Miles Lewis On TD Ameritrade Network—Royce
article 07-10-2020

Miles Lewis On TD Ameritrade Network: Assessing the Current Market

PM Miles Lewis was a guest on TD Ameritrade Network’s Market On Close to discuss why he’s optimistic on the recovery and why he thinks small-caps are poised to continue doing well.


Miles Lewis recently joined host Oliver Renick on TD Ameritrade Network’s Market On Close to discuss his take on current market conditions.

Watch Miles's appearance here.

In the interview, Miles discussed that he is bullish on a recovery based on the household debt service ratio being at a 40-year low, both ISM surveys expanding again, the strong housing market, and the yield curve steepening again.

“I think investors have gotten remarkably complacent that the things that have done well in the last 10 years will be the leaders going forward,” Miles said. “And it’s interesting, because the winds of change are blowing everywhere in the world right now, whether it’s consumer behaviors or social justice issues. And nobody thinks that those things are going to go back to where they were, yet in the financial markets it’s very comforting to think that worked the last 10 years will continue to work going forward.”

Watch Miles's appearance here.

Learn more about Miles Lewis here.

Important Disclosure Information

The thoughts and opinions expressed in the video are solely those of the persons speaking as of July 8, 2020 and may differ from those of other Royce investment professionals, or the firm as a whole. There can be no assurance with regard to future market movements.

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 6/30/2020 (%)

  James Rivery Group
Holdings, Ltd.

Royce Dividend Value


Royce Total Return


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.

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.

The household debt service ratio (DSR) is the ratio of total required household debt payments to total disposable income.

The ISM Manufacturing Index (ISM) monitors employment, production, inventories, new orders and supplier deliveries.

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 S&P 500 is an index of U.S. large-cap stocks selected by Standard & Poor’s based on market size, liquidity, and industry grouping, among other factors, and includes reinvested dividends. The NASDAQ Composite Index measures all NASDAQ domestic and international based common type stocks listed on The Nasdaq Stock Market. It is a broad based Index and is calculated under a market capitalization weighted methodology index. The Dow Jones Wilshire 5000 Total Market Index represents the broadest index for the U.S. equity market, measuring the performance of all U.S. headquartered equity securities with readily available price data. 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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