Celebrating his 51st year at Royce Investment Partners, Chuck Royce will become a Senior Advisor at Royce Investment Partners (“Royce”) effective September 30th, 2024, after completing his transition from day-to-day portfolio management responsibilities on the remaining funds where he currently serves. Chuck founded the firm in 1972 with the acquisition of the management company that had the advisory contract for Pennsylvania Mutual Fund (now Royce Small-Cap Fund).

Chris Clark, Royce’s Chief Executive Officer said, “Chuck’s transition is the culmination of a strategic succession plan, at both the executive and investment team levels, that has been in place for nearly a decade. It has incorporated the addition of investment talent, the establishment of multigenerational teams on our key Strategies, and substantial collaboration between Chuck and our investment staff to ensure consistency in the application of our time-tested investment disciplines.”

These plans saw us establish new leadership structures, including Management and Risk Committees and the promotion of Co-Chief Investment Officers. The firm has also worked diligently during this period to add investment analysts and portfolio managers.

Chris noted, “It was critical that we develop our investment teams in a way that maintained and enhanced the substantial domain knowledge and continuity of focus on the small-cap asset class. I’m pleased to say that Royce now has the largest and most experienced investment team in our history, having added 15 investment professionals over the last five years, giving the firm our strongest group ever.”

Chuck said, “The timing of this shift reflects the confidence that Chris and I have in our investment teams and the firm as a whole. I’m extraordinarily proud of what we’ve accomplished together, especially our long-term investment performance records, and in particular the 50-plus year record of our flagship, Royce Small-Cap Fund (formerly Royce Pennsylvania Mutual Fund). Because we have been laying the groundwork for several years to ensure a smooth transition and a promising road ahead, this is the appropriate time for me to step back from my active involvement in portfolio management.” In his Senior Advisor role, Chuck will continue to mentor our investment teams, engage with clients, and offer comments on the small-cap market.

Effective after the close of business on July 31st, 2024, Chuck will transition off two funds. On Royce Premier Fund, Lauren Romeo and Steven McBoyle continue as the Fund’s co-lead portfolio managers, and Andrew Palen remains as assistant portfolio manager. Miles Lewis remains lead portfolio manager on Royce Small-Cap Total Return Fund, while Joseph Hintz becomes portfolio manager, and Jag Sriram becomes assistant portfolio manager.

Effective after the close of business on September 30th, 2024, Chuck will transition off two more funds. On Royce Small-Cap Fund (formerly Royce Pennsylvania Mutual Fund), Portfolio Managers Lauren Romeo, Steven McBoyle, Miles Lewis, Jay Kaplan, and Andrew Palen will be joined by Co-Chief Investment Officer, Francis Gannon. Also effective after the close of business on September 30th, 2024, Chuck will transition off Royce Dividend Value Fund. Miles Lewis will become the Fund’s lead portfolio manager, joined by Joseph Hintz as portfolio manager and Jag Sriram as assistant portfolio manager.

Effective after the close of business on September 30th, 2024, Chuck will also transition off our three closed-end funds: Francis Gannon will join the portfolio management team of Royce Small-Cap Trust (formerly Royce Value Trust) with Portfolio Managers Lauren Romeo, Steven McBoyle, Andrew Palen, and George Necakov; Jim Stoeffel will become lead portfolio manager of Royce Micro-Cap Trust, with Brendan Hartman remaining portfolio manager, and Andrew Palen joining as assistant portfolio manager; and Steven McBoyle will become portfolio manager of Royce Global Trust.

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