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 . . .


This content is exclusively for paying members. Access all of our content on including years of timeless investment news and in depth analysis for only a few dollars a month by signing up here while also supporting quality content and journalism, or learn more about our premium content here

If you are subscribed and having an account error please clear cache and then cookies if that does not work email or click chat button and we will get back to you as quick as humanly possible

Saved Articles

Subscribe to our mailing list

* indicates required

Opt out of occasional 3rd party offers