Royce Investment Partners Commentary: Royce Premier Fund Manager Commentary
Premier Fund underperformed the Russell 2000 Index for the calendar year but beat the benchmark for the five-, 15-, 20-, 25-year, and since inception (12/31/91) periods ended 12/31/20.
Royce Premier Fund did well on an absolute basis in 2020, though it lagged its benchmark for the year, advancing 11.5% compared to 20.0% for the Russell 2000 Index, snapping a streak of four consecutive years of beating its benchmark. Relative results over longer-term periods were better as Premier tied its benchmark for the three-year period, while beating the small-cap index for the five-, 15-, 20-, 25-year, and since inception (12/31/91) periods ended 12/31/20. The leadership of low-quality stocks since the market's mid-March bottom, including those with low returns on equity and/or no ...