On May 1, Royce Investment Partners said the name of Royce Special Equity will change to Royce Small-Cap Special Equity on July 1. The change simply emphasizes the strategy's long-standing small-cap focus. The filing also clarifies that the fund typically invests at least 80% of net assets in small-cap securities under normal conditions. That is usually true here anyway, though at times the portfolio has dropped below that level when lead manager Charlie Dreifus has built up a cash stake of more than 20%. The new name and adjusted prospectus language result in no change to the management team or process, so the strategy's current pillar ratings and Morningstar Analyst Ratings of Bronze or Neutral (depending on share class) are not affected.
Royce Special Equity Invmt RYSEX
Adjusted Expense Ratio excludes certain variable investment-related expenses, such as interest from borrowings and dividends on borrowed securities, allowing for more consistent cost comparisons across funds.
Morningstar’s Analysis
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
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Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable RYSEX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the RYSEX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
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The Parent Pillar is our rating of RYSEX’s parent organization’s priorities and whether they’re in line with investors’ interests.
Royce Special Equity Getting a New Name; Ratings Unchanged
