A collection of charts that provides key takeaways from the quarter.

Lead Portfolio Manager Miles Lewis, Portfolio Manager Joe Hintz, and Assistant Portfolio Manager Jag Sriram discuss three key holdings in Royce Small-Cap Total Return Fund with Co-CIO Francis Gannon.

Co-Lead Portfolio Managers Lauren Romeo and Steven McBoyle update investors on the Strategy’s recent performance while providing an optimistic outlook for high-quality U.S. small-caps.

A collection of charts that provides key takeaways from the quarter.

Portfolio Managers Lauren Romeo, Jay Kaplan, Steven McBoyle, Andrew Palen, and Miles Lewis update investors on how our flagship portfolio, Royce Small-Cap Fund, performed in 3Q24 while Co-Chief Investment Officer Francis Gannon offers a constructive long-term outlook for the Fund.

QTD and YTD Factor Performance

Chuck Royce and Co-CIO Francis Gannon discuss a terrific quarter for small-caps, why expanding market breadth is good for small-cap stocks, and two high-confidence holdings.

Small-Caps Rising

Portfolio Managers Brendan Hartman, Jim Harvey, Jim Stoeffel, and Assistant Portfolio Manager Kavitha Venkatraman discuss four key positions that exemplify their theme-driven investment approach.

Portfolio Manager Joe Hintz talks about how current volatility in Information Technology is creating long-term opportunities in Royce Small-Cap Total Return Fund.

Portfolio Manager Jim Stoeffel and Assistant Portfolio Manager Kavitha Venkatraman talk to Francis Gannon about their theme-driven opportunistic approach to small-cap value investing.

With August showing heightened volatility, CEO and Co-CIO Chris Clark looks at small-cap returns after previous periods of higher-than-usual share price fluctuations.

Co-CIO Francis Gannon looks at the confluence of volatility in politics and the stock market before examining what presidential election years have meant for small-cap stocks.

Strong fundamentals, a bullish July, and a rough start to August may be the recipe for small-cap leadership.

Twice a year, our Fund Manager Commentaries give you a detailed look at their portfolio’s performance, positioning, prospects, and opportunities.

Portfolio Manager Charlie Dreifus and Assistant Portfolio Manager Tim Hipskind join Francis Gannon to discuss their accounting-centric methodology and detail their thesis on three key holdings.

Lead Portfolio Manager Miles Lewis and Assistant Portfolio Manager Joe Hintz discuss why they’re constructive on select small-cap banks in Royce Small-Cap Total Return Fund.

Portfolio Manager Mark Fischer and Senior Analyst Evan Choi talk to Francis Gannon about their search for high-quality non U.S. small-caps and offer details about two high-confidence holdings.

Portfolio Managers Lauren Romeo, Jay Kaplan, Steven McBoyle, and Miles Lewis weigh in on what investors may be missing as we head into the back half of the year.

Portfolio Managers Jim Stoeffel, Brendan Hartman, Jim Harvey, and Assistant Portfolio Manager Kavitha Venkatraman detail how our Small-Cap Opportunistic Value Strategy is investing in several areas poised to benefit from the development of Artificial Intelligence.

Lead Portfolio Manager Miles Lewis and Assistant Portfolio Manager Joe Hintz discuss the ever-evolving investment approach in their Quality Value Strategy with Co-CIO Francis Gannon.

Senior Analyst Zachary Weiss offers the investment case for a holding in Royce Premier Fund that is growing market share in a traditionally recession-resistant industry.

Co-CIO Francis Gannon talks about the ways our Quantitative Research Group has enhanced our holistic approach to risk management.

Portfolio Manager Mark Fischer and Assistant Portfolio Manager Mark Rayner update investors on recent performance and their constructive long-term outlook for the Strategy.

Portfolio Managers Miles Lewis, Chuck Royce, and Assistant Portfolio Manager Joe Hintz update investors on a strong quarter and their cautious and constructive outlook.

Portfolio Manager Charlie Dreifus updates investors on how our Small-Cap Special Equity Strategy performed in 1Q24.

Portfolio Manager Jay Kaplan talks about 5 small-cap value holdings in industries such as specialty retail, capital markets, and building products.

Portfolio Manager Steven McBoyle details why this small-cap quality holding fits so well in Royce Premier Fund.

Portfolio Manager Jim Stoeffel and Assistant Portfolio Manager Kavitha Venkatraman discuss their theme-driven opportunistic approach to small-cap value investing.

Portfolio Manager Steven McBoyle talks to Co-Chief Investment Officer Francis Gannon about seven high-conviction holdings and the long-term prospects for small-cap quality.

No recession in 2023 was just part of the good news we see for small-caps going forward.

Co-CIO Francis Gannon talks about the Fund’s impressive long-term record of more than 50 years and looks at what sets our small-cap flagship apart.

Portfolio Manager Jay Kaplan talks about 4 key small-cap value holdings in the furniture, trucking, and homebuilding industries.

Co-Lead Portfolio Managers Lauren Romeo and Steven McBoyle update investors on the Strategy’s strong year in 2023 while providing a bright outlook for U.S. small-cap quality.

Portfolio Managers Jim Stoeffel, Brendan Hartman, Jim Harvey, and Assistant Portfolio Manager Kavitha Venkatraman detail how our Small-Cap Opportunistic Value Strategy performed in 2023 and update investors and clients on their outlook.

Lead Portfolio Manager Chuck Royce and Portfolio Managers Lauren Romeo, Jay Kaplan, Steven McBoyle, Andrew Palen, and Miles Lewis update investors on how our flagship portfolio, Royce Pennsylvania Mutual Fund, performed in 4Q23 and in 2023 while offering their confident long-term outlook.

Portfolio Managers Chuck Royce, Lauren Romeo, Miles Lewis, Jay Kaplan, and Steven McBoyle weigh in on what may be next for small-caps as we head into next year.

Portfolio Manager Miles Lewis and Assistant Portfolio Manager Joe Hintz detail the investment thesis for 2 holdings in the aviation space.

Portfolio Manager Mark Fischer talks to Co-Chief Investment Officer Francis Gannon about what it will take for quality non-U.S. small caps to shine again.

Assistant Portfolio Manager Kavitha Venkatraman explains how a normalized rate environment can benefit our Small-Cap Opportunistic Value Strategy.

Portfolio Manager Charlie Dreifus and Senior Analyst Tim Hipskind join Co-CIO Francis Gannon to discuss our accounting-centric Small-Cap Special Equity Strategy, a key holding, and Charlie’s outlook.

Co-CIO Francis Gannon talks about the potential for better relative and absolute small-cap returns and how attractively low valuations in the asset class can help active small-cap management going forward.

Portfolio Manager Mark Fischer and Assistant Portfolio Manager Mark Rayner on the long-term prospects for quality non-U.S. small caps.

Portfolio Manager Charlie Dreifus updates investors on how our Small-Cap Special Equity Strategy performed in 3Q23 and why his outlook remains cautious.

Portfolio Managers Miles Lewis, Chuck Royce, and Assistant Portfolio Manager Joe Hintz update investors their optimistic outlook for their Quality Value Strategy.

Portfolio Manager Jay Kaplan on 4 electronics manufacturing services companies that are moving into higher-margin businesses.

Lead Portfolio Manager Miles Lewis and Assistant Portfolio Manager Joe Hintz detail the investment thesis for 2 Quality Value holdings in Royce Small-Cap Total Return Fund

Portfolio Managers Jim Harvey and Brendan Hartman discuss AI, two high-confidence holdings, and where they’ve been seeing compelling long-term opportunities with Co-CIO Francis Gannon.

Lead Portfolio Manager Miles Lewis and Assistant Portfolio Manager Joe Hintz discuss current opportunities in three key sectors in their Quality Value Strategy with Co-CIO Francis Gannon.

Portfolio Manager Chip Skinner discusses the critical investment themes of electrification and electric vehicles in Royce Smaller-Companies Growth Fund.

Portfolio Managers Chuck Royce, Lauren Romeo, Jim Stoeffel, and Miles Lewis weigh in on what they expect from the rest of 2023.

Co-Lead Portfolio Managers Lauren Romeo and Steven McBoyle update investors on the Strategy’s strong first half of 2023 while providing a bright outlook for U.S. small-cap quality.

Lead Portfolio Manager Chuck Royce joins Portfolio Managers Lauren Romeo, Jay Kaplan, Miles Lewis, Steven McBoyle, and Andrew Palen to update investors on our flagship portfolio’s strong 2Q23 while offering their confident long-term outlook.

Portfolio Managers Jim Stoeffel, Brendan Hartman, Jim Harvey, and Assistant Portfolio Manager Kavitha Venkatraman detail how our Small-Cap Opportunistic Value Strategy performed and update investors and clients on their outlook.

Senior Analyst Zachary Weiss details the investment thesis for a newer holding in the Royce Premier Fund that is using computerization in mountain bikes and trucks.

Portfolio Manager Mark Fischer and Assistant Portfolio Manager Mark Rayner talk to Francis Gannon about the asset class, their recent trip to Japan, and three high-confidence holdings.

Chuck Royce and Francis Gannon explain why history and fundamentals add up to a bullish take on small cap’s long-term prospects.

Portfolio Manager Lauren Romeo joins Co-CIO Francis Gannon to discuss the success of our Small-Cap Premier Quality Strategy and where she’s been finding what look to her like high-quality small-cap stocks.

Portfolio Managers Jim Stoeffel, Brendan Hartman, Jim Harvey, and Assistant Portfolio Manager Kavitha Venkatraman discuss the industries where they see promising long-term opportunities.

Portfolio Manager Charlie Dreifus and Senior Analyst Tim Hipskind join Co-CIO Francis Gannon to discuss our Small-Cap Special Equity Strategy and why Charlie believes the market has not yet reached a bottom.

This research discusses the opportunities asset allocators can find in international small-caps based on their historically lower volatility as well as their absolute and relative performance.

The trading function at Royce is an integral part of our investment process and one of our key competitive strengths.

Portfolio Manager Mark Fischer and Assistant Portfolio Manager Mark Rayner on the prospects for quality non-U.S. small caps.

Co-Lead Portfolio Managers Lauren Romeo and Steven McBoyle on why the case for small-cap quality looks so compelling in today’s uncertain investment environment.

Portfolio Manager Charlie Dreifus updates investors on how our Small-Cap Special Equity Strategy performed in 1Q23 and throughout small cap’s current bear market.

Portfolio Managers Miles Lewis, Chuck Royce, and Assistant Portfolio Manager Joe Hintz update investors on why their long-term outlook is constructive.

Lead Portfolio Manager Miles Lewis and Assistant Portfolio Manager Joe Hintz discuss how the banking industry’s recent woes are creating attractive long-term opportunities in the property & casualty (“P&C”) insurance industry.

Portfolio Managers Jim Stoeffel, Brendan Hartman, Jim Harvey, and Assistant Portfolio Manager Kavitha Venkatraman discuss why the semiconductors & semiconductor equipment industry has long been a staple in Royce Small-Cap Opportunity Fund.

Lead Portfolio Manager Miles Lewis and Assistant Portfolio Manager Joe Hintz talk about how they try to provide downside protection without sacrificing upside capture with Co-CIO Francis Gannon.

Portfolio Manager Jim Stoeffel and Assistant Portfolio Manager Kavitha Venkatraman discuss where they see the most interesting small-cap opportunities with Co-CIO Francis Gannon.

Portfolio Managers Jim Stoeffel, Brendan Hartman, Jim Harvey, and Assistant Portfolio Manager Kavitha Venkatraman recap 2022 and detail their confident long-term outlook for our Small-Cap Opportunistic Value Strategy.

Co-Lead Portfolio Managers Lauren Romeo and Steven McBoyle discuss 4Q22’s upswing, a bearish 2022, and their confident long-term outlook for the Small-Cap Premier Quality Strategy.

Lead Portfolio Manager Chuck Royce and Portfolio Managers Lauren Romeo, Jay Kaplan, Steven McBoyle, Andrew Palen, and Miles Lewis update investors on how our flagship portfolio, Royce Pennsylvania Mutual Fund, performed in 4Q22 and in the highly challenging year of 2022 while offering their confident long-term outlook.

Portfolio Managers Chuck Royce, Lauren Romeo, Jim Stoeffel, and Miles Lewis weigh in on what investors may be missing as we head into next year.

Portfolio Manager Charlie Dreifus offers investors his take on the market and two high-conviction holdings in Royce Small-Cap Special Equity Fund.

 Assistant Portfolio Managers Kavitha Venkatraman and Joe Hintz discuss the resilient U.S. consumer and the holdings and industries that look poised to benefit.

PMs Lauren Romeo and Steven McBoyle on four holdings that are addressing secular opportunities.

As we celebrate 50 years of small-cap investing, our founder Chuck Royce and CEO Chris Clark look back on the history of our firm and flagship portfolio, Royce Pennsylvania Mutual Fund.

Portfolio Manager Mark Fischer details how the current downturn is creating exciting long-term opportunities in the international small-cap space.

Portfolio Manager Charlie Dreifus updates investors on how Royce Small-Cap Special Equity Fund outperformed its benchmark in 3Q22 and in the bearish first nine months of the year.

Portfolio Managers Miles Lewis and Joe Hintz update investors on how Royce Small-Cap Total Return Fund performed in an up and down 3Q22, the challenging first nine months of the year, and their optimistic long-term outlook.

Chuck Royce and Andrew Palen join Francis Gannon to talk about small-cap opportunities and the multidiscipline approach of Royce Pennsylvania Mutual Fund. 

Miles Lewis and Joe Hintz join Steve Lipper to discuss the opportunities created by recent volatility and the attributes they see in three holdings in their Small-Cap Quality Value Strategy. 

Brendan Hartman and Jim Harvey join Steve Lipper to discuss the current small-cap market and where they’re finding value in their theme-driven Small-Cap Opportunistic Value Strategy.

Lauren Romeo talks about the current market, two high-confidence holdings, and why she’s optimistic about small-cap quality’s long-term prospects.

PMs Mark Rayner and Mark Fischer talked to Senior Investment Strategist Steve Lipper about how recent performance has created long-term buying opportunities in Royce International Premier Fund.

Lead Portfolio Manager Chuck Royce and Portfolio Managers Lauren Romeo, Jay Kaplan, Steven McBoyle, Andrew Palen, and Miles Lewis update investors on how our flagship portfolio, Royce Pennsylvania Mutual Fund, performed in 2Q22 and in the equally challenging first half of 2022 while offering their confident long-term outlook.

Portfolio Managers Jim Stoeffel, Brendan Hartman, and Jim Harvey, along with Assistant Portfolio Manager Kavitha Venkatraman manage our Small-Cap Opportunistic Value portfolios. In this article, the team details how the Strategy performed and updates clients on their outlook.

Kavitha Venkatraman and Jim Harvey, CFA® discuss how they’ve been investing in our Small-Cap Opportunistic Value Strategy during turbulent times.

Portfolio Manager Jim Stoeffel on the opportunities created by inflation, investing in energy, consumer areas, and more.

PMs Chuck Royce, Jim Stoeffel, Steven McBoyle, and Mark Fischer talk about an industry or investment theme they think may bode well for investors in a year’s time.

PM Steven McBoyle details how quality has been holding up amid market volatility, how recent supply chain issues have affected his investment process, and where he’s finding quality small-cap opportunities in the semiconductor industry.

Portfolio Manager Mark Fischer talks about his investment process, opportunities he’s finding amid a tumultuous market, and more.

Chuck Royce discusses three companies in which he has high confidence and explains why he thinks investors should remain in the market.

Portfolio Manager Joseph Hintz, CFA®, Assistant Portfolio Manager for Royce Total Return Fund, talks about his quality value approach and how it sometimes leads him to overlooked technology companies.

CEO and Co-CIO Chris Clark discusses recent Portfolio Manager elevations and other important changes that became effective with the updated Prospectuses on 5/1/22, as well as new additions to our investment staff.

Miles Lewis and Chuck Royce detail recent performance for Royce’s Small-Cap Quality Value Strategy as well as current opportunities and their outlook for the portfolio.

Lead Portfolio Manager Mark Rayner and Portfolio Manager Mark Fischer discuss their upbeat long-term outlook in spite of a difficult 1Q22 for the International Small-Cap Premier Quality Strategy.

Is there an "Iron Law" of Value Creation? Our latest research paper looks at why there may be.

Miles Lewis discusses two opportunities he currently favors for our dividend value approach.

Chuck Royce details three distinct companies that currently have his long-term confidence.

Charlie Dreifus discusses his take on the sharp market decline, three companies he’s optimistic about, and more.

PM Lauren Romeo talks about down market opportunities, the small-cap earnings season, and two high-quality holdings in our Premier Quality Strategy.

The portfolio management team for Royce International Premier Quality Strategy identifies 14 companies, discusses recent performance, and details their optimistic outlook.

Get the latest news and investment team updates.

Lead Portfolio Manager Chuck Royce and Portfolio Managers Jay Kaplan and Andrew Palen update investors on how our flagship portfolio, Royce Pennsylvania Mutual Fund, performed in 4Q21 and 2021 as a whole while offering their confident outlook for 2022.

The portfolio management team for our opportunistic value strategies is led by Portfolio Managers Jim Stoeffel, Brendan Hartman, and Jim Harvey, along with Assistant Portfolio Manager Kavitha Venkatraman. Here, the team details how the strategy performed and updates clients on their outlook.

Lead Portfolio Manager Chuck Royce and Portfolio Managers Lauren Romeo, CFA® and Steven McBoyle update investors on how our Small-Cap Premier Quality Strategy performed and detail their optimistic outlook for 2022.

Making the case for allocating to global small caps.

On 12/15/21, Senior Investment Strategist Steve Lipper welcomed Portfolio Managers Chuck Royce, Jay Kaplan, and Andrew Palen to discuss their outlook and highest conviction ideas for 2022 in a discussion that focused on our flagship portfolio, Royce Pennsylvania Mutual Fund.

PMs Miles Lewis, Steven McBoyle, and Jim Stoeffel detail why these small cap companies are their highest conviction ideas for next year.

Chuck Royce discusses how he looked at investing during Covid, the opportunities he’s currently focused on, and more.

PM Jim Stoeffel details how Royce’s Opportunistic Strategy identifies value stocks, the benefits of its new team, and where the team is finding attractive opportunities.

PM Miles Lewis reviews his Quality Value approach, details two holdings he finds attractive, and three industries he currently favors.

PM Steven McBoyle details four Premier companies that are benefiting from industry trends.

Assistant PM Kavitha Venkatraman, who joined Royce in October, discusses the most critical metrics she looks for in a company, what drew her to our Small-Cap Opportunistic Value Strategy, which industries she believes have attractive valuations, and more.

There seems to be a notable historical trend of active small-cap managers outperforming the Russell 2000 Index in periods when value stocks lead, while trailing the small-cap index when growth stocks lead.