Insights | Royce

Challenges & Opportunities of the Current Labor Shortage

PMs Brendan Hartman and Jay Kaplan discuss how the current labor shortage is affecting their holdings.
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Investment Focus

Three PMs on Small-Cap Volatility and Opportunities

by Lauren Romeo, Jay Kaplan, and Andrew Palen

Portfolio Managers Lauren Romeo, Jay Kaplan, and Andrew Palen on how they’re managing recent volatility for our flagship, Royce Pennsylvania Mutual Fund.

Investment Focus

Overlooked Opportunities in International Small Cap Podcast

PMs Mark Rayner and Mark Fischer detail how their portfolio is positioned for inflation, finding non-cyclical industrial companies, and more.

Investment Focus

Manager Commentaries

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

Investment Focus

With Headlines Like These, Why Allocate to Non-U.S. Small-Caps?

by Steve Lipper

Senior Investment Strategist Steve Lipper makes his contrarian case for investing in non-U.S. small caps today.

Strategist's Spotlight

Semiannual Letter: As the Economy Accelerates, the Market Loses Steam

by Chuck Royce, Chris Clark, and Francis Gannon

Why the combination of above-average economic and profit growth with more subdued market returns offers disciplined active managers the opportunity to excel.

Market Perspective

The Boring, But Timely, Case for Quality

by Steve Lipper

Senior Investment Strategist Steve Lipper looks at why investing in high-quality small caps has been historically successful.

Strategist's Spotlight

Penn—2Q21 Strategy Update and Outlook

by Chuck Royce, Steven McBoyle, and Andrew Palen

The portfolio management team for our flagship, Royce Pennsylvania Mutual Fund, is led by Chuck Royce, along with Portfolio Managers Jay Kaplan, Lauren Romeo, Steven McBoyle, Andrew Palen, and Miles Lewis. We asked Chuck, Steven, and Andrew to update clients on the portfolio’s recent performance and explain their optimistic outlook.

Investment Focus

Opportunistic Value Strategy—2Q21 Strategy Update and Outlook

by Buzz Zaino, Jim Stoeffel, Brendan Hartman, and Jim Harvey

The portfolio management team for Royce Opportunity Fund and our other opportunistic value strategies is led by Buzz Zaino, along with Portfolio Managers Jim Stoeffel, Brendan Hartman, and Jim Harvey. In this piece, the team updates clients on the portfolio’s strong performance and their optimistic outlook.

Investment Focus

Can Small Caps Regain Market Leadership?

by Chuck Royce and Francis Gannon

Chuck Royce and Francis Gannon discuss whether small caps can retake leadership from large caps, opportunities in cyclical stocks, where we are in the value outperformance cycle, and more.

Market Perspective

2Q21 Small-Cap Recap

by Francis Gannon

Co-CIO Francis Gannon reviews 2Q21, a ho-hum quarter in which value’s lead nonetheless continued, and details why our outlook is optimistic for active management.

Market Perspective

Small Caps and Inflation

by Charlie Dreifus, Jim Stoeffel, Miles Lewis, and Jay Kaplan

We recently asked four of our small-cap value portfolio managers to tell us how increasing inflation is affecting the way they’re managing their strategies.

Investment Focus

CRO Gunjan Banati on Why Engagement and Proxy Voting Matter

by Gunjan Banati

Our conversation with Chief Risk Officer Gunjan Banati, who leads Royce's ESG efforts, on how company engagement and proxy voting are integral parts of our ESG activities.

Investment Focus

Two Quality Small-Cap Cyclicals

by Lauren Romeo

Portfolio Manager Lauren Romeo on why high-quality small-cap cyclicals look poised to do well in an expanding global economy.

Investment Focus

Refining Our Dividend Value Approach

by Miles Lewis and Chuck Royce

As Miles Lewis takes the helm of Royce Total Return Fund, we spoke to him and Chuck Royce about what we look for in dividend-paying small caps and where the current opportunities lie.

Investment Focus

Will This Small Value Cycle Last?

by Steve Lipper

Senior Investment Strategist Steve Lipper provides four reasons why he believes that small-cap value will continue to lead.

Strategist's Spotlight

Chris Clark on Developing Investment Talent and PM Elevations

by Chris Clark

CEO and Co-CIO Chris Clark outlines how Royce approaches developing investment talent and the most recent Portfolio Manager elevations.

Investment Focus

Five Questions with Buzz Zaino

by Buzz Zaino

Boniface “Buzz” Zaino recently resumed leading the portfolio management team for Royce Opportunity Fund and our other offerings that are managed with the same disciplined approach he developed.

Investment Focus

International Premier Quality Strategy—1Q21 Update and Outlook

by Mark Rayner and Mark Fischer

Portfolio Manager Mark Rayner and Senior Analyst Mark Fischer update clients on our International Small-Cap Premier Quality Strategy’s performance and detail their long-term optimism.

Investment Focus

Premier Quality Strategy—1Q21 Update and Outlook

by Chuck Royce, Lauren Romeo, and Steven McBoyle

Lead Portfolio Manager Chuck Royce and Portfolio Managers Lauren Romeo, CFA and Steven McBoyle provide an update on how our Small-Cap Premier Quality Strategy performed as well their optimistic outlook for the rest of the year.

Investment Focus

Riding the Micro-Cap Wave

by Jim Stoeffel and Brendan Hartman

Lead PM Jim Stoeffel and PM Brendan Hartman discuss their risk-aware approach to buying micro-cap stocks and talk about two holdings that exemplify their stock selection process.

Investment Focus

Finding Growth at Reasonable Prices

by Chip Skinner

Portfolio Manager Chip Skinner details his “GARP” approach and discusses two holdings that exemplify his stock selection process.

Investment Focus

Overlooked Opportunities Podcast With Mark Rayner

PM Mark Rayner details the process for his high-quality strategy and two international small cap opportunities he believes other investors are overlooking.

Investment Focus

Annual Firm Update

by Chris Clark

CEO and Co-CIO Chris Clark provides our clients and partners with an update on Royce Investment Partners.

Market Perspective

Royce Pennsylvania Mutual Fund—4Q20 Update and Outlook

by Chuck Royce, Jay Kaplan, Steven McBoyle, Lauren Romeo, and Miles Lewis

Portfolio Managers Chuck Royce, Jay Kaplan, Steven McBoyle, Lauren Romeo, and Miles Lewis talk about what drove the Fund’s performance in 2020 and provide an outlook for 2021.

Investment Focus

The Case for Allocating to International Small-Cap Stocks

by Steve Lipper

Steve Lipper 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.

Small-Cap Research

The Undiscovered Connection: Value-Led Periods and Active Management

by Steve Lipper

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.

Small-Cap Research

Annual Letter: A Resilient Bull Through Dickensian Days

by Chuck Royce, Chris Clark, and Francis Gannon

While 2020 proved to be a tale of two markets, with small caps going to historical extremes, we are optimistic about the prospects for the asset class in 2021.

Market Perspective

Why Consider Small-Caps Now in Three Charts

by Steve Lipper

Senior Investment Strategist Steve Lipper details two of Royce’s analytical frameworks that make the case for investing in small caps now.

Strategist's Spotlight

Special Equity Strategy—4Q20 Update and Outlook

by Charlie Dreifus

Portfolio Manager Charlie Dreifus tells us what drove his Strategy’s impressive relative performance in 2020 as well as what his outlook is for 2021.

Investment Focus

Three Questions with Steven McBoyle

In our latest podcast, Senior Investment Strategist Steve Lipper interviews PM Steven McBoyle on contrarian investments, companies accelerating their adoption of technology, and more.

Investment Focus

Small-Cap Companies Poised to Rebound from the Pandemic

by Steven McBoyle, Mark Rayner, and Miles Lewis

We asked Portfolio Managers Steven McBoyle, Mark Rayner, and Miles Lewis to weigh in on the companies they think will make strong rebounds from the pandemic.

Investment Focus

How Will the Election Affect Small Caps?

by Charlie Dreifus, Francis Gannon, and Steve Lipper

We asked three of our small-cap experts to weigh in on the effects the 2020 elections may have on small-cap prospects.

Market Perspective

Small Cap Season Begins

by Steve Lipper

Senior Investment Strategist Steve Lipper explains that the election may not be the most important development for small caps this week as it is the start of small cap season.

Strategist's Spotlight

International Premier Quality Strategy—3Q20 Update and Outlook

by Mark Rayner

Portfolio Manager Mark Rayner offers an update on how our International Small-Cap Premier Quality Strategy performed in 3Q20 and discusses his outlook.

Investment Focus

Premier Quality Strategy—3Q20 Update and Outlook

by Chuck Royce, Lauren Romeo, and Steven McBoyle

Lead Portfolio Manager Chuck Royce and Portfolio Managers Lauren Romeo, CFA and Steven McBoyle provide an update on how our Small-Cap Premier Quality Strategy performed in 3Q20 and detail their outlook.

Investment Focus

Is It a Good Time to Invest in Small-Caps?

by Steve Lipper

Steve Lipper explains why past market cycle patterns, recent subpar small-cap returns, and higher than average equity risk premiums are three indicators that small-caps may be poised to do well going forward.

Strategist's Spotlight

Three Questions with Miles Lewis

In our latest podcast, Senior Investment Strategist Steve Lipper interviews PM Miles Lewis on how he invests in dividend-paying Financials, contrarian positions in retail, and more.

Investment Focus

How Does Royce Define Emerging Quality?

by Andrew Palen

Assistant PM Andrew Palen explains the importance of our Emerging Quality theme in Royce Pennsylvania Mutual Fund’s multi-discipline approach.

Investment Focus

Evaluating Governance in International Small-Caps

by Mark Fischer

Mark Fischer, Senior Analyst and Director of International Research, talks about the appeal of non-U.S. small-caps as well as the importance of effective governance.

Investment Focus

Three Questions With Jay Kaplan

In a podcast interview, Senior Investment Strategist Steve Lipper asks PM Jay Kaplan how he’s been navigating investing in a robust market with a struggling economy, where he is finding opportunities, and more.

Investment Focus

Lauren Romeo On 3 Small-Cap Premier Quality Holdings

by Lauren Romeo

PM Lauren Romeo talks about three key holdings in our Premier Quality Strategy and offers her outlook for small-cap stocks.

Investment Focus

Three Questions With Charlie Dreifus

In our first-ever podcast, Senior Investment Strategist Steve Lipper talks to Charlie Dreifus about Fed interventions, his recent interest in financial companies, and more.

Investment Focus

Is It Different This Time?

by Steve Lipper

Senior Investment Strategist Steve Lipper details how recent Fed moves could potentially benefit small-caps.

Strategist's Spotlight

Royce’s Distinctive Approach To International Investing

PM Mark Rayner details the rigorous approach he utilizes for Royce’s International Small-Cap Premier Quality strategy.

Investment Focus

Interview With Portfolio Manager Miles Lewis

by Miles Lewis

In an interview with Portfolio Manager Miles Lewis, who joined Royce in May, he describes his investment approach, what factors are important to him as an investor, and what he thinks of the current small-cap market.

Investment Focus

Charlie Dreifus On Investing In The Bear Market

by Charlie Dreifus

Charlie Dreifus details how he’s navigating the market and how he is evaluating companies in these tumultuous times.

Market Perspective

Don’t Trust Your Instincts

by Steve Lipper

Two counterintuitive reasons to invest in small-caps.

Strategist's Spotlight

International Premier Quality—An Update and Outlook

by Mark Rayner

We recently asked Portfolio Manager Mark Rayner for an update and his latest outlook for our International Small-Cap Premier Quality Strategy.

Investment Focus

Premier Quality—An Update and Outlook

by Chuck Royce, Lauren Romeo, and Steven McBoyle

We recently asked Lead Portfolio Manager Chuck Royce and Portfolio Managers Lauren Romeo, CFA and Steven McBoyle for an update and the latest outlook for our Small-Cap Premier Quality Strategy that Chuck has been managing since 1991.

Investment Focus

Special Equity—An Update and Outlook

by Charlie Dreifus

We recently asked Portfolio Manager Charlie Dreifus for an update and outlook for the Small-Cap Special Equity Strategy that he’s been managing at Royce since 1998.

Investment Focus

Royce Investment Partners Firm Update Regarding The Coronavirus

by Chris Clark

CEO and Co-CIO Chris Clark updates shareholders and clients on how Royce Investment Partners is operating amid coronavirus concerns.

Announcement

Investing In Challenging Times

by Chuck Royce and Charlie Dreifus

An interview with Chuck Royce and Charlie Dreifus.

Market Perspective

Annual Royce Investment Partners Firm Update

by Chris Clark

CEO and Co-CIO Chris Clark updates shareholders and clients on new developments at our firm.

Market Perspective

Will 2020 See Widespread Earnings Recovery For Small-Caps?

by Francis Gannon

Co-CIO Francis Gannon details research that shows why he believes small-cap earnings may have a multi-quarter turnaround.

CIO Small Talk

Performance Review And Outlook For Total Return

by Jay Kaplan

PM Jay Kaplan recaps investors on how our Dividend Value Approach performed in 2019 and how 2020 may be better.

Investment Focus

Micro-Cap Stocks: A Timely Opportunity

by Francis Gannon

Francis Gannon details why he believes micro-cap stocks are poised to do well going forward.

Market Perspective

How Will 2020 Be Different From 2019?

Five small-cap specialists on how they think this year will be different.

Market Perspective

How A Changing Environment May Impact Our Small-Cap Special Equity Strategy

by Charlie Dreifus

Charlie Dreifus details what factors made 2019 challenging and how 2020 may be different.

Investment Focus

2019 Review & Outlook For Our International Premier Quality Strategy

by Mark Rayner

PM Mark Rayner on what worked and what didn’t for our international approach, and where he’s been finding opportunities.

Investment Focus

Can Small-Caps Lead In 2020?

by Chuck Royce and Francis Gannon

Chuck Royce and Francis Gannon recap 2019 and discuss where they’re finding opportunities.

Market Perspective

Two Misunderstood Premier Quality Small-Caps

by Lauren Romeo

PM Lauren Romeo gives a comprehensive review of two key holdings in our Premier Quality Strategy.

Investment Focus

Mark Rayner On Brexit And The U.K. Election

by Mark Rayner

PM Mark Rayner discusses the U.K.’s recent election and how Brexit may impact our International Small-Cap Premier Quality Strategy.

Market Perspective

Introducing Royce Investment Partners

Our new name better describes our position as a preeminent small-cap investment boutique while also better reflecting our expanded client base.

Announcement

What Are Small-Cap CEOs Doing?

by Francis Gannon

Co-CIO Francis Gannon details what Royce has been hearing in our conversations with the CEOs of small-cap companies.

Market Perspective

Do Current Conditions Support a Small-Cap Rally?

by Steve Lipper

Senior Investment Strategist Steve Lipper shows how a slow economy, an accommodative Fed, and the calendar add up to positive prospects for small-cap stocks.

Strategist's Spotlight

What Could 3Q19’s Reversals Mean Going Forward?

by Steve Lipper

Senior Investment Strategist Steve Lipper makes his case for why 3Q19’s reversals suggest a long-term rebound.

Market Perspective

On the Ground in Germany and Japan—Identifying Quality Opportunities

by Mark Rayner

Portfolio Manager Mark Rayner on how his recent research trips to Germany and Japan yielded actionable insights for our International Premier Quality Strategy.

Investment Focus

Performance Update For Our High-Quality Strategy

by Steven McBoyle

Portfolio Manager Steven McBoyle discusses his outlook and details which sectors mattered most in recent performance for our High-Quality Strategy.

Investment Focus

Could Mega-Caps Be In A Bubble?

by Chuck Royce and Francis Gannon

Chuck Royce and Francis Gannon discuss the recent regime shift in the market and what types of small-cap industrials look attractive to them.

Market Perspective

Mark Rayner On 3 Key International Small-Cap Holdings

by Mark Rayner

PM Mark Rayner discusses recent volatility, Brexit, and 3 high-quality international small-cap holdings.

Investment Focus

Can Small-Cap Footwear Outrun a Recession?

by Jay Kaplan

PM Jay Kaplan makes his case for footwear stocks and details a quality holding.

Market Perspective

When Will Small-Caps Outperform Large-Cap Stocks?

by Steve Lipper

Senior Investment Strategist Steve Lipper explains why history supports the idea that small-caps will outperform large-caps.

Market Perspective

Small-Cap Earnings Outlook

by Francis Gannon

CO-CIO Francis Gannon explains why earnings for many small-caps have been better than anticipated.

Market Perspective

Jay Kaplan On The Road Ahead For Trucking

by Jay Kaplan

PM Jay Kaplan details two companies he likes in the trucking industry.

Market Perspective

3 Small-Cap Cyclical Opportunities

by Steve Lipper

Senior Investment Strategist Steve Lipper details three sectors at the intersection of quality and value where he is finding opportunities.

Market Perspective

What Is A Positive That Investors Are Overlooking?

by Chuck Royce, Francis Gannon, Jay Kaplan, Steve Lipper

Four small-cap specialists discuss positives that investors may be overlooking.

Market Perspective

The Hidden Appeal Of Small-Caps And Cyclicals

by Chuck Royce, Chris Clark, Francis Gannon

In our semiannual letter on the state of small-caps, we delve into what we believe is the next phase for the asset class.

Market Perspective

Performance And Positioning For Our High-Quality Strategy

by Chuck Royce

Chuck Royce on two high-quality holdings and how he is managing cash in our High-Quality strategy.

Investment Focus

Jay Kaplan On How To Win By Losing Less

by Jay Kaplan

Jay Kaplan on where he is finding value and how he invests in small-cap technology stocks for our Dividend Value Approach.

Investment Focus

How Small-Caps Are Navigating An Uncertain Economy

by Chuck Royce, Francis Gannon

Chuck Royce and Francis Gannon detail where they are finding small-cap opportunities amid negative economic news.

Market Perspective

Small-Cap M&A Is Heating Up

by Steve Lipper

Will decelerating growth lead to accelerating M&A?

Small-Cap M&A Is Heating Up

by Steve Lipper

Will decelerating growth lead to accelerating M&A?

Strategist's Spotlight

Steve Lipper On 3 Small-Cap Myths

by Steve Lipper

Senior Investment Strategist Steve Lipper discusses three misconceptions investors may have about small-cap stocks.

Small-Cap Research

Lauren Romeo on 4 Quality Cyclicals

by Lauren Romeo

PM Lauren Romeo discusses recent market volatility and gives a deep dive on four key holdings in our Premier Quality strategy.

Investment Focus

4 Things You Don’t Want To See In Proxies

by Charlie Dreifus

PM Charlie Dreifus explains why investors should be wary of these four things in proxies.

Market Perspective

Francis Gannon On Innovation In Small-Caps

by Francis Gannon

Co-CIO Francis Gannon details opportunities for small-cap investors in sectors he believes may be overlooked.

Market Perspective

Tariff Trouble? Consider Cyclicals

by Steve Lipper

Trade war talk has unleashed a wave of volatility that may be best surfed by looking at small-cap cyclical stocks.

Strategist's Spotlight

Francis Gannon’s Small-Cap Perspective

by Francis Gannon

Co-CIO Francis Gannon on what increased volatility, lower returns, and low interest rates mean for the small-cap market.

Market Perspective

Charlie Dreifus On How He Manages Cash Levels

by Charlie Dreifus

PM Charlie Dreifus details recent performance and updates for Royce Special Equity Fund.

Investment Focus

Small-Cap Investment Outlook In 4 Charts

by Steve Lipper

Senior Investment Strategist Steve Lipper analyzes the recent small-cap market through four charts.

Market Perspective

Chuck Royce on the 10th Anniversary of the Financial Crisis

by Chuck Royce, Francis Gannon

Chuck Royce and Francis Gannon on current opportunities in cyclical small-caps and how the 10th anniversary of the Great Recession relates to today’s market.

Market Perspective

3 Reasons To Consider High Quality Now

by Steve Lipper

Senior Investment Strategist Steve Lipper details how higher volatility, lower returns, and the road to normalization may bode well for high-quality small-caps.

Market Perspective

High-Quality Opportunities in International Small-Cap Stocks

by Mark Rayner

PM Mark Rayner discusses Brexit and details the opportunities created by 4Q18’s steep decline.

Investment Focus

PM Jay Kaplan On Finding Opportunities In Banks

by Jay Kaplan

PM Jay Kaplan makes the case for small-cap banks.

Market Perspective

4 New Strategic Initiatives

by Chris Clark

CEO Chris Clark with an update on our newest strategic initiatives, supporting our goal of driving successful small-cap investment results for our clients.

Market Perspective

Interpreting 2018’s Decline: Recession Or Risk Reset?

by Francis Gannon

Francis Gannon provides his perspective on the 2018 decline and details the areas he thinks the market is overlooking.

Market Perspective

Chuck Royce On 5 Quality Premier Companies

by Chuck Royce

Chuck Royce explains how he managed Royce’s high-quality approach during the decline and where he is finding opportunities in the current market.

Investment Focus

Jay Kaplan On Total Return in 2018: A Tale Of Two Markets

by Jay Kaplan

PM Jay Kaplan discusses his perspective on our small-cap dividend value approach and his outlook going forward.

Investment Focus

Making Sense of The Small-Cap Decline In 3 Charts

by Steve Lipper

Senior Investment Strategist Steve Lipper analyzes the recent decline through style, dividends, earnings, and cyclicals.

Market Perspective

Navigating The Volatile Market

Chuck Royce and Co-CIO Francis Gannon look at the recent decline and make the case for why active management looks poised to do well going forward.

Market Perspective

Where Is The Consensus Mistaken?

by Chuck Royce, Francis Gannon, Jay Kaplan, Steve Lipper

Four small-cap specialists discuss where they believe the current investment consensus is mistaken.

Market Perspective

Royce’s Distinctive Approach To Risk Management

by Gunjan Banati

Chief Risk Officer Gunjan Banati explains Royce’s independent risk review process and how it helps provide the optimal risk/return tradeoff.

Market Perspective

Two Factors Which May Drive Future Value vs. Growth Returns

by Steve Lipper

Steve Lipper explains how economic vitality and volatility are connected to the performance spread of value versus growth.

Market Perspective

Lauren Romeo on 4 Small-Caps with Quality Fundamentals

by Lauren Romeo

PM Lauren Romeo discusses finding opportunities in the recent downturn and what she likes about four current holdings.

Investment Focus

What Do An Aging Cycle And Rising Rates Mean For Small-Caps?

by Francis Gannon

Co-CIO Francis Gannon discusses rate hikes and where we are in the current cycle.

Market Perspective

How A Cautious Manager Is Handling A High Priced Market

by Charlie Dreifus

Charlie Dreifus discusses his self-governing discipline around cash and how changing consumer behavior has affected his picks in that area.

Investment Focus

Royce: What You May Not Know About Small-Cap in 5 Charts

What three conditions may be changing for small-caps? Steve Lipper explains.

Market Perspective

Small-Caps and the Importance of Buying in Declines

Chuck Royce and Co-CIO Francis Gannon discuss the October downdraft, the ongoing prospects for cyclical businesses, and more.

Market Perspective

10 Questions with Chuck Royce

by Chuck Royce

Chuck Royce discusses how the firm’s flagship portfolio blends quality-focused, valuation-sensitive, micro-cap, and special situation themes.

Investment Focus

Steve Lipper On 5 Things To Know About International Small-Caps

by Steve Lipper

Senior Investment Strategist Steve Lipper provides an introduction to a timely asset class.

Small-Cap Research
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