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The Royce Funds is a family of mutual funds that focuses primarily on small-cap investing, and has been considered one of the industry's most experienced smaller-company stock pickers.〔(【引用サイトリンク】url=http://online.barrons.com/news/articles/SB50001424053111903715504577309682600448636 )〕 Royce & Associates, LLC serves as investment adviser to all Royce portfolios, including open-end mutual funds and closed-end funds. As of December 31, 2014, Royce had approximately $32 billion in total assets under management. Royce uses a bottom-up approach to invest in small-cap and micro-cap stocks. Royce's disciplined, value-oriented approach attempts to pay close attention to risk and company fundamentals. == History == Charles M. Royce assumed investment management of Pennsylvania Mutual Fund when he purchased Quest Advisory Corp. in 1972. (The firm's name was changed to Royce & Associates in 1997.) Mr. Royce, who has been described as a "small-company stock pioneer" by American business journalist Consuelo Mack,〔(【引用サイトリンク】url=http://wealthtrack.com/season-09/charles-royce/ )〕 enjoys one of the longest tenures of any active mutual fund manager. After assuming management of Pennsylvania Mutual Fund, Mr. Royce began to shift his focus toward small-cap stocks that he believed were able to generate free cash flow and better survive down-market periods. This emphasis on downside protection would become one of the hallmarks of the firm’s investment approach.〔(【引用サイトリンク】url=http://www.fa-mag.com/news/article-400.html )〕 During the 1990s, Royce broadened its portfolio line-up and expanded its investment staff. On October 1, 2001, Royce became a wholly owned, independent subsidiary of Legg Mason, Inc.〔(【引用サイトリンク】url=http://articles.latimes.com/2001/jul/19/business/fi-23947 )〕 In the 2000s, the company began to introduce global and international small-cap mutual fund portfolios. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「The Royce Funds」の詳細全文を読む スポンサード リンク
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