Portfolio Manager Chuck Royce and Co-CIO Francis Gannon recap 3Q19, discuss September’s reversals, and detail why these market rotations could be sustainable. Q3 2019 hedge fund letters, conferences and more What do you make of the rebound for cyclicals and small-cap value late in 3Q19? Chuck Royce It was certainly a welcome [...]
Assistant Portfolio Managers Suzanne Franks and Rob Kosowsky detail holdings that have done well and others that they are optimistic about. Q2 hedge fund letters, conference, scoops etc rawpixel / Pixabay Our Deep Value strategy, which we use in Royce Opportunity Fund, uses an opportunistic approach to invest in companies with low [...]
PM Jay Kaplan makes his case for footwear stocks and details a quality holding. Q2 hedge fund letters, conference, scoops etc ThomasWolter / Pixabay Footwear is a really interesting investment, almost all the time, especially now though. Historically, women buy more shoes than men, in good times and bad times, so it [...]
Four small-cap specialists discuss positives that investors may be overlooking. Q2 hedge fund letters, conference, scoops etc rawpixel / Pixabay Chuck Royce: Reduced Inflation I think investors have been over-focused about a recession coming and the headlines have confused people. What is happening is a slowdown in the rate of growth—the most normal [...]
Senior Investment Strategist Steve Lipper details three sectors at the intersection of quality and value where he is finding opportunities. Q2 hedge fund letters, conference, scoops etc Where are you finding attractive opportunities? The approach that we find most useful to identify opportunities is looking for stocks at what we call the [...]
In our semiannual letter on the state of small-caps, we delve into what we believe is the next phase for the asset class. Q2 hedge fund letters, conference, scoops etc A Smooth Ascent Amid High Anxiety The first six months of 2019 offered equity investors almost everything they could have hoped for [...]
Chuck Royce and Francis Gannon detail where they are finding small-cap opportunities amid negative economic news. Q2 hedge fund letters, conference, scoops etc geralt / Pixabay Francis Gannon: Chuck, we had an interesting second quarter driven by a lot of macro noise with also a lot of volatility. What are your thoughts [...]
Senior Investment Strategist Steve Lipper discusses three misconceptions investors may have about small-cap stocks. Q1 hedge fund letters, conference, scoops etc rawpixel / Pixabay As we talk to investors about investing in small-cap, we’re actually surprised at how pervasive a number of misunderstandings are about the asset class. They're so common that [...]
PM Lauren Romeo discusses recent market volatility and gives a deep dive on four key holdings in our Premier Quality strategy. Q1 hedge fund letters, conference, scoops etc mohamed_hassan / Pixabay With more market volatility in May, where have you been most actively investing? Investors’ concerns about the escalation of the trade war [...]
PM Charlie Dreifus explains why investors should be wary of these four things in proxies. Q1 hedge fund letters, conference, scoops etc rawpixel / Pixabay In proxies there's a lot to be gleaned. There's a lot to be gleaned, particularly post 2002, which was the era of Enron. We have Sarbanes-Oxley laws [...]
Co-CIO Francis Gannon details opportunities for small-cap investors in sectors he believes may be overlooked. Q1 hedge fund letters, conference, scoops etc rawpixel / Pixabay Which sectors do you think investors are overlooking? I think one of the more overlooked aspects of the investing world today is that innovation is the sole province [...]
PM Bill Hench on where he is finding bargains within the housing sector. Q1 hedge fund letters, conference, scoops etc pasja1000 / Pixabay What is appealing about the housing sector? We like the housing industry for our strategy because the valuations are terrific. So we play housing for our strategy through the builders, [...]
Co-CIO Francis Gannon on what increased volatility, lower returns, and low interest rates mean for the small-cap market. Q1 hedge fund letters, conference, scoops etc User:klip game [Public domain], via Wikimedia Commons What’s your perspective on where we are in the small-cap market? One of the more interesting aspects of the market this [...]
David Nadel discusses three international small-cap holdings and how our Quality at a Reasonable Price strategy has performed recently. Q1 hedge fund letters, conference, scoops etc geralt / Pixabay How has the strategy performed over the last few quarters? Well it's been very pleasing the last couple of quarters. We had kind of [...]
Senior Investment Strategist Steve Lipper analyzes the recent small-cap market through four charts. Q1 hedge fund letters, conference, scoops etc What does recent volatility tell us about where we are in the small-cap cycle? The bearish fourth quarter in small-caps and the strong recovery in the first quarter has really been quite [...]
Can the Rally Keep Running? Q4 hedge fund letters, conference, scoops etc Pexels / Pixabay 1Q19 - A Welcome Rebound Small-caps came roaring back in 1Q19 (along with the rest of the U.S. stock market), as the Russell 2000 Index gained 14.6% for the quarter. The upswing followed on the heels of a [...]
PM Jay Kaplan makes the case for his interest in small-cap banks. Q4 hedge fund letters, conference, scoops etc PIRO4D / Pixabay Why are small-cap banks usually overlooked? Small-cap banks I think are often overlooked. The world thinks about the big banks. They know the Citibank, the JPMorgan Chase or the investment banks, [...]
PM Mark Rayner discusses Brexit and details the opportunities created by 4Q18’s steep decline. Q4 hedge fund letters, conference, scoops etc Pexels / Pixabay Although they haven’t been as extreme as their domestic cousins, international small-caps also saw a negative fourth quarter followed by a strong recovery so far in 2019. The [...]
PM Jay Kaplan makes the case for his interest in small-cap banks. Q4 hedge fund letters, conference, scoops etc cegoh / Pixabay Why are small-cap banks usually overlooked? Small-cap banks I think are often overlooked. The world thinks about the big banks. They know the Citibank, the JPMorgan Chase or the investment banks, [...]
Co-CIO Francis Gannon on why the last 90 days’ of small-cap returns may have more to do with investors’ moods than fundamentals. Q4 hedge fund letters, conference, scoops etc StockSnap / Pixabay After losing 22.1% from 8/31/18-12/31/18, the Russell 2000 Index looked poised for some kind of rebound as we entered 2019, [...]
Four small-cap specialists discuss where they believe the current investment consensus is mistaken. Q4 hedge fund letters, conference, scoops etc Image source: Wikimedia Commons Chuck Royce: Focusing Too Much On Short-Term Rates In this decline that started in early September, interest rate conversation took on a high profile. Everyone wanted to debate: Did [...]
The bear market that small-cap stocks endured at the end of 2018 gave us plenty of long-term buying opportunities. stevepb / Pixabay 2018: Annus Horribilis This was quite a memorable year for the equity markets—for reasons most investors would prefer to forget. A bull market ended with a bang that left many [...]
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