Opportunities In Small-Cap Value Stocks—Royce
article 09-19-2019

Bill Hench On Money Life with Chuck Jaffe

Bill Hench was a guest on Money Life with Chuck Jaffe radio show to discuss finding bargains in small-cap value stocks.


Portfolio Manager Bill Hench joined host Chuck Jaffe on Money Life to discuss opportunities in small-cap value stocks and his methodology for Royce Opportunity Fund.

Listen to Bill’s appearance here (begins at the 36:44 mark).

In the interview, Bill detailed why he is constructive on the market and where he is finding bargains. He explained why he is currently favoring semiconductor capital equipment, housing, healthcare, and industrials as opportunities.

“What we’re really trying to do is figure out which names are going to give us the biggest bang for the buck.”

Listen to Bill’s appearance here (begins at the 36:44 mark).

Learn more about Bill Hench here.

Important Disclosure Information

Average Annual Total Returns as of 6/30/19 (%) 

Opportunity 1.15 15.63 -11.06 12.37 4.11 13.38 7.69 10.63 11.44 11/19/96
Russell 2000 2.10 16.98 -3.31 12.30 7.06 13.45 8.15 7.77 8.91 N/A
Russell 2000 Value 1.38 13.47 -6.24 9.81 5.39 12.40 7.28 8.64 9.10 N/A

Annual Operating Expenses: 1.20% 

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 www.roycefunds.com. 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.

Mr. Hench’s thoughts and opinions concerning recent market movements and future prospects for small-company stocks are solely those of Royce & Associates, LP, and, of course, there can be no assurances with respect to future small-cap market performance.

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.

Percentage of Fund Holdings As of 6/30/2019 (%)

  Royce Opportunity Fund

Alpha & Omega Semiconductor


AMN Healthcare Services


Builders FirstSource


Cross Country Healthcare


Extreme Networks


Generac Holdings


Louisiana-Pacific Corporation


MACOM Technology Solutions Holdings


PGT Innovations


RTI Surgical Holdings


Company examples are for illustrative purposes only. This does not constitute a recommendation to buy or sell any stock. There can be no assurance that the securities mentioned in this piece will be included in any Fund’s portfolio in the future.

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI.

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. 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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