Charlie Dreifus on Consuelo Mack WealthTrack: Trying to Make Money by Losing Less—Royce
article 08-09-2022

Media Mention

Charlie Dreifus on Consuelo Mack WealthTrack: Trying to Make Money by Losing Less

Charlie Dreifus discusses his valuation techniques and why he thinks the current market environment has a lot in common with the early 1970s.

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PM Charlie Dreifus was the guest on this week’s Consuelo Mack WealthTrack, where he talked about the importance of dollar cost averaging, especially in highly volatile markets, and the valuation techniques he uses in Royce Small-Cap Special Equity Fund.

Watch Charlie's appearance.

He also talked about the challenges of inflation and the economic pain he suspects will be part of any efforts to curb it. As part of this forecast, Charlie thinks that returns for equities will be lower and that dividends will become more important.

Having managed small-cap portfolios for nearly 50 years, he also remarked on what he sees as the compelling similarities between the current market and the “Nifty Fifty” bear market of 1973-4 as well as the dot.com bubble. He reminded viewers that rallies are very common within the longer span of down markets—which leads him to invest opportunistically when stocks are falling.

Watch Charlie's appearance.

Learn more about Charlie Dreifus.

Important Disclosure Information

Average Annual Total Returns as of 6/30/22 (%) 

  QTR1 YTD1 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Small-Cap Special Equity -7.56 -12.83 -6.47 7.30 4.74 7.56 6.45 7.81 8.31 05/01/98
Russell 2000 Value -15.28 -17.31 -16.28 6.18 4.89 9.05 5.58 7.77 7.43 N/A
Russell 2000 -17.20 -23.43 -25.20 4.21 5.17 9.35 6.33 8.17 6.75 N/A

Annual Operating Expenses for Royce Small-Cap Special Equity Fund: Gross: 1.20; Net 1.20

1 Not annualized.

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 30 days of purchase may be subject to a 1% redemption fee, payable to the Fund which is not reflected in the performance shown above; if it were, performance would be lower. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Operating expenses reflect each Fund's total annual operating expenses for the Investment Class as of each Fund's most current prospectus and include management fees and other expenses.

Mr. Dreifus’s thoughts and opinions concerning the stock market are solely his own and, of course, there can be no assurance with regard to future market movements. No assurance can be given that the past performance trends as outlined above will continue in the future.

The performance data and trends outlined in this presentation are presented for illustrative purposes only. Past performance is no guarantee of future results. Historical market trends are not necessarily indicative of future market movements.

Percentage of Fund Holdings As of 6/30/2022 (%)

  Royce
Small-Cap Special Equity

Movado

2.8

Wisdom Tree International Quality Dividend Growth Fund

0.0

Roche Holding

0.0

LVMH Moët Hennessy Louis Vuitton

0.0

Company examples are for illustrative purposes only. This does not constitute a recommendation to buy or sell any stock. There can be no assurance that the securities mentioned in this piece will be included in any Fund’s portfolio in the future.

Company examples are for illustrative purposes only. This does not constitute a recommendation to buy or sell any stock. There can be no assurance that the securities mentioned in this piece will be included in any Fund’s portfolio in the future.

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index. The Russell 2000 Value and Growth indexes consist of the respective value and growth stocks within the Russell 2000 as determined by Russell Investments. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money. Smaller-cap stocks may involve considerably more risk than larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.)

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