article 05-10-2021

Charlie Dreifus Quoted In Barron’s Discussing Abe Briloff

PM Charlie Dreifus was quoted in Barron’s sharing his experience about his late mentor, Abe Briloff.


PM Charlie Dreifus recently shared with Barron’s in an article titled “How Barron’s Writer Abe Briloff Exposed Companies’ Shady Accounting” by Bill Alpert how his late mentor instilled his diligent attention to accounting in him.

Read the article (subscription required).

Charlie, who has frequently discussed the impact Briloff had on him, was quoted in the article saying, “He didn’t write like an accountant. He wrote like a poet, quoting the Bible and Greek literature.”

Charlie continues to use the lessons his mentor taught him on how public companies can play accounting tricks on their shareholders while managing Royce Special Equity. While Briloff was originally unpopular with the American Institute of Certified Public Accountants due to his rigorous work, “pooling of interests” was later banned by the Financial Accounting Standards Board. To this day, Charlie scrutinizes companies using this same approach.

“They did everything to discredit him. But he felt he was on a mission, like Don Quixote. There was a loneliness in that,” Charlie was quoted saying in the article.

Read the article (subscription required).

Learn more about Charlie Dreifus here.

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Average Annual Total Returns as of 3/31/21 (%) 

Special Equity 13.23 61.35 9.14 10.76 8.23 7.95 10.12 9.06 5/01/98
Russell 2000 Value 21.17 97.05 11.57 13.56 10.06 7.38 9.53 8.47 N/A
Russell 2000 12.70 94.85 14.76 16.35 11.68 8.83 9.76 8.29 N/A

Annual Operating Expenses: 1.23

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 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.

Mr. Dreifus’s thoughts and opinions concerning the stock market are solely his own and, of course, there can be no assurance with regard to future market movements. No assurance can be given that the past performance trends as outlined above will continue in the future.

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