Bill Hench in Morningstar—Royce
article 11-23-2020

Bill Hench in Morningstar

PM Bill Hench was recently featured in a Morningstar article highlighting niche strategies whose PMs have substantial investments in the funds they manage.

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Portfolio Manager Bill Hench was recently featured in a Morningstar article titled “These Fund Managers Are True Believers” by Russel Kinnel that highlighted PMs who have committed more than $1 million to their niche funds.

Read the article. 

The article stated that Bill has more than $1 million invested in Royce Opportunity Fund, the deep value strategy that he manages. Russel added that he found only 28 out of 123, or 23%, of small-value managers have more than $1 million invested in their funds.

Read the article. 

Learn more about Bill Hench here.

Important Disclosure Information

Average Annual Total Returns as of 9/30/20 (%) 

  3Q201 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Opportunity 11.11 0.10 -1.11 8.48 8.79 6.91 8.60 10.86 11/19/96
Russell 2000 Value 2.56 -14.88 -5.13 4.11 7.09 4.93 7.40 7.85 N/A
Russell 2000 4.93 0.39 1.77 8.00 9.85 7.03 6.88 7.78 N/A

Annual Operating Expenses: 1.22

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 and micro-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.) The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss.

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