Insights: Market Perspective | Royce Funds

    Mind the Gap

    by Francis Gannon

    Co-CIO Francis Gannon on how the widening gap between valuations and fundamentals is creating opportunities for our Portfolio Managers. ... Continue reading

    CIO Small Talk

    Why Reallocate from Large- to Small-Caps Now?

    by Steve Lipper

    Senior Investment Strategist Steve Lipper looks to the historical data to make the case for allocating to small-cap stocks.

    Strategist's Spotlight

    What’s Next for Small-Cap in an Uncertain Environment?

    by Chuck Royce and Francis Gannon

    Portfolio Manager Chuck Royce and Co-CIO Francis Gannon recap 1Q22, explain why they think small-caps are slated for a comeback, and more.

    Market Perspective

    1Q22 Small-Cap Recap

    by Francis Gannon

    Amid high inflation and global uncertainty, when will small-caps take off?

    Market Perspective

    How Royce Is Adapting to a Volatile Environment

    by Steve Lipper

    Senior Investment Strategist Steve Lipper details how small-cap styles are being affected by the current environment and how Royce is navigating these shifts.

    Strategist's Spotlight

    How to Use a Volatile Market

    by Francis Gannon

    Co-CIO Francis Gannon looks at current volatility, small-cap earnings, and why small-caps with strong fundamentals are well positioned.

    CIO Small Talk

    Annual Letter: The Market’s Unexpected Guest

    by Chuck Royce, Chris Clark, and Francis Gannon

    Why we’re confident in small-cap value amid the bear market, the Fed pivot, and inflation.

    Market Perspective

    Will Small-Cap Value’s Outperformance Continue?

    by Steve Lipper

    Senior Investment Strategist Steve Lipper looks to the data to explain why the small-cap value rally may have some way to go.

    Strategist's Spotlight

    Earnings Are Fueling Small Cap’s Recent Rebound

    by Francis Gannon

    Co-CIO Francis Gannon on how earnings growth is driving recent small-cap performance.

    CIO Small Talk

    Small Cap Outlook: What’s Likely to Continue—or Change?

    by Steve Lipper

    Senior Investment Strategist Steve Lipper examines the current environment in historical context to make the case that small cap seems likely to beat large cap and small-cap value to outperform growth.

    Strategist's Spotlight

    Surviving Adversity to Thrive in Recovery

    by Francis Gannon

    Co-CIO Francis Gannon on why small-cap companies that effectively managed COVID hardships look poised to lead.

    CIO Small Talk

    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

    Can Small Cap Cyclicals Keep Running?

    by Francis Gannon

    Has the bulk of improved corporate profitability already been reflected in stock prices, or can select small caps continue to perform well?

    CIO Small Talk

    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

    Is the Small-Cap Earnings Recovery Just Beginning?

    by Francis Gannon

    Co-CIO Francis Gannon on why he thinks earnings will drive the market as the economy heats up.

    CIO Small Talk

    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

    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

    Small Cap Rotation, Reopening, and Reversion

    by Francis Gannon

    CO-CIO Francis Gannon explains why he thinks November’s rotation into small caps looks likely to last.

    CIO Small Talk

    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

    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

    What’s Working In Small-Caps?

    by Francis Gannon

    Co-CIO Francis Gannon highlights some surprising pockets of small-caps earnings strengths.

    CIO Small Talk

    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

    Green Shoots for Small-Cap Stocks

    by Francis Gannon

    While on average recent small-cap earnings have looked grim, Co-CIO Francis Gannon looks at those areas that are seeing positive results.

    CIO Small Talk

    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

    Investing In Challenging Times

    by Chuck Royce and Charlie Dreifus

    An interview with Chuck Royce and Charlie Dreifus.

    Market Perspective

    Navigating The Small-Cap Market Amid Coronavirus Concerns

    by Francis Gannon

    Co-CIO Francis Gannon on how Royce is investing during a tumultuous time and why he remains confident in the long-term prospects for small-cap stocks.

    CIO Small Talk

    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

    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

    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

    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

    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

    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

    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

    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?

    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.

    Market Perspective

    Tariffs, Pullbacks, And Fundamentals

    by Francis Gannon

    Tariffs, trade wars, and slowing global growth have made for greater uncertainty—but small-caps, particularly cyclicals, still look like a sound long-term bet to us.

    CIO Small Talk

    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
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