Portfolio Managers Miles Lewis and Chip Skinner on four small-caps with promising long-term prospects.

Senior Analyst Zach Weiss details the thesis for a long-time holding in Royce Premier Fund that is often the hidden force behind stronger structures.

Twice a year, our portfolio managers deliver Manager Commentaries that provide timely investment insights. 2025’s Semiannual Manager Commentaries are now available, so you can get the latest outlooks from our investment teams and see what companies, industries, and sectors drove performance in 2025’s first half.

Lead Portfolio Manager Miles Lewis, Portfolio Manager Joe Hintz, and Assistant Portfolio Manager Jag Sriram update investors on a solid quarter and their cautious outlook.

Co-Lead Portfolio Managers Lauren Romeo and Steven McBoyle and Assistant Portfolio Manager Andrew Palen update investors on the Strategy’s recent performance while providing an optimistic long-term outlook for high-quality U.S. small-caps.

Portfolio Managers Lauren Romeo, Jay Kaplan, Steven McBoyle, Andrew Palen, and Miles Lewis update investors on how our flagship portfolio, Royce Small-Cap Fund, performed in 2Q25 and YTD while Co-Chief Investment Officer and Portfolio Manager Francis Gannon offers a constructive long-term outlook for the Fund.

Portfolio Manager Mark Fischer goes in depth on two U.K. holdings in Royce International Premier Fund, as well as two additional positions that are in the process of being acquired.

PM Chip Skinner talks about his data-driven process and the importance of avoiding pitfalls in Royce Smaller-Companies Growth Fund.

Portfolio Manager Steven McBoyle talks Quaker Houghton, a long-time holding that is not only executing well in a challenging environment but is also acting as an acquiror from private equity sellers that need liquidity.

The portfolio management team of Royce Small-Cap Opportunity Fund—Brendan Hartman, Jim Harvey, Jim Stoeffel, and Kavitha Venkatraman—delve into the investment thesis of four key positions.

Portfolio Manager Lauren Romeo talks about three key holdings, how she became a small-cap quality investor, and what company qualities matter most to her.

Senior Analyst Zachary Weiss details the thesis for a holding in Royce Premier Fund that can benefit from increasingly strict HVAC regulations and the growing need for cooling in AI-heavy data centers.

Miles Lewis talks about his investment style, the importance of a team-based approach, and how he came to Royce to manage Royce Small-Cap Total Return Fund.

Portfolio Manager Mark Fischer and Senior Analyst Yutetsu Ametani discuss how they uncovered an undervalued quality business in a Japanese software company, Zuken.

Portfolio Managers Miles Lewis, Lauren Romeo, Charlie Dreifus, and Mark Fischer discuss opportunities that increased volatility and plunging prices are creating.

Portfolio Manager Mark Fischer and Senior Analyst Yutetsu Ametani detail how Return on Net Required Operating Capital, or RORC, is helping them find quality small-caps in Japan.

Assistant Portfolio Manager Kavitha Venkatraman looks at the ongoing opportunities for long-term growth in the AdTech industry.

Portfolio Manager Joe Hintz details the high-conviction thesis for two holdings in Royce Small-Cap Total Return Fund.

Co-CIO Francis Gannon looks at four holdings in our flagship Fund.

Co-Lead Portfolio Managers Lauren Romeo and Steven McBoyle detail the investment case for two of 2024’s top contributors and two top detractors in our Small-Cap Premier Strategy.

PM Chip Skinner discusses his investment approach, two high-confidence holdings, and his optimistic outlook for Royce Smaller-Companies Growth Fund.

Lead Portfolio Manager Brendan Hartman, Portfolio Managers Jim Stoeffel and Jim Harvey, and Assistant Portfolio Manager Kavitha Venkatraman detail how our Small-Cap Opportunistic Value Strategy performed in the fourth quarter and in 2024 while updating investors on their optimistic outlook.

Lead Portfolio Manager Miles Lewis, Portfolio Manager Joe Hintz, and Assistant Portfolio Manager Jag Sriram update investors on a strong quarter while offering a cautiously confident outlook.

Portfolio Managers Lauren Romeo, Miles Lewis, Brendan Hartman, and Co-CIO Francis Gannon look at what might be next for small-caps as we head into next year.

PM Chip Skinner details what he likes about the payment acceptance and processing industry and discusses three key holdings in the category.

Senior Analyst Zachary Weiss details the thesis for a holding in Royce Premier Fund that in our view has a quintessential Premier business model.

Portfolio Manager Charlie Dreifus discusses his distinctive investment approach and updates investors on his outlook for the Royce Small-Cap Special Equity Strategy.

Lauren Romeo talks about three high-confidence holdings, including two that are helping to power cutting-edge technology.

Portfolio Manager Jim Stoeffel and Assistant Portfolio Manager Andrew Palen detail their investment approach in our three micro-cap portfolios, discuss two high-conviction holdings, and offer an upbeat long-term outlook.

Lead Portfolio Manager Miles Lewis, Portfolio Manager Joe Hintz, and Assistant Portfolio Manager Jag Sriram discuss three key holdings in Royce Small-Cap Total Return Fund with Co-CIO Francis Gannon.

Co-Lead Portfolio Managers Lauren Romeo and Steven McBoyle update investors on the Strategy’s recent performance while providing an optimistic outlook for high-quality U.S. small-caps.

Portfolio Managers Lauren Romeo, Jay Kaplan, Steven McBoyle, Andrew Palen, and Miles Lewis update investors on how our flagship portfolio, Royce Small-Cap Fund, performed in 3Q24 while Co-Chief Investment Officer Francis Gannon offers a constructive long-term outlook for the Fund.

Portfolio Managers Brendan Hartman, Jim Harvey, Jim Stoeffel, and Assistant Portfolio Manager Kavitha Venkatraman discuss four key positions that exemplify their theme-driven investment approach.

Portfolio Manager Joe Hintz talks about how current volatility in Information Technology is creating long-term opportunities in Royce Small-Cap Total Return Fund.

Portfolio Manager Jim Stoeffel and Assistant Portfolio Manager Kavitha Venkatraman talk to Francis Gannon about their theme-driven opportunistic approach to small-cap value investing.

Portfolio Manager Charlie Dreifus and Assistant Portfolio Manager Tim Hipskind join Francis Gannon to discuss their accounting-centric methodology and detail their thesis on three key holdings.

Lead Portfolio Manager Miles Lewis and Assistant Portfolio Manager Joe Hintz discuss why they’re constructive on select small-cap banks in Royce Small-Cap Total Return Fund.

Portfolio Manager Mark Fischer and Senior Analyst Evan Choi talk to Francis Gannon about their search for high-quality non U.S. small-caps and offer details about two high-confidence holdings.

Portfolio Managers Lauren Romeo, Jay Kaplan, Steven McBoyle, and Miles Lewis weigh in on what investors may be missing as we head into the back half of the year.

Portfolio Managers Jim Stoeffel, Brendan Hartman, Jim Harvey, and Assistant Portfolio Manager Kavitha Venkatraman detail how our Small-Cap Opportunistic Value Strategy is investing in several areas poised to benefit from the development of Artificial Intelligence.

Lead Portfolio Manager Miles Lewis and Assistant Portfolio Manager Joe Hintz discuss the ever-evolving investment approach in their Quality Value Strategy with Co-CIO Francis Gannon.

Senior Analyst Zachary Weiss offers the investment case for a holding in Royce Premier Fund that is growing market share in a traditionally recession-resistant industry.

Co-CIO Francis Gannon talks about the ways our Quantitative Research Group has enhanced our holistic approach to risk management.

Portfolio Manager Mark Fischer and Assistant Portfolio Manager Mark Rayner update investors on recent performance and their constructive long-term outlook for the Strategy.

Portfolio Managers Miles Lewis, Chuck Royce, and Assistant Portfolio Manager Joe Hintz update investors on a strong quarter and their cautious and constructive outlook.

Portfolio Manager Charlie Dreifus updates investors on how our Small-Cap Special Equity Strategy performed in 1Q24.

Portfolio Manager Jay Kaplan talks about 5 small-cap value holdings in industries such as specialty retail, capital markets, and building products.

Portfolio Manager Steven McBoyle details why this small-cap quality holding fits so well in Royce Premier Fund.

Portfolio Manager Jim Stoeffel and Assistant Portfolio Manager Kavitha Venkatraman discuss their theme-driven opportunistic approach to small-cap value investing.

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.

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.

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

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.

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.

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.

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.

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

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.

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

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.

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

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

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

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

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

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.

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.

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

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.

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.

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.

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.

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.

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

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.

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

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

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.

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.

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

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.

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.

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.

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.

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.

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.

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.  

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

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

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

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.

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.

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

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.