Effective January 1, 2023, Mark Fischer will be elevated to Portfolio Manager on Royce International Premier Fund. Mark Rayner will serve as the Fund’s Assistant Portfolio Manager. Mr. Fischer assumed portfolio management responsibilities in May 2021 and has been Co-Lead Portfolio Manager with Mr. Rayner since May 2022. Senior Analysts Yutetsu Ametani, based in Hong Kong, and Evan Choi, based in Chicago, will continue supporting Royce’s International Small-Cap Premier Quality Strategy with investment research. This gradual evolution in investment team structure reflects Mark Fischer’s substantial contributions to the Strategy while continuing to maximize continuity and position the Strategy for ongoing long-term investment success. Mark Rayner, based in London, will continue in his longstanding analytical role evaluating investment opportunities for the Fund across the globe. In addition, he will remain integrally involved in working with Mark Fischer and the investment team on stock selection, portfolio positioning, and construction in this highly collaborative and process-oriented investment discipline.

Chris Clark, Royce’s CEO, commented, “We have built a strong and experienced investment team to manage our International Small-Cap Premier Quality Strategy. As we have been doing for years across our product lineup, this evolution in team structure reflects our long-term commitment to the continuity of people and process while ensuring that our Strategies are well positioned for continued success.”

As has been since its inception over 10 years ago, the Strategy will continue to be managed with a focus on a limited number of “premier” non-U.S. small-cap companies with discernible competitive advantages, high returns on invested capital and sustainable, moat-like franchises. These businesses exhibit high and consistent returns on invested capital, underpinned by notable strengths in industry structure, durable competitive advantages, operational efficiency, and a successful financial track record. The portfolio managers believe that the quality of the process rather than individual ingenuity ultimately drives long-run outcomes. The Strategy’s process will continue to begin with a quantitative screen, followed by its proprietary “Customer Test” and rigorous “Enterprise Quality Scoring.” Final decision-making and order entry will reside with Mark Fischer, who is based in New York where the firm’s global trading activity is conducted.

Mark Rayner added, “Having served in many capacities on the Fund since co-founding the Strategy in 2010, I am thrilled to have Mark Fischer elevated to the position of portfolio manager given his talent and substantial contributions. With the additions of Yutetsu and Evan, our team has never been stronger or better positioned. Over my 36-year investment career, my passion has been researching and evaluating “premier” non-U.S. small-cap companies, rooted in the belief that effective stock selection is the most important driver of success in the international small-cap space. I look forward to dedicating more of my time to company analysis and working closely with Mark in this role in the years to come.”

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