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CONCENTRATED SMALL-CAP | MICRO-CAP |
ROYCE PREMIER | ROYCE MICRO-CAP |
Small-Cap Orientation | Micro-Cap Orientation |
Concentrated Portfolio | Broadly Diversified Portfolio |
Portfolios revolve around two main criteria: capitalization (small or micro-cap) and concentration. The small-cap universe (companies with market caps between $300 million and $1 billion) is no longer small, unknown or under-owned, therefore we believe that this greater level of efficiency requires greater portfolio concentration. The micro-cap universe (companies with market caps between $5 million and $300 million) provides more choices (approximately 7,000 companies), yet greater volatility and trading difficulties, therefore, we believe that broad diversification is required given the liquidity constraints of this sector.
ROYCE TOTAL RETURN Dividend paying securities |
ROYCE
LOW-PRICED Stocks below $15 |
We have identified two other attributes for delivering strong risk-adjusted returns - one has low-risk characteristics (dividends) and the other (low-priced stocks) has the potential for high returns. When these attributes are found in stocks we selected for our core portfolios, we may also designate them for our specific theme funds. Performance and volatility may be substantially different for each of these portfolios.
PENNSYLVANIA MUTUAL | PMF II | ROYCE GIFTSHARES | Combine small and micro-cap companies |
The combined portfolios encompass approximately equal weightings of each core strategy. Two of our portfolios, including our flagship fund Pennsylvania Mutual, are suitable for both individuals and institutions, while GiftShares offers a unique gifting and estate planning portfolio.
How to get information about your investments:
The Royce Infoline: (800) 78-ROYCE
Investor Information: (800) 221-4268
Investor Services: (800) 841-1180
E-mail: funds@roycenet.com |