Investment Team Updates for 5 Royce Funds—Royce
article 08-27-2026

Announcement

Investment Team Updates for 5 Royce Funds

Portfolio management changes for Royce Micro-Cap Fund, Royce Capital Fund-Micro-Cap Portfolio, Royce Micro-Cap Trust, Royce Premier Fund, and Royce Small-Cap Special Equity Fund become effective on September 1, 2026. 

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The following portfolio management changes will be effective on September 1, 2026:

Royce Micro-Cap Fund, Royce Capital Fund–Micro-Cap Portfolio, and Royce Micro-Cap Trust


  • Effective September 1, 2026, Andrew Palen will be promoted from Assistant Portfolio Manager to Portfolio Manager and will join Portfolio Manager Jim Stoeffel in managing the funds in our Royce Micro-Cap strategy. Jim becomes Lead Portfolio Manager effective 9/1/26. He and Andrew will continue to manage the three Funds using the same disciplined investment process and philosophy that have always been hallmarks of our Strategy.

Royce Premier Fund


  • Effective September 1, 2026, Andrew Palen will no longer serve as Assistant Portfolio Manager on Royce Premier Fund. Co-Portfolio Managers Lauren Romeo and Steven McBoyle remain on the Fund, using the same disciplined, quality-centric investment process and philosophy that has been in place since the Fund’s inception on 12/31/91.

Royce Small-Cap Special Equity Fund


  • Effective September 1, 2026, Steven McBoyle and Tim Hipskind will be promoted from Assistant Portfolio Managers to Portfolio Managers and will join Portfolio Manager Charlie Dreifus in managing Royce Small-Cap Special Equity Fund. Charlie, Steven, and Tim will continue to manage the strategy using the same disciplined investment process and philosophy that have guided the Strategy since its inception on 5/1/98.

Royce CEO Chris Clark said, “We are very fortunate to have such highly experienced teams managing three of our most important strategies. We’re happy to recognize Andrew for his important contributions to our Micro-Cap Strategy, as well as acknowledging the fine work Lauren and Steve have done managing our Small-Cap Premier Quality Strategy. Finally, we’re equally happy to recognize the significant contributions that Steve and Tim have made to our Small-Cap Special Equity Strategy. We have been thoughtful and deliberate in the succession planning process for each of these Strategies, and we’re pleased to announce these important steps today.”

Disclosure (royceinvest.com):

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.)

About Royce Investment Partners: Royce Investment Partners is a small-cap equity specialist offering distinct investment strategies with unique risk/return profiles designed to meet a variety of investors’ needs. For more than 50 years, our strategies have focused on active, risk-conscious investing driven by deep, fundamental company research. Royce & Associates, LP, primarily conducts its business under the name Royce Investment Partners. Royce & Associates, LP is a subsidiary of Franklin Resources. (NYSE: BEN). Royce Fund Services, LLC, the Fund’s distributor, is a member of FINRA and the SIPC.

Please read each Fund’s prospectus carefully and consider a fund's investment goals, risks, fees and expenses before investing or sending money. The prospectus contains this and other information. Distributor: Royce Fund Services, LLC

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