What Are Small-Cap CEOs Doing?

Co-CIO Francis Gannon details what Royce has been hearing in our conversations with the CEOs of small-cap companies. Q3 2019 hedge fund letters, conferences and more kreatikar / Pixabay What have you been hearing in your conversations with CEOs? I think one of the unique things about working at Royce is that we...

Do Current Conditions Support A Small-Cap Rally?

Senior Investment Strategist Steve Lipper shows how a slow economy, an accommodative Fed, and the calendar add up to positive prospects for small-cap stocks. Q3 2019 hedge fund letters, conferences and more Our recent research has uncovered some interesting historical patterns that offer a sizable measure of encouragement to small-cap investors....

How Has Volatility Affected Small Cap Deep Value?

PM Bill Hench details where he is finding opportunities for our Deep Value Approach and how volatility has affected his portfolios’ weightings. Q3 2019 hedge fund letters, conferences and more How did you manage the portfolio during the volatile 3Q19? Traditionally, this Fund has taken advantage of very volatile times. The liquidity...

Could Mega-Caps Be In A Mega Bubble?

Chuck Royce and Francis Gannon discuss the recent regime shift in the market and what types of small-cap industrials look attractive to them. Q3 2019 hedge fund letters, conferences and more rihaij / Pixabay Francis Gannon: Chuck, it was an interesting third quarter this year with the Russell 2000 down 2.4%. But...

Is The Small-Cap Rotation Sustainable?

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...

4 Key Holdings For Small Cap Deep Value Strategy

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...

Can Small-Cap Footwear Outrun A Recession?

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...

What Is A Positive That Small Cap Investors Are Overlooking?

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...

3 Small-Cap Cyclical Opportunities

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...

The Hidden Appeal Of Small-Caps And Cyclicals

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...

How Small-Caps Are Navigating An Uncertain Economy

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...

3 Small-Cap Myths

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...

4 Quality Cyclical Small Caps

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...

4 Things You Don’t Want To See In Proxies

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...

Innovation In Small-Caps

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...

Small-Cap Housing Stocks

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,...

Small-Cap Perspective

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...

Small-Cap Investment Outlook In 4 Charts

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...

Will 1Q Rebound Lead To A Slam Dunk For Small-Caps?

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...

Finding Opportunities In Small Cap Banks

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,...

High-Quality Opportunities In International Small-Cap Stocks

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...

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