Uh-huh. That's a lead (or lede) sentence in a CityWire story announcing Chuck Royce's decision, at 82, to hand over management responsibilities for Royce Premier.
He'll still be a portfolio manager, of course,
he will just "rotate" so that he's no longer a "lead" portfolio manager. Following the move, he'll remain a manager of some sort on eight funds.
I'm struck by the delicacy of the Royce press release wording and by the ability of the CityWire writer to declare that Mr. Royce has ten years of experience: he's been with this fund since '92 (30 years), founded the firm in '72 (50 years) and earned his MBA in '63 (nearly - checking fingers and toes here - 60 years).
For what interest it holds.
Comments
https://www.sec.gov/Archives/edgar/data/709364/000094937722000004/rpr-497.htm
7 1 rpr-497.htm
The Royce Fund
Supplement to the Investment, Service, and Institutional Class Shares Prospectus Dated May 1, 2021
Royce Premier Fund
I. Effective as of April 1, 2022, the paragraph appearing under the heading “Investment Adviser and Portfolio Management” for Royce Premier Fund is deleted in its entirety and replaced with the relevant information below.
Royce Premier Fund
Royce & Associates, LP is the Fund’s investment adviser and a limited partnership organized under the laws of Delaware. Royce & Associates primarily conducts its business under the name Royce Investment Partners. Lauren A. Romeo and Steven G. McBoyle are the Fund’s co-lead portfolio managers. Portfolio manager Charles M. Royce manages the Fund with them. They are assisted by portfolio manager Andrew S. Palen. Ms. Romeo and Mr. McBoyle became co-lead portfolio managers of the Fund on April 1, 2022. Ms. Romeo and Mr. McBoyle became portfolio managers of the Fund in 2016 and were previously assistant portfolio managers from 2006 and 2014, respectively, through 2015. Mr. Royce has been portfolio manager since the Fund’s inception. Mr. Palen became assistant portfolio manager on February 7, 2022.
II. Effective as of April 1, 2022, the information appearing under the heading “Management of the Funds” that is inconsistent with the disclosure immediately above is hereby revised accordingly.
February 7, 2022
RPR-ISI-0222
The Royce Fund
Supplement to the Consultant and R Class Shares Prospectus Dated May 1, 2021
Royce Premier Fund
I. Effective as of April 1, 2022, the paragraph appearing under the heading “Investment Adviser and Portfolio Management” for Royce Premier Fund is deleted in its entirety and replaced with the relevant information below.
Royce Premier Fund
Royce & Associates, LP is the Fund’s investment adviser and a limited partnership organized under the laws of Delaware. Royce & Associates primarily conducts its business under the name Royce Investment Partners. Lauren A. Romeo and Steven G. McBoyle are the Fund’s co-lead portfolio managers. Portfolio manager Charles M. Royce manages the Fund with them. They are assisted by portfolio manager Andrew S. Palen. Ms. Romeo and Mr. McBoyle became co-lead portfolio managers of the Fund on April 1, 2022. Ms. Romeo and Mr. McBoyle became portfolio managers of the Fund in 2016 and were previously assistant portfolio managers from 2006 and 2014, respectively, through 2015. Mr. Royce has been portfolio manager since the Fund’s inception. Mr. Palen became assistant portfolio manager on February 7, 2022.
II. Effective as of April 1, 2022, the information appearing under the heading “Management of the Funds” that is inconsistent with the disclosure immediately above is hereby revised accordingly.
February 7, 2022
RPR-CR-0222
But more to your point: how will Royce ever manage -- isn't Chuck a manager on, like, oh, 38 of their funds or something?