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1414 Avenue of the Americas
Ninth Floor
New York, NY 10019
800 221-4268 | |
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Royce & Associates, LLC., investment adviser to The Royce Funds, is an independent investment adviser with 14 investment professionals and, including our mutual fund staff, more than 50 employees. For more than 25 years, we have managed small- and micro-cap portfolios using a value approach that attempts to manages the risks of small-cap investing. Charles M. ("Chuck") Royce has been our primary portfolio manager and Chief investment Officer since 1973, and enjoys one of the longest tenures of any active mutual fund manager. Today, we manage nine portfolios in The Royce Fund, as well as three closed-end funds.
Our approach focuses on finding inefficiently priced companies, those that, for any number of reasons, have been undiscovered by, or are out of favor with, the market as a whole. We attempt to understand and value a company's "private worth" -- what we think a business would sell for in a private transaction between rational, well-informed parties. If a given stock has the financial characteristics our discipline requires, and is selling at a discount of 50% or more to our estimate of its private worth, it would represent an attractive purchase candidate.
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