Charlie Dreifus Is the Guest on Morningstar’s The Long View Podcast—Royce
article 11-08-2024

Media Mention

Charlie Dreifus Is the Guest on Morningstar’s The Long View Podcast

Morningstar says that Charlie is, “A self-described ‘accounting nerd’ looks for value in unloved stocks.”

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On 11/5/24, Charlie Dreifus, who manages Royce Small-Cap Special Equity Fund, along with Steven McBoyle and Tim Hipskind, who serve as assistant portfolio managers, was the guest on Morningstar’s The Long View podcast, hosted by Christine Benz and Dan Lefkovitz: “Charlie Dreifus: ‘You Have to Dig Deeper to Find Inefficiencies. But They’re There.’”

The podcast covers Charlie’ long and esteemed career, including that he got hall passes in high school by giving stock tips to his guidance counselor and how studying with famed accounting guru Abe Briloff in graduate school, “changed my attitude about accounting and changed my life and my investing style.”

Read or Listen to the Podcast.

Charlie also details how he began using EBIT/EV—earnings before interest & taxes over enterprise value—as a key metric to help mitigate risk.

He also discussed the ways that investing has evolved over the course of his 40+ year career, noting that “a lot has changed. Of course, data availability and therefore, inefficiencies are less prevalent. And you have to dig deeper to find them. They’re still there, and we find them. One way is, an easy way, you search for companies that have no coverage or minimal coverage. But we also go through our own screens.”

Important Disclosure Information

Average Annual Total Returns as of 9/30/2024 (%)

  QTD1 1YR 3YR 5YR 10YR SINCE
INCEPT.		 DATE ANNUAL
OPERATING EXPENSES
NET               GROSS
Small-Cap Special Equity 4.82 12.57 5.82 9.12 7.07 8.50 05/01/98  1.22  1.22
Russell 2000 Value
 10.15 25.88 3.77 9.29 8.22 7.82 N/A  N/A  N/A
Russell 2000
 9.27 26.76 1.84 9.39 8.78 7.37 N/A  N/A  N/A
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. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses.

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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