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Date: Thu, 18 Dec 1997 12:15:27 GMT
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How'd We Do During the Decline?
 Value Investing In Small
Companies For Over Twenty Years | Market Update |
How'd We Do During the Decline?
During the recent three day decline (10/23-10/27), the S&P 500 index was off 7.8% while
the Russell 2000 was down 6.5%. Each series of The Royce Funds declined by less
than half that of either index. Specific fund results are depicted in the table below:
Royce Funds Performance
(% decline 10/23/97 - 10/27/97)
Large-Cap Index | Percentage Decline |
S&P 500 | -7.8% |
Small-Cap Index | |
Russell 2000 | -6.5% |
Royce Funds | |
Royce Premier Fund | -3.0% |
Royce Micro-Cap Fund | -3.1% |
Royce Total Return Fund | -1.0% |
Royce Low-Priced Fund | -3.2% |
Pennsylvania Mutual Fund | |
| -3.0% |
| -3.0% |
PMF II | -3.0% |
Royce Giftshares Fund | |
| -2.2% |
| -2.2% |
Royce Global Services Fund | -3.4% |
This type of down market performance differential is in keeping with our
historical performance patterns, especially when you consider:
- Core portfolios, Royce Premier and Micro-Cap Funds, along with Royce
Total Return and Low-Priced Stock have all outperformed the Russell
2000 in all of the Index's down quarters since their respective
inceptions.
- Newer portfolios, PMF II, Royce GiftShares and Royce Global
Services, outperformed the Russell 2000 in the Index's only down
quarter since their respective inceptions.
- Flagship fund Pennsylvania Mutual Fund has outperformed the
Russell 2000 in all of the Index's down quarters in the last fifteen
years.
Past performance is no guarantee of future results. Share prices will fluctuate, so that shares may be
worth more or less than their original cost when redeemed. Please read the prospectus carefully before
investing or sending money. For each respective Fund's 1-, 5-, and 10-year and since inception
performance, please click on the following:
[Return to home page]
For more information on The Royce Funds, e-mail us at funds@roycenet.com.
For questions or comments about our web site, e-mail our webmaster at webmaster@roycenet.com