Steve Lipper On TD Ameritrade Network—Royce
article 10-27-2020

Steve Lipper On TD Ameritrade Network: The Watch List

Senior Investment Strategist Steve Lipper was a guest on TD Ameritrade Network’s The Watch List to discuss how historical small-cap performance could mean the asset class is slated for a strong recovery.

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Steve Lipper recently joined host Nicole Petallides on TD Ameritrade Network’s The Watch List to discuss how historical performance may suggest that small-caps are poised for a strong recovery and where Royce PMs are finding opportunities.

Watch Steve's appearance here.

Steve explained that this is the 17th decline since 1945 that small-caps have lost at least 15%, and in the previous 16 declines small-caps have recovered the prior peak as well as had a median advance of 55%.

He added that mobile banking usage for customers of small banks and recreational boating are two areas where there has been behavioral change as a result of the pandemic that he believes is sustained and has created opportunities.

Watch Steve's appearance here.

Learn more about Steve Lipper here.

Important Disclosure Information

The thoughts and opinions expressed in the video are solely those of the persons speaking as of October 23, 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.

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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