors for Their Support | Royce
article , video 04-27-2018

Charlie Dreifus Thanks Investors for Their Support

To help mark 20 years managing Royce Special Equity Fund, Charlie Dreifus highlights that he’s grateful to have helped individuals meet their investment needs.


Steve Lipper So, Charlie—any thoughts for your investors?

Charlie Dreifus I really want to thank them. I welcome their support. I’m very appreciative of the notes and letters I get occasionally from advisors and clients who tell me that the Special Equity investment has allowed them to reach a goal. It may have been retirement, it may have been putting a child through college. Some specific goal they were aspiring to, and that Special Equity assisted in that.

And as much as I welcome and appreciate accolades from the profession—I haven't turned any of those away—it's really very heartfelt to me when I get a note like that from, an investor. What I think this industry hasn’t done a good job of—recognizing that, we are here not to, you know, beat out competitors or have the most, you know, the greatest record of any investment category. But rather, to meet the desires and the requirements that our clients have selected us for, because they may have selected us full well knowing that, certainly in my case, I’m going to underperform the upside.

But they're there for the expected, and hopefully delivered, lesser volatility during down periods. And so in meeting the clients’ needs, I think—you know, look, we’re not curing cancer, I don't want to overblow this—but we are doing some good in helping individuals meet their needs.

Important Disclosure Information

Average Annual Total Returns as of 3/31/18 (%) 

Special Equity -5.00 2.80 5.06 7.40 8.76 9.63 9.05 05/01/98
Russell 2000 -0.08 11.79 8.39 11.47 9.84 11.50 7.35 N/A

Annual Operating Expenses: 1.17% 

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.

The thoughts and opinions expressed in the video are solely those of the persons speaking as of April 9, 2018 and may differ from those of other Royce investment professionals, or the firm as a whole. There can be no assurance with regard to future market movements.

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 Index 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 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. The Fund invests primarily in small-cap stocks which may involve considerably more risk than investing in larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus .) As of 3/31/18 the Fund invested a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than more broadly diversified portfolio because a decline in the value of any one of these stocks would cause the Fund's overall value to decline to a greater degree. (Please see "Primary Risks for Fund Investors" in the prospectus.)



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