Bill Hench On Small-Cap Health Care—Royce
article 12-11-2019

Bill Hench On TD Ameritrade Network: Finding Opportunities In Health Care

PM Bill Hench was a guest on TD Ameritrade Network’s Morning Trade Live to discuss finding opportunities in Health Care.

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Bill Hench recently joined host Oliver Renick on TD Ameritrade Network’s Morning Trade Live to discuss why he is currently interested in small-cap Health Care stocks.

Watch Bill's appearance here.

Bill explained how most value investors are either underweight in Health Care or avoid the sector altogether, but similarly to tech, the comparative absence of value investors helps to create attractive valuations in Health Care names when stocks pull back.

Watch Bill's appearance here.

Learn more about Bill Hench here.

Important Disclosure Information

Average Annual Total Returns as of 9/30/19 (%) 

  3Q191 YTD1 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Opportunity 0.87 16.63 -11.41 8.17 6.27 10.36 8.08 10.70 11.35 11/19/96
Russell 2000 -2.40 14.18 -8.89 8.23 8.19 11.19 8.19 7.99 8.11 N/A
Russell 2000 Value -0.57 12.82 -8.24 6.54 7.17 10.06 7.23 9.05 8.97 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.royceinvest.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.

Percentage of Fund Holdings As of 9/30/2019 (%)

  Royce 
Opportunity Fund

Air Lease Corp CI. A

1.0

Comtech Telecommunications

1.0

Herc Holdings

1.0

LGI Homes

0.7

Kraton Corp

0.9

Northwest Pipe

1.0

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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