Jay Kaplan On How Tariffs Affect Small-Cap Stocks—Royce
article 08-15-2019

Jay Kaplan Talks Tariffs On TD Ameritrade Network

PM Jay Kaplan was a guest on TD Ameritrade Network’s Morning Trade Live to discuss the recent news on Chinese tariffs.


Jay Kaplan recently joined host Oliver Renick on TD Ameritrade Network’s Morning Trade Live to discuss how delaying Chinese tariffs affects our portfolios.

Watch Jay’s appearance here.

Jay Kaplan said that the delayed tariffs not only bode well for the market but also for our portfolios, particularly those with a cyclical tilt and exposure to shoes and apparel. He went on to explain why he believes that delaying the threat of tariffs or having them go away completely would push out the likelihood of a recession.

Watch Jay’s appearance here.

Learn more about Jay Kaplan here.

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

Total Return 3.40 15.32 0.36 9.95 5.74 11.83 7.72 9.06 10.40 12/15/93
Russell 2000 2.10 16.98 -3.31 12.30 7.06 13.45 8.15 7.77 9.47 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. Kaplan’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.

There can be no assurance that companies that currently pay a dividend will continue to do so in the future.

Cyclical and Defensive are defined as follows: Cyclical: Communication Services, Consumer Discretionary, Energy, Financials, Industrials, Information Technology, and Materials. Defensive: Consumer Staples, Health Care, Real Estate, Utilities.

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