Mark Fischer Joins RIPNX —Royce
article 06-01-2020

Mark Fischer Joins the Firm as Senior Analyst, Director of International Research

Mark Fischer, an experienced international small-cap analyst, joins the investment team at Royce Investment Partners that provides research for Royce International Premier Fund and related institutional strategies.


June 1, 2020—Mark Fischer, an experienced international small-cap analyst, has joined Royce Investment Partners as Senior Analyst, Director of International Research. He will be joining the firm’s investment team that provides research for Royce International Premier Fund and related institutional strategies. Before coming to Royce, he was the Research Manager and a Senior Research Analyst at Kabouter Management, an international small-cap specialist investment manager. Prior to that, he worked as an analyst for two private equity firms from 2007 through 2012.

We hired Mark because we were looking to add a talented investor to our team and thought his quality-oriented approach and diligent research practice would be an excellent fit. We look forward to Mark providing first-rate support and analytical insight to the team.

“We are very excited that Mark will be joining Royce—he's an important addition to our investment team, bringing a unique skillset that will have an immediate impact on our research capabilities in the international small-cap asset class,” said Royce’s CEO, Chris Clark. “We remain committed to adding talented investment professionals to our Firm, even during these challenging times.”

Royce International Premier Fund has delivered superior performance versus its benchmark over its nine-year history, and we are committed to taking the steps needed to continue delivering that distinctive performance experience.

“I’m looking forward to working with Mark,” says Royce International Premier Portfolio Manager Mark Rayner. “I believe his high-quality approach and diligent research abilities will enhance our international and global strategies.”

Mark is a dual citizen of Germany and the U.S., is fluent in German, and proficient in French. He holds a bachelor’s degree in business economics from the University of Chicago, where he was a member of Phi Beta Kappa National Honor Society. He also received his Master’s in Business Administration in Finance and Entrepreneurship from the Booth School of Business at the University of Chicago, where he graduated with Honors.

Royce Investment Partners, investment adviser to The Royce Funds, is a small-cap equity specialist offering portfolios with distinctive investment approaches to address specific investment goals. The firm has been managing U.S., global and international micro-cap, small-cap and small/mid-cap strategies portfolios for more than 45 years.

Important Disclosure Information

Average Annual Total Returns as of 3/31/20 (%) 

International Premier -23.81 9.85 4.49 6.37 5.22 12/31/10
MSCI ACWI x USA SC -29.01 -21.18 -4.89 -0.81 1.11 N/A

Annual Operating Expenses: Gross 1.59 Net 1.44

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 2% 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 Gross operating expenses reflect the Fund's total gross annual operating expenses for the Service Class and include management fees, 12b-1 distribution and service fees, and other expenses. Net operating expenses reflect contractual fee waivers and/or expense reimbursements. All expense information is reported as of the Fund's most current prospectus. Royce & Associates has contractually agreed, without right of termination, to waive fees and/or reimburse expenses to the extent necessary to maintain the Service Class's net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) at or below 1.44% through April 30, 2020.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The MSCI ACWI ex USA Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks, excluding the United States. Index returns include net reinvested dividends and/or interest income. 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 may invest a significant portion of its assets in foreign companies which may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic, or other developments that are unique to a particular country or region. These risk factors may affect the prices of foreign securities issued by companies headquartered in developing countries more than those headquartered in developed countries. (Please see "Investing in Foreign Securities" in the prospectus.) Therefore, the prices of the securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies. (Please see “Primary Risks for Fund Investors” in the prospectus.) The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. The Fund also generally invests a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than a 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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