Insights | Royce

Podcast: Small-Cap Quality for the Long Run

Portfolio Manager Steven McBoyle talks to Co-Chief Investment Officer Francis Gannon about seven high-conviction holdings and the long-term prospects for small-cap quality.
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Investment Focus

Annual Letter: The Dog That Didn’t Bark

by Chuck Royce, Chris Clark, and Francis Gannon

No recession in 2023 was just part of the good news we see for small-caps going forward.

Market Perspective

Royce Pennsylvania Mutual Fund—Sailing on Our Small-Cap Flagship

Co-CIO Francis Gannon talks about the Fund’s impressive long-term record of more than 50 years and looks at what sets our small-cap flagship apart.

Investment Focus

Quarterly Small-Cap Equity Factor Review—4Q23

QTD and YTD Factor Performance

Small-Cap Research

Four Key Small-Cap Value Holdings

Portfolio Manager Jay Kaplan talks about 4 key small-cap value holdings in the furniture, trucking, and homebuilding industries.

Investment Focus

Global Small-Cap Market Overview

A collection of charts that provides key takeaways from the quarter.

Small-Cap Research

Small-Cap Premier Quality Strategy—4Q23 Update and Outlook

Co-Lead Portfolio Managers Lauren Romeo and Steven McBoyle update investors on the Strategy’s strong year in 2023 while providing a bright outlook for U.S. small-cap quality.

Investment Focus

U.S. Small-Cap Market Overview

A collection of charts that provides key takeaways from the quarter.

Small-Cap Research

Small-Cap Opportunistic Value Strategy—4Q23 Update and Outlook

Portfolio Managers Jim Stoeffel, Brendan Hartman, Jim Harvey, and Assistant Portfolio Manager Kavitha Venkatraman detail how our Small-Cap Opportunistic Value Strategy performed in 2023 and update investors and clients on their outlook.

Investment Focus

Royce Pennsylvania Mutual Fund—4Q23 Update and Outlook

Lead Portfolio Manager Chuck Royce and Portfolio Managers Lauren Romeo, Jay Kaplan, Steven McBoyle, Andrew Palen, and Miles Lewis update investors on how our flagship portfolio, Royce Pennsylvania Mutual Fund, performed in 4Q23 and in 2023 while offering their confident long-term outlook.

Investment Focus

Why Small-Caps Can Keep Going Strong

by Chuck Royce and Francis Gannon

Portfolio Manager Chuck Royce and Co-CIO Francis Gannon look at a terrific quarter for small-caps, why the rally may have legs, and three high-confidence holdings.

Market Perspective

4Q23 Small-Cap Recap

by Francis Gannon

Is the Small-Cap Rally Just Getting Started?

Market Perspective

What’s Next for Small-Caps in 2024?

Portfolio Managers Chuck Royce, Lauren Romeo, Miles Lewis, Jay Kaplan, and Steven McBoyle weigh in on what may be next for small-caps as we head into next year.

Investment Focus

Can Two Small-Cap Aviation Holdings Fly Higher?

Portfolio Manager Miles Lewis and Assistant Portfolio Manager Joe Hintz detail the investment thesis for 2 holdings in the aviation space.

Investment Focus

How International Small-Cap Performance Can Rebound

Portfolio Manager Mark Fischer talks to Co-Chief Investment Officer Francis Gannon about what it will take for quality non-U.S. small caps to shine again.

Investment Focus

How Select Small-Caps May Benefit from Normalizing Rates

Assistant Portfolio Manager Kavitha Venkatraman explains how a normalized rate environment can benefit our Small-Cap Opportunistic Value Strategy.

Investment Focus

Are Small-Caps Presenting a Unique Opportunity for Active Managers?

by Francis Gannon

Co-CIO Francis Gannon thinks a unique set of market circumstances and the prospects for active management in small-caps are creating the opportunity for both absolute and relative outperformance going forward.


CIO Small Talk

Podcast: An Accounting-Centric Approach to Small-Cap Investing

Portfolio Manager Charlie Dreifus and Senior Analyst Tim Hipskind join Co-CIO Francis Gannon to discuss our accounting-centric Small-Cap Special Equity Strategy, a key holding, and Charlie’s outlook.

Investment Focus

Podcast: How Low Small-Cap Valuations May Help Active Management

Co-CIO Francis Gannon talks about the potential for better relative and absolute small-cap returns and how attractively low valuations in the asset class can help active small-cap management going forward.

Market Perspective

International Small-Cap Premier Quality Strategy 3Q23 Update & Outlook

Portfolio Manager Mark Fischer and Assistant Portfolio Manager Mark Rayner on the long-term prospects for quality non-U.S. small caps.

Investment Focus

Royce Small-Cap Special Equity Fund—3Q23 Update and Outlook

Portfolio Manager Charlie Dreifus updates investors on how our Small-Cap Special Equity Strategy performed in 3Q23 and why his outlook remains cautious.

Investment Focus

Royce Small-Cap Total Return—3Q23 Update and Outlook

Portfolio Managers Miles Lewis, Chuck Royce, and Assistant Portfolio Manager Joe Hintz update investors their optimistic outlook for their Quality Value Strategy.

Investment Focus

Four Tech Holdings That Look Poised for Long-Term Growth

Portfolio Manager Jay Kaplan on 4 electronics manufacturing services companies that are moving into higher-margin businesses.

Investment Focus

A Deep Dive into 2 Quality Value Holdings

Lead Portfolio Manager Miles Lewis and Assistant Portfolio Manager Joe Hintz detail the investment thesis for 2 Quality Value holdings in Royce Small-Cap Total Return Fund

Investment Focus

Podcast: Compelling Small-Cap Values in Today’s Market

Portfolio Managers Jim Harvey and Brendan Hartman discuss AI, two high-confidence holdings, and where they’ve been seeing compelling long-term opportunities with Co-CIO Francis Gannon.

Investment Focus

Podcast: AI Opportunities, Resilient Banks, and Industrial Shifts

Lead Portfolio Manager Miles Lewis and Assistant Portfolio Manager Joe Hintz discuss current opportunities in three key sectors in their Quality Value Strategy with Co-CIO Francis Gannon.

Investment Focus

Will Electrification and Electric Vehicles Galvanize Performance?

Portfolio Manager Chip Skinner discusses the critical investment themes of electrification and electric vehicles in Royce Smaller-Companies Growth Fund.

Investment Focus

A Rally, A Few Downgrades, and a Potential Pause

by Francis Gannon

Co-CIO Francis Gannon discusses why recent short-term outperformance may be signaling a leadership shift in favor of small cap.


CIO Small Talk

Manager Commentaries

Twice a year, our Fund Manager Commentaries give you a detailed look at their portfolio’s performance, positioning, prospects, and opportunities.

Investment Focus

Semiannual Letter: Are Small Caps Ready for the Handoff from Bear to Bull?

by Chuck Royce, Chris Clark, and Francis Gannon

Current fundamentals and history may be signaling a small-cap run.

Market Perspective

What Is the Outlook for the Second Half of 2023?

Portfolio Managers Chuck Royce, Lauren Romeo, Jim Stoeffel, and Miles Lewis weigh in on what they expect from the rest of 2023.

Market Perspective

Small-Cap Premier Quality Strategy—2Q23 Update and Outlook

Co-Lead Portfolio Managers Lauren Romeo and Steven McBoyle update investors on the Strategy’s strong first half of 2023 while providing a bright outlook for U.S. small-cap quality.

Investment Focus

Royce Pennsylvania Mutual Fund—2Q23 Update and Outlook

Lead Portfolio Manager Chuck Royce joins Portfolio Managers Lauren Romeo, Jay Kaplan, Miles Lewis, Steven McBoyle, and Andrew Palen to update investors on our flagship portfolio’s strong 2Q23 while offering their confident long-term outlook.

Investment Focus

Small-Cap Opportunistic Value Strategy—2Q23 Update and Outlook

Portfolio Managers Jim Stoeffel, Brendan Hartman, Jim Harvey, and Assistant Portfolio Manager Kavitha Venkatraman detail how our Small-Cap Opportunistic Value Strategy performed and update investors and clients on their outlook.

Investment Focus

How a Quality Small-Cap Holding Is Innovating with Computerization

Senior Analyst Zachary Weiss details the investment thesis for a newer holding in the Royce Premier Fund that is using computerization in mountain bikes and trucks.

Market Perspective

Podcast: International Small-Cap Opportunities

Portfolio Manager Mark Fischer and Assistant Portfolio Manager Mark Rayner talk to Francis Gannon about the asset class, their recent trip to Japan, and three high-confidence holdings.

Investment Focus

Why the Time Looks Right for Small Caps

Chuck Royce and Francis Gannon explain why history and fundamentals add up to a bullish take on small cap’s long-term prospects.

Market Perspective

Podcast: Quality Time for Small-Cap Stocks

Portfolio Manager Lauren Romeo joins Co-CIO Francis Gannon to discuss the success of our Small-Cap Premier Quality Strategy and where she’s been finding what look to her like high-quality small-cap stocks.

Investment Focus

Where Are the Best Long-Term Small-Cap Opportunities?

Portfolio Managers Jim Stoeffel, Brendan Hartman, Jim Harvey, and Assistant Portfolio Manager Kavitha Venkatraman discuss the industries where they see promising long-term opportunities.

Investment Focus

Podcast: Discipline and Due Diligence in Small-Cap Investing

Portfolio Manager Charlie Dreifus and Senior Analyst Tim Hipskind join Co-CIO Francis Gannon to discuss our Small-Cap Special Equity Strategy and why Charlie believes the market has not yet reached a bottom.

Investment Focus

The Case for Allocating to International Small-Cap Stocks

This research discusses the opportunities asset allocators can find in international small-caps based on their historically lower volatility as well as their absolute and relative performance.

Small-Cap Research

Anatomy of a Recovery

by Francis Gannon

Co-CIO Francis Gannon discusses why, with so much attention on a recession, we are looking three to five years down the road toward an eventual recovery.


CIO Small Talk

Trading at Royce

The trading function at Royce is an integral part of our investment process and one of our key competitive strengths.

Investment Focus

International Small-Cap Premier Quality Strategy 1Q23 Update & Outlook

Portfolio Manager Mark Fischer and Assistant Portfolio Manager Mark Rayner on the prospects for quality non-U.S. small caps.

Investment Focus

Why the Time Looks Right for Quality

Co-Lead Portfolio Managers Lauren Romeo and Steven McBoyle on why the case for small-cap quality looks so compelling in today’s uncertain investment environment.

Investment Focus

Royce Small-Cap Special Equity Fund—1Q23 Update and Outlook

Portfolio Manager Charlie Dreifus updates investors on how our Small-Cap Special Equity Strategy performed in 1Q23 and throughout small cap’s current bear market.

Investment Focus

Royce Small-Cap Total Return—1Q23 Update and Outlook

Portfolio Managers Miles Lewis, Chuck Royce, and Assistant Portfolio Manager Joe Hintz update investors on why their long-term outlook is constructive.

Investment Focus

Why P&C Insurers Look Attractive

Lead Portfolio Manager Miles Lewis and Assistant Portfolio Manager Joe Hintz discuss how the banking industry’s recent woes are creating attractive long-term opportunities in the property & casualty (“P&C”) insurance industry.

Investment Focus

Sweet on Semiconductors

Portfolio Managers Jim Stoeffel, Brendan Hartman, Jim Harvey, and Assistant Portfolio Manager Kavitha Venkatraman discuss why the semiconductors & semiconductor equipment industry has long been a staple in Royce Small-Cap Opportunity Fund.

Investment Focus

Podcast: Finding Quality in Today’s Volatile Market

Lead Portfolio Manager Miles Lewis and Assistant Portfolio Manager Joe Hintz talk about how they try to provide downside protection without sacrificing upside capture with Co-CIO Francis Gannon.

Investment Focus

Podcast: Small Cap Opportunities in an Uncertain Market

Portfolio Manager Jim Stoeffel and Assistant Portfolio Manager Kavitha Venkatraman discuss where they see the most interesting small-cap opportunities with Co-CIO Francis Gannon.

Investment Focus

Small Cap: The Original Alternative Asset Class

by Francis Gannon

Co-CIO Francis Gannon on why we remain as excited about the opportunities within the asset class as we have been in more than a decade as the economy—as well as monetary and fiscal policy—are changing dramatically.


CIO Small Talk

Small-Cap Opportunistic Value Strategy—4Q22 Update and Outlook

by Jim Stoeffel, Brendan Hartman, Jim Harvey, and Kavitha Venkatraman

Portfolio Managers Jim Stoeffel, Brendan Hartman, Jim Harvey, and Assistant Portfolio Manager Kavitha Venkatraman recap 2022 and detail their confident long-term outlook for our Small-Cap Opportunistic Value Strategy.

Investment Focus

Small-Cap Premier Quality Strategy—4Q22 Update and Outlook

by Lauren Romeo and Steven McBoyle

Co-Lead Portfolio Managers Lauren Romeo and Steven McBoyle discuss 4Q22’s upswing, a bearish 2022, and their confident long-term outlook for the Small-Cap Premier Quality Strategy.

Investment Focus

Royce Pennsylvania Mutual Fund—4Q22 Update and Outlook

by Chuck Royce, Lauren Romeo, Jay Kaplan, Steven McBoyle, Andrew Palen, and Miles Lewis

Lead Portfolio Manager Chuck Royce and Portfolio Managers Lauren Romeo, Jay Kaplan, Steven McBoyle, Andrew Palen, and Miles Lewis update investors on how our flagship portfolio, Royce Pennsylvania Mutual Fund, performed in 4Q22 and in the highly challenging year of 2022 while offering their confident long-term outlook.

 

Investment Focus

What Will Surprise Investors in 2023?

by Chuck Royce, Lauren Romeo, Jim Stoeffel, and Miles Lewis

Portfolio Managers Chuck Royce, Lauren Romeo, Jim Stoeffel, and Miles Lewis weigh in on what investors may be missing as we head into next year.

Market Perspective

Podcast: Charlie Dreifus on the Contrarian Appeal of Select Consumer Stocks

Portfolio Manager Charlie Dreifus offers investors his take on the market and two high-conviction holdings in Royce Small-Cap Special Equity Fund.

Investment Focus

Five Holdings That Can Benefit from the Resilient U.S. Consumer

by Kavitha Venkatraman and Joe Hintz

 Assistant Portfolio Managers Kavitha Venkatraman and Joe Hintz discuss the resilient U.S. consumer and the holdings and industries that look poised to benefit.

Investment Focus

Four Small-Cap Quality Innovators

by Lauren Romeo, Steven McBoyle

PMs Lauren Romeo and Steven McBoyle on four holdings that are addressing secular opportunities.

Investment Focus

The Road Forward

by Francis Gannon

Co-CIO Francis Gannon explains why, during moments of extreme uncertainty, we have always relied on history as our guide.


CIO Small Talk

Royce Celebrates 50 Years of Small-Cap Investing

by Chuck Royce and Chris Clark

As we celebrate 50 years of small-cap investing, our founder Chuck Royce and CEO Chris Clark look back on the history of our firm and flagship portfolio, Royce Pennsylvania Mutual Fund.

Announcement

Six Attractive International Small-Cap Opportunities

by Mark Fischer

Portfolio Manager Mark Fischer details how the current downturn is creating exciting long-term opportunities in the international small-cap space.

Investment Focus

Royce Small-Cap Special Equity Fund—3Q22 Update and Outlook

by Charlie Dreifus

Portfolio Manager Charlie Dreifus updates investors on how Royce Small-Cap Special Equity Fund outperformed its benchmark in 3Q22 and in the bearish first nine months of the year.

Investment Focus

Royce Small-Cap Total Return—3Q22 Update and Outlook

by Miles Lewis and Joe Hintz

Portfolio Managers Miles Lewis and Joe Hintz update investors on how Royce Small-Cap Total Return Fund performed in an up and down 3Q22, the challenging first nine months of the year, and their optimistic long-term outlook.

Investment Focus

Podcast: Where Chuck Royce Is Finding Small-Cap Opportunities

by Chuck Royce, Andrew Palen, and Francis Gannon

Chuck Royce and Andrew Palen join Francis Gannon to talk about small-cap opportunities and the multidiscipline approach of Royce Pennsylvania Mutual Fund. 

Investment Focus

Podcast: Small-Cap Quality, Value, and Fallen Angels

by Miles Lewis and Joseph Hintz.

Miles Lewis and Joe Hintz join Steve Lipper to discuss the opportunities created by recent volatility and the attributes they see in three holdings in their Small-Cap Quality Value Strategy. 

Investment Focus

Podcast: Opportunistic Values in Today’s Market

by Brendan Hartman and Jim Harvey.

Brendan Hartman and Jim Harvey join Steve Lipper to discuss the current small-cap market and where they’re finding value in their theme-driven Small-Cap Opportunistic Value Strategy.

Investment Focus

Two Quality Small-Cap Holdings

by Lauren Romeo

Lauren Romeo talks about the current market, two high-confidence holdings, and why she’s optimistic about small-cap quality’s long-term prospects.

Investment Focus

A Great Time to Buy International Small-Caps?

by Mark Rayner and Mark Fischer

PMs Mark Rayner and Mark Fischer talked to Senior Investment Strategist Steve Lipper about how recent performance has created long-term buying opportunities in Royce International Premier Fund.

Investment Focus

A Rally to Rent or Own?

by Francis Gannon

Co-CIO Francis Gannon dissects the 3Q22 rally and looks at why our confidence in small-cap value and quality remains high.


CIO Small Talk

Royce Pennsylvania Mutual Fund—2Q22 Update and Outlook

by Chuck Royce, Lauren Romeo, Jay Kaplan, Steven McBoyle, Andrew Palen, and Miles Lewis

Lead Portfolio Manager Chuck Royce and Portfolio Managers Lauren Romeo, Jay Kaplan, Steven McBoyle, Andrew Palen, and Miles Lewis update investors on how our flagship portfolio, Royce Pennsylvania Mutual Fund, performed in 2Q22 and in the equally challenging first half of 2022 while offering their confident long-term outlook.

Investment Focus

Small-Cap Opportunistic Value Strategy—2Q22 Update and Outlook

by Jim Stoeffel, Brendan Hartman, Jim Harvey, and Kavitha Venkatraman

Portfolio Managers Jim Stoeffel, Brendan Hartman, and Jim Harvey, along with Assistant Portfolio Manager Kavitha Venkatraman manage our Small-Cap Opportunistic Value portfolios. In this article, the team details how the Strategy performed and updates clients on their outlook.

Investment Focus

Opportunistic Values in a Volatile Market

by Kavitha Venkatraman and Jim Harvey

Kavitha Venkatraman and Jim Harvey, CFA® discuss how they’ve been investing in our Small-Cap Opportunistic Value Strategy during turbulent times.

Investment Focus

Which Small-Caps Look Set to Benefit from Inflation?

by Jim Stoeffel

Portfolio Manager Jim Stoeffel on the opportunities created by inflation, investing in energy, consumer areas, and more.

Investment Focus

What Might Look Good in a Year?

by Chuck Royce, Jim Stoeffel, Steven McBoyle, and Mark Fischer

PMs Chuck Royce, Jim Stoeffel, Steven McBoyle, and Mark Fischer talk about an industry or investment theme they think may bode well for investors in a year’s time.

Investment Focus

Small-Cap Quality’s Advantages During Market Declines

by Steven McBoyle

PM Steven McBoyle details how quality has been holding up amid market volatility, how recent supply chain issues have affected his investment process, and where he’s finding quality small-cap opportunities in the semiconductor industry.

Investment Focus

Finding Non-U.S. Small-Caps Built to Last

by Mark Fischer

Portfolio Manager Mark Fischer talks about his investment process, opportunities he’s finding amid a tumultuous market, and more.

Investment Focus

Chuck Royce: Finding Investment Opportunities in an Uncertain Market

by Chuck Royce

Chuck Royce discusses three companies in which he has high confidence and explains why he thinks investors should remain in the market.

Investment Focus

Mind the Gap

by Francis Gannon

Co-CIO Francis Gannon on how the widening gap between valuations and fundamentals is creating opportunities for our Portfolio Managers.


CIO Small Talk

Where a Small-Cap Value Investor Sees Quality in Tech

by Joseph Hintz

Portfolio Manager Joseph Hintz, CFA®, Assistant Portfolio Manager for Royce Total Return Fund, talks about his quality value approach and how it sometimes leads him to overlooked technology companies.

Investment Focus

Moving Forward by Adding Investment Talent

by Chris Clark

CEO and Co-CIO Chris Clark discusses recent Portfolio Manager elevations and other important changes that became effective with the updated Prospectuses on 5/1/22, as well as new additions to our investment staff.

Investment Focus

Royce Total Return—1Q22 Update and Outlook

by Miles Lewis and Chuck Royce

Miles Lewis and Chuck Royce detail recent performance for Royce’s Small-Cap Quality Value Strategy as well as current opportunities and their outlook for the portfolio.

Investment Focus

International Premier Quality Strategy—1Q22 Update and Outlook

by Mark Rayner and Mark Fischer

Lead Portfolio Manager Mark Rayner and Portfolio Manager Mark Fischer discuss their upbeat long-term outlook in spite of a difficult 1Q22 for the International Small-Cap Premier Quality Strategy.

Investment Focus

The Case for Global Small-Cap Quality

Is there an "Iron Law" of Value Creation? Our latest research paper looks at why there may be.

Small-Cap Research

Why an Iconic Denim Brand Is an Attractive Opportunity

by Miles Lewis

Miles Lewis discusses two opportunities he currently favors for our dividend value approach.

Investment Focus

Chuck Royce on Three High-Confidence Holdings

by Chuck Royce

Chuck Royce details three distinct companies that currently have his long-term confidence.

Investment Focus

How a Veteran PM Invests in Bear Markets

by Charlie Dreifus

Charlie Dreifus discusses his take on the sharp market decline, three companies he’s optimistic about, and more.

Investment Focus

Down Market Opportunities: Two Premier Quality Small-Caps

by Lauren Romeo

PM Lauren Romeo talks about down market opportunities, the small-cap earnings season, and two high-quality holdings in our Premier Quality Strategy.

Investment Focus

How to Use a Volatile Market

by Francis Gannon

Co-CIO Francis Gannon looks at current volatility, small-cap earnings, and why small-caps with strong fundamentals are well positioned.


CIO Small Talk

Finding Opportunities in International Small-Caps

by Mark Rayner, Mark Fischer, and Yutetsu Ametani

The portfolio management team for Royce International Premier Quality Strategy identifies 14 companies, discusses recent performance, and details their optimistic outlook.

Investment Focus

Our Annual Update for Clients and Partners

by Chris Clark

Get the latest news and investment team updates.

Investment Focus

Royce Pennsylvania Mutual Fund—4Q21 Update and Outlook

by Chuck Royce, Jay Kaplan, and Andrew Palen

Lead Portfolio Manager Chuck Royce and Portfolio Managers Jay Kaplan and Andrew Palen update investors on how our flagship portfolio, Royce Pennsylvania Mutual Fund, performed in 4Q21 and 2021 as a whole while offering their confident outlook for 2022.

Investment Focus

Opportunistic Value Strategy—4Q21 Strategy Update and Outlook

by Jim Stoeffel, Brendan Hartman, Jim Harvey, and Kavitha Venkatraman

The portfolio management team for our opportunistic value strategies is led by Portfolio Managers Jim Stoeffel, Brendan Hartman, and Jim Harvey, along with Assistant Portfolio Manager Kavitha Venkatraman. Here, the team details how the strategy performed and updates clients on their outlook.

Investment Focus

Premier Quality Strategy—4Q21 Update and Outlook

by Chuck Royce, Lauren Romeo, and Steven McBoyle

Lead Portfolio Manager Chuck Royce and Portfolio Managers Lauren Romeo, CFA® and Steven McBoyle update investors on how our Small-Cap Premier Quality Strategy performed and detail their optimistic outlook for 2022.

Investment Focus

Global Small-Caps: A World of Overlooked Opportunities

Making the case for allocating to global small caps.

Small-Cap Research

PM Roundtable: 2022 Small Cap Outlook

by Chuck Royce, Jay Kaplan, and Andrew Palen

On 12/15/21, Senior Investment Strategist Steve Lipper welcomed Portfolio Managers Chuck Royce, Jay Kaplan, and Andrew Palen to discuss their outlook and highest conviction ideas for 2022 in a discussion that focused on our flagship portfolio, Royce Pennsylvania Mutual Fund.

Investment Focus

Three PMs' Highest Conviction Stocks for 2022

by Miles Lewis, Steven McBoyle, and Jim Stoeffel

PMs Miles Lewis, Steven McBoyle, and Jim Stoeffel detail why these small cap companies are their highest conviction ideas for next year.

Investment Focus

Chuck Royce: Investing Through the Pandemic

by Chuck Royce

Chuck Royce discusses how he looked at investing during Covid, the opportunities he’s currently focused on, and more.

Investment Focus

Finding Attractive Stocks for Our Opportunistic Value Strategy

by Jim Stoeffel

PM Jim Stoeffel details how Royce’s Opportunistic Strategy identifies value stocks, the benefits of its new team, and where the team is finding attractive opportunities.

Two Timely Holdings in Our Quality Value Strategy

by Miles Lewis

PM Miles Lewis reviews his Quality Value approach, details two holdings he finds attractive, and three industries he currently favors.

Investment Focus

Earnings Are Fueling Small Cap’s Recent Rebound

by Francis Gannon

Co-CIO Francis Gannon on how earnings growth is driving recent small-cap performance.


CIO Small Talk

Three Industry Shifts Helping 4 Quality Holdings

by Steven McBoyle

PM Steven McBoyle details four Premier companies that are benefiting from industry trends.

Investment Focus

New APM Kavitha Venkatraman on Our Opportunistic Value Strategy

by Kavitha Venkatraman

Assistant PM Kavitha Venkatraman, who joined Royce in October, discusses the most critical metrics she looks for in a company, what drew her to our Small-Cap Opportunistic Value Strategy, which industries she believes have attractive valuations, and more.

Investment Focus

Three PMs on COVID-Driven Opportunities

by Lauren Romeo, Andrew Palen, and Brendan Hartman

Lauren Romeo, Andrew Palen, and Brendan Hartman discuss how businesses are adapting to the post-Covid world and the opportunities these changes are creating.

Investment Focus

The Undiscovered Connection: Value-Led Periods and Active Management

There seems to be a notable historical trend of active small-cap managers outperforming the Russell 2000 Index in periods when value stocks lead, while trailing the small-cap index when growth stocks lead.

Small-Cap Research

International Premier Quality Strategy—3Q21 Update and Outlook

by Mark Rayner and Mark Fischer

Lead Portfolio Manager Mark Rayner and Portfolio Manager Mark Fischer update clients on our International Small-Cap Premier Quality Strategy’s performance and offer their long-term outlook.

Investment Focus

Royce Total Return—3Q21 Strategy Update and Outlook

by Miles Lewis and Chuck Royce

Miles Lewis and Chuck Royce, who manage Royce Total Return Fund, update clients on the portfolio’s recent performance and their cautiously optimistic outlook.

Investment Focus

Challenges & Opportunities of the Current Labor Shortage

PMs Brendan Hartman and Jay Kaplan discuss how the current labor shortage is affecting their holdings.

Investment Focus

Surviving Adversity to Thrive in Recovery

by Francis Gannon

Co-CIO Francis Gannon on why small-cap companies that effectively managed COVID hardships look poised to lead.


CIO Small Talk

Three PMs on Small-Cap Volatility and Opportunities

by Lauren Romeo, Jay Kaplan, and Andrew Palen

Portfolio Managers Lauren Romeo, Jay Kaplan, and Andrew Palen on how they’re managing recent volatility for our flagship, Royce Pennsylvania Mutual Fund.

Investment Focus

Overlooked Opportunities in International Small Cap Podcast

PMs Mark Rayner and Mark Fischer detail how their portfolio is positioned for inflation, finding non-cyclical industrial companies, and more.

Investment Focus

Penn—2Q21 Strategy Update and Outlook

by Chuck Royce, Steven McBoyle, and Andrew Palen

The portfolio management team for our flagship, Royce Pennsylvania Mutual Fund, is led by Chuck Royce, along with Portfolio Managers Jay Kaplan, Lauren Romeo, Steven McBoyle, Andrew Palen, and Miles Lewis. We asked Chuck, Steven, and Andrew to update clients on the portfolio’s recent performance and explain their optimistic outlook.

Investment Focus

Opportunistic Value Strategy—2Q21 Strategy Update and Outlook

by Buzz Zaino, Jim Stoeffel, Brendan Hartman, and Jim Harvey

The portfolio management team for Royce Opportunity Fund and our other opportunistic value strategies is led by Buzz Zaino, along with Portfolio Managers Jim Stoeffel, Brendan Hartman, and Jim Harvey. In this piece, the team updates clients on the portfolio’s strong performance and their optimistic outlook.

Investment Focus

Small Caps and Inflation

by Charlie Dreifus, Jim Stoeffel, Miles Lewis, and Jay Kaplan

We recently asked four of our small-cap value portfolio managers to tell us how increasing inflation is affecting the way they’re managing their strategies.

Investment Focus

Can Small Cap Cyclicals Keep Running?

by Francis Gannon

Has the bulk of improved corporate profitability already been reflected in stock prices, or can select small caps continue to perform well?


CIO Small Talk

CRO Gunjan Banati on Why Engagement and Proxy Voting Matter

by Gunjan Banati

Our conversation with Chief Risk Officer Gunjan Banati, who leads Royce's ESG efforts, on how company engagement and proxy voting are integral parts of our ESG activities.

Investment Focus

Two Quality Small-Cap Cyclicals

by Lauren Romeo

Portfolio Manager Lauren Romeo on why high-quality small-cap cyclicals look poised to do well in an expanding global economy.

Investment Focus

Refining Our Dividend Value Approach

by Miles Lewis and Chuck Royce

As Miles Lewis takes the helm of Royce Total Return Fund, we spoke to him and Chuck Royce about what we look for in dividend-paying small caps and where the current opportunities lie.

Investment Focus

Chris Clark on Developing Investment Talent and PM Elevations

by Chris Clark

CEO and Co-CIO Chris Clark outlines how Royce approaches developing investment talent and the most recent Portfolio Manager elevations.

Investment Focus

Five Questions with Buzz Zaino

by Buzz Zaino

Boniface “Buzz” Zaino recently resumed leading the portfolio management team for Royce Opportunity Fund and our other offerings that are managed with the same disciplined approach he developed.

Investment Focus

Premier Quality Strategy—1Q21 Update and Outlook

by Chuck Royce, Lauren Romeo, and Steven McBoyle

Lead Portfolio Manager Chuck Royce and Portfolio Managers Lauren Romeo, CFA and Steven McBoyle provide an update on how our Small-Cap Premier Quality Strategy performed as well their optimistic outlook for the rest of the year.

Investment Focus

Riding the Micro-Cap Wave

by Jim Stoeffel and Brendan Hartman

Lead PM Jim Stoeffel and PM Brendan Hartman discuss their risk-aware approach to buying micro-cap stocks and talk about two holdings that exemplify their stock selection process.

Investment Focus

Is the Small-Cap Earnings Recovery Just Beginning?

by Francis Gannon

Co-CIO Francis Gannon on why he thinks earnings will drive the market as the economy heats up.


CIO Small Talk

Finding Growth at Reasonable Prices

by Chip Skinner

Portfolio Manager Chip Skinner details his “GARP” approach and discusses two holdings that exemplify his stock selection process.

Investment Focus

Overlooked Opportunities Podcast With Mark Rayner

PM Mark Rayner details the process for his high-quality strategy and two international small cap opportunities he believes other investors are overlooking.

Investment Focus
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