Portfolio Managers’ Fund Commentaries—Royce
article 02-14-2020

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 below.


After a period of pivots, pauses, and rallies, 2019 closed on a high note for small-cap stocks. We believe that the current backdrop looks promising for solid to strong small-cap performance due to four favorable factors: low inflation, modest valuations, moderate growth, and ample access to capital. We are comfortable with how our portfolios are positioned accordingly across each of our strategies.

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