RYSEX In Barron’s—Royce
article 03-19-2020

Royce’s Special Equity Strategy In Barron’s

“These Five Mutual Funds Have Held Up” on Barrons.com highlighted Royce’s Special Equity for its performance in the current downturn.


On March 18, 2020, Daren Fonda published a piece on Barrons.com, “These Five Mutual Funds Have Held Up,” that mentioned Royce Special Equity Fund. The article featured five funds with the best downside capture ratio from Feb. 19 to March 9 that have also done relatively well in the current bear market.

Read the article (subscription required).

Downside Capture Ratio measures a manager's performance in down markets relative to the Fund's benchmark. It is calculated by measuring the Fund's performance in quarters when the benchmark goes down and dividing it by the benchmark's return in those quarters.

Read the article (subscription required).

The article mentioned how Royce Special Equity has benefited from its high cash position and lack of exposure to Energy. It also highlighted that the Fund beat the Russell 2000 Value Index, which fell by about 39% for the one-month period through March 16.

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Important Disclosure Information

Average Annual Total Returns as of 12/31/19 (%) 

Special Equity 7.63 12.63 3.07 4.88 8.65 7.09 10.32 8.62 05/01/98
Russell 2000 9.94 25.52 8.59 8.23 11.83 7.92 7.59 9.57 N/A
Russell 2000 Value 8.49 22.39 4.77 6.99 10.56 6.92 9.41 7.80 N/A

Annual Operating Expenses: 1.18

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.

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. All indexes referenced are unmanaged and capitalization-weighted. The Russell 2000 Index is an index of domestic small-cap stocks that measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The Russell 2000 Value and Growth indexes consist of the respective value and growth stocks within the Russell 2000 as determined by Russell Investments. 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. The Fund invests primarily in small-cap stocks which may involve considerably more risk than investing in larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.) As of 12/31/19, the Fund invested a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than more broadly diversified portfolio because a decline in the value of any one of these stocks would cause the Fund's overall value to decline to a greater degree. (Please see "Primary Risks for Fund Investors" in the prospectus.)



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