Charles Royce

Royce Funds; small-cap value pioneer, quality-and-price discipline

Charles Royce built Royce & Associates into one of the US's foremost small-cap investment managers, overseeing strategies anchored by the Pennsylvania Mutual Fund. His approach applies Benjamin Graham-style rigour — seeking financially sound companies trading below intrinsic value — specifically within the small-cap universe. He is credited with popularising small-cap value as a distinct, institutionally credible asset class.