With approximately $27 billion in open- and closed-end fund assets under management, Royce & Associates, investment adviser to The Royce Funds, is committed to the same smaller-company investing principles that have served us well for more than 30 years. Charles M. Royce, our Chief Investment Officer, enjoys one of the longest tenures of any active mutual fund manager. Royce’s investment staff includes 12 Portfolio Managers, as well as nine assistant portfolio managers and analysts, and eight traders.

Our goal is to offer both individual and institutional investors the best available smaller-cap value portfolios, including three closed-end funds—Royce Value Trust, Royce Micro-Cap Trust and Royce Focus Trust. Unlike a lot of mutual fund groups with broad product offerings, we have chosen to concentrate on smaller-company value investing by providing investors with a range of funds that take full advantage of this large and diverse sector.

Our approach emphasizes paying close attention to risk and maintaining the same discipline, regardless of market movements and trends. The price we pay for a security must be significantly below our appraisal of its current worth. This requires a thorough analysis of the financial and business dynamics of an enterprise, as though we were purchasing the entire company.