Royce Investment Partners
Market insights and commentary from Royce Investment Partners.
United States6 articlesLast published 15 Jun 2026
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Royce Investment PartnersEquities
Can This Small-Cap Premier Holding Recapture the Sweet Smell of Success?
Royce Portfolio Manager Lauren Romeo presents the investment thesis for Interparfums (IPAR), a small-cap prestige fragrance company held in Royce Premier Fund, detailing its asset-light model, 35% long-term ROIC, and licensed brand portfolio. Despite a -33% stock decline in 2025 driven by category normalization and new product underperformance, Romeo argues the challenges are temporary and expects growth to revitalize in 2027 via blockbuster launches, new licenses (Longchamp), and competitive takeaways from Coty (Beckham, Nautica).
15 Jun 2026
Royce Investment PartnersEquities
Is Any Area of the Market “Affordable”?
Royce Co-CIO Francis Gannon examines EV/EBIT valuations across small-, micro-, and large-cap indexes, finding that small- and micro-cap stocks remain near 25-year valuation lows relative to large-caps despite a 14-month leadership run. He argues that improving earnings fundamentals and relatively attractive valuations continue to support a bullish case for active small- and micro-cap investing.
8 Jun 2026
Royce Investment PartnersEquities
Three Key Micro-Cap Holdings
Royce Micro-Cap Fund managers Jim Stoeffel and Andrew Palen present the investment theses for three portfolio positions - Apyx Medical, LSI Industries, and TrueBlue - highlighting catalysts such as GLP-1-driven skin contouring demand, acquisition-led cross-selling, and staffing industry recovery. The piece includes fund performance data showing strong 1-year and 3-year returns versus the Russell Microcap and Russell 2000 benchmarks.
1 Jun 2026
Royce Investment PartnersEquities
How Do We Select Micro-Cap Stocks?
Royce Investment Partners outlines its four-category stock selection framework for the Royce Micro-Cap Fund - covering depressed earnings, out-of-favor value, premier companies, and GARP - drawing on nearly 40 years of micro-cap investing experience. The piece argues that micro-caps remain attractively valued near 25-year lows on EV/EBIT relative to large-caps, and highlights strong recent fund and index performance since the April 2025 market low.
25 May 2026
Royce Investment PartnersEquities
Four Key Holdings in our Small-Cap Opportunistic Value Strategy
Royce's Small-Cap Opportunistic Value team profiles four current fund positions - Dauch Corporation (auto supplier turnaround), Robert Half International (staffing cycle recovery), Victory Capital Holdings (asset manager M&A re-rating), and Walker & Dunlop (commercial real estate finance recovery) - explaining the investment thesis and catalysts for each. The piece frames each holding within the strategy's thematic categories (Turnarounds, Interrupted Earnings, Unrecognized Asset Values) and highlights specific earnings inflection points, synergy timelines, and valuation arguments.
18 May 2026
Royce Investment PartnersEquities
Chip Skinner Looks at 3 Small-Cap Growth Favorites
Royce Investments portfolio manager Chip Skinner details the investment thesis for three top holdings in the Royce Smaller-Companies Growth Fund: Flotek Industries (oil services/data analytics), Axsome Therapeutics (CNS pharmaceuticals), and ACV Auctions (online wholesale used-car marketplace). Each company is assessed for its secular growth drivers, competitive positioning, and potential for multi-year earnings inflection.
11 May 2026