Portfolio Managers’ Fund Commentaries—Royce
article 02-17-2021

Manager Commentaries

Twice a year, our portfolio managers deliver Manager Commentaries that provide insights into performance—including holdings, portfolio positioning, investment opportunities, and long-term prospects. You can find your Fund’s letter below.


2020 proved to be a tale of two markets: starting with small cap’s largest quarterly loss in the 40+ year history of the Russell 2000 Index and ending with its best ever quarter. As we turn to 2021, we are optimistic about the prospects for small caps. We think 2021’s “new normal” will be different enough from pre-2020’s “old normal” to create potential opportunities for disciplined active management, and we also believe the year should be a rewarding one for select small-cap cyclicals.

 

Important Disclosure Information

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. All indexes referenced are unmanaged and capitalization-weighted. The Russell 2000 Index is an index of domestic small-cap stocks that 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. 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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