Charles Royce, chief investment officer of New York, NY-based The Royce Funds since 1972, is among the most high profile mutual fund managers. With $34 billion in assets under management (AUM), the fund specializes in investing in smaller companies, with over half of its assets deployed into small- and micro-cap equities, and most of the remaining half in mid-cap equities. The belief is that because it's small, it's less covered by institutions and hence there is more price inefficiency that can be exploited using a disciplined value and a long-term holding approach.
The fund holds a diversified portfolio of over 1,500 positions, and is over-weight the Basic Materials, Transportation, and Services sectors; it is under-weight the Energy, Utility and Healthcare Sectors. Within those sectors, it was over-weighted in the Semiconductor Equipment Group and the Industrial Metals and Goods Manufacturing Group in the quarter ending December 2010, and per the 13-F
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