Strategies and Vehicles | Royce

Strategies

"Our goal is to deliver a great small-cap investment experience to each of our clients across all of our vehicles and strategies." - Chuck Royce, Founder

  • Overview
  • Our Vehicles
  • Engage With Us

Overview

  • GLOBAL SMALL-CAP PREMIER QUALITY

    Global small-cap core strategy that seeks to invest in "premier" small-cap companies, those Royce sees having discernible competitive advantages, high returns on capital, and a sustainable franchise. Small-cap stocks' market caps are less than $3 billion in market capitalization at time of initial purchase.

    Management
    Steven McBoyleLauren Romeo, CFA®Mark Rayner, CA
    Composite Benchmark

    MSCI ACWI Small Cap Index

    Available Vehicle Factsheets
  • INTERNATIONAL SMALL-CAP PREMIER QUALITY

    The strategy invests in a limited number of "premier" non-U.S. small-cap companies (generally less than 80) with discernible competitive advantages, high and consistent returns on invested capital, and sustainable franchises

    Management
    Mark Rayner, CA
    Composite Benchmark

    MSCI ACWI ex USA Small Cap Index

    Available Vehicle Factsheets
    Institutional Fund Share Class
  • SMALL-CAP DEEP VALUE

    An opportunistic strategy that invests in a highly diversified portfolio of small-cap companies with low P/B and P/S ratios that are categorized into one of four themes: Turnarounds, Unrecognized Asset Values, Undervalued Growth, and Interrupted Earnings

    Management
    Bill HenchRob Kosowsky, CFA®Suzanne Franks
    Composite Benchmark

    Russell 2000 Value Index

    Available Vehicle Factsheets
    Institutional Fund Share Class
  • SMALL-CAP PREMIER QUALITY

    A quality strategy that invests in a limited number (generally less than 80) of “premier” small-cap companies with discernible competitive advantages, high and consistent returns on invested capital, and sustainable franchises

    Management
    Lauren Romeo, CFA®Chuck RoyceSteven McBoyle
    Composite Benchmark

    Russell 2000 Index

    Available Vehicle Factsheets
    Institutional Fund Share Class
  • SMALL-CAP SPECIAL EQUITY

    An absolute value strategy that invests primarily in a limited number (generally less than 80) of small-cap companies with an absolute value approach that attempts to combine classic value analysis, the identification of good businesses, and accounting cynicism, has its roots in the teachings of Benjamin Graham and Abraham Briloff

    Management
    Charlie Dreifus, CFA®Steven McBoyle
    Composite Benchmark

    Russell 2000 Value Index

    Available Vehicle Factsheets
    Institutional Fund Share Class

Our Vehicles

  • Separate Accounts

    • Global Small-Cap Premier Quality

      Global Small-Cap Premier Quality Composite

      Global small-cap core strategy that seeks to invest in "premier" small-cap companies, those Royce sees having discernible competitive advantages, high returns on capital, and a sustainable franchise. Small-cap stocks' market caps are less than $3 billion in market capitalization at time of initial purchase.

      Management
      Steven McBoyleLauren Romeo, CFA®Mark Rayner, CA
      Benchmark

      MSCI ACWI Small Cap Index

    • International Small-Cap Premier Quality

      International Small-Cap Premier Quality Composite

      The strategy invests in a limited number of "premier" non-U.S. small-cap companies (generally less than 80) with discernible competitive advantages, high and consistent returns on invested capital, and sustainable franchises

      Management
      Mark Rayner, CA
      Benchmark

      MSCI ACWI ex USA Small Cap Index

    • Small-Cap Deep Value

      Small-Cap Deep Value Composite

      An opportunistic strategy that invests in a highly diversified portfolio of small-cap companies with low P/B and P/S ratios that are categorized into one of four themes: Turnarounds, Unrecognized Asset Values, Undervalued Growth, and Interrupted Earnings

      Management
      Bill HenchRob Kosowsky, CFA®Suzanne Franks
      Benchmark

      Russell 2000 Value Index

    • Small-Cap Premier Quality

      Small-Cap Premier Quality Composite

      A quality strategy that invests in a limited number (generally less than 80) of “premier” small-cap companies with discernible competitive advantages, high and consistent returns on invested capital, and sustainable franchises

      Management
      Lauren Romeo, CFA®Chuck RoyceSteven McBoyle
      Benchmark

      Russell 2000 Index

    • Small-Cap Special Equity

      Small-Cap Special Equity Composite

      An absolute value strategy that invests primarily in a limited number (generally less than 80) of small-cap companies with an absolute value approach that attempts to combine classic value analysis, the identification of good businesses, and accounting cynicism, has its roots in the teachings of Benjamin Graham and Abraham Briloff

      Management
      Charlie Dreifus, CFA®Steven McBoyle
      Benchmark

      Russell 2000 Value Index

  • Collective Trusts

    • Small-Cap Deep Value

      Opportunity Collective Trust

      The portfolio uses an opportunistic deep value approach to invest in small-cap companies with low P/B and P/S ratios that are categorized into one of four themes: Turnarounds, Unrecognized Asset Values, Undervalued Growth, and Interrupted Earnings

      Management
      Bill HenchRob Kosowsky, CFA®Suzanne Franks
      Benchmark

      Russell 2000 Index

    • Total Return Collective Trust

      The portfolio invests primarily in dividend-paying small-cap companies with high returns in invested capital and strong fundamentals

      Management
      Chuck RoyceMiles Lewis, CFA®Jay Kaplan, CFA®
      Benchmark

      Russell 2000 Index

  • Institutional Fund Share Classes

    • International Small-Cap Premier Quality

      International Premier

      Focuses on a limited number of "premier" non-U.S. small-cap companies (generally market caps up to $5 billion) with discernible competitive advantages, high returns on invested capital, and sustainable, moat-like franchises

      Management
      Mark Rayner, CA
      Benchmark

      MSCI ACWI ex USA Small Cap Index

      Factsheet
    • Small-Cap Deep Value

      Opportunity

      Small-cap value fund that uses an opportunistic approach to invest in companies are categorized into themes: Turnarounds, Unrecognized Asset Values, Undervalued Growth, and Interrupted Earnings. Small-cap stocks' market caps are less than the largest stock in the Russell 2000® Index.

      Management
      Rob Kosowsky, CFA®Bill HenchSuzanne Franks
      Benchmark

      Russell 2000 Value Index

      Factsheet
    • Small-Cap Premier Quality

      Premier

      Small-cap core fund that seeks to invest in "premier" small-cap companies, those Royce sees having discernible competitive advantages, high returns on capital, and a sustainable franchise. Small-cap stocks' market caps are less than the largest stock in the Russell 2000® Index.

      Management
      Lauren Romeo, CFA®Chuck RoyceSteven McBoyle
      Benchmark

      Russell 2000 Index

      Factsheet
    • Small-Cap Special Equity

      Special Equity

      Small-cap value fund that looks for conservatively managed companies with transparent accounting that have a viable niche or franchise whose stock can be bought below its economic value. Small-cap stocks' market caps are less than the largest stock in the Russell 2000® Index.

      Management
      Charlie Dreifus, CFA®Steven McBoyle
      Benchmark

      Russell 2000 Value Index

      Factsheet
    • Total Return

      Small-cap value fund that invests primarily in dividend-paying stocks with solid fundamentals. Small-cap stocks' market caps are less than the largest stock in the Russell 2000® Index.

      Management
      Chuck RoyceMiles Lewis, CFA®Jay Kaplan, CFA®
      Benchmark

      Russell 2000 Index

      Factsheet
  • Additional Vehicles

    Commingled LLC

    A small-cap deep value strategy in a commingled fund for endowments, foundations, pension plans, and other institutional investors. Please contact our Institutional Client Service Team via email institutional@royceinvest.com or by phone at (800) 337-6923 for more information.

    UCITs

    Two sub-advised portfolios in small-cap deep value and small-cap quality strategies available in UCITs structure through Legg Mason for non-US residents. For more information, please go to Legg Mason’s website.

Engage With Us

Engage With Us

Discover why institutions choose to partner with us for their small-cap allocation needs. We offer several strategies in order to best fit your clients' needs. Each is available in vehicles suitable for Corporate and Public Pensions, Foundations, Endowments, and Family Offices.

When you partner with Royce, you can:
  • Schedule conference calls with our portfolio managers
  • Meet with portfolio specialists in our office or yours
  • Receive quarterly attribution and commentary online or via email
  • Subscribe to receive our latest small-cap insights
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