Francis Gannon on Schwabnetwork.com —Royce
article 07-30-2025

Francis Gannon on Schwabnetwork.com

Co-CIO Francis Gannon talks with Diana King Hall of schwabnetwork.com about current small-cap opportunities.

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On 7/21/25, Co-CIO Francis Gannon talked with Diana King Hall of schwabnetwork.com about current opportunities in small caps, both domestic and international, specifically those that have earnings. With many investors concerned about debt since interest rates are not being cut for now, he emphasized that as an active small-cap specialist, most Royce Strategies prioritize finding small caps that don’t need exposure to capital markets to grow, so that any rate cuts later this year would be “icing on the cake.”

Watch Francis's appearance here.

Francis also discussed why he thinks that small-caps have been a “forgotten asset class” over the last few years, presenting investors with compelling long-term opportunities in both domestic and non-U.S. small-cap stocks in areas such as industrial stocks and capital markets.

Important Disclosure Information

Mr. Gannon’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.

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.

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 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 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. 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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