Review and Report reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect In no more than 100 companies and whose top positions generallyĮxceed 2% of net assets, or (ii) invests primarily in a single sector. Generally do not exceed 2% of net assets.Ī focused portfolio at Royce is one that either (i) generally invests Holds more than 100 securities and whose top positions Turnarounds, special situations, etc., within each universe.Ī broadly diversified portfolio at Royce is one that generally We seek to take advantage of pockets of opportunity, suchĪs dividend-paying companies, low-priced companies, The small-cap universe tend to be more focused. Portfolios that invest more heavily in micro-capsĪre, in general, more broadly diversified due to liquidityĬonsiderations those that invest primarily in the upper end of Returns on invested capitaland valuation.

Our investment universe, though in general they seek aĬombination of qualitymeasured by the balance sheet and Our portfolio managers possess broad latitude within Possess important differences that make each one unique. Strong businesses at discounted prices, but our portfolios also Share a common investment approach, one that emphasizes paying attention to risk and buying what each thinks are In our experience, each requires a portfolio approach based Sorting the universe into two markets is critical because, Up to $750 millionand small-capcompanies with marketĬaps between $750 million and $2.5 billion. Market segments: micro-capcompanies with market caps (and more thanĢ2,600 1 outside the U.S.). The smaller company universe consists of more than 3,900 1 Our Featured Funds offer broad exposure to this large and Have elected to focus on the smaller-company universe andīelieve it is ideally suited for a variety of distinct offerings. Importantly, theĬontinuous regeneration of the asset class, through theĮntrance of new companies, spin-offs, and IPOs, makes it anĮvergreen source of investment opportunities. Today, there are numerous small-capĪnd micro-cap indexes and ETFs. This universe has evolved into an established asset class used byĪ wide range of investors, including institutions, consultants,Īdvisors, and individuals. Years, it has been our primary area of focus. It a unique and fertile area for investment. The size and diversity of the small-company universe make

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