Semiannual Letter: An Uncertain Short-Term Forecast for a Resilient Market

by Chris Clark and Francis Gannon

Strong fundamentals, a bullish July, and a rough start to August may be the recipe for small-cap leadership.
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Market Perspective

Royce Small-Cap Total Return—2Q25 Update and Outlook

Lead Portfolio Manager Miles Lewis, Portfolio Manager Joe Hintz, and Assistant Portfolio Manager Jag Sriram update investors on a solid quarter and their cautious outlook.

Investment Focus

Small-Cap Premier Quality Strategy—2Q25 Update and Outlook

Co-Lead Portfolio Managers Lauren Romeo and Steven McBoyle and Assistant Portfolio Manager Andrew Palen update investors on the Strategy’s recent performance while providing an optimistic long-term outlook for high-quality U.S. small-caps.

Investment Focus

Royce Small-Cap Fund—2Q25 Update and Outlook

Portfolio Managers Lauren Romeo, Jay Kaplan, Steven McBoyle, Andrew Palen, and Miles Lewis update investors on how our flagship portfolio, Royce Small-Cap Fund, performed in 2Q25 and YTD while Co-Chief Investment Officer and Portfolio Manager Francis Gannon offers a constructive long-term outlook for the Fund.

Investment Focus

The Royce Roundtable: Small-Cap Forecast—More Volatility and Cautious Optimism

Portfolio Managers Chip Skinner and Jim Stoeffel and Assistant Portfolio Manager Kavitha Venkatraman join CEO and Co-CIO Chris Clark and Co-CIO Francis Gannon for our Royce Roundtable, a new feature that highlights the insights of our investment teams.

Market Perspective

2Q25 Small-Cap Recap

by Francis Gannon

A Down Then Up Quarter as U.S. Stocks Roar Back

Market Perspective
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miles-lewis-in-forbes

Forbes Profiles Miles Lewis

Miles Lewis spoke with William Baldwin about the current small-cap market and six key holdings.

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Our People

  • 24Years at Royce
  • 37Years of Experience

Jay Kaplan, CFA®
Portfolio Manager, Principal

Jay Manages

+2 more Funds

Contact Information

General Information (800) 221-4268

Media Contact
John Davis
E-mail John
(212) 508 4594

miles-lewis-in-forbes

Forbes Profiles Miles Lewis

Miles Lewis spoke with William Baldwin about the current small-cap market and six key holdings.

View Article

My Funds

Personalize Your Site
Which funds do you want to follow?

Add Funds

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