The Royce & Associates
] team is rebranding a trio of mutual funds tomorrow, but without truly changing the way the funds work.
| Steven M. Lipper
Royce & Associates
Principal, Portfolio Manager
, principal and PM at the New York City-based, small-cap-investing-focused, Legg Mason boutique, confirms that the Royce Opportunity Select Fund
, the Royce Value Fund
, and the Royce Value Plus Fund
will each change names, to help investors better understand what the funds already do.
The five-star, $21.8-million
Opportunity Select Fund's new name will be the Royce Micro-Cap Opportunity Fund
, with William Hench
still lead PMing. The two-star, $803.1-million
Value Fund will become the Royce Small-Cap Value Fund
, with Jay Kaplan
still PMing. And the two-star, $882.5-million
Value Plus Fund will transform into the Royce Small Companies Fund
, with Chip Skinner
still lead PMing.
"We sought to better align what the fund is doing, from a clarity standpoint, and the name," Lippers tells MFWire
. "This is just about making clarity of choice ... If you're an investor that prizes this [particular market capitalization], this is what we already do."
Lipper, who joined
Royce in October with a mandate "to be the connector between the investment and business sides," describes the rebranding of the three funds as the second of two chapters in "a methodical and strategic review of [Royce's] offerings." The first chapter, completed
in March, involved liquidating and merging some funds in what Lipper calls "a healthy pruning.
Lipper clarifies that "there's not a promotional initiative" around the rebranding of the three funds, though naturally the Royce team has updated the funds' materials accordingly and will be letting clients and intermediaries know directly, too.
As of March 31, Royce claimed about $29 billion in total assets under management, and Morningstar estimates
that $23.869 billion of that is in Royce's mutual funds.
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