Royce Funds

Royce Funds: The Strange Case Of The Current Small-Cap Cycle

Through much of this long recovery for equity prices following the market bottom on March 9, 2009, specifically the period from 2011-2014, many active small-cap approaches, our own included, struggled to beat their benchmarks. The initial years of the cycle (2009-2010) were strong on both an absolute and relative basis for the majority of our Featured Funds. However, the last four calendar years saw many of our portfolios coming up short on a relative basis.

We can accept relative underperformance for a oneyear period with equanimity. A three-year period is more difficult to swallow because it . . .

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